美国仅五分之一人请得起付费顾问，Vanguard为此收购了Altruist

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we didn't always have a lot of financial security growing up. And I'm at a company that cares very deeply about people's financial security.

我们家成长过程中并不总是拥有很多财务安全感。而我现在所在的公司，恰恰非常深切地关心人们的财务安全。

Salim Ramji2:03

And the big fish goes up to two small fishes and kind of asks them, how's the water? And one of the fishes, after one of the small fishes, asks, you know, what the hell is water?

大鱼游向两条小鱼问它们：水怎么样？其中一条小鱼反问：水到底是什么？

Salim Ramji16:26

Only one in five Americans today has access to a fee-based advisor. It's that low.

今天只有五分之一的美国人能接触到收费制财务顾问，就是这么低。

Salim Ramji32:48

And it was, you know, Bogle's insight that, again, he sort of put it is in investing, you get what you don't pay for.

这正是Bogle的洞见，他的表述是：在投资里，你得到的是你没有付出的那部分。

Salim Ramji36:57

many of the other things that you listed aren't even like, I mean, they're speculative and they're gambling, masquerading as investments.

你列举的那些东西，很多甚至都算不上——它们是投机，是披着投资外衣的赌博。

Salim Ramji39:03

we've got a term within Vanguard, within our CIO office that Greg Davis leads, which is does it load?

我们在Vanguard的CIO办公室（由Greg Davis负责）有一个术语，叫『它是否增值（does it load）』。

Salim Ramji40:05

The vast majority of products fail that test. The vast majority fail that test.

绝大多数产品都过不了这个测试，绝大多数都过不了。

Salim Ramji40:05

Because if they can help advisors serve twice as many clients, that really starts to scale.

因为如果他们能帮助顾问服务两倍数量的客户，这才真正开始具备规模效应。

Salim Ramji46:14

数字与实体

术语

does it load是否增值测试

Vanguard CIO团队用来判断新产品能否跑赢指数化有效前沿组合的内部标准

Advisor's Alpha顾问阿尔法研究

Vanguard持续25年的研究，量化优质收费制顾问能为客户带来的额外价值

efficient frontier有效前沿

给定风险水平下能获得最高预期回报的资产组合集合

Bogleheads博格信徒

信奉Vanguard创始人John Bogle低成本指数投资理念的投资者群体

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