约瑟夫·斯蒂格利茨（Joseph Stiglitz）

　　2001年诺贝尔经济学奖获得者，美国经济学家、哥伦比亚大学教授

　　So you have made great progress in twenty years and I wish you happy birthday， and going forward that you can continue providing this important service to the Chinese people.

　　二十年来你们取得了很大的进步，祝你们（20周年）生日快乐，并且在未来能够继续为中国投资人提供这项重要的服务。

　　There are some real successful American companies like Vanguard， that have focused on American consumers and they worked to create particularly index funds that have gotten the transaction costs very well， gotten the fees very well. And those have enabled Americans to achieve a diversified portfolio at very low cost .They have really served the American citizens.

　　有一些真正成功的美国公司，像先锋集团，他们专注于为美国投资人提供服务。尤其是他们创建了指数基金，这些基金的交易成本和管理费用相对较低。这使得美国投资人可以以很低的成本获得一个多元化的投资组合。他们为美国投资人带来了很大的便利。

　　So my advice at the least in the beginning is to focus on index funds ，that have index funds over the s&p500, over the Russell 2000, you know very widely diversified funds， and have managed to get the transaction cost very very low. Then you are basic getting a slice of the American economy or the European market， but you are not trying to beat the market， because you are almost surely not going to do that， so your focus should be on diversification， not on beating the market.

　　所以我的建议是至少在一开始就关注指数型基金，它们有追踪标准普尔500指数的基金，也有追踪罗素2000指数的基金，非常多元化。这些基金的交易成本都很低。（通过指数基金）管理人可以分享美国或者欧洲市场的增长，但是他们不会战胜市场，他们也不会想要去战胜市场。管理人的关注点应该是实现多元化，而不是击败市场。