好的,我将按照您要求的格式进行翻译:
Yeah, indexing is okay, but there have to be better ways to invest you just guessing and hoping you’re just guessing and hoping I believe it and I have data, you don’t believe it and you don’t have data so once you get some data come back to me. 指数投资还行，但肯定有更好的投资方式。你现在只是在猜测和希望，我也曾经只是猜测和希望。但我现在有数据支持，而你没有。等你找到数据再来找我吧。
🎼Welcome to episode 424 of the rational reminderder Po. I’m Ben Felix chief Invest officer at P W L Capital. And I’m Cameron Passsmer chief executive officer at P W L Capital. Today, we’re joined by David Booth, who cofounded dimensional fund advisers in 1981 in the spare room of his Brooklyn apartment. And today, that firm manages roughly $1 trillion in global assets. And today, we discuss his new book Stay calm, Learn to embrace uncertainty in investing in life. And we dive into insights from his. 🎼欢迎收听第424期理性提醒播客。我是PWL Capital的首席投资官Ben Felix。我是PWL Capital的首席执行官Cameron Passsmer。今天我们邀请到了David Booth，他1981年在布鲁克林公寓的备用房间里共同创立了Dimensional Fund Advisors。如今，该公司管理着约1万亿美元的全球资产。今天我们将讨论他的新书《保持冷静：学会拥抱投资与生活中的不确定性》，并深入探讨他。
😊50 plus years at the center of this evidence based investment world. Make sure you stick around to the end to hear Cameron of my thoughts on the conversation. But for now, let’s get into the episode.David Booth, it’s a great pleasure to welcome you back to the Raash Minor podcast.Well, it was great to be here again, thanks.For having me.And congratulations on your fabulous.Just released book I.I read it twice, and I think it’s a terrific.Piece of work and a terrific.Representation of your career, quite honestly.Oh thanks, you know, that was.It was.It was kind of tough writing, but.Are we.Slugged her way through it and I’m pleased with what came out., no kidding.So I have to ask you, what lesson did your job, I believe was Aaronsburg shoe store.SoWhat lesson did that teach you? 😊在这个以证据为基础的投资世界中心50多年的经验。请务必听到最后，了解Cameron和我对这次对话的看法。现在，让我们进入正题。David Booth，非常高兴再次欢迎您来到Raash Minor播客。再次来到这里很棒，谢谢邀请。祝贺您那本精彩的新书刚刚发布。我读了两遍，说实话，我认为这是部了不起的作品，也是您职业生涯的精彩写照。哦谢谢，你知道，写作过程确实有点艰难。但我们坚持完成了，我对成果很满意。真的。所以我必须问你，你从Aaronsburg鞋店的工作中学到了什么？
Yeah.Well, I was.S salesman.And my.Senior year started senior year in high school and then in college.And.Then.对。嗯.It was a commission.systemt right I minute and heavy.😔Heavy commission.And now.It was a great learning experience because what I learned was.Even though we had a huge incentive to make a sail.嗯.哎呀.Even more important than that was when I went home at night. I wanted to feel good about myself.And so.I realized.I probably wasn’t into.😔Selling.People shoes that didn’t fit.嗯.Of.Or try to browbeat him find something he really didn’t want.有。The client would be happier, and I’d be a whole lot happier if I.We just found a.Anyway a way.A good outcome,.Sometimes you just don’t have the right shoe or the right size and that’s okay too.Yeah.。 是的。嗯，我当时是个销售员。从高中最后一年开始，一直到大学。那是佣金制，佣金很重。😔这是一次很棒的学习经历，因为我学到的是：尽管我们有很强的销售动机，但更重要的是晚上回家时，我想对自己感觉良好。所以我意识到，我可能不适合卖不合脚的鞋，或者强迫顾客买他们不想要的东西。如果能为顾客找到合适的解决方案，他们会更开心，我也会更快乐。有时候确实没有合适的鞋或尺码，这也没关系。是的。
I love the story, I have to ask.Was there a shoe sale?That you’ve regretted.嗯。Yeah, early on, I mean, I came to this conclusion after I made it.Yeah.Mistakes that.People selling on commissions of make.系咪咧。Soold peoplesome.She was now felt really bad about it.Smug.I’m not going to do that again.Yeah.Yeah.Yeah, super interesting.So how did?That lesson and that thinking.How did you apply that to the philosophy that underpins?Dimenssional. 我很喜欢这个故事，我必须问：有没有让你后悔的鞋类销售？嗯。有的，早期的时候，我是犯了错误后才得出这个结论的。是的，就是那些靠佣金销售的销售人员常犯的错误。卖了一些东西后感觉真的很糟糕。我就决定再也不那样做了。是的，非常有趣。那么你是如何把这个教训和这种思考方式应用到Dimensional的核心理念中的？
Well.Has nothing to do with the investment.Philosophy, but.Has everything to do with a business philosophy.Which are.Is you, do the right thing.嗯.You know, sometimes you don’t have the.All right, shoe.Or whatever.You know.You’re not what people are looking for and that’s fine too.What的.Just be.Afront with I with peopleen.嗯.我同王浩。You know, if you have.If you have a good scientific basis for what you’re doing and.あ you。U.um.Have a good argument then.是.You’ll you’ll be. you’ll be fine.You。Convinnce everybody.That’s okay, too.그.You mentioned that.It has nothing to do with the investment philosophy.I don’t know if I agree with that, I think it has.A lot to do with the investment there.When I found dimensional.I was.Disillusioned with the investment management industry.Preparing to leave the industry entirely.And I found.Dimenssionals products. And I was like, wow that’s.That’s a type of investment that works with.Science based thinking. that makes.That makes sense to me.And I don’t know. I, I don’t know if you can disconnect.That.Way of thinking about what is right.From the investment philosophy. 嗯，这与投资理念无关，但与商业理念完全相关。就是做正确的事。有时候你没有合适的鞋，或者你不是人们要找的，这也没关系。只要坦诚相待。如果你有良好的科学依据和充分的论证，你就会没事。即使不能说服所有人也没关系。你提到这与投资理念无关。我不确定是否同意，我认为它与投资理念有很大关系。当我发现Dimensional时，我对投资管理行业已经失望，准备完全离开这个行业。然后我发现了Dimensional的产品，我想，哇，这是一种基于科学思维的投资方式，对我来说很有意义。我不知道你是否能把”什么是正确”的思考方式与投资理念分开。
Well, I mean, that part was clearly it.I mean I.Even as a lowly shoe salesman, I.I knew that.Some shoes were made better than others.As long as.How was up front with it?嗯.You know, sometimes.Lower cost shoe is really the more expensive one.Yeah.。It’s a gray line.What is the gift of being an outsider?Well, you know, this kind of came up over writing the book, starting to thinking back about my parents, you know, my parents were great people they grew up in the Great Depression and fought in World War II and you know, I had a different experience set of life experiences than we all have had anyway, they never really invested in publicly traded stocks and bonds and the reason,They thought of themselves as outsiders and that insiders made all the money and if they invested, the insiders would just take advantage of them and they wouldn’t have anything they never invested and that’s where the science comes in, if you look at science that was developed in finance in the ’60s and 70s,You can summarize it.U.With two points.U.The first point is.U.People, if you look at stock and bond markets, their returns are kind of.They behaved the way we hoped they wo 嗯，这部分确实很明显。即使作为一个卑微的鞋店销售员，我也知道有些鞋做得比其他的好。只要坦诚相待。有时候便宜的鞋实际上更贵。是的。这是个灰色地带。作为局外人有什么好处？写这本书时我想到了这个，开始回想我的父母。他们在大萧条时期长大，参加过二战，有着与我们不同的生活经历。他们从不投资公开交易的股票和债券，因为他们认为自己局外人，局内人赚走了所有钱，如果他们投资，局内人会占他们便宜。这就是科学介入的地方。如果你看看60、70年代金融领域发展起来的科学，可以总结为两点：第一点是，如果你观察股票和债券市场，它们的回报基本上…它们的行为方式正如我们希望的那样…