积极和消极管理的启示 Implications of Efficiency for Active or passive Management ■积极管理 Active Management 股票分析 Security analysis 及时 Timing ■消极管理 Passive Management 买股票和持有 Buy and Hold 指数基金 ndex funds 12-1012-10 积极管理Active Management – 股票分析Security analysis – 及时Timing 消极管理Passive Management – 买股票和持有Buy and Hold – 指数基金Index Funds 积极和消极管理的启示 Implications of Efficiency for Active or Passive Management