translation.en: The other important issue is that there are scale effects in portfolio management, together with financial complexity, financial deregulation, that make it easier to get higher rates of return for a large portfolio, and this seems to be particularly strong for billionaires, large capital endowments.
translation.zh: 其他重要问题是 投资管理的规模效应， 加上金融复杂性, 金融自由化, 这获得更高回报率变得更容易 大型投资组合 使得亿万富翁，大型资本捐增资金