但是他承认共同基金扩大了AQR投资者的基数。
But he admits that they help broaden AQR's base of investors.
经济学家认为关于持续投资收益测试的结果也能用于分辨共同基金经理是否具备真正的专业知识。
The economists say that similar tests of persistence in returns have also been used to detect whether mutual-fund managers have genuine expertise.
共同基金投资者们一直等着市场的反弹的到来。
Mutual fund investors waited and waited for a rebound to come.
此外，大多数共同基金投资者没有一路卖出。
Moreover, most mutual fund investors weren't selling out along the way.
共同基金推销员讲一种奇怪的夹杂着行话的语言，无益于许多投资者，他们仍然搞不明白那是什么。
It doesn't help that mutual fund salespeople speak a strange language that is interspersed with jargon that many investors don't understand.
这篇报告的主要观点是多数投资人并不是直接购买股票，而是将钱交给共同基金管理人管理。
The paper’s main insight is that most investors do not buy stocks directly, but give their money to fund managers.
客户都认为自己选了最好的共同基金管理人；价值投资人在尽量避免定价过高的股票；那些增长型基金管理人在尽其职责。
The clients thought they were picking the best fund managers; the value investors were avoiding overpriced stocks; the growth managers were doing what they were paid to do.
近几个月来，投资者将几十亿美元投入了债券和债券共同基金，许多人也坐等着不错的收益来证明自己的选择是对的。
Investors have been pouring tens of billions of dollars into bonds and bond mutual funds in recent months, and many are sitting on nice gains to show for it.
很多当地的共同基金经理们也被发现在午餐时间溜出来做同样的事，尽管他们信奉的是“股票长期投资”。
A number of local mutual fund managers — 'stocks for the long run' notwithstanding — have been seen sneaking off during their lunch hours to do the same.
当投资者希望拿回自己的钱时，共同基金必须把他们全部付清。
When investors want their money back, mutual funds have to pay up.
这些可选择的共同基金是否比投资者们的教会兄弟更加保守是另外一个问题。
Whether these alternative mutual funds offer much more than their staider brethren is another question.
盛大游戏此前进行了为期九天全球巡回推介；在共同基金等长期机构投资者的旺盛需求推动下，据称盛大游戏获得了10倍超额认购。
After Shanda's nine-day global roadshow for investors, the deal was said to be 10 times oversubscribed, with high demand from long-term institutional investors such as mutual funds.
这类资产可能回报甚丰，原因只是其他投资者，例如共同基金，既不愿意也无能力来处理非流动性。
Such asset classes may offer a better return simply because other investors (mutual funds, for example) are unwilling or unable to deal with illiquidity.
短期来看，事实上，投资者经常强迫他们的共同基金经理买入高价股票而低价卖出。
In short, investors often force their mutual fund managers to buy expensive stocks and sell cheap ones.
交易所交易基金受到人们欢迎的另外一个原因是投资者可以在全天的交易时间中进行交易，然而共同基金只能在交易日之前或之后进行结算。
ETFs also gained popularity because investors can trade them all day long, whereas a mutual fund can be liquidated only at the beginning and end of the trading day.
一家精品投资银行Ladenburg Thalmann的Dick Bove估计，最坏的情况是，华盛顿共同基金（一个麻烦的以节俭著称的银行）的破产将了结一半以上的基金。
The failure of Washington Mutual (WaMu), a troubled thrift, could at the worst wipe out as much as half of what remains in the fund, reckons of Ladenburg Thalmann, a boutique investment bank.
最好的办法可能是坚持持有共同基金，如TCW总回报基金(TGMNX)，长期投资专家JeffGundlach和PhilBarach经营的抵押贷款基金。
It is probably best to stick with a mutual fund like the TCW Total Return fund (TGMNX), a mortgage fund run by long-time specialists Jeff Gundlach and Phil Barach.
晨星公司(Morningstar)共同基金分析业务副主管杜塔(Arijit Dutta)说，投资者应该研究一只具体的基金或是交易所买卖基金是如何构建的。
Arijit Dutta, an associate director of mutual fund analysis at Morningstar, says investors should research how a particular fund or an ETF is constructed.
在共同基金中的损失通常只是由投资者承担，而跟共同基金公司无关。
Losses in mutual funds are normally borne solely by the investors, not by the mutual fund company.
REIT是指房地产投资信托基金。你可以将之看作持有不动产的共同基金。
REIT is a real estate investment trust. Think of it like a mutual fund that owns real estate.
这篇报告的主要观点是多数投资人并不是直接购买股票，而是将钱交给共同基金管理人管理。
The paper's main insight is that most investors do not buy stocks directly, but give their money to fund managers.
这就类似于用以管理出租房产经营的小型共同基金。相关企业专业化管理所有投资人的相关房产，从中赚取各处房产每月房租的特定比例佣金。
These are similar to small mutual funds set up for rental properties. These companies professionally manage all units on properties for a percentage of the monthly rent.
并非所有到S.E.C登记。对冲是平衡风险投资。像共同基金、对冲基金可以购买股票、债券。
Not all of these register with the s. E. C., however. To hedge is to balance investment risk. Like mutual funds, hedge funds may buy stocks and bonds.
坦率地说，这些实体的毁灭足以警醒每一位理智的投资者即刻下决心赎回他们的共同基金，关掉混淆是非的财经新闻，解雇他们的证券经纪人。
Frankly, the demise of these entities should cause every investor to immediately dump their mutual funds, turn off the financial news and fire their brokers.
管理费共同基金投资者支付的管理证券资产和基金管理的费用。
Fee, management a fee paid by a mutual fund investor for management of the portfolio as well as for general administration of the fund.
考虑到共同基金投资者的这种长期和强烈的怀疑态度，牛市无疑还有很长的路要走。
Given the profound skepticism towards the rally among fund investors, the bull market should be given the benefit of the doubt.
2002年，投资者从投入美国股市的共同基金中撤出的资金比他们投入的还要多。
In 2002, invest ors withdrew more money from mutual funds that invest in U. S. stocks than they put in.
2002年，投资者从投入美国股市的共同基金中撤出的资金比他们投入的还要多。
In 2002, invest ors withdrew more money from mutual funds that invest in U. S. stocks than they put in.
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