还是说，我应该投入时间和精力，去找一流的债券经理人，一流的不动产或杠杆收购经理人，或者一流的风险投资经理人。
Or should I spend my time and energy trying to find the top quartile bond, top quartile real estate manager, or buyout manager, or venture capital manager?
你的养老基金的受托人决定哪一位基金经理将投资你部分或所有的未来收入。
The trustees of your pension fund decide which fund manager will invest some or all of your future income.
于是基金经理们可以宣称投资收益是来自于他们的智慧，而非源自整个大盘的上升，他们的客户也没法区分这两者的区别。
Fund managers could thus claim that a positive return was down to their own brilliance, rather than a general rise of the market, and clients could not tell the difference.
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.
有些投资者还担心损失太多导致基金经理丧失勇气，就算市场回暖，他们也会错失翻本的机会。
Some worry that, having made big losses, some managers may have lost a bit of nerve-and will forfeit gains if markets rebound.
因为总体上来说投资者无法超越市场的表现，这就意味着资金从投资者手里转移到了基金经理的手里。
Because investors cannot beat the market in aggregate, all this means is that money is transferred from investors to fund managers.
邀请有可能延伸这条链的其他人(他们没有对小组花费那么多时间，比如经理上司或者项目的投资者)也是明智之举。
It also might be wise to invite other people perhaps farther up the chain who may not spend as much time with the team, such as the manager's boss or the person paying for the project.
一位基金经理说道，“如果不是投资者们担心，他们也不会这样做。”
They wouldn’t be doing it if investors weren’t worried about it.
在全球市场中游走的美国股票基金经理事实上都是反向投资者。
As they move among global markets, US equity managers are actually contrarian.
“经理人将得到alpha收益的大部分而不是投资人。”Schroders的资产经理Alan Brown说道。
“A disproportionate amount of the benefits of alpha go to the manager, not the client, ” says Alan Brown at Schroders, an asset manager.
错误把握市场波动会使他们损失惨重(或者，如果投资者是专业基金经理，那么他们的客户会损失惨重)。
Get market timing wrong and they may lose a fortune (or, if they are a professional fund manager, their clients will).
这些都是华尔街的投资者和基金经理人可能不会完全注意到的细节。
These are details that investors and fund managers on Wall Street may not be fully aware of.
他是否真像拥趸所宣称的那样，能使经理与投资者利益更趋一致的先进商业模式呢？
Is it, as its supporters claim, a superior business model in which the interests of managers and investors are better aligned?
经理过去按季度向投资者提供最新信息，只告知投资者基金的业绩；现在，经理煞费苦心地解释基金的策略。
Managers used to update investors quarterly only to inform them of the fund’s performance; now they take pains to explain the fund’s strategy.
这名基金经理说，对许多投资者而言，这是一项可怕的交易。
For many investors, 'that was a terrible trade,' the fund manager says.
个人投资者也可以采取类似的做法，不仅要问经理在决策正确时能赚多少，还要问他们在决策失误时可能会损失多少。
Individuals can do something similar by asking not only how much they will make if they are right but also how much they could lose if they turn out to be wrong.
首席基金经理通常也是最大的投资者，其酬劳也取决于基金的获利表现。
The main fund manager is usually the largest investor and remuneration depends on the fund performing profitably.
投资银行美林对基金经理做了个调查，其中82%认为今年的波动率会提高。
A survey of fund managers by Merrill Lynch, an investment bank, found 82% expected volatility to rise this year.
将自己的钱毫无保留的交给基金经理、投资者或者银行家从来就不是一个好主意。
Mindlessly handing your money over to a fund manager, investor or banker is never the best idea.
如果付给基金经理的费用上升，一般投资人的收益肯定会下降。
If the fee paid to the fund manager increases, the return achieved by the average investor must decline.
投资者必须寄希望于经理们对债券的明智选择。
Those investors will have to hope that the managers choose their bonds wisely.
牛市中多头投资者和对冲基金经理是否推动股票价格向上还没有经过调查。
It has not investigated whether bullish investors and executives talked bank share prices up in the good times.
投资者将要求对冲基金经理透露更多情况，而且他们理当如此。
Investors will demand to know more than hedge fund managers currently tell them, and rightly so.
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.
他不相信对冲组合基金，因为这是让投资者的钱流向组合基金经理，而他的怀疑很明显受到赞同。
His distrust of funds of hedge funds, which channel investors' money to a portfolio of managers, is apparently Shared.
投资者也越来越熟悉它，因为媒体经理人在他们自己的经营中，正在讲述一个相似的故事。
Investors are becoming familiar with it, too, because media executives are telling a similar story about their own business.
一项关于300个财务经理(专业投资者)的调查指出，72%认为他们在工作中高于平均水平。
A survey of 300 fund managers - that is, professional investors - found that 72 per cent of them believed they were better than average at their jobs.
一项关于300个财务经理(专业投资者)的调查指出，72%认为他们在工作中高于平均水平。
A survey of 300 fund managers - that is, professional investors - found that 72 per cent of them believed they were better than average at their jobs.
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