莫里斯还说，私募股权经理人所实现的收益还应归功于很多其他因素，包括金融杠杠效应以及股票市场的整体走高，因此他们不能独揽全功。

In addition, he says, the returns they do achieve are due to factors, including high leverage and the overall movement of the stockmarket, for which private-equity managers cannot claim credit.

youdao

我看到了经理人“共担风险”和长期收益之间的相互关联。

I have seen a correlation between a manager having significant "skin in the game" and long term performance.

youdao

“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.

youdao

By the time 2005 rolled around, there were only 177 managers that reported returns, so 130 managers disappeared.

到了2005年底,只有177位经理人公布收益,130位经理人消失了

耶鲁公开课 - 金融市场课程节选

Where even if you can find somebody who's going to be a first quartile manager, there's almost no difference between the first quartile return and the third quartile return.

即使你能找到一位,一流的经理人,但在债券市场收益中,第一和第三个四分位数之间几乎没有区别

耶鲁公开课 - 金融市场课程节选

If you look at the Frank Russell data and I just cited ten-year returns ending June 30,2005, so that period started in 1996 -well,in 1996 there were 307 managers that reported returns.

看看罗素公司的数据,我引用了从1996年开始,截至2005年6月30日的十年收益,在1996年有307位经理人公布收益

耶鲁公开课 - 金融市场课程节选