我们可以理解投资者对业绩的失望不仅仅是对我们的基金，还包括对所有的资产。
We can understand investors' frustration at the performance not just of our funds but of all property funds.
尽管只有这些信息，学术界还是搞出了他们自己的模型，几乎可以匹敌对冲基金的业绩。
Now, armed with just that information, academics are coming up with their own models, which almost match the hedge funds' performance.
业内最大的一些对冲基金表现更为突出，获得了历来最为出色的业绩。
Some of the industry's largest funds have fared even better, delivering some of their strongest performances.
对冲基金是只受到轻度监管的私有聚集资本，通常通过借贷来增强其收益，所获得的回报部分取决于其业绩。
Hedge funds are private pools of capital that are lightly regulated, often borrow to enhance returns and are partly paid on the basis of performance.
一些基金经理人的业绩曾长时间超过市场。
Some fund managers have beaten the markets over long periods.
今年到目前为止至少有8家由亿万富豪执掌的对冲基金业绩平平或下跌。
At least 8 hedge funds run by billionaires are flat or down so far this year.
尽管宏观基金2010年的业绩差强人意，但投资者仍然趋之若鹜。
Despite tepid performance in 2010 investors have remained enthusiastic about macro funds.
这种对于稳定收益的痴迷部分来自于如今基金经理业绩的分析方法。
This obsession with smoothness grew, in part, from the way that fund managers' returns are analysed.
虽然他们欣赏我在管理旗舰基金整体衍生品风险方面所付出的劳动，但我的奖金基于那个规模较小的交易账户的业绩。
While they appreciated the work I did managing the overall derivative risk for the flagship fund, my compensation was based on my smaller trading account.
第一，零售基金管理者通常与过去的业绩进行比较，而不是价格上。
First, retail fund managers compete on past performance rather than price.
那些有着优秀业绩的基金想继续保持他们的费率不变。
Those funds with excellent records will manage to maintain their fee rates.
半个世纪以前，可供对比的信息是如此之少以致于客户几乎无法知道他们基金经理的业绩是否好于同行。
Half a century ago little information was available and clients barely knew whether their fund manager was outperforming his peers.
看看基金经理更长期的过往业绩记录，而不是关注去年一年的收益情况。
Instead of focusing on last year's returns, look at the longer-term track record of the fund manager.
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；
Managers used to update investors quarterly only to inform them of the fund's performance;
基金管理下的资产减少了1/3，业绩收入费急剧下降。
Assets under management have fallen by a third and performance fees have fallen sharply.
其中有些对冲基金在经历了2008年的惨败后2009年业绩优异，剩下的就业绩平平，2010年对它们来说很艰难。
While some of their hedge funds posted strong returns for 2009, after a disastrous 2008, others didn’t fair so well and 2010 has been tough.
新星的传奇包含了它所在的行业的所有罪恶：收取太多的佣金，付给基金经理过高的报酬，承诺其并不能达到的业绩，还有发行太多的新基金。
The New Star saga embodies all the sins of its industry; charging too much and paying its managers too highly, promising performance it could not deliver and launching too many funds.
但如果不需缴纳那些催富了基金管理人而非客户的种种费用，这样的业绩可以实现吗？
But can the feat be achieved without paying the kind of fees that make the managers, rather than the clients, wealthy people?
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.
尽管大多数人的业绩均以三年为周期进行评判，但他们的平均持股时间约为17个月，其中19%的基金经理一般持股时间仅为一年或更短。
Even though most are judged by performance over three-year horizons, their average holding period was about 17 months, and 19% of the managers held the typical stock for one year or less.
如果很多投资者注重成本，而不是业绩，基金管理行业将不得不妥协。
If enough investors focus on cost, not performance, the fund-management industry will have to give them a better deal.
投资者绝不会在收益仅仅符合市场一般回报水平时向传统基金的经理人支付业绩提成，然而他们却欣欣然的在同样情况下，给予私募股权经理人以业绩提成。
Investors would not dream of paying a performance fee to traditional fund managers merely for matching the market return, yet they cheerfully reward private-equity managers for the same feat.
2002年的基金业绩与一年前的情况一样，取得了正收益，但低于我们本应能够达到的水平。
Our 2002 results mirrored those of a year earlier, positive gains but well below what we were capable of doing.
短期收益即收益很少，季度表现或年度表现优良的基金实际很可能比业绩差的基金估价偏高了。
Short-term returns mean very little and a fund that has a good quarter or year is actually more likely to be overvalued than one that has struggled.
短期收益即收益很少，季度表现或年度表现优良的基金实际很可能比业绩差的基金估价偏高了。
Short-term returns mean very little and a fund that has a good quarter or year is actually more likely to be overvalued than one that has struggled.
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