“即便没有其他竞标者的参与，他们也会给出很高的报价”，墨尔本一家持有必和必拓股票的投资基金经理表示。
"Even uncontested, they will pay too much," said a Melbourne-based fund manager whose fund owns BHP shares.
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.
“如果你能让投资者相信你可以持续产生10%的收益，那么会有一个巨大的市场”，一位对冲基金经理如是说。
"If you can convince investors that you can consistently generate 10% returns, that is a huge market", says one hedge-fund manager.
由于事先的设计，对冲基金会让基金经理的得益多于投资者得益。
By design, hedge funds benefit managers more than investors.
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.
基金经理和银行高管已经明白，如果知道同侪也在赔钱，那么投资人往往更加宽容地接受损失。
FUND managers and bank executives have learnt that investors are often more forgiving if their peers are losing money as well.
但那些没有做过重大违法勾当的守法基金经理，也输掉了数十亿美元——这些可是投资者为假期和退休积攒下的钱。
But while other, legal fund managers did not necessarily do anything criminal, they too have lost billions placed with them by investors savings for holidays or retirements.
许多在中国和其他新兴市场的基金经理仅仅经历过好时期；一些投资者担心，如果经济下滑，他们的表现就会变的糟糕。
Many managers in China and other emerging markets are familiar only with good times, so some investors worry that they might not perform well if the economy stumbled.
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.
“许多投资者认为他们购买的德国债券是几乎稳赚不赔的，”一位基金经理说。
"Many investors thought they were buying German bunds with a bit of free yield," says one fund manager.
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.
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.
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.
对冲基金是一种私募的，相当大程度无监管的资本集合；通过基金经理压赌资产价格的上涨或下跌而分享可观的投资收益。
Hedge funds are private, largely unregulated pools of capital whose managers can bet on falling as well as rising asset prices, and participate substantially in profits from money invested.
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.
投资者们将不在任由那些容易出错且价格不匪的基金经理的摆布了。
No longer must investors be at the mercy of error-prone and expensive fund managers.
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.
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.
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.
有项提案要求各方投资人减少贷款、披露更多信息，这让接受调查的对冲基金经理中有五分之二回答说，如果该提案不经修改就被采纳，他们会搬家。
One proposal, to make alternative investors borrow less and reveal more, has prompted two-fifths of the hedge-fund managers surveyed to tell pollsters they would move if it were adopted unaltered.
对冲基金公司和风险投资公司盈利方式各有不同，但相同的是都需要让基金经理的表现更像合伙人，，用时下流行的话说，就是让其切身利益与公司息息相关。
Hedge funds and venture-capital firms also make money in their different ways by getting fund managers to behave more like partners, with “skin in the game”, as the modish phrase puts it.
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.
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.
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