基金经理面对和债券基金相似的难题。
投资者不可能在债券或者债券基金上预期同样的回报。
Investors cannot expect the same returns from bonds and bond funds.
债券与债券基金的价值通常随著利率上升而下降。
Bonds and bond funds generally decrease in value as interest rates rise.
“投资者不可能在债券或者债券基金上预期同样的回报。”
“Investors cannot expect the same returns from bonds and bond funds.
那些蜂拥买入债券和债券基金的投资者是在自寻灾祸。
Those who are now crowding into bonds and bond funds are courting disaster .
在债券及债券基金方面的资产配置比例基本持平，为21.8%。
Bond and bond fund allocations were essentially unchanged at 21.8%.
如果你买了债券基金，你实际上就是把钱借给了这些企业。
If you buy a bond fund, you're effectively lending money to businesses.
你知道债券基金经理和债券交易商是如何管理利率风险的吗？
Have an idea how bond portfolio managers and traders manage their interest rate risks.
这是预先核准的债券基金的形成鲜明对比的主要特点的新类型。
This is pre-approved bonds to fund a new type of the main characteristics in sharp contrast.
因此我买进了一些市政债券基金，较之美国国债，其收益率仍处于不寻常的高位。
As a result, I've bought some municipal-bond funds, whose yields remain unusually high compared with U.S. Treasurys.
我自己没有持有任何外国债券基金；我很早以前对它们的风险和缺乏流动性敬而远之。
I don't have any foreign bond funds myself; I was turned off long ago by their risk and illiquidity.
最早的问题出现在超短期债券基金上，许多投资者认为这种基金的安全程度堪比现金。
Some of the first cracks appeared among ultrashort bond funds, which many investors regarded as almost as safe as cash.
在国外，债券基金由于其风险低、回报稳定的优点而成为基金的主要组成部分。
Owing to its advantages like low risk and stable return, bond funds have become the main component of funds abroad.
而现在我们可能会看到客户从规模最大的债券基金转向更小的基金，虽然基金经理是同一个人。
And now we may be poised to see clients jump from the largest bond fund to a smaller one, even though the same laggard manager will be in charge.
这个比例甚至低于他们从债券基金里的撤资幅度，尽管刚刚过去的这个夏天股市的走势让人很不顺心。
That was less than they took out of bond funds, even though the stock market had just gone through a nauseating summer swoon.
本周，最大的基金管理公司新兴市场债券基金，购买了15亿美国市政债券，其效益随着危机扩散而暴增。
This week PIMCO, a big fund manager, bought $1.5 billion of American municipal bonds, where yields have jumped as the crisis spread.
而在一大型债券基金表示其再也不愿买进欧洲受困外围国家的债券之后，主权债务忧虑因此同样可能打击欧元信心。
Sovereign debt concerns could also dent sentiment toward the single currency after a large bond fund said it was no longer willing to buy the bonds of Europe's troubled peripheral nations.
因此收益率在2%的两年期银行定存单或者通货膨胀保值型国债，以及收益率在2%以上的短期投资级债券基金都属于不错的选择。
So a two-year bank CD or a Treasury inflation-protected security yielding around 2%, and short-term investment-grade bond funds at 2% plus, aren't the end of the world.
更为糟糕的是，在这个月，债券市场中两个很少引起关注但是很重要的部分崩溃了，并且人们担心下一个可能是封闭式市政债券基金。
Worse, two little-noticed but important bits of the market have imploded this month, and there are fears for a third, known as closed-end municipal-bond funds.
我国基金在分成股票基金、债券基金、混合基金和货币市场基金几大类后，目前没有必要也无可能在第二层上进一步细分。
Secondly, it is unnecessary and impossible to classify the funds in the second layer whereas funds should be classified as stock fund, bond fund, hybrid fund and money market fund in the first layer.
如今对于微观层面上各支基金选择的研究很多，但是对于在宏观层面上将资产合理分配在股票基金、债券基金以及货币基金等金融品种上的研究甚少。
The research that is chosen to every fund on micro aspect nowadays is numerous, but the research of reasonable to distribute stock, bond and currency at macroscopical aspect is little.
如今对于微观层面上各支基金选择的研究很多，但是对于在宏观层面上将资产合理分配在股票基金、债券基金以及货币基金等金融品种上的研究甚少。
The research that is chosen to every fund on micro aspect nowadays is numerous, but the research of reasonable to distribute stock, bond and currency at macroscopical aspect is little.
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