但是试想每个机构得奉上利润给对冲基金管理者。
But suppose that every institution handed its portfolio to hedge-fund managers.
费用收入使得一些对冲基金管理者变成了亿万富翁。
Fee income turned some hedge-fund managers into billionaires.
尽管预期有变化，但是计算一下英国今天也有大约700名对冲基金管理人。
Estimates vary, but by one count Britain has about 700 hedge-fund managers today.
[font=Verdana]但是试想每个机构得奉上利润给对冲基金管理者。
[size=10.5pt][font=Tahoma]But suppose that every institution handed its portfolio to hedge-fund managers.
真正有威胁是针对较小操盘资金的基金，半数左右的对冲基金管理小于1亿美金的资金。
The real threat is to smaller operators—half of all hedge funds manage less than $100m.
这些资金已足以令苹果公司首席财务官办公室跻身全球最大的100家基金管理公司之列，且超过任何一家对冲基金管理公司。
The funds are big enough to place Apple's CFO office in the top 100 largest fund managers in the world and larger than any hedge fund manager.
但是还没有到达2002所达到年的高度，也没有达到1998年长期资本管理公司(一家对冲基金)被救起时的高度。
But it has yet to reach the heights seen in 2002, or when Long-Term Capital Management, a hedge fund, was being rescued in 1998.
这主要是由于该计划将其资产组合更多的分配到收费较高的对冲基金和私有权益管理机构。
That was because schemes allocated more of their portfolios to hedge funds and private-equity managers, which charge much higher fees.
前进的道路上亦有坎坷，比如说长期资本管理公司（LTCM）和对冲基金的近乎崩溃，网络泡沫，但是每一次，市场总能快速恢复。
There were bumps along the way, such as the near-collapse of Long-Term Capital Management (LTCM), a hedge fund, and the dotcom bust, but each time markets recovered relatively quickly.
对冲基金把购买衍生品作为管理风险的一个途径，不管经济繁荣还是紧缩。
Hedge funds are attracted to derivatives as a way to manage risk and punt with borrowed money, whether economies are stagnating or booming.
多年来，管理对冲基金，在这个过程中为自己获得财富，是华尔街的梦想。
For years, managing a hedge fund, and making a fortune for yourself in the process, was the running dream on Wall Street.
他现在管理对冲基金，这两件事并非完全无关。
举例而言，控制流动性，对于对冲基金而言很有意义，但是对于私募基金则意义不大；控制杠杆率则恰好相反，对于私募的管理很有效，而对于对冲基金则效果不彰。
Controls on liquidity make much more sense for hedge funds than they do for private equity, for instance; the reverse could be argued for leverage limits.
他们可以被发现存在渎职行为，我站在对冲基金的阵营上并且反对，公司管理的主张。
They can be found to have breached their fiduciary duty, I'm on the hedge fund side and against the sort of company management side.
另一家名为Pivot资本管理的对冲基金称，伴随着资本支出减少和银行危机的硬着陆的可能性越来越大。
Another hedge fund, Pivot capital Management, argues that the chances of a hard landing, with a slump in capital spending and a banking crisis, are increasing.
“今年的形势要比许多人所认为的更好一些”，期货对冲基金e bullio资本管理公司创始人及总裁LarsSteffensen对彭搏社表示。
"Things are going to be a lot better this year than a lot of people think," Lars Steffensen, founder and managing director of commodity hedge fund Ebullio Capital Management told Bloomberg.
对冲基金海风资产管理公司的创始人和总裁Doug Kass说这次华尔街的上涨是一次“奥巴马似的反弹，但不是一次奥巴马似的复苏”。
Doug Kass, founder and President of hedge fund Seabreeze Partners Management, said the Wall Street rally was an "Obama bounce, not an Obama rally".
当俄国破产，并使对冲基金，长期资金管理公司倒闭时，联储会仅降息0.25%。
After Russia's default and the collapse of Long-Term Capital Management, a hedge fund, the Fed cut rates by a quarter point.
怡安保险的一名经纪人布莱恩·瓦纳特(BrianWanat)说，几年前仅有四分之一的对冲基金购买管理责任险，如今这一比例达到二分之一。
Brian Wanat of Aon, a broker, says that a few years ago only one in four hedge funds purchased management-liability insurance. Now it's closer to one in two.
在这个世界8000多对冲基金经理们正在管理着11000亿的资产。
Across the world there are more than 8,000 hedge-fund managers with over $1.1 trillion in assets under management.
比尔·弗莱肯·斯坦(BillFleckenstein)就不一样了，他在自己公司弗莱肯·斯坦资金管理公司(Fleckenstein Capital)管理对冲基金。
Things are rather different for Bill Fleckenstein, who runs a hedge fund at his firm, Fleckenstein Capital.
前者，大部分的利益都流入对冲基金和交易所的管理上。
In the former, most of the benefits have flowed to hedge funds and the exchanges' managements.
由于对冲基金收取很高的管理费，它们必须获得非常高的毛回报才能带给客户令人满意的净回报。
Because of the high fees they charge, hedge funds need to make big gross returns to deliver decent net returns to their clients.
银行则已经将很大一部分的次优按揭大打折扣地转让给了对冲基金以及其它资产管理公司。
Banks have already sold a sizeable chunk of their Alt-A holdings to hedge funds and other asset-management firms, often at large discounts.
现在，一批非银行机构投资人——从资产管理人到对冲基金——则持有这个市场的绝大部分债务。
Now a range of non-bank institutional investors-from asset managers to hedge funds-hold most of the debt.
现在，一批非银行机构投资人——从资产管理人到对冲基金——则持有这个市场的绝大部分债务。
Now a range of non-bank institutional investors-from asset managers to hedge funds-hold most of the debt.
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