还是说，我应该投入时间和精力，去找一流的债券经理人，一流的不动产或杠杆收购经理人，或者一流的风险投资经理人。
Or should I spend my time and energy trying to find the top quartile bond, top quartile real estate manager, or buyout manager, or venture capital manager?
“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.
但是投资者必须意识到，在市场飙升时，他们的业绩将无法与传统只做多头的经理人相比。
But investors have to be aware they will not match the returns of traditional long-only managers when markets are surging ahead.
一些经理人已经开始定期会见他们的投资者，更频繁地给他们提供业绩报告。
Some managers have started to meet their investors regularly and provide them with more frequent reports about performance.
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.
经理人赚的最多的是他们的绩效费，这意味着他们的收入的多少与投资者的回报有关。
Managers earn their big money in the form of performance fees, which means bonuses rise and fall with investor returns.
上述数据显示出，日本经理人正在关注那些批评公司持有现金而不向股东返还的投资者。
These figures suggest that Japanese managers are paying attention to investors who criticise them for holding on to cash rather than returning it to shareholders.
作为计划的一部分，绿诺科技在纽约有了新的经理人：一间律师事务所，一家投资者关系公司，一位新的审计员。
As part of the plan, Rino got new handlers in new York: a law firm, an investor relations firm, a new auditor.
对私募股权来说，经理人只有在资产变现，投资者拿到他们的钱时才能拿到报酬，这意味着不论以何种方式他们的报酬都是延迟的。
As for private equity, managers get their big bonuses only when assets are realised and investors get their cash, which means their pay is deferred anyway.
大多数投资者寻找低风险类的企业，他们青睐那些可以尽可能给他们承诺的实战经理人。
Most investors seek out low-risk businesses with proven managers that are as close to guarantees as possible.
在投资者电话会议上，RIM经理人将老款手持设备的惨淡需求归咎于第二财季末公司推出的使用新软件系统的智能手机。
On a conference call with investors, RIM managers blamed weak demand for older handsets as it introduced smartphones based on new software late in the quarter.
尽管如此，投资者可能很快就会得到一个有趣问题的答案：近年来新闻集团的成功导致多少大亨的破产，多少职业经理人的失业？
Nonetheless, investors may soon get the answer to an intriguing question: how much of News Corp's success in recent years was down to the mogul, and how much down to the professional manager?
然而，投资人撤资的低效率、基金表现差强人意和经理人的获利都要得到安排和解决 。
Then inefficiencies and performance distortions of withdrawing money for investors and profit-taking for managers are smoothed out.
将钱投给这种经理人的投资者应当被打上懦夫的标签，而不是合伙人。
Investors who put money with such managers should be labeled patsies, not partners.
更一步说，表现最好的经理人，尤其是那些对冲基金的经理人，很可能为防止收益被稀释而拒绝新的投资人。
Furthermore, top-performing managers, especially in hedge funds, may well close their doors to new investors to prevent returns being diluted.
2008年是资产经理人飞鸿腾达的一年，但是在这一年里，投资商却以惨败收场。
As 2008 showed, the asset managers get rich but the investors still get clobbered.
这些索偿人包括了经理人和股东，以及购买了公司债务的公司雇员、银行和投资者。
These include the managementand the shareholders, as well as the company’s workforce and the banks andinvestors who have bought the company’s debt.
优柔寡断的经理人往往抱怨，他们削减此类开支是因为受到目光短浅的投资者的压力。
Pusillanimous managers complain that they're forced to make these cuts by short-term oriented investors.
经理人忙着扑灭后院的火，由于投资者要规避风险，资金来之不易。
Managers were busy putting the fire out in their backyard, and money was hard to come by as investors became risk averse.
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.
这本金融时报旗下新杂志的印刷版和网络版，面向分析家、投资人、咨询顾问公司和基金经理人，将在全球范围内发行。
The new FT print and online publication will be available globally and pitched at analysts, investors, consultancies and fund managers.
基金经理人由于最近打败了市场而获得投资者的回报；这样的基金经理人免不了买过回报率高的股票。
Investors reward fund managers who have recently beaten the market; such fund managers will inevitably own the most popular shares.
两天后，另一个知名的经理人PaoloPellegrini由于亏损，打算在九月结束之前，把投资者剩余的资金退还给他们。
Two days later it emerged that another well-known manager, Paolo Pellegrini, plans to hand back investors their remaining money by the end of September, after making losses.
部分原因是因为投资者们开始学会在市场收益率，复制beta,alpha即经理人的突出表现之间进行分辨。
In part, because investors have learned to distinguish between the market return, dubbed beta, and managers' outperformance, known as alpha.
我们还将提及一些对投资者和经理人的影响。
We'll also mention some implications for investors and managers.
投资人并不迷恋那种“流行”的经理人。
Investors do not fancy "popular" managers who could not deliver.
对基金业绩的持续性分析不但可以衡量基金经理人的实际资本运作能力，还可为投资者提供决策参考。
The performance persistence analysis not only can evaluate fund managers' capability to operate the fund, but also can provide investment decisions for investors.
职业经理人价值大小取决于经理人的个人潜能、投资者边际努力程度以及最低边际收益值。
The value of a professional manager is determined by managerial potential, investor's marginal effort, and minimum of marginal earnings.
职业经理人价值大小取决于经理人的个人潜能、投资者边际努力程度以及最低边际收益值。
The value of a professional manager is determined by managerial potential, investor's marginal effort, and minimum of marginal earnings.
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