In other words, if a fund liquidated all profits, the supposed 20% taken out first would actually be larger than 20% of the total realized profit.
换句话说，如果一个基金要偿付所有利润，首先要拿出的20%可能比实现利润总额的20%要多。
In other words, the fund was not simply tracking the subprime markets: it was doing better, presumably because it was buying highly rated securities.
换言之，这只基金不是在简单地跟踪次级抵押市场：它做的更好，想必是因为该基金购买的是评级较高的证券。
Yet unlike the victors of the second world war it remains, in the words of Constanze Stelzenmüller of the German Marshall Fund, a "self-shackled republic".
如德国马歇尔基金会的康斯坦斯•斯坦米勒女士所说，德国仍是一个自我克制的国家，这点较其他二战胜利国有所不同。
In other words, what we originally analyze when a deal gets done or fund gets raised is often rendered irrelevant with the passage of time.
换言之，我们在一宗交易或募资刚刚完成时所作的最初分析往往随着时间流逝而变得无足轻重。
In other words, what we originally analyze when a deal gets done or fund gets raised is often rendered irrelevant with the passage of time.
换言之，我们在一宗交易或募资刚刚完成时所作的最初分析往往随着时间流逝而变得无足轻重。
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