The problem with being a public investment company is you have to file quarterly reports about all the things you've invested in.

而公共券商的困难在于,你必须按季度向证交会报告,公司所有的投资活动

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That's misleading because it really doesn't matter when you buy the stock, so you're not supposed to, as a broker, sell dividends.

这是误导,什么时候买股票都没区别,所以作为券商,不应以股利为卖点

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There were precursors to this, but the SEC forces the difference between public and private securities and this is a very important distinction.

例如证交会强制界定了,公共券商与私募券商之间的差异,这是非常重要的划分

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Let's take an example of an important kind of private company, called a hedge fund.

我举个例子,一种重要的私募券商,叫做对冲基金

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If you are--this is a private investment company -let's think before we talk about hedge--think of -suppose you're a public investment company approved by the SEC.

如果你是...这是一种私募投资公司,...在我们讨论对冲基金之前大家想一想,...假设你有一家经证交会认证的公共券商

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They'll say,you're behaving like a public company and you're not public.

证交会会说这是公共券商的行为,但你们不面向公众

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Public securities are securities that the SEC will accept as suitable for the general public and private securities are securities that have not been vetted by the SEC for the general public.

公共券商是指那些经证交会审核通过,适于面向大众经营证券买卖的证券公司,而私募券商是指那些未经,证交会审查,面向大众的证券公司

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