Harvard University, Princeton University, and other universities have done extremely well on their endowments; however, not quite as well as Yale.
哈佛大学 普林斯顿大学,和其他的大学,各自的基金上都经营得很好,但是,都比不上耶鲁大学
In fact, the assets that the Norwegian Government owns is about two-thirds oil and one-third government pension fund assets.
实际上,挪威政府所持有的资产中,大概有三分之二的石油,和三分之一的政府养老基金。
When a community seeks federal funds for separate programs like After-school Programs, Sports Programs, homely shelters, those federal funds should be used in accordance with Constitutional principles and federal law.
当一个团体寻求为其各个项目获得联邦基金时,比如课后项目,体育项目,家庭庇护所,那些联邦基金的使用应该符合,宪法的原则和联邦法律。
It's exactly what we did with the World Bank and the IMF, with the Mashall Plan, with then the Alliance for Progress later, looking at Latin America.
就像当初我们和世界银行以及世界货币基金组织,像我们的马歇尔计划,和之后的进步联盟,再看看拉美。
There have been some interesting surveys about people's relationship with food and the Pugh Foundation did a survey that was published in April of 2006 that asked people how much found out what percentage of people really enjoy eating.
有很多有意思的调查研究,关于食品,和人际关系的联系,其中皮尤基金会,2006年4月发布的一项调查试图解析,究竟有多少人能真正从饮食中获得享受
So the survivorship bias and the backfill bias would be much,much more of a problem in the hedge fund world.
所以生存偏差和回填偏差,会是对冲基金领域里一个相当重大的问题
There were seventeen categories of equity mutual funds and they compared the dollar-weighted to the time-weighted returns.
其中一共是17种股权共同基金,将它们的货币加权回报率,和时间加权回报率进行比较
It's a combination of looking at kind of objective attributes and subjective characteristics and finding people who ultimately will be good partners for the University.
这是一系列客观属性,和主观性格的结合,最终才能为大学基金找到合适的合伙人
I want to say one more thing about the diversification and the mutual fund.
我想谈谈,证券业多元化和共同基金
The same way that these investors and the Internet tech funds lost their money.
这与这些投资者和网络技术基金,蒙受损失的道理是一样的
It is now, under his leadership, $22.5 billion and that explains a lot of the quality of your life because that means we have about $2 million dollars per student.
在他的管理下,目前基金总计达225亿美元,你们高质量的生活和学习正是得益于此,因为这相当于每个学生能分到2百万美元
I had an opportunity in the late 80s and early 90s, working with a small foundation in New York, to begin cultural activities in Vietnam before normalization of relations between the US and Vietnam.
我在八十年代末九十年代初曾经有幸,在纽约的一个小型基金会工作,和越南开展一些文化活动,那时美国和越南还未实现外交关系正常化。
A Real Estate Investment Trust is for small investors, although wealthy, big investors can invest in it also.
小投资者可以投资房地产投资信托基金,富人和大投资者也可以投资
So,huge amounts of institutional funds and individual funds are going into this hedge fund world.
大量机构基金和个人基金,都将进入对冲基金领域
In Unconventional Success, I did a study of individual behavior in their mutual fund purchases and sales around the collapse of the Internet bubble in March of 2000.
在这本书里,我对2000年3月,网络股暴跌时,共同基金购买,和销售中的个体行为做了研究
As a matter of fact, it costs an increasing amount to play the game when you look at the fees that are paid to investment managers and hedge funds.
事实上,当把付给投资经理,和对冲基金的费用都算进去的话,这个博弈的成本越来越高
Insurers, just like mutual funds, are providing risk pooling for you.
保险公司和共同基金一样,为客户提供风险汇聚服务
But what did endowments and foundations do?
但那时捐赠和基金在干什么
One of the studies that I did for my first book, Pioneering Portfolio Management, looked at the behavior of endowments and foundations around the crash in October 1987.
我为第一本书《机构投资的创新之路》,所做的其中一个研究,是关于1987年10月那次股灾前后,各种捐赠和基金的表现
But if you look at the tech fund category, the difference between the dollar-weighted and the time-weighted returns--this is over a ten-year period -is 13.4% per annum; that's stunning.
但是如果你关注科技投资基金,十年间,货币加权回报率,和时间加权回报率间的差距,是每年13.4%,这是非常夸张的
If you look at the behavior of groups of active managers and the dispersion of returns, I think it gives you some idea of what the efficiency is with which assets in these individual assets classes are priced.
如果观察一下主动管理型的基金经理们,和他们的投资收益分布,我想它会告诉你一些信息,哪些资产是有效定价
I asked you in the final question to just get on a couple of websites, The Federal Reserve and the ICI, which is a mutual industry website, and write a little bit, a couple paragraphs about what this industry is really achieving or how it's trending.
我最后再要求你们,去浏览下一些网站,像联邦储备和美国投资公司协会网站,都是共同基金产业的网站,然后稍微写几段,关于这个产业的成就,或者他们的发展趋势。
This is not commonly advertised or described -just like hedge funds are not commonly advertised and described -because it is thought that DPPs are suitable only for wealthy and sophisticated investors.
PP不怎么打广告或者上新闻报道,就像对冲基金一样低调,因为DPP仅仅面向,富人和精明的投资者
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