What I did was I took the ten best-performing Internet funds and looked at the returns from 1997 to 2002.
我选了十个表现最好的投资网络的基金,分析它们1997至2002年的收益情况
Long-term Capital Management was a big hedge fund that failed in 1998 and got bailed out by the Fed.
长期资本管理公司,是一个1998年失败了的对冲基金8,并且被美联储保释了。
General Electric ironically was started right after the Great Deleveraging of 1873 that was the bubble before the depression that was just like this one.
通用电气则恰好是在1873年,对冲基金拆仓后产生的,而那正是萧条来临前的泡沫时期。
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
He came to Yale from Wall Street in 1985 and at that time the Yale endowment was worth about one billion dollars.
985年他从华尔街来到耶鲁,当时耶鲁大学捐赠基金总额是10亿美元
He looked at a group of hedge funds that numbered 331 in 1996 and by 2004,eight years later, 75% of them had disappeared.
他取样了一组对冲基金,是1996年的331支,到8年后的2004年,其中的75%都消失了
You look at the returns that are reported for hedge funds in aggregate--they're generally 12%,13%,14% per year for the last five or ten years.
看一下过去5到10年间,公报中的对冲基金年平均收益率,普遍来说是12%,13%,14%
When I started in 1985, the distribution to the operating budget was $45 million.
我1985年开始管理耶鲁基金时,运营预算是4千5百万美元
The Norwegian Government has pension fund assets in the amount of, as of 2006, just under two trillion Norwegian Kroner; but they also own North Sea Oil.
挪威政府拥有大量的养老基金,在2006年,其数额,是两万亿挪威克朗差一点;,不过他们还拥有北海油田。
The only history that you would have had fifteen years ago would have been those funds that produced great returns, so it's all identified after the fact.
你只会看到在这15年的历史数据中,所有对冲基金都有着极佳的回报,这都是事后调整确认的
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
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
For the ten years ended June 30,2005, it returned 9.9% per year and then the average return for the actively managed equity fund was 9.6% per year, so we're back to that thirty basis points.
截至2005年6月30日的10年间,该指数年收益率为9.9%,而主动管理型股权基金的年平收益率为9.6%,我们落后30个基点
If you look at the ten best-performing Internet funds from 1997 to 2002, the time-weighted return is 1.5% per year positive, so the funds went way up and then they went way down.
这十个表现最好的网络投资基金,从1997年到2002年,时间加权回报率是每年1.5%,基金一路涨涨跌跌
But regardless of how you measure it, for a full half-dozen years, in the midst of this bull market, colleges and universities were over-allocated to fixed income relative to where they had been in June of 1987.
但不管你怎么算,整整六年时间,处于牛市之中,大学的基金,由于1987年6月那次崩盘的影响,过度投资于固定收益债券
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