Since then, David Swensen has invested or has managed the investment of this endowment and it has done phenomenally well.
从那时起,大卫·斯文森投资...,或者说开始管理这笔基金,而且成效相当的明显
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。
they can be found to have breached their fiduciary duty, I'm on the hedge fund side and against the sort of company management side.
他们可以被发现存在渎职行为,我站在对冲基金的阵营上并且反对,公司管理的主张。
The problem is even more severe when you're looking at mutual funds because there's kind of a cynical game that mutual fund management companies play.
当你去观察基金市场,会发现问题更严重,因为基金管理公司,会玩一个偷梁换柱的把戏
There's a very important phenomenon that you need to take into account when you look at these histories of returns that are generated by active managers.
当查阅这些主动管理型基金经理,留下的历史收益记录时,有个很重要的现象
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
Today, they're a very important part of the fund's management framework.
如今,对冲基金是,基金管理体系的重要一环
I was just yesterday-- I gave a talk in Montreal at the Caisse de Dep?t,et Placement du Quebec, which is the big wealth management fund for the Province of Quebec.
昨天,我刚在蒙特利的魁北克储蓄投资集团,做了一个讲演,这个投资集团是魁北克省的,一所大型财产管理基金机构。
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
Well, that leakage--that 1.5% or 2% that you pay your hedge fund manager- plus the 20% of profits really reduces the amount of return that's available for the owners of capital.
系统的损耗,大约1.5%或2%的管理费率,用来支付给对冲基金经理,加上20%的利润提成,显著减少了资本所有者,可以得到的回报
This is once you've decided that you're going to be an active manager and try and pursue market beating strategies, how do you decide where it is that you want to spend your time and energy?
一旦你决定了要当主动管理型基金经理人,努力追求高于市场收益的策略,你会如何决定,在哪些方面投入时间和精力
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 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
This is incredibly important because,when you look at this number that we started out with,saying the benchmark was 9.9 but net of fees the managers on average only lost thirty basis points--or .3% -you'd say,well that's a game I don't mind playing.
这极其重要,因为当你看这些数字时,刚才说过基准收益是9.9%,但是主动管理型基金经理人的平均净利润,只落后了30个基点或者说0.3%,你可能会说这个游戏,我不介意玩一玩
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