-
They also grow more in countries that have institutional structures that encourage investing in mutual funds, such as pension plans.
此外,在那些,建立了鼓励投资共同基金制度结构,比如养老基金计划的国家,共同基金的发展也比较快
-
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
-
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
-
The problem is even more severe when you look at something that's relatively new, like the hedge fund world.
在相对新鲜的投资领域,你会发现这个问题更加严重,比如在对冲基金领域
-
The mutual fund theory that we gave last time said, no the mutual fund is just supposed to be diversifying for you.
但上节课讲到的共同基金定理认为,共同基金的目的是分散投资
-
They can--in mutual funds, it's daily liquidity, but their investors tend not to be as wide-awake.
他们可以-在共同基金中，保证日常的现金流，但是它们的投资者似乎不愿意一直保持清醒。
-
Well, those hedge funds charge enormously more than what a standard manager of marketable securities' charges.
那些对冲基金经理的收费,远比证券投资经理的收费高
-
John Geanakoplos is actually Chief Economist for a large investment company called Ellington Capital in Greenwich, Connecticut, which you'll see a lot in the news.
约翰·吉纳科普洛斯为一家,位于康涅狄格州格林威治的,名为埃林顿基金的大型投资机构,做首席经济学家,这家公司的大名经常见诸报端
-
So, in addition to losing $9.9 billion, there were capital gains' distributions of $3.3 billion dollars representing about 24% of the money that was invested.
所以,除了损失的99亿美元以外,基金中的另外33亿美元还是有收益的,占投资金额的24%
-
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
-
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
-
Today's lecture is about portfolio diversification and about supporting financial institutions, notably mutual funds.
今天这堂课的内容是投资组合多样化,以及辅助性金融机构，特别是共同基金。
-
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
-
Systematically, investors are buying after things have gone up, selling after they've gone down, and the problem is most severe in those funds that show the greatest volatility.
投资者都一窝蜂似的,上涨之后才买进,下跌之后才卖出,对于波动最大的那些基金,问题更严重
-
The theory of mutual funds is: nobody is supposed to be holding anything other than-- ... the ideal theory of mutual funds--is holding something other than this tangency portfolio.
共同基金定理是指：,所有人都应该持有-,理想的共同基金定理说,都应该持有这种切线投资组合。
-
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
-
The idea is that people who don't have much money can't afford expensive lawyers and they can't figure it out and they really shouldn't be investing in hedge funds.
那些钱不足以支付昂贵律师费,无法解决资金问题的人,实在不该投资对冲基金
-
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
-
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。
-
Firms that do that are, in practice, however, the minority and most mutual funds have some gimmick or some special-- they claim to be beating the market not forming the optimal portfolio.
然而实际上,这么做的公司很少,大部分共同基金都会耍些花招,或有一些特别的...,他们强调他们的收益率将强于市场平均水平,而非建立最佳投资组合
-
So you just say,okay fine, this is the macro circumstance that we're dealing with and we're going to do absolutely the best job we can identifying individual,specific,bottom-up opportunities to deploy the funds.
于是你只能说,好吧,这就是我们要应对的宏观环境,我们绝对要全力以赴,发掘独特,明确,由下而上的机会,来配置基金进行投资
-
Wal-Mart, after the 1960 Act of Congress, would say, hey we're a real estate investment trust, we own real estate--all these stores -but that's not what the intent of this bill was.
国会通过这部法案后,沃尔玛说我也是房地产投资信托基金,我也持有房地产,所有店铺都是房地产,但这并不是这部法案的本意
-
He heads up the Yale endowment -or the investment of the Yale endowment -and I have a New York Times article on the syllabus, just sort of a biography of him you could read.
他是耶鲁大学捐赠基金...,他是耶鲁大学捐赠基金的投资总监,大纲中有一篇纽约时报的文章,是他的传记,可以读一下
-
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
-
What most people are doing when they go into a mutual fund is they're trying to find smart people who will beat the market-- who will pick those stocks that will do well.
大多数人投资共同基金,实际是在寻找聪明之辈,来帮助他们获取更高收益率...,来挑选表现最为优异的股票
-
It has done phenomenally well in investing.
此基金在投资领域有着卓越的表现
-
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
-
The hedge fund world is 7.1% first to third quartile, real estate 9.3% per annum, leveraged buyouts 13.7% per annum this is over a ten-year period, so now we're starting to talk about some pretty significant dispersion.
在对冲基金中,这个差距有7.1%,不动产投资中的差距是9.3%,杠杆收购中是每年13.7%,以上都是十年期收益,我们现在谈的是,一些显著的差距
-
I thought they were going to and that was to protect people who might be na?ve, innocent people who only have a million dollars or only have two million dollars and don't know what they're doing from hedge funds.
我认为他们这么做,是想保护一些没有经验的投资者,他们只有100万美元,或者只有200万美元,并不清楚对冲基金的操作流程
-
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
应用推荐