Think about the advent of hedge funds -twenty or twenty-five years ago, hedge funds were a blip on the radar screen.
想想对冲基金刚出现时,差不多20或25年前,它就像雷达屏幕上的一个小点
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。
If you're a hedge fund, you're not for the public -you're not approved for investing by the public.
对冲基金并不面向公众,无法获得面向公众募资的权利
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%
if hedge funds could make markets completely efficient, it would benefit the world a lot--is one.
如果对冲基金能够使市场能够完全有效,它会给世界带来很多益处-这是一点。
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
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
Now, there are different kinds of hedge funds -there's a lot of legal complexity here but a 3c1 hedge fund is limited to ninety-nine investors.
如今有各种各样的对冲基金,...其中牵涉了许多复杂的法律条文,比如3C1对冲基金,投资人数上限为99人
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
The second person I have set up now to come-- although the date on the syllabus online is going to be changed--is Andrew Redleaf, who is also a Yale graduate and who set up a hedge fund called Whitebox Advisors.
我邀请的第二位客座嘉宾,也许网上教学大纲的日期,会有所变动...是安德鲁·雷德利夫,他也是一位耶鲁的毕业生,他创设了Whitebox Advisors对冲基金
应用推荐