What they usually do is they take the underperforming fund and they merge it with one that has a better track record.

更常见的做法是把运作不佳的基金,合并到另一只表现良好的基金中去

耶鲁公开课 - 金融市场课程节选

Let's take an example of an important kind of private company, called a hedge fund.

我举个例子,一种重要的私募券商,叫做对冲基金

耶鲁公开课 - 金融市场课程节选

There's also another kind of hedge fund, 3c7, which can take five hundred investors.

还有一种3C7对冲基金,允许有500个投资者

耶鲁公开课 - 金融市场课程节选