As one observer remarks, many of these clients were people who were earning 25% a year from their own businesses; they found it hard to understand why private Banks were offering much lower returns.
正如一位观察者所评论的那样，大量这样的客户是那些每年能从自己的生意上获利25%的人，他们很难理解为什么私人银行提供的回报如此之低。
Hedge funds are private pools of capital that are lightly regulated, often borrow to enhance returns and are partly paid on the basis of performance.
对冲基金是只受到轻度监管的私有聚集资本，通常通过借贷来增强其收益，所获得的回报部分取决于其业绩。
As if in reply, dealmakers are now keen to stress that the non-financial returns to private equity are also super.
似乎作为回应，交易人们现在急切强调私人股份的非金融回报也很巨大。
Hedge funds and private equity boom as investors seek high returns, though buoyant asset prices and low real interest rates decree the opposite.
投资者追求高回报，促成了对冲基金和私人股本的蓬勃发展，尽管高涨的资产价格和较低的实际利率预示的是相反的情况。
But size is not the most relevant factor in the private equity business. It's how much money you invest, and actually what the returns are for the investors.
需要强调的是，最重要的并不是你管理多少钱，而是你投了多少钱，给投资人带来了多大的收益。
Those liquidity facilities charge borrowers a penalty rate which makes them less attractive as private credit returns.
这些流动性工具向借款者征收惩罚性利率，它们在私人信贷复苏的情况下，就没什么吸引力了。
There were many reasons for the housing bubble that has now burst, from huge amounts of global liquidity seeking high returns to the rise of private-label securitisation.
在目前已经破灭的房地产泡沫背后，有着从追求高回报的海量全球流动性，到私人资产证券化的兴起等许多原因。
The returns may look smooth but this is an illusion-property and private equity can fall into this category.
这样回报可能看起来很平稳，但只不过是一种假象——地产和私人股本就可以归为这一类。
The callback in Listing 2 is designed to support both signing and decrypting using the same private-public key pair, so it checks for both cases and returns the same password in either case.
清单2中的回调旨在支持使用同一个公开-私有密匙对进行签名和解密，因此将在两种情况下进行检查并对任意一种情况返回相同的密码。
In addition, he says, the returns they do achieve are due to factors, including high leverage and the overall movement of the stockmarket, for which private-equity managers cannot claim credit.
莫里斯还说，私募股权经理人所实现的收益还应归功于很多其他因素，包括金融杠杠效应以及股票市场的整体走高，因此他们不能独揽全功。
In one sense, China is a more attractive market when credit is scarce because most China private-equity deals rely on growth rather than leverage to provide investors with outsized returns.
从某种意义上说，在信贷稀缺的时候，中国市场更有吸引力，因为中国的多数私募股权公司都是靠增长而不是靠杠杆来为投资者提供超额回报。
High share prices make targets more expensive, and private equity is still raising record amounts of money, meaning more competition-and higher prices-for acquisitions, lowering potential returns.
高股价致使收购对象更加昂贵，而私募股权仍在筹集创纪录的资金量，这意味着并购活动的竞争更加激烈，价格更高，而潜在的回报则降低了。
But with high interest rates on private loans, the returns on equity were pretty good.
但对个人的贷款利率很高，资本回报也相当不错。
Another rationale for the move into alternative assets (as hedge funds and private equity are known) is that returns are uncorrelated with those on other assets.
另一个涌入另类资产(如众所周知的对冲基金和私募股权)的原因在于他们的收益与其他资产的收益无相关性。
However, their returns on equity are nothing like as good as those of unlisted private firms.
然后，这些私企的净资产收益率却一点也比不上那些未上市的私营企业。
Eventually, Max says he must go home and he returns to his room on his private boat.
最后，马克斯说他必须回家，并坐着私人小船回到他的房间。
Munger: I have a young friend who sells private partnership interests to investors, and it's hard to get returns in that field.
查理·芒格：我有一个忘年交是卖私人合伙利息给投资者的，这一行几乎就没有回报可言。
Munger: : I have a young friend who sells private partnership interests to investors, and it's hard to get returns in that field.
查理·芒格：我有一个忘年交是卖私人合伙利息给投资者的，这一行几乎就没有回报可言。
Munger: I have a young friend who sells private partnership interests to investors, and it's hard to get returns in that field.
查理·芒格：我有一个忘年交是卖公家合伙利息给投资者的，这一行几乎就没有报答可言。
At the same time, the stock market can't provide enough extra returns for private accounts to close the entire gap within 75 years.
与此同时，在75年的时间里，股票市场不可能为私人帐户提供足够的额外回报，去填平整个的缺口。
The funds are hoping to obtain better returns in private deals than are possible at the moment from stocks.
目前，这些基金的私营借贷交易可能会获得比股市上更高的回报率。
Private equity-style property funds tend to be "opportunity funds" targeting returns of about 20 per cent a year in return for greater risk.
私人股本型地产基金倾向于成为“机会基金”，承担更大风险，目标年回报率约为20%。
According to a recently published paper by Mr Liu and a colleague, Alan Siu, the returns of unlisted private firms are no less than ten percentage points higher.
而根据刘教授和他同事萧如彬的一份最新发表的一篇论文指出，那些未上市的私营企业的平均回报率要比国有公司高不低于10个百分点。
However, in the real financial world, investors differ in valuations as a result of the uncertainty of future returns, private information and heterogeneous priors etc.
然而，在现实的金融市场上，由于未来收益的不确定性、私有信息以及先验异质等原因，投资者的收益预测存在分歧。
However, in the real financial world, investors differ in valuations as a result of the uncertainty of future returns, private information and heterogeneous priors etc.
然而，在现实的金融市场上，由于未来收益的不确定性、私有信息以及先验异质等原因，投资者的收益预测存在分歧。
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