—99年：俄罗斯和长期资本管理危机。
“长期资本”事件意义还在于它不算是一个大企业。
The Long-Term Capital episode ... was important precisely because the fund was not a major firm.
这是金融世界在长期资本管理公司崩溃后应该学到的一课。
It's a lesson the financial world might have heeded after the collapse of Long-Term Capital Management.
在国外，锁定长期资本的趋势变得更加具有吸引力。
The trend to lock down permanent capital gained even more traction abroad.
参议员麦凯恩提出二年内将长期资本利得税15%减半。
Senator McCain proposes to cut the fifteen percent tax on long-term capital gains in half for two years.
资本结构是指企业各种长期资本来源的构成和比例关系。
Capital structure refers to the ratio between the corporate structure and the various long-term capital sources.
拥有高智商很容易惹祸上身啊，比如说我们说的长期资本。
You can really get into trouble with a high IQ, i. e. Long-Term Capital.
从任何危机也可以获得很好的利润(就像从长期资本管理那里得到的)。
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。
Long-term Capital Management was a big hedge fund that failed in 1998 and got bailed out by the Fed.
股价在跌、联邦长期资本利得税税率目前或许正处于长期以来的最低水平。
Stocks prices are down, and the federal tax rate on long-term capital gains is the lowest it may be for a long time.
如果他们将钱花在补偿、股票回购或分红上面，则可以要求他们支付长期资本收益税金。
And if they want to spend it on compensation or stock buybacks or dividends, let them pay the long-term capital gains rate.
他们致力于避免重蹈98年的覆辙，当年，长期资本管理的崩溃引起了一场流动性危机。
They are naturally keen to avoid a repeat of 1998, when the collapse of Long-Term Capital Management (LTCM) prompted a liquidity crisis.
如果财政状况继续改善，而且外国长期资本流入加速，投资率或许还将进一步上升。
If the fiscal position continues to improve and the inflow of long-term capital from abroad to accelerate, the investment rate could rise still further.
但是十年前，联储帮助组织了对“长期资本管理”的援救，这是一个对冲基金，没有公众资金的介入。
But ten years ago the Fed helped organise the rescue of Long-Term Capital Management, a hedge fund (although no public money was involved).
关于对冲基金，媒体的兴趣集中在1998年长期资本控制崩盘、金融系统可能发生这种崩溃的风险上。
Media interest in hedge funds is focused on the collapse of Long-Term Capital Management in 1998 and the risks to the financial system of a similar debacle.
它已经接受了几次历史上的考验，包括上世纪90年代美国长期资本管理公司失败和大型宏观基金失败。
It has already undergone several upheavals in its history, including the collapse of Long-Term Capital Management and the fall of the big macro funds in the 1990s.
贝尔是唯一一家拒绝帮助长期资本管理公司摆脱困境的公司，后者曾是在1998年濒于崩溃边缘的对冲基金。
Bear had been the only big firm that refused to help out Long-Term Capital Management, a hedge fund that came close to the brink in 1998.
随着98年长期资本崩溃的余波越发显著，那些明白长期资本失去市场地位的银行吸取教训，获得利益。
As became clear in the fallout from 1998, Banks that were aware of LTCM's loss-making positions had a real advantage.
但是还没有到达2002所达到年的高度，也没有达到1998年长期资本管理公司(一家对冲基金)被救起时的高度。
But it has yet to reach the heights seen in 2002, or when Long-Term Capital Management, a hedge fund, was being rescued in 1998.
当长期资本管理公司崩溃时，其高管试图说服巴菲特来施以援手，就像几年前他曾对所罗门兄弟公司所做的那样。
When LTCM collapsed, its executives tried to convince Buffett to come to its rescue, as he had done with Salomon Brothers a few years earlier.
没有一家私人财团支持新杰斐逊的前景，同样的事也在1998年的对冲基金“长期资本管理公司”身上发生过。
There was no prospect of a private consortium propping up New Jefferson, as had happened with Long Term Capital Management, a hedge fund, in 1998.
但是到了1998年，为了从电脑确认的微小价差中获取更大利益，长期资本举债高达数千亿美元，确切地说是一千二百四十五亿。
But by 1998, Long-Term Capital had borrowed billions -- $124.5 billion, to be precise -- to get more bang from the tiny price discrepancies its computers had identified.
前进的道路上亦有坎坷，比如说长期资本管理公司（LTCM）和对冲基金的近乎崩溃，网络泡沫，但是每一次，市场总能快速恢复。
There were bumps along the way, such as the near-collapse of Long-Term Capital Management (LTCM), a hedge fund, and the dotcom bust, but each time markets recovered relatively quickly.
而在亚洲货币危机爆发，俄罗斯违约以及拯救过度杠杆化的长期资本管理公司(LTCM)的背景下，市场对全球陷入衰退感到恐慌。
Then there was wide fear of world recession after the Asian currency crisis, the Russian default and the rescue of Long-Term Capital Management, an overleveraged hedge fund.
第二个问题的答案是，华尔街的对冲基金运用90年代中期长期资本管理公司开发的技术，计算出借大笔的钱而成本几乎可以不计的方法。
The answer to #2 is that Wall Street hedge funds, using techniques pioneered in the mid-90s by Long Term Capital Management, have figured out ways to borrow large sums of money at virtually no cost.
第二个问题的答案是，华尔街的对冲基金运用90年代中期长期资本管理公司开发的技术，计算出借大笔的钱而成本几乎可以不计的方法。
The answer to #2 is that Wall Street hedge funds, using techniques pioneered in the mid-90s by Long Term Capital Management, have figured out ways to borrow large sums of money at virtually no cost.
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