10年前，欧洲在中国的投资通常通过任命的国外管理人进行联系。

A decade ago, European investment in China was routinely linked to the appointment of a foreign general manager.

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现在，一批非银行机构投资人——从资产管理人到对冲基金——则持有这个市场的绝大部分债务。

Now a range of non-bank institutional investors-from asset managers to hedge funds-hold most of the debt.

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这篇报告的主要观点是多数投资人并不是直接购买股票，而是将钱交给共同基金管理人管理。

The paper’s main insight is that most investors do not buy stocks directly, but give their money to fund managers.

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Anybody whose read a basic finance text, as a matter of fact, I think anybody who thinks about investments in a common sense fashion knows that diversification is an important fundamental tenet of portfolio management.

事实上,任何一个读过金融基础教材的人,任何一个,以正常思维来考虑投资问题的人,都知道分散投资是投资管理的,一条重要的基本原则

耶鲁公开课 - 金融市场课程节选