The enhanced-leverage fund lost 23% of its value in the first four months of the year as the subprime market collapsed, then stabilised, then fell again.
次级市场危机爆发后,两支放大杠杆基金在今年前四个月里亿累计损失了23%的价值,然后趋稳,接着再度下跌。
An even bigger problem is that levers can work both ways. Leverage may enlarge the size of the fund, but it can also concentrate greater risk onto the sovereigns that guarantee it.
一个更大的问题是“杠杆作用”犹如一把双刃剑,一方面它可以扩大基金的规模,但另一方面它也会增加担保国的风险。
But many fund managers are impatient and thus use leverage (borrowed money) to enhance returns.
但许多基金经理人都没这个耐性,于是他们用杠杆作用(借来的钱)来增加收益率。
Our foreign exposure is not limited to the marketable security exposure, which I cited as being 15% of the fund, but there's foreign exposure in real estate, there's foreign exposure in leverage buyouts, there's foreign exposure in venture capital.
我们的境外投资,并不限于可交易证券类,那只占总资产的15%,也有境外不动产投资,境外杠杆收购,以及境外风险投资
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