Third, expect a shift to private wealth managers at the expense of supermarket banks which stuffed clients with poorly performing funds (courtesy of Bernard Madoff) and AIG bonds.
最后,牺牲了银行巨头们——它们拿表现拙劣的基金(拜伯纳德•麦道夫所赐)和AIG债券对客户敷衍塞责,“私人财富管家”的涌现便是意料之中的事了。
In theory, this allows them to meet all of a client's needs; it also means they are almost certain to have some funds that are performing well, just by the law of averages.
理论上说,这使得他们可以满足每一顾客所有的需求;仅依据平均律,这也意味着必然会有一些基金表现良好。
Furthermore, top-performing managers, especially in hedge funds, may well close their doors to new investors to prevent returns being diluted.
更一步说,表现最好的经理人,尤其是那些对冲基金的经理人,很可能为防止收益被稀释而拒绝新的投资人。
What I did was I took the ten best-performing Internet funds and looked at the returns from 1997 to 2002.
我选了十个表现最好的投资网络的基金,分析它们1997至2002年的收益情况
If you look at the ten best-performing Internet funds from 1997 to 2002, the time-weighted return is 1.5% per year positive, so the funds went way up and then they went way down.
这十个表现最好的网络投资基金,从1997年到2002年,时间加权回报率是每年1.5%,基金一路涨涨跌跌
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