英国商业房产市场已有崩盘的迹象，而最近新星资产管理公司运营的一家基金把它的资产调低了18%，迹象变得明显。

The British commercial-property market has already shown signs of cracking, as recently became clear when a fund run by New Star Asset Management marked its assets down by 18%.

youdao

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.

youdao

由于货币市场基金管理着$3.4万亿的资产，让一家基金倒闭后果将不堪设想。

With $3.4 trillion of assets under management, allowing a run on money-market funds was unthinkable.

youdao

Or are you going to manage each individual asset class actively, trying to beat the market and generate risk-adjusted excess returns?

还是积极管理每项资产,力求获得市场水平以上的回报率,以及风险调整后的超额收益

耶鲁公开课 - 金融市场课程节选