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经济学人:投资大师斯文森留下的遗产(1)-双语


The Economist: The Legacy of An Influential Investor(1)

经济学人:投资大师斯文森留下的遗产。让北京翻译公司北京金橄榄外文翻译有限公司与您一起看看以下内容:


David Swensen


大卫.斯文森


The holly and the ivy


冬青和常春藤


The legacy of an influential investor


一位有影响力的投资者留下的遗产


Starting in the 1980s, the endowments of a handful of big American universities began to divert their investments away from publicly traded equities and bonds towards "alternative" assets, such as venture capital and private equity.


从20世纪80年代开始,美国几所大型大学的捐赠基金开始将投资从公开交易的股票和债券转向“另类”资产,如风险资本和私募股权。


David Swensen, who died on May 5th aged 67, perfected the approach.


大卫.斯文森于5月5日去世,享年67岁,他对这一方式进行了完善。


Referred to variously as the endowment, Yale or Swensen model, it has since been copied—by family offices, sovereign-wealth funds and, more recently, by big pension funds.


它被不同地称为捐赠基金,耶鲁或斯文森模式,后来被家族办公室、主权财富基金以及最近的大型养老基金所模仿。


In 1985 Mr Swensen was persuaded by James Tobin, a Nobel-prizewinning Yale economist, to give up a lucrative career on Wall Street to return to his former university to run its investment office.


1985年,在诺贝尔奖得主、耶鲁大学经济学家詹姆斯.托宾的劝说下,斯文森放弃了在华尔街高薪的职业生涯,回到他以前的大学管理其投资办公室。


Yale's endowment was then worth around $1bn.


当时耶鲁的捐赠基金价值约10亿美元。


By the middle of last year the figure had risen to $31bn.


到去年年中,这一数字已升至310亿美元。


Even this astonishing growth understates Mr Swensen's influence.


即便如此惊人的增长也低估了斯文森的影响力。


He was responsible for developing a stream of talented asset managers at Yale.


他负责在耶鲁培养一批才华横溢的资产经理。


And in two best-selling books, he set down his investment philosophy for a wider audience.


在两本畅销书中,他向更广大的读者阐述了自己的投资哲学。


Three pillars of this thinking stand out.


这一思想有三个突出支柱。


The first concerns time horizon.


第一个问题是时间范围。


Because endowments have obligations stretching far into the future, they can take a longterm view.


因为捐赠基金的义务可以延伸到很远的未来,它们可以从长远来看。


They can sacrifice the ease of trading in public markets for the better returns promised in private equity.


它们可以牺牲公开市场交易的便利性,换取私人股本承诺的更高回报。


By doing so, they can earn an illiquidity premium—a reward for giving up the ability to sell out easily.


通过这样做,他们可以获得非流动性溢价——对轻易放弃出售能力的奖励。


The second pillar concerns information.


第二个支柱是信息。


It is hard to find mispriced stocks in the public markets, because news about listed companies travels fast and is quickly incorporated into prices.


在公开市场上很难找到定价错误的股票,因为有关上市公司的消息传播得很快,很快就会被计入股价。


But investors in private markets who do their homework are more likely to be rewarded.


但在私人市场上,做足功课的投资者更有可能获得回报。


That is because reliable data and analysis are much harder to come by.


这是因为要获得可靠的数据和分析要困难得多。


来源:iyuba

 

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