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经济学人:投资大师斯文森留下的遗产(2)-双语


The Economist: The Legacy of An Influential Investor(2)


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:


The third pillar is the importance of a contrarian mindset.


第三个支柱是逆向思维的重要性。


Mr Swensen had a chance early on to demonstrate his.


斯文森先生很早就有机会展示他的观点。


Following the stockmarket crash in October 1987, he had loaded up on company shares, which had become much cheaper, by selling bonds, which had risen in price.


1987年10月股市崩盘后,他卖出了价格上涨的债券,买入了公司股票,而公司股票已经变得便宜得多。


This rebalancing was in line with the fund's agreed policy.


这种再平衡符合基金商定的政策。


But set against the prevailing market gloom, it looked rash.


但在当前市场低迷的背景下,它看上去很鲁莽。


His investment committee was worried.


他的投资委员会很担心。


One member warned that there would be "hell to pay" if Yale got it wrong.


一位成员警告说,如果耶鲁错了,那将会有“地狱般的代价”。


But Mr Swensen stuck to his guns.


但斯文森先生坚持自己的观点。


The decision stood—and paid off handsomely.


这一决定站稳了脚跟——并且得到了丰厚的回报。


These days, the Swensen model is often reduced to an asset-allocation decision: hold alternatives.


如今,斯文森模式常常被简化为一个资产配置决策:持有替代方案。


But as money has flooded into private-equity funds, average returns have converged on the returns in public markets.


但随着资金涌入私募股权基金,平均回报已经趋同于公开市场的回报。


There is no longer an obvious illiquidity premium.


不再存在明显的非流动性溢价。


But Mr Swensen's point about information remains relevant.


但是斯文森关于信息的观点仍具有意义。


The dispersion of returns—the gap between the best and worst funds—is far higher in private than in public equity.


回报的分散——最好的和最差的基金之间的差距——在私人股本中比在公共股本中要大得多。


Selecting the right private-equity manager takes expertise.


选择合适的私募基金经理需要专业知识。


Yale has some advantages: it can, say, tap into its alumni network for access to the better-run funds.


耶鲁也有一些优势:比如说,它可以利用校友网络来获得运行良好的基金。


Mr Swensen is given too much credit in one regard.


斯文森先生在某一方面受到了过多的赞扬。


Endowments had a history of innovation before his return to Yale.


在他回到耶鲁之前,捐赠基金有一段创新的历史。


Harvard's was already changing.


哈佛的捐赠基金已经发生了变化。


And endowments had previously been pioneers in asset allocation: the Ivy League funds shifted markedly from bonds into equities from the 1930s.


捐赠基金曾是资产配置的先行者:常春藤联盟基金从上世纪30年代起明显从债券转向了股票。


In other respects Mr Swensen gets too little credit.


而斯文森在其他方面得到的赞扬太少。


Starinvestors are generally not good at mentoring others.


明星投资者通常不擅长指导他人。


But Swensen alumni have regularly turned up in senior jobs at other endowments.


但斯文森校友也经常在其他捐赠机构担任高级职位。


"He was a smart player but also an incredibly good coach," says a colleague.


他的一位同事表示:“他是一名聪明的球员,也是一名出色的教练。”


In this, as in other matters of investment practice, David Swensen was a true outlier.


在这一方面,就像在其他投资实践中一样,大卫.斯文森是一个真正的异类。


来源:iyuba

 

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