The problem is even more severe when you look at something that's relatively new, like the hedge fund world.

在相对新鲜的投资领域,你会发现这个问题更加严重,比如在对冲基金领域

耶鲁公开课 - 金融市场课程节选

So the survivorship bias and the backfill bias would be much,much more of a problem in the hedge fund world.

所以生存偏差和回填偏差,会是对冲基金领域里一个相当重大的问题

耶鲁公开课 - 金融市场课程节选

Long-term Capital Management was a big hedge fund that failed in 1998 and got bailed out by the Fed.

长期资本管理公司,是一个1998年失败了的对冲基金8,并且被美联储保释了。

耶鲁公开课 - 金融市场课程节选

If you're a hedge fund, you're not for the public -you're not approved for investing by the public.

对冲基金并不面向公众,无法获得面向公众募资的权利

耶鲁公开课 - 金融市场课程节选

Why would it be that somebody else is allowed to invest in a hedge fund and I'm not?

为什么允许其他人投资对冲基金,而我却不能呢

耶鲁公开课 - 金融市场课程节选

they can be found to have breached their fiduciary duty, I'm on the hedge fund side and against the sort of company management side.

他们可以被发现存在渎职行为，我站在对冲基金的阵营上并且反对,公司管理的主张。

耶鲁公开课 - 金融市场课程节选

The question is, if a group of Yalies started a hedge fund, what would they have to do to convince me to invest in them?

提问是,如果一群耶鲁校友创立一个对冲基金,他们如何才能说服我入股投资呢

耶鲁公开课 - 金融市场课程节选

So, he's doing quite well and he has some celebrity status among hedge fund managers.

他可以说是事业有成,并在众多对冲基金经理人中,负有盛名

耶鲁公开课 - 金融市场课程节选

So,huge amounts of institutional funds and individual funds are going into this hedge fund world.

大量机构基金和个人基金,都将进入对冲基金领域

耶鲁公开课 - 金融市场课程节选

Let's take an example of an important kind of private company, called a hedge fund.

我举个例子,一种重要的私募券商,叫做对冲基金

耶鲁公开课 - 金融市场课程节选

Well, that leakage--that 1.5% or 2% that you pay your hedge fund manager- plus the 20% of profits really reduces the amount of return that's available for the owners of capital.

系统的损耗,大约1.5%或2%的管理费率,用来支付给对冲基金经理,加上20%的利润提成,显著减少了资本所有者,可以得到的回报

耶鲁公开课 - 金融市场课程节选

The hedge fund world is 7.1% first to third quartile, real estate 9.3% per annum, leveraged buyouts 13.7% per annum this is over a ten-year period, so now we're starting to talk about some pretty significant dispersion.

在对冲基金中,这个差距有7.1%,不动产投资中的差距是9.3%,杠杆收购中是每年13.7%,以上都是十年期收益,我们现在谈的是,一些显著的差距

耶鲁公开课 - 金融市场课程节选

Now, there are different kinds of hedge funds -there's a lot of legal complexity here but a 3c1 hedge fund is limited to ninety-nine investors.

如今有各种各样的对冲基金,...其中牵涉了许多复杂的法律条文,比如3C1对冲基金,投资人数上限为99人

耶鲁公开课 - 金融市场课程节选

There's also another kind of hedge fund, 3c7, which can take five hundred investors.

还有一种3C7对冲基金,允许有500个投资者

耶鲁公开课 - 金融市场课程节选

The second person I have set up now to come-- although the date on the syllabus online is going to be changed--is Andrew Redleaf, who is also a Yale graduate and who set up a hedge fund called Whitebox Advisors.

我邀请的第二位客座嘉宾,也许网上教学大纲的日期,会有所变动...是安德鲁·雷德利夫,他也是一位耶鲁的毕业生,他创设了Whitebox Advisors对冲基金

耶鲁公开课 - 金融市场课程节选