They also grow more in countries that have institutional structures that encourage investing in mutual funds, such as pension plans.
此外,在那些,建立了鼓励投资共同基金制度结构,比如养老基金计划的国家,共同基金的发展也比较快
Also, mutual funds have been growing more in countries that have higher level of education and a higher level of wealth.
而且,共同基金在那些国民教育程度更高,更加富裕的国家,发展更快
When a community seeks federal funds for separate programs like After-school Programs, Sports Programs, homely shelters, those federal funds should be used in accordance with Constitutional principles and federal law.
当一个团体寻求为其各个项目获得联邦基金时,比如课后项目,体育项目,家庭庇护所,那些联邦基金的使用应该符合,宪法的原则和联邦法律。
With this accusation of the misuse of borrowed funds, we recognize the strange and, I think in this context, rather ill-fitting subtext behind Comus' seduction.
通过误用钱币的指责,在这个文本中,我们发现了Comus其中的诡异,和其唆使背后的潜台词。
Well,if hedge funds first became mainstream maybe fifteen years ago, then what are you looking at in terms of history?
如果对冲基金,在15年前就变成主流,那么你会在它们的历史记录中看到什么呢
In 2003 they decided to change that and they decided to raise the discount rate above the Federal Funds Rate.
在2003年,他们决定改变这个现状,并且决定将贴现率提升到,联邦资金利率之上。
He looked at a group of hedge funds that numbered 331 in 1996 and by 2004,eight years later, 75% of them had disappeared.
他取样了一组对冲基金,是1996年的331支,到8年后的2004年,其中的75%都消失了
You look at the returns that are reported for hedge funds in aggregate--they're generally 12%,13%,14% per year for the last five or ten years.
看一下过去5到10年间,公报中的对冲基金年平均收益率,普遍来说是12%,13%,14%
They can--in mutual funds, it's daily liquidity, but their investors tend not to be as wide-awake.
他们可以-在共同基金中,保证日常的现金流,但是它们的投资者似乎不愿意一直保持清醒。
Finally, I just want to say that I've been talking mainly about the U.S., but mutual funds have been growing in importance around the world.
总之,我想要说的是,虽然我们谈的主要是美国,但在全世界,共同基金的重要性在日益增强
Systematically, investors are buying after things have gone up, selling after they've gone down, and the problem is most severe in those funds that show the greatest volatility.
投资者都一窝蜂似的,上涨之后才买进,下跌之后才卖出,对于波动最大的那些基金,问题更严重
The idea is that people who don't have much money can't afford expensive lawyers and they can't figure it out and they really shouldn't be investing in hedge funds.
那些钱不足以支付昂贵律师费,无法解决资金问题的人,实在不该投资对冲基金
They found, not surprisingly, that it tends to--mutual funds have been growing more rapidly in countries that have stronger securities laws and institutions, especially laws that protect individual shareholders rights.
他们发现,那些共同基金发展较迅速的国家,都拥有比较健全的证券法规和完善的证券制度,其中保护个人股东权利的法律尤为完善
So the interest rate the policy tool in the United the policy interest rate or key rate in the United States is called the Federal Funds Rate.
所以,利率美国的政策工具,美国的政策利率或是主要利率,叫做联邦资金利率。
So,we're talking about a group of funds that in aggregate probably produced somewhere in the low teens returns and he's got 11.7% per year combined survivorship bias and backfill bias.
因此我们说这组基金总体上,大概产生了略高于10%的收益率,他算出的数字是每年11.7%,结合了生存偏差和回填偏差
Firms that do that are, in practice, however, the minority and most mutual funds have some gimmick or some special-- they claim to be beating the market not forming the optimal portfolio.
然而实际上,这么做的公司很少,大部分共同基金都会耍些花招,或有一些特别的...,他们强调他们的收益率将强于市场平均水平,而非建立最佳投资组合
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