经济学人:家族办公室:超级富豪的生财之道(3)
日期:2018-12-18 17:58

(单词翻译:单击)

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中英文本

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The first is that family offices could endanger the stability of the financial system. Combining very rich people, opacity and markets can be explosive. LTCM, a $100bn hedge fund backed by the super-rich, blew up in 1998, almost bringing down Wall Street. Scores of wealthy people fell for a Ponzi scheme run by Bernie Madoff that collapsed in 2008. Still, as things stand family offices do not look like the next disaster waiting to happen. They have debt equivalent to 17% of their assets, making them among the least leveraged participants in global markets. On balance, they may even be a stabilising influence. Their funds are usually deployed for decades, making them far less vulnerable to panics than banks and many hedge funds.
第一,家族办公室可能危及金融系统稳定wg*RSHs.qLS*en,y。超级富豪的结合会让不透明度和市场会井喷m6Ba+1#Pcsb|WZt_M。美国长期资本管理公司是由超级富豪出资的1000亿美元的对冲基金,1998年濒临破产,几乎拖垮整个华尔街K0tKA-in9G。2008年,伯尼•马多夫经营的庞氏骗局宣告破产,大量富豪因此财富受损GdIMPTGPDb@&。不过按目前情况来看,家族办公室看起来并不像下一个潜在灾难YI38AO92YBLew。其债务相当于其资产的17%,是全球市场杠杆率最低的参与者之一CEqY2EnO0;bZBmHnJm。总而言之,家族办公室产生的影响较稳定LumgDo-=)0rUM&1r*FP。其基金配置通常已有几十年,这使其远没有银行和许多对冲基金那么容易受到恐慌的影响OMNu4[_rAec3Jyi

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The second worry is that family offices could magnify the power of the wealthy over the economy. This is possible: were Bill Gates to invest exclusively in Turkey, he would own 65% of its stockmarket. But the aim is usually to diversify risk, not concentrate power, by taking capital from the original family business and putting it into a widely spread portfolio. The family-office industry is less concentrated than mainstream asset management, which a few firms such as BlackRock dominate. Compared with most fund managers, family offices have welcome habits, including a longer-term horizon and an appetite for startups.
第二个忧虑是,家族办公室可能会放大富豪对经济的影响Wd;Mnom)an。这种情况有可能出现:如果比尔·盖茨只在土耳其投资,那么他的持股比可能达到65%,@&Bxy6!C=U#。但投资目的通常是分散风险,而非集权,即从家族企业中获取原始资金,并将其投入分布广泛的投资组合(|yxvRA9%xV9W,。家族办公室不如主流资产管理行业集中度高(贝莱德等少数几家公司主宰着主流资产管理)&lf^52mBArj+n-XT@U8g。与大多数基金经理相比,家族办公室的习惯更受欢迎,包括更长远的眼光和对初创公司的兴趣YRdJ5)R~*Q
It is the third danger that has most bite: that family offices might have privileged access to information, deals and tax schemes, allowing them to outperform ordinary investors. So far there is little evidence for this. The average family office returned 16% in 2017 and 7% in 2016, according to Campden Wealth, a research firm, slightly lagging behind world stockmarkets. Nonetheless, tycoons are well connected. Family offices are becoming more complex—a third have at least two branches—making tax wheezes easier. Hungry brokers and banks are rolling out the red carpet and pitching deals with unlisted firms that are not available to ordinary investors. If all this did lead to an entrenched, unfair advantage, the effect, when compounded over decades, would make wealth inequality disastrously worse.
第三个危险杀伤力最大:家族理财室可能优先享有信息、交易以及税务计划获取特权,这让其胜过普通投资者9^yd*VPo3)iq#=.M。不过到目前为止,还没有证据能够证实这一点8#V&A)vEY4lLT)UF。据康顿财富研究公司的数据显示,家族理财室的平均回报率2017年为16%,2016年为7%,略低于全球股市*t.DR3s)sb^sX。尽管如此,但富豪们人脉很广zGcl|2RB~VXrvM。家族办公室正变得愈发复杂——三分之一的家族办公室至少有两个分支——为减轻税收负担[[[j[t]_V!。饥肠辘辘的券商和银行正铺上红地毯,等待与普通投资者无法接触的非上市公司进行交易*MNL438go5i|。如果这一切确实导致产生根深蒂固而不公平的优势,那么几十年的影响叠加,会使得财富不平等灾难性恶化,Sjp4&s-XieNL7F
The answer is vigilance and light. Most regulators, treasuries and tax authorities are beginners when it comes to dealing with family offices, but they need to ensure that rules on insider trading, the equal servicing of clients by dealers and parity of tax treatment are observed. And they should prod family offices with assets of over, say, $10bn to publish accounts detailing their workings. In a world that is suspicious of privilege, big family offices have an interest in boosting transparency. In return, they should be free to operate unmolested. They may even have something to teach hordes of flailing asset managers who serve ordinary investors, many of whom may look at their monthly fees and wish that they, too, could ditch the middlemen.
唯有以警惕和放松来应对*~aztVDw#TV(]。在和家族办公室打交道方面,大多数监管机构、财政部门和税务部门都是新手,但是需要确保家族办公室遵守内幕交易、经销商为客户提供平等服务、同等税收待遇方面的规则u)qOfuBHoeZD!rJmO。且应敦促资产超过100亿美元的家族办公室公布详细运作情况的账目4Z&xBq#l.F0]dE。作为回报,家族办公室应可以不受干扰自由运作D9|*JEcXkQFLf@gM^|。家族办公室甚至可以给一些为普通投资者服务的摇摇欲坠的资产管理公司传经授道,毕竟很多资产管理公司看着每月产生的费用,也希望可以摆脱中间商iyZ3TZH#RUnyew

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词语解释

1.endanger something or someone 危害
The debate could endanger the proposed Mideast peace talks.
这场争论可能会危害中东和谈的倡议42o#4,IK!fl5OzA.Bw)
2.blow up 爆炸
He was jailed for 45 years for trying to blow up a plane.
他因图谋炸飞机而被监禁了45年71BkXBhQ61G02^_6
3.bring down 使垮台
They were threatening to bring down the government by withdrawing from the ruling coalition.
他们威胁要退出统治联盟以让政府垮台BPLR[Plq7l!DbxJc(%
4.scores of 大量
Campaigners lit scores of bonfires in ceremonies to mark the anniversary.
参加活动的人们在仪式上点起了许多堆篝火,以庆祝这一周年纪念日q3Fw33G5(y0R[YiHP(@
5.on balance 总的说来
On balance he agreed with Christine.
总的说来,他同意克里斯蒂娜的看法=5Yyfc,r1@gr%WY*Zk]N
6.outperform another 胜过
In recent years the Austrian economy has outperformed most other industrial economies.
近年来奥地利的经济已经超过了其他大多数的工业经济1lJZD7vs)so+7X0iV
7.roll out 推出(新产品或服务)
On Thursday Microsoft rolls out its new operating system.
在星期四微软推出了它的新操作系统jESLpvpcaK5Xk5,
8.insider trading 内幕交易
a friend of Ms. Stewart's who is accused of insider trading in shares of his own company.
斯图尔特女士的被指控在自己公司的股票中有内幕交易的一个朋友%C[g^ZIaTO*#&Il74+
9.prod someone into doing something 敦促
The question is intended to prod students into examining the concept of freedom.
这个问题旨在敦促学生探究自由这个概念so;EzHIc!NbLyOBOA
10.hordes of (通常指熙攘纷扰的)一大群人
This attracts hordes of tourists to Las Vegas.
这吸引了一群群的旅客来到拉斯维加斯cK]!xVO||U1[

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重点单词
  • hedgen. 树篱,篱笆,障碍,防护物,套期保值,推诿 v. 用
  • vulnerableadj. 易受伤害的,有弱点的
  • dominatev. 支配,占优势,俯视
  • fundsn. 基金;资金,现金(fund的复数) v. 提供资金
  • portfolion. 文件夹,作品集,证券投资组合
  • originaladj. 最初的,原始的,有独创性的,原版的 n. 原件
  • globaladj. 全球性的,全世界的,球状的,全局的
  • complexadj. 复杂的,复合的,合成的 n. 复合体,综合体,
  • entrenchedadj. 根深蒂固的,(权力,风俗等)确立的
  • diversifyv. 使成形形色色,使多样化,使变化