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The Lo down

机译:罗落

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摘要

The basic idea behind efficient market theory is that it seems implausible that there are $20 notes lying on pavements waiting to be picked up. It is thus tough for investors to beat the stockmarket average. But the billion-dollar fortunes accumulated by hedge-fund managers (and the outsized fees they charge) imply that not just $20 notes but bulging wallets can be grabbed by those that are smart enough.rnThe belief that hedge-fund managers have the magic touch has prompted the industry to grow from just $39 billion of assets in 1990 to around $2 trillion today. But it has also prompted academics to examine exactly how hedge-fund managers are making their money, to question whether clients are getting the short end of the stick and to assess the impact of hedge-fund actions on the stability of financial markets as a whole.rnAndrew Lo, a professor at the Massachusetts Institute of Technology, has been at the forefront of that process. His latest book, packed as it is with statistical tables and equations, will appear daunting to the casual reader. Nevertheless, anyone who is considering investing in hedge funds, or is involved in regulating the financial-services industry, should give it a go.
机译:有效市场理论背后的基本思想是,在人行道上躺着等待捡起的20美元钞票似乎是难以置信的。因此,投资者很难超越股票市场的平均水平。但是对冲基金经理人积累的数十亿美元的财富(以及他们收取的巨额费用)意味着,足够聪明的人不仅可以抓住20美元的钞票,而且还可以抓住膨胀的钱包。促使该行业的资产从1990年的390亿美元增长到如今的2万亿美元左右。但这也促使学者们准确地研究对冲基金经理如何赚钱,质疑客户是否处于短线状态,并评估对冲基金行动对整个金融市场稳定性的影响。麻省理工学院的教授安德鲁·卢(Andrew Lo)一直处于这一过程的最前沿。他最新的书,连同统计表和方程式一起包装,对休闲读者来说似乎是令人生畏的。尽管如此,任何正在考虑投资对冲基金或参与监管金融服务业的人都应该放手一搏。

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    《The economist》 |2008年第8584期|106-107|共2页
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