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Absolute disappointment

机译：绝对令人失望

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Ayear ago hedge-fund managers were hailed as the new masters of the universe. One even made a cameo appearance in "Sex and the City", a New York television series, as an over-confident suitor. (He got the girl, of course.) Hedge-fund managers once talked about a "special skill-set" that distinguished them from mere fund managers. They promised "absolute returns irrespective of market directions". They put big chunks of their own money into their funds and, as well as annual management fees, took a reward of-some 20%―and sometimes as much as 50%―of any gains made for clients. Today, many hedge funds are performing poorly, and plenty are losing money. Managers now speak as if they are running a widow's fund: they stress the preservation of capital rather than outperfor-mance. Most funds have parked more than a third of the assets they manage in cash instruments, and they have reduced their le- verage (that is, the amount they have borrowed to speculate). Funds now admit that falling stockmarkets are proving unexpectedly painful.
机译：一年前，对冲基金经理被誉为宇宙的新主人。一个人甚至以过度自信的求婚者在纽约电视连续剧《欲望都市》中客串演出。 （当然，他得到了这个女孩。）对冲基金经理曾经谈论过一种“特殊技能”，使他们有别于单纯的基金经理。他们承诺“无论市场方向如何，绝对收益”。他们将自己的大笔资金投入到自己的资金中，以及每年的管理费，获得了客户获得的收益的大约20％（有时多达50％）的报酬。如今，许多对冲基金表现不佳，大量对冲基金却在亏损。管理人员现在说话时好像在管理寡妇的基金：他们强调保留资本而不是表现出色。大多数基金将其管理的资产中的三分之一以上存放在现金工具中，并且减少了水平（即借来进行投机的金额）。基金现在承认，股市下跌正在证明出乎意料的痛苦。

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