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Mug's game

机译：杯子的游戏

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Equity markets in America and Europe have recently been showing tentative signs of a recovery from their late July lows. Yet investors-in both actively managed funds and in funds that mirror a particular stockmarket index-are smarting still. The average active fund in America has lost over 22% (fund-management fees included) since the end of December 1999, according to Lipper, a company that measures fund performance. In Britain actively managed equity funds have lost 31%. Passive funds, however, have fared even worse, on average. Pure index funds have lost over 27% in America since December 1999, and 32% in Britain. The choice between active and passive funds is like steering between Scylla and Charybdis, the more so since disillusionment with equities in general set in. Anger is growing―if the newspapers' financial pages are anything to go by―with those who manage mortals' money. Particular scorn has been poured on those poorly performing active managers who claimed that it was precisely during tough times that they would come into their own against indexed funds. In Britain two- thirds of active fund managers underper-formed the index last year, even before the fees that they charged are subtracted. These people are handsomely rewarded for losing money. Each year they pocket 1-2% of the assets they manage, on top of initial charges of as much as 5%. Indexers, by contrast, charge only 0.5% a year, with no upfront fees.
机译：美国和欧洲的股票市场最近显示出从7月下旬低点回升的初步迹象。然而，无论是积极管理的基金，还是反映特定股市指数的基金的投资者，都仍然很聪明。据衡量基金业绩的公司理柏（Lipper）的数据，自1999年12月底以来，美国平均活跃基金损失了22％以上（包括基金管理费）。在英国，积极管理的股票基金损失了31％。平均而言，被动资金的表现甚至更差。自1999年12月以来，纯指数基金在美国损失了27％以上，在英国损失了32％。主动和被动基金之间的选择就像在Scylla和Charybdis之间进行操纵一样，自从人们对股票普遍的幻灭开始，这种情况就更是如此。如果报纸的财务状况不容乐观，那么与管理凡人钱的人相比，愤怒就在增长。那些表现不佳的积极管理者特别鄙视他们，他们声称正是在困难时期，他们才会使用指数基金。在英国，即使在扣除他们收取的费用之前，去年三分之二的主动型基金经理的表现仍不佳。这些人因赔钱而得到丰厚的回报。每年，除了高达5％的初始费用外，他们还将所管理资产的1-2％收入囊中。相比之下，索引器每年只收取0.5％的费用，没有前期费用。

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