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Star Struck

机译:星际大战

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摘要

As we west to press this month, investors were bracing for the latest policy signals from the Federal Reserve. The central bank was expected to call an end to the six-year experiment known as quantitative easing and shed a bit more light on when to expect the first increases in interest rates. The Fed has been fueling risk appetite with its monetary largesse ever since the dark days of 2008, and any move for the exits - however gradual -has potentially huge consequences for our risk-on, risk-off world. Investors are right to fixate on the Fed, but some of the biggest risks fund managers run have nothing to do with Janet Yellen. They exist in-house. The sudden departure of Bill Gross from Pacific Investment Management Co. in late September highlighted the risks that star managers pose for the firms that employ them. In good times -and with Gross those lasted for decades - these stars, with their track records and personal stories, act as powerful magnets for investors. But when things turn sour, as they almost inevitably do, there's nowhere to hide-for the manager or the firm.
机译:在本月我们向西方发布之时,投资者正在准备接受美联储的最新政策信号。预计央行将结束为期六年的量化宽松试验,并在何时开始首次加息方面提供更多启示。自从2008年阴暗的日子以来,美联储一直以其巨额资金来刺激风险偏好,而退出的任何举动(无论是渐进式的)都可能对我们处于冒险,处于冒险状态的世界产生巨大的后果。投资者固守美联储是正确的,但一些基金经理所面临的最大风险与珍妮特·耶伦(Janet Yellen)无关。它们存在于内部。 9月下旬,比尔·格罗斯(Bill Gross)突然离开太平洋投资管理公司(Pacific Investment Management Co.),这突显了明星管理者对雇用他们的公司构成的风险。在辉煌时期,以及与格罗斯(Gross)一起生活了数十年的这些明星,凭借其往绩和个人故事,成为吸引投资者的强大动力。但是,当事情变糟时,就像它们几乎不可避免地那样,对于经理或公司而言,无处藏身。

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