投資管理
2023復習正是強化復習階段，在考研英語中占了40分，所以考研英語閱讀是英語科目中重要的一項。名師老師曾建議過考研生需要堅持每天泛讀10-15分鐘的英文原刊。強烈推薦了雜志《經濟學人》.雜志中的文章也是考研英語的主要材料來源.希望考研考生認真閱讀，快速提高考研英語閱讀水平。 Investment management 投資管理 The rise of BlackRock 貝萊德來了 In 25 years, BlackRock has become the world sbiggest investor. Is its dominance a problem? 貝萊德二十五年間成為世界上最大資產管理公司，一家獨大會出問題嗎? ASK conspiracy theorists who they think really runs the world, and they will probably pointto global banks, such as Citigroup, Bank of America and JPMorgan Chase. 問問陰謀論者到底是誰主宰著世界，他們很可能會將矛頭指向跨國銀行，比如花旗銀行、美國銀行、摩根大通， Oil giants such as Exxon Mobil and Shell may also earn a mention. 石油巨頭埃克森美孚、殼牌可能也會躺槍。 Or perhaps they would focus on the consumer-goods firms that hold billions in their thrall:Apple, McDonald s or Nestl. 或許，還會有人揪著幾家資產億萬的消費品公司不放：蘋果、麥當勞、雀氏，諸如此類。 One firm unlikely to feature on their list is BlackRock, an investment manager whose namerings few bells outside financial circles. 有一家公司不大可能會入其法眼，那就是貝萊德集團，這家投資管理公司出了金融界可謂是知之者甚少。 Yet it is the single biggest shareholder in all the companies listed above. 然而，貝萊德卻是上述所有上市公司中最大的一家。 It owns a stake in almost every listed company not just in Americabut globally. 貝萊德持有幾乎所有上市公司的股票，不僅僅持有美國公司的股票，而是世界各國上市公司的股票。 Its reach extends further: to corporate bonds, sovereign debt, commodities, hedge fundsand beyond. 貝萊德涉獵領域遠不止這些：企業債券、債權債務、商品期貨、對沖基金等其他投資項目都可以看到他的身影。 It is easily the biggest investor in the world, with $4.1 trillion of directly controlled assetsand another $11 trillion it oversees through its trading platform, Aladdin. 貝萊德直接管理的資產總值為4.1萬億美元，還通過Aladdin交易網絡監管著11萬億美元的投資，這就使得貝萊德毫不費力便可登上全球最大投資公司的寶座。 Established in 1988 by a group of Wall Streeters led by Larry Fink, BlackRock succeeded inpart by offering passive investment products, such as exchange-traded funds, which aimto track indices such as the S P 500. 1988年，拉里芬克帶著一幫華爾街精英成立了貝萊德集團，公司的成功在一定程度上要歸功于推出諸如交易所交易基金的被動投資產品，該產品以同標普500這樣的基礎指數保持聯動關系為目的。 These are cheap alternatives to traditional mutual funds, which often do more to enrichmoney managers than clients. 同傳統的共同基金相比，該基金成本更低，通常投資公司會比客戶收益更高。 The sector continues to grow fast, and BlackRock, partly through its iShares brand, is thelargest competitor in an industry where scale brings benefits. 并且，交易所交易基金的業務增長迅速，在一個規模化才能產生效益的行業中，貝萊德成為了佼佼者。 Its clients, ranging from Arab sovereign-wealth funds to mom-and-pop investors, savebillions in fees as a result. 貝萊德的客戶，從阿拉伯的主權財富基金持有者到小投資者卻因此省下了數以億計的費用。 The other reason for its success is its management of risk in its actively managed portfolio. 貝萊德成功的另一原因在于對投資組合的風險的積極管理。 Early on, for instance, it was a leader in mortgage-backed securities. 比如，公司在其曾是按揭證券行業的領跑者， But because it analysed their riskiness zipcode by zipcode, it not only avoided a bail-out inthe chaos that followed the collapse of Lehman, but also advised the American governmentand others on how to keep the financial system ticking in the darkest days of 2008, 通過一步步分析發現風險，不僅規避了雷曼兄弟破產后混亂的救市局面，還在2008年金融市場最黑暗的時候諫言美國政府及其他投資者，如何讓市場繼續運轉下去。 and picked up profitable money-management units from struggling financial institutions inthe aftermath of the crisis. 與此同時，在危機對金融機構帶來的沖擊余波未息之際，貝萊德自謀出路，甄選可盈利的資金管理項目。 Other people s money 借雞生蛋 Compared with the many banks which are flourishing only thanks to state largesse,BlackRock s successbased on providing value to customers and paying attention to detailiswell-deserved. 同許多依靠政府援手才能風光無限的銀行相比，貝萊德的成功基于讓客戶實現盈利及注重細節實至名歸。 Yet when taxpayers have spent billions rescuing financial institutions deemed too big to fail, a25-year-old company that has grown so vast so quickly sets nerves jangling. 然而，當納稅人投入數以億計的資金拯救一家被視作太大而不可能破產的金融機構時，這家成立僅25年卻以驚人的速度發展壯大的公司不免會讓人捏一把汗。 American regulators are therefore thinking about designating BlackRock and some of its rivalsas systemically important. The tag might land them with hefty regulatory requirements. 因此，美國監管機構正考慮將貝萊德及其競爭對手定義為極為重要，或許這一標簽會讓監管部門背上強權機構的惡名。 If the regulators concern is to avoid a repeat of the last crisis, they are barking up the wrongtree. 如果監管部門想避免上次金融危機重演，那么他們就找錯對象了。 Unlike banks, whose loans and deposits go on their balance-sheets as assets and liabilities,BlackRock is a mere manager of other people s money. 同借、貸款都會以資產與負債形式計入資產負債表的銀行不同，貝萊德更多只是客戶資產管理者的身份。 It has control over investments it holds on behalf of otherswhich gives it greatinfluencebut it neither keeps the profits nor suffers the losses on them. 他只是代表客戶管理投資這也讓其影響力巨大卻不以投資的盈虧而賺錢或賠本。 Whereas banks tumble if their assets lose even a fraction of their value, BlackRock can passon any shortfalls to its clients, and withstand far greater shocks. 銀行只要出現一丁點虧損，便會牽一發而動全身;而無論客戶出現任何損失，貝萊德都可以相安無事，即便再大的沖擊都是如此。 In fact, by being on hand to pick up assets cheaply from distressed sellers, an unleveragedasset manager arguably stabilises markets rather than disrupting them. 事實上，通過低價收購虧損方出售的資產，毫無疑問一家獨大的投資管理公司能夠為市場帶來穩定，而非混亂。 But for regulators that want not merely to prevent a repeat of the last blow-up but also toidentify the sources of future systemic perils, BlackRock raises another, subtler issue,concerning not the ownership of assets but the way buying and selling decisions are made. 要不是監管機構不僅希望避免上次金融危機重演，還想確認未來體系風險的來源，貝萊德還會引發另一微妙的問題，不是資產的所有權，而是買入或賣出的決策方式。 The $15 trillion of assets managed on its Aladdin platform amount to around 7% of all theshares, bonds and loans in the world. Aladdin交易平臺上監管的股票、債券、貸款占世界交易的7%左右，涉及資金總額為15萬億美元。 As a result, those who oversee many of the world s biggest pools of money are looking atthe financial world, at least in part, through a lens crafted by BlackRock. 正是如此，那些監管世界上最大金庫的人在一定程度上是通過貝萊德精心打磨的鏡頭審視金融界; Some 17,000 traders in banks, insurance companies, sovereign-wealth funds and othersrely in part on BlackRock s analytical models to guide their investing. 近1.7萬來自銀行、保險公司、主權財產基金或其他機構的交易員都會關注貝萊德提供的分析模型，進而指導自己的投資。 Aladdin s genius Aladdin的高明之處 That is a tribute to BlackRock s elaborate risk-management models, but it is alsodiscomfiting. 上述成就皆源于貝萊德精心設計風險管理模式的饋贈，但問題也隨之而來。 A principle of healthy markets is that a cacophony of diverse actors come to differentconclusions on the price of things, based on their own idiosyncratic analyses. 健康市場的一大原則便是不同的參與者會就價格得出不同的結論，任何資產的價值都是不同意見相互妥協而得出最終價格。 The value of any asset is discovered by melding all these different opinions into a single price. 不論是從政治角度、還是自然角度、亦或是市場角度來講，一個有單一思維主宰的生態系統是不健康的。 An ecosystem which is dominated by a single line of thinking is not healthy, in politics, innature or in markets. Such groupthink in finance is a recipe for booms. 在金融領域，集思廣益是市場繁榮、或是蕭條的秘訣。 Though Aladdin advises clients on investment decisions rather than making them, itinevitably frames how they think of market risk. Aladdin交易網絡向客戶提供投資決策的建議，而非強迫客戶投資，這必然會讓客戶對市場風險的分析陷入思維定勢。 The last crisis had many causes. 導致2008年金融危機的原因有很多， One of them, which perhaps lay behind all the others, was that investors stopped thinkingcritically about what they were buying. 其根本原因或許是投資者缺乏批判思維，只知道一味的投資卻不思考。 Too many decided to trust credit-rating agencies, which assured them, for example, thatpackages of American subprime mortgages were extremely unlikely to default. 太多投資者選擇了相信信用評級機構，比如，這些機構向他們保證美國次級房貸是最不可能違約的貸款項目。 BlackRock s models are no doubt better than the clunkers put out by Moody s or Standard Poor s up to 2008: 毫無疑問，貝萊德模式要比穆迪、標普在2008年前發布的信用評級信息準確的多： the firm s relative recent success has proved that. 近期貝萊德的成功便是證明。 But too many investors relying on a single model spreads an unhealthy orthodoxy and islikely to make the markets more volatile than they otherwise would be. 但是，過多投資者依賴單一模式會造成一個惡性的正統體系，而這很可能會讓市場比起多種模式時更加脆弱。 That is probably not a serious systemic risk, for it will be self-limiting: the more moneyfollows BlackRock, the more money there is to be made betting against it. 或許，這并不是什么嚴重的系統風險，因為市場會發揮其自身調節作用：貝萊德監管的資金越多，便會有更多資金。 The real danger is for investors. 真正危險的是投資者， The more they rely on BlackRock s analysis, the smaller the upside when it gets things rightand the greater the downside when it gets things wrongas, one day, it eventually will. 他們越是依賴貝萊德的風險分析，當分析結果正確的時候，股價上揚時利潤越小，而當分析錯誤的時候，股價下跌時賠的越多。終有一天，上述情景便會成為現實。 Until then BlackRock s single-minded focus on mastering risk is to be commended. 到那時，貝萊德一心致力于風險控制的做法將會受到表彰。 If its peers in the financial world had taken the same approach in the run-up to 2008, muchof the chaos of the past five years would have been averted. 如果金融界的同仁在08年金融危機初始階段采取了同樣的措施，過去五年的混亂局面本可規避。 詞語解釋 1.such as 例如;譬如;諸如 Big u.s. firms such as kfc owner yum! 美國的大公司如kfc的擁有者yum! What about future steps such as euro bonds? 諸如歐元聯盟之類的未來計劃怎樣? 2.in part 在某種程度上，部分地;一半 Markets are nervous in part because of national politics. 國內政治是一部分市場緊張的原因。 In part this was the result of happenstance. 這在某種程度上是偶然事件造成的。 3.for instance 例如，比如 For instance, they tend to have high unemployment rates. 比如說，這個群體的失業率往往較高。 For instance, which assets should the fed buy? 例如，美聯儲應購買哪類資產? 4.base on 建立在基礎上 Lance cpl. baker at shir ghazay patrol base on jan. 30. 蘭斯科普爾貝克在西爾嘎澤巡邏基地。 Ms. na said a military base on the island was on fire. na女士說，島上的一處軍事基地著火。
2023復習正是強化復習階段，在考研英語中占了40分，所以考研英語閱讀是英語科目中重要的一項。名師老師曾建議過考研生需要堅持每天泛讀10-15分鐘的英文原刊。強烈推薦了雜志《經濟學人》.雜志中的文章也是考研英語的主要材料來源.希望考研考生認真閱讀，快速提高考研英語閱讀水平。 Investment management 投資管理 The rise of BlackRock 貝萊德來了 In 25 years, BlackRock has become the world sbiggest investor. Is its dominance a problem? 貝萊德二十五年間成為世界上最大資產管理公司，一家獨大會出問題嗎? ASK conspiracy theorists who they think really runs the world, and they will probably pointto global banks, such as Citigroup, Bank of America and JPMorgan Chase. 問問陰謀論者到底是誰主宰著世界，他們很可能會將矛頭指向跨國銀行，比如花旗銀行、美國銀行、摩根大通， Oil giants such as Exxon Mobil and Shell may also earn a mention. 石油巨頭埃克森美孚、殼牌可能也會躺槍。 Or perhaps they would focus on the consumer-goods firms that hold billions in their thrall:Apple, McDonald s or Nestl. 或許，還會有人揪著幾家資產億萬的消費品公司不放：蘋果、麥當勞、雀氏，諸如此類。 One firm unlikely to feature on their list is BlackRock, an investment manager whose namerings few bells outside financial circles. 有一家公司不大可能會入其法眼，那就是貝萊德集團，這家投資管理公司出了金融界可謂是知之者甚少。 Yet it is the single biggest shareholder in all the companies listed above. 然而，貝萊德卻是上述所有上市公司中最大的一家。 It owns a stake in almost every listed company not just in Americabut globally. 貝萊德持有幾乎所有上市公司的股票，不僅僅持有美國公司的股票，而是世界各國上市公司的股票。 Its reach extends further: to corporate bonds, sovereign debt, commodities, hedge fundsand beyond. 貝萊德涉獵領域遠不止這些：企業債券、債權債務、商品期貨、對沖基金等其他投資項目都可以看到他的身影。 It is easily the biggest investor in the world, with $4.1 trillion of directly controlled assetsand another $11 trillion it oversees through its trading platform, Aladdin. 貝萊德直接管理的資產總值為4.1萬億美元，還通過Aladdin交易網絡監管著11萬億美元的投資，這就使得貝萊德毫不費力便可登上全球最大投資公司的寶座。 Established in 1988 by a group of Wall Streeters led by Larry Fink, BlackRock succeeded inpart by offering passive investment products, such as exchange-traded funds, which aimto track indices such as the S P 500. 1988年，拉里芬克帶著一幫華爾街精英成立了貝萊德集團，公司的成功在一定程度上要歸功于推出諸如交易所交易基金的被動投資產品，該產品以同標普500這樣的基礎指數保持聯動關系為目的。 These are cheap alternatives to traditional mutual funds, which often do more to enrichmoney managers than clients. 同傳統的共同基金相比，該基金成本更低，通常投資公司會比客戶收益更高。 The sector continues to grow fast, and BlackRock, partly through its iShares brand, is thelargest competitor in an industry where scale brings benefits. 并且，交易所交易基金的業務增長迅速，在一個規模化才能產生效益的行業中，貝萊德成為了佼佼者。 Its clients, ranging from Arab sovereign-wealth funds to mom-and-pop investors, savebillions in fees as a result. 貝萊德的客戶，從阿拉伯的主權財富基金持有者到小投資者卻因此省下了數以億計的費用。 The other reason for its success is its management of risk in its actively managed portfolio. 貝萊德成功的另一原因在于對投資組合的風險的積極管理。 Early on, for instance, it was a leader in mortgage-backed securities. 比如，公司在其曾是按揭證券行業的領跑者， But because it analysed their riskiness zipcode by zipcode, it not only avoided a bail-out inthe chaos that followed the collapse of Lehman, but also advised the American governmentand others on how to keep the financial system ticking in the darkest days of 2008, 通過一步步分析發現風險，不僅規避了雷曼兄弟破產后混亂的救市局面，還在2008年金融市場最黑暗的時候諫言美國政府及其他投資者，如何讓市場繼續運轉下去。 and picked up profitable money-management units from struggling financial institutions inthe aftermath of the crisis. 與此同時，在危機對金融機構帶來的沖擊余波未息之際，貝萊德自謀出路，甄選可盈利的資金管理項目。 Other people s money 借雞生蛋 Compared with the many banks which are flourishing only thanks to state largesse,BlackRock s successbased on providing value to customers and paying attention to detailiswell-deserved. 同許多依靠政府援手才能風光無限的銀行相比，貝萊德的成功基于讓客戶實現盈利及注重細節實至名歸。 Yet when taxpayers have spent billions rescuing financial institutions deemed too big to fail, a25-year-old company that has grown so vast so quickly sets nerves jangling. 然而，當納稅人投入數以億計的資金拯救一家被視作太大而不可能破產的金融機構時，這家成立僅25年卻以驚人的速度發展壯大的公司不免會讓人捏一把汗。 American regulators are therefore thinking about designating BlackRock and some of its rivalsas systemically important. The tag might land them with hefty regulatory requirements. 因此，美國監管機構正考慮將貝萊德及其競爭對手定義為極為重要，或許這一標簽會讓監管部門背上強權機構的惡名。 If the regulators concern is to avoid a repeat of the last crisis, they are barking up the wrongtree. 如果監管部門想避免上次金融危機重演，那么他們就找錯對象了。 Unlike banks, whose loans and deposits go on their balance-sheets as assets and liabilities,BlackRock is a mere manager of other people s money. 同借、貸款都會以資產與負債形式計入資產負債表的銀行不同，貝萊德更多只是客戶資產管理者的身份。 It has control over investments it holds on behalf of otherswhich gives it greatinfluencebut it neither keeps the profits nor suffers the losses on them. 他只是代表客戶管理投資這也讓其影響力巨大卻不以投資的盈虧而賺錢或賠本。 Whereas banks tumble if their assets lose even a fraction of their value, BlackRock can passon any shortfalls to its clients, and withstand far greater shocks. 銀行只要出現一丁點虧損，便會牽一發而動全身;而無論客戶出現任何損失，貝萊德都可以相安無事，即便再大的沖擊都是如此。 In fact, by being on hand to pick up assets cheaply from distressed sellers, an unleveragedasset manager arguably stabilises markets rather than disrupting them. 事實上，通過低價收購虧損方出售的資產，毫無疑問一家獨大的投資管理公司能夠為市場帶來穩定，而非混亂。 But for regulators that want not merely to prevent a repeat of the last blow-up but also toidentify the sources of future systemic perils, BlackRock raises another, subtler issue,concerning not the ownership of assets but the way buying and selling decisions are made. 要不是監管機構不僅希望避免上次金融危機重演，還想確認未來體系風險的來源，貝萊德還會引發另一微妙的問題，不是資產的所有權，而是買入或賣出的決策方式。 The $15 trillion of assets managed on its Aladdin platform amount to around 7% of all theshares, bonds and loans in the world. Aladdin交易平臺上監管的股票、債券、貸款占世界交易的7%左右，涉及資金總額為15萬億美元。 As a result, those who oversee many of the world s biggest pools of money are looking atthe financial world, at least in part, through a lens crafted by BlackRock. 正是如此，那些監管世界上最大金庫的人在一定程度上是通過貝萊德精心打磨的鏡頭審視金融界; Some 17,000 traders in banks, insurance companies, sovereign-wealth funds and othersrely in part on BlackRock s analytical models to guide their investing. 近1.7萬來自銀行、保險公司、主權財產基金或其他機構的交易員都會關注貝萊德提供的分析模型，進而指導自己的投資。 Aladdin s genius Aladdin的高明之處 That is a tribute to BlackRock s elaborate risk-management models, but it is alsodiscomfiting. 上述成就皆源于貝萊德精心設計風險管理模式的饋贈，但問題也隨之而來。 A principle of healthy markets is that a cacophony of diverse actors come to differentconclusions on the price of things, based on their own idiosyncratic analyses. 健康市場的一大原則便是不同的參與者會就價格得出不同的結論，任何資產的價值都是不同意見相互妥協而得出最終價格。 The value of any asset is discovered by melding all these different opinions into a single price. 不論是從政治角度、還是自然角度、亦或是市場角度來講，一個有單一思維主宰的生態系統是不健康的。 An ecosystem which is dominated by a single line of thinking is not healthy, in politics, innature or in markets. Such groupthink in finance is a recipe for booms. 在金融領域，集思廣益是市場繁榮、或是蕭條的秘訣。 Though Aladdin advises clients on investment decisions rather than making them, itinevitably frames how they think of market risk. Aladdin交易網絡向客戶提供投資決策的建議，而非強迫客戶投資，這必然會讓客戶對市場風險的分析陷入思維定勢。 The last crisis had many causes. 導致2008年金融危機的原因有很多， One of them, which perhaps lay behind all the others, was that investors stopped thinkingcritically about what they were buying. 其根本原因或許是投資者缺乏批判思維，只知道一味的投資卻不思考。 Too many decided to trust credit-rating agencies, which assured them, for example, thatpackages of American subprime mortgages were extremely unlikely to default. 太多投資者選擇了相信信用評級機構，比如，這些機構向他們保證美國次級房貸是最不可能違約的貸款項目。 BlackRock s models are no doubt better than the clunkers put out by Moody s or Standard Poor s up to 2008: 毫無疑問，貝萊德模式要比穆迪、標普在2008年前發布的信用評級信息準確的多： the firm s relative recent success has proved that. 近期貝萊德的成功便是證明。 But too many investors relying on a single model spreads an unhealthy orthodoxy and islikely to make the markets more volatile than they otherwise would be. 但是，過多投資者依賴單一模式會造成一個惡性的正統體系，而這很可能會讓市場比起多種模式時更加脆弱。 That is probably not a serious systemic risk, for it will be self-limiting: the more moneyfollows BlackRock, the more money there is to be made betting against it. 或許，這并不是什么嚴重的系統風險，因為市場會發揮其自身調節作用：貝萊德監管的資金越多，便會有更多資金。 The real danger is for investors. 真正危險的是投資者， The more they rely on BlackRock s analysis, the smaller the upside when it gets things rightand the greater the downside when it gets things wrongas, one day, it eventually will. 他們越是依賴貝萊德的風險分析，當分析結果正確的時候，股價上揚時利潤越小，而當分析錯誤的時候，股價下跌時賠的越多。終有一天，上述情景便會成為現實。 Until then BlackRock s single-minded focus on mastering risk is to be commended. 到那時，貝萊德一心致力于風險控制的做法將會受到表彰。 If its peers in the financial world had taken the same approach in the run-up to 2008, muchof the chaos of the past five years would have been averted. 如果金融界的同仁在08年金融危機初始階段采取了同樣的措施，過去五年的混亂局面本可規避。 詞語解釋 1.such as 例如;譬如;諸如 Big u.s. firms such as kfc owner yum! 美國的大公司如kfc的擁有者yum! What about future steps such as euro bonds? 諸如歐元聯盟之類的未來計劃怎樣? 2.in part 在某種程度上，部分地;一半 Markets are nervous in part because of national politics. 國內政治是一部分市場緊張的原因。 In part this was the result of happenstance. 這在某種程度上是偶然事件造成的。 3.for instance 例如，比如 For instance, they tend to have high unemployment rates. 比如說，這個群體的失業率往往較高。 For instance, which assets should the fed buy? 例如，美聯儲應購買哪類資產? 4.base on 建立在基礎上 Lance cpl. baker at shir ghazay patrol base on jan. 30. 蘭斯科普爾貝克在西爾嘎澤巡邏基地。 Ms. na said a military base on the island was on fire. na女士說，島上的一處軍事基地著火。
