MOTGAR :: Volume #18

#1767: The secret of hedge fund


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Comes out after Warner Bros. Movie Studio, Han Xuan reaches 22 in the entrance and population, almost covers Warner Bros. Los Angeles Burbank Branch all high-level staff to chat, the specific content manufactures the aspect about the recent movie and soap opera, praised the history of this established movie studio. 从华纳兄弟制片厂出来之后,韩宣就在门口和人数多达二十二位,几乎涵盖华纳兄弟洛杉矶伯班克分部所有高层的员工们聊了聊,具体内容是关于最近的电影、电视剧制作方面,也夸赞了这家老牌制片厂的历史。 The talk time, Ms. Victoria receives hint of assistant Joy, making these with patting the photographers switches off the machine temporarily, although Han Xuan is chatting some immaterial issues with these executives of Warner Bros. Entertainment Company, their arrivals mean a lot, believes that President Kyes will receive the news quickly, how for the time being does not raise that side the time group, at least Warner Bros. to reverse to Han Xuan. 谈话时候,维多利亚女士接到乔伊助理的示意,让那些跟拍摄影师们暂时关掉机器,虽说韩宣在跟那些华纳兄弟娱乐公司的高管们聊着些无关紧要的问题,不过他们的到来意味着很多事情,相信老凯斯主席很快就会接到消息,暂且不提时代集团那边如何,至少华纳兄弟这边已经倒向了韩宣 The company market value drops sharply, many shareholders lose seriously, they have abandoned cannot for Kyes who oneself bring enough benefit, hands over offers the olive branch to Han Xuan, after these executives definitely are has asked for instructions the back person, makes to look for the decision of Han Xuan, the situation is very obvious. 公司市值大跌,许多股东损失惨重,他们已经抛弃不能为自己带来足够利益的老凯斯,转手向韩宣伸出橄榄枝,这些公司高层们肯定是请示过背后的人之后,才作出过来找韩宣的决定,形势已经很明显了。 This time is vigorous and resolute to beginning of Time Warner Group, at present has displayed the victory and defeat, lost the support of Democratic Party this biggest foreign aid, headed by President Kyes the opposition cannot fight Han Xuan. 这次对时代华纳集团的动手雷厉风行,目前已经表现出胜负,失去了民主党这个最大的外援的支持,以老凯斯主席为首的反对派成员斗不过韩宣 After short chatting, then Han Xuan visited abc television station Burbank Headquarters, immediately goes to the Los Angeles Luodiou main road shopping, according to the meaning of Director Victoria, is almost anything expensive/noble buys anything, but also went to the xo bar to look, the nightlife time has not arrived, inside almost did not have the guest. 经过短暂的闲聊之后,接下来韩宣又去参观了abc电视台伯班克总部,随即去洛杉矶罗迪欧大道购物,按照维多利亚总导演的意思,几乎是什么贵买什么,还去xo酒吧看了看,夜生活时间还没到,里面几乎没客人。 Today's photography ended temporarily, stands outside Hermes Store at this moment, photographed the staff busy in packing of group, Han Xuan today's duty finished, they had not finished, needs to hurry back to Stack Building to work overtime again, today's photography content will reorganize. 今天的拍摄暂时结束,此时此刻站在爱马仕商店外面,拍摄组的工作人员们忙着收拾东西,韩宣今天的任务结束了,他们还没结束,需要再赶回斯塔克大厦加班,将今天的拍摄内容整理出来。 He said to Victoria Ms. and the others with a smile: „ Rides my helicopter to go back, just helps the belt/bring strip news give my grandfather. 他笑着对维多利亚女士等人说:“坐我的直升机回去吧,刚好帮忙带条消息给我外公。 Let him tell in that Kodiak Island brown bear and minibus, tonight rests in the attic apartment, I will look for them tomorrow again, remembers that increases some food, without eating will definitely revolt. ” 让他去告诉那头科迪亚克岛棕熊和小巴里,今晚就在顶楼公寓里睡,我明天再去找它们,记得添加一些食物,如果没有吃的肯定会造反。” Good, I go back to need to see one side the boss, just told him these things, other issue? Tomorrow morning will come to Han Manor in Beverly mountain village to look for you again?” Ms. Victoria inquired. “好的,我回去需要见老板一面,刚好将这些事情告诉他,还有别的问题吗?明天早上再来比佛利山庄的韩氏庄园找你?”维多利亚女士询问说。 Han Xuan nods with a smile, „ before coming, telephones on the line, probably eight o'clock about, nine points, I had also awaked at that time, will go back me to think to photograph anything. 韩宣笑着点头,“来之前打个电话就行,大概八点钟左右,九点也可以,那时候我已经睡醒了,回去我会想想拍摄什么。 Right, these contents that we photograph today, you think that can the editing have several volumes? ” 对了,我们今天拍摄的那些内容,你认为可以剪辑出几集?” After the short consideration, Ms. Victoria continues to open the mouth to reply him: „ Four volumes, each volume of 50 minutes, I feel supposed, you also need to find the time to record some later period, is in certain things to the program, publishes own idea, that a person said. 经过短暂考虑,维多利亚女士继续开口回答他:“四集吧,每集五十分钟,我觉得应该可以,你还需要抽时间录制一些后期,就是对节目中某些事情,发表自己的想法,一个人说的那种。 If you thought that the photography time is too long, can definitely cut four -and-a-half volumes, like this can pat quickly, is not troublesome. ” 如果你觉得拍摄时间太长,完全可以剪出四集半,这样很快就可以拍完,并不算麻烦。” The emperor gate movie industry group, is the abc television station, is the industry of Han, can say that these people all are Han Xuan work, if changes into others, even if the A-lister, Ms. Victoria so will not be amenable, will only propose that own suggestion, other listen to Han Xuan. 无论是帝门影业集团,还是abc电视台,都是韩家的产业,可以说这些人全在为韩宣打工,如果换成别人,哪怕是一线明星,维多利亚女士都不会这么顺从,只会提出自己的建议,其他都听韩宣的。 Han Xuan is thinking a day of photography cuts four volumes, even can also be more, this deceives the audience in the irrigation completely, previous time is not so exaggerating, does not know whether to laugh or cry saying: Cuts four volumes, will then see tomorrow?” 韩宣想着一天的拍摄剪出四集,甚至还能更多,这完全是在注水糊弄观众们,上次可没这么夸张,哭笑不得说道:“就剪出四集吧,那么明天见?” Tomorrow sees, bye-bye ~ “明天见,拜拜~” Other dramatic team people also said goodbye to him, the surroundings have encircled completely the pedestrian, this time photograph cell phone has not popularized, but also many people used the blueberry cell phone photograph to accept as a memento, the short distance saw that Han Xuan and Anya opportunity were not many. 剧组其他人也向他告别,周围早就围满了行人,这个时代拍照手机还没普及,但也有不少人使用蓝莓手机拍照留念,近距离见到韩宣安雅的机会可不多。 In the crowd has a fat woman, the complexion is yelling crazily loudly the Fatty name, she is the Fatty super fan, a while ago in the magazine commented, Fatty micro blog public number fans Tom Hanks are many, it is extremely truly famous, particularly in the middle of the younger generation. 人群里有位胖女人,面色疯狂地大声叫喊着胖丁的名字,她是胖丁的超级粉丝,前段时间还有杂志上评论说,胖丁的微博公众号粉丝比汤姆-汉克斯都多,它确实极其出名,尤其是在年轻一代当中。 Many child 4 or 5-year-old times knew that this fat cat, among them some people have gone to the junior middle school now, but Fatty still the same as usual, in the network had the rumor saying that Fatty is very old, living was about several years. 许多孩子四五岁时候就认识这只肥猫,现在他们当中有些人已经上初中,而胖丁依然还是老样子,网络上有传言说胖丁已经很老,活不过几年时间。 Does not plan to clarify about these rumor Han Xuan, is very difficult to describe clearly, in fact inspected the time veterinarian saying that its organ was very young, but needs to exercise to lose weight, and reduced regarding intaking of calorie-rich food. 关于这些谣言韩宣不打算澄清,也很难描述清楚,实际上检查时候兽医说它的器官还很年轻,只是需要锻炼减肥,并且减少对于高热量食物的摄入。 Truly is the time makes it take care, after all no longer young. 确实是时候让它注意身体,毕竟不再年轻。 Fatty does not know that has anything tragedy to wait for itself, at this time discovered that some people called themselves, then had a look at the middle-aged aunt of that black skin, began arrogantly supinely, shows a very cool expression...... 胖丁不知道有什么“悲剧”正等待着自己,这时候发现有人叫自己,回头看看那位黑皮肤的中年大婶,高傲地仰起头,露出个酷酷表情…… When Rolls-Royce team comes, after sitting boards, they go to the Beverly mountain village, Old Man Han that manor or same as usual, in the winter time, because the temperature is high, the tall palm the leaf is still verdant. 等劳斯莱斯车队开来,坐上车后他们前往比佛利山庄,韩老爷子的那栋庄园还是老样子,冬天时候因为气温高,高大的棕榈树依然树叶青翠。 After having been informed, Adolf steward stands in the entrance personally greets, his age is big, but the spirit and are still healthy, although blacks the hair, can see compared with the previous meeting time sparsely many. 得到通知后,老阿道夫管家亲自站在门口迎接,他的年纪已经不小,不过精神和身体依然不错,只是尽管将头发染黑,也能看出比上次见面时候稀疏了不少。 After opening the vehicle door, Fatty takes the lead to run, Han Xuan followed close on landing, the surface is smiling toward the Adolf steward is greeting: Hey, long time no see, good evening.” 打开车门后胖丁率先跑出来,韩宣紧跟着下车,面朝阿道夫管家微笑着打招呼说:“嘿,好久不见了,晚上好。” The Adolf steward bends the waist slightly, with a smile with having the English of England tune said: „ Good evening, Young Master Han. 阿道夫管家微微弯腰,也笑着用带有英伦腔调的英语说:“晚上好,韩少爷。 After I receive the news that you can come, has made one prepare the dinner, does not know that white Zhihui the veal does conform to your taste, I suggested to taste, newly will come one to be chef, can try its flavor. ” 我接到你会来的消息后,已经让人准备晚餐,不知道白汁烩小牛肉符不符合你口味,我建议可以尝尝,新来了一位会做哈啰哈啰的厨师,也可以试一试它的味道。” Han Xuan does not dare to say oneself have eaten all good food, but he has eaten truly many, toward tasting in the direction of the world gourmet diligently, ha does not contain obviously, the curious inquiry said wear a look of: „The French cuisine is good, tired a day I was starving, ha? The good strange name, what food is that?” 韩宣不敢说自己吃过所有美食,但他吃过的确实不少,正在往尝遍全世界美食的方向上努力,哈啰哈啰显然不包含在内,面带好奇询问说:“法国菜不错,累了一天我快饿死了,哈啰哈啰?好古怪的名字,那是什么食物?” Is one characteristics ice cream. “是一种特色冰激凌。 The place of origin is the Philippines, it is said is classical. ” 发源地是菲律宾,据说非常经典。” The Adolf steward said: „ This type of ice cream seems like a colorful ice cream sundae, inside includes the sweet beans preserved in soy, the coconut meat, sweet potato, pudding, durian, Japanese banana, ice, milk and ice cream. 阿道夫管家解释说:“这种冰激凌看起来像一种颜色鲜艳的冰激凌圣代,里面含有甜酱豆、椰肉、甘薯、布丁、榴莲、芭蕉、冰、牛奶和冰激凌。 The chef according to that Southeast Asia, in the restaurants and some ice cream shops in or the tea with milk shops Philippines, has the sell. ” 据那位东南亚的厨师所说,在菲律宾的餐厅和一些冰激凌店或者奶茶店,都有哈啰哈啰出售。” Was suddenly enlighted the nod, Han Xuan then said: That tries, moreover asks that chef also meets the good food of what Philippines, I felt that I can eat up many things tonight.” 恍然大悟点头,韩宣接着说:“那就试试,另外问问那位厨师还会什么菲律宾的美食,我感觉我今晚能够吃下许多东西。” Such as you hope.” The Adolf steward bends the waist again, said respectfully...... “如你所愿。”阿道夫管家再次弯腰,恭敬说道…… ************** ************** Ate satisfactory, although various types of unusual food do not gather Han Xuan and Anya taste, but where has not missed to goes, can only blame in the local diet difference. 美美地饱餐了一顿,各种奇特的菜肴虽然不合韩宣安雅的口味,但也没差到哪去,只能怪罪于地区饮食差异。 After the meal, strolls in the garden, then the big private garden walks, can play the exercise role, in this period Han Xuan was the teacher, the professor gives the knowledge in some Anya commercial, for example hedge fund operation, charitable foundation operation, stock private placement wait/etc. 餐后在花园里漫步,那么大的私人花园走一走,也能起到锻炼作用,期间韩宣当老师,教授给安雅一些商业方面的知识,比如对冲基金运作、慈善基金运作、期货私募等等。 Sketchy explanation Anya had understood, he is telling her some deeper thing, for example charitable foundation tax-avoidance rule and other contents, will not write in the books frankly and uprightly, related to the behind-the-scenes plotting of global tens of thousands of every large or small innumerable organization, who writes who has bad luck, even present Han Xuan is hard to resist with them. 粗略的解释安雅已经懂得,他在告诉她一些更深的东西,例如慈善基金避税规则等内容,可不会光明正大写在书本里,涉及到全球数以万计大大小小无数组织的黑幕,谁写谁倒霉,连如今的韩宣都难以跟他们对抗。 This is the topic that Anya brought up, she is still studying these things, although did not need to be skilled, browsed probably is very necessary. 这是安雅提起的话题,她还在学习这些东西,虽说不用精通,大概涉猎还是挺有必要的。 The person in upper-level circle is discussing this class thing generally, is closely linked with their life, if knows nothing is very difficult to integrate in the middle of the circle, since chooses to become the Han Xuan girlfriend, even if not like still being probable to study one study. 上层圈子里的人一般都在谈论此类的东西,和他们的生活息息相关,如果一窍不通很难融入圈子当中,既然选择成为韩宣女朋友,即使再不喜欢也要学一学。 Fatty makes a bodyguard bring, went to the Malone Brando old boss to drop around, it mainly for had a look at that „the kitty small tiger Paras cat, both were the fat people, therefore very had the common language, Fatty rich facial expression that liked its often revealing. 胖丁让一位保镖带着,去马龙-白兰度老头家串门了,它主要是为了去看看那头“猫咪界的小老虎”帕拉斯猫,两个都是胖子,因此挺有共同语言,胖丁喜欢它那经常表露出来的丰富面部表情。 Anya inquired at this moment Han Xuan said: I hear the hedge fund frequently, it mainly to a way gain? Compared with the traditional foundation, does it have is higher, a stabler return?” 安雅此刻询问韩宣说:“我经常听说对冲基金,它主要是以怎样一种方式盈利呢?和传统基金相比,它是不是有着更高、更稳定的回报?” Frequently hears hedge fund word, but many people did not know about it, this was a form of investment fund, the meaning is risk to breaking through fund. 经常听说对冲基金这个词,但许多人对它并不了解,这是一种投资基金的形式,意为“风险对冲过的基金”。 The hedge fund uses various transaction methods to conduct the hedge, changing positions, arbitrage and wrap/sets period to make the huge profit, these concepts have surpassed traditionally prevents risk and safeguard income operation category, is another form of traditional foundation, similarly or the company obtains the investment from individual, then to investing the asset manages. 对冲基金采用各种交易手段进行对冲、换位、套头、套期来赚取巨额利润,这些概念已经超出了传统的防止风险、保障收益操作范畴,属于传统基金的另外一种形式,同样是从个人或者公司取得投资,进而对投资进来的资产进行管理。 Han Xuan replied with a smile she said: „ Very interesting issue. 韩宣笑着回答她说:“很有趣的问题。 The hedge fund means possibly makes more profits at the same time, is taking the risk of far ultra general fund. 对冲基金意味着可能赚取更多利润的同时,也承担着远超普通基金的风险。 But in fact, almost does not have any customer can get rich through the investment hedge fund, for example like Mr. Warren Buffett his many initial customers, turns into the millionaire, few investors make money through the hedge fund, can get rich also has, but that is only extremely few part. 而实际上,几乎没有什么顾客能够通过投资对冲基金发财,就比如像沃伦-巴菲特先生把他很多初始顾客,变成百万富翁那样,很少有投资者通过对冲基金赚钱,能够发财的也有,但那只是极少的一部分。 I thought that this is more like the managers of hedge fund, makes money the fraud of oneself setting up, vision that they invest not necessarily wise, the method of but for oneself making money truly makes me admire, Soros is one that I most admire. 我觉得这更像是对冲基金的经理们,为自己捞钱而设立的骗局,他们投资的眼光不见得有多高明,但为自己捞钱的手段确实让我佩服,索罗斯就是我最佩服的一位。 In the recent years many billionaires get rich by the management hedge fund, but from the longer-term perspective, their investors will not gain many, the profit even is lower than the traditional foundation, receives the hand to gain promptly, more people will definitely have bad luck finally. 最近几年来有许多亿万富翁就是靠管理对冲基金发财,但从长远角度来看,他们的投资者并不会赚到多少,利润甚至低于传统基金,只有及时收手才有可能赚到,更多人最后肯定会倒霉。 Last year the time, the average effective income of hedge fund customer was 26%, recently the stock market went down hill, many traditional foundation management agencies have bad luck, their incomes also slid, but earned absolutely many compared with the traditional foundation. 去年时候,对冲基金顾客的平均有效收益是百分之二十六,最近股市走下坡路,许多传统基金管理机构倒了大霉,他们的收益也下滑,但是绝对比传统基金赚得多。 I think that auspicious day of the hedge fund managers must come, this group of people are always propagandizing themselves are the most insightful managers, finally the big laid-up capital inflow hedge fund, the scale could certainly calculate by 1 trillion US dollars. 我认为对冲基金经理们的好日子就要来了,这群人总是在宣传自己是最有眼光的管理者,最后肯定有一大笔闲置资金流入对冲基金,规模可能要以万亿美元来计算。 Under my hand several hedge fund management agencies, now Paulson hedge fund is largest, is about managing 6 billion US dollars asset, this is two months ago he issues my digit, now should be more. 我手底下就有好几家对冲基金管理机构,现在保尔森对冲基金的规模最大,大约管理着六十亿美元资产,这是两个月前他发给我的数字,如今应该更多。 At present in the world all the funds of hedge fund agencies control, possibly also about 230 billion US dollars, the scale are also not too big. 目前世界上所有对冲基金机构控制的资金,可能也就在两千三百亿美元左右,规模还不是太大。 I and Isabeli do to study the time, had suspected the profit level of hedge fund, in me will look in the next 20 years next year the average rates of interest approximately will be only about 2.5%, that means that half of dull old mannish federal government short-term bond yield, the incomes of many traditional foundations will also be higher than the hedge fund. ” 我和伊莎贝莉做研究时候,猜想过未来20年内对冲基金的盈利水平,在我看来年平均利率大约只有百分之二点五左右,那意味着只有乏味老气的联邦政府短期债券收益率的一半,许多传统基金的收益也远比对冲基金高。” Anya heard to have a head wet from the fog, sees Han Xuan to stop, closely examines saying: „ Why? 安雅听得满头雾水,见韩宣停顿,追问说:“为什么呢? Why a little, I remember the hedge fund the average returns, should about 20%. ” 为什么只有这么一点,我记得对冲基金的平均收益,应该是在百分之二十左右。” Good, this is I makes you leave entirely believes the reason of books and media. “好吧,这就是我让你别完全相信书本和媒体的原因。 The outstanding hedge fund manager, truly to achieve this digit in the good year, even far exceeds 20% incomes, even over 100% still have the possibility. 优秀的对冲基金经理,在好年份确实可以达到这个数字,甚至远远超出百分之二十的收益,即使是百分之百以上也有可能。 But the hedge fund of investment failure are more, people like to believe that these have the hedge fund of superior performance, invariably causes some hedge fund to make money, the investors put there money, the asset scale even achieves the beforehand dozens times. 但投资失败的对冲基金更多,人们更愿意相信那些具有出色业绩的对冲基金,往往导致某个对冲基金赚到钱,投资者们就把钱都投入到那里,资产规模甚至达到之前的数十倍。 But they have not thought what is, the manager of hedge fund will not be wise forever, the economic crisis continuously appears, the market repeatedly is also changing. 可他们没想过的是,对冲基金的经理不会永远那么明智,经济危机不断出现,市场也在不断发生变化。 These hedge fund managers depend upon some time the performance to become famous, in the hand the fund turned many times all of a sudden, at this time possibly only lost 1%, original asset few times 10% profits that makes, compensated completely, as the matter stands causes the income to be lower than the traditional foundation. 那些对冲基金经理依靠某个时间段的业绩出名,手里资金一下子翻了许多倍,这时候可能只损失百分之一,就将原先资产少的时候赚到的百分之十利润,全部赔了进去,这样一来就导致收益低于传统基金。 Looks at these managers again, already before the economic crisis cycle bubble arrives, made the profit they to gather management fee of 1.5% from investor there fully generally to 4%, even if the investors lost money, these people will not have any risk. 再看那些经理们,早就在经济危机周期泡沫到来之前,从投资者那里赚足了利润他们一般收取百分之一点五到百分之四之间的管理费,即使投资者们亏损,这些人也不会有任何风险。 Total assets about 230 billion US dollars, but they can obtain 10%, calculate incessantly in the end, except receives the hand promptly, loads into these investors in pocket the profit, more people will lose money finally, this is one may be called perfect capital gambling play, the manager and hedge fund owners are the bankers who gain steadily does not compensate. ” 总资产在两千三百亿美元左右,而他们所能够获得的远不止百分之十,算到头来,除去及时收手,将利润装进口袋里的那些投资者,更多人最后会亏本,这是一场堪称完美的资本赌博游戏,经理和对冲基金所有者们才是稳赚不赔的庄家。” Introduced very in detail, Anya understood probably, wrinkled the eyebrow digestion to understand these contents, told: „ Good year to make money, therefore attracts more investors, but will not gain forever. 介绍得挺详细,安雅大概听懂了,皱着眉毛消化理解那些内容,告诉说:“好年份赚钱,因此吸引到更多投资者,但不会永远赚下去。 So long as asset many times lose money, will lose the original accumulation a major part, even complete profit? Also possibly does business at a loss? ” 资产过多时候只要亏损,就会损失掉原先积累的一大部分,甚至全部利润?也可能赔本?” Han Xuan continues to proceed, holds the hand of Anya to say with a smile: „ Is this truth, therefore I will say that finally does not have the investor to win, the small some people can win, however the person of loss are more. 韩宣继续往前走,牵起安雅的手笑道:“就是这个道理,所以我才会说最后没有投资者能赢,有一小部分人能赢,但是亏损的人更多。 Do not look that these years the hedge fund profit is very high, when more and more funds flood into, once suffers the giant economic crisis, these years the profit will be levelled a major part, but our these owners of hedge fund, can laugh last person truly...... ” 别看这些年来对冲基金盈利很高,等到越来越多资金涌入,一旦遭遇巨大的经济危机,这些年来的盈利都会被抹平一大部分,而我们这些对冲基金的所有者,才是能够真正笑到最后的人……”
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