Presumably, most big banks have learned the painful lessons of 2008 and no longer take either a long or short derivatives position but hedge their exposure, making their net risk close to zero. 相信大多数美国大型银行已汲取了2008年的教训,不再持有多头或空头衍生品,只是对冲敞口,使净风险接近于零。
Over the long run, apple fundamentals will certainly take the stock higher, but hedge funds want to maximize the ride. 长远来看,苹果公司的基本面必将推动其股价走高,但对冲基金希望实现最大的投资回报。
For many, opening long-only funds makes good sense: managers already have teams generating long investment ideas for their hedge funds and the infrastructure to manage large client bases. 对许多对冲基金公司而言,成立单边做多基金是合乎情理的选择:基金经理人有现成的团队为其对冲基金提供单边做多投资思路,以及现成的管理大规模客户所需的基础设施。
Over the past 10 years, long/ short funds have produced slightly higher returns than the average hedge fund, according to hedge fund research. 对冲基金研究机构(hedgefundresearch)表示,在过去的10年间,多/空基金产生的回报率比普通对冲基金略高。
But over the long term, the participation of hedge funds has to be a good thing. 但从长期来看,对冲基金在亚洲开展业务不失为一件好事。
Canned beans and shotguns were about the only long positions that paid off for hedge fund managers this year. 对于对冲基金经理而言,豆类罐头和猎枪大约是今年唯一盈利的多头品种。
Prop trading is not as profitable over the long run as many realise, but if banks are also forced to stop investing in hedge funds and private equity, normalised earnings could fall by about 2 per cent, according to Goldman Sachs. 从长期来看,自营交易的利润并不像许多人以为的那样丰厚,但如果银行还被迫停止对对冲基金和私人股本的投资,据高盛(goldmansachs)估计,正常盈利水平可能会下降2%左右。
Not far from Smyrna, where the merchant drives his loaded camels, proudly arching their long necks as they journey beneath the lofty pines over holy ground, I saw a hedge of roses. 不远,在一株高大的梧桐树下,商人赶着一群驮着东西的骆驼。这群牲口骄傲地昂起它们的长脖子,笨重地在这神圣的土地上行进。
The SEC had long defined these to be the institutions whose money a hedge fund administered, rather than their individual investors. 一直以来,SEC定义的“客户”包括了把资金托付避险基金管理的机构成员,而不仅仅是个体投资者。
Long/ short strategies dominated Asian hedge funds. 亚洲对冲基金主要采用的是跨期套利策略。
Similarly, long/ short equity ( or equity hedge) funds are supposed to combine long holdings of equities with short sales of stocks or options. 类似地,多/空股票(long/shortequity,或称为股票对冲)基金本应同时持有股票多头头寸和股票或期权的空头头寸。
And even if gold works over the very long term as a hedge against inflation, be aware that long term may be too long for you, the individual investor, anyway. 而且,即使黄金可以成为一个在非常长的时期内对冲通货膨胀的工具,也要注意到,这段时期对作为个人投资者的你来说,可能毕竟是过于漫长。
Whether establishing a short or a long hedge, the main objective of hedging is to offset the price risk associated with buying, selling, or holding grain. 无论是建立空头套期保值头寸还是建立多头套期保值尺寸,进行套期保值交易的主要目的均为对冲伴随买入、卖出或持有商品而引发的价格风险。
Mr Dudley would also play a crucial role in stabilising the markets in the event of a meltdown, as one of his predecessors, Peter Fisher, did following the near collapse of long term capital management, the hedge fund. 市场一旦出现崩盘,达德利将在稳定市场方面发挥关键作用,就像对冲基金长期资本管理公司(longtermcapitalmanagement)濒临破产之后,其前任之一彼得费希尔(peterfisher)所做的那样。
But Mr Smith says he now has to scout further afield to avoid the crowding of trade ideas that has made us equity long/ short hedge funds look so similar. 但史密斯表示,他现在必须寻找更多的投资领域,以避免交易理念过度集中的状况,这种理念让美国的多/空股票型对冲基金显得非常类似。
Germany has long been pushing for measures to boost transparency in the hedge fund sector but the UK and US have resisted proposals that might involve unnecessary regulation. 长期以来,德国一直主张采取措施,提高对冲基金行业的透明度,但英国和美国反对这些可能包括不必要监管措施的提议。
For a start, the fee structure, long a focus of criticism for funds of hedge funds, has been designed to reassure investors they are getting value for money. 首先,手续费结构这是“对冲基金的基金”长期以来饱受诟病的一个地方的设计能够使投资者相信,自己将从投资中得到价值。
But in the long term, it would be a good thing if they could not compete on pay with small private equity and hedge funds. 但是,从长远来看,如果这些机构在薪酬上无法与小型私人股本基金和对冲基金匹敌,未尝不是好事。
A similar scheme has been applied for a long time in the hedge fund industry, where employees have to reinvest a substantial fraction of their bonus into the fund. 长期以来,对冲基金行业已实施了一种类似的奖金机制,即雇员必须将其相当大一部分奖金重新投资于基金。
In the long term, gold is still a good investment products as a hedge against inflation. 从长期看,黄金仍然是作为避险、抗通胀的良好投资品种。
In the long run, as long as investors are willing to hold gold, it can be used as an effective tool to hedge against inflation and stock market risk. 而从长期来看,只要投资者愿意长期持有黄金,黄金可以作为对冲通货膨胀和股票市场风险的有效工具。