来自《耶鲁大学开放课程：金融市场 第9集 第9集》
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--the leakage from the system in terms of the returns这种减损资本所有者收益所得的 -
that go to the owners of capital系统性损耗 -
--leakage has increased enormously.有相当巨大的增长 -
Think about the advent of hedge funds想想对冲基金刚出现时 -
--twenty or twenty-five years ago,差不多20或25年前 -
hedge funds were a blip on the radar screen.它就像雷达屏幕上的一个小点 -
Today, they're a very important part如今 对冲基金是 -
of the fund's management framework.基金管理体系的重要一环 -
Well, those hedge funds charge enormously more than那些对冲基金经理的收费 -
what a standard manager of marketable securities' charges.远比证券投资经理的收费高 -
Well, that leakage--that 1.5% or 2%系统的损耗 大约1.5%或2%的管理费率 -
that you pay your hedge fund manager-用来支付给对冲基金经理