2015考研英语阅读集中练Are They Worth It_大学英语阅读

2015考研英语阅读集中练Are They Worth It

　　So in a good year, a fund s managers bring in stunning amounts of money, and in a bad year, they still do very well. Some quick math shows why: 2 percent of a $5 billion portfolio, which was roughly the cutoff for making Alpha s list of the 100 largest funds, equals $100 million. A fund s managers get to take that fee every single year.

　　Last year was actually a pretty tough year for the industry. Because hedge funds tend to make a lot of countercyclical bets-thus the name-they can often turn a profit even when The stock market falls. When it s rising broadly, though, many struggle to keep up. Last year, the Standard Poor s 500-stock index jumped 14 percent, while the average hedge fund returned less than 13 percent, after investment fees, according to Hedge Fund Research in Chicago.

　　But the men-and they are all men-who appear on Alpha s list of top earners don t manage average hedge funds. They manage the biggest funds in the world, the ones that are winning the Darwinian competition for capital, and many of them aren t having any trouble beating the market. One of the funds at Mr. Simons s firm, Renaissance Technologies, delivered a net return of 21 percent last year. The other returned 44 percent after fees. And Mr. Simons, who relies on a fantastically complex set of algorithms, doesn t charge 2 and 20 -as the typical industry fees are called. He charges 5 and 44a 5 percent management fee and 44 percent of profits-yet he has still been doing very well by his investors for almost two decades.