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

　　I realize that a lot of people find 9-and 10-figure incomes to be inherently excessive. Or even immoral. From a strictly economic point of view, however, they are also perfectly rational. You cannot-find anyone else who is providing the same returns as the best hedge fund managers at a lower price. If you don t like it, you don t have to give them your money.

　　Thanks to their incredible performance, the biggest funds have grown far bigger in recent years. The 100 largest firms in the world managed $I trillion at the end of last year, or 69 percent of all the assets in hedge funds, according to Alpha. At the end of 2003, the top 100 had less than $500 billion, or only 54 percent of total hedge fund investments.

　　The best performance is coming from the largest funds, said Christy Wood, who oversees equities investments for the California Public Employees Retirement System, which, like a lot of pension funds, is moving more money into hedge funds.

　　But there is an irony to this influx of money. It all but guarantees that hedge fund pay over the next few years won t be as closely tied to performance as it has been. The hundreds of millions of dollars that have flowed into hedge funds have made it all the harder for fund managers to find truly undervalued investments. The world is awash in capital.

　　All that capital, of course, also translates into ever-greater management fees, regardless of a fund s performance. The flagship hedge fund at Goldman Sachs lost 6 percent last year, but it still brought in a nice stream of fees. Bridgewater Associates, which is based in Greenwich, has earned a net return of less than 4 percent in each of the last two years. Yet its founder, Raymond T. Dalio , made $350 million in 2006.