Why would any client continue to pay for such mediocre returns? One reason is that hedge-fund managers are incredibly good salesmen. In addition, industry insiders who are all tooaware of hedge funds shortcomings choose not to expose them, Mr Lack argues. Moreover,the common fee structure, in which hedge-fund managers keep 2% of assets as amanagement fee to cover expenses and 20% of profits generated by performance, hasmade many managers rich, but not their clients. Mr Lack calculates that hedge-fundmanagers have kept around 84% of profits generated, with investors only getting 16% since1998. Where are the customers yachts? is the title of one chapter. What is worse, thedisastrous dive of equity markets in 2008 may have wiped out all the profits that hedgefunds have ever generated for investors.
为什么客户要继续为如此普通的回报付费呢?其中一个原因是对冲基金的经理都是不可思议的优秀销售人员。同时 Lack认为,非常了解对冲基金软肋的业内人士选择不披露它们。再加上通用的费用结构使得许多经理变得富裕,而非他们的客户。这些费用包括对冲基金经理每年保留总资产的2%作为支付开销的 管理费 和盈利业绩的20%。Lack计算自1998年起,对冲基金经理大约保留了84%的总利润,而投资者只拿到了16%。 客户的游艇去哪里? 是第一章的标题。更可恶的是2008股票市场灾难性跳水可能已经把对冲基金为投资者赚的所有利润都抹杀掉了。
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