私人股本行业勿乐极生悲_公共英语阅读理解

私人股本行业勿乐极生悲

这可能为杠杆收购带来又三年的“涡轮增压”增长——在尚待投入的8200亿美元支持下。那么，我真的紧张了。

Private equity’s problem is not that it is suffering but the opposite: it has recovered so fully that it is flush with money. As it sells the businesses it bought a few years ago, many at a high profit, and returns cash to the pension funds and institutions that invest through it, more is arriving. This is a very good period to be selling assets but a hard one to find a bargain.

私人股本行业的问题，不是它处于煎熬之中，而是相反：它已经彻底复苏了，资金非常充沛。由于卖掉了几年前收购的企业（许多情况下是以高利润卖出），并把资金返还给通过它们进行投资的养老基金和机构，更多资金正在到来。现在是出售资产的好时期，却是物色便宜资产的困难时期。

The industry should still have advantages even in these heady times. Compared with hedge funds, which also charge stiff fees to invest other people’s money, it has performed well.

即使在这些头脑过热的时代，私人股本行业也应当仍有优势。与同样收取高昂费用帮人投资的对冲基金相比，私人股本公司的表现很不错。

Warren Buffett wrote harshly of hedge fund managers in his annual letter to Berkshire Hathaway investors, but has partnered with 3G Capital, the Brazilian-led private equity firm.