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

在每年一度写给伯克希尔哈撒韦公司(Berkshire Hathaway)投资者的信中，沃伦?巴菲特(Warren Buffett)严厉地批评了对冲基金经理，但与巴西私人股本公司3G资本(3G Capital)站到了同一阵营。

The classic private equity deal is to borrow money to buy a medium-sized company that is in decent shape but has potential to grow or become more efficient. A fund often puts in new managers, allocating them a hefty incentive to improve the business — private equity chief executives get an average 8 per cent stake, according to one study. It then sells at a higher price five years later.

经典的私人股本交易，是借钱购买一个中等规模、经营状况不错、有扩大规模或提高效率的潜力的企业。私人股本基金通常安排新的高管进入企业，并为他们提供改善业绩的重大激励——一项研究显示，私人股本基金的首席执行官平均取得被投资企业8%的股权。5年后，基金以更高价格把企业卖掉。

Having the luxury of privacy and time — not having to worry about quarterly results or investors demanding their money back — helps investments thrive.

在隐私和时间方面拥有难得的优势——不必担心季度业绩或投资者要求返还资金——有助于投资业绩飘红。

The industry consistently outperformed the stock market up to 2006, one study found, and its long-term performance has recovered from a post-2008 dip.