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

私人股本基金不仅仅是彼此竞争。最热心的竞购者通常是同一行业的公司，通过兼并一家更小的对手可以节省成本。养老基金也参与进来，与私人股本基金共同投资，有时则是直接投资。

The obvious response to an overheated market is to slow down, and even to take a break from investing until prices fall. In theory, this should be an advantage of private equity funds — they do not have to place funds immediately, and will not benefit their investors by rushing.

在过热的市场，投资明显应该减速，甚至暂停，直到价格跌下来。在理论上，这应该是私人股本基金的优势——它们不必立即把钱投出去，仓促投资的话，将不会让自己的投资人受益。

Most are pressing ahead anyway. They believe they have a unique formula that will keep their investments safe while others overpay. They do not say, although it is true, that they only get rewarded for action. They charge a 1.5 per cent management fee on their investments.

但大多数私人股本基金仍在冒进。它们认为自己掌握着独特的公式，将保证在其他人出价过高时，自己的投资一直是安全的。它们没说出来的是——尽管是事实——它们唯有行动起来，才能获得回报。它们对自己的投资项目收取1.5%的管理费。

If you pay a lot, you need to get value somehow. The danger is that they start treating every company like a distressed asset to obtain a return, even if it was originally fine.