然而,即使是对上市的企业集团抱怀疑态度的投资者,也会将私人市场上的资金配置和管理监督的事宜委派给知情的内部人士。风险资本和私人股本基金都是企业集团的形式——它们代表外部人士投资广泛的业务领域,外部人士则相信这类基金拥有出色的专业知识。
Why, though, should investors seeking exposure to new companies buy shares in Alphabet,which then channels Google’s surplus cash into its own venture and growth funds, ProjectLoon, self-driving cars and life sciences? They could instead invest money directly in a venturecapital fund. Why take the longer and less-direct road?
尽管如此,寻求投资新企业的人为何要购买Alphabet的股票,这家集团会把谷歌的现金盈余投入到其风险项目、成长基金、高空气球计划、无人驾驶汽车和生命科学等?他们可以直接投资一个风险资本基金。为何要选择一条更远的弯路呢?
It depends on trust. Investors could also have bought shares in Precision Castparts last weekfor less than Berkshire Hathaway paid this week, but they do not complain because they trustMr Buffett. Alphabet’s shareholders must believe in Mr Page and Mr Brin’s ability to use theirintelligence and avoid the traditional pitfalls.
关键在于信任。在本周伯克希尔哈撒韦公司出手收购之前,投资者本来也可以在上周用更低的价格买入精密铸件公司股票,但他们并没有抱怨,因为他们信任巴菲特。Alphabet的股东必然也相信佩奇和布里有能力运用他们的智慧并避开传统的陷阱。
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