2021年经济学人 一代投资大师留下的遗产(2)

The third pillar is the importance of a contrarian mindset. Mr Swensen had a chance early on to demonstrate his. Following the stockmarket crash in October 1987, he had loaded up on company shares, which had become much cheaper, by selling bonds, which had risen in price. This rebalancing was in line with the fund's agreed policy. But set against the prevailing¹ market gloom, it looked rash. His investment committee was worried. One member warned that there would be "hell to pay" if Yale got it wrong. But Mr Swensen stuck to his guns. The decision stood—and paid off handsomely.

第三个支柱是逆向思维的重要性。斯文森先生早些时候有机会展示他的逆向思维。1987年10月股市崩盘后，他卖出了价格上涨的债券，买入了公司股票，而公司股票已经变得便宜得多。这种再平衡符合基金商定的政策。但与当前低迷的市场相比，这似乎有些鲁莽。他的投资委员会很担心。一位成员警告说，如果耶鲁错了，那将会有“地狱般的代价”。但斯文森先生坚持自己的观点。这一决定站稳了脚跟——并且得到了丰厚的回报。

These days, the Swensen model is often reduced to an asset-allocation decision: hold alternatives. But as money has flooded into private-equity² funds, average returns have converged³ on the returns in public markets. There is no longer an obvious illiquidity premium⁴. But Mr Swensen's point about information remains⁵ relevant. The dispersion of returns—the gap between the best and worst funds—is far higher in private than in public equity. Selecting the right private-equity manager takes expertise⁶. Yale has some advantages: it can, say, tap into its alumni network for access to the better-run funds.

如今，斯文森模式常常被简化为一个资产配置决策：持有替代方案。但随着资金涌入私募股权基金，平均回报已经趋同于公开市场的回报。不再存在明显的非流动性溢价。但是斯文森关于信息的观点仍具有意义。回报的分散——最好的和最差的基金之间的差距——在私人股本中比在公共股本中要大得多。选择合适的私募基金经理需要专业知识。耶鲁也有一些优势：比如说，它可以利用校友网络来获得运行良好的基金。

Mr Swensen is given too much credit in one regard. Endowments had a history of innovation before his return to Yale. Harvard's was already changing. And endowments had previously⁷ been pioneers in asset allocation: the Ivy⁸ League funds shifted markedly from bonds into equities⁹ from the 1930s. In other respects Mr Swensen gets too little credit. Starinvestors are generally not good at mentoring¹⁰ others. But Swensen alumni have regularly turned up in senior jobs at other endowments. "He was a smart player but also an incredibly good coach," says a colleague. In this, as in other matters of investment practice, David Swensen was a true outlier.

斯文森先生在某一方面受到了过多的赞扬。在他回到耶鲁之前，捐赠基金有一段创新的历史。哈佛的捐赠基金已经发生了变化。捐赠基金曾是资产配置的先行者：常春藤联盟基金从上世纪30年代起明显从债券转向了股票。而斯文森在其他方面得到的赞扬太少。明星投资者通常不擅长指导他人。但斯文森校友也经常在其他捐赠机构担任高级职位。他的一位同事表示：“他是一名聪明的球员，也是一名出色的教练。”在这一方面，就像在其他投资实践中一样，大卫·斯文森是一个真正的异类。

1 prevailing   

adj.盛行的；占优势的；主要的

参考例句：

• She wears a fashionable hair style prevailing in the city.她的发型是这个城市流行的款式。
• This reflects attitudes and values prevailing in society.这反映了社会上盛行的态度和价值观。

2 equity   

n.公正，公平，（无固定利息的）股票

参考例句：

• They shared the work of the house with equity.他们公平地分担家务。
• To capture his equity,Murphy must either sell or refinance.要获得资产净值，墨菲必须出售或者重新融资。

3 converged   

v.（线条、运动的物体等）会于一点( converge的过去式 )；（趋于）相似或相同；人或车辆汇集；聚集

参考例句：

• Thousands of supporters converged on London for the rally. 成千上万的支持者从四面八方汇聚伦敦举行集会。
• People converged on the political meeting from all parts of the city. 人们从城市的四面八方涌向这次政治集会。 来自《简明英汉词典》

4 premium   

n.加付款；赠品；adj.高级的；售价高的

参考例句：

• You have to pay a premium for express delivery.寄快递你得付额外费用。
• Fresh water was at a premium after the reservoir was contaminated.在水库被污染之后，清水便因稀而贵了。

5 remains   

n.剩余物，残留物；遗体，遗迹

参考例句：

• He ate the remains of food hungrily.他狼吞虎咽地吃剩余的食物。
• The remains of the meal were fed to the dog.残羹剩饭喂狗了。

6 expertise   

n.专门知识(或技能等)，专长

参考例句：

• We were amazed at his expertise on the ski slopes.他斜坡滑雪的技能使我们赞叹不已。
• You really have the technical expertise in a new breakthrough.让你真正在专业技术上有一个全新的突破。

7 previously   

adv.以前，先前（地）

参考例句：

• The bicycle tyre blew out at a previously damaged point.自行车胎在以前损坏过的地方又爆开了。
• Let me digress for a moment and explain what had happened previously.让我岔开一会儿，解释原先发生了什么。

8 ivy   

n.常青藤，常春藤

参考例句：

• Her wedding bouquet consisted of roses and ivy.她的婚礼花篮包括玫瑰和长春藤。
• The wall is covered all over with ivy.墙上爬满了常春藤。

9 equities   

普通股，股票

参考例句：

• These are invested mainly in the OECD bonds and equities. 这些资产主要投资于经济合作及发展组织的债券与股票市场。
• They are also advantage of the global rebound in equities. 它们还在利用全球股市反弹的机会。

10 mentoring   

n.mentoring是一种工作关系。mentor通常是处在比mentee更高工作职位上的有影响力的人。他/她有比‘mentee’更丰富的工作经验和知识，并用心支持mentee的职业（发展）。v.（无经验之人的）有经验可信赖的顾问( mentor的现在分词 )

参考例句：

• One of the most effective instruments for coaching and mentoring is the "role rehearsal" . 辅导和教学的最有效的手段之一是“角色排练。” 来自辞典例句
• Bell Canada called their mentoring system a buddy-buddy system. 加拿大贝尔公司称他们的训导系统是伙伴—伙伴系统。 来自互联网