英文学习者对《经济学人》应该很熟悉，这是一份创刊175周年的英国报纸，用词地道优雅，若干英文考试都从中选材，比如高考、四六级、CATTI、雅思、托福等等。
今天为大家分享一下《经济学人》周刊文章《How the super-rich invest》，聚焦全球超级富豪如何投资。
原文较长，分三次推送，本文为下篇。
全文约1200字，阅读时间8-10分钟。
07
The first is that family offices could endanger the stability of the financial system. Combining very rich people, opacity and markets can be explosive. LTCM, a $100bn hedge fund backed by the super-rich, blew up in 1998, almost bringing down Wall Street. Scores of wealthy people fell for a Ponzi scheme run by Bernie Madoff that collapsed in 2008. Still, as things stand family offices do not look like the next disaster waiting to happen. They have debt equivalent to 17% of their assets, making them among the least leveraged participants in global markets. On balance, they may even be a stabilising influence. Their funds are usually deployed for decades, making them far less vulnerable to panics than banks and many hedge funds.
翻译：第一，家族办公室可能危及金融系统的稳定性。家族办公室帮助极富有人群在市场中进行不透明的操作，可能导致爆炸性后果。美国长期资本管理公司（LTCM）是一家由超级富豪成立的对冲基金，规模达到1000亿美元，该基金1998年濒临倒闭差点拖垮华尔街。2008年，伯纳德·麦道夫经营的庞氏骗局倒塌，大量有钱人受骗受损。不过按目前的情况看，家族办公室看似不会成为下一个灾难。他们的债务只相当于17%的资产价值，使得其成为全球市场上杠杆率最低的投资参与者。总的来说，他们产生的影响较稳定。对于银行和对冲基金而言，家族办公室的资金部署时间通常是几十年，这使得他们更不易受到市场恐慌的影响。
Endanger v. （使）危险；危及
Opacity n. 不透明
bring down v. 打倒；这里翻译的时候使用了网络用语。
Score n. 大量；score意思很多，常见还有：考试分数、比赛比分、总乐谱、配乐、实情、真相等。
Fall for （1）爱上；（2）相信…（某骗局）
Ponzi scheme 庞氏骗局
as things stand 事情就是这样
Leverage n. 杠杆效率、杠杆作用
On balance 总的来说
08
The second worry is that family offices could magnify the power of the wealthy over the economy. This is possible: were Bill Gates to invest exclusively in Turkey, he would own 65% of its stock market. But the aim is usually to diversify risk, not concentrate power, by taking capital from the original family business and putting it into a widely spread portfolio. The family-office industry is less concentrated than mainstream asset management, which a few firms such as BlackRock dominate. Compared with most fund managers, family offices have welcome habits, including a longer term horizon and an appetite for startups.
翻译：第二个担心是，家族办公室可能会放大富豪对经济的影响。这是有可能的：如果比尔盖茨只投资于土耳其，他将拥有土耳其65%的股市价值。但是（投资）的目的通常是分散风险，而不是集权。即提取家族原始资本，加码到更广泛的投资组合。家族办公室产业集中度并不比主流资产管理产业高，像黑石这样的少数公司占领了资产管理产业的主导地位。与大多数基金经理相比，家族办公室的投资习惯更受欢迎，包括长线投资和对初创企业的兴趣。
Magnify v. 放大
Exclusively adv. 专门地
Portfolio n. 投资组合。CFA考试有一门考试叫投资组合（Portfolio），这是一门金融衍生课程，学习如何分散投资风险。
09
It is the third danger that has most bite: that family offices might have privileged access to information, deals and tax schemes, allowing them to outperform ordinary investors. So far there is little evidence for this. The average family office returned 16% in 2017 and 7% in 2016, according to Campden Wealth, a research firm, slightly lagging behind world stock markets. Nonetheless, tycoons are well connected. Family offices are becoming more complex—a third have at least two branches—making tax wheezes easier. Hungry brokers and banks are rolling out the red carpet and pitching deals with unlisted firms that are not available to ordinary investors. If all this did lead to an entrenched, unfair advantage, the effect, when compounded over decades, would make wealth inequality disastrously worse.
翻译：第三个担忧的危险性是最严重的：家族办公室可能拥有了解市场信息、交易和税收计划的特权，这项优势使得他们的投资表现优于普通投资者。迄今为止，尚无证据证明这一点。根据调查公司Campden Wealth的分析，2016年和2017年家族办公室的平均收益分别为7%和16%，略低于全球股市收益。虽然如此，富豪们联系依然紧密。家族办公室越来越复杂——至少三分之一的家族办公室设有两个分支——使得避税更加容易。饥饿的经纪人和银行正敞开大门，迎接非上市公司并与其交易，而普通投资者无法投资这些公司。这一切导致牢固的不平等优势，如果继续恶化数十年，这种效应将导致灾难性的财富不均。
Bite n. 熟词生义，此处指影响力。
Outperform v. 表现优于
Lag v. 滞后；落后于
Wheeze n. 计谋
roll out the red carpet n. 隆重欢迎…
pitch v. 面向…
entrench v. （使）牢固
compound v. 使加重；使恶化
disastrously adv. 灾难性地；凄惨地
10
The answer is vigilance and light. Most regulators, treasuries and tax authorities are beginners when it comes to dealing with family offices, but they need to ensure that rules on insider trading, the equal servicing of clients by dealers and parity of tax treatment are observed. And they should prod family offices with assets of over, say, $10bn to publish accounts detailing their workings. In a world that is suspicious of privilege, big family offices have an interest in boosting transparency. In return, they should be free to operate unmolested. They may even have something to teach hordes of flailing asset managers who serve ordinary investors, many of whom may look at their monthly fees and wish that they, too, could ditch the middlemen.
翻译：解决的办法是保持警惕和信息透明。与家族办公室打交道，大多数监管机构、财政部门和税收部门都是新手，但须确保内部交易规则运作顺畅，经销商对所有客户提供平等服务，以及监视税收待遇平等性。同时，他们应当要求家族办公室（比如拥有100亿美元以上财富）发布详细的工作内容清单。在这个对特权充满质疑的世界，促进市场透明度对于大型家族办公室是有益的。作为回报，家族办公室应可以不受干扰地自由运作。他们甚至可以教导那些服务于普通投资者的摇摇欲坠的资产管理者，后者关注于每月的管理费，也希望可以摆脱中间商。
Vigilance n. 警惕
insider trading n. 内部交易；内线交易
parity n. 平等性
prod n. 催促；督促。可以用urge，push来替换。
detail v. 详细列举
transparency n. 透明度
unmolested v. 不受干扰的
horde n. 群。hordes of..表示一群，也可使用scores of…，上文中使用过，联系起来记忆。
flail v. 乱动
ditch v. 摆脱
-end-
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