英语名词解析：避险基金Hedge Fund
<p>避险基金是20世纪90年代兴起的一种国际资本市场投资工具，不追求高报酬率，而以减低风险为主，投资对象则从货币期货至证券、大宗货品，无所不包。这类基金的种类很多，并非指单一的一种基金。听上去是不是有点晕?读完本文，也许你就会明白啦!</p><p><span word="Introduction">Introduction</span>: <span word="Alfred">Alfred</span> <span word="Winslow">Winslow</span> <span word="Jones">Jones</span> (1900–1989), <span word="a">a</span> <span word="diplomat">diplomat</span>, <span word="financial">financial</span> <span word="journalist">journalist</span> <span word="and">and</span> <span word="author">author</span>, <span word="is">is</span> <span word="generally">generally</span> <span word="credited">credited</span> <span word="with">with</span> <span word="forming">forming</span> <span word="the">the</span> <span word="first">first</span> <span word="hedge">hedge</span> <span word="fund">fund</span> <span word="in">in</span> 1949. <span word="After">After</span> <span word="he">he</span> <span word="graduated">graduated</span> <span word="from">from</span> <span word="Harvard">Harvard</span> <span word="in">in</span> 1923, <span word="he">he</span> <span word="served">served</span> <span word="as">as</span> <span word="a">a</span> <span word="vice">vice</span> <span word="consul">consul</span> <span word="in">in</span> <span word="Berlin">Berlin</span>, <span word="Germany">Germany</span>. <span word="In">In</span> 1941, <span word="he">he</span> <span word="received">received</span> <span word="his">his</span> <span word="doctorate">doctorate</span> <span word="in">in</span> <span word="Sociology">Sociology</span> <span word="from">from</span> <span word="Columbia">Columbia</span> <span word="University">University</span>. <span word="While">While</span> <span word="he">he</span> <span word="was">was</span> <span word="working">working</span> <span word="at">at</span> <span word="Fortune">Fortune</span> <span word="Magazine">Magazine</span> <span word="in">in</span> <span word="the">the</span> 1940<span word="s">s</span>, <span word="he">he</span> <span word="did">did</span> <span word="extensive">extensive</span> <span word="research">research</span> <span word="on">on</span> <span word="how">how</span> <span word="to">to</span> <span word="invest">invest</span> <span word="in">in</span> <span word="the">the</span> <span word="stock">stock</span> <span word="market">market</span>. <span word="In">In</span> <span word="his">his</span> <span word="famous">famous</span> <span word="article">article</span> <span word="entitled">entitled</span> “<span word="Fashions">Fashions</span> <span word="in">in</span> <span word="Forecasting">Forecasting</span>,” <span word="he">he</span> <span word="assessed">assessed</span> <span word="and">and</span> <span word="analyzed">analyzed</span> <span word="each">each</span> <span word="technical">technical</span> <span word="method">method</span> <span word="on">on</span> <span word="investment">investment</span> <span word="approach">approach</span>. <span word="He">He</span> <span word="finally">finally</span> <span word="concluded">concluded</span> <span word="that">that</span> “<span word="leverage">leverage</span>” <span word="and">and</span> “<span word="short">short</span> <span word="selling">selling</span>” <span word="are">are</span> <span word="the">the</span> <span word="best">best</span> <span word="two">two</span> <span word="investment">investment</span> <span word="tools">tools</span>. <span word="He">He</span> <span word="used">used</span> “<span word="leverage">leverage</span>” <span word="to">to</span> <span word="buy">buy</span> <span word="more">more</span> <span word="shares">shares</span>, <span word="and">and</span> <span word="used">used</span> “<span word="short">short</span> <span word="selling">selling</span>” <span word="to">to</span> <span word="avoid">avoid</span> <span word="market">market</span> <span word="risk">risk</span>. <span word="He">He</span> <span word="was">was</span> <span word="so">so</span> <span word="successful">successful</span> <span word="that">that</span> <span word="his">his</span> <span word="hedge">hedge</span> <span word="fund">fund</span> <span word="had">had</span> <span word="outperformedthe">outperformedthe</span> <span word="best">best</span> <span word="mutual">mutual</span> <span word="fund">fund</span> <span word="over">over</span> <span word="the">the</span> <span word="previous">previous</span> <span word="five">five</span> <span word="years">years</span> <span word="by">by</span> 44 <span word="percent">percent</span>, <span word="and">and</span> <span word="on">on</span> <span word="a">a</span> 10-<span word="year">year</span> <span word="basis">basis</span>, <span word="his">his</span> <span word="fund">fund</span> <span word="had">had</span> <span word="beaten">beaten</span> <span word="the">the</span> <span word="top">top</span> <span word="performer">performer</span> <span word="Dreyfus">Dreyfus</span> <span word="Fund">Fund</span> <span word="by">by</span> 87 <span word="percent">percent</span>. <span word="He">He</span> <span word="was">was</span> <span word="widely">widely</span> <span word="recognized">recognized</span> <span word="as">as</span> <span word="the">the</span> <span word="father">father</span> <span word="of">of</span> <span word="the">the</span> <span word="modern">modern</span> <span word="hedge">hedge</span> <span word="fund">fund</span>.</p><p><span word="Tom">Tom</span>: <span word="I">I</span>’<span word="ve">ve</span> <span word="been">been</span> <span word="studying">studying</span> “<span word="hedge">hedge</span> <span word="fund">fund</span>” <span word="related">related</span> <span word="issues">issues</span> <span word="since">since</span> <span word="we">we</span> <span word="talked">talked</span> <span word="about">about</span> <span word="derivatives">derivatives</span> <span word="last">last</span> <span word="time">time</span>.</p>
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