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Why would a hedge fund manager be interested in adult diapers? They are a clue to what growing numbers of hedge funds are now seeing as the next big trade: the bursting of Japan’s bond bubble. 为何对冲基金经理会对成人尿布感兴趣？答案是，成人尿布是判断日本国债泡沫是否行将破裂的线索——有越来越多的对冲基金正将这个泡沫的破裂视为下一桩大买卖。 This year, sales of adult diapers in Japan eclipsed sales of infant ones for the first time; a neat statistic that captures the huge demographic challenge the country faces – one big factor of several that bears believe are behind a crisis set to break in the coming months. 今年，日本成人尿布的销量首次大幅超过婴儿尿布。这一明确的统计数字突显出日本面临的巨大人口挑战——看空日本国债的人士认为，几个月内日本定将爆发一场危机，而人口挑战就是这场危机的几大致因之一。 “What did Bernie Madoff’s titanic Ponzi scheme teach the world? asks Kyle Bass, a Dallas-based hedge fund manager who has garnered a wide following for his contrarian – sometimes borderline apocalyptic – views, in his letter to investors this month. 驻达拉斯的对冲基金经理凯尔·巴斯(Kyle Bass)上月在致投资者的信中问道：“伯尼·马多夫(Bernie Madoff)的巨大庞氏骗局让世人明白了什么？巴斯因其逆向投资观点而吸引了大批追随者，尽管他的观点有时显得危言耸听。 | 
