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来源:搜狐娱乐
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Business商业Microsoft and privacy微软与隐私Change of track转轨Data on peoples online behaviour are worth both paying for and arguing over广告商愿意花钱购买记录人们在线行为的数据,但跟踪用户行为是否合理则是一个值得探讨的问题AN OLD saw has it that half of all advertising budgets are wasted—the trouble is, no one knows which half.人们常说:花在广告上的钱有一半都浪费掉了——问题在于没人知道是哪一半。In the internet age, at least in theory, this fraction can be much reduced.在互联网时代,至少在理论上,被浪费的那一部分资金中,有很多都可以节省下来。By watching what people search for, click on and say online, companies can aim ;behavioural; ads at those most likely to buy.根据人们搜索的关键词、点击的链接及他们在网上所说的内容,企业可以针对那些最有可能购买它们产品的用户投放;行为;广告。In the past couple of weeks three deals and a quarrel have illustrated the value to advertisers (and their suppliers of software) of such fine-grained information.在过去几个星期中发生的三起交易及一场争论显示了这些精细信息对于广告商(及他们的软件提供者)的价值。The first deal came on May 23rd, when Oracle said it was buying Vitrue, which helps firms run their marketing on social media, for a reported 0m.第一起交易是在5月23日,当时甲骨文公司(Oracle)表示它们将收购Vitrue,这是一家协助企业开展社交网络营销业务的公司。据报道,收购金额为3亿美元。On June 5th it added Collective Intellect, which analyses what people say about companies on Facebook, Twitter and so forth, for an undisclosed sum.6月5日,甲骨文公司称它们还将收购Collective Intellect,但并未透露收购价格。Collective Intellect是一家对网民在Facebook、Twitter之类的网站上对企业的评价进行分析的公司。A day earlier Salesforce.com, a cloud-computing company mustard-keen on social media, had said it would pay 9m for Buddy Media, a competitor of Vitrues.就在这一消息传出的前一天(6月4日),极想进军社交网络的云计算公司Salesforce称将斥资6.89亿美元收购Buddy Media(Vitrue的竞争者之一)。Buddy should fit in with Radian 6, which, like Collective Intellect, monitors social media—and for which Salesforce paid 6m last year.Buddy与Radian 6应该是可以兼容的。后者在去年被Salesforce以3.26亿美元买下,与Collective Intellect一样,这也是一家对社交网站的数据进行分析的公司。The quarrel is the latest round in a long-running argument.前面提到的争论则是已经持续了相当长时间的一场论战的最新一轮。Should advertisers assume that people are happy to be tracked and sent behavioural ads? Or should they have explicit permission?广告商们做出如下假设是否合理:用户愿意广告商记录他们的在线行为并且愿意接受广告商投放的行为广告?广告商是否应该得到用户明确的许可?Many people give scarcely a thought to being electronically snooped on as they browse, but some object furiously.许多人对于自己的在线行为被监控的做法毫不在乎,但有些人则强烈反对。In December 2010 Americas Federal Trade Commission proposed adding a ;do not track; (DNT) option to internet browsers, so that users could tell advertisers that they did not want to be followed.2010年12月,美国联邦商务委员会建议在浏览器中加入;不允许跟踪(DNT);的选项,通过启用这一功能,用户可以告诉广告商他们不希望自己的在线行为被跟踪。Mozillas Firefox, Microsofts Internet Explorer and Apples Safari all offer DNT; Googles Chrome is due to do so this year.斯拉(Mozilla)的火狐(Firefox)、微软(Microsoft)的IE(Internet Explorer)及苹果的浏览器Safari都有;不允许跟踪;选项;今年,谷歌也将在Chrome中加入这一功能。In February the FTC and the Digital Advertising Alliance (DAA), a consortium of trade bodies, agreed that the industry would get cracking on responding to DNT requests.2月份,联邦商务委员会(FTC:Federal Trade Commission)和数字广告联盟(DAA:Digital Advertising Alliance,一个商贸团体联盟)已经达成一致意见:广告行业应该着手处理用户提出的;不允许跟踪;请求。In the European Union a new rule requires websites to ask before using ;cookies; to gather data about users behaviour.欧盟出台的一项新规定要求网站在利用;cookies;收集用户在线行为的信息之前需要征得用户的同意。On May 31st Microsoft set off the row. It said that Internet Explorer 10, the version due to appear with Windows 8, a new incarnation of the software firms operating system, would have DNT as a default.5月31日,微软率先挑起了争论。微软称即将与Windows8(该公司的新版操作系统)一起推出的IE10中,;不允许跟踪;是默认设置。Advertisers are horrified. Human nature being what it is, most people stick with default settings.这个消息令广告商们惶恐不已。大多数用户都不会去修改浏览器的默认设置,这是人的本性使然。Few switch DNT on now, but if tracking is off it will stay off.现在很少有人会开启;不允许跟踪;功能,但如果默认就是;不允许跟踪;,那么;跟踪;功能就会一直处于关闭状态。Bob Liodice, the chief executive of the Association of National Advertisers, one of the groups in the DAA, says consumers will be worse off if the industry cannot collect information about their preferences.美国广告主协会(the Association of National Advertisers)是数字广告联盟下属的一个组织,该协会会长Bob Liodice称,如果广告商不能收集有关用户偏好的信息,那么这对于消费者来说将更为不利。People will not get fewer ads, he says. ;Theyll get less meaningful, less targeted ads.;这并不意味着用户会看到的广告会变少。;他们看到的将是那些更没有意义、更没有针对性的广告;,他说道。It is not yet clear how advertisers will respond.广告商们会对此作何反应仍不清楚。Getting a DNT signal does not oblige anyone to stop tracking, although some companies (including Twitter) have promised to do so.即使用户选择;不允许跟踪;,这也无法迫使任何一家广告商停止跟踪用户在线行为,尽管有些企业(包括Twitter)已经承诺会根据用户的要求决定是否跟踪。Unable to tell whether someone really objects to behavioural ads or whether they are sticking with Microsofts default, some may ignore a DNT signal and press on anyway.由于无法分辨用户是真的反对行为广告还是因为他们只是没有修改微软浏览器的默认设置,一些公司可能忽略;不允许跟踪;信号,继续记录用户的在线行为。Also unclear is why Microsoft has gone it alone.为什么单单微软会采取这样的措施?After all, it has an ad business too, which it says will comply with DNT requests, though it is still working out how.个中原因仍不清楚。要知道,微软自身也有广告业务。微软称它们将根据用户的;不允许跟踪;来决定是否记录用户在线行为,不过具体实施方案仍在研究当中。If it is trying to rile Google, which relies almost wholly on advertising, it has chosen an indirect method: there is no guarantee that DNT by default will become the norm.如果微软想要激怒Google(几乎所有收入都来自广告业务)的话,那么此举则是一个间接的方法:没人能保将;不允许跟踪;作为浏览器的默认设置会成为行业规范。DNT does not seem an obviously huge selling point for Windows 8—though the firm has compared some of its other products favourably with Googles on that count before.这似乎并不是Windows8很明显的一大卖点——在此之前,微软将其他产品与Google对应的产品进行了对比,认为自己的产品更胜一筹。Brendon Lynch, Microsofts chief privacy officer, blogged: ;We believe consumers should have more control.;微软的首席隐私官布伦丹?林奇(Brendon Lynch)在客中写道:;我们认为用户应该有更大的话语权。;Could it really be that simple?真的是这么简单吗? /201211/208316The first time Congress dealt with any issue pertaining to unclean air was in 1955. Prior to that, states had passed their own legislation dealing with the problems of impure air… most of it excess smoke from burning fields and clearing forests. But as industry and our nation grew, more people and more land were exposed to dirty air emissions from industrial smokestacks and automobile exhaust.国会处理关于空气污染的问题始于1955年。在此之前,各州自己制定法律,用以解决空气污染问题。过量的烟雾大多产生于田地燃烧和森林砍伐。但随着工业发展,国力增强,越来越多的人和土地暴露在工业烟囱和汽车排放的污浊空气中。By the 1960s, environmental issues had become a public concern, as scientific studies linked air pollution to specific health issues. The Clean Air Act of 1963 marked the beginning of federally funded air quality research programs to deal with increasing amounts of smog. Two years later, it was amended to include cars as a source of pollution. The Clean Air Act of 1970, the year the EPA was established, was even more robust, and subsequent amendments in 1977 and 1990 addressed ozone depletion and acid rain.到1960年,环境问题备受公众关注,科学研究也将空气污染与具体的健康问题联系起来。1963年的空气洁净法令成为联邦政府提供资助,进行空气质量研究以处理日益增加的烟雾的开端。两年后,这项法案的修正案将汽车纳入污染源范畴。环保署成立那年颁布的1970年空气洁净法令内容更加充实。1977以及1990年的后继修正案中重点提到了臭氧层破坏和酸雨的危害。Enforcing clean air standards has helped control pollution and reduce health hazards over the years, but the process of improving and amending this Act to keep our air clean is on—going, as the costs to industry must be weighed against the benefits to the environment. The Clean Air Act—one of the most complex and extensive pieces of federal environmental legislation—remains very much a work in progress.近年来,洁净空气法规的实行在控制污染和减少对人类健康的危害方面起到促进作用。然而,改进、修订这条法令的进程还在继续,因为良好环境带来的好处必须要与工业的损失相抗衡。作为联邦环境法律中最复杂,范围最广的条例,空气洁净法令还在如火如荼地进行着。原文译文属!201210/204450He arrived at Victoria Station on the 19th of May 1873, and soon found some lodgings somewhere in Battersea.他于1873年5月19日来到维多利亚车站,很快就发现了巴特西某处一些住宿的地方。He spoke decent English.他讲得一口地道的英语。It quickly improved.而且提高的也很迅速。Within weeks, he was ing Keats.短短几周之内,他已经可以读济慈了。London came at him from all sides.伦敦从四面八方容纳着他。It was the largest city in the World, and 4 million people had somehow squeezed themselves into it.这是世界上最大的城市,在某种程度上400万人在这座城市里挤来挤去。Here is what it looked like.这就是它看起来的样子。This is Gustave Dores London, published just before Vincent got here.这里是古斯塔夫·多尔的伦敦,在文森特到达这里前刚刚出版。Look at the states of it.看看它。This is Ludgate Hill, looking up towards St. Pauls.这是卢德门山,抬头是圣保罗。Look at those crowds.看看那些人群。Ive got a pal.我有一个朋友。A regular out and outer.离我渐行渐远。Vincent had a copy and treasured it.文森特拷贝了一份,将其视为珍宝。You might recognize this image as well.你可能也会认出这张画作。Its Newgate Prison.它就是新门监狱。Two decades later, he still hadnt forgotten it.二十年后,他仍然没有忘记它。注:听力文本来源于普特201206/188379

Books and Artts; Book review;How the internet works;文艺;书评;互联网如何运作;Mapping the tubes;绘制网路全景;Contrary to expectations, the internet has a heart of cable and steel和预期不一样,互联网有一颗由电缆和钢铁组成的“心脏”Tubes: A Journey to the Centre of the Internet. By Andrew Blum.《网路:通往互联网中心的旅程》,作者安德鲁·布朗姆。 “Goverments of the Industrial World, you weary giants of flesh and steel, I come from Cyberspace, the new home of Mind.” So begins John Perry Barlow, once a lyricist for the Grateful Dead and now a cyber-libertarian, in a tract he penned in 1996, entitled, “A Declaration of the Independence of Cyberspace”. It is a poetic summation of the common image of the internet as an ethereal, non-physical thing—an immanent Cloud that is at once everywhere and for ever on the far side of a screen.此书开篇引用了约翰·佩里·巴洛于1996年写的一篇文章中的一段话:“工业世界的统治者们,你们是由实体和钢铁组成的乏味巨物,而我来自思想的新家园——网络空间。”他曾是死之华乐队的作词人,而今则是一位网络自由主义者。他还称此书为“网络空间的独立宣言”。这是对互联网的普遍印象饱含诗意的总结:飘逸、虚无的东西——如一朵浮云,可以即刻无处不在,而又永远在电脑屏幕遥远的另一端。For Andrew Blum, a writer for Wired, that illusion was shattered on the day a squirrel chewed through the wire connecting his house to the internet. That rude reminder of the nets physicality sparked an interest in the infrastructure that makes the internet possible—the globe-spanning tangle of wires, cables, routers and data centres that most users take entirely for granted. His book is an engaging reminder that, cyber-Utopianism aside, the internet is as much a thing of flesh and steel as any industrial-age lumber mill or factory.对于《连线》杂志撰稿人安德鲁·布朗姆而言,在一只松鼠咬断他的网线的那天,这种幻想已被打破。这个对网络实体“无礼”的提醒激起了他对互联网基础设施的兴趣,因为这些满世界绕在一起的电线、电缆、路由器和数据中心使得互联网成为可能,而大多数用户认为这些完全是理所当然。他的书是一个引人入胜的提醒:抛开网络乌托邦主义不谈,互联网和任何工业时代的伐木场或工厂一样,都是由实体和钢铁组成的。It is also an excellent introduction to the nuts and bolts of how exactly it all works. The term “internet” is a collective noun for thousands of smaller networks, run by corporations, governments, universities and private business, all stitched together to form one (mostly) seamless, global, “internetworked” whole. In theory, the internet is meant to be widely distributed and heavily resilient, with many possible routes between any two destinations. In practice, a combination of economics and geography means that much of its infrastructure is concentrated in a comparatively small number of places.该书也是对互联网所有基本要素如何运作的一次精介绍。术语“互联网”是一个集合名词,包括数以千计由公司、政府、大学和私营企业运作的子网络,所有这些交织在一起形成一个(基本上)无缝对接、全球互联运作的网络整体。理论上说,互联网应该是分布广、承载量大、包含任意两点之间许多可能的路径。实际上,说它是经济学和地理学的结合,其意为它将众多的基础设施集中于相对少数的空间内。So when Mr Blum travels to the tiny Cornish village of Porthcurno, he is able to see the landing stations for many of the great transatlantic fibre-optic cables that carry traffic—in the form of beams of pulsating laser light—between Europe and the Americas. A couple of hundred miles up the road is the London Internet Exchange, a building in which individual networks can connect to each other and to the wider internet. Londons exchange is the worlds third-busiest, behind the ones in Frankfurt and Amsterdam. What happens in such places can affect millions of people: one veteran network engineer in an American exchange recalls “shut[ting] off Australia” when one of that countrys big networks was tardy with its bills.所以当布朗姆先生来到波斯科诺的小村康沃尔时,他看到了基站——站内许多横跨大西洋的粗大光纤电缆内部迅速地闪动着一道道激光,并以这种形式在欧洲和美洲之间传递信息。沿着道路方向的几百英里外就是伦敦网络交换中心,通过它,单个的局域网可以相互连通,也可以连接到广域的互联网;论繁忙程度,它只排在法兰克福和阿姆斯特丹之后。这里的所发生的一切可以影响上百万人:一位曾在美国交换中心工作资深的网络工程师回忆到,在澳大利亚的巨大局域网中,曾有某个局域网拖欠费用,该中心就发出了 “切断澳大利亚的网路”的指令。Network engineering is not a glamorous profession, and the physical structures of the greatest network ever built lack the grandeur of a hydroelectric dam or a continent-spanning railway. But they do have their own style: featureless, virtually deserted buildings, full of marching rows of high-tech servers and routers fed by thick bundles of cable, their cooling fans forming a roaring chorus in the chilly gloom. That style is modulated by the local culture of wherever the building happens to be. Thus one American firm goes for a super high-tech, “cyberrific” look in an attempt to impress clients. Frankfurts internet exchange is a model of cool rationality, whereas Londons is grotty and coming apart at the seams.网络工程并非一个光鲜的行业,而且最为庞大网络的实物构造缺乏水电大坝的宏伟壮观,也没有洲际铁路的绵延大气。但它确实有自己的特点:普普通通、几乎废弃的大楼里,整齐地排满了富含高科技的务器和路由器,由厚厚的几捆电缆连接起来,它们的散热风扇在冷清昏暗中组成了一正在高歌的合唱队。无论大楼在哪,这种特点都会受到本地文化的影响。因此,一个追求超高科技风格的美国公司,打造“网络交通”的外观是给客户留下深刻印象的一种尝试途径。法兰克福网络交换中心就是良好理性的一个模板,而伦敦的则是脏乱带着些破裂。And then there are the engineers themselves, a rootless but engaging brotherhood that travels the world from rack to rack, helping to keep the electronic show on the road, and whose interactions and dealmaking does a lot to shape the geography of the electronic spiders web that now engulfs the planet.还有工程师他们自身是一个较为松散但相处融洽的组织,马不停蹄地在世界各地旅行,奔波于电子产品展览会,他们的交际和生意圈如一张电子蜘蛛网正在包围整个世界。Mr Blums book is an excellent guide for anyone interested in how the global modern electronic infrastructure works. And it is a timely antidote to oft-repeated abstractions about “cyberspace” or “cloud computing”. Such terms gloss over the fact that, just like the pipes that carry water, the tubes that carry bits are reliant on old-fashioned, low-tech spadework, human contact and the geographical reality in which all that exists.对“世界上的现代电子设施是如何运作的”这一问题有兴趣的任何人,可以通过布朗姆先生这本书得到良好的入门指引。该书也是对被热议的“网络空间”或“云计算”这类抽象概念的及时说明。这些术语掩盖了一个事实:正如水管输送自来水,网路传递着信息。它有赖于老式、低技术含量的基础工作,人们的交往;这些都存在于现实的地理状况之中。201207/190198

Why Does Altitude Cause Headache?为什么高海拔会引起头痛?Mountain climbers face many dangers as they brave the cold winds and icy slopes and jagged cliffs of the peaks they climb. But one of the most serious dangers they face is all in their heads–literally.当勇敢面对冷风,冰坡和参差不齐的悬崖时,登山运动员面临着很多危险。但是其中一个他们面临最严峻的危险就是他们的头。Why does altitude cause headache? Since the air is thinner, there is less oxygen in the blood, so blood flow to the brain increases. The extra blood can cause blood vessels to swell and tissues to press on the sensitive membrane that surrounds the brain, resulting in a headache.为什111么高海拔会引起头痛?随着大气越来越薄,血液中的氧气越来越少,因此流到大脑中的血液就会增多。多余的血会使血管膨胀,挤压敏感的在大脑周围细胞膜,导致头痛。But not everyone develops a headache at moderately high altitudes, partly because the low oxygen content of the air causes the climber to breath more often, forcing carbon dioxide out of the blood.但并不是每个人都会在适度的高海拔感到头痛,部分是由于大气中低氧引起攀登者常常喘不过气,驱使二氧化碳离开血液。The body reacts to the lowered carbon dioxide content of the blood by decreasing blood flow to the brain. An individual’s susceptibility to altitude-induced headache, as well as the severity of the headache, depends on whether the overall blood flow to the brain increases or decreases.血液中的二氧化碳少了,身体中流入大脑中的血液就会减少。一个个体对于海拔降低引起头痛的敏感性和头痛的严重性,取决于全面流入大脑中的血液是增多了还是减少了。At high altitudes, usually over 10,000 feet, an unrelated condition known as high-altitude cerebral edema, or HACE, can develop. HACE occurs when parts of the brain become waterlogged.在高海拔,常常超过3000米,一种不相关的高海拔脑水肿情况出现。当大脑的部分浸满水的时候脑水肿就会出现。Unlike altitude-induced headache, which occurs in over ninety percent of the people who ascend to 11,000 feet, HACE is a rare disorder. Characterized by mental confusion, hallucinations, and a drunken stagger, HACE is almost always fatal if descent is not immediate.当海拔超过3300米,90%的人会出现海拔降低的头痛,与此不同的是,脑水肿是一种罕见的混乱。其特征是精神混乱,幻觉和酒醉后的蹒跚。如果下降的不够及时,那么脑水肿几乎是致命的。 /201206/186436The mayor of Detroit, Dave Bing, has seemed keen to negotiate a “consent agreement” between the city and the state. This would avoid a takeover, but would still set out exactly how the city must extricate itself from the crisis and manage itself in future. However, the agreement had to be signed and sealed by April 5th; if the deadline was missed, an emergency manager would probably be appointed.底特律市市长,Dave Bing似乎倾向于通过协商,使市政府与州政府达成“一致协议”。此举虽然可以避免被接管,但对于底特律城如何自我救赎,从危机中走出,以及如何安排城市的未来仍需做出明确的安排。然而,协议达成的最终期限是四月五日。一旦无法在最终期限内签属和生效,任命危机总长来接管城市,将势在必行。Aspects of the agreement are controversial, particularly with the city’s labour unions. It would set up a Financial Advisory Board to oversee the city’s restructuring, recommend cuts in services and appoint a chief financial officer (CFO). It imposes tough terms on future union contracts, a chief cause of Detroit’s financial malaise, and insists that all existing contracts, even those recently ratified, can be reopened. The financial advisory board would be appointed by both city and state, and would have to approve new labour agreements before they went to the mayor and city council for ratification. The CFO would be chosen by the mayor from a list of at least three names submitted by the governor. And if, after all this, the city failed to meet the required savings targets, Mr Snyder could still appoint an emergency manager.协议中的某些部分,尤其是与底特律各公会有关的条款,颇具争议。协议规定要组建财政指导委员会,监督底特律重建工程;对该削减那些民政务部门保有建议权;选出一名财务总监。鉴于公会合同是底特律财政顽疾的重要原因,协议中对未来公会合同条款做出了严格的规定。并坚持要求,所有仍在生效的合约,即使是在最近已做出修改,也都有重新协商的可能。财政指导委员会成员将由市政府和州政府共同任命,而且新的劳动协议必须在财政指导委员会得以通过后才能交由市长和市政委员会批准。至于财务总监,密西根州长将向底特律市市长推荐至少三人,并交由底特律市长从这些候选人中选出。即使以上条款如实通过,一旦无法达到所要求的财政节约目标,州长先生仍有可能会向底特律指派危机处理员。The city council’s response to the consent agreement has ranged from resigned to downright hostile. As The Economist went to press early on April 4th, the nine members had delayed voting on it. One even asked,“What is the hurry?” The hurry was the next day’s deadline. Meanwhile, a coalition of unions has gone on the attack. They argue that the agreement was negotiated behind closed doors, rather than openly as the law requires, and want a federal judge to stop the city and state signing it. The judge said late on April 3rd that he will rule on the matter by April 9th: in other words, after the deadline.市政委员们对此协议的反应是有人逆来顺受,有些则嗤之以鼻。截止到四月四日上午本刊即将出版发行之前,九位市政委员推迟就此议案进行投票。一位委员竟脱口问道:“为什么这么急?”着急的原因是四月五日就是截止期。与此同时,底特律公会间已达成联盟,开始进行反击。他们提出,协商议案属于暗箱操作,违反法律所规定公正公开的原则。他们希望联邦法官阻止市政府和州政府达成协议。而联邦法官在四月三日晚些时候给出的答复却是他会在四月九日就此事作出判决。换句话说,过了截止期再说。Mr Snyder has laid out the state’s case on a new website, “Detroit can’t wait”. It includes a personal commitment from him to ensure that, “in the short term…the streetlights are on at night and trash is picked up”, and,that “buses run on a reliable schedule so people can get to work”. Whether by a consent agreement or an emergency manager, Detroit’s freedom of action is aly tightly constrained. The alternative, though, is bankruptcy.州长先生开通一个叫“底特律不能再拖下去了”的新网站,用于提供有关此事处理的相关消息。他本人也做出了承诺,保 “短时间内,晚间照明仍能保,市政清洁仍将继续。公共交通还将按时运营,以保障人们仍可乘车上下班。”不管是一致协议还是危机总长,底特律的命运已不能完全掌握在自己手中,再有何举动也要看别人的眼色行事。尽管面前还有另一条路,却是通向破产的深渊。201204/177835Science and Technology LSD Acid tests科技 麦角酸二乙基酰胺 迷幻药之考验Research into hallucinogenic drugs begins to shake off decades of taboo迷幻药物的研究开始摆脱几十年来的禁忌THE psychedelic era of the 1960s is remembered for its music, its art and, of course, its drugs.20世纪60年代是一个让人产生迷幻的年代,这个时代因它的音乐,它的艺术,当然还有它的毒品而被人记得。Its science is somewhat further down the list.而那个时候的科学在某种程度上则不太被人们熟知。But before the rise of the counterculture, researchers had been studying LSD as a treatment for everything from alcoholism to obsessive-compulsive disorder (OCD), with promising results.不过在反传统文化兴趣之前,随着有价值的研究成果的出现,研究者们则正在研究LSD作为一种治疗从酗酒到强迫症(OCD)的方法。Timothy Leary, a psychologist at Harvard University, was one of the best-known workers in the field, but it was also he who was widely blamed for discrediting it, by his unconventional research methods and his lax handling of drugs.哈佛大学的心理学家蒂莫西?利瑞(Timothy Leary)就是该领域最为知名的人士之一,不过他也因为其非传统的研究方法和他对对药物不严格的处理而让这个药物声名狼藉,进而广受诟病。Now, the details of Learys research will be made public, with the recent purchase of his papers by the New York Public Library.现在,随着纽约公共图书馆购买他的论文,利瑞研究的细节部分将公之于众。These papers will be interesting not only culturally, but also scientifically, as they reflect what happened between the early medical promise of hallucinogens and their subsequent blacklisting by authorities around the world.这些论文不仅在文化方面将会很有引人注意,在科学上也同样如此,它们反应了从早期迷幻剂的医疗承诺到它们随后进入全球各地政府黑名单的之间的所发生的事情。American researchers began experimenting with LSD in 1949, at first using it to simulate mental illness.美国的研究人员研究LSD始于1949年,那时他们第一次用这个化合物来模拟精神病。Once its psychedelic effects were realised, they then tried it in psychotherapy and as a treatment for alcoholism, for which it became known at the time as a miracle cure.迷幻效果一被发现,他们接着就在心理治疗方面尝试用它,它也同样作为一个酗酒的治疗方法,因为在当时这个化合物以作为一个奇迹的治愈而得名。By 1965 over 1,000 papers had been published describing positive results for LSD therapy. It, and its close chemical relative psilocybin, isolated from hallucinogenic mushrooms, were reported as having potential for treating anxiety disorders, OCD, depression, bereavement and even sexual dysfunction.到1965年时,已经有一千多篇关于LSD治疗的积极结果的论文发表。LSD以及与它相关的化合物裸盖菇素,后者是从迷幻蘑菇中分离出来的一种物质,这二者都被报道有治疗焦虑症,强迫症,抑郁症,丧亲之痛甚至是性功能障碍的潜质。Unfortunately, most of the studies that came to these conclusions were flawed: many results were anecdotal, and control groups were not established to take account of the placebo effect.不幸的是,这些结论大多数都是有缺陷的:许多的结果都是道听途说的,并没有设立相应的对照组以用来考虑安慰剂的影响。Still, the field was ripe for further study.尽管如此,但这个领域进一步研究的时机已经成熟了。But alongside growing public fear of LSD, Learys leadership had become a liability.不过与之相关的公众对于LSD的恐惧也在与日俱增,不过利瑞的领军地位已经成了坏事。He was seen less and less as a disinterested researcher, and more and more as a propagandist.他被视为一个越来越缺少公正的研究员,而越多地被人视作是一个宣传员。In 1962, amid wide publicity, the Harvard Psilocybin Project was shut down.1962年,就在其大肆宣扬过程中,哈佛的裸盖菇素项目被撤销了。Leary took his research to an estate in upstate New York, where he also hosted a stream of drug parties.利瑞带着他的研究去了纽约北部的一个庄园,在那里他还组织了一系列的毒品聚会。Eventually both LSD and psilocybin were proscribed.最终LSD和裸盖菇素都被禁止了。Which was a pity because, like many other drugs the authorities have taken against as a result of their recreational uses, hallucinogens have medical applications as well.这就是一个遗憾,因为与其他官方反对药物的用途一样,迷幻剂也有同样的医疗应用。But time heals all wounds and now, cautiously, study of the medical use of hallucinogens is returning.不过时间已经抚平了所有的创伤,现在对于迷幻剂的医疗研究应还是谨慎地归来了。Psilocybin has shown promise in treating forms of OCD that are resistant to other therapies, in relieving cluster headaches (a common form of chronic headache) and in alleviating the anxiety experienced by terminally ill cancer patients.在对其他治疗方案都有抵触的强迫症形式,缓解头痛(一种常见的慢性头痛花形式)以及减轻晚期癌症病人所历经的焦虑方面,裸盖菇素显示出了希望的苗头。The first clinical study of LSD in over 35 years, also on terminally ill patients, is expected to finish this summer.LSD的第一个临床研究和在身患绝症的病人方面的研究超过了35年了,预计会在这个夏季结束。Peter Gasser, the Swiss doctor leading the experiment, says that a combination of LSD and psychotherapy reduced anxiety levels of all 12 participants in the study, though the statistical significance of the data has yet to be analysed.领导这个实验的瑞士医生彼得?加塞(Peter Gasser)说LSD和心理治疗的结合缓解了12名参与者的焦虑程度,虽然该实验的统计意义还有待于分析。Research into LSD is not confined to medicine.对于LSD的研究并不局限于药物方面。Franz Vollenweider, of the Heffter Research Institute in Zurich, for example, is scanning peoples brains to try to understand how hallucinogenic drugs cause changes in consciousness.例如,海弗特研究学会(Heffter Research Institute)的弗朗茨?沃尔温德(Franz Vollenweider)正在扫描人的大脑,试图搞清楚迷幻药如何引起意识的变化。And biotechnology may lead to a new generation of hallucinogenic drugs.生物技术也可能会导致新一代迷幻药物的出现。Edwin Wintermute and his colleagues at Harvard have engineered yeast cells to carry out two of six steps in the pathway needed to make lysergic acid, the precursor of LSD.埃德温?温特姆特(Edwin Wintermute)和他在哈佛的同事已经通过基因工程改造了酵母细胞,在产生麦角酸——LSD的前体——的六步反应路径中已经实现了其中的两步。They hope to add the other four shortly.他们希望通过在短期内加入其他的四步反应。Once the pathway has been created, it can be tweaked.一旦这个路径打通,酵母就可以得到改良。That might result in LSD-like drugs that are better than the original.这或许就会产生类似于LSD药物并且比原来更好迷幻剂。Even if that does not happen, making lysergic acid in yeast is still a good idea.即便这种情况没有出现,不过在酵母中合成麦角酸依然是一个不错的构想。The chemical is used as the starting point for other drugs, including nicergoline, a treatment for senile dementia.这种化合物可以用于包括麦角溴烟酯(用于治疗老年性痴呆的治疗药物)在内其他药物的起点。The current process for manufacturing it is a rather messy one involving ergot, a parasite of rye.目前制造麦角溴烟酯的工艺仍然相当复杂,它要用到麦角菌——一种寄生在黑麦中细菌。It may, of course, be that LSD has no clinical uses.当然,LSD或许没有临床用途。Even when no stigma attaches to the drugs involved, most clinical trials end in failure.即使这种药物没有任何不光的地陷,那么大多数的临床实验还将会以失败告终。But it is worth seeing whether LSD might fulfil its early promise.此外,对于LSD能否履行其早期的承诺还值得一看。And if the publication of Learys archive speeds that process up by exorcising a ghost that still haunts LSD research, then the New York Public Library will have done the world a service.如果利瑞的档案能够加速驱除困扰着LSD研究的鬼魂,那么纽约公共图书馆将是务了整个世界。 /201211/211146

Finance and Economics;The euro crisis;A firewall full of holes;财经;欧元危机;漏洞百出的防火墙;The euro zones rescue strategy still does not add up;欧元区救助策略依然一盘散沙;There is a new swagger among European financial officials these days. As bond sps narrow, share prices rise and the euro strengthens, many policymakers are convinced the crisis has been solved. At a G20 gathering of finance ministers in Mexico City on February 25th-26th, for instance, the European delegates were touting their success. It is a far cry from the browbeatings they suffered during 2011.当前,欧洲财政官员们流露出新的自大情绪。随着债券息差缩小,股票价格上涨,欧元势头强劲,众多决策者坚信这场危机已经终结。如2月25日-26日在墨西哥城召开的20国财长会议上,欧洲代表不断吹嘘他们的成功。这与他们2011年危机中恐惧的样子可真是天壤之别。This mood of confidence can largely be credited to the European Central Bank (ECB) and its provision of liquidity to banks. But add in Greece’s second bail-out deal, tough new euro-zone fiscal rules, bold reforms in Italy and Spain and—so the argument goes—it is clear that the Europeans are serious about fixing their problems. Just in case, the imminent introduction of the European Stability Mechanism (ESM), a permanent rescue fund, as well as an increase in the IMF’s resources, also mean that a solid firewall is being erected to cope with another conflagration.这种自信情绪很大程度上要归因于欧洲央行及其向提供的流动资金。但是,一些人还考虑到第二轮对希腊的救助、强硬的欧元区新财政政策以及意大利和西班牙大刀阔斧的改革,因此出现了一种说法:欧洲显然是真的想解决问题。为了以防万一,欧洲即将推出一项永久救助基金——欧洲稳定机制(ESM),国际货币基金组织也将增加其资金,这意味着一道坚实的防火墙正在竖起,以应对另一场“大火”。Unfortunately, with one exception, every part of that argument is weaker than it looks. The exception is the ECB’s Long Term Refinancing Operation (LTRO), which provides banks with three-year liquidity at its main interest rate, currently 1%, against a wide array of collateral. On February 29th the ECB announced that it had lent another EURO530 billion (2 billion), taking the amount of three-year money it has pumped into the banking system over the past two months or so to more than EURO1 trillion (see chart). It is hardly surprising that markets are perkier.可惜的是,这种说法的每个方面都没有看起来那么坚实,但其中有一项是例外。这个例外就是欧洲中央的长期再融资操作(LTRO),LTRO按其主导利率,在提供大量的抵押品作为担保的情况下,向其提供三年期流动资金来,当前主导利率为1%。2月29日,欧洲央行宣布又借出5300亿欧元(7120亿美元),这一举措使其在近两个多月的时间内向系统注入的三年期资金超过1万亿欧元(见图)。难怪市场会变得更加傲慢。The amount lent at the second auction was slightly higher than expected, and went to far more banks than the initial auction in December. Since so many small banks have now tapped LTRO, hopes are rising that as well as slowing the pace of bank deleveraging and propping up sovereign-bond markets, the liquidity may encourage new lending to the real economy.第二次竞标的贷款量略高于此前预期,获得贷款的数量也大大超过12月的首次竞标。LTRO不仅放缓了减债的步伐,撑了主权债券市场,同时也因为众多小型现已从LTRO获得资金,人们越来越期望流动资金能够刺激新贷款流向实体经济。It might, but all that money could also have nasty long-term side-effects. Hawks at the ECB are aly muttering about the problem of banks becoming addicted to cheap central-bank funds. And by encouraging Italian or Spanish banks to buy their governments’ bonds, LTRO reinforces the close links between the peripheral economies’ sovereign debt and the health of their banks.三年期贷款可能有这种作用,但也可能产生长期的负面影响。欧洲央行的鹰派已经开始抱怨各国沉溺于央行的廉价基金。三年期贷款刺激了意大利或者西班牙用所获资金购买国债,将次要经济体主权债务与其健康状况捆绑得更紧。LTRO has bought time, however. So, too, has Greece’s latest rescue package. Germany’s Bundestag approved its share of the funds on February 27th. The temporary downgrade of Greek bonds to “selective default”, as a result of moves to restructure private creditors’ debt, has caused few ripples. In the short term a chaotic default has almost certainly been avoided. But few believe the Greek rescue plan will actually work. Eventually Greece will either need more help from its rescuers or will face default and perhaps an exit from the euro.但是,LTRO买的是时间。最新一次希腊救助计划也是如此。2月27日,德国联邦议院批准了德国在该基金中承担的份额。希腊调整私人债权人债务的一系列动作导致其债券被临时降级为“选择性违约”,但却没有什么影响。短期看来,希腊几乎不可能出现违约动荡。但是,也几乎没有人相信希腊救助计划真的管用。最终,希腊要么向救助者寻求更多帮助,要么面临违约,也许还要退出欧元区。What matters, therefore, is how well the euro zone uses the time it has bought itself. The signs are worrying. Policymakers’ overwhelming (and misguided) focus on budget austerity is facing increasing resistance. Spain announced on February 27th that its 2011 budget deficit, at 8.5% of GDP, was even bigger than first expected. It wants to renegotiate the 2012 deficit target of 4.4% of GDP.因此,关键是看欧元区怎么用好自己买到的时间。现在的迹象令人担忧。决策者误入歧途,过分强调预算紧缩,现在面临了越来越多的抵抗。2月27日,西班牙宣布其2011年预算赤字为GDP的8.5%,高于先期预测。西班牙欲就其2012年的赤字目标进行重新协商,该目标为GDP的4.4%。More worrying still is the lack of progress in building permanent defenses against a loss of confidence in another sovereign’s bonds. Much faith is placed in the ESM, to be launched on July 1st. This EURO500 billion fund is supposedly stronger than the current iteration, the European Financial Stability Facility (EFSF), because it is enshrined in legal treaties and because EURO80 billion of its capital will eventually be paid in, whereas the EFSF relies on guarantees. Although Germany still resists, most euro-zone members hope to run both funds simultaneously, which implies a theoretical cash-chest of EURO750 billion.更令人担心的还是针对另一种主权债券信心缺失的永久防御建设未取得进展。很多人寄希望于7月1日将启动的欧洲稳定机制(ESM)。这笔5000亿欧元的资金可能比当前的机制——欧洲金融稳定基金(EFSF)——更为有力,因为ESM有法律条约作保障,并且其800亿欧元资本最终会兑现,而不是像EFSF那样只靠担保。尽管德国依然反对,但大部分欧元区成员国都希望两项基金同时运行,若同时运行,将意味着理论上会有7500亿欧元的基金。The trouble is that this money is not actually to hand. The EFSF, whose AA+ credit rating was put on negative watch by Standard amp; Poor’s this week, must find its funds in the bond markets, and there is little evidence that it can raise a lot of money fast. And cash-strapped countries, such as France, are reluctant to pay in a lot of capital to the ESM quickly.问题是这笔钱还没有到手。信用等级为AA+的EFSF本周被标准普尔公司设为负面观察,EFSF必须要在债券市场找到资本,但是还没有迹象表明EFSF可以快速筹到巨款。而资金短缺的国家,如法国,不愿意立即向ESM大量注资。The Europeans’ reluctance to put a hefty amount of real money at risk has weakened the second part of the firewall, the IMF’s resources. In Mexico City G20 members made it clear that they would not stump up cash for the fund until there was a “credible” commitment from Europe.欧洲国家不愿意冒险投入大量现款,这一点削弱了防火墙的第二部分——国际货币基金组织(IMF)的资金源。在墨西哥城召开的G20会议上,成员国明确表示在欧洲国家做出可靠承诺前,他们不会向该基金注资。Worse, even if it were fully in place, this is still a rather flimsy sort of defence. Relying on vast infusions of money from the IMF could actually worsen the problems of a country like Italy, since the fund’s presumed preferred-creditor status(IMF) would push private bondholders further down the pecking order. Nor are the amounts being talked about enough to remove the risk of panic. As Willem Buiter of Citigroup points out, the weaker members of the euro zone collectively need to borrow some EURO2 trillion over the next two years.更不妙的是,即使资金全部就绪,这也只能是一层脆弱的抵御。事实上,依靠IMF灌入大量资金对于像意大利这样的国家来说会将问题恶化,因为该基金的预期优先债权人身份会将私人债券持有人推向更低的社会等级。这笔数目也不足以消除出现大恐慌的风险。正如花期公司的维勒姆?布提尔指出的那样,在未来两年内,欧元区较脆弱的成员国共需借款2万亿欧元左右。To get properly on top of its debt problem, Europe needs to be bolder. A growing chorus argues that this must entail some form of joint liability for countries’ debts. A proposal from the German Council of Economic Experts for a European Debt Redemption Fund, which would mutualize all euro-zone members’ debts above 60% of GDP, with strict rules to pay them off over 25 years, is gaining traction in some quarters. Germany itself remains staunchly opposed to anything that smells of Eurobonds, and the current period of calm has only reinforced that resistance. Meanwhile, the clock ticks.要想恰当地处理好债务问题,欧洲还需要更加大刀阔斧。越来越多的人认为欧洲国家需要为债务问题负连带责任。德国经济专家委员会提出的欧洲债务赎回基金的建议在部分地区得到了响应。该基金吸收了欧元区各国债务占GDP 60%以外的部分,制定严格的制度使他们在25年内还清。德国本身坚决反对任何带有欧洲债券味道的东西,当前的风平浪静只是增强了这种抵抗。与此同时,钟表指针滴滴答答地走着。 /201301/219826Business books quarterly; Book Review;商业书籍;书评;The success of hedge funds对冲基金的成功Masterclass大师级Two books analyse what makes hedge-fund managers great—and reach very different conclusions.两本介绍对冲基金的成功之处的书——其结论大相径庭。The Alpha Masters: Unlocking the Genius of the Worlds Top Hedge Funds. By Maneet Ahuja.阿尔法(注)大师:揭秘世界顶尖对冲基金的智慧,Maneet Ahuja著。The Hedge Fund Mirage: The Illusion of Big Money and Why Its Too Good To Be True. By Simon Lack.对冲基金的海市蜃楼:巨资的幻象及其难以置信的原因,Simon Lack著。Forget the one percent denounced by the Occupy Wall Street protesters. Hedge-fund managers have made so much money for themselves that they are in the top percent of the one percent. The billions they have raked in make bankers bonuses look titchy. Their vaunted success trading stocks, bonds and other instruments has helped to transform a cottage industry into a behemoth; today hedge funds oversee more than .1 trillion. A class of moneymen who once only managed funds for buccaneering, rich families now count the worlds largest public pension funds and endowments as clients.忘记;占领华尔街;运动中所诋毁的那百分之一。对冲基金经理帮自己赚的钱足以让其成为这百分之一中的佼佼者。他们捞回来上百亿的资金让家的分红显得寒碜。他们在股票,债券和衍生品交易上取得了令人赞赏的成绩,这也帮助产业从一家庭作坊式的产业成为龙头产业。今天对冲基金管理着超过2.1万亿美元。曾经为喜欢投机的富翁家族理财的金融家,现今已让世界上最大的公共养老金,基金会成为其客户。Have hedge funds succeeded because of their investment genius, or their crafty marketing? Two new books disagree on whether the hedge-fund managers golden chalice is half-full or half-empty. Maneet Ahuja, a CN producer who worked briefly on Wall Street before taking a job at the Wall Street Journal, has written a homage to hedgies. She was in awe of Wall Street aly when she was an intern at Citigroup (“I left the building with an offer for a semester internship in hand, convinced I had found my calling with the good guys—good guys with nice shoes”). She has never shed it. “The Alpha Masters” profiles 11 of the industrys best-known bosses, and looks at their investment philosophies and their famous trades. John Paulson made billions predicting the bursting of Americas housing bubble; James Chanos, a short-seller, disrobed Enron; and Ray Dalio, the boss of Bridgewater, the worlds largest hedge fund, makes a killing for his investors and keeps calm doing transcendental meditation.对冲基金的成功真的是因为他们投资的智慧么?还是因为他们处心积虑的市场企划?两本新书在对冲基金经理们的金杯里究竟是半桶水还是半桶空气的问题上产生异见。曾短暂任职于华尔街而后加入华尔街日报的CN制片人Maneet Ahuja,向对冲这帮家伙写了篇致敬。在她在花旗实习的时候就十分敬畏华尔街(;当我拿着一学期实习的录取通知书离开大楼的时候,这让我确信自己找到了一群好人——穿着名牌鞋的一群好人;)。他至今没有改变这一印象。《阿尔法大师》列举了11位业界最知名的总裁,并分析他们投资哲学和经典案例。约翰#8226;保尔森因预测到美国房地产泡沫而赚了几十亿美元;卖空家James Chanos剥光了安然公司;世界上最大的对冲基金Bridgewater总裁Ray Dalio,为其投资者抓住猎杀机会而通过冥思竟作来保持冷静。Throughout her book Ms Ahuja seems to be in a trance herself, in thrall to the glamour of her subjects. She never questions the judgment of her alpha-men and always gives them the last word. She devotes dozens of pages to Mr Paulsons rise in the hedge-fund industry, but glosses over his poor performance in 2011. His results have led some to speculate that he may have the unfortunate record of both earning and losing the most money in hedge-fund history. She es one of his 2011 letters to investors asserting that bank stocks—whose struggles pulled down his funds performance—would rebound when the economy improves, never criticising what he did or pointing out that investors will have to wait ages to claw back such massive losses. Nor does she grasp at bigger themes or the many common factors that hedge-fund managers share. Is it ego, courage, good networks or charisma that has brought them more success than their fellow financiers?Ahuja在她的整本书里都好似被催眠,完全被其采访对象的成功所迷住。她从来没有质疑她书中的阿尔法大师的判断力,视他们的话为至理名言。她为保尔森在对冲基金行业的冉冉升起洋洋洒洒写了十几页,而对他在2011年的糟糕表现则一笔带过。一些人怀疑保尔森可能会创造一个悲剧性纪录——对冲基金史上既是盈利最高也是亏损最多的经理。她引用了保尔森2011年写给股东信件里的话,他坚称连累该基金业绩的股在经济状况恢复时将反弹。而她从来没指责过他的所作所为,也并没有指出投资者需要等到天长地久才能从如此之深的亏损里爬出来。她也并没有抓住整个大环境或其他一些对冲基金经理的共通因素。究竟是自信,勇气,有关系还是魅力使得他们比金融业同行更成功?“The Hedge Fund Mirage” attacks the Wall Street worshippers blind adulation. Simon Lack, who spent 23 years at JPMorgan, an investment bank, selecting hedge funds to invest in, grew tired of the free hand that investors all too often gave managers. He has written a provocative book questioning a central tenet of the hedge-fund industry: its performance is always worth paying for. The promise of superior performance is wrong, he says. Of course some investors make a killing, but on average hedge funds have underperformed even risk-free Treasury bills. This is because the bulk of investors capital has flooded in over the past ten years, whereas hedge funds performed best when the industry was smaller than it is now. What is more, it is hard to know how hedge funds actually fare, since indices that track industry performance tend to overstate the returns. Funds that do badly or implode are not usually included in the indices at all.《对冲基金的海市蜃楼》对华尔街追随者的盲目崇拜进行了攻击。曾在投资根大通(JPMorgen)工作23年的Simon Lack,当时的任务是分配在对冲基金的投资。后来厌倦了投资者常常给予管理者过多的自由。他写了本具有挑衅性的书来质疑对冲基金的核心:它的业绩是物有所值的。他写道,这些对优秀业绩的承诺是错误的。当然一部分投资者是会有所猎获的,但平均来说对冲基金的表现连无风险的美国国债都不如。这是因为大部分投资者的资金都是最近这十年才涌入的,而对冲基金表现最佳的时候是比现在小的时候。更有问题的是不知道对冲基金的表现究竟如何,因为追踪业界表现的的指数通常夸大回报。那些表现很差或破产了的通常都不包括在这些指数里。Why would any client continue to pay for such mediocre returns? One reason is that hedge-fund managers are incredibly good salesmen. In addition, industry insiders who are all too aware of hedge funds shortcomings choose not to expose them, Mr Lack argues. Moreover, the common fee structure, in which hedge-fund managers keep 2% of assets as a “management” fee to cover expenses and 20% of profits generated by performance, has made many managers rich, but not their clients. Mr Lack calculates that hedge-fund managers have kept around 84% of profits generated, with investors only getting 16% since 1998. “Where are the customers yachts?” is the title of one chapter. What is worse, the disastrous dive of equity markets in 2008 may have wiped out all the profits that hedge funds have ever generated for investors.为什么客户要继续为如此普通的回报付费呢?其中一个原因是对冲基金的经理都是不可思议的优秀销售人员。同时Lack认为,非常了解对冲基金软肋的业内人士选择不披露它们。再加上通用的费用结构使得许多经理变得富裕,而非他们的客户。这些费用包括对冲基金经理每年保留总资产的2%作为付开销的;管理费;和盈利业绩的20%。Lack计算自1998年起,对冲基金经理大约保留了84%的总利润,而投资者只拿到了16%。;客户的游艇去哪里?;是第一章的标题。更可恶的是2008股票市场灾难性跳水可能已经把对冲基金为投资者赚的所有利润都抹杀掉了。Mr Lack places a good deal of the blame for this on investors who fail to ask tough enough questions and have not grasped that they “want yesterdays returns without yesterdays risk”. They invest money with the biggest, best-known funds “that look nothing like those whose aggregate performance” they want to emulate. Instead investors should stand up to managers, negotiate more favourable terms and put their money into smaller funds, which tend to perform better.Lack将大部分指责都指向投资者,因为他们没有问足够深入的问题,并且没有意识到他们自己是在祈求;获得以前的回报却不希望承担对应的风险;。他们投资给最大,最有名的基金,而这些基金的累积表现跟投资者所希望模仿的表现相差甚远。投资者应该挑战经理们,跟他们协商一些更有利的条款,并将他们的钱放入小型基金里,因为这些小基金往往表现更好。Mr Lack points out that large institutional investors always like to invest in bigger hedge funds. That way they need not worry about being the bulk of a small funds investor-base. But he offers no solution for these large investors, who cannot put big sums into the small, nimble funds that he touts. Nor does he analyse how hedge-fund performance compares with other asset classes, such as private equity. As a result, the er is left with a nagging unanswered question: would investors do better to avoid hedge funds altogether and, if so, where should they put their money in future?Lack还指出大型机构投资者都喜欢投资大型对冲基金。这样他们不需要担心自己成为小基金的主要客户。大型机构不可能将大额资金放入他所推崇的那些敏捷的小基金里,而他并没有提出如何解决这些大型投资者所面临的问题。同时他也没有进行对冲基金跟其他基金的表现对比,例如私募基金。因此,这给读者留下了一个令人困惑的问题:投资者如果完全退出对冲基金,表现是不是会更好呢?如果是的话,他们以后又应该把钱投到哪里呢?In his conclusion Mr Lack argues that most hedge-fund books are written by their “proponents”. His ambition was to spark debate and help to change the industry. Whether he succeeds or not remains to be seen. Hedge-fund executives have aly reacted angrily to “The Hedge Fund Mirage”, which suggests that looking into the mirror may be painful. They rightly worry the days of easy praise are over.在他的总结里他写道,大多数关于对冲基金的书都是由它的"拥护者"写的。他的野心在于将这场辩论点燃,并寄希望于此以改变整个行业。至于他在这一点上是否成功了,还有待考。对冲基金总裁们已经对《对冲基金的海市蜃楼》一书表示愤怒,这显示了要面对镜子里的自己是痛苦的。他们担心民众对其慷慨赞美的日子已经终结,这倒不是杞人忧天。 /201208/196401

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