国际经贸高级英语精读第3单元课文翻译及答案.ppt

1、Unit ThreeHow Bill Gates Invests His MoneyTEXT Tending the Investment Pools As Gates converts billions of dollars of Microsoft stock into philanthropic tender,Michael Larson will be shepherding the funds every step of the way.He will manage the foundation portfolios until the dollars are expended on

2、 syringes,scholarships,and software.当盖茨把价值成百亿美元的微软股票用作慈善事业时，迈克尔拉森将像牧羊人一样照看资金运行的每一步。他将对基金进行管理，直到这些钱最后花在医疗、奖学金以及软件上。Unit ThreeHow Bill Gates Invests His MoneyTEXT Tending the Investment Pools “People have no idea the kind of pressure that Michael Larson operates under,says Roger McNamee.“For one thing

3、,hes running money for two of the largest foundations in the world.The better he does,the more good works can be done.“人们并不知道迈克尔拉森的工作压力有多大，”罗杰麦克拉米说，“首先，他在替这个世界上规模最大的两个基金管钱；他的工 作 越 出 色，所 能 成 就 的 善 事 也 就 越 多。”Heres how Larsons job works.Hes in charge of three large pots of money:the two foundations an

4、d the$5 billion or so in Gates personal portfolio,which is mostly invested through Cascade,though there are other smallish accounts also under Larsons auspices.Each of these three pools is discretely managed,with its own objectives and investments.And theres one thing both Gates and Larson want to m

5、ake perfectly clear.我们来看拉森是如何经营的。他掌管着三大笔钱：两笔基金外加主要通过Cascade公司投资的约50亿美元的盖茨的个人投资组合。当然，拉森还掌管着几个小账户。这三个基金都是独立经营的，每一部分都有自己的目标和投资方向。有一件事盖茨和拉森都想向外界澄清。“Michael and I talk regularly about general investment matters,but he has full discretion over the portfolio.Gates says.Larson,his usual grin gone for a seco

6、nd,says,“I wish everyone understood that.When people find out that Cascade has made an investment in something,thats not Bill Gates.Ill call Bill about something Im buying if he needs to know,but Bill might not have any idea what Cascade owns.(There are exceptions to this rule.For instance,Gates mak

7、es his own investments in biotechmore on that later.)“迈克尔和我会定期谈一谈投资的总体事宜，但具体投资完全是他说了算，”盖茨如是说。拉森收敛了他那习惯性的露齿一笑，说道，“我希望每个人能理解这一点。当人们发现Cascade进行某项投资的时候，那不是比尔盖茨的决定。如果比尔想知道的话，我会电话通知他我在买什么，但比尔可能一点也不知道Cascade买了什么。”（当然也会有例外的时候，比如盖茨自行决策投资生物技术领域后文会有所提及）。So whats in the portfolios?The Learning Foundation is the

8、 simplest.Because Patty Stonesifer and her crew have a fairly constant need for cash,Larson keeps this portfolio mostly in short-maturity U.S.government and corporate fixed-income securities.The William H.Gates Foundation is a little more complicated.Though it may have a smattering of stocks at any

9、given time,it too is almost entirely in bondsabout 75%short-term U.S.governments and corporates.75%short-term U.S.governments and corporates.那么，拉森的投资组合里有些什么呢？其中最简单的是教育基金。因为帕蒂史多纳西弗和她的同事对现金有持续的需求，拉森将这笔基金主要投在快要到期的美国政府和公司的固定收益证券上。威廉H盖茨基金稍微复杂一点。尽管该基金任何时候都持有少量股票，但它基本上也完全由债券组成其中75%是短期的美国政府和公司债券。“The portfo

10、lio is pretty conservatively positioned right now for a couple of reasons,”says Larson.“First,it reflects my view of the markets.And second,we just had an inflow of a couple of billion dollars.”Another reason bonds are attractive to Larson is that as new money streams in,scaling up in the fixed-inco

11、me markets is much easier than in stocks.“这个组合定位比较保守，这里有几方面的原因，”拉森说，“首先，它反映了我对市场的看法；第二，我们刚有一笔几十亿美元的现金流入。”债券吸引拉森的另一个原因是，当新的资金流入时，资金在固定收益市场上同比增值要比在股票市场上容易得多。As for the other 25%of this foundations assets,Larson has made investments running the whole gamut of the bond market.He holds some inflation-pro

12、tected Treasury bonds called TIPs,and plain-vanilla corporate bonds like Ford,Du Pont,and Time Warner(parent of Time Inc.,FORTUNEs publisher).He also has a position in junk bonds and foreign government bondsDanish,German,Canadianas well as foreign corporates,gobs of mortgage-backed securities,and al

13、l sorts of hedging investments.至于该基金资产的另外25%，拉森将他们分配于债券市场的各种金融资产上，他持有那些被称为TIPs的保值国库券，以及福特、杜邦、时代华纳（时代公司的母公司，财富杂志出版商）等普通公司债券。他还涉足垃圾债券，丹麦、德国、加拿大等国的政府债券，外国公司债券，大量的抵押证券，以及各种对冲基金。Larson farms out some 15%of the overall portfolio to bond managers at Morgan Grenfell,PIMCO,Miller Anderson&Sherrerd,and Wester

14、n Asset Management.“These guys have discretion over the money we give them,but if I dont agree with their take on interest rates or the yen,Ill override them by hedging,Larson says.拉森将投资组合的大约15%的资金委托给摩根格伦费尔公司、太平洋投资管理公司、米勒安德逊和谢勒德公司以及西方资产管理公司的债券经理人。“这些人对委托资金拥有处理权，但是如果他们对利率或日元汇率的看法与我的观点不一致，我会对他们的投资进行对冲

15、，以抵消他们原来的操作。”拉森说。Gates$5 billion personal portfolio is another matter.First,there is the question of how much Microsoft stock Gates should own.“The money I have outside Microsoft is less than 10%of the total,says Gates.“Since we are obviously heavily weighted with Microsoft,we will sell stock period

16、ically in order to get more diversity.Its basically the same strategy most individual investors engage in.(As if!)盖茨价值50亿美元的个人投资组合是另外一回事。首先一个问题是盖茨应该持有多少微软股票。“我在微软以外的资金不足总资产的10%，”盖茨说。“既然我们持有微软股票明显过多，那么我们会定期地出售该股以使资产进一步多样化。这和大部分 个 人 投 资 者 采 用 的 策 略 基 本 相 同。”（似 乎！）Because Microsoft stock has soared over the past few years,Gates and Larson have had to sell huge amounts of stock to maintain even the semblance of a diversified portfolio.Since the company went public,Gates has sold an average of five m