对冲基金:令人不快的收场

费城——想象一下你想购买一辆高性能轿车,但却不允许你打开前器盖检查机器。前盖下面是什么是个秘密。不仅如此,你还无从知晓同类车辆的性能状况,因为根本不存在相似的产品。最后,这辆车还不提供保修。

对冲基金同样适用这种逻辑:投资者通常都不允许知道对冲基金的运作方式,也享受不到任何形式的担保。不仅如此,对冲基金经理可以轻而易举地“假冒”优秀业绩,而不用担心会被人拆穿。

只要选择一种相当罕见的情况,比如标准普尔500指数在未来一年内下降20%,就可以解释清楚假冒优秀业绩的情况怎样才会发生。诸如此类的罕见事件在金融衍生品市场被标价出售的情况非常普遍,而购买价值1美元的此类事件只需花费10美分。如果年底前事件真的发生,那么目前售价10美分的期权就可以带来1美元的回报,可如果没有,那投资者的所得就是零。

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