金融英语chapter eight Hedge Fund.ppt

Financial English Chapter Eight Hedge Fund Learning objective: Lead-in questions Lead-in questions Background knowledge Introduction to Hedge Funds Glossary Glossary Glossary Phrases Phrases Phrases Phrases Phrases Phrases Phrases Phrases Phrases Phrases Phrases Phrases Special Terms Notes to the text Notes to the text Notes to the text Notes to the text Notes to the text Notes to the text Notes to the text Notes to the text Notes to the text Notes to the text Notes to the text Notes to the text Notes to the text Notes to the text Notes to the text Notes to the text Notes to the text Notes to the text Notes to the text Notes to the text Key to exercises Key to exercises Key to exercises Key to exercises Key to exercises Key to exercises Key to exercises Key to exercises Key to exercises 6. By contrast, the Dow has dropped 40% this year; MSCIs index of developed and emerging stock markets has plunged nearly 50%. 与此相比，道琼斯指数今年下跌了40%，而摩根士丹利资本国际的发达和新兴股票市场指数则暴跌了近50%。 “the Dow”的全名是“The Dow Jones Industrial Average”，译为道琼斯工业平均指数，是由《华尔街日报》和道琼斯公司创建者查尔斯?道创造的几种股票市场指数之一。尽管道琼斯指数只包括了30种股票，但仍然是今日投资者最关注的股票指数之一。MSCIs index指的是摩根士丹利资本国际公司（Morgan Stanley Capital International）编制的一系列股价指数。在投资界，MSCI指数是使用范围最广的用以代表各国家、地区资本市场表现的参考指数。 Citadel Investment 城堡投资集团 Citadel Investment Group is a worldwide financial institution based in Chicago, Illinois. Kenneth C. Griffin, a trader himself, founded the group in November 1990 and the firm’s current businesses include hedge fund administration, multi-manager investment strategy, and equity options market-making. It’s regarded as one of the largest and most successful hedge fund sponsors in the world. 8. As investors pull out, hedge funds are being forced to raise cash to meet redemptions by liquidating their holdings. 由于投资者离场，对冲基金被迫变现其手中的资产以筹集现金应付他们赎回的要求。 Liquidate在金融术语中表示将资产转换为现金或者清算。在投资者将资金交给对冲基金管理后，基金将其投入购买各类资产。如果投资者临时或者提前要求赎回资金，对冲基金将不得不迅速卖出资产以应对赎回的压力。 9. This mass deleveraging by the industry has been cited as one of the cause