HEDGE AGB Ut a Hedge Fund Masters on the Rewards, the peta ee Coit BRE, Coin CYA VPA OI 7Y) eae Sai eget Ry, poe Garages Nolet tetas Meeaicitin Serge soe URN Sake rc Ge easxt af BAS st ie vK [GL SLR + A Katherine BurtonBehe 3 (CIPyAHE SY a AM 8 ABER s ETEK, EAL, HE, TIGR: PELE AME, 2008 ISBN 978-7-5006-8204-2 13... 1Oft... O£... OE... OF... ILAWKES— WP IEA AT WV.F830.59 “PURE FHR CIP BARAK + (2008)58 063195 Hedge Hunters: Hedge Fund Masters on the Rewards, the Risk, and the Reckoning Originally published by Bloomberg Press, Copyright©2007 by Bloomberg L.P.. All rights reserved. Bloomberg, Bloomberg News, Bloomberg Financial Markets, Bloomberg Press, Bloomberg Professional Library and Bloomberg Personal Bookshelf are trademarks and service marks of Bloomberg I-P.. All rights reserved. Simplified Chinese Translation Copyright © 2010 by China Youth Press WBS IA fe #: (2B e #: EEK ER A REA: TOR SR OR Oe His PUTA HaATAL az aA CAL PEURTT RAS ie 010-65516873 / 65511270 Co) : www.cyb.com.cn www.di com, fe: data Eb BODIES BURP f 2 AGP RE UAT LAS XC A AIT REED RENE Moe: 201078 1 HBA Baha KB OE Ewe 2010 1 FIN 1 EDI Be RR PRE F =: 889x1194 1/20 Kea FM ETE AOR AR EL Rt a eu 010-64081804 BULEF: 01-2008-1123 po A A % Ss ISBN 978-7-5006-8204-2 (010-65516873 010-65511270 Bt: 39.0076 PRES ARAL EN TEBe we: RINEK TSR BIAS: MSE eee: UE EE te Be HMA: RES RRR RBA: TEMG 3 See SAAT AC LS Be ARR as: HAVRE WB eT: TD ROSK: MER I FE RLSRMAD- AMM: MFRATE I 23 35 45 57 69 83 95 105 113oe é to, contents ARE MAME MT. 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AA= Preface + RAR BLE Ue OE A fil aH BEF A Be HO A ER A FORE HE EASE ih MA OE. BUATTOS TS A Da Ate LPR ART), Bee RE BPA ee RA PE FAME A TAS 5 A — $$ 2 ALE EE ET EM BBE AA Sy Zs SB —§ I AA 5 BA HD ARETE BH ALM WAMOREAR, RAR RRA EAs AUT HR 0 Be RE. ACA BR A SK FGI KY HE GSW AE. RG ad T 5 He HR HBR BY EH HAL RFE HAE PE BATS EAT AU HB LY, RK AER PS MROFSIRAPHLWEBA, HAS MM ADIL. R TW, Ride EAE AS OT HS AA). AER EH EBT BE PASE RIA RRR IG A TEP A SANA Ay AY ZS a] oft AT AFB HE MA 35 2 AEB BEA 60 B. SHRAOAP EME AR RAKBEL AWE RAR MM PEA C M2 FO RT A: TR ERR ALAA A FO —_ AE BABE BERS SEE BI i AP AS IR, Be a ATT Bg a WA A 365 Hs £6, 25 9 A BLA RH ik ROBE BE A Ol IN ZS a] BFE ASA ZA SG. (LAR AP RIE ARAE HE. AN, SAI ARAMARR MEK, INS BR Shs TH AAT FE EA HE TSU Bt a J DA SO AE DBOLRHA A MBA efi 5 5 Sh}— He Bee A MD Se UB a AMEE EMAAR RAR, AA EER HE HH Re SAA ZI BY AR SE BRE te ASS). — A a I A RY TH SH BEB AS LR , 53 — 1H BA AS HE Yee EE EA EW ERAS AER ADT YR R—— A LUE DRE, A, FL ATR BIR, AAT RS AS FBR Be AY BE 2 IE, AB eh AT lS 9 KM AR—AKLAOAW RH, ZEIAREH ABE RECSBKW, RAERS REAR, REL SRsd FAB GBC HEE 7 47 BY AS BA HE RB TATA Ud 09 UA FHS FE HES BRE BRB RAE Jy EB Ta AAT BA ESHA TAL BBE (ATT RR AY OR BR A A AAT At 3 AY A BR a PH, LA PR A ATS a We ait PE Da SB — BE Ss , AL ATT PY SBE a 2 SE RR I A, RF Ate ATT SB A He A AE AS A, BE EA A BE AL SR AO EZ TF OG RAR BYE A ZS i] ( Egerton Capital ) 9 2468)» Bid Ok 5-25 ABE AT 2 SH A PD) BR FE HY NUS BB, es HAN SEL AAT RM SF AA CHA” 9 IB BE BREE SS MIRA S SRE EAT HES BOAR EE He, ee Be ae LEB ATRRAS Ti SRE EE, ATH OH A BR ea ii.Tye ETRY sO ER Fee a, 10% mee S40 S84 4 (New York University ) Phy HR EAE mA ae THA 21 AS SES TENS A RAM RAK AA BLT — Ae HSA ALE, IEA 8 AT A SAS BERE UAE OUR VER MET, da 2 98 Be BL SR MATRA I, ES ER RE FA 8 12 POLAR, GFX AMET 100 473. WACK AIA IAIN. AR AEA ACE PR HMEMDRRE, IMMAKEMMT 125 FMR SEREFR Is 2, 100 7H STEAL BI — SE k$§$ 4 1 AURA. SE A AJL A RL A A FAUST. TEER A R42 TA CREAR 2 AE IS ER IE. BEN HPAES MIEML TM MAE RAT LEE ELTA TUE ASAI He LA a ha eR AAT A RA ll* CHAPTER 1 Mark Yusko: What It Takes to Be the Best * SAE Re C8 HEH EAB Me AR TB 9 BBY We HR WT AE, SR SEAR TS BF BE OB AB AG TE BR Mb BE A AE he ERAH RAMUS. TEP AMIE ABAR TERT OP AL Se SURI — PB. ESE HY MBA 26 a TE HE FA BE LT in AE ZS] 1B 10 A eH a SEABABRF TRA. FARRAR S MARA AD HERES ASW SOR ih AG GH ZG HY ART HEE PE Set Oh aR Ge AY TH SF AS ee — A a S| AEE oe PB — A Vid BRIER T ft A — TR A ECE ST) , — JL tk PE BA Al ft A EAE St SO ZS a 0 “RR TL ES ZX RE 2” Rb Oh AE Se —— ALE AKA , SEES Bt BR eA HE th TL OP RAL PE, OE ae EA Wd —— 89 HG Se 28 > 1] 36 AE 1923 FE, at, PAVE S VA AS HECHT -RBAWLS. Kili, HB 90 Fa, RS —HRRBRAT AAA. ANS , UM SA AF BE HE TL BR AES A 9 A, AB EE tp SE BERRA L GOEL. thi RAC) (New York Axa i MAD HS Lb A — CAA ABI) (New York Post) BZ A) (Vanity Fair )— APSE AGAR TE HAT EY AE AAT SD MHBREEER BABY eM (HBO) WHE TMA He SPR A LUE A A Se HL AAT A EPR BI EGE BE Se RE OE 47 Mh A BE 9 BT BE AS Be SE Te] BE Se 9 HAY 10 Tr ALTE — Fo PRINT, HAY MP AE Se ZA i] 9 HO wd 7 SH SEALER AUASE ZS FH 2S HATTA 21 THE 2 a dA SE A AAT HH BARR Be A HE PE Be OY ER BK A I aR Se HA PAB RAL mi EAR MR 1990 48, PER AA BCE AL HF BE eT, TUL A YET 2 390 ALF TE 9 Bi) 2006 AE AE IK , PERRO REAL HY HS Op AE Ge 2 i] ‘EE SB BE HAM 6501276. HARSH BAA 2,400 (LAL PE Se ee BE, BBE 1S ALR THE RAL AAR BE A A 8 12Bl ES POLS KM A Ba a Ot Oe ZS] HS DT AY & , BB LAHORE A A] RRS. REA TE HES (ASE TS ASRS. HHO RS BAT JUGE TY , HEHE EE KF (University of Notre Dame ) £9 #5 RAL BEES , TG Wy KE Ly (Chapel Hill At EB HE YK 2 (University of North Carolina) AYA AP BEYE Ho MM TEIL RY RAK ER AE AE, SOV Ab SE Se a BE SE 12 1 SE AY 55% 427i 2004 4, HA FAKE PAKS , ERIN ADD TEAR He, HB BE AS AY HE ZS Ga] (Morgan Creek Capital Management). 4H) Wi BE BL Hy AM SF CH) BE AE HE Ey BBE Be EB He Se ED BE WL, HENS Se HE Ath BBE ZS] BE ES 1B HE FE AT De ie Ze AY A HB Se RE ESD a] BBW AS — Hii BYE At — ae BRE, HP CB OD Et OE SAMBA TAEMAA HRS TREEA OR. PY GRAB PDB OA, AWARE RAKE EE SE +4, MACRRRERAAPAAD ERG. PNR HE ULB EF BZA Fi] (Tiger Select Fund Management ) $8 ( J hf BEAR, KAS i] 2 PF iP AE, MSE A OE A a BEBE ‘RAGA RAT SMM TMABE SRS RHA RE. PMH ARRAS DP RBA, LSB SRRA— HR, SFA CM PURE ARR. "RBH “Ee A FB HE DL Sy BS OB HR HE TT SD $59 Gh RARE HE oP OTT AR A eB ft APT 4 SET] Pe AREA RRARUNDS BR (ERLE RG RK, KEE AE AT AACA. “R-MBAD- FRB (4896 HE A SER A[Texas Pacific Group] kA a] tl A), RHR ROT RUE HIE RTA Ee. MK Ti.” PEST BL AR “Re A eA FO tA UNA. "MESSED ABN ERERMERR, AREA LEE — BM WES A wil, Ph WEAN YEAR (Blue Ridge Capital ). 13© CHAPTER 1 Mark Yusko; What it Takes to Be the Best © SLD BA) Wh iy SE ET EE A SE nee, ELE PSU Dy BB EB BE RT TG Ge 2 TL RH, ARLE AS A 9 PR BE HDA OB HR HERERT ACW BR. Mt, OM RA, me WFR EKA RMS. HREHA, MAE BL POR ERAS,” MT BE I A A GK, FRA EK BS BA AE: A DB 2s Bh HE “EA EY BT LP BA EOE, RA DAA EF RA PEM KA AP LL NAG. SRA EMA A BRERA, iA ZAR RABE MAP GE FF th AE A BF SOTA ALE HD EE OA EE 89 RAP SOMME. SMR MR, AGEN AE hha AG a A A Re SEM HS BE AGH — SE ETT PED 5 FA, Nin iM R— Fy — WR AAs #1 TB — FES IB HORM. “SRA RARE PAS wt, Ht A Me Ze J)” PEAT BERL AS Se AE SI, TT A SA EE A th 5” HAT KE SPT PE BR EP Mh Be, SE SR CH ARATE. SPE EH RA AAR. LAAT, HOARE 20 Hee 90 EAR, SRAM MR US OH HE eB RMT TH. HAS PAL Hn (EA, AS Ae 2 OY) BE Se I 9 Hy Bah 2 Aho AF PTE Ft SPR PAA A BS OD A ERTS OE BB REBAR TWEE BA AR-RESRILBK PRU BAR BSR BE ER PT A “TB AE AE dee.” MEL DG HG BS 2S HB A A A ST AB HES He HA HR BH OL AR (Ouija board )_f: Si a8 AY , 4 FLATT Ds MAE Ss EERE BF ARIAL 2 TH LSARR.BAMK. “HG RTT RHSM, AA oth AEBS o Wii FH A 149 A Se A BS OS A BF Bt AT a ZEAE SAR MREG AY BL SS, BBE HA BE Ge Ta Sia HT TBE Se SF: PE AUER NG.”SOR SR TUT RIM AS Ate RE PA F 1980 FO BRAS MT HU CRAKS ROR ARAM , KOR SES FETE ALITA A CALE 0 PE MTATUL RA BARA MA BY, Ae 1 SB es SBE AER A — HF BE Be 7 Ab IF AEA ft 08 Fe Wk DE ft AT SE BYE 9 BER BNF ARAL a (ATT SS Hl FA MES, LIT A Ft AMAT IPH, TANABE ZS SLI AY AEA Ib Ss aE RATT HY. “HES PAST FA EAT A OUT SR TAB, “WRT AE — SSPE” BAe HT Te HES. MEE TT A Ea A 8 BI AG — AE, WAR AR AY TT Mk PE MITRE BE“ AS SE ie HR 2 EAC EAC PA” RAS SE AE AY 2 BT I A BE AL Ay HB Hs IP Gs BLE I (Fidelity Investments), 3¢ 19) F —THF WES SBA A], RHA BR RS , 24S HAR AR oy AK 2 BAS AS a 2 He HE HAS EF SE, A, EA RR PE SMART BE RS BE th A Se 3 A I LT PME. MAAR RAB KHER, AEAREAA HH. MPH SAUN AWA DRA BRASS TT TALE RON ARE EAA ES LD BEM AS ts 0 RE AG EB A Ge A TA“ PE ET WT RE a AS BEAT 3 RL EE, BE IE FE BAR AS HP RSE ADEE AE. BE aE AOE FE 0 YE A LS SPE TERE AAI oth ah i AB BH Rb HE Ds PH UO Sl) Do PHL BL SEAR EP OM OE — 47 SO, FE Se AR Ze PAR POE BY ABE HET AE A BR ES FS ER HAT EAUSRRAS ERM ACMA. ” i, REMARAEEAA GA BPEPRARAEN RI RETIRE eB PEAT, A AR HE AY 78 SE EAS RL A TI 9 BEB AAT IEA FER TEINS AA OR HE Be MY, AE BS — Fe Sb 15* CHAPTER 1 Mark Yusko What It Takes to Be the Bast = RF 9) OY, EL ATT PY eT OA EE A UE Ht. PAPE Ih “RUE GH KS AT] BDL ME FE AE RAR SEA HF we.” RP AMRAT RRM AD. “HAO SATB “AAT tah. AE AR AR IY SE HS Se AB ANT, 8 Ae AIA. "MRE TAREREEY SANE ERM AKA HAE BM, MRNAS HEUER RH Fe WS MEI A HR ak PT Dr AT AE FE AF HDR HB —— A TE BEAR BAA RR 0 “AER TSM 0 BEM SE So EB IN , EIN A PTR, TS aR ERA AE GEYER AAT Bob’, PEER, HL BABA th my? °” SAK, PMA RV T MAM RS AMIES ZA EF SE PE STAT AGT ART Uy 0 as TAIT) AMR OH RYE RIS RE RR CR, LAMAR EKA BSS R— Bi, BH MRK HEME RIG MAS FR HES TMT ABT A, AS AR SAH AE TE GA HY, THT ELPA ET GSE BRAT TA" HE TURE RE TRE HE RET BE, A ARR HT AMREAY WHEL, Hi SRT ARAM TH, BASE KM HEY OP ARLHS ATS AT Bae a SYR ~ GN TS «LST ATUL AR, AL HB Ab AE HE AR AS rs SBE w]e BH BS eT” PT i, PREAH HERR ALR Jy BAG DLE AO AR Ry AR SE AS. PUT BE aK a WEI HF BEAT BRAS 7] ( Batterymarch Financial Management ) i) itt A & HRS ER: POC PME RY RED RIMT— BMA PBC WMA AA TT RCSD, RAISE 5S th A.” 16SBT se MH RMR © BOLD SRAM RRA RIC, HARA T BEDE » FF MTARLSE th “AR BE ERR th A BO, EE aHAR. ” BA. MAR YE A NAN I 2 AEF, AAT SER a RARER, KEERWMABEZ AM LAR EM, “WER BEAR «WSUS AE AA EE « BAG, ATR RO ER EE AAD RR IER BAB LA 58%~59% "FPA ZS FS AFH BRB H AA 30%~40% 1 EE. MR UR AE eH EAR FF 1H EME, RALMRMIMLAHEH. ” SBUAT SE TL, BAT DUS ROK MEK ARG EIS LR. 2000 FE BU, FEES SESMMFGRAFM PES, MXAMAERRS Ee YR, SE REA A. ERS PR, i He Be BB ad We AN IR a EY AE, HS BERT 28 PLAN T BR i HE PE ADL F By GRP, AL AAT BH a BD 48 HY 2% BAI EE BB , AB A HE th BE BE aE BY 20% HY ZR. HM, MRT PS I 200 (LIC, Hh REM LAF EOL RAS 4 12 7 HE Se IY ROR LTBRRAAA LOR. SHARE TCS RE R FRMEP RAWAL EAS? “Op BLIE SORAYA. FTAA EA , “Ab Re Be a BF FRE RM — BNA. "HATA DRA A AT RE W)C Ocean’s Eleven) PAI HAYA . BE H VERE AY FE Hy tt Bh HY BAR, RTP IA + FER TE AAG BLS BH MEAT. EE EH PB BEATA LP Ne + SR, BEBE SL te LI A IT PR a Be EIS Ay WR SMS AE: BAR oR EE BY NT RS, JA AS TES BL WERE IA SO ih HB. 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"HEAL HY Bb 5 BB Be SE BRA A a Hh A RE A A BET AR ER KB ABIX — Ko Sei A, PETA Ue, KOAB o} AE FF SMR BR 5 th 1 A AL SE BMA AC ea, 2 A PR BR Oe VA th APT eB A FH BAK Tt HEBD FF Or AaT ie: * SEEN Ja BALA RS OY A WHA SRA. ” BL ALAS He 0) 2 ft D9] Ee At TS HRT EVER AT, TMS A A OEE, fh TT A HE HE LA ft ATT 1 SU A HE, J: AAT AA BR BE” AR BAT — UC IE PEF MBDA SUA EBA, PART —A Law: “i 3) Bs BE Be ND sR ES SR Ak BE I REP BR PRAT o "HIRT — Sit ATE ME RP SEE BE LE OK AS ERY el SB ES I Ze BBE TAD A ah i 2M at a AZ. SOK EH WEB BY HIG ELS A OILY MT Fi THI ZS Al ( Yukos ) AUSF 0 HEIR BR Be IK — A — 2005 4, FE OT IT AE aS TL YE A a BLE, LAO AS TBA a A ER A], BA ER Bt AOS oh© CHAPTER 1 Mark Yusko; What It Takes to Be the Bast « RHR BMA PRAT HH. MAT AR HSL REAMNLZERNR, BHM R BAA Seve AS SR DA fb BF PSH 4 A Soe RS HE 9 be TT DR PHS WS 2 WR. RHA SAM ACSAW AT SRE 7S AAA BR ATS KEE BHR Aha PAS PARSER Oe BR, PUMA TT ANRC : MURS Bh A EAR RH, PTET ERR FASE Hs FE, CE TH Hb Ae ATT th Se de. PIER AA ANAL. “OR AA KE MIB.” MAT. ABE 0 FT REA AA. AEA BRERA A HEAR DARGA RAID 2 “AME ARE KET PEA SRE ABE “MATL RE Th Bia BE A Aa — AT HH 1 RE BR SEA Ro "Mh AHA HAE BAY ARES BE BAM ARE ATE A HE PE , KE TTA AK EA (ST IA. W PBRZEOAM ALA SRA”. SAY SE, REACH ZS Hh BY 2 Be the FT A AR Ht HT RE I ‘AHAB BE HTH RRO HH IR TE CLA) (New Yorker’ s ) Ae HY IA Fh AR LW» is PL TA Re SW 5 CDR 2 BPI) ( Blink ) PAR HH AOR AE , Hh 66, 2 BU A HL EE, DO HAT ERED EAR ABBR MA AY . AAT] BARRE DRE , THB AR th SE HH gs i A EE IE RT, 5 ATT BAT SCAT RS A Bok IF fA. EAN. 0 “Hn SRO HE BAT ts Bo J AT 3 MELA REA HA TR eM a A Deo "PEI AT BIN . ANF FA TA IK Bi aR BE ES AAT HE BS I WT EL Se AT IL A AY HE Oh HE Se NaI ET A RSA SOR AE ABA 0 AT. BIA, HE AAT AR 20RT hee TMi MRE ae ge ® “ASH 2B ETAL A EE” TAT BE “A 4] LARK. FRAB. ” HE ARLAT A AS A Sie TT 8 09 RB, TT A DE Wa REE SOLAR HE, WO FRA EN EH BF FB ——§ 2 FT PR BR 495 AFT. AE HD PEAS 7s e—€§ fe BT fA EE BB PRUGTH fs FT AE SE BU A 9G RR TT OY hE BF OY, RA AR BE A HER IER. Ek, He bk AY Hat ob SE ew tts BK Bh LB BE A A LE BE 7S SEL (Manhattan Capital Management), 2) 6K - HEE AST AR + Hy AY Bayou $8 Hl (Bayou Group )——i2 9) KE Ak ie, KK We A HC 77 STC SH. RTVA-HAE, AMM ES BARES MNBA EP HE Se BAY BE A AAT IF SP BER HE oh — Be AS Ta] 9 ATE” HAR BE BOER ERLE, REA TAA 5 WAKA AY FE Ath RL? AAT 5 EE A AB RE ATT AEP ARE A AAT BCE. SHE eT LE? UAT Be PFS ART OR RAG 1 — eS ABE ARAE MRSA a AEE EAR FEAT EBOR—PAATIE 5 BALA CHa BE OA, A HOC, BREST Hy HG BR A, AAT RR BES ATT HEDLEY RE ER: A FB HM DS HE A. 2 AA A ER el AE 5 dc EAB? A 1 A RE BF BA TS? SMMVEE TT — TRE AMM EAA BAAR YE 7k FF HB ZS Fi] ( Cerberus Capital Management ) 4 3B Ih 4 K + BAA HS AY TO RAFI AE FPS EH BET A ARR RET AAD ATE HEL HK WR Te RS A EH HD PE PDN PA RI He HE As HE BEY. TL, AL ALAS KT BE Re AE 38 LA ARC By Ee tO 1 21© CHAPTER 1 Mark Yusko; What it Takes to Be the Best « FAT 26 DREW T WR Chevy KK. ATMA RRA ARE BBY Bo 2000 4 AAS EER BUR ER, FA RPM OMFS (Quantum Fund) FH 20% ZB MVE BER LH Me IEW RELI 85 (ZS FE WES EMA, EERE MAS RMA A RR BA DEAS NCAR TTA EA ATE A ePERE ABUSE bt AACE CE IE 8 + SPT RR SABLA T OAL. ” AD ASEEI 9 PMU,“ ATH A A EK BEY ABB RS HF BS RE TTA AN BS 9” BR, — Ua DT DEBRA CKE DP, MALREAE BERRA ARS ARH MARS PRS. BL, AM, SEEK DRHLE MSA S aR OF thE BOE. 1998 4, 4 + Bi LE AY WA BE LZ Fil (Long-Term Capital Management ) WAT OHV KIRA ME BE RSA. — AIR, hE BRE HN a PR LA TH DD T WM 44k] (IWM Partners), A BR Z Ja — BN Hi BE BRAGA NR? PHERE SP HBRAS HK TEL? REBAR A, VA BAEC BY Zed HE a 2 BSc MAMTA HY HB BE HH — fi, GRAD BX ME EB IS MFA B PT ANS RTA ROA Bie TT SHE ME eT SARA AME. Hee ew, MARA Rew i OB PS 150 3 SEL VA — 180 SY FD eA a AE AT BS AE BMKFLS, A-HMAAH OH RAH, GLABRAE HTS Ly, FE UE ART 0 HAT) 4 A A RILEY BR AS BN , SE we AE BATT BR YE He KP BRP Z RRERRWALE BARRA BARRACK. 22Bek, - is Woo Pe tay ¥g8 CHAPTER 2 JA 56 AR» ORS AF : BE sein -srsneee 13 HAS, ft SO ee AS Hh A BLA AL AL JE 200 FRR . OME RELE 5.000 3276. FLAY 100 BLE FR IN TEL WE BH KDE. 27] (Penn Dixie Cement ) HE , 5 100 BEA TELE HW RRR BE 27 (Columbia Gas System ) i) BEE. RAE I7 ZU 51 i T SUSE FF AY PEAR RRS ea IBLE 9 TAB AS HOT RAR PTT th 0 A ts TE BK HE XA RP S| TSE A A HE PK , JL RMAF Z BR A-ABRBK, AAMT PO RBBAA *I— B42 Fl (Bache & Company) i AH. FEMS H, Hh AF AE RADAR, BME RUT AMAA. BR, IF BA AE ASE Hh SBE, Bl 16 HAT, MBM MRK AK RRM FAL ES BET ACW RKP ae HABEAS i , EPEAT ETE BEA FF HE TBE MBAR LEA BE 0" BRIE Wet BERK BE Sp RUBS , EL BS AG 3 ELAR AT , BK BATE, HU “RURAL RAKE TLR, RERL FRAME AB , SOR — AE ABLE BS, OT SEL EE A 23«CHAPTER 2 Michael Steinhardt ;A Passion for Performance * fae, DES OT BE Ze PES ROR BE A BARS BKAWES. ” BHR RA, ENA MEU Be RMR BR. 1967 FE , 26 YB Mth FE 29 Bl dp T — BEM RE A a], EE PET 90% AIK at o TERE AN 28 AE A, (th AY dk ae in SE BE RU HD Yes, EH LHR GS 24% , BYE Fb PT AE Ht RE eT) Se HAAR AA EH Ro FREE SO SELIG A HB) BE A BA SHEA — SB, HE Ae 240 a SS Be TO Fh , fh Se PE ES AABN ETB UE , 6 4d OF 1 OY EL PE AT I DENY eR. Wi HUNG MDD — PB HEF A, Et KS —- KBAR NMS. “RARE KARE SH A CAR EAS” OES RR EE i TB Ro BIG By BO SN as EK POR ATE LARRY, PRBS AB RK, KRARELGZP. ” 1994 4: , SFSELME A AY BE Se aN SET 31 96 BY 7 Hk ——3k a TE HL tb SLA ME —— Uk EE IE SH — fh JLF To BE 10 A, RA(BIS 26 1298 TC 9 ES AE EK 20% , EL HIB UK, MT th 54 Bo FEM HUA ELF SOA HT TN, RSD AME AY EA CD HB LH PIU ARE KT AA FAA Bi BGR. 66 BIL, AEB Sh 9 5k Be TE eB REA ERE T EIR. REM — A AS BR AA ARTE OP AD HEAT BA. HAS EI AS Bit Se Ae i a “BE” “EO” 2S BY EB I GE aE RR AE BAI fF AE BY ARE A FE RK A AS BR a AE TEAR GX — Bh DR E200 tH 42 40 ER RE TAKE PRB EHR AKA © Si BELO A A BBE AE At RS Ath A Ze BT AB AS ft BAR FE SR AR FE SEE AB BUTE BAG HAE LS FH AS ORT TE DE RELA (1 BF OE aS EHR AE ANT J A, SS SE QR AVILIZ RABE BT, LSC RAAB AL IL FR AK 24eR 2 Re APA de OAR i FRASER 5 16 FY BBE yp HE es, TS ae a a 24 SRT AS (City University) bt, ERR AW REE RAT AB ABA DA. — KR, HHA THe eH RE, Be YE LIN SKF (University of Pennsylvania ) (t) 2 Hi 2 BE ( Wharton School )_.9F o {th AR iH FA SE Wy HH We AF TE , HE Se. SLT , SCHR HE LT RR REMI MISSA BK SAE FH SOK WY ETE SEAT 5 RO SE A a ABE HOE REA BEL T 3 AEA. HR EBERT , 50 FR BER TT 4 By BA) 2H 24 Sib BX A UE I 2 = FE Bk At 2 eS BY SE HFA BA ARIE. RR, 2 RIEL KA T PAE EY SAB BR 3 AE ERDF OD tT) AS Tay A 3 EL A EK Bac NB SM STG ESS , AG A EMBL. BOR ER EER GFMACH WHAM LF RRM MME , (A PSUR, KMS EMRE AU RE TR. aS PR WLS TET ARRAN ARREST. SITE Att SEE BE 0 8) NF ABE 4 ASS TB EE HT EE AE FAR 6 BB BORE , 3X BE YE A — a HR HE LEVDHERAE, MHEHEBAL RAP EMA A (Loeb Rhoades & Company ) 4H (£ T JL4= 5} #1 Jif, 2 JE, {th A PY 7 JB Ke BEB MAP RRA FE KS — ee Ol ht A A Xt OP BE BAHL EK (ALKA Fl ( Steinhardt , Fine , Berkowitz & Company), 2 ei] 2 Hr HUG 4 HF FEZ (Steinhardt Management Company ) AY BU (Gk BF 1976 # RFA, HARKF 1979 4H FAA). SRR RA 26 PEISA. Ae F 1967 47 AH A 8 BZAT. 710 HRB, ERM KA A AB ER Wi SEL A FLAG BET AK TT ft 0) U8 AK AE DY ET BEI IR OT o JA 1970 48 6 A 30 FB 1972 4 12 31 A, I BEE AO BPRAETE AR 500 48 (S&P 500) MFTt T Ue 76%. {ATH PS AE A ft 25* CHAPTER 2 Michaei Steinhardt: Passion for Performance » Wt AA BR be — 364K, Fl 1970 4 9 A 30 BAR AE SRA ATS LET 8.7%. ROBO ERT 42.2% 18 BUT 1972 48, Be AY ER AR MOTH. AB A AT He HE aN He BE HE —_ TGS GT SRE & a S—BPSRK. MH WIRY “DIRE 50 AR” (Nifty Fifty) AY OMEGA A BIAS AR OT BER ie TARE EH 1 PA EIN SO A UR AB RS a HEARERS, PAH UA Fa i Bh RR BE PE AA BEE AE BO A a SR EDGE T Hrd me SFA WL AS , 1974 4 Oo A PRET MRR T 43%, TT SLAG FRIESE Hi “TASS 50 BL AF HAY , ELI SO A HG TT WA Aliis AIL IE REL BOA PEE ILA KA TPB EE 1974 SER KA HB Me eB BET RABY ARS, GT A Ae i sh RE ES FR SU SEL AG A HE A BP BAD BR GS HE SR A A HA RAR T WEA CRHZA AMM RMA WAKA. KR PANO AKEA ACMA, ERE fe Aw oF dhe AVE IH Tt PA RS. ATT Sia tt FE Sy BL , A BY LA SR Hp IE YE a ET I 1981 4E , SEALS PERE TT T EAE AE AY SB — Oe BRI, Be BRE A AB HE BUSCAR TA RR RI BE AE AF. 20 tH 4e 80 EN, RMA TH Ih 2 KAR A AB A RES A 30 4 AB FOAL ERK, Bl 1981 FE PR MRA. CRAP R AW BE A tk 2 0 , 5 AEA HE — AE EK, MSE A PR. I WHGRHRAS CS AR . HUARARARE ERR - RAR BEEP” HS Hl 9B HR SS OA FA SRK SL BG AS, ATA (BE SS EB 28 BF HEA AE AR Io ST SEL A BC RH eB SK aS, HEE Ey A129 AY ER A, RR A WEEE LTR. 1981 FE , tb FF es i SE BBD 28 PE A eB ES Sa A) FRR AE OTS EG 2 Ate , ITSP A TCR — Bo ft A FD 26.m2e Me HLMA AE AUR EMT TE AR IER @ 7,500 Fy SEG EN BE , FE AE BASE RK , FH 2 (ZS , 000 77 32 7 BE RE 10 FSU 6 3 BE OP . HE HE RE OT MP RR AR, WT KT. ROA, EE SHAT 1,000 FRI. HR BEAR A ATT 9 BE A ES Ba, Py SUSE A HK PB FH AAW RBWS . HANA HAA HH (BB) 1981 9 Fl 30 Fi Sse 5 09 BAe BE , LIRR B) 10%. Bo, Ae AT AEA BE 9 PIA 97 OH aS, EE ALEK A TE JUE RUG, PROM ARIE AT Ab He 19874 4A, ARRAY I T ARR TE HEUER, fh Og 28 9 FH SB AB OS SA 2D AAG. BL TAS SEE AS BE AAR OT A ATA ARP AS A AY SRE AR Se ES ACR TB] 0 HL , BZ He SE BE REBUKRA ARR ATH LR. HMR Re ER. MSHS FF LEH SA, “RAE TARE eA, Le $85 A Si RR RE AS AC”, AD Ew, HR $97 We SF 3448 3 (Dow Jones Industrial Average) 3k BK 50 AK Bk 100 Bi AEB ES AAR DR AY 0 A SB GB 9 TH HH, RT FEAT AT FRR EMR, SAT REA SH SE Fe BOT ESE RTA ALS. "fh Bi. I 3 A AY HL EA A 2 BHF a ZEST TA, GE RT RAS i, SES A “BL” AE Th FRAT NIE, TURE TEE EK, RAS RE. Bl 9 AUK MHA AEA LRT 4 45%. BER MER 500 HF 10 A 16 ARR PRT 5% hE. HP EM TATE Fe , TTS SEL PUA a 3X Hh Es SK, DATA HEF BRE PIA T BS BE. BAB — JO AAR , At Aad LP SF BY a EMR, RE 1987 EET AOE OP LRT EA KR AGSMAWA HEE, ACRE RNR RARS— RAE KSPR at , tt Ry EE OT EH RATES. “MRR BEA WT HR IR ML AK BR BL, BRU FE BAG BH "AB, 27* CHAPTER 2 Michael Steinhardt .A Passion for Pertormance « “FOG SIT LS ALE SBM RIT A — LS ENLKAMARAGRMS, RUHR OMA BEL ” ALAR a AE HD LT” RE, IRA BT WH LLG PR Sk Th AO ARH, ARR A, RH REE. SSELMA AED , HZ BT VA BH ~ iL Be eB, 3 BE BA ACRP RRS TMM. “R13 SHRM BT,” hi, “S19 PARAM ABE REBATE RHAM, RY WL FEAR. ALARM ARE, AURA RE RAAT A MRK. ” Se SEL AF ABE OY BI ESE KOR AA BL PARE. TA BT 1987 AE ROR Te A EB DRT A AR AB RETF Sail; 5h — UCHE 1994 4F fh ER a Ze SS OP PRES UEAIE 1/3. “RACE RAM , (BEI “RTI A) EB JE ABS FAD SR I PA a FRR TSA SB Hs ee OB Ho AAT AR FACES SAIL HB 6M) A Ee AA aR 2 HB ES” I ES HER A AY ZS PB AE RE 3 BH a “2 BRN HRA LAUV RAL, MAUR RERERE WR. "AM PAH SIT THA A BAe AA i] — Fi fe FBZ Bi] (Lattanzio Management). HAE, MR LSS Ae A BI HO AS TA, JH RUA AT a HL A BRERA SA “MA KAR o MAL T IR » BTL BM RIF BEE. RRL BRAS BARS , IE ts EEA AS HE OS RD” UAT LE ST TA J 09 PB DR 9 At MAS KR EE. TESTING HF AA A EP, ILE RARE, Oe Bi Be ON He RA a GORE AS EO, FE Ye A TE PE A ABESE , EAE AT AE HA BRE AL AY GE TH “FR IL FCB HD HE SEES AAR “FR AE RY HB SB AAS EB AR AR A, BR ETI Oh ER HE aN BE AAT HR, AP OR RL AB 28