致编辑的信

2013 · oped · 原文约 329 词

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8/10/22, 7:31 PM The Bogle eBlog » 2013 » June The Wayback Machine - https://web.archive.org/web/20210514153036/http://johncbogle.com/wordpress/2013/06/ 《华尔街日报》致编辑函麦克 - 2013 年 6 月 6 日杰克·博格尔就近期一篇关于对冲基金的评论文章写给《华尔街日报》编辑的信函，发表于 2013 年 6 月 6 日版。

8/10/22, 7:31 PM The Bogle eBlog » 2013 » June The Wayback Machine - https://web.archive.org/web/20210514153036/http://johncbogle.com/wordpress/2013/06/ WALL STREET JOURNAL LETTER TO THE EDITOR Mike - Jun 06, 2013 Jack Bogle’s letter to the editor of The Wall Street Journal regarding a recent opinion piece about hedge funds was published in the June 6, 2013 edition.

对冲基金绝非万能灵药（需订阅）我担心《华尔街日报》那篇由对冲基金专家鲍勃·赖斯撰写的评论文章（《对冲基金投资谜局》，6 月 1 日），其隐藏的内容远多于揭示的内容。

Hedge Funds Are Hardly a Panacea (subscription required) I fear that The Wall Street Journal’s opinion piece by hedge-fund specialist Bob Rice (“The Hedge-Fund Investment Puzzle,” June 1) conceals more than it reveals.

是的，正如他所写，寻求“下行保护、在市场转向时反向操作（zig）的策略，以及更广泛的盈利机会”，是“显而易见的常识”。然而，尽管择时交易的理念确实简单，许多对冲基金经理都尝试过，但真正成功的却寥寥无几。

Yes, as he writes, “it is plain common sense” to seek “downside protection, strategies that tend to zig when markets zag, and broader opportunities for profit.” But while the idea of market timing is indeed simple, many hedge fund managers have tried, but precious few have succeeded.

引用本杰明·格雷厄姆作为第一位“对冲基金”操盘手，是一个尤其不幸的例子。赖斯先生写道，“诀窍”在于格雷厄姆“无论市场是继续上涨，还是开始下跌，都能精明地赚钱。”

Citing Benjamin Graham as the first “hedged fund” operator is an especially unfortunate example. “The trick,” Mr. Rice writes, was Graham’s “clever way to make money . . . whether it [the market] continued to rise, or started to fall.”

在咆哮的二十年代及其后的大牛市中，对冲策略效果如何？多亏乔·卡伦（Joe Carlen）近著《金钱的爱因斯坦》（The Einstein of Money），我们得知了答案。卡伦先生仔细记录了“本杰明·格雷厄姆联合账户”（格雷厄姆-纽曼公司的前身）所实现的回报。

How did the hedged strategy work out in the bull market of the Roaring Twenties and thereafter? Thanks to Joe Carlen’s recent book, “The Einstein of Money,” we know the answer. Mr. Carlen carefully documents the returns earned in the “Benjamin Graham Joint Account” (the predecessor to Graham-Newman Corporation).

1929 年至 1932 年（含首尾），格雷厄姆的投资组合亏损了 70%，而同期标普 500 指数下跌了 64%（两者均包含股息）。“这一策略迅速崩盘，”卡伦先生写道，“从这类对冲操作中再也无法获得任何可靠的收益。”

From 1929 through 1932 inclusive, the Graham account turned in a loss of 70%, compared to a loss of 64% for the S&P 500 Index. (Dividends are included in both cases.) “The strategy unraveled quickly,” Mr. Carlen writes. “There was no longer any reliable advantage to be gained from that kind of hedging.”

尽管赖斯先生对（基于不明数据的）对冲基金信心十足，但凡事预则立，不预则废！

Despite Mr. Rice’s high confidence in hedge funds (based on unspecified data), forewarned is forearmed!

约翰·C·博格尔宾夕法尼亚州瓦利福奇

John C. Bogle Valley Forge, Pa.

博格尔先生是先锋集团（Vanguard Group）的创始人。

Mr. Bogle is the founder of the Vanguard Group.