《原则》-中英文对照读书笔记-第四章（杀手系统初露锋芒）

CHAPTER 4 第四章

GETTING OUR KILLERSYSTEM OUT INTO THE WORLD

杀手系统初露锋芒

Pure Alpha representedthe best way we knew to actively manage money, but we also knew that if wewanted to manage a meaningful amount of institutional money, we had to acceptthe reality that only a limited number of innovative clients would try theapproach. So while we tried to convince clients to adopt our way, by the end ofthe 1990s and into the early 2000s, Pure Alpha made up only around 10 percentof our total assets under management.

Even though wecouldn’t trade stocks and commodities in our pure bond accounts, we applied theportfolio structuring principles we’d discovered and used with Pure Alpha togive our bond clients higher returns at lower levels of risk. This includedtrading foreign government bonds, emerging market debt, inflation-linked bonds,corporate bonds, and the currency exposures that came with the foreigninvestments. In our most unconstrained bond portfolios, we would make aboutfifty different types of bets, way more than traditional bond managers traded.Doing so gave us a big edge and landed us at the top of many investmentperformance tables year after year.

Our Pure Alpha productwas just the first of a number of innovative designs we brought to our clients.In 1991, we had become the first currency overlay managers for institutionalinvestors. At the time, institutional investors were placing larger portions oftheir portfolios into global equity and bond markets. While investinginternationally added valuable diversity, it also added unmanaged currencyexposure. This was a big problem because the currency exposures added riskwithout adding any expected return. We had traded currencies for years and haddeveloped expertise in portfolio engineering, so we were in a prime position tosolve this problem. Eventually we became the largest active currency manager inthe world.

We also producedseveral other new and effective ways of managing money that flew exactly asthey were designed. With each one, we gave clients clearly stated performanceexpectations expressed in a chart that showed an accumulated profit line andthe expected variations around that line. We could do this because thesystemization of our decision-making process allowed us to stress-test the performanceof our decision making under a wide variety of conditions.

纯alpha代表最佳动态管理财务的方法，但我们也知道如果想管理一大堆机构财务，我们必须接受这个事实：那就是只有少数富有创新精神的客户愿意尝试这个应用。所以我们一边继续尝试让客户能接受我们的办法，知道1990年代末期，接近2000初，我们的杀手系统只占到我们的所有资产管理的10%的份额。

尽管我们不能在我们自己纯证券账户进行股票和商品交易，我们还是为我们的证券客户提供了基于纯alpha系统的组合结构的原则，以便为我们的客户带来低风险高收益。这个服务包括交易外国政府证券，新兴市场债券，通胀相关的证券，联合证券，以及那些因货币风险而来的外国投资。我们的最非限制证券投资组合策略中，我们差不多会弄到50种不同类型的玩法，远超传统的证券经理人。这样也为我们带来了一个很大的优势，并常年让我们成为顶级的投资公司。

纯alpha产品仅仅是首批提供个客户的革命性的产品之一。1991年我们已经是第一家机构投资人的金融货币覆盖管理机构。那时候，机构投资人一般的组合策略是在全球证券和公债市场占据巨大的份额。而国际投资会增加多样性，同时也会增加无法控制的货币风险。这是个很大的问题因为货币风险会导致没有回报的风险。我们已经做了很多年的货币交易了，已经是货币投资组合工程的专家。所以我们在这个问题的处理上处于领先位置。最终我们成了全球最大的动态货币管理经理人。

我们也研制了其他几款新的有效的管理财务的方法，和设计的初衷一致的办法。每一个，我们都给客户一个明确的状态表现期望图，显示了累积利润线和期望的动态值。我们之所以能做到这样因为系统化的决策制定过程允许我们对一个大范围的状况下做疲劳测试。

读后感：多年的苦心没有白费，现在是系统慢慢回报的时候了。客户的成熟度和信任度还不够，大家对电脑来指手画脚不能接受，没关系，现在我们已经习惯了接受电脑和ai给我们很多建议和帮助。回头看过去二十年其实也是一样的，从不理解、抗拒到接受都是有一个过程的，一两次的成功就会换的信任积分，慢慢的就会改变客户的观念。

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我是007李小军，以上是我自己的翻译，也许不会太准确，我能保证也不会偏离作者的意思太远，不至于误导各位，谢谢观看。

                                              007-4478李小军

                                             2018-7-8

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