这是一篇由现象级英语社群小伙伴们组队完成的赏析作品。
标题和第①②段来自：Arwen，③④段来自：The小異bard，⑤⑥段来自：Clairelalune，⑦⑧段来自：Lizhu Huang，⑨⑩段来自：肉丸子 。
欢迎大家留言讨论，提出你的思考，指出我们的不足。
结尾有彩蛋不要错过哦！
家族办公室是什么？
Family Office起源于19世纪富裕的欧美家庭，中文释义为“家庭办公室”，因其服务对象的特殊而更多的被译为“家族办公室”是为富裕家族管理财富的私人机构。
家族办公室在提供广泛的高度专业化和定制的服务方面有着悠久的历史，它像管家一样，由涉及不同领域行业的专家组成，监督及管理整个家族的财务、健康、风险管理、教育发展等状况，以协助家族获得成功以及顺利发展为目标，同时家族办公室有着公正的意见和客观性，他们与家族的其他顾问提供的服务的整合与协调，为同一个家族的几代人提供高度个性化的服务。
Family office其实就是一个小型的投资公司，资金单纯来源于一个或几个家庭。如果家庭净值在$100m以下根本没必要独立出来雇投资经理/税务/法务和付固定办公费用，私人银行和资产管理公司行业很健全也很专业，挑几个把钱放过去就可以了。
于此APP版标题的引言已点明亿万富翁通过创建“家族办公室”财富与日俱增的同时，也带来了一系列的问题和担忧。
app版标题
Asset Management
How the super-rich invest
The family offices through which the world’s richest invest are a new force in and a target for populists.
主标题：资产管理
副标题：超级大富豪们是如何投资的
引言：世界富豪投资方式“家族办公室”，既是全球金融领域的新生力量，也是民粹主义者的攻击目标。
网页版标题
Investing and the super-rich
How the 0.001% invest
The family offices through which the world’s wealthiest 0.001% invest are a new force in global finance that few have heard of
主标题：投资与超级富豪
副标题：世上仅有的0.001%富人是如何投资
引言：世界上0.001%的超级大富豪的投资方式“家族办公室”是全球金融的一支新生力量，却鲜为人知
Paragraph 1
1⃣️ THINK OF THE upper echelons of the money-management business, and the image that springs to mind is of fusty private banks in Geneva or London’s Mayfair, with marble lobbies and fake country-house meeting-rooms designed to make their super-rich clients feel at home. 2⃣️ But that picture is out of date. 3⃣️ A more accurate one would feature hundreds of glassy private offices in California and Singapore that invest in Canadian bonds, European property and Chinese startups—and whose gilded patrons are sleepwalking into a political storm.
(一)段落大意
一提到高端人士资金管理，通常我们都会想到英国或是瑞士的私人银行。然而这种印象已经过时了，更确切的来说来自加州和新加坡的私人办公室在加拿大投资债券，在欧洲投资房地产，在中国投资新型企业(与此同时这些背后的金主在不知不觉地卷入一场政治风暴中。)
(二)词句精析
1⃣️ THINK OF THE upper echelons of the money-management business, and the image that springs to mind is of fusty private banks in Geneva or London’sMayfair, with marble lobbies and fake country-house meeting-rooms designed to make their super-rich clients feel at home.
Spring：做动词用我们所熟悉的含义为“跳跃”。此处指的是“突然出现，意外出现。”e.g.tears sprang from her eyes, when she heard the bad news.（当她听到这个坏消息，泪水夺眶而出。）此处spring to mind指马上想到，浮现脑海的画面。类似的表达还有“come to mind”。e.g. when we talk about luxuries, Hermes and Louis Vuitton come to our mind.(当一提及奢侈品时就会我们想到爱马仕和LV。)
feel at home:像在家一般轻松自在，宾至如归的感觉。类似表达还有”a home from home”。e.g. All guests find the hotel a home from home.(这间旅馆让顾客有宾至如归的体验感。) home [熟词生义]发源地；产地。e.g.Hangzhou is the home of China’s silk.(杭州是中国丝绸之乡。)
3⃣️ A more accurate one would feature hundreds of glassy private offices in California and Singapore that invest in Canadian bonds, European property and Chinese startups—and whose gilded patrons are sleep walking into a political storm.
gilded patrons:字面直译为镀金的赞助人，就是我们日常里提到的“金主”。
gild the lily:意思为”画蛇添足，多此一举”。e.g. Should I add a scarf to this jacket or would it be gilding the lily?（我穿了外套再配个围巾会不会显得多此一举啊。）
sleepwalking：通常熟悉的含义为“梦游，梦行”。也有“心不在焉地参与，稀里糊涂地做某事”。e.g. we are sleepwalking into a surveillance society.(我们正稀里糊涂的步入到一个到处有监控的社会。)
(三)背景知识
让大富豪们都相继追捧的家族办公室到底和私人银行有什么分别呢？又好再哪里呢？具体服务项目有哪些呢？
第一，财富管理所面向的阶层是不同的。家族办公室主要是面向财富管理中最高层级的人士，而私人银行则是面向不能达到设立家族办公室条件的高净值人群。并且家族办公室不仅仅是帮助客户进行合理的资产配置，而是整个家族资产的传承与发展。
第二，提供服务的主体不同。私人银行服务大多是由商业银行来提供，而家族办公室则大多由一些独立的资产管理机构来提供。
第三，服务侧重点不同。私人银行主要是实现客户资产的增值，看重资产的收益率。家族办公室则更注重资产的传承与保护，站在客户的立场进行专业的管理和高效的配置。
第四，利益出发点不同。私人银行与客户之间的利益方向是不同的，银行的自身利益在一定程度上是高于客户利益的。而家族办公室与客户利益具有同一性，全程为客户的资产掌舵、保驾护航，一切以家族利益为上。
Paragraph 2
1⃣️ Global finance is being transformed as billionaires get richer and cut out the middlemen by creating their own “family offices”, personal investment firms that roam global markets looking for opportunities. 2⃣️ Largely unnoticed, family offices have become a force in investing, with up to $4trn of assets—more than hedge funds and equivalent to 6% of the value of the world’s stockmarkets. 3⃣️ As they grow even bigger in an era of populism, family offices are destined to face uncomfortable questions about how they concentrate power and feed inequality.
(一)段落大意
亿万富豪们财富与日俱增，建立自己“家族办公室”并略过中间商人环节，自行在国际市场中试图寻找投资机会，使得全球经济也在转型。虽没有引起大众的关注，但家族办公室已悄然成为投资市场的中坚力量，高达4万亿美元的资产，数额大于对冲基金，相当于6%的全球股市市值。随着他们的规模不断增长，家族办公室注定要面对关于如何集中权利以及助长不平等这些问题。
（二）词句精析
1⃣️ Global finance is being transformed as billionaires get richer and cut out the middlemen by creating their own “family offices”, personal investment firms that roam global markets looking for opportunities.
cut out:指去除停止做（吃）不好事情/东西。e.g. start today by cutting out junk food(从今天开始戒了垃圾食品。)
roam：除了漫步，漫游的意思之外，还可以表示“眼睛扫视，手扫过”。e.g.his eyes roamed over the beauty.(他扫了一眼那个漂亮的女人。)
2⃣️ Largely unnoticed, family offices have become a force in investing, with up to $4trn of assets—more than hedge funds and equivalent to 6% of the value of the world’s stockmarkets.
hedge funds: 金融类专有名词“对冲基金”。hedge:通常所熟悉的意思为“树篱”，也可以表示“为了避免金钱损失，采取的防范措施”。e.g.Buying a house is a hedge against inflation.（买房防范通货膨胀。）
equivalent 在“每日一词”里出现过，和of搭配。这里equivalent to指的是“在功能，价值，数量等方面”相等的，等同的。
3⃣️ As they grow even bigger in an era of populism, family offices are destined to face uncomfortable questions about how they concentrate power and feed inequality.
destined to v.s.doomed to字面上都有“注定”的意思。destined to表述的意义为中性，而doomed to多指不幸事情发生的必然结果后面常和failure, instruction 等词连用，e.g.her plan doomed to failure. (她的计划注定要失败。)destined for指“前往某地的”，e.g.the flight/train was destined for New York.(开往纽约的飞机/火车。)
Paragraph 3
1⃣️ The concept is hardly new; John D.Rockefeller set up his family office in 1882. 2⃣️ But the number has exploded this century. 3⃣️ Somewhere between5,000 and 10,000 are based in America and Europe and in Asian hubs such as Singapore and Hong Kong. 4⃣️ Though their main task is to manage financial assets, the biggest offices, some with hundreds of staff, undertake all sorts of other chores, from tax and legal work to acting as high-powered butlers who book jets and pamper pets.
（一）段落大意
家族办公室这个概念很早就有了。 约翰·D·洛克菲勒于1882年成立了他的家族办公室。本世纪Family Office的数量暴涨。 大概有5000-10000个在美国和欧洲， 还有亚洲（新加坡和香港）。虽然Family Office的首要目的是管理金融资产，但是那些有着几百号“高级管家”的大型家族办公室， 员工需要处理大小适宜， 工作范围从税务和法律，到预订飞机和照顾宠物。
（二）词句精析
1⃣️ The concept is hardly new; John D. Rockefellerset up his family office in 1882.
Family office一百多年前就已经有了。 简单来说，一些很富有的家族会成立family office, 找人专门管理旗下财产的运作。 比如香港明星李嘉欣嫁的许家。创始人续爱周为了不让子孙后代把自己的财富败光， 他参照国外的办法，成立了家族基金。
2⃣️ But the number has exploded this century.
explode = to increase suddenly, sharply, and without control 表示数字突如其来地快速增长。e.g. The number of crypto currency exchanges has exploded. 加密货币的交易额爆发式增长。
3⃣️ Somewhere between 5,000 and 10,000 are based in America and Europe and in Asian hubs such as Singapore and Hong Kong.
Somewhere between A and B 表示范围在A和B之间。e.g. Amnesty's report says that somewhere between 5,000 and 13,000 people were tortured and executed at one military prison outside Damascus.( PBSNewsHour)
hub 中心You can describe a place as a hub of an activity when it is a very important center for that activity. e.g. Together, we will assist the Afghan Security forces to destroy the terrorist hub, " Defense Secretary James Mattis said.
4⃣️ Though their main task is to manage financial assets, the biggest offices, some with hundreds of staff, undertake all sorts of other chores, from tax and legal work to acting as high-powered butlers who book jets and pamper pets.
尽管首要目的是管理资产，但是富豪们的财富管家做的事情远远不止如此，还有一些很杂碎的日常事务，从税务和法律工作，到担任高级管家。
book jets and pamper pets jets和pets 压尾韵，pamper和pets压头韵
Paragraph 4
1⃣️ The costs of bringing such expertise in-mansion means that they generally make sense only for those worth over$100m, the top 0.001% of the global pile. 2⃣️ Asian tycoons such as Jack Ma of Alibaba have created their own fiefs. 3⃣️ The largest Western family offices, such as the one set up by George Soros, an investor and philanthropist, oversee tens of billions and are as muscular as Wall Street firms, competing with banks and private-equity groups to buy whole companies.
只有顶级富豪（资产超1亿美元，占全球0.001%）才能养得起这种顶级专家。亚洲大亨，如阿里巴巴的马云就有自己的家族办公室。 西方最大的家族办公室，比如投资者和慈善家的乔治索罗斯所设立的办公室，它监管着数百亿美元，与华尔街的金融公司势均力敌，有钱到与银行和私募股权集团抗衡，争相收购公司。
2⃣️ Asian tycoons such as Jack Ma of Alibaba have created their own fiefs.
养得起这种高级管家，必须是富豪中的富豪，顶级中的顶级，比如马云。
fief 中世纪欧洲的采邑制。维基百科上说 A fief was the central element of feudalism.
feudalism： a land grant in exchange for service.
这里可以引申为马云是feudalism里的lord.他为这些高级管家提供fief, 可能是高薪资，股权或者其他。
关于fief想了解更多，可以参考《A brief introduction of western civilization》
3⃣️ The largest Western family offices, such as the one set up by George Soros, an investor and philanthropist, oversee tens of billions and are as muscular as Wall Street firms, competing with banks and private-equity groups to buy whole companies.
muscular 有肌肉的，这里形容财力雄厚， 很形象， 有财大气粗的既视感。
Paragraph 5
1⃣️ Every investment reflects the society that spawned it. 2⃣️ The humble mutual fund came of age in the 1970s after two decades of middle-class prosperity in America. 3⃣️ The rise of family offices reflects soaring inequality. 4⃣️ Since 1980 the share of the world’s wealth owned by the top 0.01% has risen from 3% to 8%. 5⃣️ As the founders of family firms receive dividends or the proceeds of initial public offerings, they usually redeploy the cash. 6⃣️ But since the financial crisis there has been a loss of faith in external money managers. 7⃣️ Rich clients have taken a closer look at private banks’ high fees and murky incentives, and balked.
（一）段落大意
本段首句点明观点：投资的繁荣这一现象背后，是社会环境的影响。依照时间顺序发生的事件佐证了本段的观点：
经济高速发展→中产阶级的富庶→1970年代，体量较小的双向投资过时，家庭办公兴起---背后原因-→社会贫富差距过大
1980年代富人愈发富有，从首次公开募股中收获颇丰→经济危机爆发，理财经理们对于对外投资失去信心→富人主顾们深度审视私人银行的高额费用和模糊的动机，畏缩不前。
（二）词句精析
1⃣️ Every investment reflects the society that spawned it.
spawned：
1) (of fish, frogs,etc.) to lay eggs 产卵
2) (often disapproving) to cause sth to develop or be produced. 引起，导致，造成。
记住了1）的基础意思，2）的意思就很好生发出来了。结果由深层的原因、因素孵化而成，可不就是“导致”、“引起”的意思嘛。
2⃣️ The humble mutual fund came of age in the 1970s after two decades of middle-class prosperity in America.
humble 我们熟悉的意思是“谦虚的”，但是这里是说互惠基金的规模相对如今富人的资产来说“微不足道”。 e.g. The company has worked its way up from humble beginnings to become the market leader. 从创业期间微不足道、一文不名，到如今占据市场的主导地位。
5⃣️ As the founders of family firms receive dividends or the proceeds of initial public offerings, they usually redeploy the cash.
proceeds proceed和proceeds不要傻傻分不清楚哦！本文中是proceeds，是（售物或者演出等的）收入，收益，进款。e.g. The proceeds of the concert will go to charity. 音乐会收入将捐给慈善机构。
7⃣️ Rich clients have taken a closer look at private banks’ high fees and murky incentives, and balked.
incentive 这个词很好用，在《经济学人》中，这个词经常出现。
比如在关于日本老龄化那篇文章中，安倍说：“We would like to think about the incentives—what should be done to the contributions that have to be paid by the people who adopt habits to prevent diseases,” he says.
incentive牛津字典里给意思是“刺激；激励；鼓励”，但是很多时候在句子里面，我们可以把它翻译成“动机、做...的理由”，所以如果可以用motivation的地方，可以试试看能不能用这个词。
If your mom wants you to mow the lawn but you don't feel like it, she might offer to treat you to ice cream after as an incentive. An incentive is something that stimulates you to take action or work harder.
比如：Money is still a major incentive in most occupations.在许多职业中，钱仍是主要的激励因素。
比如腾讯20周年那篇文章中，腾讯的员工，很少有升职空间，薪水也不如抖音等高，这时候员工士气低，我们就可以说：They haven't much incentive to work hard. 他们没有努力工作的动机。
常见的用法还有：give sb. an incentive to do sth.
A little bonus will give the employees an incentive to work harder.一点奖金可以刺激雇员更加努力地工作。
本文中还可以注意一下incentive是用murky修饰的
murky (disapproving or humorous) (of people's actions or character) not clearly known and suspected of not being honest. 隐晦的；含糊的；暧昧可疑的。
有钱人发现，私人银行的费用又高，好处又那么让人看不清，所以他们balked，不愿意了。
Paragraph 6
1⃣️ These trends are unlikely to fade, as our Briefing explains. 2⃣️ The number of billionaires is still growing—199 newbies made the grade last year. 3⃣️ In the emerging world older entrepreneurs who created firms in the boom years after 1990 are preparing to cash out, while in America and China younger tech entrepreneurs may soon float their companies, releasing a new wave of cash to reinvest. 5⃣️ Family offices’ weight in the financial system, therefore, looks likely to rise further. 6⃣️ As it does, the objections to them will rise exponentially. 7⃣️ The most obvious of these is the least convincing—that family offices have created inequality. 8⃣️ They are a consequence, not its cause. Nonetheless, there are concerns—and one in particular that is worth worrying about.
（一）段落大意
本段开篇也点明了观点：这些趋势并不会消失。后续论述围绕此观点来解释说明：亿万富翁数量依旧上升，家庭办公在金融系统中的权重日益增加，加剧了不公平的现象，让贫富差距日益加剧。最后，作者点明：这些纷繁现象都是结果，而不是原因，对于目前的状况，这些现象都值得担忧，需要持续关注。
（二）词句精析
2⃣️ The number of billionaires is still growing—199 newbies made the grade last year.
make the grade 达到标准，符合要求。很简单的词，可以用来替代meet the standard。 e.g. About 10% of trainees fail to make the grade。
3⃣️ In the emerging world older entrepreneurs who created firms in the boom years after 1990 are preparing to cash out, while in America and China younger tech entrepreneurs may soon float their companies, releasing a new wave of cash to reinvest.
float 我们都知道是“漂流，浮动”的意思，但是在这里是“首次公开发行股票，上市”的意思，可以跟initial public offering 放在一起记。 The company was floated on the stock market in 2007. Last year, the company raised $25 billion in its IPO, or initial public offering.
6⃣️ As it does, the objections to them will rise exponentially.
exponentially 基本含义是“指数的”，想象一下，如果呈指数增长那是有多快呀！原文中说，反对声呈指数增长，也就是说，有越来越多的反对声。
（三）文化背景
详情请戳：福布斯亿万富翁2018
对比参照：福布斯亿万富翁2017
2018年亿万富翁，盖茨不再是领跑者。美国富翁依旧笑傲世界，展示美国经济实力和科技水平。中国企业家表现不俗，BAT科技、互联网公司担当中国亿万富翁标杆。
Paragraph 7
1⃣️ The first is that family offices could endanger the stability of the financial system.2⃣️ Combining very rich people, opacity and markets can be explosive.3⃣️ LTCM, a $100bn hedge fund backed by the super-rich, blew up in 1998, almost bringing down Wall Street. 4⃣️ Scores of wealthy people fell for a Ponzi scheme run by Bernie Madoff that collapsed in 2008. 5⃣️Still, as things stand family offices do not look like the next disaster waiting to happen. 6⃣️ They have debt equivalent to 17% of their assets, making them among the least leveraged participants in global markets. 7⃣️ On balance, they may even be a stabilising influence. 8️⃣Their funds are usually deployed for decades, making them far less vulnerable to panics than banks and many hedge funds.
(一)段落大意
从这一段开始作者开始剖析家庭办公室可能会带来的隐忧。
第一个担忧是家庭办公室会危及到金融系统的稳定性。当有钱人，信息不透明，市场这几大要素加在一起，就可能点爆金融市场。文中用了两个金融市场上著名的例子来佐证观点。一个是LTCM的濒临倒闭事件，一个是2008年的庞氏骗局。大亨们的荣损会牵连整个金融体系。LTCM, 一个由超级有钱人资助的价值1000亿的对冲基金， 在1998年被引爆了，几乎拖垮了华尔街。2008年，大批的有钱人陷入了Benie Madoff的庞氏骗局中。然而，家庭办公室并不坐等下一个灾难的来临，他们也有相当比例的债务，相当于资产的17%，为了保持平衡，他们自己也是维稳势力的一部分。因为他们的资金被调动的频率都是数十年。相比起银行和对冲基金来说，他们应对金融恐慌要从容得多。
（二）词句精析
1⃣️ The first is that family offices couldendangerthe stability of the financial system.
endanger危及到（put sth. in danger of being hurt damaged, or destroyed）我们更为熟悉的用法是endangered animals，濒危动物，作动词。 endanger 本身可以理解为是danger的动词，把.....置于危险中，e.g. Smoking during pregnancy can endanger your baby's health.怀孕期间吸烟会危及到宝宝的健康。
2⃣️ Combining very rich people, opacity and markets can be explosive.
opacity正式语体，此处理解为信息不透明。opacity一个意思是模糊不透明（ the quality of being difficult to see through），一个意思是晦涩，费解（difficult to understand）近义词obscurity, 反义词transparent
3⃣️ LTCM, a $100bn hedge fund backed by the super-rich, blew up in 1998, almost bringing down Wall Street.
blow up爆炸，引爆（it is destroyed by an explosion）这个词组挺有意思的，也可以指给气球或者轮胎打气 (If you blow up something such as a balloon or a tyre, you fill it with air.)可能打气打过了就爆炸了吧
作者使用了同义词替换表示爆炸，blow up 是动词词组， “explosive"是形容词。
4⃣️ Scores ofwealthy people fell for a Ponzi scheme run by Bernie Madoff that collapsed in 2008.
"scores of” 注意是复数，表示很多，大量的。类似的表达还有a plethora of
6⃣️ They have debt equivalent to 17% of their assets, making them among the least leveraged participants in global markets.
leveraged 举债经营，融资（use borrowed money in order to buy it or pay for the company or investment). 这是在商业中的用法。我们更为熟悉的是它的名词leverage，杠杆力.还有一个常见用法是影响力和优势。仔细想来在杠杆的低端那个部分就是有优势有影响力的一端，好用的搭配有** political /diplomatic leverage** ，表示政治影响和外交影响
8️⃣ Their funds are usually deployed for decades, making them far less vulnerable to panics than banks and many hedge
** deploy** 有效利用（资源）这个词原本是用来调兵遣将，用在军队士兵当中，deploy forces/troops/weapons etc， 调配军力部队和武器什么的。
这里是一个正式的用法，为了某个特定目的有效的利用（to use something for a particular purpose, especially ideas, arguments etc)
e.g. a job in which a variety of professional skills will be deployed
（三）文化背景
LTCM- Long Term Capital Management was a large hedge fund led by Nobel Prize-winning economists and renowned Wall Street traders that nearly collapsed the global financial system in 1998. This was due to LTCM’s high-risk arbitrage trading strategies.这个被号称梦之队的有两个诺贝尔经济学奖得主发起成立的有史以来规模最大的对冲基金，在1998年崩塌了。当年一个月时间市值几乎缩水一半，于是9月底14家银行在美联储的组织下收购了LTCM，这家公司的所有原始合伙人完全失去了对基金的控制权。
庞氏骗局相信大家都不会陌生，但究竟什么事庞氏骗局呢？简单来说有点像传销。A Ponzi scheme is a form of fraud which lures investors and pays profits to earlier investors by using funds obtained from more recent investors. The victims are led to believe that the profits are coming from product sales or other means, and they remain unaware that other investors are the source of profits.
2008年的Bernard Madoff领导的庞氏骗局引发的金融海啸现在好像还历历在目。这个来自华尔街纳斯达克交易所的前主席，便用庞氏骗局玩转华尔街20年，从顶级精英的口袋里拿走了600多亿美元。他的两个儿子 Mark 和 Andrew Madoff 把他交给FBI,终结了这场骗局，被判了150年监禁。
Paragraph 8
1️⃣ The second worry is that family offices could magnify the power of the wealthy over the economy. 2️⃣ This is possible: were Bill Gates to invest exclusively in Turkey, he would own 65% of its stockmarket. 3️⃣ But the aim is usually to diversify risk, not concentrate power, by taking capital from the original family business and putting it into a widely spread portfolio. 4️⃣ The family-office industry is less concentrated than mainstream asset management, which a few firms such as BlackRock dominate. 5️⃣ Compared with most fund managers, family offices have welcome habits, including a longer-term horizon and an appetite for startups.
(一)段落大意
第二个担忧是家庭办公室会放大有钱人在经济领域中的权力。想象一下假如比尔盖茨单单只在土耳其投资的话，他会坐拥65%的股票市场，几乎就占据了整个土耳其的股票市场。但是家庭办公室理论上不会做出这种行为，因为投资是为了将资金从原有的家族企业中取出来，再放到更广的投资组合中，不会把鸡蛋放在一个篮子里，以此来分散风险，而不是集中权力。而且，即便是主流的资产管理的企业，也被一些大公司所控制，比如BlackRock。与大多数的资金管理者相比，家庭办公室的操作更受欢迎，比如更长期限的时间，扶持创业公司。
1️⃣ The second worry is that family offices couldmagnifythe power of the wealthy over the economy.
magnify这个词让人很容易想到它的名词形式magnifier放大镜。它的动词意思也和它的名词息息相关。
第一层意思字面意思的“放大”，e.g. A lens would magnify the picture so it would be like looking at a large TV screen.
第二层意思是”夸大，夸张” 近义词是exaggerate， 和中文也有异曲同工之妙，放大也有夸大事实的意思。
e.g. The report tends to magnify the risks involved.
2️⃣ This is possible: were Bill Gates to invest exclusively in Turkey, he would own 65% of its stockmarket.
were... would虚拟语气, If Bill Gates were to invest exclusively in Turkey, he would own 65% of its stockmarket.
3️⃣ But the aim is usually to diversify risk, not concentrate power, by taking capital from the original family business and putting it into a widely spread portfolio.
portfolio商业领域中，是指投资组合。通常使用时，是指代表作品集，尤其是美术作品集。
5️⃣ Compared with most fund managers, family offices have welcome habits, including a longer-term horizon and an appetite for startups.
horizon领域，眼界，范围（limits of what you want to do or of what you are interested or involved in.）这个词的最常见释义是地平线，
做眼界的意思大多数是复数形式。常见的搭配有expand/ broaden horizons
e.g. By embracing other cultures and genres, we actually broaden our horizons, rather than narrow any existing ones.
on the horizon即将来临的（ seem likely to happen in the future）
Business is good now, but there are a few problems on the horizon.
appetite for强烈渴望 their strong desire for something. 这个词本来是指胃口，想要吃东西，引申一下也指对某事的渴望。e.g. Someone's appetite for success
（三）文化背景
BlackRock, Inc. is an American global investment management corporation based in New York City. Founded in 1988, initially as a risk management and fixed income institutional asset manager, BlackRock is today the world's largest asset manager with $6.29 trillion in assets under management as of December 2017. -Wiki
BlackRock这个公司随手查了一下发现虽然感觉没有听过这个名字，但确是一个金融世界的巨头。2016年，全球经济排名前三的国家中除了美国和中国之外，第三名是日本，它的GDP总规模是4.38万亿美元。这家公司管理着超过日本GDP总量的资金，其资产规模在资产管理行业几无对手，甚至超过了很多知名银行和保险公司。苹果、麦当劳、壳牌等我们常常听到的跨国企业，这个投资公司都是他们的最大单一股东之一。
Paragraph 9
1⃣️ It is the third danger that has most bite: that family offices might have privileged access to information, deals and tax schemes, allowing them to outperform ordinary investors. 2⃣️ So far there is little evidence for this. 3⃣️ The average family office returned 16% in 2017 and 7% in 2016, according to Campden Wealth, a research firm, slightly lagging behind world stockmarkets. 4⃣️ Nonetheless, tycoons are well connected. 5⃣️ Family offices are becoming more complex—a third have at least two branches—making tax wheezes easier. 6⃣️ Hungry brokers and banks are rolling out the red carpet and pitching deals with unlisted firms that are not available to ordinary investors. 7⃣️ If all this did lead to an entrenched, unfair advantage, the effect, when compounded over decades, would make wealth inequality disastrously worse.
（一）段落大意
本段讲了家庭办公室带来的第三个问题，也是本文提到的三个问题中最有影响力的一个--他们能个接触到我们普通人接触不到的信息、交易和税收计划。虽然现在还没有任何迹象，但是如果真是这样，几十年后，财富不平等的问题将会是灾难性的。
（二）词句精析
1⃣️ It is the third danger that has most bite: that family offices might have privileged access to information, deals and tax schemes, allowing them to outperform ordinary investors.
have the most bite，bite我们比较熟悉的是他的动词“咬”的含义，但是在这里bite是个名词，意思是“影响力；感染力”。“毫无感染力”，我们就可以说“have no bite”
have access to 查阅或使用的机会或权利。在我们的“每日一词” 中出现过。e.g. Student must have access to good resources.
privileged privilege名词作为“特权”这层含义我们比较熟悉，但是还有一层含义是“荣幸”，e.g. It was a great privilege to hear her sing. （听她唱歌真是三生有幸。）作为形容词也是分为这两层含义，本文中是“有特权的”这层含义。值得注意的是，形容词作为“荣幸”这层含义时，不能用在名词前做修饰。通过例句来看下用法：e.g. We are privileged to welcome you as our speaker this evening. (今晚我们很荣幸请到您来演讲。)
outperform“每日一词”当中出现过“outlive”这个词，是“比...活得长”的意思，那么类似的outperform是“比...做得好，胜过...”的意思。类似的词还有outplay“战胜，击败”，outpace“比...快”，outwit“智力上胜过...”，outweigh“重于...”，outnumber“在数量少压倒...”，以此记住“out-”这一前缀的含义。
3⃣️ The average family office returned 16% in 2017 and 7% in 2016, according to Campden Wealth, a research firm, slightly lagging behind world stockmarkets.
return 我们比较熟悉的含义是“返回”“归还”的含义，而这里是“带来，产生（利润或损失）”之意。e.g. Last year the company returned a loss of $157 million. (去年，公司亏损达1.57亿美元。)
lag behind sb/sth “落后于...” 这个用法比较简单。这里想拓展一下lag作为名词的两个常见用法：
① time lag，“（两件相关的事件的）时间间隔，时滞” e.g. There is a time lag between theoretical research and practical applications. （理论研究与实际应用之间是有时间差的。）
② jet lag，“时差反应”，e.g. For those of us who fly more than a couple of time zones from home,jet lagcan be a serious challenge. (对于经常飞越时区的人来说，时差综合症可能成是个大问题。）我们常常说“倒时差”，就是这个词啦，可不要用“time difference”哦，我们可以说“get over jet lag”。“time difference”只是“时间差”的意思，e.g. What is thetimedifferencebetween Beijing and New York? （北京和纽约的时差是多少？）
5⃣️ Family offices are becoming more complex—a third have at least two branches—making tax wheezes easier.
这句话是说家庭办公室越来越复杂，其中三分之一有至少两个分支，这让避税更容易。
wheeze 这里是名词，意思是a clever trick or plan“花招，计谋”，所以tax wheezes就是指一些避税的招数。
6⃣️ Hungry brokers and banks are rolling out the red carpet and pitching deals with unlisted firms that are not available to ordinary investors.
roll out the red carpet“roll out”是“铺开”的意思，从一个管子状铺成平的，比如文中的“铺开地毯（roll out the carpet）”，“铺开海报（roll out a poster）”，我们包饺子，擀饺子皮的时候也可以用到“roll out dough wrappers”。 “roll out the red carpet”字面意思是“铺开红地毯”，引申为“隆重欢迎，热烈欢迎的意思”。
pitch 本意是“投，抛”，这里的意思是“推销，争取生意” e.g. Representatives went to Japan to pitch the company's newest product.
unlisted firms 指“非上市公司”
available 这个词很好用，如果一个东西available，就是说这个东西“is able to be used or can easily be bought or found”，如果说一个人available，那么有两种含义，一个是这个人"不忙，有空"，还有一个是说这个人是单身。
7⃣️If all this did lead to an entrenched, unfair advantage, the effect, when compounded over decades, would make wealth inequality disastrously worse.
did是表示强调，如果这些“确实”能够导致一种根深蒂固的不平等优势，when compounded over decades, 是插入语，“经过几十年的恶化”，这将会导致灾难性的财富不均。跟前文说Bill Gates一样，整句是个虚拟语气，是个假设的情况。
compound 这个词我之前只知道他的名词“复合物；复合词”的意思/ ˈkɒmpaʊnd/，而这里是动词“使恶化、使加重”的意思/kəmˈpaʊnd/. e.g. Helmut's problems were compounded by his lack of concentration.
disastrously 用来形容worse的词可以记一下，不要只会用much/a lot哦！considerably, dramatically, infinitely, a sight, significantly
Paragraph 10
The rich discover do-it-yourself
1⃣️ The answer is vigilance and light. 2⃣️ Most regulators, treasuries and tax authorities are beginners when it comes to dealing with family offices, but they need to ensure that rules on insider trading, the equal servicing of clients by dealers and parity of tax treatment are observed. 3⃣️ And they should prod family offices with assets of over, say, $10bn to publish accounts detailing their workings. 4⃣️ In a world that is suspicious of privilege, big family offices have an interest in boosting transparency. 5⃣️ In return, they should be free to operate unmolested. 6⃣️ They may even have something to teach hordes of flailing asset managers who serve ordinary investors, many of whom may look at their monthly fees and wish that they, too, could ditch the middlemen.
（一）段落大意
本段交代了能够解决家庭办公室可能带来的这三个问题的方法，即始终保持警惕，让信息透明。
（二）词句精析
1⃣️ The answer is vigilance and light.
light 本意是“光亮”，这里引申为信息透明，跟后文说的transparency同义。在这层含义下，拓展两个词组：bring sth to light “披露，揭露” e.g. These facts have only just been brought to light. come to light “为人所知，变得众所周知” e.g. New evidence has recently come to light.
2⃣️ Most regulators, treasuries and tax authorities are beginners when it comes todealing with family offices, but they need to ensure that rules on insider trading, the equal servicing of clients by dealers and parity of tax treatment are observed.
when it comes to 当谈到...的时候，就...而论 e.g. When it comes to diet and exercise, we know what to do, but we don't do what we know.
3⃣️ And they should prod family offices with assets of over, say, $10bn to publish accounts detailing their workings.
prod 基本含义是“戳，捅”，经常跟它的同义词poke一起用，形成头韵。比如《哈利波特》里有一句“He was looking at her closely through his half-moon spectacles, his long fingers gentlyprodding and poking.他透过半月形的眼镜片仔细端详着她，修长的手指轻轻地这里戳戳，那里捅捅。” 在本文中是引申含义“ 催促；督促”，可以用urge，push来替换。
say 这里的say不是“说”的意思哦，而是“比方说，假设”，可以用 for example替换，在口语中非常常见。 e.g. Let's take any writer, say, Dickens... 我们随便举一个作家为例，比方说狄更斯...
working the way that an organization, a machine or a system operates 运作方式，通常都是复数形式。
5⃣️ In return, they should be free to operate unmolested.
unmolested 是个形容词，是“不被干涉， 不受打扰”的意思。
这里想说一下动词后是否可以接形容词的问题。上个月早读的时候，我们学到He died young. They died happy. 所以答案是可以的，而且这样的句子还有很多，我们要看动词后面的这个词的逻辑主语是谁。
比如I left home young and returned old. 这时候这个形容词，不是用来形容他前面的动词，而是用来形容前面主语的状态。再比如：I drink the tea hot. 这时候tea这个宾语，是hot这个形容词的逻辑主语。如果是形容前面的动词，那么就要用副词了，比如：I drink the tea quickly.
本文中的unmolested也是用来形容they（家庭办公室）的，所以并没有用副词。e.g. They allow him to pass unmolested.
6⃣️ They may even have something to teach hordes of flailing asset managers who serve ordinary investors, many of whom may look at their monthly fees and wish that they, too, could ditch the middlemen.
hordes of “一大群”，上文一个类似的表达“scores of” 可以放在一起记忆。
flail 是“胡乱摆动”的意思，这里用来形容一般投资者的投资经理“狮子大开口”的要价，所以后文说那些一般投资者，也想要甩掉中间人。
ditch 这里是“抛弃；甩掉”的意思，可以用dump，get rid of等来替换 I can't bring myself to ditch him and start again. 我不忍心蹬掉他再觅新欢。
彩蛋来啦~
超有钱怎么说？？？
网页版标题就有the 0.001%，不过我们日常说到的很有钱，说the 1%就可以啦，财富塔顶端的那1%的人。
app版的标题提到：super rich，我们可以再学两个形容词 crazy rich, filthy rich
另外还有一些不带rich的，比如loaded，rolling in it/money
ps：crazy是个非常好用的词，可以用来替换extremely，比如crazy cheap/hot/delicious/funny等等