In his latest paper, “An Inconvenient Fact: Private Equity Returns & The Billionaire Factory,” Phalippou argues that after an early period of spectacular outperformance by a handful of pioneers, PE fund returns have become a lot more ordinary, once you take out the high fees paid to fund managers. By his calculations, the private equity funds that began in the period from 2006 through 2015 returned about 11% a year, roughly in line with stocks, he wrote in the paper.

思考题：

Phalippou believes that Private Equity Fund__.

A.has become quite ordinary recently

B.has outperformed stock market

C.has always been quite ordinary

D.has been spectacular from 2006 to 2015

词汇突破：

1.Inconvenient 麻烦的

2.Private Equity fund 私 募基金=PE fund

3.Returns 回报

4.Billionaire 亿万富豪

5.spectacular 精彩的

6.outperformance 优秀表现

7.a handful of 一小撮

8. take out

9.the high fees 高额费用

10. fund managers基金经理

11. calculations 测算

12. roughly 大概

13.in line with 与…一致

句子解析：

句：

In his latest paper, “An Inconvenient Fact: Private Equity Returns & The Billionaire Factory,”(同位语) Phalippou argues that //after an early period of spectacular outperformance by a handful of pioneers, PE fund returns have become a lot more ordinary, once you take out the high fees paid to fund managers.

参考译文：法利普在最 新论文《麻烦的事实：私 募基金的回报和亿万富翁工厂》中指出，早期少数先驱者表现异常出色，但这个阶段过后，私 募基金的回报一旦刨去支付给基金经理的高昂费用，就变得非常普通了。

第二句：

By his calculations, the private equity funds that began in the period from 2006 through 2015(定语) returned about 11% a year,// roughly in line with stocks, he wrote in the paper.

参考译文：根据他的测算，从2006年到2015年私 募基金每年的回报率约为11%，大致与股票持平。

思考题解析：

A. has become quite ordinary recently

(最近变得很普通了)

A选项正确。对!别说recently不准确!

这已经是最 佳选项了!

B. has outperformed stock market

(表现超出股票市场)

没有超过!不对!

B选项错误。

C. has always been quite ordinary

开始的时候是精彩 真的

(不是一直非常普通，也有精彩的时候!)

C选项错误。

D. has been spectacular from 2006 to 2015

没有提及!

(在2006至2015年间十分精彩)

D选项错误。

文章来源背景和来源：

Questioning Private Equity’s Numbers

质疑私 募基金的数据

Source: https://www.bloomberg.com/news/articles/2020-07-23/private-equity-s-big-returns-aren-t-what-they-seem-academic-says

背景：私 募基金的雏形是20世纪初美国的富人银行家，他们通过人脉募集资金，依靠灵通的耳目获取产业内幕，大笔投资高风险的新兴产业，获得了极高的收益，因而声名鹊起。到了现在，私 募基金因为各种描绘华尔街金融传奇的文艺作品得以出圈，许多中产阶级也开始寻求通过私 募基金实现阶层跨越，期待让富人的资产经理给自己的未来铺路。私 募基金们也笑纳这些送到嘴里的肥肉，开拓了平民化的路线，例如2007年黑石集团的IPO。然而，牛津大学的法利普教授在研究数据后指出，私 募行业的光鲜亮丽不过是扭曲地呈现数据的结果。在扣除高昂的申购费用之后，私 募的收益率实际非常平庸，等于同一时期公开市场的股票平均收益率。背后最 大的受益人是收费甚高的基金经理们，所以法利普在自己论文的标题中就开宗明义地表示，私 募行业是个亿万富翁工厂。

--KK