Performance pay is a tricky business. If you hired me as a hedge fund manager and paid me "2 and 20" - a 2 per cent management fee, plus 20 per cent of any gains - then I'd be tempted to take your money to a roulette table and put it all on black. If I won, I'd get to keep 20 per cent of the gains. If I lost - well, I would have been sure to deduct the management fee first.
績效薪酬是件棘手的事情。如果你僱我擔任對沖基金經理，薪酬爲「2加20”——2%的管理費，外加所有收益的20%——那麼我會忍不住把你的錢都投到輪盤賭上，全押在黑色上。如果我贏了，我能拿到20%的收益。而如果我輸了——好吧，我肯定一開始就先把管理費扣除了。
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