It used to be so easy to “earn” a performance bonus in financial services. Step one: agree a contract whereby you are paid if you exceed a modest benchmark with the funds you are managing. Step two: borrow money and invest it in risky assets. Step three: profit! Step three does not follow automatically, of course, if the risky asset does not pay off. But from the point of view of the fund manager and his bonus, it’s a case of “heads I win, tails the investor loses”.
曾經，在金融服務業「賺取」業績獎金是那麼容易。第一步：簽訂一項協議，根據它，只要你管理的基金業績超過一個一般的基準水準，你就能獲得報酬。第二步：借入資金，將之投入風險資產。第三步：獲利！當然，如果風險資產未能盈利，第三步不會自動實現。但從基金經理及其獎金的角度看，這是一個「正面我贏，反面投資者輸」的局。
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