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Unfortunately, certain major investing institutions have "glass house" problems in arguing for better governance elsewhere; they would shudder, for example, at the thought of their own performance and fees being closely inspected by their own boards. But Jack Bogle of Vanguard fame, Chris Davis of Davis Advisors, and Bill Miller of Legg Mason are now offering leadership in getting CEOs to treat their owners properly. Pension funds, as well as other fiduciaries, will reap better investment returns in the future if they support these men.

不幸的是,某些大型的投资机构根本上存在着&玻璃屋&的问题,声称可以从其它地方着手加强企业治理,比如说,它们一想到董事会要来严密检视其绩效及管理费时,就感到惊惧不已,但先锋基金的Jack Bogle、Davis投顾的Chris Davis及Legg Mason的Bill Miller现在都站出来引导CEO朝向公平对待股东的路上迈进,而如果退休基金以及其它信托基金也能够一起站出来支持这群人,个人相信这些机构在未来一定可以得到更佳的投资报酬。

But for the most part, a monkey will type out a Shakespeare play before an "independent" mutual-fund director will suggest that his fund look at other managers, even if the incumbent manager has persistently delivered substandard performance. When they are handling their own money, of course, directors will look to alternative advisors – but it never enters their minds to do so when they are acting as fiduciaries for others.

当一家基金公司-我们姑且称之为 A 公司,被一位经理人 B 以极高价位买断时,弥漫在这个系统内的伪善气氛就会被特别凸显,这时我们立刻可以发现这些独立董事们终于开始&自我反省&,认为 B 先生才是最佳的基金经理人,尽管 B 先生不是今天才存在这个业界,而且通常很不凑巧的,B 先生在自 A 先生手中买下 A 公司后,其薪资价码肯定比原本的薪资水准高得许多,我想主要原因在于,为了取得 A 公司,B 先生已经砸下了大笔的银子,非得从连带移转过来 A 公司的股东们支付(这也是交易的附带条件)的管理费中捞回来不可,(如果想要多了解基金公司的内幕,建议各位读一读 John Bogle 的著作-共同基金的常识一书)。

Many thousands of investment-company boards meet annually to carry out the vital job of selecting who will manage the savings of the millions of owners they represent. Year after year the directors of Fund A select manager A, Fund B directors select manager B,etc.… in a zombie-like process that makes a mockery of stewardship. Very occasionally, a board will revolt. But for the most part, a monkey will type out a Shakespeare play before an "independent" mutual-fund director will suggest that his fund look at other managers, even if the incumbent manager has persistently delivered substandard performance. When they are handling their own money, of course, directors will look to alternative advisors – but it never enters their minds to do so when they are acting as fiduciaries for others.

成千上万的投资公司董事会每年都会聚会行使投资人赋予他们的重大责任-为其背后所代表的数百万投资人选择适当的人选来管理其身家财产,只是我们发现,年复一年董事会只不过是装出掌握控制权的表面假象,A基金公司永远选择A经理人、B基金公司也总是选择B经理人,其制式程序就像僵尸般食古不化,当然偶尔也会有董事会突锤,但大部分的时候,就算现任的基金经理人的表现有多差劲也一样视而不见,我想要等这些独立行使职务的董事愿意开始建议寻找其它合适的经理人人选,恐怕连猴子都有办法写出莎士比亚歌剧了,吊诡的是,当这些人在处理自己的资产时,只要发现苗头不对,他们肯定立刻见风转舵,另觅贤能,实在是无法理解当他们在受托帮他人管理资产时,为何脑筋偏偏就转不过来呢?

You may want to seriously consider changing thesis advisors if your advisor is inaccessible or disinterested, gives you only negative feedback, doesn't have the technical background to advise you on your thesis, or harasses you.

如果你的导师难以接近或者对你漠不关心而只是给你消极的反馈,或者对你的学位论文的指导上没有什么技术背静,或者很烦你,这时你可能应该认真地考虑换导师。

Many investors purchase mutual funds through intermediated channels, paying brokers or financial advisors for fund selection and advice.

许多投资者通过中介渠道购买共同基金,通过支付经纪人或财务顾问来选择基金。

They are the eyes, ears, monitors and advisors of the President.

他们是总统的眼睛,耳朵,监视人和咨询人。

By the 1590s, Elizabeth was in her 60s and her most trusted advisors were slowly dying.

由1590s ,伊丽莎白是在她60多岁,她是最值得信赖的顾问慢慢死去。

The most convenient way is to establish a council of advisors, made up of pastors and elders.

最方便的方法是设立一个由牧师和长老组成的顾问会议。

In subjugating the six other major states of Eastern Zhou, the Qin kings had relied heavily on legalist scholar advisors.

秦朝皇帝在统治其他六国的过程中,大力度的采用了法学学者们的法制。

As much has been reported in the press recently, I wanted to reach out to you personally to let you know why your Board of Directors, after a careful review by Yahoo!'s management along with our financial and legal advisors, believes that Microsoft's proposal substantially undervalues Yahoo! and is not in the best interests of our stockholders.

虽然近来媒体有大量的报道,但我还是想亲自告诉你们董事会为什么拒绝的原因,在经过管理层和公司金融及法律顾问的认真考量后,董事会认定微软的出价大大低估了雅虎的价值,不符合股东的最大利益。

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Neither the killing of Mr Zarqawi nor any breakthrough on the political front will stop the insurgency and the fratricidal murders in their tracks.

在对危险的南部地区访问时,他斥责什叶派民兵领导人对中央集权的挑衅行为。

In fact,I've got him on the satellite mobile right now.

实际上 我们已接通卫星可视电话了

The enrich the peopling of Deng Xiaoping of century great person thought, it is the main component in system of theory of Deng Xiaoping economy, it is a when our country economy builds basic task important facet.

世纪伟人邓小平的富民思想,是邓小平经济理论体系中的重要组成部分,是我国经济建设根本任务的一个重要方面。