致编辑的信

2007 · oped · 原文约 463 词

译文与英文原文逐段对齐可在本页展开英文，也可打开发布者原址核对上下文。

8/10/22, 7:41 PM 博格尔电子博客 » 博文存档 » 约翰·博格尔致《华尔街日报》编辑的信时光机 - https://web.archive.org/web/20160413024335/http://johncbogle.com/wordpress/2007/0… 约翰·博格尔致《华尔街日报》编辑的信 jcbadmin - 2007 年 3 月 6 日《华尔街日报》3 月 3 日刊发了一封博格尔先生致编辑的信，其中他澄清了某封回信中对他在 2 月 9 日评论文章提出的一些主张所做的部分辩解。

8/10/22, 7:41 PM The Bogle eBlog » Blog Archive » John Bogle’s Letter to Wall Street Journal Editor The Wayback Machine - https://web.archive.org/web/20160413024335/http://johncbogle.com/wordpress/2007/0… JOHN BOGLE’S LETTER TO WALL STREET JOURNAL EDITOR jcbadmin - Mar 06, 2007 The March 3 issue of the Wall Street Journal included a letter to the editor from Mr. Bogle, in which he clarified some of the contentions made in a letter written in response to his February 9 opinion piece.

以下为针对博格尔先生 2/9/07 文章所写回信的全文：与博格尔先生的看法相反，首只指数基金是由巴克莱全球投资者公司（BGI）于 1971 年为机构投资者创建的。作为全球最大的指数管理公司和 ETF 领域的全球领导者，我们使投资者能够在其投资组合中利用我们的机构指数化优势。我们响应了投资者及其财务顾问今天的需求——更好的税收效率、交易的灵活性、更高的透明度，以及进入难以触及的市场以帮助分散投资组合。

Text of letter in response to Mr. Bogle’s 2/9/07 article: Contrary to Mr. Bogle’s belief, the first index fund was created by Barclays Global Investors (BGI) for institutional investors in 1971. As the world’s largest index manager and the global leader in ETFs, we have enabled investors to access our institutional indexing strength in their portfolios. We’ve responded to what investors and their financial advisers want today — better tax efficiency, flexibility in trading, increased transparency, and access to hard to reach markets that help them diversify their portfolios.

ETF 吸引了大量资产，因为它们迎合了不同类型投资者的需求。绝大多数 ETF 持有者是买入并持有的投资者。另一方面，约 90% 的 ETF 交易量由机构投资者（如共同基金和对冲基金）进行，用于短期敞口或对冲风险。重要的是，这种交易发生在交易所内的基金之外；因此，长期 ETF 投资者并不会补贴 ETF 中活跃交易者的成本。

ETFs have attracted significant assets because they appeal to many different types of investors. The vast majority of ETF owners are buy-and-hold investors. On the other hand, about 90% of the ETF trading volume is done by institutional investors such as mutual funds and hedge funds for short-term exposure or to hedge risks. Importantly, this trading happens outside the fund at the stock exchanges; thus long-term ETF investors don’t subsidize the costs of active traders in ETFs.

李·克兰福斯 iShares 首席执行官巴克莱全球投资者公司旧金山博格尔先生回应克兰福斯先生的信函原文：针对我 2 月 9 日评论版文章《“价值”策略》关于交易所交易基金（ETF）的回应（致编辑的信，2 月 24 日）中，巴克莱全球投资者公司（BGI）的李·克兰福斯的一封来信存在错误：

Lee Kranefuss CEO of iShares at Barclays Global Investors San Francisco Text of Mr. Bogle’s response to Mr. Kranefuss: Among the responses to my Feb. 9 editorial-page commentary “‘Value’ Strategies” on exchange traded funds (Letters to the Editor, Feb. 24), one from Lee Kranefuss of Barclays Global Investors (BGI) contained errors:.

1. 虽然他否认我创建了首只指数基金，但我只声称创建了首只指数共同基金（即现在的先锋 500 指数基金），该基金于 1975 年 12 月 28 日注册成立。

1. While he denies that I created the first index fund, I have claimed only that I created the first index mutual fund (now Vanguard 500 Index Fund), incorporated on Dec. 28, 1975.

2. BGI 并未创建首只指数基金。首个使用指数策略的养老金账户由富国银行于 1971 年创建，后于 1996 年被巴克莱收购。

2. BGI did not create the first index fund. The first pension account to use an index strategy was created by Wells Fargo Bank in 1971, acquired in 1996 by Barclays.

3. 那个指数策略是失败的。它依赖的是价格加权指数——而非市值加权指数——因此被频繁交易及随之而来的交易成本所压垮。

3. That index strategy was a failure. It relied on a price-weighted — not market-cap-weighted — index, and was thus overwhelmed by frequent trading and its attendant transaction costs.

4. 1976 年，也就是先锋 500 创建后的第二年，该养老金账户终于改用市值加权的标普 500 指数作为其跟踪标准，该策略才开始奏效。

4. In 1976, the year after the creation of Vanguard 500, the pension account finally switched to the cap-weighted S&P 500 as its tracking standard, and the strategy at last began to work.

试图改写历史——即使是在其看似晦涩的方面——是不应该的。

Attempts to rewrite history — even in its seemingly arcane aspects — should not be attempted.