基金管理费：二和二十
我不想把注意力全放在费用上而忽略其他方面——Fundsmith 的主业是创造卓越业绩。但我们想指出，费用和收费对投资业绩的拖累相当可观。
I don't want to focus on fees to the exclusion of all else - our main focus at Fundsmith is on delivering superior performance. However, we would like to point out the very meaningful drag that fees and charges have on investment performance.
二加二十是对冲基金行业的标准收费公式。
Two and twenty is the standard fee formula for the hedge fund industry.
这根本站不住脚。
It is unsupportable.
与其说我感到震惊，不如说我对这么多人居然意识不到这种收费结构对回报的影响感到目瞪口呆。我这里谈的不是业绩费结构明显驱使许多基金经理在信用泡沫允许的范围内尽可能加杠杆、押下许多拉斯维加斯赌徒都会觉得离谱的赌注，因为他们知道自己几乎不会亏钱、却能拿到超过 20% 的上涨收益。
I am not so much shocked, as flabbergasted by the number of people who do not realise the impact of these fee structures on returns. I am not talking here about the fact that such performance fee structures clearly led many fund managers to gear up their funds as much as the credit bubble allowed and to place bets which many in Las Vegas would regard as outrageous, knowing that they had little or no downside and 20%+ of the upside.
我与投资行业内许多身居要职的专业人士交流过，他们要么没有意识到、要么不相信我将要展示的数学计算。
I have had discussions with numerous professionals in sophisticated jobs in the investment industry who are either unaware of, or who disbelieve the mathematics of what I am about to demonstrate.
如你所知，沃伦·巴菲特过去 45 年取得了卓越的投资业绩，年复合回报率为 20.46%。如果你在 1965 年巴菲特开始管理伯克希尔·哈撒韦时投入 1000 美元买入其股票，到 2009 年底，你的投资会价值 430 万美元。这是因为巴菲特把伯克希尔·哈撒韦当作一家他与投资者共同投资的公司来经营。
As you are aware, Warren Buffett has produced a stellar investment performance over the past 45 years, compounding returns at 20.46% pa. If you had invested $1,000 in the shares of Berkshire Hathaway when Buffett began running it in 1965, by the end of 2009 your investment would have been worth $4.3m. That's because Buffett runs Berkshire Hathaway as a company in which he co-invests alongside his investors.
但如果巴菲特把它设成对冲基金，按基金价值的 2% 收取年费，再加 20% 的收益提成，那么这 430 万美元中，400 万美元会归他这位经理人所有，而你——投资者——只能拿到 30 万美元。而且这还是你的对冲基金经理业绩追平巴菲特时的结果。
However, if Buffett had set it up as a hedge fund and charged 2% of the value of the funds as an annual fee, plus 20% of any gains, of that $4.3m, $4.0m would belong to him as manager and only $300,000 would belong to you, the investor. And this is the result you would get if your hedge fund manager had equalled Warren Buffett's performance.
结论是：二加二十行不通。那并不意味着 1.5% 加 15% 就合理，甚至 1% 加 10% 也不行。依我看，业绩费根本行不通。它抽走了太多回报，还鼓励冒险行为。要让你的基金经理专注于业绩、又不用把大部分收益拱手送给他或她，唯一办法是确保他或她把自己的大部分净资产与你一同投入基金、并按完全相同的条款来。
Conclusion: Two and twenty does not work. That does not mean that 1.5% and 15% is OK, or even 1% and 10%. In my opinion, performance fees do not work. They extract too much of the return and encourage risky behaviour. The only way to focus your fund manager on performance without gifting him or her most of your returns is to ensure that he or she invests a major portion of their net worth alongside you in the fund and on exactly the same terms.