（阿浦研究院｜人大金融交易協會）
導言：
私人市場日漸繁榮，大型養老基金、捐贈基金和主權財富基金所配置的資產中有很大一部分正在流入私人市場，而且這一比例還在不斷增長。
經濟詞彙：
fund——基金
stock—股票
bond—債券
知識補充：
利基市場（niche market）——是在較大的細分市場中具有相似興趣或需求的一小群顧客所佔有的市場空間。大多數成功的創業型企業一開始並不在大市場開展業務，而是通過識別較大市場中新興的或未被發現的利基市場而發展業務。
重點句型：
1. There was a time when a sure way to establish a reputation as a campus sage was to bang on about the “dialectic”, or the action of opposing historical forces.
句型解釋：“when”後面的句子為主句“There was a time”的狀語從句，在從句中，“a way to …”表示“…的方式”。
翻譯文段：
1.There was a time when a sure way to establish a reputation as a campus sage was to bang on about the “dialectic”, or the action of opposing historical forces. Sooner or later somebody will apply the term to asset management. The industry is not short of would-be sages. And it has historical forces of its own to contend with. Over the past decade there has been a dramatic shift towards “passive” funds. They track publicly listed stocks or bonds that are liquid—that is, easy to buy or sell. The most popular funds are huge, run by computers, widely held and have low fees.
2.This passive boom has spawned its antithesis—niche, run by humans, secretive, thinly traded and high-fee. Institutional investors are rushing headlong into private markets, especially into venture capital, private equity and private debt. The signs are everywhere. A large and growing share of assets allocated by big pension funds, endowments and sovereign-wealth funds is going into private markets—for a panel of ten of the world’s largest funds examined by The Economist, the median share has reached 23%.
1.曾幾何時，要想樹立校園聖賢的聲譽，一個可靠的方法就是滔滔不絕地談論“辯證法”，即反對歷史力量的行動。遲早會有人將這個術語應用於資產管理。這個行業並不缺少未來的聖賢。而且它有自己的歷史力量要與之抗衡。在過去的十年裡，“被動”基金髮生了巨大的轉變。他們追蹤流動的公開上市股票或債券——也就是說，容易買賣。最受歡迎的基金規模龐大，由電腦操作，廣泛持有，收費低廉。
2.這種被動的繁榮催生了它的對立面——由人類經營的利基市場，隱秘，交易稀少，費用高昂。機構投資者正一頭扎進私人市場，尤其是風險資本、私人股本和私人債務市場。到處都是這樣的跡象。大型養老基金、捐贈基金和主權財富基金所配置的資產中有很大一部分正在流入私人市場，而且這一比例還在不斷增長——《經濟學人》調查的10家世界最大的基金中，平均份額達到了23%。
擴展閱讀：
A niche is a market space occupied by a small group of customers with similar interests or needs in a larger market segment. Most successful startups do not start out in large markets, but rather develop their business by identifying emerging or undiscovered niches in larger markets.
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