2019年经济学人 金融界的计算机革命(2)

 

In the past decade computers have graduated to running portfolios¹. Exchange-traded funds (ETFS) and mutual² funds automatically track indices of shares and bonds. Last month these vehicles had $4.3trn invested in American equities³, exceeding the sums actively⁴ run by humans for the first time. A strategy known as smart-beta isolates⁵ a statistical⁶ characteristic— volatility⁷, say—and loads up on securities that exhibit it. An elite⁸ of quantitative⁹ hedge funds, most of them on America’s east coast, uses complex black-box mathematics to invest some $1trn. As machines prove themselves in equities and derivatives¹⁰, they are growing in debt markets, too.

在过去的十年中，计算机已经逐渐发展为运行投资组合。交易所交易基金和共同基金自动跟踪股票和债券的指数。上月，这些投资工具向美国股市投资了 4.3 万亿美元，首次超过了人类活跃的投资总额。一种被称为 smart-beta 的策略隔离了一种统计特性——比如波动性——并大量买入表现出波动性的证券。数量对冲基金的精英们，大部分在美国东海岸，使用复杂的黑箱数学来投资大约1万亿美元。随着机器在股票和衍生品领域证明自己的价值，它们在债券市场也在增长。

All the while, computers are gaining autonomy. Software programs using AI devise their own strategies without needing human guidance. Some hedgefunders are sceptical about AI but, as processing power grows, so do its abilities. And consider the flow of information, the lifeblood of markets. Human fund managers read reports and meet firms under strict insider-trading and disclosure laws. These are designed to control what is in the public domain¹¹ and ensure everyone has equal access to it. Now an almost infinite supply of new data and processing power is creating novel ways to assess investments. For example, some funds try to use satellites to track retailers’ car parks, and scrape inflation data from e-commerce sites. Eventually they could have fresher information about firms than even their boards do.

与此同时，计算机正在获取自主权。使用人工智能的软件程序在不需要人工指导的情况下设计自己的策略。一些对冲基金对人工智能持怀疑态度，但随着处理能力的增长，人工智能的能力也在增长。想想信息的流动，市场的命脉。人力基金经理阅读报告，并在严格的内幕交易和信息披露法律下与公司会面。它们的目的是控制公共领域的内容，并确保每个人都有平等的访问权。如今，几乎无限的新数据和处理能力正在创造评估投资的新方法。例如，一些基金试图利用卫星跟踪零售商的停车场，并从电子商务网站搜集通胀数据。例如，一些基金试图利用卫星跟踪零售商的停车场，并从电子商务网站搜集通胀数据。最终，他们可以获得比董事会更新鲜的公司信息。

1 portfolios   

n.投资组合( portfolio的名词复数 )；（保险）业务量；（公司或机构提供的）系列产品；纸夹

参考例句：

• Price risk arises in non-trading portfolios, as well as in trading portfolios. 价格风险中出现的非贸易投资，以及在贸易投资组合。 来自互联网
• How do we fatten our portfolios and stay financially healthy? 我们怎样育肥我们的投资结构和维持财政健康呢？ 来自互联网

2 mutual   

adj.相互的，彼此的；共同的，共有的

参考例句：

• We must pull together for mutual interest.我们必须为相互的利益而通力合作。
• Mutual interests tied us together.相互的利害关系把我们联系在一起。

3 equities   

普通股，股票

参考例句：

• These are invested mainly in the OECD bonds and equities. 这些资产主要投资于经济合作及发展组织的债券与股票市场。
• They are also advantage of the global rebound in equities. 它们还在利用全球股市反弹的机会。

4 actively   

adv.积极地，勤奋地

参考例句：

• During this period all the students were actively participating.在这节课中所有的学生都积极参加。
• We are actively intervening to settle a quarrel.我们正在积极调解争执。

5 isolates   

v.使隔离( isolate的第三人称单数 )；将…剔出（以便看清和单独处理）；使（某物质、细胞等）分离；使离析

参考例句：

• The transformer isolates the transistors with regard to d-c bias voltage. 变压器可在两个晶体管之间隔离直流偏压。 来自辞典例句
• In regions with certain isolates of TRV, spraining is more prominent. 在具有TRV某些分离物的地区，坏死是比较显著的。 来自辞典例句

6 statistical   

adj.统计的，统计学的

参考例句：

• He showed the price fluctuations in a statistical table.他用统计表显示价格的波动。
• They're making detailed statistical analysis.他们正在做具体的统计分析。

7 volatility   

n.挥发性，挥发度，轻快，（性格）反复无常

参考例句：

• That was one reason why volatility was so low last year.这也是去年波动性如此低的原因之一。
• Yet because volatility remained low for so long,disaster myopia prevailed.然而，由于相当长的时间里波动性小，灾难短视就获胜了。

8 elite   

n.精英阶层；实力集团；adj.杰出的，卓越的

参考例句：

• The power elite inside the government is controlling foreign policy.政府内部的一群握有实权的精英控制着对外政策。
• We have a political elite in this country.我们国家有一群政治精英。

9 quantitative   

adj.数量的，定量的

参考例句：

• He said it was only a quantitative difference.他说这仅仅是数量上的差别。
• We need to do some quantitative analysis of the drugs.我们对药物要进行定量分析。

10 derivatives   

n.衍生性金融商品；派生物，引出物( derivative的名词复数 )；导数

参考例句：

• Many English words are derivatives of Latin words. 许多英语词来自拉丁语。 来自《简明英汉词典》
• These compounds are nitrosohydroxylamine derivatives. 这类合成物是亚硝基羟胺衍生物。 来自辞典例句

11 domain   

n.(活动等)领域，范围；领地，势力范围

参考例句：

• This information should be in the public domain.这一消息应该为公众所知。
• This question comes into the domain of philosophy.这一问题属于哲学范畴。