An aSSET MANAGER’s job is harder than merely beating the market. They must also deal with investors’ foibles(小缺点，弱点). In private, some sound like doctors complaining about patients. Everyone is an expert these days, goes the typical gripe, especially after conversing with a large language model. Yet clients still don’t know what’s good for them. Sovereign-wealth funds spurn(拒绝，摈弃) liquidity arrangements that may drag down(拖累，拉低) returns, then discover their countries urgently need cash to buy weapons. Individuals clamour(大声要求，喧嚷) for faddish(时髦的，流行一时的), overvalued stocks, then want their money back when prices crash.
资产管理者的工作不仅仅是战胜市场，他们还必须应对投资者的弱点。私下里，有些人听起来就像医生在抱怨病人。如今，每个人都是专家——典型的抱怨是，尤其是与大语言模型交谈后。然而客户仍然不知道什么对他们有利。主权财富基金嫌弃可能拖累回报的流动性安排，后来发现自己的国家急需现金购买武器。个人追捧时兴的高估股票，然后在价格暴跌时想要回他们的钱。
Such behaviour saps(消耗，侵蚀) investors’ wealth and causes no end of headaches for portfolio managers. Assets must be sold at the worst possible time, crystallising(使结晶，使明确化) losses that might otherwise have been temporary. The sizes of funds, and hence the fees they generate, can fluctuate by far more than the market. Worst of all, panicked withdrawals can force activist managers to cede(放弃，让与) control of companies before they have had a chance to turn the business around(使业务好转，扭亏为盈).
这种行为侵蚀投资者的财富，并给投资组合经理带来无尽的头痛。资产必须在最糟糕的时机出售，从而将原本可能是暂时的损失固化。基金的规模，以及因此产生的费用，其波动幅度可能远大于市场。最糟糕的是，恐慌性赎回可能迫使积极型经理在公司有机会扭亏为盈之前就放弃控制权。
These kinds of considerations explain why, on April 29th, Bill Ackman raised $5bn for a new “closed-end” fund, from which clients cannot remove their capital. Pershing Square USA(①详细背景：Pershing Squar...), listed on the New York Stock Exchange, is the largest such fund ever to have been launched(推出，发行). It is helped by the fact that Mr Ackman is one of the world’s best-known money managers.
这类考虑解释了为何在4月29日，比尔·阿克曼为其新的“封闭式”基金筹集了50亿美元，客户无法从中撤出资金。在纽约证券交易所上市的Pershing Square USA是有史以来推出的最大的此类基金。阿克曼先生是世界上最知名的资金管理人之一，这一事实起到了帮助作用。