…………

本章注释

［1］ Keynes， General Theory， 157-158.

［2］ James B. Stewart， Den of Thieves .（New York: Touchstone， 1992）: 421.

［3］ Private Equity Analyst， August 2006: 32.

［4］ TIAA CREF， 2006 NACUBO Endowment Study，

［5］ Josh Lerner， Antoinette Schoar， and Wan Wong，“Smart Institutions， Foolish Choices? The Limited Partner Performance Puzzle，” Harvard University， National Bureau of Economic Research， and MIT（2005）: 15 16.

［6］ Ellis， Successful Investing .

［7］ The 1987 stock market crash was a 20 standard deviation event. Backward looking estimates of volatility would naturally increase for periods in which the extraordinary data from October 1987 were included.［8］ Information comes from the 2005 survey of investment returns sponsored by Cambridge Associates.

［9］ New York University， New York University Financial Report， 1977—1997， 20 vols.（New York: New York University， 1977—1997）; New York University， New York University Annual Report， 1977—1985， 9 vols.（New York: New York University， 1977—1985）.

［10］ Roger Lowenstein，“How Larry Tisch and NYU Missed the Bull Market's Run，” Wall Street Journal . 16 October 1997.