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Every investment reflects the society that spawned it. The humble mutual fund came of age in the 1970s after two decades of middle-class prosperity in America. The rise of family offices reflects soaring inequality. Since 1980 the share of the world’s wealth owned by the top 0.01% has risen from 3% to 8%. As the founders of family firms receive dividends or the proceeds of initial public offerings, they usually redeploy the cash. But since the financial crisis there has been a loss of faith in external money managers. Rich clients have taken a closer look at private banks’ high fees and murky incentives, and balked.

（一）段落大意

本段首句点明观点：投资的繁荣这一现象背后，是社会环境的影响。依照时间顺序发生的事件佐证了本段的观点：

经济高速发展→中产阶级的富庶→1970年代，体量较小的双向投资过时，家庭办公兴起---背后原因-→社会贫富差距过大

1980年代富人愈发富有，从首次公开募股中收获颇丰→经济危机爆发，理财经理们对于对外投资失去信心→富人主顾们深度审视私人银行的高额费用和模糊的动机，畏缩不前。

（二）词句精析

1、spawned： 

1)  (of fish, frogs,etc.) to lay eggs 产卵

2)  (often disapproving) to cause sth to develop or be produced. 引起，导致，造成。

记住了1）的基础意思，2）的意思就很好生发出来了。结果由深层的原因、因素孵化而成，可不就是“导致”、“引起”的意思嘛。

2、humble：(adj.)

1) showing you do not think that you are so important as other people.谦虚的；虚心的。

eg: Be humle enough to learn from your mistakes.虚心从自己的错误中学习。

eg: my humble tribute to this great man 鄙人对这位伟人的敬意。

2) (ironic, or humorous) used to suggest that you are not as important as other people, but in a way that is not sincere or not very serious.

（表示谦逊，但不够诚挚或者认真）

eg: In my humble opinion, you were in the wrong. 依照在下拙见，你错了。

eg: My humble apologies. I did not understand.对不起，我没有弄懂。

语气上的差别，需要仔细体会。我感觉：这里使用humble，是那种客套和生活习惯、礼仪需要而说的谦逊之词，说话的人在使用这个词语的时候不见得内心真的觉得自己这个是“拙见”或者很谦卑地道歉。

3) having a low rank or social position.低下的，卑微的。

eg: a man of humble birth/origins 出身寒微

a humble occupation 卑下的职业

4) (of a thing) not large or special in any way.不大的；没有什么特别之处的。

文章中的humble，个人推测是4）意思中的Not large。

eg: a humble farmhouse 小农舍。

The company has worked its way up from humble beginnings to become the marktet leader.从创业期间微不足道、一文不名，到如今占据市场的主导地位。

3、dividends: 

1) an amount of the profits that a company pays to people who own shares in the company 红利；股息

2) (British English) a money prize that is given to winners in the football pools.（足球彩票的）彩金。

proceeds: 

the money that you receive when you sell sth or organize a performance, etc; profits.（售物或者演出等的）收入，收益，进款。

eg: The proceeds of the concert will go to charity. 音乐会收入将捐给慈善机构

4、murky:

1) (of a liquid) not clear; dark or dirty with mud or another substance. 浑浊的；污浊的。

2) (of air, light, etc.) dark and unpleasant because of smoke, fog ,etc.昏暗的；阴暗的；朦胧的。

3) (disapproving or humorous) (of people's actions or character) not clearly known and suspected of not being honest. 隐晦的；含糊的；暧昧可疑的。

incentives: something that encourages you to do sth 激励；刺激；鼓励。

incentives: something that encourages you to do sth. 激励措施。

5、balk: refuse to comply 突然止步不前；犹豫。

eg: He balked in his speech. 他突然中断演讲。

（三）文化背景

family office:

Family Office起源于19世纪富裕的欧美家庭，中文释义为“家庭办公室”，因其服务对象的特殊而更多的被译为“家族办公室”是为富裕家族管理财富的私人机构。

家族办公室在提供广泛的高度专业化和定制的服务方面有着悠久的历史，它像管家一样，由涉及不同领域行业的专家组成，监督及管理整个家族的财务、健康、风险管理、教育发展等状况，以协助家族获得成功以及顺利发展为目标，同时家族办公室有着公正的意见和客观性，他们与家族的其他顾问提供的服务的整合与协调，为同一个家族的几代人提供高度个性化的服务。

family office

Family office其实就是一个小型的投资公司，资金单纯来源于一个或几个家庭。如果家庭净值在$100m以下根本没必要独立出来雇投资经理/税务/法务和付固定办公费用，私人银行和资产管理公司行业很健全也很专业，挑几个把钱放过去就可以了。

family office

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These trends are unlikely to fade, as our Briefing explains. The number of billionaires is still growing—199 newbies made the grade last year. In the emerging world older entrepreneurs who created firms in the boom years after 1990 are preparing to cash out, while in America and China younger tech entrepreneurs may soon float their companies, releasing a new wave of cash to reinvest. Family offices’ weight in the financial system, therefore, looks likely to rise further. As it does, the objections to them will rise exponentially. The most obvious of these is the least convincing—that family offices have created inequality. They are a consequence, not its cause. Nonetheless, there are concerns—and one in particular that is worth worrying about.

（一）段落大意

本段开篇也点明了观点：这些趋势并不会消失。后续论述围绕此观点来解释说明：亿万富翁数量依旧上升，家庭办公在金融系统中的权重日益增加，加剧了不公平的现象，让贫富差距日益加剧。最后，作者点明：这些纷繁现象都是结果，而不是原因，对于目前的状况，这些现象都值得担忧，需要持续关注。

（二）词句精析

1、reinvest:

to put profits that have been made on an investment back into the same investment or into a new one.再投资；把（利润）用于再投资。

2、exponentially:

1) of or shown by an exponent 指数的；幂的；由指数表示的。

2) (formal) (of a rate of increase) becoming faster and faster.越来越快的。

这里应当指的是指数增长。上述两个意思都解释得通。

（三）文化背景

亿万富翁

详情请戳：福布斯亿万富翁2018

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对比参照：福布斯亿万富翁2017

2018年亿万富翁，盖茨不再是领跑者。美国富翁依旧笑傲世界，展示美国经济实力和科技水平。中国企业家表现不俗，BAT科技、互联网公司担当中国亿万富翁标杆。

富翁中的富翁们 显而易见的美国人