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　　今天的句子：

　　In his latest paper, “An Inconvenient Fact: Private Equity Returns & The Billionaire Factory,” Phalippou argues that after an early period of spectacular outperformance by a handful of pioneers, PE fund returns have become a lot more ordinary, once you take out the high fees paid to fund managers. By his calculations, the private equity funds that began in the period from 2006 through 2015 returned about 11% a year, roughly in line with stocks, he wrote in the paper.

　　思考题：

　　Phalippou believes that Private Equity Fund__.

　　A.has become quite ordinary recently

　　B.has outperformed stock market

　　C.has always been quite ordinary

　　D.has been spectacular from 2006 to 2015

　　词汇突破：

　　1.Inconvenient 麻烦的

　　2.Private Equity fund 私募基金=PE fund

　　3.Returns 回报

　　4.Billionaire 亿万富豪

　　5.spectacular 精彩的

　　6.outperformance 优秀表现

　　7.a handful of 一小撮

　　8. take out

　　9.the high fees 高额费用

　　10. fund managers基金经理

　　11. calculations 测算

　　12. roughly 大概

　　13.in line with 与…一致

　　句子解析：

　　第一句：

　　In his latest paper, “An Inconvenient Fact: Private Equity Returns & The Billionaire Factory,”(同位语) Phalippou argues that //after an early period of spectacular outperformance by a handful of pioneers, PE fund returns have become a lot more ordinary, once you take out the high fees paid to fund managers.

　　参考译文：法利普在最新论文《麻烦的事实：私募基金的回报和亿万富翁工厂》中指出，早期少数先驱者表现异常出色，但这个阶段过后，私募基金的回报一旦刨去支付给基金经理的高昂费用，就变得非常普通了。

　　第二句：

　　By his calculations, the private equity funds that began in the period from 2006 through 2015(定语) returned about 11% a year,// roughly in line with stocks, he wrote in the paper.

　　参考译文：根据他的测算，从2006年到2015年私募基金每年的回报率约为11%，大致与股票持平。

　　思考题解析：

　　A. has become quite ordinary recently

　　(最近变得很普通了)

　　A选项正确。对!别说recently不准确!

　　这已经是最佳选项了!

　　B. has outperformed stock market

　　(表现超出股票市场)

　　没有超过!不对!

　　B选项错误。

　　C. has always been quite ordinary

　　开始的时候是精彩 真的

　　(不是一直非常普通，也有精彩的时候!)

　　C选项错误。

　　D. has been spectacular from 2006 to 2015

　　没有提及!

　　(在2006至2015年间十分精彩)

　　D选项错误。

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