HNgaba uve i-wisecrack yamva nje malunga neHarvard? Abantu bayibiza ngokuba yi-hedge fund eneyunivesithi eqhotyoshelweyo. Banenqaku-uHarvard umi kwindawo ephazamisayo phakathi kwemfundo ephakamileyo kunye nemali ephezulu, ngaphezu kwe-15 yeepesenti ye-38 yeebhiliyoni zeerandi ezityalwe kwiimali zehedge. Eso siphambuka siya sigcwala. Unikezelo lukaYale oluyi-26 yeebhiliyoni zeerandi, umzekelo, lwenza abaphathi be-hedge fund babezizigidi ezingama-480 zeedola ngo-2014, ngelixa kuphela i-170 yezigidi zeerandi echithwe kwizinto ezifana noncedo lwezifundo kunye nobudlelwane babafundi. “Bendiza kunikela ngemali eYale. Kodwa mhlawumbi iyavakala ngakumbi ukuthumela itshekhi ngqo kwi-hedge fund endiyikhethileyo, ”ubhale uMalcolm Gladwell kuTwitter kwihlobo ephelileyo, ebangela isiphithiphithi. wamngenisa kwi-NPR.

Eyona nto ifumene ingqwalasela encinci kukuba ayizizo iiyunivesithi kuphela ezineeklabhu zokutya kunye nelifa elingena kumdlalo. Abaninzi kawonke wonke Iiyunivesithi nazo ziyakwenza oko, ngokuyinxenye ngenxa yokuba inkxaso karhulumente kwimfundo iye yanqunyulwa, kodwa nokukhuphisana nezikolo ezityebileyo ngokwandisa ngokukhawuleza ubutyebi bazo obulinganiselweyo. Nangona elona nani lichanekileyo kunzima ukulichaza, iingcali endidibene nazo ziqikelela ukuba ngaphezulu kwe-100 yeebhiliyoni zeedola zemali yemfundo kwilizwe lonke ityalwe kwihedge funds, ixabisa malunga ne-2.5 yeebhiliyoni zeerandi kwimirhumo ngo-2015 kuphela. Iingxaki nge-hedge funds ezilawula i-endowments zasekholejini zininzi, zihamba ngaphaya kokugqithiswa-abanye banokuthi bagqithise-iimali abazibizayo ngeenkonzo zabo.

Qwalasela ingxaki yokungqubana kwemidla kwiibhodi zeenkozo kuzo zombini iikholeji zikarhulumente nezabucala. Olunye uphando luka-2011 lubonise ukuba i-56 pesenti ye-endowments ivumele amalungu ebhodi ukuba enze ishishini neyunivesithi. Kwi-2013, i-Dartmouth yaba phantsi komlilo xa kwavezwa ukuba abanye abaphathiswa-kuquka uStephen F. Mandel Jr., owayengusihlalo webhodi ye-trustees kunye nentloko ye-hedge fund ye-Lone Pine Capital-nayo ilawula utyalo-mali esikolweni. Abaphathiswa batyholwa, kwileta evulekileyo ecatshulwe ngokubanzi, ngokuphinda basebenzise inxalenye ye "sky high fees" babuyele eyunivesithi "njengeminikelo" ababedla ngokuvuzwa ngayo ngokuba nesakhiwo esibizwa ngokuba yimbeko.

UMarcie Smith, umlawuli olawulayo weResponsible Endowment Coalition, uwubiza lo “mfanekiso oxhokonxa umsindo.” "Iidyunivesithi zithatha irekhodi le-40 yeebhiliyoni zeerandi ngo-2015, iWall Street ipakishe iibhodi zabalawuli abavuma utyalo-mali lokuzisebenzela, lonke eli xesha izifundo ziqhubeka nokunyuka, amatyala omfundi ayaqhubeka nokunyuka, kwaye ixabiso lesidanga sasekholejini liyehla," utshilo. "Imeko yemfundo ephakamileyo ingomnye umzekelo wobungqongqo eMelika, kwaye ibonisa ukunyathela okuyingozi kwesiseko sentengiso yasimahla ecinga ukuba onke amaziko eluntwini akhona ukuze atyebise oobhanki."

Dibanisa konke oku kungasentla kunye namabali amva nje malunga nabaphathi be-hedge fund bexhaphaza abantu-uhlobo oluzimisele ukunyusela ixabiso leyeza elisindisa ubomi okanye ukunyanzela izikolo zamabanga aphantsi ePuerto Rico ukuba zivale ukwenza ibuck-kwaye umntu uyazibuza ukuba kutheni amaziko oluntu esenza ishishini. kunye nabo ngokupheleleyo. Ukunikezelwa kwembali yeentshukumo eziyimpumelelo zokwahlulwa kwekholeji, umntu unokuthelekelela ngokulula inyathelo elilandelayo elixhokonxayo: amaphulo anenjongo yokunyanzela iiyunivesithi ukuba ziyeke ukwenza ushishino ngeemali zeheji ngokupheleleyo. Ngelixa bengavumanga ukunika iinkcukacha ezithile kuba besekwizigaba zokucwangcisa, abaququzeleli endithethe nabo bathi intshukumo elolu hlobo iyakhula.

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Konke kuchaziwe, ii-hedge funds zinee-asethi ezixabisa ngaphezulu kwe-3 yeebhiliyoni zeerandi phantsi kolawulo kwihlabathi liphela. Ngokwethiyori, zikhona ukuze zibonelele "ngothango" ukukhusela iipotfoliyo zabatyali-zimali ngamaxesha anzima. I-Hedging, ebonwa koku kukhanya, sisicwangciso nje esinye sotyalo-mali phakathi kwabaninzi. Enyanisweni, nangona kunjalo, i-hedge funds zizithuthi zotyalo-mali ezizezinye ezihlala zihlala kude nonxweme ukuphepha ukubeka iliso kunye neerhafu, oku kuthetha ukuba ubukhulu becala azilawulwa, zijongene neemfuno ezincinci zokubhengezwa, kwaye zinokubandakanyeka kuzo zonke iintlobo zokubheja ezinobungozi kunye nokuguqulwa kweemarike.

Kutshanje, iidyunivesithi, ngokutsho kwenye ingxelo, ‘zazingamagosa anenyameko engeniso yesisa’ yaye zazikuphepha izenzo ezilolo hlobo. Ekuqaleni kweminyaka yee-'70s, iHarvard kunye neYale zakhokela iikomiti kuxanduva lomtyali-mali kwaye zayila imigaqo-nkqubo yotyalo-mali yeenqobo ezisesikweni yezipho ezithathela ingqalelo izinto ezifana nefuthe loluntu. Ngeminyaka yoo-90, izinto zaqala ukutshintsha. Izikolo ezininzi, zabucala nezikawonke-wonke, ziye zaba ngabangcakazi abasemngciphekweni omkhulu, imali igqitha ukunyusa ingxowa-mali njengeyona njini yokukhula kwe-endowment. Indlela engqongqo ngakumbi kutyalo-mali yaba nemiphumo emihle—de uqoqosho lwawohloka lwaza lwabangela ukuba ezinye izibonelelo zilahlekelwe ngama-30 ekhulwini exabiso lazo.

Kodwa iingcali kunye namatshantliziyo anezinye izinto ezixhalabisayo. Ngokomzekelo, abanye abahlalutyi, bakhathazwa ngamaziko emfundo kawonke-wonke angayihlawuliyo irhafu ashishina neenkampani ezaziwa ngokuphepha irhafu kwiindawo ezikude nonxweme. Ngokubanzi, uxolelo lwerhafu luncediso-mali olukhulu lukarhulumente oluxhamlisa ngokulinganayo izikolo ezikumgangatho ophezulu (ezo zitsala awona mnikelo mkhulu kwaye zifumana imbuyekezo enkulu yotyalo-mali), ngaloo ndlela kucazululwa ngakumbi inkqubo yemfundo esele yahluliwe ibe ngabangenayo nabangenayo.

Kwaye iba worse. Kwingxelo ebizwa ngokuba “yiEducational Endowments and the Financial Crisis,” uJoshua Humphreys, umongameli kunye nogxa omkhulu kwiCroatan Institute, walatha kwisiphumo esiphazamisa ngakumbi sezenzo zotyalo-mali eziyingozi. Ngokwamkela amaqhinga okurhweba aqikelelwayo, izinto eziphuma kwamanye amazwe, iimali zehedge, kunye ne-equity yabucala, "izibonelelo zidlale indima ekwandiseni imingcipheko ethile yenkqubo kwiimarike ezinkulu," ubhala u-Humphreys. Ngaphezu koko, impumelelo yabo yokuqala yakhuthaza abanye abatyali-zimali bamaziko (cinga iingxowa-mali zomhlalaphantsi, iingxowa-mali zobutyebi obuzimeleyo, kunye neziseko) ukuba balandele ekhondweni labo, bekhulisa ukuguquguquka nokungazinzi kwenkqubo ngokubanzi. Ngamanye amazwi, iminikelo yayingengomaxhoba amsulwa entlekele yezemali ka-2008, kodwa ngokwenene yanceda ukuba ikwazi.

"Iimali zeHedge, njengoko zazikhawulwa ekuqaleni, zinendima enokuthi zidlale kwi-endowment yexesha elide efuna 'ukuthintela' imingcipheko ethile," u-Humphreys wandixelela, ecacisa ukuba uyathandabuza ukuzibhala ngokupheleleyo. Kodwa imibutho yabo ehlawulisa imali eninzi, imbuyekezo egqithisileyo yabaphathi babo, kunye nokuphepha kwabo ngabom irhafu kunye nokungafihli nto kwenza ukuba imali ye-hedge ibe lula ekujoliswe kuyo kwabo bachaphazelekayo ngokufanelekileyo malunga nengxaki eyandayo yemfundo ephakamileyo namhlanje."

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Ehlotyeni elidlulileyo, uGarrett Shishido Strain, umfundi oneminyaka engama-27 ubudala kumgaqo-nkqubo woluntu kwiYunivesithi yaseWashington, wafaka isicelo seerekhodi zoluntu ukuba afunde ngokuthe ngqo ukuba ingakanani i-3.1 yeebhiliyoni zeedola zeyunivesithi etyalwe kwi-hedge funds. Emva kweenyanga ezithile, amagosa ekugqibeleni athi olu lwazi "lukhululiwe ekuhlolweni luluntu" ngesizathu sokuba "lolu lwazi, ukuba lutyhiliwe, lulindeleke ukuba lube nelahleko kwiNgxowa-mali edityanisiweyo yeYunivesithi yaseWashington okanye kubangele ilahleko yabucala. ababoneleli bolu lwazi.” Xa kufikelelwa kwizimvo zakhe, uAnn Sarna kwiOfisi kaNondyebo yesikolo uye wabanga ukuba akanalwazi ngesicelo sikaStrain. Uqale wathi olu lwazi luyafumaneka kuluntu kwiwebhusayithi yeyunivesithi—akunjalo—waze wathi akanakukwazi ukunika inani. “Asilandeli i-hedge funds njengesicwangciso sotyalo-mali esahlukileyo,” ubhale nge-imeyile.

I-Strain iphoxekile kukugxothwa kwamatye ngabalawuli, kodwa akothusi. Ingxelo kaPreqin, umbutho obonelela ngophando kubatyali-zimali, ithi utyalo-mali lwesi sikolo kwihedge funds lumalunga nama-500 ezigidi zeerandi. Ngenxa yokuba i-hedge funds isebenza kwinto ebizwa ngokuba yimodeli "yesi-2 kunye ne-20", okuthetha ukuba babiza isiseko se-2 ekhulwini ye-asethi phantsi kolawulo ngelixa bethatha i-20 yepesenti yayo nayiphi na inzuzo, isikolo sinokuchitha ngaphezu kwe-10 yezigidi zeedola ngonyaka kwi-hedge. imali yodwa. Ngeli xesha, abalawuli basanda kuvuma iimfuno zabafundi, abagcini, kunye nabasebenzi benkonzo yokutya abaye bahlangana phantsi kwesibhengezo esithi "ukunyusa umvuzo, hayi isifundo," ekugqibeleni bavuma ukuhlawula umvuzo omncinci we-15 we- $ 2017 ye-Seattle-kodwa kude kube ngu-XNUMX.

Uxinzelelo, nangona kunjalo, alufumani nje njengento engathandekiyo ukuba abaphathi bemali babuyekezwe ngokugqithisileyo ngelixa abasebenzi behlawulwa kancinci kwaye abafundi bahlawuliswa kakhulu. Ukwayichasile into yokuba ngokufaka imali kwihedge funds, iidyunivesithi zikarhulumente, ngendlela engafanelekanga, zixhasa imigaqo-nkqubo echasene nentlalontle abaphathi bengxowa-mali yehedge badume ngokurhoxa: ukuhlehla umgaqo woshishino, ukucutha owona mvuzo uphantsi, ukuphelisa imali yomhlalaphantsi, ukuthengisa izikolo zikarhulumente zabucala, ukunyathela imibutho yabasebenzi, ukuphungula irhafu kwizityebi, nokunyanzelela amazwe angenamali ukuba atshone (ngemali “yexhalanga” esebenza ngokukhethekileyo kumatyala acinezelekileyo).

Oku kuyinyaniso kwiYunivesithi yaseWashington ngokukodwa. Iirekhodi zoluntu zibonisa ukuba lenza ishishini ngeengxowa-mali ezahlukeneyo ze-hedge-kubandakanywa ne-Lone Pine Capital ekhankanywe ngasentla-edityaniswa neManaged Funds Association, "ilizwi loshishino lwehlabathi lotyalo-mali olulolunye." Okanye, ukuze ube buthuntu, ingalo yokuphembelela ishishini.

Kwaye ilizwi loshishino libiza ntoni? Ngoku ka iifayili zoluntu, iManaged Funds Association iye yalwa ngokuchasene nemigaqo-nkqubo eyahlukahlukeneyo eyenzelwe ukuthintela ukungalingani. Umzekelo, ngo-2014 ilwe noMthetho we-Inclusive Prosperity, owawujolise “ekunyanzeliseni irhafu kwiintengiselwano ezithile zorhwebo ukuze…uyeke ukucutha abakumgangatho ophakathi.” Umthetho ngewukhuphe irhafu encinci kwiintengiselwano zemali, kubandakanywa urhwebo lwesitokhwe, kunye nezinto ezixhaswa ngemali ezifana noncedo lwezindlu ezinengeniso ephantsi, uhambo loluntu, kwaye—nanku umkhabi—ukukhulula ityala lomfundi.

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Lifikile ixesha lokuba abafundi badibanise amachaphaza phakathi kwamatyala ebhaluni yabafundi, impatho embi yabasebenzi basekhampasini, kunye nobutyebi obungamanyala behedge fund oligarchs. Nje ukuba benze njalo, banokuzilwela ngokulandela emanyathelweni ohlanganiso lwakutsha nje oluchasene necandelo lezemali. Ngo-2013, iqela elibizwa ngokuba yi-Kick Wall Street Off Campus linyanzele iKholeji yaseMinnesota yaseMacalester ukuba ihambise enye, nangona ingeyiyo yonke, yemali yayo ngaphandle kwe-Wells Fargo ukukhalazela indima yebhanki ekubanjweni koluntu. NgoJuni wonyaka ophelileyo, iSanta Cruz County itsalwe kunye ukufumana imali yayo kwiibhanki ezinkulu ezintlanu-kuquka iCiticorp, JPMorgan Chase, kunye neBarclays-ethe yavuma ityala kwintwasahlobo edlulileyo kwizityholo ezityholayo zokurhwaphiliza imarike yemali yangaphandle yehlabathi. Amaphulo afanayo anokwenziwa ngokulula ngokuchasene nentsebenziswano yedyunivesithi kunye nehedge funds.

Ewe kunjalo, ukukhaba imali kwikhampasi akusayi kuyicombulula ingxaki yekholeji okanye kutshintshe ngoko nangoko icandelo lezemali. Nangona kunjalo, ukujolisa kwi-hedge funds kuhlala kulicebo elithembisayo lokumanyanisa abafundi kunye nabasebenzi ngokuchasene neenzame zehedge funds zokunyusa ukungalingani, nokusebenzisa iidola zethu zokufunda kunye nenkxaso karhulumente ukwenza oko. Eli qhinga lingasebenza ngakumbi kumaziko oluntu, apho amaphulo okunciphisa imali kufuneka adityaniswe nezimemezo zokunyuswa kwenkxaso-mali karhulumente kwimfundo ephakamileyo kunye nentlawulo engcono yabasebenzi abafumana imivuzo ephantsi.

“Kulula ukuziva ungenamandla, kodwa i-hedge funds idinga i-endowments yaseyunivesithi, njengokuba nayo ifuna inkamnkam yoluntu. Ukuba kuthathiwe loo mali, ibiya kubachaphazela ngokwenene,” utsho uStrain, yaye unyanisile. Iintshukumo zocalucalulo kwiikhampasi zinerekhodi eqinisekisiweyo, zibuyela emva kumaphulo achasene nocalucalulo ngeminyaka yoo-1980. Kule minyaka imbalwa idlulileyo, abaphembeleli bemozulu baye bacinezela abaphathiswa besikolo ukuba baphambukise iitriliyoni zeedola kumafutha efosili, kwaye kulo nyaka uphelileyo iColumbia ibe yiyunivesithi yokuqala ukuphuma kwiintolongo zabucala. Iimali zeHedge zifanelekile ukuba zibe zilandelayo kwibhloko yokunqunqa.