为什么机亚博赞助欧冠构投资者需要共同努力

在过去的几年里，我花了很多时间游说（并写在长度制度投资者之间的协作和共投资。亚博赞助欧冠简而言之，我认为大型资产业主网络的发展将深刻帮助我们试图重新融资和重新对准资产业主和资产管理人员之间的融资。所以，例如，如果你看着我的'金字塔成功直接投资“你会发现我认为”网络“是一个重要组成部分。另外，如果你读了我的宣言'边疆金融“你会看到亚当迪克森和我相信同伴关系对于那些想要绕过华尔街的资金是关键的。

但也许我在迄今为止的工作中有点违法的地方正在加强这个网络激情，我在一些好老式的“学院”中的读者。好吧，朋友，今天停下来。所以喝浓咖啡射击和钉住那些眼睑，因为这可能会得到......略微无聊。一个名叫罗纳德伯特的人在2004年写了一个精美的纸张“结构洞和好主意“。本文对我们许多人对社会资本价值的方式产生了深刻的影响，并确实是网络的作用，具体而言，“经纪人”占据了组织和团体之间的空间。(To give you a sense of how big a deal this Burt’s paper is, over 12,000 academic papers have cited it in under a decade; that’s a bit like being the founder of a new academic discipline.) Anyway, Burt starts out with a definition for social capital, which he describes as the advantage an individual enjoys due to their location within a broader social structure. He then goes on to define a sub-class of social capital: social capital of brokerage. The latter refers to the ability of an individual to translate information from one group to another in a manner that affords value to one or both of those groups. Not that I need to tell finance professionals, but Burt shows that there is value in brokerage; due in large part to the fact that most people within organizations or groups are likely to have homogeneous opinions and behaviors, which minimizes the likelihood of innovation or creativity. But Burt shows that those that exist in areas that bridge organizations and groups (i.e., brokers) will be more familiar with alternative ways of thinking, which, in turn, provides the broker with more options and an ability to integrate the new insights into a revised and indeed synthesized modus operandi. As Burt notes, this concept goes all the way back to Adam Smith: “... when the mind is employed about a variety of objects it is somehow expanded and enlarged.” To provide greater clarity here, let me run you through the four acts of brokerage that,根据Burt.，真的是增加价值： - 最简单的经纪行为是让两方意识到其他群体的兴趣，需求和困难。通过以所有能够理解的方式解释两组之间的问题，经纪人将通过帮助避免昂贵的误解来增加价值。- 更高级别的经纪是“最佳实践”的转移。在一个组中，往往更好地放置组之间的代理，以在一个可以在另一个组中增加值的组中识别实践。- 第三级经纪级别将能够在否则与两组无关的组之间绘制类比。这里的技能是能够在两个不同的组内识别看似不协调的行为，具有具有一些协同潜力。- Burt’s highest level of brokerage arrives in the form of ‘synthesis’: This is where a broker that bridges groups synthesizes his or her knowledge of the behaviors of the two groups and, in turn, creates new behaviors that, say, bring the best behaviors of two groups into a single set of behaviors. These brokers — these individuals that occupy the space between organizations — are, as you can now see, crucial for innovation and creativity. They thus have the capacity to add a lot of value, and this has been shown to be true empirically. Indeed, Burt found in his paper that ‘...managers whose networks spanned structural holes were more likely to express an idea and to discuss it with colleagues, have the idea engaged by senior management, and have it judged valuable.’ But there’s a PROBLEM here. Burt also finds that most large organizations, and this no doubt includes the world of institutional investment, have a variety of incentives that push staff away from external peer networks; these groups thus seem to encourage staff NOT to collaborate or “broker” between other organizations or groups. And so they miss out on considerable value. But I’d take it further than this! I think the brokerage industry in finance is broken in large part because brokers are (almost by definition) external parties with their own interests and priorities. And yet these intermediaries, as Burt shows above, have an amazing potential to benefit the institutional investment organizations... for the simple reason that they occupy a space between organizations. Let me put this more clearly: Brokers add value not simply because they are more intelligent or sophisticated; they add value because they are in the right spot at the right time. Cynically, then, I’d argue that they get to enjoy the appearance of “adding value” because they are leveraging the returns to their social capital of brokerage.换句话说，这些个人捕获的价值与个人（或个人间）一样多的结构。这就是为什么我继续推动（努力）让机构投资者协作和共同投资。亚博赞助欧冠Because if a pension fund or sovereign fund allows external consultants, placement agents or (lord have mercy) bankers to occupy these ‘structural holes’, then the former will not only miss out on value-adding opportunities... but they will also be handing over a massive asymmetry of information to the financial intermediaries. And what are the chances that the intermediaries will use those asymmetries for their own good? Exactly.

总之，让我回到我在这篇文章的开始时所说的，我认为大型资产业主网络的发展将深刻帮助我们试图重塑金融和资产业主与资产管理人员之间的利益。我们需要资产所有者成为自己的经纪人（他们需要内部顾问，银行家，投资组合经理等）。我甚至走了，甚至还要建议他们需要'首席网络官员'。我认为所有这一切都至关重要。现在，朋友们，我希望你能理解为什么我认为这一点更好......