Performance pay is a tricky business. If you hired me as a hedge fund manager and paid me "2 and 20" - a 2 per cent management fee, plus 20 per cent of any gains - then I'd be tempted to take your money to a roulette table and put it all on black. If I won, I'd get to keep 20 per cent of the gains. If I lost - well, I would have been sure to deduct the management fee first.
绩效薪酬是件棘手的事情。如果你雇我担任对冲基金经理,薪酬为“2加20”——2%的管理费,外加所有收益的20%——那么我会忍不住把你的钱都投到轮盘赌上,全押在黑色上。如果我赢了,我能拿到20%的收益。而如果我输了——好吧,我肯定一开始就先把管理费扣除了。
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