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1、Investing For The Fun Of It为了追求乐趣而投资Investors flock to index funds because they are simple, inexpensive and often likely to generate higher returns than taking a chance on hot stocks, highflying money managers or a brother-in-laws tips.指数基金受到大批投资者追捧，因为它们简单易行、费用低廉，而且与投资热门股票、仰仗雄心勃勃的基金经理或是听从连襟的建议相比，它们通
2、常能带来更多回报。The hitch: Passive is dull, as even its fans admit.但其中也有个小问题：被动型投资很无聊，这一点就连追捧者们也承认。That is one reason some investors put a little money aside to play the stock market.这就是有些投资者会拿点儿钱到股市赌一把的一大原因。John Miller, a partner in a Fayetteville, Ga., law firm, set up an account several years ago with a
3、bout 5% of his investments and started buying individual stocks. Most of his investments are in index funds.佐治亚州费耶特维尔(Fayetteville)一家律师事务所的合伙人约翰米勒(John Miller)几年前拿出约5%的投资资金开立了一个账户，开始购买个股。他的资金大多用于投资指数基金。He placed a wager on Bank of America stock when prices were near financial- crisis lows, and won b
4、ig. He also purchased shares in a solar-energy firm that he says fell about 85% before he sold.他在美国银行(Bank of America)股价接近金融危机低点时对该股下注，赚了个盆满钵满。他也买过一家太阳能公司的股票，他说，在他卖出股票之前，该股下跌了85%左右。Through it all, he enjoyed himself - without worrying that a disastrous bet would ruin his financial future.不过，尽管经历了这些起
5、伏，他还是乐在其中他不担心损失惨重的赌注会葬送他的财务前程。Some people have fancy cars that they spend money on, says Mr. Miller, who is in his mid-30s. My wife has a budget for fun, I have a budget for fun.35岁左右的米勒说：“有些人会把钱花在豪车上。我妻子有逐乐预算，我也有逐乐预算。 ”Investing is serious business. Many Americans are in danger of falling short of
6、accumulating enough money to retire in comfort and can ill afford to take unnecessary risks. Even people with more of a cushion dont enjoy throwing away money.投资是件严肃的事情。许多美国人面临无法攒够钱、过上舒适退休生活的风险，也无力承担不必要的风险。即便是拥有较多财务缓冲的人也不喜欢把钱白白扔掉。But play money accounts are popular, particularly among people who bel
7、ieve they have amassed enough wealth to meet their needs or are on track to reach their financial goals. These investors get the kind of kick from playing the market that others might get from collecting art or sky-diving. Some might even dabble in other assets, such as currencies or gold.但这类“逐乐投资”账
8、户很流行，它们尤其受那些相信自己已经攒下足以满足需求的财富或者有望顺利实现财务目标的人追捧。 “游戏投资”给这些投资者带来与艺术品收藏或跳伞类似的刺激。一些人甚至可能涉猎其他资产，比如货币或黄金。The pleasure can come from the prospect of a big gain, or the chance to demonstrate professional expertise or to have a hunch confirmed. Like gamblers heading off for a weekend in Las Vegas, many realiz
9、e they likely will come up short in the long run. But unlike many gamblers, the savvier investors carefully limit their wagers.“逐乐投资”之所以有乐趣，可能是因为投资者憧憬获取高额回报，也可能是因为投资者可借机展示专业技能或印证预感。和周末前往拉斯维加斯的赌徒一样，许多人意识到从长远来看他们可能会输。但与许多赌徒不一样的是，这些投资者比较有头脑，会小心谨慎地限制他们的赌金。Some are ordinary investors, like Mr. Miller. So
10、me are high-profile champions of passive investing, such as Burton Malkiel, an intellectual godfather of the index-fund movement, and Scott Adams, who has lampooned in his Dilbert cartoon fees charged by active managers. Unlike active funds run by human stock-pickers, index funds run on autopilot, h
11、olding a basket made up of virtually every security in an index, or market benchmark.这其中有些人是普通投资者，比如米勒。有些人是被动型投资的大赢家，比如指数基金运动的思想教父伯顿马尔基尔(Burton Malkiel)和在卡通作品呆伯特(Dilbert)中讽刺“积极型”基金经理所收费用的斯科特亚当斯(Scott Adams)。与由选股人运营的积极管理型基金不同，指数基金好似依靠自动驾驶仪运营，它们持有的一篮子资产覆盖了一个指数（即市场基准）下的几乎每一种证券。A lot of people, myself i
12、ncluded, have something of a gambling instinct, says Mr. Malkiel, a senior economist at Princeton University and author of A Random Walk Down Wall Street, a classic argument against trying to beat the market.普林斯顿大学(Princeton University)资深经济学家、 漫步华尔街(A Random Walk Down Wall Street)一书（是对试图跑赢大市的做法的经典批判
13、）作者马尔基尔称：“包括我在内的许多人都有种想赌一把的冲动。 ”Most of Mr. Malkiels investments are in index funds and, at age 81, he expects his portfolio is largely destined for his heirs. But he uses about 10% of his investment assets to buy and hold individual stocks, which he regards as in some sense, a hobby.马尔基尔的大多数资金都投入了指
14、数基金，现年81岁的马尔基尔估计，他的投资组合大多都会留给继承人。但他将10%左右的投资资产用于购买和持有个股，他说“从某种意义上说这是一种爱好” 。Profit often is only one of many motives driving these investors. They also might want excitement, something to aspire to, validation of their instincts and intelligence, or some other psychological payoff, experts say.赚钱通常只是
15、这些投资者的动机之一，除此之外还有许多其他动机。专家们表示，除赚钱之外，他们可能还想寻找刺激，追求理想，确证他们的天赋和智慧，或者寻求其他心理回报。That points to the hurdles index investing faces. The percentage of all the money in stock mutual funds and exchange-traded funds that is passively managed has doubled in a decade, according to Vanguard Group - but still repre
16、sents only about a third of the $6.5 trillion in such funds total assets.这就令指数基金投资面临一些障碍。先锋集团(Vanguard Group)数据显示，投入被动管理型股票共同基金和交易所买卖基金的资金比例在10年内翻了一番但仍然仅占这类基金总资产（6.5万亿美元）的三分之一左右。Index investors can count on returns that track a specific benchmark, minus typically low fees. Active investors, by contrast, face a constant threat of underperformance - and often pay steep management or trading fees which make that the likel
