【文章标题】：Collaborative Fund Conversations: Jacob Hodes
【文章标题】：协作基金对话：雅各布·霍德斯
【文章正文】： Inside the private markets: Jacob Hodes on ten-year lockups, the retail push, and what Baltimore teaches you about finding value.
【文章正文】： 深入私募市场：雅各布·霍德斯谈十年锁定期、零售化浪潮，以及巴尔的摩教会你如何发现价值。
🎙️
🎙️
Listen on
Spotify
,
Apple
, or
wherever you get your podcasts.
在 Spotify、Apple 或任何你获取播客的平台收听。
Jacob Hodes is a partner and Chief Investment Officer of Private Investing at Brown Advisory, the Baltimore firm descended from Alex. Brown & Sons — the first investment bank in the United States. He got there by way of Goldman Sachs, law school, and Skadden, a path he describes as meandering.
雅各布·霍德斯是布朗咨询公司（Brown Advisory）的合伙人和私募投资首席投资官，这家巴尔的摩公司源自美国第一家投资银行亚历克斯·布朗父子公司（Alex. Brown & Sons）。他通过高盛、法学院和世达律师事务所（Skadden）的路径到达这里，他形容这条路是曲折的。
In this conversation, he explains why he’s both the loudest advocate for private markets at his firm and increasingly nervous about where they’re headed, what a post-industrial city does to an investor’s judgment, and why the junior people who rise fastest are rarely the ones with the best pedigree.
在这次对话中，他解释了为什么他既是公司里私募市场最响亮的倡导者，又对私募市场的走向越来越紧张；一个后工业城市对投资者判断力的影响；以及为什么晋升最快的初级员工很少是出身最好的人。
“You think you do, but committing yourself for 10 years is really tough. … If half of all marriages end in divorce, that’s usually within 10 years. You probably feel much more strongly about getting married than you do about making an investment.”
“你以为你能做到，但承诺自己10年真的很难。……如果一半的婚姻以离婚告终，那通常发生在10年内。你对结婚的感觉可能比对做一笔投资的感觉强烈得多。”
Key Takeaways:
关键要点：
Private markets were built on information asymmetry
: A century ago the Rockefellers and Carnegies could make private bets because their operating businesses gave them a data set nobody else had. That edge migrated to institutions with the balance sheets to go long — and the fund structures followed.
私募市场建立在信息不对称之上：一个世纪前，洛克菲勒和卡内基之所以能做私人投资，是因为他们的运营业务给了他们别人没有的数据集。这种优势转移到了拥有长期资产负债表能力的机构——基金结构也随之而来。
Illiquidity is underestimated by everyone who hasn’t lived it
: A ten-year commitment outlasts half of all marriages. As private vehicles push downmarket, Hodes expects investors to fall out of love with positions they can’t exit.
非流动性被所有没有亲身经历过的人低估：一份十年承诺比一半婚姻持续的时间还长。随着私募工具向低端市场下沉，霍德斯预计投资者会对自己无法退出的头寸失去兴趣。
The asset-liability mismatch is the risk to watch
: Semi-liquid vehicles wrap multi-year illiquid assets in structures promising something closer to daily liquidity. Smart people will eventually solve it; the road there will be bumpy.
资产负债错配是需要关注的风险：半流动性工具将多年期非流动资产包装在承诺接近每日流动性的结构中。聪明人最终会解决这个问题；但通往那里的道路会崎岖不平。
Underdog geography sharpens judgment
: Working from Baltimore rather than a coastal financial center means finding value where others don’t look — and holding onto discipline when you’re across the table from a high-flying founder.
劣势地理位置磨砺判断力：在巴尔的摩而不是沿海金融中心工作，意味着在别人不看的地方发现价值——并且当你与一位风光无限的创始人面对面时保持纪律。
Read newspapers from places you don’t live
: Local papers from cities and countries outside your own break the echo chamber and show you how other people are actually seeing the same events.
阅读你不住的地方的报纸：来自你所在城市和国家以外的地方报纸能打破回音室，让你看到其他人实际上如何看待同样的事件。
Timestamps / Table of contents
时间戳 / 目录
00:00 - Introduction to the Guest and Firm
00:00 - 嘉宾与公司介绍
01:13 - A Meandering Path: Princeton, the Nasdaq, and Goldman Sachs
01:13 - 一条曲折之路：普林斯顿、纳斯达克和高盛
03:29 - Back to Basics: What Long-Term Investing Requires
03:29 - 回归基础：长期投资需要什么
05:22 - Why the Dot-Com Bust Was the Formative Crash
05:22 - 为什么互联网泡沫破裂是塑造性的崩盘
08:50 - Politics, Government, and the Limits of Prediction
08:50 - 政治、政府与预测的局限
12:13 - Baltimore as an Investing Lens
12:13 - 巴尔的摩作为投资视角
17:33 - What a Law Degree Teaches (and What It Doesn’t)
17:33 - 法学学位教什么（以及不教什么）
20:32 - The Junior People Who Rise Fastest
20:32 - 晋升最快的初级员工
24:49 - The Armchair Psychologist Side of Client Work
24:49 - 客户工作中的业余心理学家一面
27:10 - The Contrarian Take: Private Markets and the Retail Push
27:10 - 逆向观点：私募市场与零售化浪潮
31:01 - How to Read: Local Papers from Places You Don’t Live
31:01 - 如何阅读：来自你不住的地方的本地报纸
33:01 - Conclusion and Final Thoughts
33:01 - 结论与最终思考