Paragraph 5 ??
Every investment reflects the society that spawned it. The humble mutual fund came of age in the 1970s after two decades of middle-class prosperity in America. The rise of family offices reflects soaring inequality. Since 1980 the share of the world’s wealth owned by the top 0.01% has risen from 3% to 8%. As the founders of family firms receive dividends or the proceeds of initial public offerings, they usually redeploy the cash. But since the financial crisis there has been a loss of faith in external money managers. Rich clients have taken a closer look at private banks’ high fees and murky incentives, and balked.
（一）段落大意
本段首句點(diǎn)明觀點(diǎn)：投資的繁榮這一現(xiàn)象背后，是社會(huì)環(huán)境的影響。依照時(shí)間順序發(fā)生的事件佐證了本段的觀點(diǎn)：
經(jīng)濟(jì)高速發(fā)展→中產(chǎn)階級(jí)的富庶→1970年代，體量較小的雙向投資過時(shí)，家庭辦公興起---背后原因-→社會(huì)貧富差距過大
1980年代富人愈發(fā)富有，從首次公開募股中收獲頗豐→經(jīng)濟(jì)危機(jī)爆發(fā)，理財(cái)經(jīng)理們對(duì)于對(duì)外投資失去信心→富人主顧們深度審視私人銀行的高額費(fèi)用和模糊的動(dòng)機(jī)，畏縮不前。
（二）詞句精析
1、spawned：?
1)? (of fish, frogs,etc.) to lay eggs 產(chǎn)卵
2)? (often disapproving) to cause sth to develop or be produced. 引起，導(dǎo)致，造成。
記住了1）的基礎(chǔ)意思，2）的意思就很好生發(fā)出來(lái)了。結(jié)果由深層的原因、因素孵化而成，可不就是“導(dǎo)致”、“引起”的意思嘛。
2、humble：(adj.)
1) showing you do not think that you are so important as other people.謙虛的；虛心的。
eg: Be humle enough to learn from your mistakes.虛心從自己的錯(cuò)誤中學(xué)習(xí)。
eg: my humble tribute to this great man 鄙人對(duì)這位偉人的敬意。
2) (ironic, or humorous) used to suggest that you are not as important as other people, but in a way that is not sincere or not very serious.
（表示謙遜，但不夠誠(chéng)摯或者認(rèn)真）
eg: In my humble opinion, you were in the wrong. 依照在下拙見，你錯(cuò)了。
eg: My humble apologies. I did not understand.對(duì)不起，我沒有弄懂。
語(yǔ)氣上的差別，需要仔細(xì)體會(huì)。我感覺：這里使用humble，是那種客套和生活習(xí)慣、禮儀需要而說(shuō)的謙遜之詞，說(shuō)話的人在使用這個(gè)詞語(yǔ)的時(shí)候不見得內(nèi)心真的覺得自己這個(gè)是“拙見”或者很謙卑地道歉。
3) having a low rank or social position.低下的，卑微的。
eg: a man of humble birth/origins 出身寒微
a humble occupation 卑下的職業(yè)
4) (of a thing) not large or special in any way.不大的；沒有什么特別之處的。
文章中的humble，個(gè)人推測(cè)是4）意思中的Not large。
eg: a humble farmhouse 小農(nóng)舍。
The company has worked its way up from humble beginnings to become the marktet leader.從創(chuàng)業(yè)期間微不足道、一文不名，到如今占據(jù)市場(chǎng)的主導(dǎo)地位。
3、dividends:?
1) an amount of the profits that a company pays to people who own shares in the company 紅利；股息
2) (British English) a money prize that is given to winners in the football pools.（足球彩票的）彩金。
proceeds:?
the money that you receive when you sell sth or organize a performance, etc; profits.（售物或者演出等的）收入，收益，進(jìn)款。
eg: The proceeds of the concert will go to charity. 音樂會(huì)收入將捐給慈善機(jī)構(gòu)
4、murky:
1) (of a liquid) not clear; dark or dirty with mud or another substance. 渾濁的；污濁的。
2) (of air, light, etc.) dark and unpleasant because of smoke, fog ,etc.昏暗的；陰暗的；朦朧的。
3) (disapproving or humorous) (of people's actions or character) not clearly known and suspected of not being honest. 隱晦的；含糊的；曖昧可疑的。
incentives:?something that encourages you to do sth 激勵(lì)；刺激；鼓勵(lì)。
incentives:?something that encourages you to do sth. 激勵(lì)措施。
5、balk: refuse to comply 突然止步不前；猶豫。
eg: He balked in his speech. 他突然中斷演講。
（三）文化背景
family office:
Family Office起源于19世紀(jì)富裕的歐美家庭，中文釋義為“家庭辦公室”，因其服務(wù)對(duì)象的特殊而更多的被譯為“家族辦公室”是為富裕家族管理財(cái)富的私人機(jī)構(gòu)。
家族辦公室在提供廣泛的高度專業(yè)化和定制的服務(wù)方面有著悠久的歷史，它像管家一樣，由涉及不同領(lǐng)域行業(yè)的專家組成，監(jiān)督及管理整個(gè)家族的財(cái)務(wù)、健康、風(fēng)險(xiǎn)管理、教育發(fā)展等狀況，以協(xié)助家族獲得成功以及順利發(fā)展為目標(biāo)，同時(shí)家族辦公室有著公正的意見和客觀性，他們與家族的其他顧問提供的服務(wù)的整合與協(xié)調(diào)，為同一個(gè)家族的幾代人提供高度個(gè)性化的服務(wù)。
Family office其實(shí)就是一個(gè)小型的投資公司，資金單純來(lái)源于一個(gè)或幾個(gè)家庭。如果家庭凈值在$100m以下根本沒必要獨(dú)立出來(lái)雇投資經(jīng)理/稅務(wù)/法務(wù)和付固定辦公費(fèi)用，私人銀行和資產(chǎn)管理公司行業(yè)很健全也很專業(yè)，挑幾個(gè)把錢放過去就可以了。
Paragraph 6 ??
These trends are unlikely to fade, as our Briefing explains. The number of billionaires is still growing—199 newbies made the grade last year. In the emerging world older entrepreneurs who created firms in the boom years after 1990 are preparing to cash out, while in America and China younger tech entrepreneurs may soon float their companies, releasing a new wave of cash to reinvest. Family offices’ weight in the financial system, therefore, looks likely to rise further. As it does, the objections to them will rise exponentially. The most obvious of these is the least convincing—that family offices have created inequality. They are a consequence, not its cause. Nonetheless, there are concerns—and one in particular that is worth worrying about.
（一）段落大意
本段開篇也點(diǎn)明了觀點(diǎn)：這些趨勢(shì)并不會(huì)消失。后續(xù)論述圍繞此觀點(diǎn)來(lái)解釋說(shuō)明：億萬(wàn)富翁數(shù)量依舊上升，家庭辦公在金融系統(tǒng)中的權(quán)重日益增加，加劇了不公平的現(xiàn)象，讓貧富差距日益加劇。最后，作者點(diǎn)明：這些紛繁現(xiàn)象都是結(jié)果，而不是原因，對(duì)于目前的狀況，這些現(xiàn)象都值得擔(dān)憂，需要持續(xù)關(guān)注。
（二）詞句精析
1、reinvest:
to put profits that have been made on an investment back into the same investment or into a new one.再投資；把（利潤(rùn)）用于再投資。
2、exponentially:
1) of or shown by an exponent 指數(shù)的；冪的；由指數(shù)表示的。
2) (formal) (of a rate of increase) becoming faster and faster.越來(lái)越快的。
這里應(yīng)當(dāng)指的是指數(shù)增長(zhǎng)。上述兩個(gè)意思都解釋得通。
（三）文化背景
詳情請(qǐng)戳：福布斯億萬(wàn)富翁2018
對(duì)比參照：福布斯億萬(wàn)富翁2017
2018年億萬(wàn)富翁，蓋茨不再是領(lǐng)跑者。美國(guó)富翁依舊笑傲世界，展示美國(guó)經(jīng)濟(jì)實(shí)力和科技水平。中國(guó)企業(yè)家表現(xiàn)不俗，BAT科技、互聯(lián)網(wǎng)公司擔(dān)當(dāng)中國(guó)億萬(wàn)富翁標(biāo)桿。
