周四针对SAC Capital Advisors的内幕交易诉讼案中，相关问题其实是许多因素造成的。这家对冲基金巨头的经理及创始人科恩(Steven A. Cohen)否认自己有违法行为，他没有受到刑事指控。SAC发言人未回复记者寻求置评的请求。
In Thursday's indictment of SAC Capital Advisors on insider-trading charges, there is plenty of blame to go around.
但考虑到这个行业异常的收费和薪酬结构以及客户对不惜一切代价跑赢市场的要求，对冲基金常常在合规方面"触线"，有时还会"越线"也就不那么让人惊讶了。
The giant hedge-fund manager and its founder, Steven A. Cohen, deny wrongdoing, and Mr. Cohen wasn't criminally charged; a spokesman for SAC didn't respond to a request for comment.
包括SAC在内的所有对冲基金都会毫无破绽的交易合法的内幕信息：有关基金经理能力如何的独家信息。相比那些可能已经违规的交易，这种内幕信息更有问题。当你买进一只对冲基金，你的交易对手在你所购买的唯一一件东西上拥有远比你多的信息，你所购买的这件东西就是他们的能力。
But outlandish fee and compensation structures, along with pressure from clients to beat the market at all costs, make it surprising that hedge funds don't always go right up to the line and sometimes over.
让这个行业公平竞争并不容易，对冲基金并不像上市交易基金那样每天公布所有投资组合，也不像共同基金经理那样每个季度公布一次投资组合。康涅狄格州威尔顿Commonfund的对冲基金策略团队负责人莫尼科(Nicholas De Monico)说，对冲基金行业的透明度已经比过去高很多了，但获取数据，进行解读，确保数据正确，这一过程需要大量辛苦的工作，并且没有吸引人的地方。该公司投资了50多只对冲基金，投资规模达22亿美元。
All hedge funds, including SAC, traffic in perfectly legal inside information: the exclusive knowledge of how skillful the managers are. That sort of inside information is much more problematic than trades that might have broken the rules. When you buy a hedge fund, you take the other side of the trade from people who know vastly more than you about the only thing you are buying: their abilities.
一些所谓成熟投资者似乎并不了解这一情况。Protege Partners的总裁塞德斯(Ted Seides)说，你投资的大型多种策略对冲基金可能有数千个头寸，解读一只这种基金的头寸就不是一个全职工作者能完成的，更不用说20只这种基金组成的投资组合。该公司管理着规模20亿美元的对冲基金投资组合。
To make it a fair fight isn't easy, since hedge funds don't disclose their entire portfolios daily as exchange-traded funds do or quarterly as mutual-fund managers do. 'The industry is far more transparent than it used to be,' says Nicholas De Monico, chief of the hedge-fund strategies group at Commonfund in Wilton, Conn., which has $2.2 billion invested across more than 50 hedge funds. 'But getting the data, interpreting it, making sure it's correct
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