It might have been an investment trust.

它可能是一个投资信托。

What exists today in terms of getting exposure to real estate assets are private REITs, or real estate investment trusts, or public REITs.

目前存在的可以转化真实房产的资产形式是私人房地产投资信托基金或者公共房地产投资信托基金。

For finance, we have Samsung life insurance, securities, investment trust management, venture investment.

金融方面，我们有三星人寿保险、证券、投资信托管理、风险投资。

What do you think the year ahead might bring for the world of investment trusts?

您认为未来一年可能会为投资信托领域带来什么？

What's an investment trust, and how does it work?

什么是投资信托， 它是如何运作的？

Energy-related funds or real estate investment trusts are popular during normal times, but higher energy costs drive inflation up and so are closely correlated.

与能源有关的基金或房地产投资信托基金在正常时期很受欢迎，但能源成本的提高推动了通货膨胀的上升，因此二者是密切相关的。

And Rosie, I want to bring you in here, because we haven't yet mentioned investment trusts on the podcast.

Rosie， 我想带你来这里，因为我们还没有在播客中提到投资信托。

Yeah, our readers do love investment trusts, mostly because of the really good returns they get from them.

是的，我们的读者确实喜欢投资信托，主要是因为他们从中获得了非常好的回报。

So in 2018, Merck get started by creating this investment trust that lists on the London Stock Exchange.

因此，在 2018 年， 默克开始创建在伦敦证券交易所上市的投资信托。

The share prices of listed real-estate investment trusts are tanking and expectations for rental growth and returns are being scaled back.

上市房地产投资信托基金的股价正在下跌，对租金增长和回报的预期正在缩减。

Another proxy is the share-price performance of investment trusts, a type of publicly traded investment vehicle, which invest in private equity.

另一个指标是投资信托基金的股价表现，这是一种公开交易的投资工具，投资于私募股权。

In America, real-estate investment trusts (REITS) own just 1% of single-family rentals, compared with 5-10% of offices and warehouses, 15% of housing for old people and 50% of shopping malls.

在美国，房地产投资信托基金(REITS)在独户住宅租赁市场仅占1%，相比之下，写字楼和仓库的占比为5%-10%，老年人住房的占比为15%，购物中心的占比为50%。

But investors who have piled into, let's say, real estate investment trusts, into energy-related stocks and funds, may move back into funds that are exposed to the broader stock market.

但是，那些扎堆进入房地产投资信托基金，进入与能源相关的股票和基金的投资者，可能会重新进入能够接触到更广泛的股票市场的基金。

In this case, you'd probably construct a portfolio with some shares (but not high risk ones), along with gilts, cash deposits, and perhaps convertibles or the income shares of split capital investment trusts.

在这种情况下，你大概想制定一份包括某些股份（但不是风险很大的股份）的投资组合，同时还有高度可靠的证券、现金储蓄，可能还有可换证券，或分割资本投资信托公司的所得股。

You see, just last year, Christine McVie of Fleetwood Mac decided to sell the rights to her entire song catalogue to a UK-based investment trust called Hipgnosis Songs Fund.

你看，就在去年，Fleetwood Mac 的 Christine McVie 决定将她整个歌曲目录的权利出售给一家名为 Hipgnosis Songs Fund 的英国投资信托基金。