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
本段首句點明觀點：投資的繁榮這一現象背后，是社會環境的影響。依照時間順序發生的事件佐證了本段的觀點：
經濟高速發展→中產階級的富庶→1970年代，體量較小的雙向投資過時，家庭辦公興起---背后原因-→社會貧富差距過大
1980年代富人愈發富有，從首次公開募股中收獲頗豐→經濟危機爆發，理財經理們對于對外投資失去信心→富人主顧們深度審視私人銀行的高額費用和模糊的動機，畏縮不前。
（二）詞句精析
1、spawned：?
1)? (of fish, frogs,etc.) to lay eggs 產卵
2)? (often disapproving) to cause sth to develop or be produced. 引起，導致，造成。
記住了1）的基礎意思，2）的意思就很好生發出來了。結果由深層的原因、因素孵化而成，可不就是“導致”、“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.虛心從自己的錯誤中學習。
eg: my humble tribute to this great man 鄙人對這位偉人的敬意。
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，但不夠誠摯或者認真）
eg: In my humble opinion, you were in the wrong. 依照在下拙見，你錯了。
eg: My humble apologies. I did not understand.對不起，我沒有弄懂。
語氣上的差別，需要仔細體會。我感覺：這里使用humble，是那種客套和生活習慣、禮儀需要而說的謙遜之詞，說話的人在使用這個詞語的時候不見得內心真的覺得自己這個是“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
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，個人推測是4）意思中的Not large。
eg: a humble farmhouse 小農舍。
The company has worked its way up from humble beginnings to become the marktet leader.從創業期間微不足道、一文不名，到如今占據市場的主導地位。
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，進款。
eg: The proceeds of the concert will go to charity. 音樂會收入將捐給慈善機構
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；刺激；鼓勵。
incentives:?something that encourages you to do sth. 激勵措施。
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世紀富裕的歐美家庭，中文釋義為“家庭辦公室”，因其服務對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富的私人機構。
家族辦公室在提供廣泛的高度專業化和定制的服務方面有著悠久的歷史，它像管家一樣，由涉及不同領域行業的專家組成，監督及管理整個家族的財務、健康、風險管理、教育發展等狀況，以協助家族獲得成功以及順利發展為目標，同時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的整合與協調，為同一個家族的幾代人提供高度個性化的服務。
Family office其實就是一個小型的投資公司，資金單純來源于一個或幾個家庭。如果家庭凈值在$100m以下根本沒必要獨立出來雇投資經理/稅務/法務和付固定辦公費用，私人銀行和資產管理公司行業很健全也很專業，挑幾個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
本段開篇也點明了觀點：這些趨勢并不會消失。后續論述圍繞此觀點來解釋說明：億萬富翁數量依舊上升，家庭辦公在金融系統中的權重日益增加，加劇了不公平的現象，讓貧富差距日益加劇。最后，作者點明：這些紛繁現象都是結果，而不是原因，對于目前的狀況，這些現象都值得擔憂，需要持續關注。
（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）用于再投資。
2、exponentially:
1) of or shown by an exponent 指數的；冪的；由指數表示的。
2) (formal) (of a rate of increase) becoming faster and faster.越來越快的。
這里應當指的是指數增長。上述兩個意思都解釋得通。
（三）文化背景
詳情請戳：福布斯億萬富翁2018
對比參照：福布斯億萬富翁2017
2018年億萬富翁，蓋茨不再是領跑者。美國富翁依舊笑傲世界，展示美國經濟實力和科技水平。中國企業家表現不俗，BAT科技、互聯網公司擔當中國億萬富翁標桿。
