The main thing we can learn from institutional traders is their rigid system of discipline, with managers forcing them to cut losses. A private trader has no manager, which is why he needs to design and implement a strict system of money management rules. Institutional traders benefit from focusing on a single market, unlike private traders who may jump from cocoa today to IBM tomorrow. It pays to choose just a few trading vehicles and learn them well.
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Unlike free public libraries, which are open to everyone, private libraries can be used only by authorized readers.
与对所有人开放的免费公共图书馆不同，私人图书馆只能由被授权的读者使用。
Unlike the space project, the BGI is a private venture, although a lot of its money has come from Chinese taxpayers in soft loans.
与太空项目不同，华大基因研究中心是一个私人经营项目，尽管它有大量资金是来自自己中国纳税人的软贷款。
Unlike a private insurer, it would not have to make provision for future liabilities; it could simply stick the bill to future taxpayers.
与私人保险公司相比，它无需为未来负债做准备；只需将账单留给未来纳税人。
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