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但是不能用来买非流动资产。Yes. but they can't just buy illiquid assets with them.

许多证券缺乏流动性,且账面值还是初始的高价。Many of these are illiquid and still booked at their original, inflated prices.

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高盛也有大量的资产负债表外非流动风险——可变利益实体。Goldman has large, illiquid off-balance-sheet exposures, too, known as Variable Interest Entities.

他们不流动的资产应该被纳入一个清债信托公司,然后被流通化。Illiquid assets should be put into a Resolution Trust Corporation-like structure and be liquidated.

抚恤基金不致老是队现金支票突然取回并且是流动资产最好的家。Pension funds are less prone to sudden withdrawals of cash and are the best homes for illiquid assets.

而对于流动性差的证券,行政管理人要获取并验证这些证券价格的成本可能非常高。And for illiquid securities, it can get very expensive for an administrator to go out and verify those prices.

混合这些难以理解的代号语言的基本出发点在于想要创建可以介入非流动资产的基金。The rationale for concocting this alphabet soup is the desire to create funds linked to illiquid asset classes.

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如果基金高估了非流动性资产的价值,基金经理的收益也严重高估了。If a fund is overestimating the value of the illiquid assets, then its manager's profit is grossly overestimated.

这必须要去区分哪些银行虽然无流动资金且投资不足却有能力偿还,哪些银行是资不抵债的。You have to do triage between banks that are illiquid and undercapitalized but solvent and those that are insolvent.

资产配置完全失去了平衡,随着股市的暴跌倒向了流动性不足的资产。Asset allocations went wildly out of balance, overweighted to illiquid partnerships as the value of equities plunged.

评级机构担心他们的不透明操作及非流动投资,也担心他们没有把最极端的情况考虑进去。It worries about the opacity, the exposure to illiquid investments and the failure to spell out worst-case scenarios.

但是,在错误的情况下公允价值可能引起不经济的卖出长期非流动贷款。However, in the wrong circumstances fair-value accounting could also induce wasteful sales—of long-term, illiquid loans.

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如果事实如此的话,中央银行可能会发现他们需要比以往任何时候更深入一步,为不动产市场上的资产价格提供支撑。If so, central banks may find they have to go further than ever and provide a floor for asset prices in illiquid markets.

在过去的这几周里,我们一直在考察购买流动性差的抵押贷款资产的相关益处。Over these past weeks, we have continued to examine the relative benefits of purchasing illiquid mortgage-related assets.

为稀土矿定价是个难题,因为这个市场的流动性很低,只有很小的量是在全球生产。Determining prices for rare earths is tricky because the market for them is illiquid and only small quantities are produced globally.

伯恩斯坦研究所的布拉德。欣茨指出,如此非流动的投资所持有的产业资本份额正在飞速增长。Brad Hintz of Bernstein Research notes that the share of the industry's capital held in such illiquid investments is growing very fast.

但可以肯定的是,全流通是一个博弈的过程,最终的对价方案取决于流通股股东与非流通股股东博弈的结果。However, it is affirmed that the final consideration scheme lies in the game results of liquid share holders and illiquid share holders.

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资金从印尼这样规模相对较小、流动性较差的市场出逃可能意味着每位投资者同时卖出时价格会暴跌。An exodus out of a relatively small and illiquid market like Indonesia can mean oversized price drops as everyone sells at the same time.

当然,没有人确切知道贝尔史登到底值多少,因为大量难以估价,毫无流动性的的按揭证券及其他乱麻充斥着贝尔史登。For sure, nobody knows precisely what Bear is worth, so stuffed is it with hard-to-value, illiquid mortgage securities and other nasties.

但他指出,这也创造了投资的机会.市场不流通,打压债券价格至远低于可能出现违约债券价格的下方.而难以流通的结构化债务证券也能以折价敲进.Yet it also creates investment opportunities. Illiquid markets have depressed prices of debt well below the likelihood of default, he said.