市场本身已经发生了剧烈改变——即从高负债的投资银行转向低杠杆的安全性以及受监管水平更高的商业银行。
The market itself has already asked for dramatic changes—away from highly geared investment banks towards the safety of lower leverage and more highly regulated commercial banks.
比如说，高杠杆的投资银行在信贷宽松期大举放贷，在危机来临时则竭力回笼资金。
For instance, highly leveraged investment Banks lend more when credit is easy and pull back faster in the crash.
在之后的十年里，对冲基金激增，最大的投资银行也效仿他们采用更复杂更高的杠杆。
In the decade that followed, hedge funds proliferated and the biggest investment Banks emulated them by taking on greater complexity and higher leverage.
但是中国的金融体系并非没有问题，只不过我们的银行没有做高杠杆的风险投资。
But China's financial system is not without problems. It is only because the Chinese Banks did not have the highly leveraged investment-related risks.
但是，坏银行中绝大部分还是投资银行的高风险成分(比如杠杆贷款和房产买卖)，RBS很可能在未来几年内将其清盘。
But it will consist overwhelmingly of the dodgy bits of the investment bank (such as its leveraged-loan and property activities), which will probably be wound up over several years.
和投资银行比——如2008年前的高盛——像摩根大通这样的银行则被严格监管，它的债权比(杠杆率)只有13：1左右。
Banks such as JPMorgan Chase, which face more-stringent regulation (relatively) than investment Banks, such as the pre-2008 Goldman Sachs, have a debt-to-equity ratio of 13-to-1 or so.
在每一次爆发之后，那些幸存的公司开始暂时规避风险投资，降低杠杆比率。
After each blowup, the firms that survive temporarily shy away from risky ventures and cut back on leverage.
回到储蓄者和投资者的区别上来，有一个词将两者区分开来，这个词就是杠杆原理。
Getting back to the difference between a saver and an investor, there is one word that separates them, and that word is leverage.
杠杆ETF利用债务来放大他们购买的指数的回报率，对于投资者来说这是非常危险的。
That spells danger for investors in leveraged ETFs, which use debt to magnify the returns of the index they follow.
繁荣期间，高杠杆化的投资银行会激起信贷泡沫，而当信贷紧缩时，他们又不得不更快的收起杠杆。
During a boom, highly leveraged investment Banks encourage a credit bubble, whereas in a credit bust they have to deleverage faster.
从某种意义上说，在信贷稀缺的时候，中国市场更有吸引力，因为中国的多数私募股权公司都是靠增长而不是靠杠杆来为投资者提供超额回报。
In one sense, China is a more attractive market when credit is scarce because most China private-equity deals rely on growth rather than leverage to provide investors with outsized returns.
要是这种杠杆式ETF遭受了巨大的损失，整个行业的名声都有可能受到影响，特别是在私人投资者之间。
Were a leveraged ETF to suffer huge losses, the reputation of the entire industry might be affected, particularly among private investors.
无论如何，普通股票投资者是不具有杠杆效应的。
因为和FXI、PG J基金一样，EWA和FXA基金也有期权合约，这就赋予了投资者用杠杆去做空的机会并且可以容忍很高的风险。
As with FXI and PGJ, EWA and FXA have options contracts, which give investors with a higher risk tolerance the opportunity to short with leverage.
看起来，投资者开始关注像杠杆率这样的谨慎资金措施，杠杆率不允许任何资产中出现风险加权调节。
Investors seem to pay closer attention to more cautious capital measures such as the leverage ratio, which does not allow for any risk-weighted adjustment to assets.
还是说，我应该投入时间和精力，去找一流的债券经理人，一流的不动产或杠杆收购经理人，或者一流的风险投资经理人。
Or should I spend my time and energy trying to find the top quartile bond, top quartile real estate manager, or buyout manager, or venture capital manager?
还有些公司使得投资者们能够通过网络更好地了解有关收益、杠杆率以及流动性的最新信息。
Other firms give investors greater access, via their websites, to up-to-date information about returns, leverage and liquidity.
高杠杆金融机构的风险投资者大量丧失。
Investors in highly leveraged financial institutions risk large losses.
通胀的上升同样将提高利率，给杠杆投资者带来进一步麻烦。
Any increase in inflation would also lead to higher interest rates, causing further problems for leveraged investors.
通胀的上升同样将提高利率，给杠杆投资者带来进一步麻烦。
Any increase in inflation would also lead to higher interest rates, causing further problems for leveraged investors.
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