他们希望，地方债券不太可能违约这一普遍观点，将被证明是个跟房价永远不会降一样的错误认识。
They hope the widely held view that muni defaults are unlikely will be proved as big a misconception as the notion that house prices never fall.
他们认为，如果需求上涨的话，自己能永远滚动短期债务或卖出抵押债券。
They believed they could always roll over their short-term debts or sell their mortgage-backed securities, if the need arose.
格雷厄姆补充说，你的股票投资比例永远不应低于25%(当你认为股票昂贵而债券便宜的时候)，也不能高于75%(当股票看起来价格低廉的时候)。
Graham added that your stock proportion should never go below 25% (when you think stocks are expensive and bonds are cheap) or above 75% (when stocks seem cheap).
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