这其中的关键优势在于这些功能的实现和维护成本。
The key advantage to this is the cost of implementing and sustaining this functionality.
这些机构的债务拥有隐性和显性联邦担保，这降低了其资金成本，从而赋予了它们永久性的竞争优势。
These institutions have an implicit, or explicit, federal guarantee on their debt that lowers their cost of capital, giving them a permanent competitive advantage.
只要能正确的把这些因素组合起来，对冲基金的模仿者可以以较低的成本来实现对冲基金的优势。
By working out the rightcombination of these factors, hedge-fund clones are able to offer theindustry's advantages at low cost.
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