It might be that the manager is buying illiquid assets.
可能是来自于基金经理买入的非流动性资产。
Incredibly, stress tests failed to include many of Lehman's most illiquid assets.
不可思议的是，压力测试竟没有覆盖到很多雷曼最不流动的资产。
The facility may thus eventually do what TARP was meant to: relieve banks of their illiquid assets.
因此，该特定机构甚至会实现TARP的原本打算：解除银行在非流动性资产上的负担。
Furthermore, structured finance's dependence on leverage and illiquid assets has left it prone to crisis.
更要命的是，结构化金融依赖于杠杆和非流动性资产，从而容易受到危机侵袭。
These illiquid assets are choking off the flow of credit that is so vitally important to our economy.
流动性不足的资产阻塞了对美国经济生死攸关的信贷流动。
This mismatch between liquid debt and illiquid assets makes Banks susceptible to sudden losses of funding.
流动负债和非流动资产之间并不匹配，因此一旦出现资金链的突然紧张，银行就变得弱不禁风。
Or, to put it another way, they have borrowed in liquid form and invested the proceeds in illiquid assets.
或者，换一种方式，它们以活期形式借贷资金并投资收益低流动性资产。
If a fund is overestimating the value of the illiquid assets, then its manager's profit is grossly overestimated.
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。
According to Fitch, the average investment bank holds more than twice as much capital as it does illiquid assets.
据Fitch数据，投资银行平均持有资本是其非流动性资产的两倍多。
If the Fed went further and started to buy illiquid assets outright, as some are advocating, that would be different.
如果美联储更进一步，如同有些人所提倡的那样，彻底开始购买非流动性的资产，那情况将完全不同。
It all sounds suspiciously like the subprime mortgage boom, when Banks parked illiquid assets in off-balance-sheet vehicles.
这些听起来疑似次贷抵押贷款热潮，银行资产负债表的大车上挤满了不良资产。
It has created many lending programmes since August 2007 to help Banks finance holdings of illiquid assets and so avoid fire sales.
自从2007年8月开始帮助银行持有非流动性资产并且避免贱卖，许多贷款计划产生了。
In some sectors, like emerging markets, it is easier for investors to buy and sell an ETF than to trade in the underlying illiquid assets.
在一些行业，就像新兴市场，相比在相关非流动资产中进行交易，投资者更容易购入或售出一支ETF。
Banks are also being asked by their auditors to put more assets into the fair-value regime's lowest bucket (for the most illiquid assets).
银行的审计师也要求银行将更多的资产放在公允价值体系的最薄弱环节(流动性最差的资产)。
Large liquidation of synthetic ETFs in periods of higher counterparty risk could force to sell the collateral, often illiquid assets.
大清算合成etf的交易对手风险较高的时期，可以强制出售抵押品，往往是流动性不足的资产。
Both high yields and illiquid assets are also attractive to hedge funds, which have become the rising powers of the fund-management industry.
高收益和非流动性资产也是对冲基金之所爱，后者正成为资金管理业的后起之秀。
"Paintings and other works of art can be very illiquid assets and their return can be damaged if they appear too frequently at auction," he says.
“画作及其它艺术品的流动性可能非常低，如果过于频繁地出现在拍卖会上，其回报率有可能受损，”他表示。
According to market estimates at the time, Lehman’s balance-sheet was under pressure from perhaps $25 billion of unrealised losses on illiquid assets.
根据当时的市场估计，雷曼兄弟的资产负债表受到的冲击来自大约250亿美元的不流动资产的未实现损失。
More specifically, the fund could use the most optimistic models to price its illiquid assets, which include mortgage-backed securities and other swaps.
更确切地说，该基金可以用最乐观的模型来对流动性资产定价，包括按揭证券和其它可交换的票据。
This market illiquidity, and the prospect of further liquidity risk, scared investors and prices dropped, especially for illiquid assets with high margins.
市场流动性降低以及更大的市场流动性风险预期令投资者恐慌，资产价格下降，尤其使流动性资产保证金大幅增加。
Finally, new forms of liquidity will emerge such as private-market stock exchanges for buying and selling illiquid assets (e.g., SecondMarket, SharesPost, etc.).
最终，新的流动性将会出现，例如买卖非流动性资产的私募股权交易平台(例如secondmarket、Share sPost等。)
It is practically impossible to know what someone is really worth, given private businesses, illiquid assets, debts, collections and assorted Swiss bank accounts.
实际上，考虑到私营企业、非流通资产、债务、收藏品和各种瑞士银行帐户，基本上无法知道一个人到底有多少财富。
These gave banks more freedom to use models to value illiquid assets and more flexibility in recognising losses on long-term assets in their income statements.
这些修改使得银行在使用模型评估非流动资方面用有更大的自由，同时使得它们确认收益表中长期资产损失时更为灵活。
These gave Banks more freedom to use models to value illiquid assets and more flexibility in recognizing losses on long-term assets in their income statements.
这些修改使得银行在使用模型评估非流动资方面用有更大的自由，同时使得它们确认收益表中长期资产损失时更为灵活。
Say the fund holds large positions in illiquid assets. The fund cannot immediately sell these assets, except at a fatal loss, so it would sell its more liquid assets.
要是这个基金持有很大的非流动性资产，这个基金就没法立刻卖掉这些资产，除非在一个致命的亏损的时刻，那么它将出售更多流动性资产。
Though neither was particularly sickly, markets could no longer stomach their potentially lethal combination of illiquid assets and skittish wholesale liabilities.
尽管二者都不是完全陷入困境，但是市场对于其潜在的致命缺陷——非流动资产和不可靠的大规模债务的模式已经不再信任。
Given that the fund is more likely to inflate its estimation of the illiquid assets, it would seem that investors who withdraw early get the better returns over that time period.
鉴于该基金更希望抬高其预估的非流动性资产，所以就会看到，早些时候撤回的投资人，在那段时间得到了较好的回报。
Given that the fund is more likely to inflate its estimation of the illiquid assets, it would seem that investors who withdraw early get the better returns over that time period.
鉴于该基金更希望抬高其预估的非流动性资产，所以就会看到，早些时候撤回的投资人，在那段时间得到了较好的回报。
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