(JOSH BIRNBAUM) "Our desk began to accumulate short positions, purchasing protection on individual securities through credit default swaps, largely from external C.D.O.managers who asked us to bid for these positions."

VOA: special.2010.04.30

As each year goes by, you accumulate economic shocks, shocks to your human capital, shocks to what you own as you get older.

随着年龄增长，你不断遭受经济冲击，对人力资本的冲击，当你一天天长大，你一天天遭受冲击。

耶鲁公开课 - 金融市场课程节选

What you normally do is you go to a dealer and a dealer is someone, a professional, who participated in the auction and bought these up to accumulate an inventory to then sell off to you, the customer.

你通常会去找一些中间商,中间商是专业从业者,他们参与拍卖,积蓄库存,再转销给一般顾客

耶鲁公开课 - 金融市场课程节选