You have to limit your exposure to risky asset classes to a level that allows you to sustain those positions even in the face of terribly adverse market conditions.

你必须把手中持有的风险资产,限制在一个合适的比例水平,并且即使到了最差的市场环境下,你依旧能够承受这些风险资产

耶鲁公开课 - 金融市场课程节选

As a result, people invest in banks -the stock of banks -because they understand that these people have a long-term relationship with business and they are immune from the adverse selection.

结果呢,人们就会投资于银行,即购买银行的股票,因为他们知道,银行家和企业界保持着长期的关系,他们可以免受逆向选择之害

耶鲁公开课 - 金融市场课程节选

If the doctor goes in and yanks the organs from the healthy patient who came in for a checkup to save five lives, there would be adverse effects in the long run.

如果那位医生,偷摘走那位来体检的,健康人的器官,去挽救另外五人，这事从长远来看，会有负面影响。

耶鲁公开课 - 公正课程节选