The Fed is taking on a serious risk in doing this because these assets that it takes on in exchange for Treasury securities could fail.

美联储这样做很有风险,因为这些他们作为国库证券交换来的,资产可能是个烂摊子。

耶鲁公开课 - 金融市场课程节选

We did have a large,short position in subprime mortgage-backed securities, which has paid off enormously for the University and really helped protect assets in the past nine months or a year.

我们确实曾持有很多,次级抵押担保证券的空头,它们为耶鲁赚了不少钱,并且在过去的9个月或1年间,为资产保值发挥了实在的作用

耶鲁公开课 - 金融市场课程节选