一夜之间，流动性和信用就变成稀缺资源，取而代之的是严重且破坏价值的不确定性。

Liquidity and credit suddenly become scarce and a devastating, value-destroying uncertainty takes hold.

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这些作者们认为那些“因对冲基金的不安分而破坏公司价值，或以短期为的主要目标论断是毫无实际依据的”，不管怎么样，事实并没那么糟糕。

The authors conclude that there is “no empirical evidence for the assertion that hedge fund activism destroys value or is short term in focus.” Not so bad then, after all.

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尽管如此，单纯两张榜单的比较掩盖了危机对价值造成的破坏。

Nevertheless, a comparison of the two snapshots masks the destruction of value since the crisis began.

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