欧洲的银行股票在资产价值以下交易，说明投资者预期他们的资产负债表在将来会有大额的减计。
European bank shares trade at well below asset value, suggesting that investors expect their balance-sheets to suffer significant write-downs in future.
麻烦的是，市场越下滑，银行资产负债表上资产的价值就越缩水，为此损失越多。
The trouble is, the further the market falls, the more Banks have to write down the asset values on their balance-sheets, which increases their losses.
随着资产负债表日益庞大，你可以据此借入更多的资金，买入更多的资产，并在资产价值节节攀升中为自己的好眼光洋洋自得。
As balance sheets grew, you could borrow more against them, buy more assets and admire your good sense as their value rose.
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