在每一次爆发之后，那些幸存的公司开始暂时规避风险投资，降低杠杆比率。
After each blowup, the firms that survive temporarily shy away from risky ventures and cut back on leverage.
在每一次爆发之后，那些幸存的公司开始暂时规避风险投资，降低杠杆比率。
After each blowup, the firms that survive temporarily shy away from risky venture capitals and cut back on leverage.
这一降低杠杆风险的行为是投资者们在遭遇风险冲击时最典型的反应。
This deleveraging is the classic response of investors when they become risk averse.
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