What the law professors have uncovered is not investors buying and holding English-law governed bonds, but investors piling into the safer asset class when a default appears imminent.

这些法学教授们发现，当距离违约仅一步之遥时，投资者不会买入并持有英国法律辖内公债，而是纷纷奔向较为安全的资产类别。

youdao

Especially when your fund charter permits you to invest in almost anything -- bonds, illiquid stocks, short positions, uncovered options, 100% cash.

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