而且它的定价效率低，尤其是因为作为一种资产它不容易降价：你不能规避你的风险承担。
And it is inefficiently priced, not least because as an asset class it is hard to short: you can't hedge your exposure.
保险并不能规避撤资——基金最大的风险之一。
Insurance cannot protect against one of a fund's gravest threats: withdrawals.
不能承担风险或者规避风险，尽管风险是在该组织的风险偏好范围内，将导致业绩差和不能使股东价值最大化。
A failure to take risk or avoiding risk even though it would be within the organization's assumed risk appetite will lead to underperformance and a failure to optimize stakeholder value.
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