对冲基金行业信封的规则是不让客户及竞争对手知道资金的投向，但是信贷危机暴露了他们少的可怜的资金持有数量。

The industry has made a fetish of keeping its clients—and competitors—in the dark about its holdings. But the credit crunch has revealed how few original ideas most of them held.

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为了应对潜在的损失，这些金融机构必须持有数量相对庞大的资本金。同时为了满足债权人可能的还款要求，此类机构也必须同时持有数量较多的现金。

Such institutions would be required to hold relatively large amounts of capital to cover possible losses, relatively large amounts of cash to cover possible demands from creditors, and so on.

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They have a formula that defines how much Tier I and Tier II capital a bank has to hold and the amount depends on the risk class of their investments.

有一个公式可以计算出,一个银行到底需要持有多少一级和二级资本,其数量取决于他们投资项目的风险等级

耶鲁公开课 - 金融市场课程节选