而对于流动性差的证券，行政管理人要获取并验证这些证券价格的成本可能非常高。

And for illiquid securities, it can get very expensive for an administrator to go out and verify those prices.

youdao

但是如果有很好理性的话就该知道：所谓市场底部的判断已经出错过多次，而且莱曼揭露的非流动性的证券的实际值还有非常大的不确定性。

Perhaps with good reason. Market bottoms have already been incorrectly called several times, and there is massive uncertainty over the real value of Lehman's exposure to illiquid securities.

youdao

这种凯恩斯所谓的流动性偏好控制金融证券的价格进而控制利率。

This liquidity-preference, as Keynes called it, governed the price of financial securities and hence the rate of interest.

youdao