markets work best when they're not encumbered by government interventions.

市场在不受市场干预的时候运行最好
So we're going to reexamine that argument

我们将会在金融市场的情境下下
in the context of financial markets.

重新审视它
Then the third thing I'm going to discuss in this course at some length

第三个我要用一些时间去探讨的是
is the mortgage market and the recent crisis.

抵押信贷市场和最近的金融危机
After all, my hedge fund is a mortgage hedge fund.

毕竟我的对冲基金是一个抵押对冲基金
We founded it in 1994,

我们的基金创立于1994年
by the way, which was the five years before that

顺便提一下在创立它的五年前
I was running the Fixed Income Research Department

我在皮博迪公司
at Kidder Peabody,

负责固定收益研究部门
which was the biggest player in the mortgage market then on the sell side.

是抵押贷款中卖方市场最大的参与者
The hedge funds buy mortgages,

对冲基金买进抵押