来自《耶鲁大学开放课程：金融市场第26集第26集》

Second, they almost certainly will judge that

其次他们一定判断出
the volatility associated with the assets they hold

其持有资产的波动率
and the degree of uncertainty about their portfolios

以及投资组合的风险
is today very substantially greater,

迄今为止已经明显增加了
not just than they thought it was nine months ago,

不仅相对于九个月前的估计值增加
but than it objectively was nine months ago.

与当时的实际情况相比也是大大增加
Third, the magnitude of tail risk of existential events,

第三巨灾事件带来的
which will cause the solvency of their institution

影响金融机构偿债能力的尾部风险
to come into fundamental doubt, has surely increased as well.

也显著地增加了
I don't think we have a sound basis for estimating

我认为我们缺乏健全的基础来估计
how much prudent institutions will reduce their leverage.

谨慎的金融机构会把杠杆比率减低多少
The leverage choices they may make will, of course,

当然他们对于杠杆比率的选择