ltcm

The whole ( LTCM ) Long Term Capital management that I hope most of you are familiar with it .

整个长期资金管理基金的历史，我不知道在座的各位对它有多熟悉，

Sure enough , once the LTCM headlines disappeared , the impetus for reform vanished .

果然，一旦没有了关于长期资本管理公司的新闻，改革的动力也就荡然无存了。

In fact , this is exactly what sank LTCM .

事实上，长期资本管理公司就是这样倒闭的。

If you understand that , youunderstand the story of LTCM 's collapse - and many of the big market mysteries today .

如果你理解这一点，你就会理解LTCM的倾覆——以及当今许多巨大的市场谜团。

Maybe the Romans had financial institutions that were disproportionately large to the overall activity of the world that they operated in , but LTCM was a specific type of hedge fund .

也许罗马帝国曾经有过与整个世界的活动都不成比例的特大的金融机构，但是长资公司是一种特别的对冲基金。

If so , that echoes the pattern in August 1998 , when LTCM and its counterparties also tried to liquidate portfolios quickly , triggering seemingly bizarre price swings and a collapse in trust between the banks .

倘若果真如此，这就与1998年8月的情况类似当时，长期资本管理公司及其同业也试图迅速清算其投资组合，引发了看似奇怪的价格波动，并导致银行间的信任崩溃。

After all , back then , the markets also swung violently and seemingly irrationally as LTCM and others tried to liquidate their assets in a hurry , and investors pulled credit lines , as they tried to identify the source of the pain .

毕竟，回顾当时，市场也剧烈震荡，而且似乎是非理性的，因为长期资本管理公司和其它公司试图匆忙清算资产，而投资者们抽离信贷，因为他们试图找出问题的根源所在。