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At such times a lot of investors who were intent on picking up an illiquidity premium discover that they are far less patient than they had believed themselves to be back when liquidity was plentiful. The possession of cash or the ability to raise it quickly is especially valuable in recessions.The skilful are able to pick up assets cheaply that others have been forced to sell. A short-horizon investor won’t buy such assets, for they might become even cheaper. But a truly patient investor who can wait for the payoff is able to step in—as long, of course, as he is liquid. 这是《经济学人》11月刊的一篇文章'Against the flow'最后一段，共4句。 1、 这句话中关键词为'that'，'who'后面内容为解释说明前面的'investors'。整句话可以简化为：investors discover that they are far less patient than they had believed themselves to be back。中心意思为：投资者发现相比认为自己能够回到原来的时候，他们的耐心是远远不够的。整句话加上其他修饰内容翻译：如今，许多投资者开始追逐非流动性溢价，这些投资者发现对于相信自己能够回到原来流动性很充沛的时候，他们的耐心是远远不够的。 2、 {'possession':'个人财产'} {'recessions':'经济衰退'} 个人现金或者迅速增值的能力在经济大衰退时期是特别有价值的。拥有娴熟的技术能够便宜的买到其他人努力出售的资产。 3、 那些短视的投资者是不会购买这样的资产的，因为他们（担心） 可能变得更便宜。 4、 step in ：介入，解决， payoff ：报酬 但是，真正能等待开花结果的有耐心的投资者是可以解决的--当然，只要他是流动的。 --总结-- 至此，整篇文章就结束了，主要讲了在经济不景气的时候，投资非流动的资产并不一定是一个坏的方法。 【词汇部分】 {'possession':'个人财产'} {'recessions':'经济衰退'} {'possession':'个人财产'} {'recessions':'经济衰退'} step in ：介入，解决， payoff ：报酬 |
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