If Guy Debelle was a hedge fund trader, he might have made a killing this week. Three days ago Mr Debelle – a top official at Australia’s central bank – predicted that markets were heading for wild volatility, since investors were naive about structural risks. A “sizeable” number of them, he observed, probably presumed that they could exit their positions before any sell-off. “History tells us that this is generally not a successful strategy,” he warned. “The exits tend to get jammed unexpectedly and rapidly.”
假如盖伊•德贝尔(Guy Debelle)是一名对冲基金经理，那么本周他已经大赚了一笔。三天前，这名澳大利亚央行的高官预言，由于投资者对结构性风险缺乏认识，市场将出现剧烈的波动。他表示，数量“可观的”投资者很可能认为，他们能在发生任何抛售前退出自己的头寸。“历史告诉我们，这一策略总体上是不成功的，”他警告称，“出口往往很快就会变得出人意料的拥挤。”
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