但这些回报未经风险调整，这意味着当经济衰退时，会出现巨大的损失 — — 2008年美国房主就领教了这一点。 韩国财团在1997年也领教过，而新兴市场政府更是反复领教这一点。
But those returns are not risk-adjusted, which means that when the economy slumps, big losses are allocated – as American homeowners learned in 2008, Korean conglomerates learned in 1997, and governments in emerging markets learn repeatedly.