There is no longer an obvious illiquidity premium. But Mr Swensen's point about information remains relevant.

不再存在明显的非流动性溢价。但是斯文森关于信息的观点仍具有意义。

By doing so, they can earn an illiquidity premium-a reward for giving up the ability to sell out easily.

通过这样做，他们可以获得非流动性溢价——对轻易放弃出售能力的奖励。

Today they argue that market prices overstate losses, because they largely reflect the temporary illiquidity of markets, not the likely extent of bad debts.

现在他们争论道市价高估了损失，因为市价主要反映了市场的暂时性流动性不足，而非坏账的可能范围。

It is illiquidity that comes first—and it has well and truly arrived.

流动性不足是第一位的——它已经很好地、真正地到来了。

There are two ways they do so: illiquidity or insolvency.

他们这样做有两种方式：流动性不足或资不抵债。

Private equity benefits from a fig leaf of illiquidity, resulting in a delay between real and reported fund valuations.

私募股权受益于流动性不足的遮羞布，导致实际和报告的基金估值之间存在延迟。

In March 2020 extreme illiquidity led yields to spike, even though in times of panic they usually fall as investors rush to safe assets.

2020年3月，极度缺乏流动性导致收益率飙升，尽管在恐慌时期，随着投资者争相购买安全资产，收益率通常会下跌。

It is not the same thing, however, since it is in respect of his stock of accumulated savings, rather than of his income, that the individual can exercise his choice between liquidity and illiquidity.

然而，这不是一回事，因为个人可以在流动性和非流动性之间行使选择权，这是根据他的累积储蓄存量，而不是他的收入。