For the fact that each individual investor flatters himself that his commitment is 'liquid' (though this cannot be true for all investors collectively) calms his nerves and makes him much more willing to run a risk.

事实上，每个投资者都自以为自己的承诺是“流动的”（尽管这对所有投资者来说都不是真的）使他的神经平静下来，使他更愿意冒险。