题目

英语翻译
Many moons ago,Michael Milken,the director of low-grade bond research at Drexel,Burnham and Lambert,observed that investment in the corporate debt markets often reflected a “herd instinct”—that is,investors stuck solely to investment-grade securities as a pack.This herd instinct,according to him,was flawed in several ways.His attribution to the instinct of investors as herd-like was made while he advocated the use of “junk bonds” as a debt instrument.Encouraging investors to look at qualitative considerations—such as man- agement’s ability and its vision of the future rather than sticking to the size,historical record,and industry position of the company—he was successful in fueling the growth of the junk bond market.
A similar event occurred in the early part of the twenty-first century,when the housing boom and economic recovery encouraged a heavy spiraling in subprime mortgage lending.This increase saw a parallel increase in the securities offered through a pooling of s

提问时间：2021-03-29

答案

Many moons ago, Michael Milken, the director of low-grade bond research at Drexel, Burnham and Lambert,很久以前,在德雷克萨尔的低等债券研究员迈克尔·米尔肯,伯纳姆和兰伯特主任指出observed that investmen...