Funds that do have surplus cash are holding it in expectation of redemptions from spooked clients, or redeploying it in America where a correct bet on a restructuring opportunity can make a career.

而那些现在有超额现金的基金都攒着钱不放。一方面是考虑到一些想抽身的客户可能会要求兑现赎回，另一方面则是伺机将钱转移到美国去。因为在一个破旧立新的环境里，一次正确的下注可能会成就一番大事业。