书里第337页，写到“given the large immediate cash needs of the research programs being funded and the size of the foundation 's capital base” ,我觉得这是再说 foundation 需要HIGH LIQUIDITY NEED， 为什么书上说是LOW LIQUIDITY NEED 呢？
We know that liquidity needs=outflows-inflows, where large immediate cash needs have been already accounted into outflows. In other words, any incremental incomes generated by new investment (inflows) will meanwhile cover the incremental research needs (outflows), making this equation to literally ZERO (low, even no liquidity needs).
发表于 2012-5-10 15:43
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