The problem is that unconventional monetary policies in some major economies have created a low-yield environment, leaving investors somewhat desperate for high-yield options. Many pension funds are underwater, because the returns required to meet their longer-term liabilities seem unattainable.
问题在于，一些主要经济体的非常规货币政策创造了一个低收益率环境，使得投资者在某种程度上极其渴望获得高收益的选择。许多养老基金入不敷出，因为其长期负债所要求的回报率难以实现。与此同时，资本在高净值资产负债表和主权财富基金上积累。