So, Stephen, why did anyone think that JPMorgan rescuing First Republic would end investor anxiety?

那么，斯蒂芬，为什么有人认为摩根大通拯救第一共和国会结束投资者的焦虑？

Because in this case, you know, it's end investors, it's pension funds, who are supposed to be very sophisticated and have, you know, really good risk management in place.

因为在这种情况下， 你知道，是最终投资者，是养老基金， 他们应该非常成熟，并且拥有非常好的风险管理。