Equity betas for balanced mutual funds are close to historical lows, but those for hedge funds still have room to fall further, Mr Panigirtzoglou said.

摩根大通的潘尼吉左格鲁表示，平衡型共同基金的股票贝塔系数接近历史低点，但对冲基金的贝塔系数仍有进一步下滑空间。

There is also the question whether the correction reflects a reassessment of the outlook for the economic cycle and stock prices.

还有一个问题是，股市调整是否反映了市场对经济周期和股价前景作出重新评估?

“Cyclical risk became market risk in August, said Andrew Lapthorne, strategist for Société Générale. He said that attention was now focused on the extent to which any turn in the economic cycle starts to affect the availability of credit.

“周期性风险成了8月的市场风险，法国兴业银行(Société Générale)策略师安德鲁拉普索恩(Andrew Lapthorne)表示。他表示，现在各方关注的是，经济周期的改变在什么程度上开始影响信贷的可获得性。

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