INT. SMALL INVESTMENT OFFICE — MORNING
内景 · 小型投资办公室 · 上午
A spreadsheet shows a stable average while three regional columns turn red.
表格里的平均值保持稳定，三个地区列却变成了红色。
ANALYST
The national default rate still looks stable.
全国违约率看起来仍然稳定。
RESEARCHER
The average hides the change at the edges.
平均值掩盖了分布边缘的变化。
ANALYST
Which assumption makes the model ignore those regions?
哪个假设让模型忽略了这些地区？
RESEARCHER
Segment the loans by reset date, then compare the pattern again.
按利率重设日期给贷款分组，然后重新比较模式。
The single average becomes five separate risk curves.
单一平均值变成了五条独立的风险曲线。
