This model is independent of the hypothesis of stock elementary value and effective market, and can explain the phenomenon of invalid market proposed by prevailing finance.

这个模型不依赖对证券基础价值的假设，也不依赖市场有效性的假设，可以解释针对主流金融学提出的市场无效现象。

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If all or many investors redeem at the same time, the fund will be forced to sell securities at fire sale prices, causing the fund to break a dollar, but also depressing prevailing market prices and thereby placing pressure on the ability of other funds to maintain a stable net asset value.

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