但是，当潮头逆转时，由于无法判断组合另一半的风险以及其对冲把握，经济人们需要更多的资金安全保证。

But when the tide turned, its brokers wanted more security, as they could not judge the risk of its pairings and its hedges.

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用这样的组合不仅能剩去对冲基金手续费，还规避了可能会购买管理失当的基金的风险，例如Amaranth公司，它在九月份损失掉自身价值的65%。

Such portfolios would not only avoid hedge-fund fees, but would also escape the risk of backing a mismanaged fund, such as Amaranth, which lost 65% of its value in September.

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这部分是由于突然违约的风险存在于机构的交易组合内，因此难以进行对冲。

This is in part because exposures to sudden defaults are embedded in firms' trading portfolios and, therefore, are difficult to hedge.

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