But we're not taking equity risk-we're buying the same amount of large cap as we are shorting small cap.
但是我们不承担股票风险，我们在抛售小盘股的同时购进同样数量的大盘股。
The equivalent large-cap index is still well short of its record high.
相应的大盘股指数却仍未达到历史最高值。
When gold was up by more than 20% over a five-year period, the median return from large-cap American stocks in the same era was just 2.1%.
当金价在5年内增长超过20%，美国大盘股的同期中位回报只有2.1%。
And when gold fell by more than 20%, the median large-cap return was 99%.
而当金价跌幅超过20%，大盘股的中位回报则是99%。
These might include the difference in returns between small-cap and large-cap stocks (fund managers tend to favour the former) or the level of credit spreads and so on.
大盘股同小盘股的回报差(基金经理比较喜欢前者)、息差水平等都是研究对象。
Now I realize, for example, that small-cap stocks are more risky than large-cap stocks.
笔者认为，小盘股其实比大盘股更具风险的。
Many large-cap TMT names could double and still be far below their highs of last year.
大盘上的TMT股价可能翻一番，但和去年的高峰期相比，仍远远不足。
Many large-cap TMT names could double and still be far below their highs of last year.
大盘上的TMT股价可能翻一番，但和去年的高峰期相比，仍远远不足。
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