Gold is reflective of that tail risk.
黄金可以反映出发生极端事件的可能。
So the tail risk is smaller than you think.
所以尾部风险比你想象的要小。
Investors' interest in hedging tail risk is growing.
投资者对尾部风险对冲兴趣增加。
As tail risk is reduced, investors move back into equities, credit and commodities.
由于尾端风险减少，投资者回到了证券、信贷和大宗商品市场。
Although the names tail risk funds and black swan funds are often used interchangeably, they are distinct.
尽管尾部风险基金和黑天鹅基金这两个名称常常交替使用，他们还是有明显不同的。
However, given the insurance business is based on capital leverage, once tail risk emerges, it gives volatilities on earnings, balance sheet and share prices.
然而，鉴于保险业务基于资本杠杆率，一旦出现尾部风险，就会给收益、资产负债表和股价带来波动。
There are different ways to hedge tail risk, but a popular one is to create a basket of derivatives that will perform poorly during normal market conditions but soar when markets plunge.
有不同的方式来对冲尾部风险，但流行的是创造一篮子的在正常市场条件下表现不佳，但在市场暴跌的时候一飞冲天的衍生品。
Extreme value theory models the tail of the return distribution rather than the whole distribution. It can capture the tail risk which often causes large losses in financial institutions.
而应用极值理论计算风险时注重对分布尾部的近似表达，并不是对整个分布进行建模，能更有效地捕捉可能导致金融机构重大损失的尾部风险。
Extreme value theory models the tail of the return distribution rather than the whole distribution. It can capture the tail risk which often causes large losses in financial institutions.
而应用极值理论计算风险时注重对分布尾部的近似表达，并不是对整个分布进行建模，能更有效地捕捉可能导致金融机构重大损失的尾部风险。
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