交易部门对风险资产的最大可能损失做了估计，对之进行对冲，然后将如此计算的最小风险净值记录在案，如此这般，却将风险毛值里的巨大的长尾风险疏忽性地掩盖起来。

Trading desks would estimate the maximum possible loss on risky assets, hedge it and then record the net risk as minimal, inadvertently concealing huge tail risks in the gross exposure.

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由于固定资产的残值和使用年限均只是估计，处置固定资产时的出售价格不同于其账面净值是很常见的。

Since the residual values and useful lives of plant: assets are only estimates, it is not uncommon for plant assets to be sold at prices which differ from their book value at the date of disposal.

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由于缺乏公开市场对这些证券，这是负责的基金经理组成的估计值时的资产净值计算。

In the absence of a public market for these securities, it is the responsibility of the fund manager to form an estimate of their value when computing the NAV.

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