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.
显而易见，当一个人在判断任何一笔交易的净值和内在价值时都要非常谨慎。
Obviously, one needs to be prudent in determining the net worth and intrinsic value of any transaction.
如这在平稳的市场条件下发生，该帐户将只剩下原来的1 千美金已用保证金数额，交易帐户将失去50 ％的净值。
If that was to happen under non-volatile market conditions, the account would be left with only the original margin amount, $1,000, and the trading account would have lost 50% of its balance.
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