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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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.

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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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