对冲

But the worst performing 10 per cent lost an average of 62 per cent, while the top decile gained 40 per cent.

表现最差的10%对冲基金平均损失达62%，而表现最好的前十只对冲基金却获得了40%的收益。

Chapter 4 is the hedging strategies of optimization in insurance:In virtue of Galtchouk-Kunita-Watanabe Decomposition Theorem to decomposite the natural value prcess V_t~* toupdate the risk expression, then we can get the hedging strategies of optimization with minimal risk.

第四章最优保险对冲策略：利用Galtchouk-Kunita-Watanabe分解定理将本性价值过程V_t进行分解。采用一定的替换技巧可将风险表达式重新表示，从而找到保险公司所能采取的最优对冲策略。

In stark contrast to bankers' doom-laden predictions about the City's imminent demise, and defections of hedge funds amid relocations of some staff to Switzerland by prominent funds such as BlueCrest Capital and Brevan Howard, Toscafund is convinced the growth of the Bric nations Brazil, Russia, India and China can only work to London's advantage.

此前一些银行家悲观地预测称，伦敦金融城即将日落西山，对冲基金即将撤离，因为BlueCrest Capital 和 Brevan Howard等知名对冲基金要将一些员工转移到瑞士，而Tosca基金的态度与它们形成鲜明对比。Tosca确信，巴西、俄罗斯、印度和中国的增长只会对伦敦有利。

In stark contrast to bankers' doom-laden predictions about the City's imminent demise, and defections of hedge funds amid relocations of some staff to Switzerland by prominent funds such as BlueCrest Capital and Brevan Howard, Toscafund is convinced the growth of the Bric nations ndash; Brazil, Russia, India and China ndash; can only work to London's advantage.

此前一些银行家悲观地预测称，伦敦金融城即将日落西山，对冲基金即将撤离，因为BlueCrest Capital 和 Brevan Howard等知名对冲基金要将一些员工转移到瑞士，而Tosca基金的态度与它们形成鲜明对比。Tosca确信，巴西、俄罗斯、印度和中国的增长只会对伦敦有利。

In one of his last interviews Mr Merckle bristled at comparison between his firm and hedge funds, telling the Frankfurter Allgemeine Zeitung, a German newspaper, that he was trying to fund sound companies, but had been "lumped together with hedge funds."

在他最后接受的一次采访中，默克尔先生对将他的公司和对冲基金相提并论的做法十分恼火，他告诉德国一家名叫《法兰克福汇报》的报纸，他设法资助优质公司，却"被认为和对冲基金是一丘之貉"。

In the complaint, the U.S. alleged that Zvi Goffer, a former trader at Galleon and the hedge fund Schottenfeld Group, was the central figure in a ring that included his brother, a lawyer at the firm Ropes amp; Gray LLP, and six other traders and hedge-fund managers.

在起诉书中，联邦有关部门称曾在盖伦集团和对冲基金肖顿福尔德集团做过交易员的高佛尔是一个团伙的核心人物，该团伙包括他的兄弟、Ropes amp； Gray LLP律师事务所的一名律师，以及另外6名交易员和对冲基金经理。

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No one seems to know and care about what the hedge funds are doing, but they are allowed, almost, to do anything! It is therefore important to protect the integrity of the global financial markets by putting in place a framework whereby short term capital and the operation of the hedge funds may go by some rules of the game, and at the same time, the short term capital flow can be allowed to move freely.

似乎没有人知道，也没有人理会，对冲基金管理人在做甚麽，但他们几乎可以随所欲为，因此，为了维护国际金融市场的完整性，订立一套机制，让短期资金和对冲基金的运作有一些游戏规则作为依据，而短期资金又可同时自由流动，是非常重要的。

Philipp Hildebrand, vice-chairman of the Swiss National Bank, who spent five years at Moore Capital, a hedge fund, argues that prime brokers need tools to assess the aggregate risk exposure of their biggest hedge-fund clients to the entire universe of their peers.

瑞士国家银行的副主席菲利普·希尔德布兰德在摩尔资本管理公司对对冲基金花了五年心血，他认为经济人们需要一些手段来对付不断聚集的风险，这些风险来自他们最大的对冲基金客户。

Holbrook Working, a pioneer in hedging theory, called this strategy "speculation in the basis,"[1] where the basis is the difference between the hedge's theoretical value and its actual value (or between spot and futures prices in Working's time).

Holbrook Working，对冲理论的先驱，称这种策略为从根本的投机，这个根本就是对冲理论价值与实际价值的差别。

Plunder melds and run with this jewel!

掠夺melds和运行与此宝石！

My dream is to be a crazy growing tree and extend at the edge between the city and the forest.

此刻，也许正是在通往天国的路上，我体验着这白色的晕旋。