风险承担

When investors are in the treasury secondary market, they have to undertake two kinds of risks: the first one is yield risk, that is, return of investment is lower than inflation rate. This risk can be depicted as the deviation between the ROI and the inflation rate. Secondly, fluctuation risk in the treasury secondary market, that is, the uncertain fluctuation risk may be bullish or bearish in the treasury market.This risk can be depicted as the square deviation of the treasury price in the secondary market.

在国债现货二级市场上的投资者，要承担的风险主要有两种：第一种风险是收益率风险，也就是投资收益率可能低于通货膨胀率的风险，这种风险可以用与通货膨胀率相比较的差值的大小来描述；第二种风险是二级市场价格波动性风险，也就是市场价格上、下波动的不确定性风险，这种风险可以用二级市场价格的标准差来描述。

Real estate is one of the few investments in which risk is directly proportional to knowledge.

要知道，房地产投资与很多其它类型的投资方式相比所具有的不同的一点就是：你所承担的风险和你的知识成反比，你拥有越多的相关知识，你所承担的风险就越小。

This said, he sat; and expectation held His look suspence, awaiting who appeer'd To second, or oppose, or undertake The perilous attempt; but all sat mute, [ 420 ] Pondering the danger with deep thoughts; and each In others count'nance read his own dismay Astonisht: none among the choice and prime Of those Heav'n-warring Champions could be found So hardie as to proffer or accept [ 425 ] Alone the dreadful voyage; till at last Satan, whom now transcendent glory rais'd Above his fellows, with Monarchal pride Conscious of highest worth, unmov'd thus spake.

V1：一席话说完，他坐下，眼光里显露期待的神情，等待众人的赞成或反对，或起而表示自己甘冒风险一试。可是大家都默坐，相视无言，思虑那危险而面面相觑，各从别人的脸上照出自己的心惊胆战。就是在天战中最勇敢的精英，也没有一个自告奋勇承担起这个可怕的远征。直到最后，撒旦，那时他的荣光超群，自恃力量最大，俨有寡君的骄矜，神态自若地开口说道： V2：这样说后，他坐下，眼光里显露期待的神情，等待谁来赞成，或反对，或起而表示自己甘冒风险一试。可是大家都默坐，噤若寒蝉，沉思那危险而面面相觑，各从别人的脸上照出自己的心惊胆战。就是在天战中最勇敢的精英，也没有一个自告奋勇敢于承担这个可怕的远征。

However, due to the influences of the traditional thought pattern and the mainstream media propaganda, as well as the lagging risk education and the lack of relevant systems, the public has limited rational risk consciousness, and their understanding of the risk omnipresence and responsibility to undertake the risk are insufficient.

但由于受传统思维模式、主流传媒宣传的影响，风险意识教育的滞后和相关制度的缺失，公众的风险理性意识程度较低，对风险的跨时空性认识不够，缺乏承担风险责任的主体意识。

Your use of these materials and information contained therein is at your own risk, and you assume full responsibility and risk of loss resulting from the use thereof. Deloitte Touche Tohmatsu will not be liable for any

您需自行承担使用这些资料及其所含信息的风险，并承担因使用这些资料及其所含信息而导致的全部责任及因使用它们而导致损失的风险。

By signing the Risk Disclosure Statement, the Customer agrees that they are in full understanding and willing to assume the legal, economic, and other risks associated with the trading in margined OTC Foreign Exchange, and are willing and able to assume the loss of their entire Risk Capital, defined as those funds, that if lost, would not change your lifestyle or your family's lifestyle.??

签署风险披露声明，表明客户已充分了解并愿意承担场外保证金外汇交易的法律、经济和其他风险，并愿意和能够承担损失全部资本的风险；资本的损失不会改变客户或其家庭生活方式。

By signing the Risk Disclosure Statement, the Customer agrees that they are in full understanding and willing to assume the legal, economic, and other risks associated with the trading in margined OTCForeign Exchange, and are willing and able to assume the loss of their entire Risk Capital, defined as those funds, that if lost, would not change your lifestyle or your family's lifestyle.

签署风险披露声明，表明客户已充分了解并愿意承担场外保证金外汇交易的法律、经济和其他风险，并愿意和能够承担损失全部资本的风险；资本的损失不会改变客户或其家庭生活方式。

It would be fallacious, however, to conclude from this single-year result that the super-cat business is a wonderful one, or even a satisfactory one. A simple example will illustrate the fallacy: Suppose there is an event that occurs 25 times in every century. If you annually give 5-for-1 odds against its occurrence that year, you will have many more winning years than losers. Indeed, you may go a straight six, seven or more years without loss. You also will eventually go broke. At Berkshire, we naturally believe we are obtaining adequate premiums and giving more like 3 1/2-for-1 odds.

伯克希尔本身很适合从事霹雳猫保险的业务，我们有业界最优秀的经理人 Ajit Jain，此外从事这行需要相当雄厚的资金实力，在这点我们公司的净值大概是其他主要竞争对手的 10 到 20 倍，对大部分的保险业务而言，背后所拥有的资源还不是那么地重要，一家保险公司可以很轻易地就把它所承担的风险分散出去，若有必要，也可以降低险种集中度以减低风险，但是对霹雳猫保险这种特殊的保险就没有办法这样子做，所以其它的竞争同业只能被迫降低理赔的上限来因应，而要是他们胆敢承担更高的风险，则一个超大型的意外灾害或是连续发生几个较小型的灾害，就有可能让他们粉身碎骨。

The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: defaults on or non-renewal of leases by tenants or renewal at lower-than-expected rent or failure to lease at all or on favorable terms, decreases in real estate values and impairment losses, increased interest rates and operating costs or greater-than-expected capital expenditures, our failure to obtain, renew or extend necessary financing, re-financing risks, risks related to our obligations in the event of certain defaults under co-investment ventures and other debt, risks related to debt and equity security financings, difficulties in identifying properties to acquire and in effecting acquisitions, our failure to successfully integrate acquired properties and operations, our failure to divest properties we have contracted to sell or to timely reinvest proceeds from any divestitures, our failure to contribute properties to our co-investment ventures, risks and uncertainties affecting property development, value-added conversions, redevelopment and construction (including construction delays, cost overruns, our inability to obtain necessary permits and public opposition to these activities), our failure to qualify and maintain our status as a real estate investment trust, risks related to our tax structuring, failure to maintain our current credit agency ratings or to comply with our debt covenants, environmental uncertainties, risks related to natural disasters, financial market fluctuations, changes in general economic conditions, global trade or in the real estate sector, inflation risks, changes in real estate and zoning laws, a continued or prolonged downturn in the U.S., California or global economy, risks related to doing business internationally and global expansion, risks of opening offices globally, risks of changing personnel and roles, losses in excess of our insurance coverage, unknown liabilities acquired in connection with acquired properties or otherwise and increases in real property tax rates.

以下因素可能会导致实际结果和未来事件与前瞻性陈述产生重大出入：承租人拖欠租金或者不续租；利率以及经营成本的提高；我们未能获得必要的外部融资；再融资的风险；与合资项目和其它债务发生特定违约时我方承担的义务有关的风险；与债务和股权融资有关的风险；确定拟收购的物业以及完成收购过程中遇到的困难；我们未能成功整合收购的物业和业务；我们未能剥离已经签约出售的物业或未能及时将剥离带来的收益再投资；影响物业开发和建设的风险和不确定性（包括建设延期、费用超支、我们无法获得项目建设所需的必要批准以及公众对项目开发建设的反对等）；我们无法获得或者维持作为房地产投资信托公司的资质；与我们的税收策划有关的风险；无法保持我们目前的信用评级；环保方面的不确定性；与自然灾害有关的风险；金融市场的波动；整体经济状况或者房地产业的变化；房地产和城市规划法律的调整；美国、加利福尼亚州或者全球经济的衰退；与开展国际业务和全球扩张有关的风险；保险范围之外的损失；与被收购的物业有关的或者其它未知责任以及房地产税率的提高等。我们的成功还依赖于总体经济走向，包括利率、所得税法、政府监管、立法、人口总数变化以及我们在10-K表中作的截至2009年12月31日的季度报告中&风险因素&和其它标题项下阐述的其它问题。

The risk of network finance is interrelates with technology closely. Besides the traditional risk such as credit risk, liquidity risk and market risk, network financial institutions also bear the peculiar risk i.e. operation risk, prestige risk and law risk.

网络金融风险与技术密切相关，网络金融机构除具有传统的信用风险、流动性风险及市场风险外，还要承担其特有的操作风险、信誉风险和法律风险。

They weren't aggressive, but I yelled and threw a rock in their direction to get them off the trail and away from me, just in case.

他们没有侵略性，但我大喊，并在他们的方向扔石头让他们过的线索，远离我，以防万一。

In slot 2 in your bag put wrapping paper, quantity does not matter in this case.

在你的书包里槽2把包装纸、数量无关紧要。