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The investor merely had to estimate the proportion of expected additional losses likely to spill over from the equity tranche to the next least protected tranche—the “mezzanine” tranche||投资者只必须或许估计被期望的另外损失的比例从公正薄片到下个最少结束溢出保护薄片-" 中层楼 " 薄片. Then the investor could sell short the appropriate amount of the mezzanine tranche that, if expectations of default rose, should have allowed the investor to recoup his or her losses on the equity tranche||然后投资者会卖短适当量的中层楼薄片哪一, 如果假设值玫瑰的期待,就会| 让投资者了在公正薄片上补偿他或她的损失.
Market pricing through early April 2005 reflected relatively stable assumed correlations of default risk among the first two risk tranches in the CDO portfolio||在市场上销售订定在 CDO 文件夹中相对地被反映在最初二危险 tranches 之中的假设值危险的稳定假装相互关系的 2005 年四月初的价格过. In other words, changes in default risk were expected to affect the equity and mezzanine tranches in stable proportions (see first figure||换句话说, 假设值危险的变化被期望影响稳定的比例的公正和中层楼 tranches(见到第一个身材).⑹After early April, however, those correlations broke down as it turned out that Ford and GM proved to be subject to specific, idiosyncratic rises in default expectations that ended up concentrating losses in equity tranches, instead of spreading to mezzanine tranches as had been expected (see second figure||⑹在四月初之后，然而，当它转了外面的那福特和被证明到的 GM 的时候，那些相互关系故障了对特性要服从, 最后集中公正 tranches 的失败的在假设值期待方面的特质提高, 而非对中层楼 tranches 传布当已经被期望之时 (见到第二的身材). In fact, mezzanine tranche spreads were quite stable during this period, actually falling at some points||事实上，中层楼薄片传布在这期间相当稳定,实际上在一些点落下. This may have led some tranche hedgers to lose money on both legs of their trade||这可能已经领导一些薄片植篱笆的人在他们的贸易的两者腿上赔钱.
Market participants who held equity tranches may have been provoked by the failure of their model-based hedges into sudden portfolio adjustments to contain their losses||在市场上销售拿着了公正 tranches 的叁加者可能已经进入包含他们的损失的突然文件夹调整之内被他们的以型号为基础树篱的失败激怒. Some reacted by buying more protection on the underlying reference credits, which added to the existing upward spread pressure on Ford and GM bonds||一些藉由买在下面的叁考信用方面的较多的保护反应了, 这增加在福特和 GM 束缚方面的现有的向上传布压力.
Another reportedly widely used strategy was to arbitrage the capital structure of the auto companies by taking long positions in auto company bonds and financing them with short equity positions in the same company||另外的一个根据传说广泛二手的策略是对仲裁汽车公司的首都结构藉由久占据汽车公司束缚的位置而且在相同的公司中有短公正位置供给他们经费. This strategy also led to losses when the prices of GM bonds fell after the company was downgraded, but a surprise share bid by a prominent investor led to rises in GM’s share price, thus again leading investors using this strategy to lose on both legs of the trade||当在公司被降级之后， GM 束缚的价格下滑的时候，这一个策略也导致了损失，但是一个显着投资者的惊奇部份竞标导致了在 GM 方面的提高的股价, 再一次如此带领使用这一个策略在贸易的两者腿上失去的投资者.
In the end, while a number of shorter-horizon investors (i.e||在结束, 当一些比较短-地平线投资者的时候 (i.e., hedge funds, proprietary trading desks, and bank dealers) are thought to have suffered material losses, the events proved not to be of systemic importance for the financial system||避险基金，专有的贸易书桌和银行经销商) 被认为到已经遭受物质的损失, 不被证明的事件对财务的系统是系统重要. Indeed, by alerting investors to the dangers of relying on specific assumptions underlying modeled risk, the episode may have had some salutary impact||的确, 藉由提醒投资者对仰赖位于做模型危险之下的特定的假定的危险, 插曲可能已经有一些有益的冲击. It also points to the need for careful scrutiny of counterparty practices, to ensure that difficulties at individual hedge funds do not have wider repercussions for the financial system||它也指向对 counterparty 练习的小心仔细研讨的需要, 确定困难在个别的避险基金为财务的系统没有较宽的弹回.

这么长 看了都头疼 会帮你翻的大概都是机器的 下次一小段一小段发 会好一点