各位哥哥姐姐叔叔阿姨，帮我翻译下，下面的文章： 各位哥哥姐姐叔叔阿姨帮忙翻译一下
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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\u2014the \u201cmezzanine\u201d tranche||\u6295\u8d44\u8005\u53ea\u5fc5\u987b\u6216\u8bb8\u4f30\u8ba1\u88ab\u671f\u671b\u7684\u53e6\u5916\u635f\u5931\u7684\u6bd4\u4f8b\u4ece\u516c\u6b63\u8584\u7247\u5230\u4e0b\u4e2a\u6700\u5c11\u7ed3\u675f\u6ea2\u51fa\u4fdd\u62a4\u8584\u7247-" \u4e2d\u5c42\u697c " \u8584\u7247. 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||\u7136\u540e\u6295\u8d44\u8005\u4f1a\u5356\u77ed\u9002\u5f53\u91cf\u7684\u4e2d\u5c42\u697c\u8584\u7247\u54ea\u4e00, \u5982\u679c\u5047\u8bbe\u503c\u73ab\u7470\u7684\u671f\u5f85,\u5c31\u4f1a| \u8ba9\u6295\u8d44\u8005\u4e86\u5728\u516c\u6b63\u8584\u7247\u4e0a\u8865\u507f\u4ed6\u6216\u5979\u7684\u635f\u5931.
Market pricing through early April 2005 reflected relatively stable assumed correlations of default risk among the first two risk tranches in the CDO portfolio||\u5728\u5e02\u573a\u4e0a\u9500\u552e\u8ba2\u5b9a\u5728 CDO \u6587\u4ef6\u5939\u4e2d\u76f8\u5bf9\u5730\u88ab\u53cd\u6620\u5728\u6700\u521d\u4e8c\u5371\u9669 tranches \u4e4b\u4e2d\u7684\u5047\u8bbe\u503c\u5371\u9669\u7684\u7a33\u5b9a\u5047\u88c5\u76f8\u4e92\u5173\u7cfb\u7684 2005 \u5e74\u56db\u6708\u521d\u7684\u4ef7\u683c\u8fc7. In other words, changes in default risk were expected to affect the equity and mezzanine tranches in stable proportions (see first figure||\u6362\u53e5\u8bdd\u8bf4, \u5047\u8bbe\u503c\u5371\u9669\u7684\u53d8\u5316\u88ab\u671f\u671b\u5f71\u54cd\u7a33\u5b9a\u7684\u6bd4\u4f8b\u7684\u516c\u6b63\u548c\u4e2d\u5c42\u697c tranches(\u89c1\u5230\u7b2c\u4e00\u4e2a\u8eab\u6750).\u2479After 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||\u2479\u5728\u56db\u6708\u521d\u4e4b\u540e\uff0c\u7136\u800c\uff0c\u5f53\u5b83\u8f6c\u4e86\u5916\u9762\u7684\u90a3\u798f\u7279\u548c\u88ab\u8bc1\u660e\u5230\u7684 GM \u7684\u65f6\u5019\uff0c\u90a3\u4e9b\u76f8\u4e92\u5173\u7cfb\u6545\u969c\u4e86\u5bf9\u7279\u6027\u8981\u670d\u4ece, \u6700\u540e\u96c6\u4e2d\u516c\u6b63 tranches \u7684\u5931\u8d25\u7684\u5728\u5047\u8bbe\u503c\u671f\u5f85\u65b9\u9762\u7684\u7279\u8d28\u63d0\u9ad8, \u800c\u975e\u5bf9\u4e2d\u5c42\u697c tranches \u4f20\u5e03\u5f53\u5df2\u7ecf\u88ab\u671f\u671b\u4e4b\u65f6 (\u89c1\u5230\u7b2c\u4e8c\u7684\u8eab\u6750). In fact, mezzanine tranche spreads were quite stable during this period, actually falling at some points||\u4e8b\u5b9e\u4e0a\uff0c\u4e2d\u5c42\u697c\u8584\u7247\u4f20\u5e03\u5728\u8fd9\u671f\u95f4\u76f8\u5f53\u7a33\u5b9a,\u5b9e\u9645\u4e0a\u5728\u4e00\u4e9b\u70b9\u843d\u4e0b. This may have led some tranche hedgers to lose money on both legs of their trade||\u8fd9\u53ef\u80fd\u5df2\u7ecf\u9886\u5bfc\u4e00\u4e9b\u8584\u7247\u690d\u7bf1\u7b06\u7684\u4eba\u5728\u4ed6\u4eec\u7684\u8d38\u6613\u7684\u4e24\u8005\u817f\u4e0a\u8d54\u94b1.
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||\u5728\u5e02\u573a\u4e0a\u9500\u552e\u62ff\u7740\u4e86\u516c\u6b63 tranches \u7684\u53c1\u52a0\u8005\u53ef\u80fd\u5df2\u7ecf\u8fdb\u5165\u5305\u542b\u4ed6\u4eec\u7684\u635f\u5931\u7684\u7a81\u7136\u6587\u4ef6\u5939\u8c03\u6574\u4e4b\u5185\u88ab\u4ed6\u4eec\u7684\u4ee5\u578b\u53f7\u4e3a\u57fa\u7840\u6811\u7bf1\u7684\u5931\u8d25\u6fc0\u6012. Some reacted by buying more protection on the underlying reference credits, which added to the existing upward spread pressure on Ford and GM bonds||\u4e00\u4e9b\u85c9\u7531\u4e70\u5728\u4e0b\u9762\u7684\u53c1\u8003\u4fe1\u7528\u65b9\u9762\u7684\u8f83\u591a\u7684\u4fdd\u62a4\u53cd\u5e94\u4e86, \u8fd9\u589e\u52a0\u5728\u798f\u7279\u548c GM \u675f\u7f1a\u65b9\u9762\u7684\u73b0\u6709\u7684\u5411\u4e0a\u4f20\u5e03\u538b\u529b.
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||\u53e6\u5916\u7684\u4e00\u4e2a\u6839\u636e\u4f20\u8bf4\u5e7f\u6cdb\u4e8c\u624b\u7684\u7b56\u7565\u662f\u5bf9\u4ef2\u88c1\u6c7d\u8f66\u516c\u53f8\u7684\u9996\u90fd\u7ed3\u6784\u85c9\u7531\u4e45\u5360\u636e\u6c7d\u8f66\u516c\u53f8\u675f\u7f1a\u7684\u4f4d\u7f6e\u800c\u4e14\u5728\u76f8\u540c\u7684\u516c\u53f8\u4e2d\u6709\u77ed\u516c\u6b63\u4f4d\u7f6e\u4f9b\u7ed9\u4ed6\u4eec\u7ecf\u8d39. 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\u2019s share price, thus again leading investors using this strategy to lose on both legs of the trade||\u5f53\u5728\u516c\u53f8\u88ab\u964d\u7ea7\u4e4b\u540e\uff0c GM \u675f\u7f1a\u7684\u4ef7\u683c\u4e0b\u6ed1\u7684\u65f6\u5019\uff0c\u8fd9\u4e00\u4e2a\u7b56\u7565\u4e5f\u5bfc\u81f4\u4e86\u635f\u5931\uff0c\u4f46\u662f\u4e00\u4e2a\u663e\u7740\u6295\u8d44\u8005\u7684\u60ca\u5947\u90e8\u4efd\u7ade\u6807\u5bfc\u81f4\u4e86\u5728 GM \u65b9\u9762\u7684\u63d0\u9ad8\u7684\u80a1\u4ef7, \u518d\u4e00\u6b21\u5982\u6b64\u5e26\u9886\u4f7f\u7528\u8fd9\u4e00\u4e2a\u7b56\u7565\u5728\u8d38\u6613\u7684\u4e24\u8005\u817f\u4e0a\u5931\u53bb\u7684\u6295\u8d44\u8005.
In the end, while a number of shorter-horizon investors (i.e||\u5728\u7ed3\u675f, \u5f53\u4e00\u4e9b\u6bd4\u8f83\u77ed-\u5730\u5e73\u7ebf\u6295\u8d44\u8005\u7684\u65f6\u5019 (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||\u907f\u9669\u57fa\u91d1\uff0c\u4e13\u6709\u7684\u8d38\u6613\u4e66\u684c\u548c\u94f6\u884c\u7ecf\u9500\u5546) \u88ab\u8ba4\u4e3a\u5230\u5df2\u7ecf\u906d\u53d7\u7269\u8d28\u7684\u635f\u5931, \u4e0d\u88ab\u8bc1\u660e\u7684\u4e8b\u4ef6\u5bf9\u8d22\u52a1\u7684\u7cfb\u7edf\u662f\u7cfb\u7edf\u91cd\u8981. Indeed, by alerting investors to the dangers of relying on specific assumptions underlying modeled risk, the episode may have had some salutary impact||\u7684\u786e, \u85c9\u7531\u63d0\u9192\u6295\u8d44\u8005\u5bf9\u4ef0\u8d56\u4f4d\u4e8e\u505a\u6a21\u578b\u5371\u9669\u4e4b\u4e0b\u7684\u7279\u5b9a\u7684\u5047\u5b9a\u7684\u5371\u9669, \u63d2\u66f2\u53ef\u80fd\u5df2\u7ecf\u6709\u4e00\u4e9b\u6709\u76ca\u7684\u51b2\u51fb. 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||\u5b83\u4e5f\u6307\u5411\u5bf9 counterparty \u7ec3\u4e60\u7684\u5c0f\u5fc3\u4ed4\u7ec6\u7814\u8ba8\u7684\u9700\u8981, \u786e\u5b9a\u56f0\u96be\u5728\u4e2a\u522b\u7684\u907f\u9669\u57fa\u91d1\u4e3a\u8d22\u52a1\u7684\u7cfb\u7edf\u6ca1\u6709\u8f83\u5bbd\u7684\u5f39\u56de.
愿人都尊崇你的圣名；
愿你在世上掌权；
愿你的旨意实现在地上，如同实现在天上。
赐给我们今日所需的饮食。
饶恕我们对你的亏负，正如我们饶恕了亏负我们的人。
不要让我们遭受承担不起的考验，
要救我们脱离那邪恶者的手。
因为国度、权柄、荣耀，全是祢的
阿们。
我们在天上之父，
愿人皆尊父名为圣，
愿父国降临，
愿父旨意成就在地，
如同成就在天。
我们日用之饮食，
求父今日赐与我们。
又求饶恕我们之罪，
如我们饶恕得罪我们的人。
保佑我们不受诱惑；
拯救我们脱离凶恶。
因为国度、权柄、荣耀，
皆属於父，永无穷尽。
阿们。
我们在天上的父，
愿人都尊祢的名为圣，
愿祢的国降临，
愿祢的旨意行在地上，
如同行在天上。
我们日用的饮食，
今日赐给我们，
免我们的债，
如同我们免了人的债，
不叫我们遇见试探，
救我们脱离凶恶，
因为国度、权柄、荣耀，全是祢的，
直到永远。阿们！
三个版本，自己选吧。
我们在天上的父，愿人们都尊你的名字，愿你的王国降临，愿你的旨意行在大地如同在天上。今天赐予我们日用的饮食，赦免我们的罪如同我们宽恕那些得罪我们，指引我们远离邪恶免陷于诱惑。因为国度、权势、荣耀，从今以后都是你的了。阿门
绛旓細鎴戜滑鍦ㄥぉ涓婄殑鐖朵翰锛氭効浜洪兘灏婂磭浣犵殑鍦ｅ悕锛涙効浣犲湪涓栦笂鎺屾潈锛涙効浣犵殑鏃ㄦ剰瀹炵幇鍦ㄥ湴涓婏紝濡傚悓瀹炵幇鍦ㄥぉ涓娿傝祼缁欐垜浠粖鏃ユ墍闇鐨勯ギ椋熴傞ザ鎭曟垜浠浣犵殑浜忚礋锛屾濡傛垜浠ザ鎭曚簡浜忚礋鎴戜滑鐨勪汉銆備笉瑕佽鎴戜滑閬彈鎵挎媴涓嶈捣鐨勮冮獙锛岃鏁戞垜浠劚绂婚偅閭伓鑰呯殑鎵嬨傚洜涓哄浗搴︺佹潈鏌勩佽崳鑰锛屽叏鏄ア鐨 闃夸滑銆傛垜浠湪澶╀笂涔嬬埗锛屾効...
绛旓細1. 鐖哥埜: 銇娿仺銇嗐仌銈 (o to u sa n)2. 濡堝: 銇娿亱銇傘仌銈 (o ka a sa n)3. 濮愬: 銇娿伃銇堛仌銈 (o ne e sa n)4. 鍝ュ摜: 銇娿伀銇勩仌銈 (o ni i sa n)5. 寮熷紵: 銇娿仺銇嗐仺 (o to u to)6. 濡瑰: 銇勩倐銇嗐仺 (i mo u to)7. 鍐嶈: 銇曘倛銇嗐仾銈 (sa yo u na ra)...
绛旓細Sister锛堝濮愬濡癸級, brother锛堝摜鍝ュ紵寮燂級, uncle锛堝彅鍙旓級, aunt锛堥樋濮級, grandfather锛堢埛鐖凤紝澶栧叕锛, grandmother锛堝ザ濂讹紝澶栧﹩锛, father锛堢埗浜诧紝鐖哥埜), mother(姣嶄翰锛屽濡堬級, eating锛堝悆楗級,
绛旓細閾侀攨鐢熼攬锛屽彲灏嗛搧閿呯儳鐑紝浠ュ竷铇搁唻涓鎿﹀嵆鍘伙紝鍗崇畝鍗曞揩鎹锋湁褰诲簳銆傛瘡娆＄敤瀹屼笉瑕佹礂寰楀お骞插噣浜嗭紝鐣欑偣娌归槻閿堛傚彲浠ュ厛灏嗛搧閿呯儳鐑,鐒跺悗鍊掑叆涓鐐规补,鐢ㄩ摬瀛愬潎鍖骞虫姽,鐒跺悗鍏崇伀,闅斿ぉ鐢ㄧ殑鏃跺欙紝鐢ㄦ竻姘村啿涓涓.鐖变粫杈惧帹鍏烽攢鍞汉鍛樹粙缁嶏紝閫夋嫨閾侀攨瑕佹敞鎰忎互涓嬪嚑鐐广1銆侀攨闈㈠姏姹傚厜婊戯紝浣嗕笉鑳借姹傗滃潎婊戝闀溾濓紝鐢变簬閾...
绛旓細鐢熸椿 鑱屼笟 姣嶅┐ 涓夊啘 浜掕仈缃 鐢熶骇鍒堕 鍏朵粬 鏃ユ姤 鏃ユ姤绮鹃 鏃ユ姤骞垮満 鐢ㄦ埛 璁よ瘉鐢ㄦ埛 瑙嗛浣滆 鏃ユ姤浣滆 鐭ラ亾鍥㈤槦 璁よ瘉鍥㈤槦 鍚堜紮浜 浼佷笟 濯掍綋 鏀垮簻 鍏朵粬缁勭粐 鍟嗗煄 鎵嬫満绛旈 鎴戠殑 姹傝В绛,闇瑕佽繃绋嬨傚笇鏈鍚勪綅鍝ュ摜濮愬鍙斿彅闃垮Ж鑰佸笀浠甯府鎴鏈濂借繕鑳藉甯姪鎴鐞嗚В 鎴戞潵绛 1...
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绛旓細plank-TU2 JIAO-cold press gum to match-the health-sand light-cut-repair.(Two)The structure uses the craft process of the integrated material Two and 4.product line 1.the non- structure integration material series, divide 4 2.the structure integration material series 澶氱粰鎴戠偣鍒 ...
