There is an asymmetry in the risk/reward ratio between being long or being short in the stock market. (Being long means owning a stock, being short means selling a stock one does not own.) 4 L+ d6 [# K0 n7 d' E+ l3 E. } 在股市中做多或做空,存在风险回报率的不对称。(做多指的是持有一只股票,做空指的则是出售自己并不拥有的某只股票。)- T- ~+ E5 o! n
Being long has unlimited potential on the upside but limited exposure on the downside. Being short is the reverse. The asymmetry manifests itself in the following way: losing on a long position reduces one's risk exposure while losing on a short position increases it. As a result, one can be more patient being long and wrong than being short and wrong. The asymmetry serves to discourage the short-selling of stocks.0 D F: c& e$ {/ \/ y
做多拥有无限上行潜力,而下行风险却是有限的。做空的情况恰好相反。不对称以下述方式表现出来:人们在多头头寸上亏损会降低其风险敞口,而在空头头寸上亏损会增加风险敞口。因此,人们对做多失误的容忍度,会高于做空失误。这种不对称阻碍了股票卖空交易。