2017年7月12日 星期三

insure against sth, hedge your bets

根據年前解封的1985年英國外交部和外交及聯邦事務部(FCO 40/1859)密檔,我們看到英方內部在剛剛簽好《聯合聲明》後(1985年1月),討論到中國法律專家張友漁和姬鵬飛如何錯誤詮釋《聯合聲明》的文章和發言。《聯合聲明》第三條訂明,「香港特別行政區享有行政管理權、立法權、獨立的司法權和終審權。現行的法律基本不變。」但什麼叫「現行的法律基本不變」呢?當時張友漁和姬鵬飛公開嘗試詮釋,這是指1984年《聯合聲明》草簽前已刊憲生效的法律在九七後不變,就連「過渡期」內的法律也不能從港英政府延續到特區政府。

但當時英國的法律顧問F Burrows認為,「現行的法律基本不變」所指的「時間點」表面看起來含糊,但在聯合聲明附件1的第二條已清楚處理。聯合聲明附件1的第二條言明,「香港特別行政區成立後,香港原有法律(即普通法及衡平法、條例、附屬立法、習慣法)除與《基本法》相抵觸或香港特別行政區的立法機關作出修改者外,予以保留。」他認為這條規定的第一句「香港特別行政區成立後」就已訂明「原有法律」的相關時間框架,即是1997年6月30日的的法律。英方認為中方這種解讀是危險的謬誤(dangerous fallacy),正是英方極力避免(insuring against)與不能妥協的。

Most people do not seem to see the cost of a house in the same way that they see other prices. House prices are simply viewed through the lens of monthly repayments that either can or cannot be afforded. We spend time and money insuring ourselves against some losses, such as a malfunctioning washing-machine; yet the value of the house we own (or the cost of the house we might someday want to buy) fluctuates by far more, perhaps on a daily basis. Nobody cares, nobody hedges the value of their homes - although it is not hard to do so - and nobody seems to compare the price to any meaningful alternative, such as retiring 15 years early.

多 數人看待房屋價格的方式,似乎不同於他們看待其他物品價格的方式。人們只是從月供的角度來審視房價,看自己能否支付得起。我們會花費時間和金錢讓自己免於 一些損失,例如,不要買下一台有故障的洗衣機。然而,我們所擁有的房產價值(或是我們某天想要購買的房屋的價格)波動更大,也許這種波動在一天之內就會發 生。但沒有人會在意,沒有人會將住宅的價值進行對沖(儘管這樣做並不難),也沒有人會將房產價格與其他任何有意義的選項進行比較:例如,提前15年退休。

練習 請依下述界說修正以上FT的翻譯:




insure

ɪnˈʃɔː,ɪnˈʃʊə/
verb
gerund or present participle: insuring
  1. 1.
    arrange for compensation in the event of damage to or loss of (property), or injury to or the death of (someone), in exchange for regular payments to a company or to the state.

    "the table should be insured for £2,500"
  2. 2.
    secure or protect someone against (a possible contingency).

    "by appeasing Celia they might insure themselves against further misfortune"

insure against sth phrasal verb
to do something in order to prevent something unpleasant from happening or from affecting you:
We thought we'd insure against rain by putting a tent up where people could take shelter.hedge (PROTECTION)
noun [C]
a way of protecting, controlling or limiting something:
She'd made some overseas investments as a hedge against rising inflation in this country.

hedge 
verb
1 [T + adverb or preposition; usually passive] to limit something severely:
We've got permission, but it's hedged about/around with strict conditions.

2 [I] to try to avoid giving an answer or taking any action:
Stop hedging and tell me what you really think.

Hedge your bets

Meaning
To avoid committing oneself; to leave a means of retreat open.
Origin
Hedge has been used as a verb in English since at least the 16th century, with the meaning of 'equivocate; avoid commitment'. An example of this comes in Shakespeare's Merry Wives of Windsor, 1598:
"I, I, I myself sometimes, leaving the fear of God on the left hand and hiding mine honour in my necessity, am fain to shuffle, to hedge and to lurch ."
It began to be used in relation to financial transactions, in which a loan was secured by including it in a larger loan, in the early 17th century. Initially, the phrase associated with this form of hedging was 'hedging one's debts', for example, John Donne's Letters to Sir Henry Goodyere, circa 1620:
"You think that you have Hedged in that Debt by a greater, by your Letter in Verse."
'Hedging one's bets' was coined later in that century. It referred to the laying off of a bet by taking out smaller bets with other lenders. The purpose of this was to avoid being unable to pay out on the original larger bet. The phrase was first used by George Villiers, the 2nd Duke of Buckingham, in his satirical play The Rehearsal, 1672:
"Now, Criticks, do your worst, that here are met; For, like a Rook, I have hedg'd in my Bet."
The verb 'to hedge' derives from the noun hedge, i.e. a fence made from a row of bushes or trees. These hedges were normally made from the spiny Hawthorn, which makes an impenetrable hedge when laid. To hedge a piece of land was to limit it in terms of size and that this gave rise to the 'secure, limited risk' meaning. Hedge funds, much in the news nowadays, take their name from their method of limiting, i.e. hedging, their risk.
Curiously, the original examples of another financial device currently newsworthy i.e. stocks, were literally made from material that was taken from hedges. In the 17th century, the tally that recorded a payment to the English Exchequer was a rough stick of about an inch in diameter, split along its length. One half, the stock, was given as a receipt to the person making the payment; the other half, the counterfoil, was kept by the Exchequer. Ownership of payments that were made jointly by a group were shared among the members of so-called joint stock companies, hence stocks and shares.

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hedge[ hd ]
hedge」を新グローバル英和辞典でも検索する



[名]

1 (かん木の)生け垣;垣根(((米))fence);塀;((比喩))境界;障害, 障壁

the hedge of conventions
慣習の束縛

be [sit] on the hedge
形勢をみる

be on the right side of the hedge
正しい側にいる.

2 (賭(か)けで, 別のほうにも賭ける)両賭け, 「押さえ」, 「保険」;ヘッジ, 掛けつなぎ(反対売買によって, リスク・エクスポージャーを減らすこと).

3 言質(げんち)を取られないようなあいまいな発言;緩衝的表現.

not grow on every hedge

どこにでもあるものではない.

━━[動](他)

1 〈庭・土地などを〉生け垣で囲う((in, about, round));…を生け垣でさえぎる[分ける]((off))

hedge in a garden
庭を生け垣で囲う.

2 〈人を〉取り囲む;((しばしば受身))〈人を〉(規則・制約で)束縛する, 〈人(の自由など)を〉制限する;〈人・物を〉(…で)囲んで守る((in, about, round/with ...))

hedge a person about [round, in] with rules
規則で人を縛る.

3 〈質問に〉のらりくらり答える;…に予防線をはる;…をさける

hedge the question of tax relief
減税問題をさける.

4 (丸損を防ぐために)〈投機などの〉両賭けをする.

━━(自)

1 (あらかじめ)逃げ道を作っておく, 態度をあいまいにしておく, 言葉をにごす.

2 (丸損を防ぐために)両方に賭ける, 「保険を掛ける」((against ...)).

3 《金融》つなぎ売買する, 掛けつなぎをする.

4 (生け垣などに)隠れる;こそこそ隠れ回る.

5 垣根を作る;垣根の手入れをする.

━━[形]

1 垣根(用)の.

2 低級な, いかがわしい.

[古英語hecg. 原義は「haw(サンザシの木の)垣」. サンザシは垣根になりやすい木. いまのつづりhedgeはedge, bridgeの類推により1500年代に現れた. △HAW1


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