词汇积累：FRM P1风险管理基础词汇（7）

19. Zero-sum game 零和游戏: There is the belief by many market participants that hedging is a zero-sum game that has no long-term increase on a firm’s earnings or cash flows. 许多市场参与者认为，对冲是一种零和游戏，对公司的收益或现金流的长期增加没有帮助。

20. Offset 抵消,对冲: The purchasing additional long credit derivatives to offset its short derivatives positions. 购买额外的多头信用衍生品来抵消其空头衍生品的头寸。

21. Static hedging strategy 静态对冲策略: If the hedge is set up at the beginning and never adjusted, it is referred to as static hedging, also known as ahedge-and-forget strategy. 如果一开始就设置了对冲，并且从未调整过，则称为静态对冲，也称为保后即忘策略。