Being long CDS, the risk automatically declines if they are wrong. This is the exact opposite of short-selling in equity markets, where being wrong means that the risk automatically increases.
市场上 CDS 产品的出现导致情况更加恶化。对于一个长期的 CDS 产品而言，如果没有违约，风险就会自动下降。在股权市场上的卖空却是相反的运行方式。违约意味着风险自动提升。