同学你好，讲义没有问题，sell protection on the equity tranche是卖equity层的保险，也就是说主动承担了equity层的信用风险，即long credit and credit spread risk。同理，buy protection on the junior mezzanine相当于是short mezzanine层的credit and credit spread risk。
这个图表是原版书上的图表。LONG EQUITY对应的是long equity层的credit and credit spread risk，即sell protection on the equity tranche；SHORT MEZZ对应的是short mezzanine层的credit and credit spread risk，即buy protection on the junior mezzanine。
