The person in the middle if they enter here loses, so they're not going to want to enter.
中间的那个人,如果他们参选将会失败,所以他们不会想去参选
And by that what we mean is that they're absolutely identical, and it turns out that this here is not a double bond, it's not a single bond either, it's actually something in between.
这意味着它们是绝对完全相同的,实际情况应该是这不是一个双键,这也不是一个单键,而是介于两者之间的状态。
Let's put zero here because these are not gross returns these are returns, so they're often negative.
这里做零点,注意这不是总收益,而是年度收益,有可能是负数的
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