反向市场（又称逆向市场Inverted Market或现货溢价Backwardation）是指在特殊情况下，现货价格高于期货价格（或者近期月份合约价格高于远期月份合约价格），基差为正值。
这种上涨与整体公司业绩毫无关系，表明失灵的市场正对资源进行无效的配置，同时提供了反向激励。
These figures bear no relationship to overall company performance and indicate a dysfunctional market allocating resources inefficiently and providing perverse incentives along the way.
这或许有助于解释，为什么市场情绪可以如此快速地转换，为什么真正的反向操作者如此难以找到，为什么投资者对华尔街的“共同观点”如此在意。
That may help explain why market sentiment can change so swiftly, why true contrarians are so hard to find and why investors care so much about the 'consensus view' on Wall Street.
在全球市场中游走的美国股票基金经理事实上都是反向投资者。
As they move among global markets, US equity managers are actually contrarian.
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