金融分析和投资者集体智慧的最热心倡导者如今有了新的认识：市场并不总是理性的。
A new realisation has dawned among the most fervent advocates of financial analysis and collective investor wisdom: markets are not always rational.
于是基金经理们可以宣称投资收益是来自于他们的智慧，而非源自整个大盘的上升，他们的客户也没法区分这两者的区别。
Fund managers could thus claim that a positive return was down to their own brilliance, rather than a general rise of the market, and clients could not tell the difference.
们有时说，要做个智慧投资者，就必须不被情绪所左右。
It is sometimes said that to be an intelligent investor, you must be unemotional.
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