三是即使一些非理性投资者具有相同的行为方式，证券市场依然是有效的。
Even if irrational investors' behavior shows no difference, securities market is still efficient.
投资者之所以会抛售，而且通常是非理性的进行交易，恐慌是最主要的情感推动因素(昨天，道琼斯指数下跌391点便是最好的例子)。
And fear and panic are the main emotions that drive investor selling, almost always irrationally (see yesterday's 391-point drop in the Dow as an example).
但动量效应暗示却是有一种非理性在市场中运作；投资者买进股票或大宗商品仅仅因为它们的价格涨了。
But the momentum effect suggests that an irrationality might be at work; investors could be buying shares (and commodities) just because they have risen in price.
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