投资者理性么？
企业财务报表粉饰一直是困扰证券投资者理性投资决策的问题之一。
Varnishing of company's financial reports has always been one of the problems perplexing investors in making rational investments in the stock market.
如果投资者认为所有人都会采取同样做法，这可能是理性的。
This can be rational behaviour if investors think that everyone else will do the same.
理性的投资者选择更多的价值，且比起较多风险更喜欢较少的风险。
A rational investor chooses more value over less, and prefers less risk to more risk.
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.
那么，理性投资者应该怎么办？
然而，紧随信贷危机而来的网络泡沫的破削弱了由理性的投资者掌控的市场概念。
But the bursting of the dotcom bubble followed by the credit crunch have dented the notion of perfect markets governed by rational investors.
但投资者应该摆脱盲目恐慌到理性的恐惧作为危机举措进一步落后于后视镜。
But investors are supposed to move from blind panic to rational fear as a crisis moves further behind in the rearview mirror.
这一次，金价的上涨较为温和——就目前来看，但投资者的不理性似乎更加严重。
This time, the rise in the gold price is more modest - so far - but the irrationality of investors is, if anything, greater.
那次辩论的合理延伸（假设大多数投资者是理性的）就是现在出售。
The logical extension of that argument (assuming most investors are rational) is to sell now.
不过，这些投行也知道，投资者正失去理性。
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.
之后的复苏很大程度上反映了投资者向更理性风险倾向的回归。
Much of the rebound since then reflects a return to more normal risk appetites.
现在人们广泛接受了这种可能，即投资者行为会表现出不理性，造成显著的异常现象。
There is now widespread acceptance that investors can behave irrationally, creating very large anomalies.
一个理性的投资者不会在现在以每盎司1008美元的价格买进黄金的，除非他或她坚信金价会在10年内至少涨到每盎司1500美元左右，在20年内至少涨到每盎司2400美元。
A rational person wouldn't buy an ounce of gold for $1,008 today unless he or she was very confident it would be worth at least $1,500 or so in ten years' time, and at least $2,400 in twenty years.
目前的市场，情绪已经超越了指导投资者买卖的理性思维。
In a market such as this one, the problem is that emotions have taken over, and are now ruling the "thinking" that individual investors are using to guide their buying-and-selling decisions.
华尔街不想要理性的、消息灵通的投资者。
2007年的大牛市，我们目睹了狂热的市场，但却是理性和机构投资者的数目？
The great bull market in 2007, we witnessed the frenzied market, but rational and a number of institutional investors?
“我不是一个出色的语言学家，但我希望自己是个理性的投资者，”波顿轻描淡写地说道。
"I am a terrible linguist but, I hope, a reasonable investor," Mr Bolton says, with understatement.
理性的投资者总是希望领先群体一步跳出此类资产。
The rational investor would want to get out of the asset class before the herd decides to do so.
无论如何，垃圾级的评级可以让那些退休基金及理性的投资者远离危机：这保护了孀妇，孤儿和退休工人。
Among other things, junk ratings warn pension funds and similarly sobersided investors to stay away: they protect widows, orphans and retired factory workers.
投资者并不是以理性的态度做出决策，其行为不仅受到自身固有的认知偏差影响，同时还受到外界环境的干扰。
The investor does not do a decision with the rational attitude, whose behavior not only be influenced by his cognitive deviation but also be disturbed to the outside world.
我们希望唱片是一个强有力的，理性的投资者。
研究结论表明，虽然每个投资者完全理性，但羊群行为可能导致投资者表现出群体的有限理性。
The results indicate that even if every investor is full rational, the herd behavior of investors may result in the bounded rationality of group trading.
此外，心理会计、模糊厌恶和后悔厌恶也使得投资者的偏好选择行为偏离了经典的理性理论。
In addition, Mental Accounting, Ambiguity Aversion and Regret Aversion also make preferences of investors deviate the classical rational theories.
此外，心理会计、模糊厌恶和后悔厌恶也使得投资者的偏好选择行为偏离了经典的理性理论。
In addition, Mental Accounting, Ambiguity Aversion and Regret Aversion also make preferences of investors deviate the classical rational theories.
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