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.
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.
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).
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.
但是依赖投资人是理性的那种观点看来使事情更复杂了。
But relying on the notion of rational investors seems to complicate matters.
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.
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.
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.
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.
股市是个由理性的投资人组成的有效机器，在这里，投资人寻求他们所能得到的最大回报。
STOCKMARKETS are efficient machines, populated by rational investors seeking to make the best returns that they can.
这样对于惯性的解释就集中在投资人是非理性上了。
Explanations for momentum have thus tended to focus on the idea that investors are irrational.
投资者理性么？
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.
探究投资人是否是理性的是个难题。
It is hard to square with the idea that investors are rational.
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。
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.
情绪主导了投资决策，而不是理性的经济学计算。
Emotion ruled the decisions, not rational economic calculus.
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.
资产性质决定产权关系，掌握收益权，实现收益最大化，是理性主体投资决策的依据和基础。
Assets character determines the property right relations. To grasp the right of incomes and maximize it, which is the foundation of the rational person investment decision.
风险投资家alanPatric of承认，“在众多创业企业中也许确实有泡沫存在”，不过他现在还不相信后期估值存在非理性繁荣。
"There is probably a bubble in the number of start-ups," says Alan Patricof, a venture capitalist, though he is not yet convinced that there is irrational exuberance in later-stage valuations.
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?
华尔街不想要理性的、消息灵通的投资者。
“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.
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.
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.
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