But the mere fact that the market is hard to beat does not make it rational.
虽说市场难以被打败，但是就凭这一点，还不能说明市场是理性的。
First off, the job selects for employees who believe they can beat the market.
首先，这种工作需要员工有战胜市场的坚定信心。
The only way to beat them is to know them well and provide a product or service enhancements that are presently unavailable to their customers in that potential market niche.
击败他们的唯一办法是知己知彼，并提供那些消费者在那片利基市场上还无法获得的产品或服务。
The most negatively portrayed companies managed to beat the market by an average of 12.4%, whereas the outperformance of the media darlings fell to just 4.2%.
最受消极反对的公司以平均12.4%的份额成功地打入市场。然而那些以前有良好表现的媒体宠儿们却跌至只有4.2%。
Unfortunately, the result has not been competition to beat down prices and boost speeds, but cosy duopolies that keep bandwidth scarce and carve the market up between incumbents.
不幸的是，这样的竞争结果不是降低价格，提升网速，而是成了狼狈为奸的两强垄断，这使得带宽非常有限，现有市场分崩离析。
Perhaps the most compelling reason why market prices are tough to beat is the “wisdom of crowds”phenomenon.
或许，难以在市场中胜出的最主要原因是由于“人群智慧”这个现象。
Now, that's not a huge number but, obviously, when you're hoping to beat the market by a point or two losing by 0.3% per year because of your market timing inability is a bad thing.
看起来这不是个巨大的数字，明显地，当你希望获得，高于市场水平一到两个百分点的回报率，却由于抓不住市场时机而每年亏个0.3%，就很糟糕了。
UBS notes that capital goods companies were not performing as well as the rest of the market when they beat earnings estimates.
UBS指出，当资本货物公司超出盈利预期时，它们的市场表现并不像市场的其他股票那么好。
Since few mutual funds can regularly beat the market averages, you have a pretty good chance of keeping up with the 26.5% average annual rise in stock prices we've enjoyed since January 2009.
因为很少有公共基金的收益能够超过市场的平均数，这样你就有一个非常好的机会让你的股票价格达到平均每年增长26.5%的速度，我已经从2009年一月开始享受这样的增长了。
Because investors cannot beat the market in aggregate, all this means is that money is transferred from investors to fund managers.
因为总体上来说投资者无法超越市场的表现，这就意味着资金从投资者手里转移到了基金经理的手里。
In the good years, when they randomly beat the market, the traders earned bonuses.
在光景好的岁月里，他们可能随机超越市场，交易员赚取奖金。
A company may need to beat profits forecasts for two or three quarters before the market is willing to give the stock a premium valuation.
一个公司需要两到三个季度超过利润预测，才能使得市场愿意给这个股票以估值溢价。
It is much easier to beat the market through the rear-view mirror.
这使得通过后视镜来获得高于市场平均数的收益变得非常容易。
And that can be a dangerous thing as investors have the tendency to load up on risky stocks when times are good, and then get beat up by the volatility when the stock market turns hostile.
因为在股市行情好时，投资者往往满仓持有高风险股票，一旦行情转坏，市场波动就会对这些投资者予以重击。
So unless you're a top sensei yourself, don't try to beat the market.
所以除非你自己特牛叉，否则别想着领先市场。
It went on to beat the Japanese at their own game, creating the bestselling watch brand in history and becoming the largest watchmaker in the world, with a quarter of the market.
Swatch团队以他们自己的方式击败了日本，创造了史上最畅销的手表品牌并且成为了世界上最大的手表生产商，占据着四分之一的市场份额。
Over time, such an approach should beat the market (before fees) by around half a percentage point a year.
从较长时期来看，这种方法每年获得的利润应比市场高出大约0.5个百分点。
But the firm that HP and its rivals would love to beat is Apple, which had sold 3m of its impressive iPads by June, only three months after it came to the market.
但是相比来讲惠普和他们的竞争对手们来说他们更希望击败苹果公司，让人过目不忘的iPad仅在短短的三个月的发售时间里，销售额已经突破3百万。
没有一个人可以打败市场。
No paper shall beat us, if we have to get up a corner in a double-breasted undershirts and create a panic in the market.
没有任何论文可以击垮我们，即使我们不得不引起市场恐慌并开始在一个角落囤积双襟汗衫。
From the truism that the average investor could not beat the market after costs, academics developed the insight that obvious market-beating opportunities would quickly be arbitraged away.
老生常谈是，由于后续成本存在，普通投资者无法击败市场。研究机构由此得出观点，明显的击败市场的机会将很快会被套利耗尽。
For a time, employing quants was trendy: it showed the firm was using science to beat the market.
聘用宽客一度成为时髦做法：它体现出公司正利用科学战胜市场。
That was the high water mark of two myths: That stocks 'always outperform,' and that you can't possibly beat the market, so you should stop trying and just give in to index funds.
当时正是两种传说的全胜时期：一个是股市总是表现出众，一个是你无法战胜市场，所以你应该停止努力，干脆向指数基金屈服。
That was the high water mark of two myths: That stocks 'always outperform,' and that you can't possibly beat the market, so you should stop trying and just give in to index funds.
当时正是两种传说的全胜时期：一个是股市总是表现出众，一个是你无法战胜市场，所以你应该停止努力，干脆向指数基金屈服。
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