But that no particular stock is more or less likely to outperform the market, because all the information is incorporated in the price.
但是没有那一种特殊的股票是,最有可能比市场平均表现更好的,因为所有信息都是包含在价格上的。
I said that no stock is likely to outperform the market or underperform the market.
我对你们说没有股票,会有比市场表现的好,或者差的可能性。
I mean, lately they've been more inefficient, in my view, because the Fed's creating too much money.
我是说,最近市场表现的更没效率,在我看来,这是因为美联储发行了太多的货币。
The only risks that are left are risks that everyone shares, so you would see planet-wide risks expressing themselves in consumption, but nothing else.
唯一剩下的风险,就是每人分担的那些风险,所以你会看到全球的市场风险,以消费的形式表现出来,再无其他。
In general, less volatile stocks have done better over time than more volatile stocks, which is somewhat inconsistent with the notion of efficient markets.
一般来说,波动小的股票在长期内比波动大的股票,表现要好,一定程度上,这和金融市场有效论的观点是相悖的。
Probably when the overall stock market does well so does Shiller, Inc.
很有可能当股票市场的总体表现好,希勒公司.的表现也一样好
This behavior recently, I think, confirms that we are living in a very unusual time in the housing market and it's going to put a lot of stress on us.
我认为,这种表现验证了,我们正处于房地产市场的特殊时代,而且这将对我们产生很大压力
We had an extraordinarily high price-to-earnings ratio representing a lot of optimism in the '20s for the stock market and then it corrected and went abruptly downward-- that was The Great Depression.
在二十年代,市盈率高得离奇,表现了当时人们对股票市场的乐观,当其得到修正并突然下跌时,大萧条便开始了
But then I asked another question, do you think trying to pick mutual funds, trying to find a mutual fund that will beat the market is a smart thing to do or not a smart thing to do?
但是接着我又问了另一个问题,你们认为选择共同基金,选择一种强于市场表现的共同基金,是不是明智之举呢
In that case, alpha is a measure of how much Shiller,Inc. outperforms.
这样的话,alpha就用以衡量,希勒公司.表现超过市场平均水平多少
We'll come back to this, but beta of the stock is a measure of how much it moves with the market and the alpha of a stock is how much it outperforms the market.
回到原先的话题,beta用以衡量,本公司跟随市场变化的程度,alpha衡量超过市场的表现
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