Moreover, your market is bigger, so public companies have an advantage; so companies don't like to be public, generally.
此外,你的市场更大了,因此上市公司是有一定优势的,但一般来说,很多公司不希望上市
but I find that, you know, just kind of market participants are more to blame than the accounting per se in those examples.
但是我发现,在这些例子当中市场参与者比会计本身更应该受到责备。
And to the extent that they help make markets efficient, I do think they help the world. I do sort of agree.
而且一定程度上,他们使市场更有效,我的确认为他们帮助了这个世界,我的确是同意的。
think of anything the government do more efficiently than the market does.
我却想不出,I,can’,政府有什么能做得比市场更有效,市场总是效率更高。
Putting goods online allows them to reach a greater market,
把产品放在网上可以让他们接触到更大的市场,
More people are getting into it because there's a larger market for it.
也有更多的人参与其中,因为有更大的市场。
It was more like warehouses
那时候南市场更像是仓库,
Whether they're more inefficient when things are going up or when things are going down.
是不是在事情进展顺利或受阻的时候,市场会更没有效率。
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。
I want to talk first about institutions and then move to what I think is, myself, more interesting, which is the real estate boom and the kind of fluctuations we've seen in real estate over the years.
我首先会讲讲这些机构,然后讲一下我更感兴趣的,房地产市场繁荣,及这些年里,我们经历的波动
I believe it's clear that it is and that people who do so are people who understand more than the core efficient markets theory.
很明显,能够做到这一点的人必然了解到,比有效市场假设更深层的东西
The problem is even more severe when you're looking at mutual funds because there's kind of a cynical game that mutual fund management companies play.
当你去观察基金市场,会发现问题更严重,因为基金管理公司,会玩一个偷梁换柱的把戏
The value of real estate in the United States today is -of real estate owned by households directly -is about twenty trillion dollars, which makes it comparable or maybe a little bit bigger than the stock market.
现今美国房地产的价值,也就是居民直接持有的房地产的价值,大概有20万亿美元,这与股票市场总值相当,可能还要更大一点
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