I think it was because people were overselling investments and saying, there's no limit to this investment but the blue sky above.

我想这是因为,当时人们过度宣传投资产品,并宣称,投资收益无止境,如头顶的蓝天那么遥远

耶鲁公开课 - 金融市场课程节选

This gives rise again to overconfidence among investors.

这也是促使投资者过度自信的一个因素

耶鲁公开课 - 金融市场课程节选

There's a temptation to oversell investments.

有一种诱惑会导致过度投资

耶鲁公开课 - 金融市场课程节选

But regardless of how you measure it, for a full half-dozen years, in the midst of this bull market, colleges and universities were over-allocated to fixed income relative to where they had been in June of 1987.

但不管你怎么算,整整六年时间,处于牛市之中,大学的基金,由于1987年6月那次崩盘的影响,过度投资于固定收益债券

耶鲁公开课 - 金融市场课程节选