Because the program is constantly revising its strategies, in light of what's worked and what hasn't worked in the past.

因为程序会不断依据过去,有效无效经验修改其策略

耶鲁公开课 - 死亡课程节选

They think, I'm really a smart investor, I figured it out,; it can reinforce the behavior until they get to maybe some terrible end.

他们会想我真是个聪明的投资人,我制定了如此有效的投资策略,这种想法使他们的自我膨胀加剧,直到他们遇到挫折或打击

耶鲁公开课 - 金融市场课程节选

That people--they develop some investment strategy and through pure chance it does well.

人们制定了一些投资策略,一些策略的投资效果碰巧十分有效

耶鲁公开课 - 金融市场课程节选

It doesn't necessarily work out as well.

那些策略并不完全有效

耶鲁公开课 - 金融市场课程节选