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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。
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Speaking of Spitalfields Market, could you tell us about it?
说到斯毕塔菲尔德市场，你可以给我们讲讲它吗？
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in my description of what it meant to have the Efficient Market Hypothesis.
之前我描述有效率市场假说的时候,对你们说了些假话。
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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。
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So imagine we're talking about beer, think about beer, so this is the beer market.
想象我们说的是啤酒,想想啤酒,所以这是啤酒市场
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s not the burden of your argument that markets work only flawlessly if the government were get out of the way.
所以就算你没说，Ok，so，it’,市场只能在,政府不干预的情况下运转良好。
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I forget who--it may have been Charles Seller who said if you want to see the Market Revolution happening go study the Archives of the U.S. Patent Office.
我忘了是谁说的,大概是查尔斯.塞勒,他说,若你想看看市场革命是怎么发生的,就去研究美国专利局的档案吧
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Can you tell us about Southern Market?
能跟我们说一说南市场吗？
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And says, OK, that effectively means that the market is memoryless.
并且说，这种有效性的意思就是说,市场是无记忆性的。
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Now,I think it's logical that if you're going to try and beat the markets, you'd want to beat the markets where the opportunity was greatest.
理论上说,如果你想获得优于市场水平的收益,在时机恰当时,你就能做到战胜市场
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What this model asserts is that markets are informationally efficient.
这个模型说,这个市场处理信息有效的。
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He said, the inventory is high; the market is bottoming out and so on.
他说现在货物存量很多;,市场正在走出谷底等等。
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Sudipta says get out of the market.
苏迪普塔说退出市场
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And notice that if Pepsi has priced above the monopoly price, suppose Pepsi has priced this good so high that it's above the monopoly price, then, as the gentleman said, I can capture the whole market by pricing just below Pepsi.
注意如果百事设定的价格高于垄断价格,假设百事把价格定得太高了以至于,高于垄断价格,那么像那位先生说的,我可以用低于百事的价格来占领整个市场
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On the other hand--and this is something that I want to emphasize-- you don't want to carry that too far and one of the lessons of behavioral finance is that markets are not really efficient in a global sense.
而另一方面,我想强调的是...,不要认为这就是真理,行为经济学中的一课就说,从全球的角度看,市场并非全然是有效的
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