Relative to the whole market, It's well known that over periods of multiple decades the market has a tendency to go up.
是和整个市场相关的对吗,我们都知道经过几十年的时间周期,市场会有上涨的倾向。
Well, the whole thing used to be a market which was,
集市上卖的曾经都是,
Suppose the other guy didn't exist, Suppose Pepsi didn't exist, so Coke has the whole market, then we would solve out this problem.
假设对手不存在,假设百事可乐不存在,那么可口可乐占领整个市场,然后我们就可以解决这个问题
I'm not going to be thinking I'm clever, and can pick winners and losers, I'm just betting on the market as a whole.
我觉得我不聪明不知道,那只股好哪只股差,我就看市场行情整体是好是坏。
He was trying to make the conservative free market position more palatable for voters as a whole, and this is the one thing which he did so.
他试图,让共和党的自由市场理念,更加容易被选民们接受,让民众买得起房就是他的做法之一。
So, it's not surprising that asset allocation explains more than 100% of returns and that, for the community as a whole, market timing and security selection are costly and lower the community's aggregate investment returns.
因此资产配置能解释100%以上的回报,也不足为奇了,对投资者整体来说,市场时机选择,和证券选择是有代价的,降低了总的投资回报
A market on the East Coast if they were in upstate New York, or out in Ohio eventually, and a market of the whole world.
如果一个市场在东北部,比如说纽约北部或者在俄亥俄州,那就意味着这是一个全球市场
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
All right, so if the other guy is pricing above costs, I want to set prices below his so that I steal the whole of the market and make profits on those sales.
正确,如果对手定价比成本高,我就想定价比他的价格低,这样我就可以占领整个市场,并获得销售利润
However, then I'll have the whole market, it's as if I'm a monopolist but suddenly I'm pricing above the monopoly price, that can't be right.
但是,占有整个市场,相当于我是个垄断企业,但是我的价格却高于垄断价格,那是不正确的
Why the interest rate clears-- it's a mysterious phenomenon, because it's a market phenomenon and each person only sees his or her own contribution to the market and not the whole market.
为什么这个利率能让市场出清...,这是个不可思议的市场现象,每个人只能看到自己在市场中的行为,而不了解整体市场情况
So basically what I'm going to do here is I'm going to set my price to equal his price, minus a little bit, I'll just undercut him a little bit and by just undercutting him a little bit, I'm going to get the whole of the market and I'll make as much money as I can on those sales.
所以基本上我要做的是,设定我的价格等于他的价格,减去一点点,我的价格将仅仅比他的低一点点,并且通过比他的价格低一点点,我将占领整个市场,那些销售带给我尽可能多的钱
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