As they saw it, no matter how high stock prices rose relative to profits, or no matter how high house prices rose relative to rents, regulators deferred to the collective wisdom of the market.

在他们看来，不管股票价格相对于公司利润上升的有多高，抑或无论房屋价格相对于房租水平攀升的有多高，监管者都应该顺从市场的集体智慧。

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Article 103. The securities companies that participate in collective trading through bidding at a stock exchange must be those that hold stock exchange membership.

第一百零三条进入证券交易所参与集中竞价交易的，必须是具有证券交易所会员资格的证券公司。

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Stock prices reflect their collective judgment.

股价反映了他们的集体判断。

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What I am suggesting is that sometimes, the when a negative event happens, investors overreact, throwing the baby out with the bathwater, and the collective negative cognitive bias often pushes a stock down by more than what the bad news and all its implications should result in.

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Although consumer confidence is a lagging indicator, the low reading did not surprise me, and I believe is an accurate assessment of the collective mindsets of consumers at present, given all of the volatility that we saw in the stock market during the month of August.

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