目前的市场，情绪已经超越了指导投资者买卖的理性思维。

In a market such as this one, the problem is that emotions have taken over, and are now ruling the "thinking" that individual investors are using to guide their buying-and-selling decisions.

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为了促进建立一个健康和高效的机构投资者部门，中国应该注意以下指导原则。

In order to promote a sound and efficient institutional investors sector, China is recommended to take note of the following guiding principles.

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指数首先是为普通投资者纵观市场提供一种指导。

They were devised to give the general investor a guide to the overall mood of the market.

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They might say my sample period was off, ... but that's what the theory-- ... using my data for the sample period that I computed-- the expected returns and co-variances says one should do.

他们可能说我的采样周期是有问题的，不过我的结果都是靠理论-,我采用自己收集的数据计算出-,预期收益和协方差可以用来指导我们的投资行为。

耶鲁公开课 - 金融市场课程节选