但金融史中充斥着泡沫和崩盘,也就是说,极端事件(即所谓的“肥尾”)发生的频率要远大于钟形曲线所预计的。
But financial history is littered with bubbles and crashes, demonstrating that extreme events or so-called "fat tails" occur far more often than the bell curve predicts.
今天的市场充斥着投机;我们似乎隔那么几年就要给自己制造一些泡沫,最近的两个是互联网股市泡沫和住宅地产泡沫。
Today's markets are fraught with speculation; we seem to create bubbles for ourselves every few years, the two most recent being the Internet stock bubble and the residential real estate bubble.
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