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2008中金论坛的演讲记录(英文及中文翻译)
I contend that financial markets are always reflexive and on occasion they can veer quite far away from the so-called equilibrium. While markets are reflexive at all times, financial crises occur only occasionally, and in very special circumstances. Usually markets correct their own mistakes, but occasionally there is a misconception or misinterpretation that finds a way to reinforce a trend that is real and by doing so it also reinforces itself.
I contend that financial markets are always reflexive and on occasion they can veer quite far away from the so-called equilibrium. While markets are reflexive at all times, financial crises occur only occasionally, and in very special circumstances. Usually markets correct their own mistakes, but occasionally there is a misconception or misinterpretation that finds a way to reinforce a trend that is real and by doing so it also reinforces itself.
