If you’re a fund manager, a bubble is a) something that has delivered sky-high returns, and; b) a thing you don’t own. Your clients are going to ask why you missed it. One good reason for not owning it is because the thing in question is in a bubble. And, well, bubbles burst.
如果你是一名基金经理，所谓“泡沫”是：a）带来了极高回报的资产；以及 b）你没有持有的资产。你的客户会问你为什么错过了它。不持有的一个充分的理由是该资产处于泡沫之中。而泡沫终会破裂。
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