The cliché is that markets are driven by greed and fear. Less remarked on is the asymmetry of tolerance between the two. House prices, say, can triple over the years with barely a murmur. But the moment they fall by even a tenth, investors squeal like little girls. Are the latest wobbles in markets, therefore, an overreaction or a sensible response to genuine change?
人们常说，市场是由贪婪和恐惧驱动的，但较少提及两者容忍度上的非对称性。比如说，房价这些年来上涨了两倍，人们只是小声嘟囔了几句；但当房价仅仅下跌了十分之一时，投资者就会像小姑娘一样大声尖叫。如此说来，最近市场中的动荡，是对市场真正改变的过度反应，还是一种合理的回应？
您已阅读21%（501字），剩余79%（1863字）包含更多重要信息，订阅以继续探索完整内容，并享受更多专属服务。