Acynic would say that investors know the price of everything and the value of nothing. But the reality could be much worse because they may not even know the price. For decades, investors, policymakers and academics have taken financial market prices as the critical gauge for the overall expectations on the economy and company performance.
憤世嫉俗者會(huì)說(shuō),投資者知道一切事物的價(jià)格,卻對(duì)價(jià)值一無(wú)所知。但現(xiàn)實(shí)可能更糟,因?yàn)樗麄円苍S甚至連價(jià)格也不知道。數(shù)十年來(lái),投資者、政策制定者和學(xué)者一直把金融市場(chǎng)價(jià)格視為對(duì)經(jīng)濟(jì)表現(xiàn)和企業(yè)業(yè)績(jī)作出總體預(yù)期的關(guān)鍵指標(biāo)。
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