读到一篇由房地产引发出来的英文语录。我把它译成中文如下，附上原文，既可当做中英对照练习，又可为反思之用。可套用在股票投资上。

　　

　　永远不要低估大众的愚蠢。

　　Never underestimate the stupidity of the general population. 

　　

　　智者赚的钱来自愚民的钱。

　　The smart money makes the money that the dumb money lose.

　　

　　如果没有那些极有说服力的理论使高价合理化，泡沫不会存在。

　　A bubble wouldn't exist if there weren't plenty of persuasive theories to justify the high prices.

　　

　　让我绝对惊讶的是，这么多在其他方面聪慧的人怎能在房地产上如此愚蠢。

　　It absolutely stuns me how so many otherwise intelligent people can be so stupid about real estate.

　　

　　关健时刻，老百姓总是在市场的误区里。

　　The general public is always on the wrong side of the market at important turning points.

　　

　　房地产泡沫必须以破灭结束，要不然每个人都赢利------这是根本不可能的。 The real estate bubble had to end with a bang, otherwise everyone would be able to get out with their profits - which is literally impossible.

　　

　　大多数人再次相信，他们已经找到了一种不劳而获的永无止境的财富。

　　Once again large segments of the population have come to believe that they have found the way to unending wealth by doing little or no real work.

　　

　　 “我能计算重物的运动，却不能计算人的疯狂。”(牛顿)

　　"I can calculate the motions of heavily bodies, but not the madness of people" ------ Isaac Newton

　　

　　90%的人不自己动脑筋，他们相信亲朋好友或媒体。

　　90% of our population does no thinking of their own, they believe what they hear either from friends and family or the media.

　　

　　智者动手早，愚者随从。

　　What the wise do early, the foolish do late.

　　

　　资本主义从本质上是向上而不是向下重新分布钱财。它不会让大众获胜。 Capitalism by nature redistributes money upward not downward. It does not allow the masses to win.

　　

　　大众心理决定了市场的顶部和底部。

　　The psychology of the masses determines tops and bottoms of the market.

　　

　　市场不管你是否赚钱。这是你自己的问题。资产是一种见解，债务才是真实的。

　　The market does not care if you are making a profit or not. That is your own problem. Equity is an opinion but debt is real.