Theta_alpha is less than theta-bar_alpha

θα比θ杠α少
it means alpha [correction: i]

则说明
sold shares of stock alpha.

这个人卖出了股票
All right, now in the second period what happens?

接下来在第二阶段会发生什么呢
Well, in the second period we have q_2 times X_2.

在第二阶段 q_2* X_2
The shares are going to be worthless in period 2.

股票在第二阶段贬值了
So no one's going to buy them.

没有人要买它
Why are the shares worthless?

为什么贬值了?
Remember that when you buy a share of stock the dividend comes later.

当你买股票的时候鼓励是滞后的
You don't get the dividen immediately.

不能马上有投资收益
So someone buying stock in period 2, it's too late to get

所以这个时候买股票的人
the dividend.

没有机会得到收益了