that most people think they're smarter than others--

大部分人都自觉比他人聪明
and it seems like people can easily get overconfident

人们在衡量其战胜市场的能力上
about their ability to beat the market.

很容易变得自负
What naturally happens, if not regulated, is that

如果市场缺乏监管
there will be others who will victimize and exploit these people.

自然就会有人被奴役受剥削
The classic story is some kind of stockbroker

有个经典故事即有位股票经纪人
who promises to make great wealth for you by trading your portfolio

承诺说帮你炒股挣大钱
and, in fact, doesn't really know anything;

而实际上他一无所知
the guy is just a showman who is just pretending.

只是装出副煞有介事的样子
There was a 1940s book called, Where Are The Customers Yachts?,

20世纪40年代有本畅销书
which was a best-selling book.

叫《客户的游艇在哪里》
The title refers to the fact that stockbrokers give the impression

书名隐喻当时的股票经纪人们