some clever people and some stupid ones.

智人和愚者之分
It merely implies that competition in capital markets

只是说资本市场上的竞争
is very tough.

是非常激烈的
There are no money machines

因此没有所谓摇钱树
and security prices reflect the true underlying value of assets."

证券的价格能反映对应资产的内在价值
That's a pretty enthusiastic endorsement of efficient markets.

这段叙述强烈支持了有效市场假说
www.YYeTs.net

人人影视
I said I have some doubts about it. I guess I don't--

我心存异议我想...
I guess what I don't like is their concluding statement,

我不喜欢的是他们的总结陈述
"Security prices reflect the true underlying value of assets."

"证券的价格能反映对应资产的内在价值"
I don't think that's really true but I guess I agree,

我并不完全同意这一观点但是我同意
it's tough to make money reliably and quickly in financial markets.

想在金融市场中安稳地做暴发户是很难的