it all gets out into price.

都会体现在市场价格上
Companies keep secrets,

事实上公司会保留内幕消息
so that's not public information.

即非公开信息
The Securities and Exchange Commission insists that

证券交易委员会认为
companies keep secrets

公司保留内幕消息
because they have to disseminate information in an orderly way.

是因为他们需要采用有序的方式发布这些信息
So, there has to be a secret

在消息被公开披露之前
until a certain hour in which it's announced to everybody.

它就是内幕消息
But the strong form efficient markets hypothesis

但是强势有效市场假说
is cynical about that and says, you know,

否认并嘲讽这种论调
nobody keeps secrets,

因为没人守得住秘密
it all leaks out.

内幕消息都会走漏风声