It has to be hard to beat the market

即要打败市场很难
but it's oversold as well, especially in academic circles--

但是这点被夸大了在学术圈尤甚
I think us professors, who are poor are-

我认为我们这些清贫的教授
it's kind of a wishful thinking bias.

总会带有一些主观臆断的偏见
We're not making much money and you can't anyway

我们挣不到很多钱那你们也挣不到
and so we kind of tend to overstate efficient markets hypothesis.

所以我们有些过度强调有效市场假说了
On the other hand,

另一方面
relative to your expectations as naice young people,

对于你们这些天真的年轻人来说
it may be a good thing to do to

过度强调有效市场假说
overstate efficient markets hypothesis.

可能是件好事
It seems to be a lifecycle effect where young people think,

这像是一个生命周期效应年轻人认为
I can surely predict the market

我肯定能够预测市场