news about something that is fundamental

由一些基本面新闻引起的
--that's the efficient markets.

这就是有效市场假说
Every time the stock market moves

每一次股市波动
it's because there was some news about what?

都是因为那些报导关于什么的报导
Well, it's about present value.

关于现值的
The efficient markets theory, in its simplest incarnation,

有效市场理论用最简单的话来说
says that the price is the expected present value of future dividends.

就是股价就是未来股利的期望现值
What I did, in a paper that I published in 1981, is I said,

我在1981年发表的文章里写的是
well let's just plot the present value of dividends through time.

我们先绘制出历史的股利现值
That's how I constructed this long time series back to 1871;

这就是我创建的始于1871年的时间序列
nobody else was looking at it.

根本没人关注这个时间序列
Typically, researchers want the best data,

通常研究员总想得到最佳的数据