来自《耶鲁大学开放课程：金融市场 第7集 第7集》

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  I can hardly see anything.
  我几乎没有看到它受到任何影响
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  Well, what actually happened was businesses continued paying
  实际上成分股公司在整个大萧条期间
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  their dividends right through the whole Depression
  始终坚持支付红利
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  and some of them cut their dividends,
  虽然其中几家减少了红利支付
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  but it was only for a few years.
  但是这样的情况只有几年
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  The present value of--the value of stock depends on
  现值...股票价格的现值反映的
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  what it pays out over decades
  不仅是下一年的股利
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  not just next year.
  而且还包括今后数十年的
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  The stock market--if people knew the
  股票市场...如果人们知道...
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  --even if they knew the depression was coming,
  即使人们知道大萧条即将来临
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  they shouldn't have marked down the stock market so much,
  他们也不应该认为股市会下挫如此之多
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  according to this simple efficient markets story
  他们的理论根据是简单的有效市场假说