it's some social force, some speculative bubbles,

例如某种社会力量某种投机泡沫
some activity that is not related to anything fundamental.

一些和基本面无关的活动
The reason I got so much hostility when I wrote these papers is

我在写这些论文时遭到敌视的原因是
I was striking a nerve, I guess,

我触及到其他学者的软肋我猜
because many people have developed these beautiful mathematical theories

因为很多人发展出了这些绝妙的数学理论
that said that the stock market was the optimal predictor of everything

声称股市是社会经济运行的晴雨表
and I was saying the emperor has no clothes;

而我却说那是"皇帝的新衣"罢了
so there were others like that.

我觉得有些人在自欺欺人
What is happening?

发生了什么
What I'm coming around to think

我现在反复思考的问题是...
-maybe it's my cynical view,

也许我有些愤世嫉俗
I've always been a cynic.

我一直挺愤世嫉俗的