就拿1990年代的互联网泡沫来说吧,那场泡沫所做的就是产生了很多初创企业,其中有些拙劣难撑,有些经营失败,但其它的却幸存了下来,因此这算是坏事吗?我发现很难想象换一种情形会是什么样子。美联储(Federal Reserve)可能还曾试图倚靠泡沫。归根到底,我们的经济政策有点在凭直觉制定,我们的模型不够准确,无法告诉我们正确的政策是什么,因此我在想,如果当初我们抑制了这些泡沫,我们的日子可能更好过一些,不过这一点也无法肯定。
Q: Do you tell investors that they can pick winners in the stock market, or do you tell them they're not expert enough and that they should go to index funds or other products?
问:您会告知投资者他们能够在股市里挑选赢家,还是会对他们说他们不够专业,应该去投资指数基金或别的产品?
A: I tell people to get an investment adviser; that makes sense to me. The question is often whether it's possible for anyone to pick stocks, and I think it is. It's a competitive game. It's like some people can play in a chess tournament really well, but I'm not recommending you go into a chess tournament if you are not trained in that, or you will lose. So for most people, trying to pick among major investments might be a mistake because it's an overpopulated market. It's hard. You have to be realistic about how savvy you are. But if you are thinking about buying real estate and renting it out, fixing it up and selling it, that's the kind of market that's less populated by experts. And for someone who knows the town, that's doing business, I'm not going to tell someone not to do that.
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