Short, it& #39;s an interesting item to study because it& #39;s ruined a lot of people, it is a sort of thing that you can go broke doing. Being short something where your loss is unlimited, it& #39;s quite different than being long something that you& #39;ve already paid for. And it& #39;s tempting...you see more stocks that are dramatically overvalued in your career than you will see stocks that are dramatically undervalued.

做空，這是一個值得研究的有趣課題，因?yàn)樗鼩Я撕芏嗳?，這是一件可能會讓你破產(chǎn)的事情。做空的損失是無上限的，與做多完全是兩回事。做空確實(shí)誘人，因?yàn)樵诼殬I(yè)生涯中，你會看到很多被大幅高估的股票，比被大幅低估的股票多很多。

It& #39;s the nature of securities markets to occasionally promote various things to the sky, so that securities will frequently sell for 5 or 10 times what they& #39;re worth, and they will very sell themselves for 20% or 10% of what they& #39;re worth. Therefore you see these much greater discrepancies between price and value on the overvaluation side. 

證券市場的本質(zhì)就是偶爾把各種東西捧到天上，有些股票的價格有時候是其價值的5-10倍，有時候也會跌到其價值的10%-20%。因此從高估的角度來說，你會看到價格和價值之間的巨大差異。

You might think it& #39;s easier to make money on short selling, all I can say is it hasn& #39;t been for me. It is a very tough business because of the fact that you face unlimited losses.  Because of the fact that people that have very overvalued stocks are frequently on some scale between promoter and crook, and that& #39;s why they get there. And they also know how to use that very valuation to bootstrap value into the business.

你可能會認(rèn)為做空更容易賺錢，但我想說我覺得通過做空賺錢很難。這是一個非常非常艱難的模式，因?yàn)槊媾R著無限的損失。因?yàn)槟切┏钟谐壐吖拦善钡娜嗽谀撤N程度上通常是介于股票推銷者和騙子之間的人，這就是股價如此高估的原因，他們也知道如何利用這種估值提升公司的價值。

Price gouging almost always works, I mean I would say that if the things that we have felt like shorting over the years, the batting average is very high in terms of eventual. It would work out very well eventually if you held them through, but it is very painful. In my experience it& #39;s a whole lot easier to make money on the long side.

哄抬股價幾乎總是有效的，如果這些年來我們做空那些我們想做空的股票，命中率會很高，如果堅持下去，最終會有很好的回報，但這非常痛苦。根據(jù)我的經(jīng)驗(yàn)，做多賺錢要容易得多。