We must realize that the stock market and the casino go hand in hand, and this has been particularly true in the past two or three years. Wall Street has the function of financing public companies, and it is also a huge trading market. The stock market is a very magical place. Sometimes the stock market is an accurate measure of value. However, the stock market doesn& #39;t always work as well as it is described in textbooks. Sometimes, the stock market goes into full casino mode.

大家要知道，股市与赌场如影相随，在过去这两三年尤其如此。华尔街具有为上市公司融资的功能，它也是一个巨大的交易市场。股市是一个非常神奇的地方。有时候，股市对价值的衡量很准确。然而，股市并不总是像教科书中描述的那么有效。有时候，股市会完全进入赌场模式。

In the past two or three years, we can see that the stock market has turned into a casino. Behind this, it is Wall Street that is making waves, and the higher the stock market turnover, the more Wall Street makes. A Berkshire shareholder invested in Berkshire in 1965 and has held it until now, not moving a muscle. This shareholder could make a lot of money, but anyone who did what he did, the brokerage houses would starve.

在过去两三年中，我们就可以看到，股市变成了一个赌场。在这背后，是华尔街在兴风作浪，股市成交量越大，华尔街赚得越多。一位伯克希尔的股东在1965年投资了伯克希尔，一直持有到现在，一动不动。这位股东能赚很多钱，但谁都像他这样，券商就饿死了。

If people don& #39;t trade, the brokerage firms don& #39;t make any money. Brokerage firms make little money on investors, and speculators are the main source of profit for brokerage firms. The better the speculators gamble, the happier the brokerage firms are, and it& #39;s only good if they trade 20 times a day, just like a gambler pushing the buttons on a slot machine over and over again. Not to say that Wall Street practitioners, have bad morals, but that& #39;s how Wall Street makes its money.

人们不交易，券商就赚不到钱。在投资者身上，券商赚不到什么钱，投机者是券商的主要利润来源。投机者越好赌，券商越高兴，一天交易20次才好呢，就像赌客一次次按动老虎机的按钮一样。倒不是说华尔街的从业人员，道德有多恶劣，但华尔街就是这么赚钱的。