One would think that market prices should be volatile as investors try to absorb what this earnings volatility means. But we have learned time and again that stock markets are driven more by psychology than by reasoning about fundamentals.
人们也许会认为当投资者试图理解这种收益的波动的含义时，股价的波动自然就会加大。但是我们看到的现象是，股市更多地是被人的心理而不是对基本面的推理所推动的。