As individuals, we appear to view a gamble that has a roughly 50% chance of doubling our wealth and a roughly 50% chance of halving it as worthy of consideration – not a no-brainer, but not out of the question, either. Well-functioning financial markets would mobilize that risk-bearing capacity and put it to use for the benefit of all, so that people who did not think that they could run the risks of stock ownership could lay that risk off onto others for a reasonable fee.
作为个人，我们似乎认为有约一半机会加倍财富并有约一半机会让财富减半的赌博值得一试。——这不是一件容易之事，但也不是根本不可能。功能充分发挥的金融市场会转移承受风险的能力，为了所有人的利益而将其利用，因此那些认为自己没能力度过股市风险的人会通过付一笔合理的费用把风险转移到别人身上。