This makes for considerable stability in markets as long as the conventions hold . But they are liable to being overturned suddenly in the face of passing bad news, because “there is no firm basis of conviction to hold them steady.”
只要这种势头一直如此，市场就会一直保持相对的稳定。一旦坏消息传播开来，上述情况就会突然完全转变。因为“没有足够坚实的基础能保证市场的稳定。”就像在一个拥挤的剧场中，突然有人大喊一声“着火了！”每个人都想要逃生。这并不是“非理性的”行为。而是面对不确定性的一种理性行为。从本质上来说，去年秋天所发生事情就是这样。