January 29, 2024
中文：金融领域内的一条铁律是：金钱会追逐回报的最大化。如果一种金融资产的续航能力优秀——它已经持续上涨一段时间了——那么短线投资者们认为这种趋势会持续的想法并没有什么不妥。它当然不会永远涨下去，但只要在他们需要的时间段持续上涨就可以了。而这种向上的动量以一种合乎情理的方式吸引着短线投资者入场。然后，一切就开始加速了。当短期回报的动量吸引了足够多的资金，使投资者的主体从长线投资者变为短线投资者时，泡沫就开始形成了。
百度翻译：The iron rule in the financial field is that money will pursue the maximization of returns. If the endurance of a financial asset is excellent - it has been continuously rising for a period of time - then the idea that short-term investors believe this trend will continue is not inappropriate. It certainly won't continue to rise forever, but as long as it continues to rise during the time period they need it, it's enough. And this upward momentum attracts short-term investors in a reasonable way. Then, everything began to accelerate. When the momentum of short-term returns attracts enough funds to change the main body of investors from long-term investors to short-term investors, foam begin to form.
Day 10 January 30, 2024
中文：泡沫之所以会形成，并不是因为人们在非理性地参与长期投资，而是因为人们在某种程度上堪称理性地转向短线交易，以追逐不断滚雪球式增长的积极动量。人都是逐利的。在短线投资者所处的领域，长线投资需要奉行的理念——尤其是关于估值的——被人们忽视了，因为这些理念与短线投资者参与的游戏无关。
百度译文：The foam was formed not because people were participating in long-term investment irrationally, but because people, to some extent, rationally turned to short-term transactions to pursue the positive momentum of continuous snowball growth. People are all profit driven. In the field of short-term investors, the concepts that need to be pursued in long-term investments, especially those related to valuation, have been overlooked because these concepts are not related to the games that short-term investors participate in.
