The cliché is that markets are driven by greed and fear. Less remarked on is the asymmetry of tolerance between the two. House prices, say, can triple over the years with barely a murmur. But the moment they fall by even a tenth, investors squeal like little girls. Are the latest wobbles in markets, therefore, an overreaction or a sensible response to genuine change?
人們常說，市場是由貪婪和恐懼驅動的，但較少提及兩者容忍度上的非對稱性。比如說，房價這些年來上漲了兩倍，人們只是小聲嘟囔了幾句；但當房價僅僅下跌了十分之一時，投資者就會像小姑娘一樣大聲尖叫。如此說來，最近市場中的動盪，是對市場真正改變的過度反應，還是一種合理的回應？
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