《股票作手回忆录·第二十四章·收尾反思》第6节
The Stock Exchange should help. It is vitally interested in protecting the public against unfair practices. If a man in position to know wishes to make the public accept his statements of fact or even his opinions, let him sign his name. Signing bullish items would not necessarily make them true. But it would make the “insiders” and “directors” more careful. The public ought always to keep in mind the elementals of stock trading. When a stock is going up no elaborate explanation is needed as to why it is going up. It takes continuous buying to make a stock keep on going up. As long as it does so, with only small and natural reactions from time to time, it is a pretty safe proposition to trail along with it. But if after a long steady rise a stock turns and gradually begins to go down, with only occasional small rallies, it is obvious that the line of least resistance has changed from upward to downward. Such being the case why should any one ask for explanations? There are probably very good reasons why it should go down, but these reasons are known only to a few people who either keep those reasons to themselves, or else actually tell the public that the stock is cheap. The nature of the game as it is played is such that the public should realise that the truth cannot be told by the few who know.
注释摘要
在1900年代的华尔街，证券交易所对市场的监管远不像今天这样严密。利弗莫尔发声的这个时期，美国正处于进步主义时代的门槛，公众对金融操纵的愤怒在积累。当他说“交易所应当帮忙”时，他指向的是一个顽疾：匿名消息和内幕人士利用信息不对称对公众的掠夺。那个时代没有今日美国证券交易委员会这样强有力的联邦监管机构，对虚假看多言论的惩罚几乎为零。所谓“牛市谎言”——散布不…