Investors must recognize that the j

Investors must recognize that the junk-bond mania was not
a once-in-a-millennium madness but instead part of the historical
ebb and flow of investor sentiment between greed and fear.
, The important point is not merely that junk bonds were flawed
(although they certainly were) but that investors must learn
from this very avoidable debacle to escape the next enticing
market fad that will inevitably come along.
A second important reason to examine the behavior of other
investors and speculators is that their actions often inadvertently
result in the creation of opportunities for value
investors. Institutional investors, for example, frequently act as
lumbering behemoths, trampling some securities to large discounts
from underlying value even as they ignore or constrain
themselves from buying others. Those they decide to purchase
they buy with gusto; many of these favorites become significantly
overvalued, creating selling (and perhaps short-selling)
opportunities. Herds of individual investors acting in tandem
can similarly bid up the prices of some securities to crazy levels,
even as others are ignored or unceremoniously dumped.
Abetted by Wall Street brokers and investment bankers, many
individual as well as institutional investors either ignore or
deliberately disregard underlying business value, instead
regarding stocks solely as pieces of paper to be traded back and
forth.

結果 (中文) 1:

投资者必须认识到，垃圾债券的狂热是不一次在千年疯狂但相反部分的历史投资者情绪贪婪和恐惧之间的消长。重要的一点是不只是垃圾债券有缺陷(虽然他们当然了) 但是，投资者必须学会从这很可以避免崩溃的人们逃脱的下一个诱人不可避免地会出现的市场潮流。第二个重要原因检查的其他行为投资者和投机者是，他们的行为往往在不经意间结果在创造价值的机会投资者。机构投资者，例如，经常作为笨重的庞然大物，践踏一些证券对大折扣从基础值甚至他们忽略或限制自己从买别人。那些他们决定购买他们买津津有味;许多人变得显著地这些收藏夹被高估，创建销售 (和也许卖空)机会。成群的个人投资者以串联行事同样可以哄抬到疯狂的程度，一些证券价格即使当别人忽略或唐突。受华尔街经纪人和投资银行家，怂恿许多个人和机构投资者忽略或故意忽视潜在的商业价值，而是关于股票仅作为纸回交易和四。

結果 (中文) 3:

投资者必须认识到，垃圾债券的狂热是不
这是千年一遇的疯狂但不是历史
潮涨潮落投资者情绪的贪婪和恐惧之间的部分。
，重要的不仅仅是垃圾债券是有缺陷的
（虽然他们肯定）但是，投资者必须从这一不可避免的溃败逃跑下一个诱人的学习

市场流行，必然会出现。一个重要原因是检验其他的投资者和投机者的行为，他们的行为往往是不经意的，导致价值投资者创造机会。例如，作为机构投资者，经常
笨拙的庞然大物，践踏了证券
大折扣从潜在的价值，即使他们忽略或约束自己从购买他人。他们决定购买
他们购买热情；许多这些收藏夹变得明显
高估，创造销售（或者卖空）
机会。存栏的个人投资者的行为在串联的，可以类似地抬高了一些证券的价格，疯狂的水平，即使别人忽视或随意倾倒。
华尔街经纪人和投资银行家的鼓动下，许多
个人以及机构投资者忽略或故意无视
潜在的商业价值，而不是仅仅关于股票
纸片被交易回
四。