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The adaptive markets hypothesis says that all economic institutions, like our own species, develop and change over time, depending on the population of investors that are engaged with them.

适应性市场假说认为,所有经济机构,就像我们人类一样,都会随着时间的推移而发展和变化,这取决于与之打交道的投资者群体。

— Andrew Lo 罗德城

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