Short, it& #39;s an interesting item to study because it& #39;s ruined a lot of people, it is a sort of thing that you can go broke doing. Being short something where your loss is unlimited, it& #39;s quite different than being long something that you& #39;ve already paid for. And it& #39;s tempting...you see more stocks that are dramatically overvalued in your career than you will see stocks that are dramatically undervalued.

做空，这是一个值得研究的有趣课题，因为它毁了很多人，这是一件可能会让你破产的事情。做空的损失是无上限的，与做多完全是两回事。做空确实诱人，因为在职业生涯中，你会看到很多被大幅高估的股票，比被大幅低估的股票多很多。

It& #39;s the nature of securities markets to occasionally promote various things to the sky, so that securities will frequently sell for 5 or 10 times what they& #39;re worth, and they will very sell themselves for 20% or 10% of what they& #39;re worth. Therefore you see these much greater discrepancies between price and value on the overvaluation side. 

证券市场的本质就是偶尔把各种东西捧到天上，有些股票的价格有时候是其价值的5-10倍，有时候也会跌到其价值的10%-20%。因此从高估的角度来说，你会看到价格和价值之间的巨大差异。

You might think it& #39;s easier to make money on short selling, all I can say is it hasn& #39;t been for me. It is a very tough business because of the fact that you face unlimited losses.  Because of the fact that people that have very overvalued stocks are frequently on some scale between promoter and crook, and that& #39;s why they get there. And they also know how to use that very valuation to bootstrap value into the business.

你可能会认为做空更容易赚钱，但我想说我觉得通过做空赚钱很难。这是一个非常非常艰难的模式，因为面临着无限的损失。因为那些持有超级高估股票的人在某种程度上通常是介于股票推销者和骗子之间的人，这就是股价如此高估的原因，他们也知道如何利用这种估值提升公司的价值。

Price gouging almost always works, I mean I would say that if the things that we have felt like shorting over the years, the batting average is very high in terms of eventual. It would work out very well eventually if you held them through, but it is very painful. In my experience it& #39;s a whole lot easier to make money on the long side.

哄抬股价几乎总是有效的，如果这些年来我们做空那些我们想做空的股票，命中率会很高，如果坚持下去，最终会有很好的回报，但这非常痛苦。根据我的经验，做多赚钱要容易得多。