Markets tend to over discount the uncertainty related to identified risks. Conversely, markets tend to underdiscount risks that have not yet been expressly identified. Whenever the market is pointing at something and saying this is a risk to be concerned about, in my experience, most of the time, the risk ends up being not as bad as the market anticipated. (市场总是会过度反应已有风险的不确定性。相反的，市场总是对于还没有发生的风险预期不够。当市场开始说需要担心某个风险的时候，从我的经验上感觉，大部分时候这个风险并没有市场预期的那么差) 注：市场总是过度反应当下和已知，对于未来和未知反应不足。2008年A股底部时，所有人都觉得市场要关门，经济大萧条了。其实那个时候风险已经包含在价格中，而且被过度反应了。