We should not conclude from this that everything depends on waves of irrational psychology. On the contrary, the state of long-term expectation is often steady, and, even when it is not, the other factors exert their compensating effects.

我们不应该由此得出结论，一切都取决于非理性心理的浪潮。相反，长期预期的状态往往是稳定的，即使不稳定，其他因素也会发挥补偿作用。