The Only Game in Town
投资者混淆市场收益与交易收益，加上对随机交易与信息交易盈利概率的错误推理，导致持续交易但业绩不佳；做市商通过买卖价差生存是理解这一谬误的关键。
Investors' confusion between market gains and trading gains helps explain why they continue trading even though it rarely improves their performance. Then, too, some investors reason that if trading based on random selection is as likely to prove profitable as not, trading based on any information whatever will result in performance better than neutral. The key to the fallacy in their reasoning is the market maker, who must impose a spread in order to survive.