Three’s a crowd — at least, it should be when it comes to stock markets in the same country doing the same thing. Fragmentation divides investor attention and liquidity. And when new entrants steal all the limelight, it can lead to a predictable cycle of booms and busts.
三個就太擁擠了——至少對在同一國家做同樣事的股票市場而言如此。碎片化會分散投資者注意力和流動性。而當新進入者搶盡風頭時，往往會引發可預見的牛市與熊市循環。
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