Perhaps that is because valuations are so confusing, with assets priced far outside their familiar range; or perhaps it is because people expect prices to fall further.

这或许是因为资产价格已远远超出了投资者熟悉的定价范围，导致市场对现如今的资产估值是一头雾水、将信将疑；或许是因为投资者预期价格还会继续下跌。