On the one hand, positive feedback trading strategy is applied in the previous high-returned stock;

一方面基金对前期高收益的股票采用正反馈交易策略；

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Then the study test shows that our money market traders widely used positive feedback trading strategies.

接着实证检验说明我国货币市场交易商们广泛采用正反馈交易策略。

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It is the positive feedback trading and self-reinforcing mechanism, which enforced the expectations normalized speed and degree. So the liquidity black hole appears.

正是这种正反馈的交易机制，自我增强了预期归一化的速度与程度，导致流动性黑洞的出现。

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Research fellow Shelly Liang points to the Positive Feedback Trading Hypothesis (PFTH), which says traders may buy a stock simply because the price is going up.

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