In Bull Markets的意思|示意

LIKE the AGING HAS-BEEN WHO ruefully looks back on his glory days in high school, many investors frequently replay previous bull markets in their minds.

人一老就开始回顾自己初中时的辉煌，同理很多投资人经常在头脑里一遍一遍地回顾之前的牛市。

Tellingly, it hardly ever has been the case in the U. s. that a sector or industry group is the leader of two successive bull markets.

坦言之，在美国，还没有说哪一个板块或行业群是连续两个牛市的领涨者。

In the bull markets, investors made their fortunes, generally driving shares up to excessive valuations.

而在牛市中，投资者大发横财，往往将股票价格炒得过高。

Instead, the governing theory of Ed Easterling, head of Crestmont Research in Dallas, is that markets follow secular bull and bear cycles.

不仅如此，根据达拉斯克莱斯蒙研究所(Crestmont Resaerch)所长埃德·伊斯特林(Ed Easterling)的“支配理论”(governing theory)，市场遵循的是长期牛市与长期熊市的周期。

To paraphrase Leo Tolstoy in "Anna Karenina" : happy bull markets are all alike; every unhappy bear market is unhappy in its own way.

剥用列夫·托尔斯泰在《安娜·卡列尼娜》里的一句名言：所有快乐的牛市都一样，所有不快乐的熊市都各有不同。

At the beginning of the great bull markets for equities, such as those that started in 1948 or 1982, yields were much higher than current levels.

在股票大规模牛市初期，比如始于1948或1982年的牛市，收益率远高于目前的水平。