The '70s were a terrible time to invest in stocks, a bull market had started in 1982.

0年代股票投资一直萎靡不振,牛市在1982年才露端倪

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I think this 2011 that we're going to go through a bull market,

我觉得今年，也就是2011年会是个牛市，

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We were five years into this bull market and people were getting excited about the fact that stocks were going up and equity allocations were at a fifteen-year high.

历经五年牛市,人们越来越兴奋起来,股市持续攀升,权益投资达到了15年来的最高点

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You certainly have to measure the bull market, from 1982 to 2000 and some people would say that 2000 was just a blip and we're still in this bull market.

当然估量一下这段,从1982年到2000年的牛市,有些人会说,2000不是结束,我们仍处于牛市中

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But regardless of how you measure it, for a full half-dozen years, in the midst of this bull market, colleges and universities were over-allocated to fixed income relative to where they had been in June of 1987.

但不管你怎么算,整整六年时间,处于牛市之中,大学的基金,由于1987年6月那次崩盘的影响,过度投资于固定收益债券

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