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
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,
And this is in the context of one of the greatest bull markets ever.
这就是,史上最旺牛市之一的来龙去脉
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
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
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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