投资者在满意与警觉之间的摇摆过程，蕴含着波动性的周期性因素。
There is thus a cyclical element to volatility, as investors move from complacency to alarm.
但是，运用周期性因素去解释美元在历史上的上佳表现已经被证明是片面的了。
Yet cyclical factors only partly explain why the dollar has been strong.
即便考虑到其众所周知的周期性因素，投行业在过去五年里仍经历令人反胃的颠簸旅程。
EVEN by its own notoriously cyclical standards, investment banking has been on a stomach-churning ride in the past five years.
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