We see that the business model that propelled success during the last bull market and economic boom isn't going to work as well in the economy that is likely to emerge after the recession.

我们看到在上一个牛市阶段促使他们成功并造就繁荣的业务模式，在衰退后的市场中将不会起到同样效果。

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In the U.S., the Dow Jones Industrial Average fell 17.61 points, or 0.2%, to 8168.12 on Thursday, but ended up 7.4% in April for the best two months since the start of the last bull market in 2002.

美国道琼斯工业股票平均价格指数周四下跌17.61点，收于8168.12点，跌幅0.2%；但4月份整体上涨7.4%。 道琼斯指数这两个月创下了2002年上次牛市开始以来的最佳表现。

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There was a wobble in May-June last year (emerging markets took the biggest hit), but this bull market has trotted on pretty serenely for four years.

最近四年，虽然在去年五六月间有些小振荡(主要影响了新兴市场)，但总体表现相当不错。

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Since the last bull market's peak in March 2000, the stock has expanded by two-thirds.

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The last bull market, which ended in October 2007, continued for a year after its first Dow record, rising 21% in that period.

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Unlike the last bull market, when publicly-traded money managers delivered better returns than large-cap equities, ETF firms and businesses are a much harder win.

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