而在牛市中，投资者大发横财，往往将股票价格炒得过高。
In the bull markets, investors made their fortunes, generally driving shares up to excessive valuations.
对冲价格并不是一成不变的，当市场波动增加、投资者需求旺盛时，对冲价格也会增加；而在牛市中，对冲价格会有所下降。
The price of hedging varies, rising when markets are volatile and investors most need it, and declining during bull markets.
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