大多数手中持有现金和存款(因此逆转了资产价格收缩的一个关键要素)的中小投资者放弃存款转向股票资产。
Retail investors, large holders of cash, dissave (thus reversing one of the key drivers of asset deflation) and divest deposits into equity assets.
这个系统中的许多要素都像庞式计划中的一样，它们依赖于投资者的信心，如果所有投资者都撤回他们的资金，这些要素就会崩溃，或者依靠新的投资者来使其继续运转。
Many elements of the system are Ponzi-like in that they depend on confidence-they would collapse if all investors demanded their stakes back-or they rely on new backers to keep them going.
目前市场对股市能否继续上行大体持悲观态度，而这正是促使反向投资者买进的因素；但目前股市拥有持续上涨的所有要素。
Add to that mainstream pessimism about stocks' chances to go much higher — exactly the kind of thing that drives contrarian investors to buy — and you have all the elements for a sustained rally.
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