这位顾问是否在牛市和熊市都表现出色？
第三，添加了哑变量d_1，对于处于股市的不同阶段(牛市和熊市)可能对基金收益产生的贡献给予不同的权重。
Third, dummy variable D_1 was included. The contribution to the earning rate of fund by different market conditions (bull and bear) was considered.
这个较高的高点和低点的组合就意味着熊市确实结束了，股市已经转向另一个牛市。
That combination of a higher high and a higher low would mean that the bear market had indeed ended and that stocks had moved into another bull market.
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