在股市疲软时期，市盈率最终会下跌至平均水平以下，有时会跌到7至9倍的水平，在上一次长期熊市期间就是如此。
During periods of stock-market weakness, price-to-earnings ratios eventually fall below their averages, sometimes into the high single digits, as they did during the last long-running bear market.
2008年，全球股市很可能会低于去年年底的水平，但要想进入全面熊市，它们需要从最近的高点下跌20%。
Stock markets may well fall in 2008 from their levels at the end of this year, but they would need to drop 20 per cent from their recent peaks for there to be a full-blown bear market.
针对代表性投资者对于下跌风险和上升风险的不同态度，推导了基于“熊市”和“牛市”的单期资产定价模型，并运用中国股市数据进行了实证。
From the different attitude of representative investor to downside risk and upside risk, assets pricing models in one period were put forward based on "bear market" and "bull market".
它不意味着股票价格能保持目前的高价或者股市不再会出现熊市(下跌)，没有人能够保证你会有美好前景。
It does not mean stock prices will stay at their lofty levels or that there'll never be another bear (declining) market. Nobody is promising you a rose garden.
还有人说，现在就断言熊市即将结束还为时太早，鉴于当前金融危机和经济衰退的局面如此严峻，股市还有可能经历更多下跌。
Others say it is too soon to declare the bear market over, and the financial crisis and the recession are so bad that more declines are likely.
这是一个比其他最近的熊市，之后为契机，以低价买进股票，将不可避免地上升，投资者认为股市下跌了截然不同的模式。
This is a far different pattern than in the wake of other recent bear markets, where investors had viewed market declines as a chance to buy cheap stocks that would inevitably rise.
这是一个比其他最近的熊市，之后为契机，以低价买进股票，将不可避免地上升，投资者认为股市下跌了截然不同的模式。
This is a far different pattern than in the wake of other recent bear markets, where investors had viewed market declines as a chance to buy cheap stocks that would inevitably rise.
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