总之，我们现在都是反向投资者。
在全球市场中游走的美国股票基金经理事实上都是反向投资者。
As they move among global markets, US equity managers are actually contrarian.
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.
他表示，洛希尔公司还是一家反向投资者，因此当竞争对手可能身陷困境之时，信贷危机为公司进入新领域提供了机遇，“许多竞争对手已经乱了套了。”
The company, he says, is also contrarian, and the credit crisis presents an opportunity to move into new areas when rivals may be in trouble. "Many competitors are upside down, " he says.
这或许有助于解释，为什么市场情绪可以如此快速地转换，为什么真正的反向操作者如此难以找到，为什么投资者对华尔街的“共同观点”如此在意。
That may help explain why market sentiment can change so swiftly, why true contrarians are so hard to find and why investors care so much about the 'consensus view' on Wall Street.
而当熊市时，杠杆反向作用，就像去年投资者以跳楼价抛售资产。
When markets fall this leverage works the other way, as could be seen when investors offloaded assets at fire-sale prices last year.
息率互换合约[3](Interest Rate Swap)允许投资者和借债人把一个固定利率的合约与一个浮动(可变)利率的合约相交换；同样也允许反向操作。
Interest-rate swaps allow investors and borrowers to switch from a fixed rate to a floating, or variable, rate and vice versa.
文章认为，在将来，反向策略仍然具有获利能力，但其周期将会适度增加。从获利结构上，投资者反应过度的贡献将会有所上升，而共同因素负自相关的贡献会下降。
The paper argues that contrarian strategy also is profitable in the future while its cycle will increase moderately and the contribution of overreaction to profits will rise.
文章认为，在将来，反向策略仍然具有获利能力，但其周期将会适度增加。从获利结构上，投资者反应过度的贡献将会有所上升，而共同因素负自相关的贡献会下降。
The paper argues that contrarian strategy also is profitable in the future while its cycle will increase moderately and the contribution of overreaction to profits will rise.
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