And this is in the context of one of the greatest bull markets ever.

这就是,史上最旺牛市之一的来龙去脉

耶鲁公开课 - 金融市场课程节选

You certainly have to measure the bull market, from 1982 to 2000 and some people would say that 2000 was just a blip and we're still in this bull market.

当然估量一下这段,从1982年到2000年的牛市,有些人会说,2000不是结束,我们仍处于牛市中

耶鲁公开课 - 金融市场课程节选

But regardless of how you measure it, for a full half-dozen years, in the midst of this bull market, colleges and universities were over-allocated to fixed income relative to where they had been in June of 1987.

但不管你怎么算,整整六年时间,处于牛市之中,大学的基金,由于1987年6月那次崩盘的影响,过度投资于固定收益债券

耶鲁公开课 - 金融市场课程节选