在如1982至2000年的长期牛市之时，投资者会越来越乐观。
During a long bullish period — a secular bull market like the one between 1982 to 2000 — investors become increasingly optimistic.
发生在长期牛市早期的倒退，比如1987年股市崩盘，出人意料地迅速得到纠正，没过多久，市场就重现乐观情绪。
Setbacks like the 1987 crash, which occurred early in that long bullish period, are remedied with unexpected speed, and before long optimism returns to markets.
股市强势上升——甚至升个3到4年的周期性牛市——在长期大熊趋势中也是可能的。
Strong market rallies — even three - to four-year cyclical bull markets — can take place inside a longer bear market trend.
这在1950年代晚期以来还是首次发生——上一次发生在2003年3月，紧随其后的是一波长期牛市。
This has happened only once before since the late 1950s-in March 2003, which proved to be the start of a long rally.
股市投资者现在可能预期1987年股市暴跌之后的长期牛市行情将会重演。
Stock market investors may anticipate a replay of that post-crash world.
股市投资者现在可能预期1987年股市暴跌之后的长期牛市行情将会重演。
Stock market investors may anticipate a replay of that post-crash world.
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