我们对历史上熊市的分析也符合这一点。
Our analysis of historical secular bear markets is consistent with this.
熊市的存在并不会排除短期内获得丰厚回报的可能。
The existence of a bear market does not preclude the possibility of fantastic returns over shorter periods.
熊市的尽头往往是投资者的茫然麻木而非大举溃退。
Bear markets often end not in capitulation but stupefaction.
但熊市的行为表现和连环漫画peanuts中的Lucy有点相似。
But bear markets behave rather like Lucy in the Peanuts cartoon strip.
尽管股市会在今年二三季度有所起色，但这仅仅是熊市的反弹。
While stock markets may improve in the second and third quarter, it is merely a bear market rally.
总要观察一支股票的年度趋势，并考虑是否为牛市或熊市的一年。
Always watch the annual trend of a stock and consider whether it is in a bull or bear year.
事实上，熊市的终点往往不是抛售行为的加剧，而是漠然情绪的升温。
In truth, bear markets often end not in a crescendo of selling but a cloud of indifference.
人民在这些动乱地区很快会遭遇到另一场像涣熊市的事故是不可避免的。
People in the destabilized areas soon feared another incident like Raccoon City was inevitable.
在1980年代早期达到顶峰，这时，股市也刚刚走出一个大熊市的底部。
It peaked in the early 1980s, just as shares were reaching the end of a long bear market.
2000和2007熊市的教训之一，就是教会我们投资者既要看长，也要看短。
One of the lessons that the bear markets of 2000 and 2007 should have taught us is that investors need to think both long and short term.
那么当然，熊市的风险依然存在，或说我们还在期盼近日大升之后股价的重大回调。
And, then, of course, there's the risk that the bear isn't over or that we're looking at a major retracement in stock prices after the recent big rally.
熊市的第二个阶段以市场情绪的突然变化为标志，市场从乐观和憧憬，转而震惊和恐惧。
The second Bear phase is marked by a sudden mood change, from optimism and hope to shock and fear.
例如：1917年是一个大熊市的底部，加上5年得到1922年，一个小牛市的顶部。
For example: 1917 was bottom of a big bear campaign; add 5 years gives 1922, top of a minor bull campaign.
因此，尽管Stack还没有准备好宣称熊市的终结，他已经建议投资者将58%的资产投入股市。
So, although Stack isn't ready to declare the bear dead, he currently recommends that clients keep 58% of their assets in stocks.
一位曾经准确预测熊市的精明的市场观察家表示：下一轮牛市即将开始，并且它将是一个更大的牛市。
A savvy market watcher, who has been correctly bearish on stocks, says the next bull market will likely start soon — and it should be a big one.
2009年全年的恐慌并没使资产价值滑向前几次熊市的低谷，而现在的反弹又使得一些市场市值虚高。
For all the panic last year, asset values never quite reached the lows that marked other bear-market bottoms, and now the rally has made several markets look pricey again.
这一组织的比例在2000年的时候增加到了25%，此后，由于熊市的到来，曾一度下滑至百分之十几。
However, in 2000 the proportion shot up to 25%, before falling back to the teens during the bear market.
你所要做的就是在熊市的底部，但是市场开始恢复的时候开始你的选股，然后搭上下一个十年牛市快车，对吧？
All you have to do, it turns out, is start your picks in the bottom of a bear market but close to a recovery, then ride out the next 10-year bull market, right?
格拉汉姆还提出了一个更令人吃惊的说法：投资者可以把握长期熊市的“大好时机”获利，这样的运气好得令人慕。
Graham added a more startling note: Investors would be 'enviably fortunate' to benefit from the 'advantages' of a long bear market.
道琼斯工业平均指数跌100点或1.3%，收盘于自2002年10月9日以来的最低点，也是上次熊市的大底部。
The Dow Jones industrial average ( INDU) lost 100 points, or 1.3%, closing at the lowest point since Oct. 9, 2002, at the bottom of the last bear market.
实际上我想说的是在眼下熊市的这个阶段，不要在意股票价格——这不包括大盘指数，它是市场趋势和整体回暖的风向标。
In fact, at this point in this bear market, I'd say ignore current share prices -- except in the aggregate as an indicator of trends and an eventual turn in the market as a whole.
在牛市价差中使用较低的两个执行价格，在熊市价差中使用较高的执行价格。
The lower two strike prices are used in the bull spread, and the higher strike price in the bear spread.
关于熊市是否走到头的争论，虽然没有什么益处，却挺有趣。
It's interesting, though not necessarily profitable, to argue about whether the bear market is over.
这些执迷不悟的熊市论者已经习惯了跟舆论唱反调，也不会因反弹就乱了方寸。
These unrepentant bears are used to betting against the consensus and are not put off by the rally.
这部分反映了2000-02年股市熊市中学到的教训。
Inpart, this reflects the lessons of the 2000-02 equity bear market.
最低点永远是最漂亮的最有希望的，熊市意味着市场将很快触底反弹。
While the bottom is never pretty, a bear market may mean that the market is preparing to rebound.
在未来两年里会有不少熊市反弹的局面。
There will be many bear-market bounces over the next two years.
2000年和2007年开始的熊市非常清楚地表明买入并忘记是多么的危险。
The bear markets that began in 2000 and 2007 demonstrated exactly how dangerous buy-and-forget can be.
2000年和2007年开始的熊市非常清楚地表明买入并忘记是多么的危险。
The bear markets that began in 2000 and 2007 demonstrated exactly how dangerous buy-and-forget can be.
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