这位顾问是否在牛市和熊市都表现出色？
艺术市场一个世纪的历史上最长的牛市在达米安·赫斯特的56幅作品售出后戏剧性地结束了。
The longest bull-run in a century of art-market history ended on a dramatic note with a sale of 56 works by Damien Hirst.
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.
期货交易不是依赖于牛市或熊市。
这对牛市构成了两大可能的挑战。
许多信号已经偏向于牛市。
这就是，史上最旺牛市之一的来龙去脉。
And this is in the context of one of the greatest bull markets ever.
牛市不仅仅是股指上升。
当思想牛市崩盘时，就会发生这种思想倒戈。
This kind of ideological whiplash is what happens when an intellectual bull market crashes.
吉姆·罗杰斯也不买账的牛市。
分析师们说，长期牛市直到1942年才开始。
Analysts say that a long-running bull market didn't begin again until 1942.
与熊市一样，牛市也不是平稳地朝着一个方向走。
Bull markets don't move steadily in one direction any more than bear markets do.
不管怎么样，这引起我们关注长期牛市固有的矛盾。
Nevertheless, it does draw attention to the contradictions inherent in this long bull-run.
但是审视一下之前的牛市就知道这种做法毫无裨益。
But a careful review of past bull markets shows that this is not a helpful thing to do.
然而即使是受益于长期牛市的人也承认目前存在风险。
But even those who have profited from the long bull market acknowledge that there are risks.
由于客户回避购买复杂的牛市产品，毛利也存在压力。
Margins are under pressure as clients shy away from buying complex bull-market products.
“其固定收益堪称世界最长牛市。”松井女士指出。
“Fixed income has been one of the longest-duration bull markets in the world, ” Ms Matsui notes.
市场看好，股票价格有望上涨，这种股市被称为牛市。
If the market is thought to be good and prices on the Stock Exchange are thought to be likely to rise, the market is called a bull market.
首先，在长熊里面的牛市周期反弹巨大，是不容错过的。
First, long cyclical bull rallies in secular bears produce gains so large that they are too important to miss.
一段时间来，这种观点在长期的股票牛市中似乎得到证实。
For a while this view seemed to be borne out by the long bull market in equities.
终究，欧洲的银行体系是为牛市而建，而牛市却姗姗来迟。
Europe's banking system is still built for a bull market that isn't coming back.
而另一场大牛市可能正在浮出水面，那就是黄金。
Yet there may be another supercycle emerging - that is, for gold.
投资者放弃抵抗是判断最终牛市见底的一个信号。
Investor capitulation is one of the final signs he looks for at a bear-market bottom.
但是，在上升周期的初期阶段，没有人会说我们处在牛市。
Just take a look at the figures. But in the early stages of a rising equity cycle, no one says it's a bull market.
2000年前的18年人们看到前所未有的股票及债券牛市。
The 18 years to 2000 witnessed an unparalleled bull market for shares and bonds.
当商品价格上涨，投资者就只关注牛市信息而忽视熊市信息。
When commodity prices are on the rise, investors only pay attention to bullish news and ignore bearish news.
2000年之前的18年，股票和债券达到了空前高涨的牛市。
The 18 years to 2000 witnessed an unparalleled bull market for shares and bonds.
在牛市中太过兴奋和在市场下跌时盲目恐慌一样危险。
Taking too much joy in a bull market can be just as dangerous as panicking mindlessly in a market fall.
在牛市中太过兴奋和在市场下跌时盲目恐慌一样危险。
Taking too much joy in a bull market can be just as dangerous as panicking mindlessly in a market fall.
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