英股在明年底有低位，而在2020年中再有相若水平的低位，之后才开始长近20年的长期牛市（secular bull）。 2020年是重要的一年，息率由长跌转长升，股市亦由长熊（secular bear）转长牛。
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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.
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