But over time the stock cycle has been flattened by better management and the growth of services.

但是，随着时间的推移，通过更有效管理和更多提供的服务，股市周期波动逐渐平缓。

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Any bounce in activity from a turnaround in the stock cycle will be short-lived if underlying demand fails to revive.

如果基础需求没有重新增加，任何来源于股票周期突然上扬的反弹都会是短期的。

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The danger, however, is that too much emphasis on the stock cycle misses the underlying characteristics of this downturn.

然而，危险在于人们对库存周期的过于重视，而恰好忽视了此次经济下滑的根本的特征。

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James Stock is on the committee that dates the rises and falls in the business cycle for the National Bureau of Economic Research.

VOA: special.2010.09.24

Every stock market cycle and every asset class bubble, people get sucked by a good story at the top and sell at the bottom in a panic.

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Sometimes it may be best for companies to hoard cash at the top of the stock-market cycle and use it in the next trough to buy back shares at a discount.

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