On average, during the first year following the low point in a bear market, the stock market climbs 44 percent, according to the Leuthold Group.

根据基金管理公司卢佛集团(Leuthold Group)的估计，一般来讲，在第一年的熊市最低点之后，股票市场上涨了44%，而在第二年，股票市场平均上涨60%。

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The Leuthold Group, a research firm, calculates that share prices have risen in each of the nine worst years for profits over the past half-century.

ECONOMIST: American productivity