上一次这种情况发生在去年四月份结束的连续3个月的股票周期。
The last time that happened was in the three-month period that ended last April.
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。
Any bounce in activity from a turnaround in the stock cycle will be short-lived if underlying demand fails to revive.
我们注意到，过去的成长型股票，例如微软，成长为一只价值股的生命周期中，会失去一类投资者，转而由另一类投资者持有。
Or we note the ownership life cycle as a former growth stock such as Microsoft (MSFT, news) ages toward a value stock, losing one type of investor as it picks up another.
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