In The Bull Markets的意思|示意

There was a wobble in May-June last year (emerging markets took the biggest hit), but this bull market has trotted on pretty serenely for four years.

最近四年，虽然在去年五六月间有些小振荡(主要影响了新兴市场)，但总体表现相当不错。

Tellingly, it hardly ever has been the case in the U.S. that a sector or industry group is the leader of two successive bull markets.

坦言之，在美国，还没有说哪一个板块或行业群是连续两个牛市的领涨者。

At the beginning of the great bull markets for equities, such as those that started in 1948 or 1982, yields were much higher than current levels.

在股票大规模牛市初期，比如始于1948或1982年的牛市，收益率远高于目前的水平。

Instead, the governing theory of Ed Easterling, head of Crestmont Research in Dallas, is that markets follow secular bull and bear cycles.

不仅如此，根据达拉斯克莱斯蒙研究所(Crestmont Resaerch)所长埃德·伊斯特林(Ed Easterling)的“支配理论”(governing theory)，市场遵循的是长期牛市与长期熊市的周期。

And this is in the context of one of the greatest bull markets ever.

这就是，史上最旺牛市之一的来龙去脉。

LIKE the AGING HAS-BEEN WHO ruefully looks back on his glory days in high school, many investors frequently replay previous bull markets in their minds.

人一老就开始回顾自己初中时的辉煌，同理很多投资人经常在头脑里一遍一遍地回顾之前的牛市。