Has the adviser performed well in bull and bear markets?

这位顾问是否在牛市和熊市都表现出色？

THEY rarely ring a bell at the bottom of bear markets.

熊市的底部几乎总是悄无声息地来临。

Naturally, the report this year focuses on bear markets.

自然而然，今年的报告会着重于熊市。

In other words, bear markets give nature the upper hand.

换句话说，熊市之下本能将占据上风。

Bear markets often end not in capitulation but stupefaction.

熊市的尽头往往是投资者的茫然麻木而非大举溃退。

But bear markets behave rather like Lucy in the Peanuts cartoon strip.

但熊市的行为表现和连环漫画peanuts中的Lucy有点相似。

I don't panic in bear markets, and bull markets make me uncomfortable.

我对熊市并不恐慌，牛市却会让我感到不舒服。

Our analysis of historical secular bear markets is consistent with this.

我们对历史上熊市的分析也符合这一点。

Those bear markets have left many investors reluctant to buy stocks at all.

这两个熊市已经让投资者对股票谈虎色变。

Bull markets don't move steadily in one direction any more than bear markets do.

与熊市一样，牛市也不是平稳地朝着一个方向走。

Because bear markets don't sketch out a steady pattern of lower and lower prices.

因为熊市并不会描绘出步步走低的平稳态势。

That left them horribly exposed to the two bear markets of the current millennium.

结果是，进入新千年后，遭遇两次可怕的熊市。

As long as you have a plan (and stick to it), you can learn to love bear markets too.

只要你有一个计划(并且坚持去做)，你也就能学会去钟爱熊市。

Experiencing those two bear markets has left many investors reluctant to buy stocks at all.

经历了这两个熊市后，许多投资者再也不愿意买股票。

In truth, bear markets often end not in a crescendo of selling but a cloud of indifference.

事实上，熊市的终点往往不是抛售行为的加剧，而是漠然情绪的升温。

History is well stocked with bear markets that wiped out wealth on a vast scale (see table).

历史上熊市使人瞬间一无所有的事例屡见不鲜(见上表)。

While crashes are often associated with bear markets, they do not necessarily go hand in hand.

尽管股市崩溃与熊市常常被同时提及，它们并不一定同时发生。

Whatever the cause, it is clear that this is one of the worst bear markets in postwar history.

无论原因是什么，很显而易见这是战后最糟糕的熊市之一。

The bear markets that began in 2000 and 2007 demonstrated exactly how dangerous buy-and-forget can be.

2000年和2007年开始的熊市非常清楚地表明买入并忘记是多么的危险。

Crashes are often distinguished from bear markets by panic selling and abrupt, dramatic price declines.

股市崩溃通常与熊市区分开来，这是由于股市崩溃意味着恐慌性抛售和股价大幅骤降。

TWO bear markets in the past decade have made many investors reconsider their attitude towards equities.

过去十年间的两次熊市已使投资者重新思考其对股权的态度。

But it is possible for investors to take advantage of bear markets, even if they do not get their timing exactly right.

但即使投资者不是分毫不差掌握时机，也可能利用到熊市。

If you consider a bear market a drop in the Dow of 15% or more, there have been 25 bear markets in the past 110 years.

如果你认为熊市是道琼斯指数下跌15%或是更多，那么在过去的110年间已经有25个熊市了。