A PROMISE OF spring is renewal¹ and rebirth. In climates that experience a long, cold winter, the warmer temperatures and budding flowers represent signs of hope. The saying "April showers bring May flowers" is another phrase that describes the promise of spring.

春天象征着新生。经历了漫长而又寒冷的冬季后，回升的气温和含苞待放的花朵儿都代表着希望。老话说"四月的雨带来五月的花"，不过是春之希望的另一种说法。

These sentiments also apply to investing. It may be constructive² to view "winter" as a market downturn (although in human emotions, this is accompanied by fear and panic, which is usually not elicited³ by a normal winter). Spring could be the gradual (and as history shows, inevitable) rebound⁴ to a bull market.

这种情绪也适用于投资。将"冬季"视作投资市场低潮可能是建设性想法（尽管通常还伴随着担忧和恐慌，正常情况下，冬季并不会引发这两种情绪）。春天，股市将慢慢回归至牛市（历史表明，这是不可避免的）。

The S&P 500 index is in striking distance of its all-time high of 2,940, which it reached in late September just before it rolled over into a three-month correction. That fourth-quarter downtrend erased⁵ the index's gains for the entire year of 2018.

自去年9月创下最高点2940点以来，标准普尔500指数持续下跌，并在10至12月份进行了股市调整。第四季度的急跌走势，将2018年的全年涨幅尽数抹去。

Then came renewal, in the form of a fresh uptrend that began with only three trading days left in the year. No, the nascent⁶ market rally did not correspond precisely⁷ with the change in seasons, but the metaphor⁸ still applies.

之后开始回升：2018年末的最后三个交易日内，开始出现上涨走势。新生市场的走势与季节的变化并不完全一致，但这一比喻仍旧适用。

The rally that began in late December is part of a much longer bull market that got under way in March 2009. Since then, the S&P 500 has risen 327%.

12月底的反弹实则是2009年3月开始的较长周期的牛市的一部分。自2009年以来，标准普尔500指数已上涨327%。

The aging bull may be getting somewhat long in the tooth. It's certainly due for a major correction at some point, but no one - including prognosticators in the "guru" class - knows when.

病态牛市差不多快要到头了。重大调整一定会发生，但没有人知道重大调整的具体时间--包括"大师"级别的预测家。

There are ways to protect yourself in a market correction so you enjoy the all-but-certain turnaround that eventually sends stocks higher. But the steps to shore up your portfolio⁹ are not necessarily what you might think. It's not easy to sit through a severe downturn and stick to your pre-determined strategy; you may feel an impulse to do something - anything - to stem the bleeding.

市场调整时，保护自己不受波动，以便得到股票升值的绝佳转机。但保值的方法不一定就是你所想的那样。历经严重下跌并坚守预先确定的策略并不是件易事；你可能会冲动的想做些什么--来阻止股市下跌。

Broad asset-class diversification¹⁰ is important. This may be disappointing to hear, as it flies in the face of the "take action" impulse. Contrary to popular belief, investing is an exercise in managing your emotions, not an exercise in logic¹¹.

资产类别多样化十分重要。这听起来可能令人大失所望，因为这与"采取行动"的冲动截然相反。但与人们普遍的看法相反，投资是一种管理情绪的练习，而不是一种逻辑练习。