空頭市場（bear market）

閱讀筆記：

• Although it is false etymology to characterize a bear market with the downward swatting motion of that animal, let us use that image for the sake of humor (the term supposedly comes from stock jobbers in London selling bearskins before they owned them, or short selling). If most investors think they can stand in the path of a bear raising its arm to swat them, they are probably wrong. However, Uncle John basically sees the bear as swinging its arm back to slap him a high five because he knows that stocks are about to get a lot cheaper and present more bargains for purchasers. (摘自Investing the Templeton Way: The Market-Beating Strategies of Value Investing's Legendary Bargain Hunter, by Lauren C. Templeton and Scott Phillips)

• 空頭市場的一般定義是，標準普爾五百種股價指數（Standard & Poor’s 500；S&P 500）和道瓊工業股價指數（Dow Jones Industrial Average；DJIA）等主要股價指數至少下跌20%，但是這種情形相對比較少見。自第二次世界大戰結束以來，我們只見過十次跌勢市場，平均期間相當短，只有十六個月。大體來說，空頭階段的股市周期和多頭階段比起來，較短且急，因為賣壓往往相當集中，很快就會力竭而衰。過去十次空頭市場，平均損失是31%。另一方面，二次戰後十次多頭市場平均為期五十六個月，漲幅高達155%。（摘自《標準普爾教你做好長期投資》，中文繁體版）