The Silver Lining

银色的边缘

If no price seemed too high for stocks in the 1990s, in 2003 we’ve reached the point at which no price appears to be low enough. The pendulum has swung, as Graham knew it always does, from irrational exuberance to unjustifiable pessimism. In 2002, investors yanked $27 billion out of stock

During the 1990s, it appeared that no cost was too steep for equity investments, yet by 2003, we have encountered a scenario where no valuation seems sufficiently low. The pendulum, as Graham astutely observed, perpetually oscillates between the extremes of unfounded optimism and unwarranted gloom. In the year 2002, investors withdrew $27 billion from the stock market.

翻译成中文：If no price seemed too high for stocks in the 1990s, in 2003 we’ve reached the point at which no price appears to be low enough. The pendulum has swung, as Graham knew it always does, from irrational exuberance to unjustifiable pessimism. In 2002, investors yanked $27 billion out of stock

如果说在1990年代，股票的价格似乎永远不嫌高，那么到了2003年，我们似乎已经到了一个点——没有任何价格看起来足夼低。正如格雷厄姆所知，钟摆总是这样摆动，从无理的热情转向了无法辩解的悲观。在2002年，投资者从股市中撤走了270亿美元。

and a survey conducted by the Securities Industry Association found that one out of 10 investors had cut back on stocks by at least 25%. The same people who were eager to buy stocks in the late 1990s—when they were going up in price and, therefore, becoming expensive—sold stocks as they went down in price and, by definition, became cheaper.

证券行业协会进行的一项调查发现，十分之一的投资者至少减持了25%的股票。那些在1990年代末急切购买股票的人们——当时股票价格上涨，因此变得昂贵——在股票价格下跌、按定义变得更便宜时却卖出了股票。

As Graham shows so brilliantly in Chapter 8, this is exactly backwards. The intelligent investor realizes that stocks become more risky, not less, as their prices rise—and less risky, not more, as their prices fall. The intelligent investor dreads a bull market, since it makes stocks more costly to buy. And conversely (so long as you keep enough cash on hand to meet your spending needs), you should welcome a bear market, since it puts stocks back on sale.

正如格雷厄姆在第八章中精彩地展示的那样，这种做法完全是本末倒置的。聪明的投资者意识到，随着股价的上升，股票变得更加风险，而不是更少；相反，随着股价的下降，股票变得风险更小，而不是更大。聪明的投资者害怕牛市，因为它使得股票购买成本增加。相反地（只要你手头保留足够的现金以满足你的支出需求），你应该欢迎熊市，因为它使得股票重新变得便宜。

So take heart: The death of the bull market is not the bad news everyone believes it to be. Thanks to the decline in stock prices, now is a considerably safer—and saner—time to be building wealth. Read on, and let Graham show you how.

所以请放心：牛市的消亡并不是众人认为的坏消息。得益于股价的下降，现在是一个相当安全和理智的积累财富时机。继续阅读，让格雷厄姆指导你如何做。

结合上面的阐述，解释一下 The Silver Lining

"The Silver Lining" 是一个英语成语，意思是在不幸或困难的情况中看到积极的一面或希望。这个短语通常用于鼓励人们在逆境中寻找正面的方面，即使整体情况看起来很糟糕。

这个成语的来源通常被归功于约翰·米尔顿在1634年的诗剧《Comus》中的一行：“Was I deceiv’d, or did a sable cloud / Turn forth her silver lining on the night?”。然而，成语“every cloud has a silver lining”是在19世纪才流行起来的，意为每一朵乌云后面都有银色的边缘，比喻即使在最坏的情况下也有积极的一面。

例如，如果一个人失业了，他们可能会发现这是一个追求新职业或改变生活方式的机会，那么这个新的机会就是失业这朵“乌云”的“银色边缘”。

在中文里，相似的成语或表达有“塞翁失马，焉知非福”或“困难中的转机/机遇”，都含有在不利情况中寻找和发现积极面的意思。

谢谢，明白了

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