Arguably, the bull market of 2021 is the same one that started in 2009, with one big change. Retail investors, who sat on the sidelines for so many years, rushed in after the pandemic-induced flash crash last year and have since been buying every dip with mounting enthusiasm. They represent not only a new cohort of investors but a new voting bloc, increasing the risk of populist backlash should one of the dips turn into another bear market.
2021的牛市與2009年開始的那波牛市可以說是一樣的，但有一個大變化。在去年由新冠疫情引發的閃電崩盤後，多年來一直置身局外的散戶投資者蜂擁入場，在此後每一次股市下跌時都更加熱情地買入。他們不僅代表了一個新的投資者羣體，而且代表了一個新的選民羣體，如果股市下跌演變爲熊市的事情重演，就會增加民粹主義反彈的風險。
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