Bull and bear markets were good fun while they lasted, and in retrospect, they were pretty nice and predictable, but the world has moved on.

牛市和熊市獨攬大局的時候是挺有趣的，以往他們的漲跌都有跡可循，但是現實已移情別戀。

Now, we need an animal that's more... hoppy.

現在...我們需要一種比較會蹦蹦跳跳的動物來做代表。

The issue is that markets are bouncing around on various mood swings much more frequently than they used to.

現在的奇曠世，股市較以往的漲跌幅更大。

It's a humbling experience for those trying to predict what's going to happen next, or worse, manage other people's money.

對於那些試圖預測股市，或更慘，要幫別人管理財富的人，這真是個心驚膽跳的經驗。

As a quick look at macro hedge fund performance this year shows,

從今年的宏觀對沖基金的數值我們可以看到

Citigroup's currencies analysts say they've been repeatedly stopped out of their trade ideas this year,

花旗的貨幣分析師表示他們今年的貿易點子不斷的舉足不前，

a common experience, they describe, as very frustrating.

他們形容這是大家共同都會遇到人，非常令人挫敗。

So try and figure out why it's happening,

所以要努力弄清楚這一切到底是怎麼回事，

they've sifted through the data and found that the time it takes for mini-trends in major currencies to play out has shrunk a lot,

他們分析數據，發現主要貨幣中細微的變動顯現並影響大局所需要的時間減少了，

from around a month up to the end of 2014 to just a week now.

以往都要一個月左右，直到2014年尾，只需一週。

To wit, they calculate that if you sell the top two major currencies and buy the bottom two every Friday and do nothing for just a week,

聰明如這些分析師，他們計算出只要在每週五賣出前兩名的貨幣並買入倒數兩名，其餘一整周甚麼都不用做，

you'd have made returns of just under 5% so far this year.

你就能淨賺5%的收入。

That's not to be sniffed at.

不要鄙視這項舉動。

So forget all the spreadsheets and macro analysis and go and set your algos, right?

所以把所有的試算表和宏觀分析都拋諸腦後，重新擬定交易策略吧?

In stocks, Hermes' investment management says the bunny market phenomenon is alive and well with short term sentiment,

在股市中，凱敏投資管理表示兔市現象已成真，短期內

that flakiest of things apparently in control.

他會獨攬大局。

It may all be a warning sign it reckons that another bear market lies ahead,

這或許是熊市將再度降臨的警告，

but until that bear comes along to gobble the rabbit, stay nimble.

但在熊制服兔子之前，保有兔子的敏捷吧!