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的牛市与2009年开始的那波牛市可以说是一样的，但有一个大变化。在去年由新冠疫情引发的闪电崩盘后，多年来一直置身局外的散户投资者蜂拥入场，在此后每一次股市下跌时都更加热情地买入。他们不仅代表了一个新的投资者群体，而且代表了一个新的选民群体，如果股市下跌演变为熊市的事情重演，就会增加民粹主义反弹的风险。
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