In San Francisco, prices are still rising even as frenzied overbidding quiets.

在旧金山，高价抢购现象虽然销声匿迹了，可价格依旧涨。

Geopolitics aside, the bull case rests on resurgent demand.

撇开地缘政治不谈，涨的理由在于需求的复苏。

Still, new investors may not come in the droves that bulls expect.

尽管如此，新的投资者可能不会像涨人士预期的那样成群结队地到来。

Is the value of the American dollar expected to rise soon?

美元的价格是涨？

The bullish mood has pushed the benchmark Topix index to a 33-year high.

涨将日本基准股指东证指数推至33年来最高水平。

Global stocks began 2022 in bullish fashion, with major bourses notching records.

2022 年伊始，全球股市行涨，各大交易所创下纪录。

You said Chipotle's gonna have a good day.

你说Chipotle涨。

We thought with being bullish on the market, the bull as a character made a lot of sense to us.

我们认为，随着市场的涨，公牛这个角色对我们来说很有意义。

Even after the recent wobbles, market expectations remain bullish.

即使经历了近期的动荡，市场预期依然涨。

They were keen on call options on stocks that had the characteristics of long-odds bets.

他们热衷于涨期权，涨期权具有长期押注的特征。

Some people are bullish, some people are bearish.

有些人涨，有些人跌。

Emily was similarly bullish, although you couldn't tell.

艾米丽也同样涨, 尽管你无法分辨。

So listen, we went bullish on Nvidia actually in March of 2020.

ZINO: 听着, 我们实际上在 2020 年 3 月涨了英伟达。

Market's rallying up here a little bit, a, uh, trade just came in and bought some upside calls.

拉里：市场略有上涨，呃，交易刚刚进入并买入了些上行涨期权。

So investors might be starting to be hip to that even though they're still in firmly bullish territory.

因此，投资者可能开始意识到这点，尽管他们仍处于坚定的涨区域。

Instead they favor buying call options.

而是倾向于购买涨期权。

In practice, such investors are buying baskets of stocks while selling (or " writing" ) call options on them.

实际上，此类投资者买入篮子股票，同时卖出（或“卖出”）这些股票的涨期权。

Under certain conditions This approach works only under certain conditions, such as when the market is bullish.

这种方法只在特定条件下有效，比如当市场涨时。

The original investor, who sold the call option and bought stocks, is betting that share prices stay precisely where they were.

出售涨期权并购买股票的原始投资者押注股价将保持在原来的水平。

In more analytical, if less humorous, terms, another way of framing this shift is to ask whether the Fed put has become a Fed call.

如果正经点，从更具分析性的角度来，另种描述这种转变的方式是：问问美联储的跌期权是经变为美联储涨期权。