### 1. **Why did the bear refuse to sell his stocks?**
*Because he was waiting for a hibernation rally!*
**翻译**：为什么熊拒绝抛售股票？因为它要等“冬眠反弹”（谐音“触底反弹”）！
（注： Hibernation 是冬眠， rally 指市场反弹，熊市投资者总在等反弹。）