Three requests to native speakers.

[Kamila M]

Please, explain to me or paraphrase the highlighted phrases. I will be very grateful.

1.
However, after the last decade (in which there were two killer secular bear markets with 40 percent–plus peak-to-trough declines), fiduciaries—who, by definition, should be long-term investors—are unwilling to ski the moguls and want smooth runs at a lower speed.

2. One possible outcome is that the demoralized military will fold, accepting Islamists in its ranks, and losing its identity.

3. The collapse of the Copenhagen accord and the continuing onslaught of global-warming deniers may have made a cap-and-trade regime unlikely.

[Jay Louise]

1. However, after the last decade (in which there were two killer secular bear markets with 40 percent–plus peak-to-trough declines), fiduciaries—who, by definition, should be long-term investors—are unwilling to ski the moguls and want smooth runs at a lower speed.

Peak and trough are words used to describe a wave on the ocean. The peak is the top of the wave and the trough is the lowest point. A 40 percent–plus peak-to-trough decline is saying the drop from the highest point in the market to the lowest (not considering daily ups and downs) was 40%+.

Moguls are a type of skiing that is very bumpy, jarring and difficult. A smooth run on a ski slope is easy and flatter, where you can ski at a slower controlled pace. It is saying that the fiduciaries want markets without a lot of activity and where things happen in a more controlled manner.

2. One possible outcome is that the demoralized military will fold, accepting Islamists in its ranks, and losing its identity.

Ranks refers to the military structure. The military will accept Islamists within itself.

3. The collapse of the Copenhagen accord and the continuing onslaught of global-warming deniers may have made a cap-and-trade regime unlikely.

Global-warming deniers are people who do not believe that global warming is taking place or people who deny that it is a man made phenomenon.

A cap-and-trade regime or a prevailing system using cap-and-trade.

[Kamila M]

Thank you very much.

One more, may I replace cap-and-trade with 'emission trading'

[Tdol]

I'm not sure that this carries the idea so clearly of capping.