日本股票市盈率现在约为六倍。
本文试图探讨可转换债券市场价格与其基准股票市盈率间的关系。
The market price of convertible bonds is sensitive to investors' expectations on the future price change of the underlying stocks.
而那些前景暗淡，举步维艰的报业公司股票市盈率在18倍左右，软饮料企业，20倍。
Compare these with newspaper companies, under siege for their dim prospects, whose shares fetch 18 times earnings and soft-drink companies, at 20.
欧洲的股票，平均表现逊于美国市场，但看起来更加有活力：欧元区股票市盈率为11。
European equities, which have on average underperformed American ones, look more attractive: the price-earnings ratio in the euro zone is 11.
债券的收益在经济循环周期中某些区域随股票市盈率同步移动，在其他区域则不随股票市盈率移动。
Bonds may move in sync with equities at some parts of the economic cycle but not at others.
据戴维斯研究机构，按股息算，标普500指数中排名前25%的股票市盈率达17倍，而过去36年市场平均市盈率为12倍。
The forward price/earnings ratio of the top 25% of S&P 500 stocks by dividend yield is 17, vs. a 36-year average of 12, according to Ned Davis Research.
这意味着通过近期的修正之后，Netflix的股票市盈率应该在接近15左右——接近纳斯达克q QQ信托基金的市盈率——而不是接近38。
This means that Netflix's stock deserves a PE valuation closer to 15, which is the PE for NASDAQ: QQQ, rather than closer to 38-after the recent correction.
他指出最优的长期预测工具，周期调整市盈率由于将过去十年间的利润进行了平滑，现在已显著高估了美国股票的价格。
He points out that American equities are significantly overvalued on the best long-term measure, the cyclically adjusted price-earnings ratio which smooths profits over ten years.
欧洲的普通股投资者以12倍的市盈率抛售他们的股票换算成净收益率为8.5%。
European common stocks sell at 12 times current earnings, which translates into an earnings yield of 8.5.
经过了长时间令人失望的低迷之后，以目前的市盈率水平来看，中国股票看上去不再那么昂贵。
After the extended period of disappointing performance, Chinese shares no longer look so expensive in terms of the current price to earnings ratio.
事实上，我愿意重申我两周前的看法，即以2011年的收益为基础进行衡量，一些中国股票的市盈率是合理的。
In fact, I'd repeat my observation from last week that, based on 2011 earnings, some Chinese markets are trading at reasonable levels.
美国股票目前的历史市盈率为16倍，平均水平回到了1920年。
US equities are trading at 16 times historic earnings, their average going back to 1920.
部分原因在于，随着新兴市场国家央行开始着手对抗通货膨胀，新兴市场股票的市盈率也将会下降。
Part of the reason for this is that price to earnings multiples in emerging market equities tend to fall when their central banks start fighting inflation.
但事实上你应该关注的是市值，市盈率，以及其他相关的指标，而不是股票的价格。
But the truth is that you should get hung up on the market cap and the PE (price-to-earnings) ratio, or some other relevant metric, just not the, stock price.
那些在传统衡量下(资产价值，股息收益率，市盈率)看似便宜的股票也可能获得高于平均水平的收益，但此现象似乎更适用于那些快倒闭的公司。
And shares that look cheap on conventional measures (asset value, dividend yield, price-earnings ratio) also tend to deliver above-average returns, but belong to firms that are likelier to go bust.
PEG值被用来牵强地证明互联网科技股票的虚增价值与高市盈率的合理性。
The PEG ratio was used to justify and compare the high P/Es of the various Internet tech stocks and justify their lofty valuations.
按照2009年的预期收益衡量，谷歌股票目前的市盈率为25倍，但考虑到谷歌的中期收入增长可能会跌向10%，这样的市盈率水平难说合理，而且还要外加谷歌员工的股票期权成本。
With Google's medium-term revenue growth likely to fall toward 10%, it is hard to justify paying 25 times 2009 consensus earnings, including the cost of employee stock options.
这是美国股票市场的市盈率，从1881年至今，这份数据也在网站上的电子数据表上。
Here is the price-earnings ratio for the U.S. stock market from 1881 to the present — this is also on that spreadsheet that you have on the website.
1990年，很多日本股票的市盈率数倍于80年代的水平；2000年，美国纳斯达克市场的市盈率超过了100倍。
In 1990 many Japanese shares reached price-to-earnings multiples in the 1980s, and in 2000 the Nasdaq market in the US traded at more than 100 times its constituents' profits.
对于股市是否高估，最经典的一个测量指标就是市盈率(price - earnings ratio)，即用股票价格除以公司的年收益。
The classic measure of whether the stock market is overvalued is the price-earnings ratio, which divides stock prices by annual corporate earnings.
最近一份分析显示，当美国市盈率处于低位时，未来10年股票的平均收益率超过8%；当市盈率高时，收益率平均为3%。
A recent analysis shows that, when American price-earnings ratios are low, returns on equities over the next decade average 8%; when they are high, returns average 3%.
但一些股票定价较高：Verisk的市盈率是31倍。
But some issues are expensive: Verisk is priced at 31 times its earnings.
另外一个(同时也是Shiller先生书里说的一个重点)是周期性调整市盈率，即过去十年内利润和股票数的比值。
The other (which was also an important point in Mr Shiller's book) is the cyclically adjusted price-earnings ratio, which compares shares with the profits earned over the previous ten years.
另外一个(同时也是Shiller先生书里说的一个重点)是周期性调整市盈率，即过去十年内利润和股票数的比值。
The other (which was also an important point in Mr Shiller's book) is the cyclically adjusted price-earnings ratio, which compares shares with the profits earned over the previous ten years.
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