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.
但就摩根士丹利资本国际新兴市场指数（MSCI Emerging Market index）而言，其历史市盈率目前为11.15倍，而过去4年的平均市盈率则为14.53倍。
The MSCI emerging markets index, however, is currently on a trailing earnings multiple of 11.15 times against an average of 14.53 times over the past four years.
然而，尽管周期调整市盈率从1999年44倍的高位有所下降，它仍有20倍左右，远远高于15倍的历史平均市盈率。
Nevertheless, although the cyclically adjusted ratio has fallen from a heady 44 in 1999, it is still around 20, a level well above the historical average of 15.
用最好的衡量长期收益的工具——周期性调整市盈率——衡量，华尔街金融市场的溢价为21.9倍，高于历史均值大约33%。
On the best long-term measure, the cyclically adjusted price-earnings ratio, Wall Street looks overvalued on a multiple of 21.9, some 33% above the historic average.
即便经过暴跌，其总体市盈率也只不过接近发达国家，而不是在其历史水平上进一步低估。
Even after their tumble, the aggregate price-earnings ratio is in line with developed markets, rather than at the discount that has been the historical norm.
这样算下来，如今的市盈率是23.7，比历史平均水平高出约45%，接近20世纪四次顶峰中其中两次的水平，即1901年和1966年的水平。
At 23.7, the current ratio is about 45% above its historic average and close to the level of two of the 20th century's four big peaks, in 1901 and 1966.
这样算下来，如今的市盈率是23.7，比历史平均水平高出约45%，接近20世纪四次顶峰中其中两次的水平，即1901年和1966年的水平。
At 23.7, the current ratio is about 45% above its historic average and close to the level of two of the 20th century's four big peaks, in 1901 and 1966.
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