One problem in forecasting earnings, he says, is that the Internet and real-estate bubbles pushed corporate profit margins to 7%, above the historical level of 6%.
他说，预测收益时存在的一个问题是，互联网和房地产泡沫将公司利润率推高到7%，超过了6%的历史水平。
Today's markets are fraught with speculation; we seem to create bubbles for ourselves every few years, the two most recent being the Internet stock bubble and the residential real estate bubble.
今天的市场充斥着投机；我们似乎隔那么几年就要给自己制造一些泡沫，最近的两个是互联网股市泡沫和住宅地产泡沫。
Delusions, whether about tulips or Internet stocks, produce bubbles.
无论是对郁金香还是网络股票的错觉都产生了泡沫。
This newspaper warned about America's internet and housing bubbles years before they burst.
在美国爆发互联网和房产泡沫之前，这份报纸已然对此提出警告。
This newspaper warned about America's internet and housing bubbles years before they burst.
在美国爆发互联网和房产泡沫之前，这份报纸已然对此提出警告。
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