sort of takes the cyclicality out of earnings and you can see over history how that multiple has varied.

一定程度上在收益上避免了周期性的,而且你可以看到随着历史的进程,这个倍数发生了多大的变化。

耶鲁公开课 - 金融市场课程节选

If you assume that, you are not playing by the rule, we don't know what force it exerts.

如果你假定了,那你就犯规了,我们不知道它施加了多大的力

耶鲁公开课 - 基础物理课程节选