We had an extraordinarily high price-to-earnings ratio representing a lot of optimism in the '20s for the stock market and then it corrected and went abruptly downward-- that was The Great Depression.

在二十年代,市盈率高得离奇,表现了当时人们对股票市场的乐观,当其得到修正并突然下跌时,大萧条便开始了

耶鲁公开课 - 金融市场课程节选

When the stock market is going up they think that -they increasingly think that the stock market is just the best investment, until when it starts falling, then they start retracting from that.

当股票市场上行时,越来越多的人会觉得,股票是最佳投资选择,而当股市下跌时,人们纷纷从股市中撤出

耶鲁公开课 - 金融市场课程节选