You can see that I'm saying about fifteen-- fifteen times earnings is typical, but we're in a high price-to-earnings scenario now.

你可以看出我提到的15这个数字,收益的15倍是最有代表性的,但我们现在正处于一个高市盈率的时期

耶鲁公开课 - 金融市场课程节选

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