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

I don't think the housing industry, in general,is a good place to be because of its, sometimes,violent cyclicality.

我认为总的来说住房工业,不是一个好的投资品种,因为它时常有着强烈的周期性

耶鲁公开课 - 金融市场课程节选