You can see that the stock market has been more volatile than the earnings and the price of a share is many times higher than the earnings per share.

你可以看到,股票市场波动性大于其收益,每股价格往往是,每股收益的几倍之多

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