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 a similar, even higher price-to-earnings ratio of about forty-six at the peak in 2000 and it corrected way down.

000年时我们的市盈率甚至更高,达到了46,后来经过修正降低了

耶鲁公开课 - 金融市场课程节选

When the price-earnings ratio gets high like it did in 1929 people get antsy.

当市盈率上升,如1929年,人们焦躁不安

耶鲁公开课 - 金融市场课程节选

Here is the price-earnings ratio for the U.S. stock market from 1881 to the present-- this is also on that spreadsheet that you have on the website.

这是美国股票市场的市盈率,从1881年至今,这份数据也在网站上的电子数据表上

耶鲁公开课 - 金融市场课程节选

They thought, oh my God, the price earnings ratio is thirty-five.

他们想,天啊,市盈率变成35了

耶鲁公开课 - 金融市场课程节选

So, typically the ratio of price-to-earnings has been about fifteen.

市盈率一般来说是为15

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