1982年的估值水平只有当前的三分之一。

In 1982, the valuation was a third of current levels.

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市场估值水平再度偏高，股票价格没有充分反映出风险水平。

Valuations are becoming stretched again and insufficient risk is priced into the market.

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然而目前可获得的有限价格信号显示市场对其估值水平缺乏信心。

But the limited price signals available also suggest low confidence in their valuations.

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