在其经典《股市逻辑》(Stock Market Logic)一书当中，福斯贝克对这一指标的原理进行了解释：“在正常状况之下，我们很自然会看到大量股票创下新高，或者是大量股票创下新低...
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与现在一样，当时的逻辑似乎无可反驳：尽管西方世界在股市崩盘后一蹶不振，但日本经济显然轻松地就返回了正轨。
Then, as now, the logic seemed unassailable. While the western world was stuck in the post-crash doldrums, the Japanese economy had got back on track with apparent ease.
如果目前中东的局势能够化解，而不出现严重的供应危机，按照上述逻辑推断，眼下股市便处于低位。
If the Middle East situation resolves without a severe supply shock, this logic suggests that stocks are now cheap.
人们对各家公司即将发布的财季收益期望很高。考虑到华尔街有时颠三倒四的逻辑，这种情况可能给股市带来问题。
Hopes are running high for this quarter's earnings season. Given Wall Street's sometimes upside-down logic, that could pose a problem for stocks.
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