另外一个(同时也是Shiller先生书里说的一个重点)是周期性调整市盈率，即过去十年内利润和股票数的比值。
The other (which was also an important point in Mr Shiller's book) is the cyclically adjusted price-earnings ratio, which compares shares with the profits earned over the previous ten years.
用最好的衡量长期收益的工具——周期性调整市盈率——衡量，华尔街金融市场的溢价为21.9倍，高于历史均值大约33%。
On the best long-term measure, the cyclically adjusted price-earnings ratio, Wall Street looks overvalued on a multiple of 21.9, some 33% above the historic average.
美国经济学家罗伯特•希勒(Robert Shiller)提出的调整后的周期性实际市盈率，是建立在企业发布的收益、而非广泛的经济活动基础上的。
The cyclically adjusted real p/e, developed by the US economist Robert Shiller, works on the basis of reported corporate earnings rather than broad economic activity.
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