The forward price/earnings ratio of the top 25% of S&P 500 stocks by dividend yield is 17, vs. a 36-year average of 12, according to Ned Davis Research.

据戴维斯研究机构，按股息算，标普500指数中排名前25%的股票市盈率达17倍，而过去36年市场平均市盈率为12倍。

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Here's how it works: When a farmer's yield falls below 90% of his five-year average, Koch pays the farmer for his lost revenue.

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They trade at an average of 8.9 times the past year's earnings with a dividend yield of 3.6%, versus 13.8 times earnings and a 2.3% yield for the U.S., according to MSCI.

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The average yield of the U.S. long-term (20-30 year) government bond was 3.46% in September 1929 and declined steadily to 2.01% in December 1940.

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