One problem in forecasting earnings, he says, is that the Internet and real-estate bubbles pushed corporate profit margins to 7%, above the historical level of 6%.
他说,预测收益时存在的一个问题是,互联网和房地产泡沫将公司利润率推高到7%,超过了6%的历史水平。
Today's markets are fraught with speculation; we seem to create bubbles for ourselves every few years, the two most recent being the Internet stock bubble and the residential real estate bubble.
今天的市场充斥着投机;我们似乎隔那么几年就要给自己制造一些泡沫,最近的两个是互联网股市泡沫和住宅地产泡沫。
Delusions, whether about tulips or Internet stocks, produce bubbles.
无论是对郁金香还是网络股票的错觉都产生了泡沫。
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