So when the bears say, as they do now (see article), that the stockmarket rally is built on sand, they are worth listening to. On historical measures, Wall Street looked cheap only briefly, earlier this year, and now looks expensive again. The rally has once more been driven by interest-rate cuts. That rich-world central banks feel the need to keep rates close to zero shows how many economic problems remain.
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On historical measures, Wall Street looked cheap only briefly, earlier this year, and now looks expensive again.
从历史上讲，华尔街只是在今年早些时候贬值了一会，现在看起来又昂贵了。
By basing values on recent prices (" marking to market "), they paint a truer picture of a firm's financial health than historical-cost measures.
与历史成本计量相比，通过以近期价格确定价值(市值价格)，可以获得一个企业财务健康程度更加真实的情况。
Based on the present facing situation of protecting historical famous towns and villages, working ideas and measures of next step will be introduced.
针对目前历史文化名镇名村保护面临的形势机遇，提出下一步工作思路和措施。
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