That's much higher than the S&P 500's price/earnings ratio of 15.5 at the end of June and a 25-year average of 16.9, according to Morgan Stanley.
摩根士丹利(Morgan Stanley)说，这既大大高于该指数6月底时15.5倍的市盈率，也高于该指数16.9倍的25年平均市盈率。
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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