Although stock prices and earnings move up and down violently, dividends have been more reliable, typically falling from the peak of a cycle to its trough by only one-tenth in real terms.

尽管股票价格和收益上下波动的很厉害，但是红利是比较稳定可靠的，按实值计算从波峰跌落到波谷也就十分之一的差距。

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It's a nonevent for stock markets to swing 15% peak-to-trough every year.

对于股票市场来说，每年峰谷波动15%也不足为奇。

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Sometimes it may be best for companies to hoard cash at the top of the stock-market cycle and use it in the next trough to buy back shares at a discount.

WSJ: The Pros and Cons of Stock Buybacks

The analyst says the stock is trading at 12x pro forma EPS, near a trough valuation.

FORBES: Connect

Both CEOs took over their companies near the bottom of the capital markets trough and have worked their companies back up to a stock price nearly identically above the pre-crash all-time high.

FORBES: Is The Stock Market Rational? P&G vs. Unilever