市盈率，是用来衡量公司价值的最常用的指标之一，它是公司的当前股价除以最近12个月的每股盈利。
美国股票目前的历史市盈率为16倍，平均水平回到了1920年。
US equities are trading at 16 times historic earnings, their average going back to 1920.
但就摩根士丹利资本国际新兴市场指数（MSCI Emerging Market index）而言，其历史市盈率目前为11.15倍，而过去4年的平均市盈率则为14.53倍。
The MSCI emerging markets index, however, is currently on a trailing earnings multiple of 11.15 times against an average of 14.53 times over the past four years.
然而，尽管周期调整市盈率从1999年44倍的高位有所下降，它仍有20倍左右，远远高于15倍的历史平均市盈率。
Nevertheless, although the cyclically adjusted ratio has fallen from a heady 44 in 1999, it is still around 20, a level well above the historical average of 15.
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