美国股票价格相对利润可能是被高估的——所幸相比早期的经济膨胀时期股票的势头平稳虚度。
American shares may be richly valued relative to earnings, but they are less unhinged than in earlier booms.
不管是制造再生能源还是搞海运，石油公司相对利润较低的副业多如一团乱麻，一时也不能全部脱手。
Oil firms' jumble of less profitable sidelines-from renewable energy to shipping-might be hard to sell in one go.
在他们看来，不管股票价格相对于公司利润上升的有多高，抑或无论房屋价格相对于房租水平攀升的有多高，监管者都应该顺从市场的集体智慧。
As they saw it, no matter how high stock prices rose relative to profits, or no matter how high house prices rose relative to rents, regulators deferred to the collective wisdom of the market.
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