股价反转
股价反转-
长期市盈率在1932年回落到61982年达到7，这之后，股市开始自我修正，股价反转拉升.
By 1932 , the ratio had fallen to 6 . In 1982 , it was only 7 . Then , of course , the market began to self-correct in the other direction , and stocks took off .
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你发现股价相对于公司赢利的比率只是略低于长期平均水平.回顾过去的经济危机----比如说发生于上世纪30年代和70年代的----那时的股价在反转前远远低于长期平均水平.
If you take a longer view , you see that the ratio of stock prices to corporate earnings is only slightly below its long-term average . And in past economic crises - during the 1930s and 1970s - stocks fell well below their long-run average before they turned around .