We had a similar, even higher price-to-earnings ratio of about forty-six at the peak in 2000 and it corrected way down.

000年时我们的市盈率甚至更高,达到了46,后来经过修正降低了

耶鲁公开课 - 金融市场课程节选

Okay. Let's look at the poem on page forty-three in the Hughes.

让我们来看一下休斯版本43页。

耶鲁公开课 - 弥尔顿课程节选

It was--Modigliani and Miller said back then-- this was thirty or forty years ago-- that companies should really not pay dividends because dividends were then taxed at a higher rate than capital gains.

莫迪利阿尼和米勒说在那时候,大概30或40年前,公司不应分配股利,因为对股利征税的税率比对资本收益高

耶鲁公开课 - 金融市场课程节选