Shares in the U. S. look expensive, at about 20 times 2009 earnings, with only a 2% dividend yield.

美国的股价显得很高，2009年的市盈率约为20倍， 股息收益率只有2%。

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The forward price/earnings ratio of the top 25% of S&P 500 stocks by dividend yield is 17, vs. a 36-year average of 12, according to Ned Davis Research.

据戴维斯研究机构，按股息算，标普500指数中排名前25%的股票市盈率达17倍，而过去36年市场平均市盈率为12倍。

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Ameriprise's dividend yield is only slightly higher than the S&P 500 average, but its tradition of stock buybacks is also helping to grow its earnings per share.

Ameriprise的股息率只比标普500指数均值略微高出一点点，但这家公司的股票回购传统也有助于提高其每股收益率。

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One tool for putting valuations into perspective is the market's earnings yield.

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They trade at an average of 8.9 times the past year's earnings with a dividend yield of 3.6%, versus 13.8 times earnings and a 2.3% yield for the U.S., according to MSCI.

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Wall Street's aggregate earnings yield is currently about 3%.

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