You can see that I'm saying about fifteen-- fifteen times earnings is typical, but we're in a high price-to-earnings scenario now.

你可以看出我提到的15这个数字,收益的15倍是最有代表性的,但我们现在正处于一个高市盈率的时期

耶鲁公开课 - 金融市场课程节选

When the price-earnings ratio gets high like it did in 1929 people get antsy.

当市盈率上升,如1929年,人们焦躁不安

耶鲁公开课 - 金融市场课程节选

Well, one thing that goes wrong is that suppose Coke and Pepsi were able to either to write a contract or whatever to sustain joint monopoly output at this high price, this price which is actually producing positive profits in the industry it is going to turn out, therefore the price is going to be above costs.

我来说吧,问题出在这里了,假设可口可乐和百事达成了协议,不管签的是协议还是合同,只要能通过协约维持垄断产出,通过制定高价来达到正的利润就行,这样价格是高于成本的

耶鲁公开课 - 博弈论课程节选

We had an extraordinarily high price-to-earnings ratio representing a lot of optimism in the '20s for the stock market and then it corrected and went abruptly downward-- that was The Great Depression.

在二十年代,市盈率高得离奇,表现了当时人们对股票市场的乐观,当其得到修正并突然下跌时,大萧条便开始了

耶鲁公开课 - 金融市场课程节选