Here is the price-earnings ratio for the U.S. stock market from 1881 to the present-- this is also on that spreadsheet that you have on the website.

这是美国股票市场的市盈率,从1881年至今,这份数据也在网站上的电子数据表上

耶鲁公开课 - 金融市场课程节选

The price is just the present value of that stream, discounted at the interest rate.

债券的价格就是这些现金流,以利率r为贴现率算出的贴现值

耶鲁公开课 - 金融市场课程节选