Cyclically Adjusted Price Earnings Ratio的意思|示意

On the best long-term measure, the cyclically adjusted price-earnings ratio, Wall Street looks overvalued on a multiple of 21.9, some 33% above the historic average.

用最好的衡量长期收益的工具——周期性调整市盈率——衡量，华尔街金融市场的溢价为21.9倍，高于历史均值大约33%。

He points out that American equities are significantly overvalued on the best long-term measure, the cyclically adjusted price-earnings ratio which smooths profits over ten years.

他指出最优的长期预测工具，周期调整市盈率由于将过去十年间的利润进行了平滑，现在已显著高估了美国股票的价格。

And valuations are not yet at fire-sale levels; the cyclically adjusted price-earnings ratio of the American market is 14.5, compared with previous bear-market lows in single digits.

对其的估价也还未到甩卖的地步。与之前个位数的熊市相比，现在美国市场周期性调整的市盈率是14.5。

The other (which was also an important point in Mr Shiller's book) is the cyclically adjusted price-earnings ratio, which compares shares with the profits earned over the previous ten years.

另外一个(同时也是Shiller先生书里说的一个重点)是周期性调整市盈率，即过去十年内利润和股票数的比值。