Stocks are overvalued, and US stocks are particularly overvalued. Their prices are unusually high in comparison to sales, earnings, the value of their asset books, and relative to gross domestic product (that last is Warren Buffett’s favourite measure).
股票被高估，美國股票尤其被高估。從銷售額、利潤、資產(chǎn)賬簿價值以及相對于國內(nèi)生產(chǎn)總值(GDP)的比率（最后這個指標(biāo)是沃倫?巴菲特(Warren Buffett)最喜歡的衡量標(biāo)準(zhǔn)）來看，它們的價格高得異常。
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