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1·And shares that look cheap on conventional measures (asset value, dividend yield, price-earnings ratio) also tend to deliver above-average returns, but belong to firms that are likelier to go bust.

那些在传统衡量下(资产价值，股息收益率，市盈率)看似便宜的股票也可能获得高于平均水平的收益，但此现象似乎更适用于那些快倒闭的公司。

2·Another big plus: Stocks are dirt-cheap, whether you consider price-to-cash flow, price-to-book value, price-to-sales ratio or dividend yield.

另外，无论是从现金流价格、账面价格、销售价格比率还是红利角度考量，股价已经非常便宜。

3·That looks improbable. The return from equities comprises the dividend yield, plus dividend growth, plus or minus any change in the rating (the price-dividend ratio).

股票收益包含股息生息率，加上现金股利成长率，加上或减去评定等级的变化(价格股利比率)。

4·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。