回顾20世纪60年代末期，华尔街迷上了一批称为Nifty Fifty的股票，可能网络百科全书Wikipedia总结得最到位“这些股票有所有让你买下的理由：大牌、专利、高层管理人员、可观的销售额和稳定的利润。

They were thought to be best stocks to buy them and hold them for the long run, and that was all you needed to do.

人们认为这些是可以买下并长期持有的最好的股票，你只需买下就好。

These were the stocks 'dreams' were made of ...for the long haul to retire with."

这些是做梦都想买的股票，可以长期持有，退休有它就够了。”

The fatal flaw in this logic is that investors believed that these companies - enterprises such as Eastman Kodak and Xerox - were so inherently good that they could (and should) be bought at any price. Of course, this is simply not the case.

这一逻辑的致命缺陷就是投资者认为这些公司如柯达公司和施乐太好了，以什么价格都能（而且应该）买入，当然事实并非如此。

Although a stock trading at a high p/e ratio isn't always overpriced, more often than not, a stock trading at a price-to-earnings ratio of 60x is almost assuredly going to generate a rate of return less than that of a so-called "risk-free" U.S. Treasury bond.

虽然以高市盈率交易的股票并非总是价格偏高，但往往以60x的市盈率交易的股票产生的回报率的确会低于所谓的“无风险”美国国债。

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