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事实上,相较基本面,股价仍然非常高企。诺贝尔奖得主罗伯特·希勒(Robert Shiller)在回调发生前几周时指出,在过去一个世纪中,美国经周期调整的市盈率只有两次高于现在:1929年股市崩盘前的高峰期和2000—2002年。言下之意是未来15年的股票回报率可能会大大低于过去15年。

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