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，美国股票尤其被高估。从销售额、利润、资产账簿价值以及相对于国内生产总值(GDP)的比率（最后这个指标是沃伦•巴菲特(Warren Buffett)最喜欢的衡量标准）来看，它们的价格高得异常。
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