股票估值从来没有，将来也不会解释股票市场崩盘。1929年股票的估值最高才15倍（工业指数），即便算上全市场，也才19倍。如果现在还在看估值的圈友，该换一个思路了。

The financial fundamentals of the markets were also strong. During 1928, the price-earnings ratio for 45 industrial stocks increased from approximately 12 to approximately 14. It was over 15 in 1929 for industrials and then decreased