Are stock markets, especially the US market, in a bubble that is sure to pop? The answer depends on prospects for corporate earnings and interest rates. Provided the former are strong and the latter ultra-low, stock prices look reasonable.
全球股市，尤其是美國股市，是否處在一個必將破裂的泡沫中？答案取決於企業盈利和利率的前景。只要前者強勁，而後者超低，那麼當前股價看上去是合理的。
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