来自《耶鲁大学开放课程：金融市场 第7集 第7集》

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  it was a couple of years later,
  那时已经过去几年了
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  so we were kind of bumbling around down here.
  所以我们能看到这里缓慢的下跌趋势
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  We didn't have any idea whether this was coming at the time.
  我们也一直搞不清当时为什么会这样
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  What I did was I just, for each year,
  我所做的仅是把每年的
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  computed the present value of the dividend.
  股利现值计算出来
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  I have a dividend series for every year.
  得出每年的股利序列
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  In fact, it's right over here.
  事实上 就如这里所示
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  I have to--this is the data,
  我得...这些是具体数据
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  so I have the--this is the S&P Price Index monthly, back to 1871,
  这就是从1871年起标普股价指数的月数据
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  and here are the dividends they paid per share every year since 1871.
  这一列是从1871年起他们分发的每股股利
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  I just, for each year,
  对于每一年
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  I took all subsequent dividends
  我提取出所有的后续股利