Measuring the price-earnings ratio of share is important for determining the expected holding-periodreturn which can be used as a basis for valuing any portfolio.
测算市盈率对于确定证券组合预期的持有期收益率非常重要，这正是估价任何证券组合的基础。
2
If you were holding 20% cash and wanted to match the 7.4% of the Dow Jones industrials for the fourth quarter, your stock picks needed to return about 9.3% for the period.
第四季度持币20%的情况下，想要和道指的7.4%角力，你同期精选股票的回报就必须要有9.3%。
3
The holdingperiod of art works is also a key factor for generating return. Mr Stone says relatively long holding periods are necessary to generate returns.