Corporate earnings in Brazil have gone up roughly as fast as stock prices. With the price/earnings ratio remaining stable and moderate, the stock-market boom does not appear to reflect merely investor psychology.
股市的运行肯定很难解释，但我们有理由认为巴西仍然属于 理性的 繁荣。巴西企业盈利的增速几乎可以同股价的增速相媲美。由于市盈率保持稳定并相对合理，目前的股市繁荣似乎不只是投资者心理的反映。