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Why, because they expect that earnings yield to grow, so if you had a business you might even pay—it might be cheap some day to buy a business at 30 times its profits or a 3%
or a 3.3% earnings yield if you think that 3.3% is going to grow at a high rate and eventually get meaningfully higher to a 5, a 6, a 7, a 8 or 10 percent rate.
Listen to native speakers pronounce “a 8” in real conversational contexts with synchronized timestamps and subtitles.