《Unlocking Value in Emerging Markets: Where Are the Opportunities? Juan Torres》
台积电基本面强劲，但以65倍CAPE衡量估值偏高，该倍数是否合理存疑。
而在台湾，有这么一家了不起的公司。它是一家非常好的公司。TSMC 目前占该指数的 13%。它已从两年前的 4.5% 上升到如今的 13%。
And in Taiwan, you have this amazing company. It's a very good company. TSMC currently makes up 13% of the index. It has risen from 4.5% two years ago to 13% today.
它的市盈率（经周期调整后）为 65 倍。我认为这是一个非常高的数字。但我认为这并不局限于 TSMC。
It is trading at 65 times its cyclically adjusted price-to-earnings ratio. I think this is a very high number. But I don't think it's limited to TSMC.