Short-selling shares in a trough, thus deepening the trough, and betting that frothy shares will become frothier .

在谷底卖空股票，从而造成股票继续下跌，并押注于充满泡沫的股票变得泡沫更丰富。

Germany looks cheap as well, and since our valuation benchmark goes back only to 1996 and so misses out a period when German house prices were frothier, may be cheaper still.

德国房价看似也不高，可能还会更低廉，因为我们的估值基准仅追溯至1996年，而德国房价的一段泡沫期就未被计算在内。