Original sentence: Generally, alternative P/E measures substitute  different measures of earnings, such as rolling averages over longer periods of time (to "smooth" volatile earnings, for example), or "corrected" earnings figures that exclude certain extraordinary events or one-off gains or losses.In Stocks for the Long Run‎, Jeremy Siegel  argues that the earnings yield is a good indicator of the market performance on the long run.The stock price can increase in one of two ways: either through improved earnings or through an improved  multiple that the market assigns to those earnings
Edited sentence: Generally, alternative P/E measures substitute different measures of earnings, such as rolling averages over longer periods of time (to "smooth" volatile earnings, for example), or "corrected" earnings figures that exclude certain extraordinary events or one-off gains or losses.In Stocks for the Long Run‎, Jeremy Siegel argues that the earnings yield is a good indicator of the market performance on the long run.The stock price can increase in one of two ways: either through improved earnings or through an improved multiple that the market assigns to those earnings