2022年经济学人 科技股现在划算吗？（2）

These sky-high valuations partly reflected tech companies’ characteristics.

这些天价估值在一定程度上反映了科技公司的特点。

Firms from Alphabet to Zoom¹ tend to have relatively² few physical assets that are captured by book value and many intangible ones—such as software and human capital—that are typically not included.

从Alphabet到Zoom等公司按账面价值计入的有形资产相对较少，而许多无形资产--如软件和人力资本--通常不包括在内。

They also tended to be fast growers, meaning that measuring their price against present earnings³ risked understating future profits.

而它们往往也发展迅速，这就导致，如果将它们的价格与目前的利润进行比较，可能会低估未来的利润。

For this reason, tech stocks appealed more to “growth” investors⁴, who tend to buy companies with rapidly rising profits, than they did to value types.

出于这个原因，相比价值投资者，科技股对“成长型”投资者的吸引力更大，因为他们倾向于买入利润快速增长的公司。

This means value investors missed out on years of growth, but also dodged⁵ the recent rout⁶.

这意味着价值投资者错过了多年来的增长，但也躲过了最近的暴跌。

Are tech prices now low enough for them to take a look?

科技股价格现在低到足以让他们看一看了吗？

Some stocks, including Amazon and Netflix, remain expensive on favoured measures.

包括亚马逊和Netflix在内的一些股票以他们喜欢的指标来看仍然很贵。

Other smaller ones, including PayPal and Zoom, may attract interest.

PayPal和Zoom等其他规模较小的公司可能会引起他们的兴趣。

So might two giants.

两个巨头可能也是如此。

Alphabet, with a price-to-earnings ratio of 17, looks cheaper than most value stocks.

Alphabet的市盈率为17倍，看起来比大多数价值型股票都便宜。

Meta, which currently trades at just nine times earnings and two times book value, might have piqued⁷ even Graham’s interest.

Meta目前的市盈率仅为9倍，价格是账面价值的2倍，格雷厄姆甚至都可能对这样的数据产生兴趣。

Tech investors have long been conscious of having paid a lot for their shares, but hoped these valuations would be justified⁸ in the long-run.

科技投资者早就意识到他们为自己的股票花了很多钱，但他们希望从长远来看，这些估值是合理的。

The fact that many tech stocks now qualify as value stocks will come as a considerable blow.

所以，许多科技股现在符合价值股的标准这件事，对他们而言将是一个相当大的打击。

Perhaps the idea that value investing and tech stocks are inherently incompatible⁹ was simplistic.

价值投资和科技股天生就不相容的观点或许过于简单化了。

Modern value investing is practised by all sorts, including a number of quantitative¹⁰ investors such as Cliff Asness at AQR Capital Management, who crunch¹¹ vast data sets to compare firms against wide and varied¹² measures of their worth.

各类投资者都选择践行现代价值投资，包括一些量化投资者，比如AQR资本管理公司的克里夫·阿斯尼斯，这类投资者会处理大量数据集，好根据诸多价值衡量标准比较各个公司。

Rather than comparing the results with arbitrary criteria¹³ across all kinds of firms, they instead tend to compare them within industries.

他们不是按照任意标准将结果与各种公司进行比较，而是倾向于在行业内进行比较。

But one thing remains¹⁴ true regardless of the sophistication of the analysis.

但不管分析有多复杂，有一件事仍然是真的。

Tech stocks today are much better value than they were at the start of the year.

那就是，与年初相比，科技股今天的价值要高得多。

1 zoom   

n.急速上升；v.突然扩大，急速上升

参考例句：

• The airplane's zoom carried it above the clouds.飞机的陡直上升使它飞到云层之上。
• I live near an airport and the zoom of passing planes can be heard night and day.我住在一个飞机场附近，昼夜都能听到飞机飞过的嗡嗡声。

2 relatively   

adv.比较...地，相对地

参考例句：

• The rabbit is a relatively recent introduction in Australia.兔子是相对较新引入澳大利亚的物种。
• The operation was relatively painless.手术相对来说不痛。

3 earnings   

n.工资收人；利润，利益，所得

参考例句：

• That old man lives on the earnings of his daughter.那个老人靠他女儿的收入维持生活。
• Last year there was a 20% decrease in his earnings.去年他的收入减少了20%。

4 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

5 dodged   

v.闪躲( dodge的过去式和过去分词 )；回避

参考例句：

• He dodged cleverly when she threw her sabot at him. 她用木底鞋砸向他时，他机敏地闪开了。 来自《简明英汉词典》
• He dodged the book that I threw at him. 他躲开了我扔向他的书。 来自《简明英汉词典》

6 rout   

n.溃退，溃败；v.击溃，打垮

参考例句：

• The enemy was put to rout all along the line.敌人已全线崩溃。
• The people's army put all to rout wherever they went.人民军队所向披靡。

7 piqued   

v.伤害…的自尊心( pique的过去式和过去分词 )；激起（好奇心）

参考例句：

• Their curiosity piqued, they stopped writing. 他们的好奇心被挑起，停下了手中的笔。 来自辞典例句
• This phenomenon piqued Dr Morris' interest. 这一现象激起了莫里斯医生的兴趣。 来自辞典例句

8 justified   

a.正当的，有理的

参考例句：

• She felt fully justified in asking for her money back. 她认为有充分的理由要求退款。
• The prisoner has certainly justified his claims by his actions. 那个囚犯确实已用自己的行动表明他的要求是正当的。

9 incompatible   

adj.不相容的，不协调的，不相配的

参考例句：

• His plan is incompatible with my intent.他的计划与我的意图不相符。
• Speed and safety are not necessarily incompatible.速度和安全未必不相容。

10 quantitative   

adj.数量的，定量的

参考例句：

• He said it was only a quantitative difference.他说这仅仅是数量上的差别。
• We need to do some quantitative analysis of the drugs.我们对药物要进行定量分析。

11 crunch   

n.关键时刻；艰难局面；v.发出碎裂声

参考例句：

• If it comes to the crunch they'll support us.关键时刻他们是会支持我们的。
• People who crunch nuts at the movies can be very annoying.看电影时嘎吱作声地嚼干果的人会使人十分讨厌。

12 varied   

adj.多样的，多变化的

参考例句：

• The forms of art are many and varied.艺术的形式是多种多样的。
• The hotel has a varied programme of nightly entertainment.宾馆有各种晚间娱乐活动。

13 criteria   

n.标准

参考例句：

• The main criterion is value for money.主要的标准是钱要用得划算。
• There are strict criteria for inclusion in the competition.参赛的标准很严格。

14 remains   

n.剩余物，残留物；遗体，遗迹

参考例句：

• He ate the remains of food hungrily.他狼吞虎咽地吃剩余的食物。
• The remains of the meal were fed to the dog.残羹剩饭喂狗了。