正文
the mortgage and banking crisis of 2007-08. Nevertheless, the tech revival has caused some twitchiness among investors. Might history be repeating itself?
新世纪的第一次经济灾难是2000年股票价格从顶点疯狂下跌。互联网股票市场的崩溃对整个经济的影响远没有像2007-08年房贷款和银行业危机对经济造成的影响严重。然而，科技复兴还是引起一些投资者的警惕。那么历史还会重演吗？
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Calamity 灾难、
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much less...than 远不如...
In the intervening years the world, and the tech industry, have changed a lot. In the late 1990s enthusiasm for tech shares was so great that the sector’s market value rose far faster than its earnings. The gap is
nothing like
as great today (see chart). Back then, leading firms like Microsoft and Oracle were valued at more than 20 times their annual revenues, let alone earnings.
This time
around
, with the exception of Facebook, price-to-revenue ratios are much less stretched.
在这些年间，世界和科技行业都发生了很大的变化。二十世纪90年代，人们对科技股的投资热情空前高涨，以至于科技股的行业市值远远超过了它带来的收益。今天两者差距远没有当时那么大（见表格）当时，像微软和甲骨文这些主要的公司市值被估算为其年收入的20倍以上，更不用说它的利润了。而现在除了Facebook，股价收入比率并不是很大。
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nothing like 绝不像
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This time around, 此时此刻
What boosted tech businesses in the late 1990s was that everyone was discovering the internet at the same time. Both companies and consumers were buying computers and associated items like modems. That led to rapid
revenue
growth. But the sudden enthusiasm for tech was also its greatest weakness; every college graduate seemed to have a plan to start a dotcom company. The market became overcrowded. Investors struggled to tell the long-term winners from the losers.
二十世纪90年代末期促进高科技企业发展的原因是当时所有人都在探索互联网。公司和消费者都在买电脑和如调节调制器这样的关联件。这就导致收入的快速增长。但是对科技的突然热情也是最大的弱点；每一个大学毕业生都计划开一家网络公司。市场变得异常拥挤。投资人也在努力辨别长期的赢家和输家。
Since then, investors have focused their enthusiasm on companies that can exploit “network effects” and become dominant in their sector—Google in internet search, for example. The latest rally has been led by a small number of stocks, sometimes
dubbed
the FAANGs (Facebook, Amazon, Apple, Netflix and Google’s parent, Alphabet) and sometimes FAAMG (replacing Netflix with Microsoft). In June Goldman Sachs said this latter group had been responsible for 40% of the S&P 500 index’s gains in the year to that point. The tech industry was Wall Street’s best performer in the first half of the year.
从此，投资人将热情放在有“网络效益”且在他们的领域里占领导地位的公司，比如在网络搜索方面的谷歌公司。最近的一次科技行业股价反弹时由少数股票引起的，有时是人们说的FAANGs(Facebook, Amazon, Apple, Netflix and Google’s parent, Alphabet) 有时候是FAAMG (replacing Netflix with Microsoft)。六月高盛集团指出，后者承担了今年标普500指数40%的涨幅。今年上半年高科技产业在华尔街出尽了风头。
