双语新闻：短线观点为阿里巴巴热泼点儿冷水

2014-09-15 15:58:44来源：可可英语

　　Investors should be concerned. As Jay Ritter of the University of Florida pointed out long ago,good times for IPOs tend to be a bad time to invest. This makes sense, as IPO booms comewhen valuations are high – the best predictor there is that returns will be low in future.

　　投资者应感到担心。正如佛罗里达大学(University of Florida)的杰伊•里特(Jay Ritter)很久以前所指出的那样，IPO的好时光往往是糟糕的投资时机。这是有道理的，因为IPO热潮往往出现在估值处于高位之时，恰恰说明未来回报率将会较低。

　　Demand for dotcom and biotech stocks begets supply, as start-ups are created and listed.Eventually demand will be satiated and the boom will end. Investors’ current willingness tosacrifice quality, in biotech, and corporate governance, in dotcoms, suggests demand andprice in the sectors are far above what is reasonable.

　　对网络公司和生物科技类股的需求带来了供应：初创企业得到创建和上市。最终需求将被满足，热潮将结束。投资者目前愿意在生物科技类股的质量以及网络公司的公司治理方面做出牺牲，这似乎表明，这些板块股票的需求和价格远远超出了合理水平。

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