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These sky-high valuations partly reflected tech companies’ characteristics.
這些天價估值在一定程度上反映了科技公司的特點。
Firms from Alphabet to Zoom tend to have relatively few physical assets that are captured by book value and many intangible ones—such as software and human capital—that are typically not included.
從Alphabet到Zoom等公司按賬面價值計入的有形資產相對較少，而許多無形資產--如軟件和人力資本--通常不包括在內。
They also tended to be fast growers, meaning that measuring their price against present earnings risked understating future profits.
而它們往往也發展迅速，這就導致，如果將它們的價格與目前的利潤進行比較，可能會低估未來的利潤。
For this reason, tech stocks appealed more to “growth” investors, who tend to buy companies with rapidly rising profits, than they did to value types.
出于這個原因，相比價值投資者，科技股對“成長型”投資者的吸引力更大，因為他們傾向于買入利潤快速增長的公司。
This means value investors missed out on years of growth, but also dodged the recent rout.
這意味著價值投資者錯過了多年來的增長，但也躲過了最近的暴跌。
Are tech prices now low enough for them to take a look?
科技股價格現在低到足以讓他們看一看了嗎？
Some stocks, including Amazon and Netflix, remain expensive on favoured measures.
包括亞馬遜和Netflix在內的一些股票以他們喜歡的指標來看仍然很貴。
Other smaller ones, including PayPal and Zoom, may attract interest.
PayPal和Zoom等其他規模較小的公司可能會引起他們的興趣。
So might two giants.
兩個巨頭可能也是如此。
Alphabet, with a price-to-earnings ratio of 17, looks cheaper than most value stocks.
Alphabet的市盈率為17倍，看起來比大多數價值型股票都便宜。
Meta, which currently trades at just nine times earnings and two times book value, might have piqued even Graham’s interest.
Meta目前的市盈率僅為9倍，價格是賬面價值的2倍，格雷厄姆甚至都可能對這樣的數據產生興趣。
Tech investors have long been conscious of having paid a lot for their shares, but hoped these valuations would be justified in the long-run.
科技投資者早就意識到他們為自己的股票花了很多錢，但他們希望從長遠來看，這些估值是合理的。
The fact that many tech stocks now qualify as value stocks will come as a considerable blow.
所以，許多科技股現在符合價值股的標準這件事，對他們而言將是一個相當大的打擊。
Perhaps the idea that value investing and tech stocks are inherently incompatible was simplistic.
價值投資和科技股天生就不相容的觀點或許過于簡單化了。
Modern value investing is practised by all sorts, including a number of quantitative investors such as Cliff Asness at AQR Capital Management, who crunch vast data sets to compare firms against wide and varied measures of their worth.
各類投資者都選擇踐行現代價值投資，包括一些量化投資者，比如AQR資本管理公司的克里夫·阿斯尼斯，這類投資者會處理大量數據集，好根據諸多價值衡量標準比較各個公司。
Rather than comparing the results with arbitrary criteria across all kinds of firms, they instead tend to compare them within industries.
他們不是按照任意標準將結果與各種公司進行比較，而是傾向于在行業內進行比較。
But one thing remains true regardless of the sophistication of the analysis.
但不管分析有多復雜，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，與年初相比，科技股今天的價值要高得多。
