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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 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.
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 earnings 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” investors, 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 dodged the recent rout.
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 piqued 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 justified 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 incompatible 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 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 criteria 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 remains 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。
