There is nothing like an economic crisis to bring highly valued technology stocks back to earth. The flight to quality that follows usually hurts companies with stretched valuations the most, as investors worry about a collapse in the growth rates that have supported their high prices.
沒有什么能像一場經(jīng)濟(jì)危機(jī)那樣把高估值的科技股拉回現(xiàn)實(shí)。危機(jī)后投資者逃向高質(zhì)量資產(chǎn)，通常對(duì)估值過高的公司的打擊最為嚴(yán)重，因?yàn)橥顿Y者擔(dān)心支撐高股價(jià)的增長率會(huì)大幅下滑。
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