美国科技股到底有没有泡沫

    没过多久，另一个更疯狂的买主就诞生了。就在上周Facebook筹备上市的时候，照片分享网站Pinterest获得了由日本电子商务公司乐天（Rakuten）领投的1亿美元融资，使这个热门社交网站的估值达到了15亿美元。

    总之，对于股市上的普通投资者来说，现在并不存在任何规模的泡沫。容易受到各种全球性灾难影响的纳斯达克也不会像科技泡沫时期一样，一夜蒸发掉四分之三的市值。不过现在有些交易的确呈现出不理性的趋势。但是，目前在硅谷很少有金融人士在乎这种趋势，因此硅谷正在形成一种自我感觉良好的风气，越来越多的人把荒谬的东西看成是理智的。

    作为一名记者，我报导过日本的股市泡沫，也报导过“.com”泡沫。作为一个业主，我亲身经历了房地产泡沫。据我所知，如果一种上下颠倒的思潮成了主流，那你就应该担心泡沫问题了。真正的泡沫是指大型市场上非理性投资的规模越来越大。Facebook波澜不惊的上市过程可能已经抽走了科技股泡沫里的一些空气，但这并不意味着非理性投资已经没有了。

    译者：朴成奎

    It didn't take long for another buyer to get even crazier. Last week, as Facebook was readying for its offering, Japanese e-commerce company Rakuten led a $100 million stake in Pinterest in a deal valuing the hot social network at $1.5 billion.

    So no, there is no bubble on any scale that should concern everyday investors in the stock market. The Nasdaq is, barring any global calamities, not going to lose three-quarters of its value. But there is a growing trend of dealmaking that seems to leave logic locked outside the conference-room doors. And there are few financiers in Silicon Valley who seem to care, creating a complacent environment where the nonsensical is increasingly received as sensible.

    As a journalist, I covered the Japanese stock bubble and the dot-com bubble. As a homeowner, I lived through the housing bubble. And I know that, when a kind of upside-down thinking becomes commonplace, that's when you have to start worrying about a bubble. True bubbles are illogical investing scaled up to huge markets. Facebook's lackluster IPO may have sucked the air out of a tech-stock bubble. But that doesn't mean we've seen the end of irrational investing.