科技公司IPO市场远未形成泡沫

    类似的情况包括家庭自动化软件制造商Control 4。它在八月初以每股16美元首次上市交易，几天内便上涨至24美元。上周，这家公司的股票下跌到15.53美元。其他公司，比如CDW和视屏广告网络Tremor Video等，之所以有不错的上市表现，也是因为他们降低了最初的发行价。

    蜜月期可能会把公司引入歧途。据《华尔街日报》（Wall Street Journal）报道，自从互联网时代以来，今年科技公司IPO第一个月的表现最为强劲（虽然当时第一个月反弹的幅度远远大于现在）。从历史角度来看，更令人担忧的是，2013年进行IPO的科技公司中，有三分之二在之前12个月出现了亏损。目前，我们并未像互联网泡沫时期一样，对上市科技公司进行盲目的投资。实际情况更加复杂，我们并不像有些人（包括我在内）预测的那样，进入IPO萧条的时期。相反，我们看到许多小公司的业务很有前途，但却并未表现出任何盈利的迹象。科技公司IPO有许多很好的投资机会，关键是要把它们从那些只是昙花一现的公司里挑出来。（财富中文网）

    译者：刘进龙/汪皓。

    That honeymoon period can be misleading. According to the Wall Street Journal, tech IPOs as a group are seeing their strongest first-month performances this year since the dot-com days (although the first-month pops back then were much bigger than they are now). Even more worrisome from a historical perspective, two-thirds of the tech IPOs in 2013 lost money in the previous 12 months.

    We are still nowhere near the regrettable and blind investing in tech IPOs that drove the dot-com bubble. The real picture is more complex. We are neither in the IPO drought that some (including me) wrongly predicted. We are seeing instead a steady flow of smaller companies with promising businesses, but too often with no profits to show. There are some sound investments to be made in tech IPOs, the trick is separating them from the flashes in the pan.