美國科技股到底有沒有泡沫

????沒過多久，另一個更瘋狂的買主就誕生了。就在上周Facebook籌備上市的時候，照片分享網站Pinterest獲得了由日本電子商務公司樂天（Rakuten）領投的1億美元融資，使這個熱門社交網站的估值達到了15億美元。

????總之，對于股市上的普通投資者來說，現在并不存在任何規模的泡沫。容易受到各種全球性災難影響的納斯達克也不會像科技泡沫時期一樣，一夜蒸發掉四分之三的市值。不過現在有些交易的確呈現出不理性的趨勢。但是，目前在硅谷很少有金融人士在乎這種趨勢，因此硅谷正在形成一種自我感覺良好的風氣，越來越多的人把荒謬的東西看成是理智的。

????作為一名記者，我報導過日本的股市泡沫，也報導過“.com”泡沫。作為一個業主，我親身經歷了房地產泡沫。據我所知，如果一種上下顛倒的思潮成了主流，那你就應該擔心泡沫問題了。真正的泡沫是指大型市場上非理性投資的規模越來越大。Facebook波瀾不驚的上市過程可能已經抽走了科技股泡沫里的一些空氣，但這并不意味著非理性投資已經沒有了。

????譯者：樸成奎

????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.