科技公司IPO市場遠未形成泡沫

????類似的情況包括家庭自動化軟件制造商Control 4。它在八月初以每股16美元首次上市交易，幾天內便上漲至24美元。上周，這家公司的股票下跌到15.53美元。其他公司，比如CDW和視屏廣告網絡Tremor Video等，之所以有不錯的上市表現，也是因為他們降低了最初的發行價。

????蜜月期可能會把公司引入歧途。據《華爾街日報》（Wall Street Journal）報道，自從互聯網時代以來，今年科技公司IPO第一個月的表現最為強勁（雖然當時第一個月反彈的幅度遠遠大于現在）。從歷史角度來看，更令人擔憂的是，2013年進行IPO的科技公司中，有三分之二在之前12個月出現了虧損。目前，我們并未像互聯網泡沫時期一樣，對上市科技公司進行盲目的投資。實際情況更加復雜，我們并不像有些人（包括我在內）預測的那樣，進入IPO蕭條的時期。相反，我們看到許多小公司的業務很有前途，但卻并未表現出任何盈利的跡象?？萍脊綢PO有許多很好的投資機會，關鍵是要把它們從那些只是曇花一現的公司里挑出來。（財富中文網）

????譯者：劉進龍/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.