Talk is cheap and so is tech. Even though the S&P 500 information technology sector has outpaced a gyrating market by more than a quarter since the start of 2009, tech stock valuations are in the doldrums. The sector’s 13 times prospective earnings multiple is not far from the 11 times trough of the financial crisis and a long way from the 18 times average of the past five years.
空谈是廉价的,同样廉价的还有科技股。尽管标普500指数IT板块自2009年初以来的表现要领先原地转圈的大盘逾四分之一,但科技股的估值依然处于低谷。该板块的预期市盈率为13倍,比金融危机期间11倍的低点高不了多少,较过去5年平均18倍的市盈率则要低得多。
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