????換句話說，這兩家公司都正在發(fā)生著一些實(shí)實(shí)在在的根本性變化，但這些變化的影響正在各自的股票表現(xiàn)中被顯著放大。正如兩年前谷歌失寵那樣，蘋果今天可能也是如此。正如那時(shí)那些盲目樂觀的投資者極力推崇蘋果那樣，如果谷歌股價(jià)過快上漲到1,000美元的話，它現(xiàn)在就面臨著股票估值偏高的風(fēng)險(xiǎn)。

????并不是說谷歌在劫難逃，也不是說蘋果股價(jià)馬上就會(huì)反彈。這兩家公司都將在不同的時(shí)候經(jīng)歷無所作為的低谷時(shí)期以及盈利報(bào)告大幅超預(yù)期的高潮時(shí)期。這兩家公司都將注重于長期發(fā)展策略，繼續(xù)開發(fā)為投資者提供增長前景的項(xiàng)目。

????但現(xiàn)在，考慮到谷歌目前股價(jià)已達(dá)到其今年每股預(yù)期收益的18倍，是蘋果的兩倍。這個(gè)數(shù)字不應(yīng)該有任何人會(huì)感到意外，但它同時(shí)也表明，這兩家公司最近成為財(cái)經(jīng)頭版新聞的運(yùn)勢(shì)逆轉(zhuǎn)已反映在這兩家科技巨頭的股價(jià)上?，F(xiàn)在難以確定的是，一年左右的時(shí)間之后，這兩只股票各自又會(huì)處于什么價(jià)位。（財(cái)富中文網(wǎng)）

????譯者：iDo98

????In other words, there are real, fundamental changes going on at both of these companies, but the effects of those changes are greatly enhanced in the stock performance. Just as Google was underappreciated two years ago, so Apple could be today. Just as Apple was revered with blind bullishness then, so Google is at risk of being overvalued if it does reach $1,000 too quickly.

????That doesn't mean Google is doomed or that Apple is set to rebound quickly. Both of these companies are going to have, at different times, their fallow periods as well as their blowout earnings reports. Both are going to keep working on projects that will offer growth for investors with a long-term focus.

????But for now, consider that Google is trading at 18 times its expected earnings this year, double the ratio for Apple. That shouldn't surprise anyone, but it also suggests that the recent reversal of fortunes making financial headlines today are priced into both of these tech giants. What is much less certain is where they will both be in a year or so from now.