经济学人下载:科技股:重获信息泡沫时代高点(2)

Since then, investors have focused their enthusiasm on companies that can exploit “network effects” and become dominant in their sector—Google in internet search, for example.
从此，投资人将热情放在有“网络效益”且在他们的领域里占领导地位的公司，比如在网络搜索方面的谷歌公司。

The latest rally has been led by a small number of stocks, sometimes dubbed the FAANGs (Facebook, Amazon, Apple, Netflix and Google's parent, Alphabet) and sometimes FAAMG (replacing Netflix with Microsoft).
最近的一次科技行业股价反弹时由少数股票引起的，有时是人们说的FAANGs（Facebook，Amazon，Apple，Netflix and Google's parent，Alphabet）有时候是FAAMG（把Netflix换成Microsoft）。

In June Goldman Sachs said this latter group had been responsible for 40% of the S&P 500 index's gains in the year to that point.
六月高盛集团指出，后者承担了今年标普500指数40%的涨幅。

The tech industry was Wall Street's best performer in the first half of the year.
今年上半年高科技产业在华尔街出尽了风头。

Eddie Perkin of Eaton Vance, a fund-management company, says that investors started the year with too much enthusiasm for the “Trump trade”, the idea of owning stocks that might benefit from the new president's policies.
这家公司说投资者带着满腔热情运营特朗普贸易，拥有股票的想法可能得益于新总统的政策。

Companies with high tax bills, and those exposed to infrastructure spending, were two examples.
交高税额和投入资金进行基础设施建设的公司是两个这样的例子。

As hopes for action from the new administration faded, enthusiasm for tech stocks surged; this industry can generate profits growth regardless of the economic outlook.
随着对新政府出台的政策的期待减弱，对科技股的热情高涨，无论整个市场经济前景怎么样这个行业都能产生利润增长。

Tech companies in the S&P 500 are likely to record double-digit year-on-year profits growth in the second quarter.
标普500指数里的科技企业有可能在第二季度创造同比利润增长达到两位数的记录。

Earnings expansion on that scale means that few investors can afford to ignore tech stocks.
那种程度的利润扩增意味着几乎没有投资者会忽视科技股。

Since 2009 the industry has been the most favoured by global fund managers for 80% of the time, according to a regular survey by Bank of America Merrill Lynch.
根据美洲银行Merrill Lynch的一个调查显示自2009年开始在80%情况下，科技股受到全球投资者的亲睐。