再怎么说，新兴市场至少比网络股稳定。
There is, at least, more solidity to emerging markets than there was to dotcom stocks.
90年代末期网络股泡沫就是最好的证明。
The dotcom frenzy at the end of the 1990s was proof of this.
很多，也许是所有的网络股都被大大高估了。
投资者的热捧将网络股的股价推高到不切实际的高度。
Small new Internet firms were suddenly lifted into the stratosphere by investors' enthusiasm for their stocks.
去年只有少数的几个网络股票，淘网络股的机会非常有限。
There were only a handful of Internet share offers last year, so opportunities to jump onto the Internet bandwagon have been very limited.
回首网络股破灭的教训，巴菲特说：“整个世界都疯狂了。”
Looking back at the Internet bubble, Buffett is quoted as saying, "the world went mad."
当然，估值并不是驱动股市的唯一因素，这在网络股泡沫是变得十分清楚。
Of course, valuation is not the only factor that drives markets, as became clear during the dotcom bubble.
不说有些网络股的本益比是百倍以上，有些公司在未来几年还不能赚钱呢！
Not to mention that some of these Internet stocks are trading at hundreds times PE and some will not report any profit for the next few years!
当我把那些评估理论用到股票上时，我发现它们贵得惊人，尤其是网络股。
When I tried to apply the evaluation theories to the stocks, they were outrageously expensive, especially those internet stocks.
在网站热潮时期，传统公司实际上的收益和分红支出下降的基准由亏损的网络股取代。
In the dotcom boom old-fashioned companies that actually made profits and paid dividends fell out of benchmarks to be replaced by loss-making Internet stocks.
当他明智的避免买入存在网络泡沫的网络股后，这位奥马哈的贤者获得了高科技质疑者的名声。
The Sage of Omaha earned his reputation as a tech skeptic when he judiciously avoided hot internet stocks during the dotcom bubble.
正因为如此，人们会禁不住诱惑去买网络股，希望会有“更大的傻瓜”在更高的价格购买这些股票。
That is why investors get lured into buying dotcom stocks in the hope that a “greater fool” will purchase them at a higher price.
然而，虽然网络股的坠落极富戏剧性，但是事实上，它并没有将放纵的90年代产生的泡沫消除殆尽。
But dramatic though it was, the dot-com crash did not actually come close to erasing the excesses of the 1990s.
您可以搜索多种文件系统-所有在一个单一的通行证-文件夹，驱动器，可移动存储设备，甚至网络股。
You can search multiple file systems - folders, drives, removable storage devices, even network shares - all in a single pass.
新经济企业家在全体被发现，但英国的部分地区，使伦敦商业区的居民特殊受益的都市。这是壹个网络股的繁华。
New economy entrepreneurs are to be found in all parts of Britain, but the City is a particular beneficiary of the stock market's internet boom.
蓝色尼罗河是九十年代末兴办的钻石或珠宝行之一。而在网络股崩盘之后，为了保存资产，它的商业模式有了重大的变革。
Blue Nile was one of several diamond or jewellery sites launched during the late 1990s, but its need to preserve capital after the dotcom crash led to a crucial innovation in its business model.
偶尔，投资者也会异想天开，譬如当年，投资者便相信了那些毫无利润可言，而且每股定价高于蓬勃发展的跨国公司的网络股。
Occasionally investors can believe impossible things, as they did when dotcom stocks with no profits were valued at more than flourishing multinationals.
偶尔，投资者也会异想天开，譬如当年，投资者便相信了那些毫无利润可言，而且每股定价高于蓬勃发展的跨国公司的网络股。
Occasionally investors can believe impossible things, as they did when dotcom stocks with no profits were valued at more than flourishing multinationals.
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