In that case the money invested in the angel round just converts into stock at the valuation of the next round, no matter how large.
在那种情况下，投到天使轮里的钱只是转换成下一轮估值的股份，不管估值多高。
Investors are moving more money than ever before out of stocks and into bonds, widening a valuation gap and convincing the biggest money managers that now is the time to buy equities.
投资者把更多的资金抽离股市，投入债券市场，加大了评估差距，让大型资金管理机构确信目前是买入股票的最佳时机。
Specifically, too much money has gone into VC-backed Internet companies at too high a valuation, which will result in some economic hardships.
具体而言，靠风险资本支持的互联网公司以过高的估价获得了太多的资金。这种做法必然导致经济困境。
But just because the money is available and we can perceive the possibility of getting it, that doesn't necessarily mean that we (as individuals) have an unlimited sense of self-valuation.
但是钱在那里，我们以为可以得到它，但这并不以为这我们(个人)有无限的自我评估。
The present valuation will often depend upon what people expect the future quantity of money to be.
货币的当前价值往往取决于人们对未来的货币数量的预期。
The present valuation will often depend upon what people expect the future quantity of money to be.
货币的当前价值往往取决于人们对未来的货币数量的预期。
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