这些新兴股市开始时可能就是估值过高了。
估值过高的信号比比皆是。
因此，美国股市也比海外股市更有可能估值过高。
Thus, it is more likely to be overvalued than foreign markets.
减低资产的账面价值，因为相对市场价值估值过高。
Write-down reducing the book value of an asset because it is overvalued compared to market values.
好消息是，市场不像10年(或两年)前那样估值过高了。
The good news is that markets are no longer anywhere near as overvalued as they were 10 (or two) years ago.
正是这些银行的过错，它们的账目上充斥着估值过高的资产。
It was Banks that were on the wrong planet, with accounts that vastly overvalued assets.
至少，欧元区估值过高的市场中，房价仍在走低，如法国、西班牙和爱尔兰。
At least house prices are still falling in the euro area's overvalued markets, such as France, Spain and Ireland.
财政预算已经亏空，现金账户几乎为零，而且比索已经估值过高了。
The budget is in deficit, the current account is near zero, and the peso is overvalued.
他们的想法是，卖空可以让那些估值过高的股票回归到更现实的水平。
The thinking was that shorts would bring overvalued stocks back to more realistic levels.
如果股价下跌，利润也会减少，股票估值过高的问题因而显得更为严重。
If share prices sink, so will profits, which would make shares look even more overvalued.
股票价格显然不再像2008年末和去年年初时一样便宜，但我不认为估值过高。
Clearly, shares are no longer as cheap as they were at the end of 2008 and the beginning of last year, but I do not think valuations are excessive.
高盛银行认为，亚洲货币中很少有兑美元估值过高的，卢布是其中之一。
Goldman Sachs reckons that the rupee is one of the few Asian currencies that is overvalued against the dollar.
中期来看，估值过高、缺乏业绩支撑的板块将面临估值向下调整的压力。
In the medium term, sectors with over-high valuation and less performance support will face downward adjustment pressures.
尼日利亚实际上在试图通过禁止进口来支撑其估值过高的货币，然而事与愿违。
Nigeria is trying to prop up its overvalued currency by, in effect, banning imports.
如果坏账准备的估值过高或者过低的话，你就会看到一张非常扭曲不实的银行报表。
If the loss estimates are too high or too low, you can get a very distorted picture of how the bank is truly performing.
他是冥顽不灵的悲观论者之一，觉得股价估值过高，认为经济复苏的根基不够坚实。
He is one of a stubborn bunch of pessimists who believe that share prices are overvalued and the economic recovery is built on sand.
股票价格显然不再像2008年末和去年年初时一样便宜，但我不认为估值过高。
Clearly, shares are no longer as cheap as they were at the end of 2008 and the beginning of last r, but I do not think valuations are excessive.
我列出的10只估值过高股票中有8只表现强于大盘，某些股票更是表现非常出色。
Eight of the 10 overvalued stocks outperformed both, in some cases by a wide margin.
但是，对于一个曾被很多人判定估值过高的股市来说，这是否太过而且为时过早呢？
Yet is it too much, too soon, for a stock market many had judged to be expensive?
然而，对于一个曾被很多人判定估值过高的股市来说，这是否太过而且为时过早呢？
Yet is it too much, too soon, especially for a stock market many had judged to be expensive?
由于理论上雪佛龙相对于埃克森的估值过高，如果雪佛龙比埃克森跌势更猛，则交易者可能获利。
Since Chevron, in theory, is overvalued relative to Exxon, the trader might turn a profit if Chevron fell harder than Exxon.
私人所有的上市公司的控股股东不能减持股票，就算他们认为这些股票估值过高也不行。
The controlling shareholders of privately owned and listed companies cannot sell down their shares even when they think the shares overvalued.
为了测试这个观点，我重新审视了我在不到两个月前上次抛售机遇到来时列出的估值过高股票名单。
To test this notion, I revisited the list of overvalued stocks I put together at the last selling opportunity, which was less than two months ago.
今年早些时候，经合组织将房地产市场估值过高和长期利率不断攀升，列为发达经济体面临的最大风险之一。
Earlier this year the OECD identified overvalued housing markets and rising long-term interest rates as among the greatest risks to advanced economies.
那些认为股票多年来一直是估值过高的投资者都是无辜的，尽管他们很多人都退出市场舔伤口去了。
Investors who had been arguing that stocks were overvalued for years were totally vindicated, although many of them had pulled out of the market to lick their wounds.
不可否认，部分中国公司的估值过高，有些中国科技公司只赚到了很少的钱，有些则压根没有赚到钱。
That valuations are high for companies that either make only a little money now or none at all is undeniable.
不可否认，部分中国公司的估值过高，有些中国科技公司只赚到了很少的钱，有些则压根没有赚到钱。
That valuations are high for companies that either make only a little money now or none at all is undeniable.
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