原因有季节性的，如股票在一月倾向于强劲，在夏季倾向于疲软，也有估价上的偏差，增长股常被低估。

There are seasonal patterns (stocks tend to do well in January and poorly during the summer). There are also valuation discrepancies (growth stocks tend to underperform).

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在这个会议上，他指责一帮超级天使如“教父”一般召集在一起，讨论如何抵制新兴公司的估价增长以及如何将大型风投排除在交易之外这样的问题。

At which he claimed a bunch of super angels were gathered "Godfather-style" to discuss things like how to counteract rising valuations of young firms and how to keep big venture funds out of deals.

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二叉树定价模型虽然适合各种期权估价，但存在缺陷，如精度问题。

Binomial tree can be applied to pricing of all kinds of options, but it has a lot of flaws, such as accuracy.

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