but we can't really have a discussion about stocks without talking about tech.

但談到股票卻沒提到科技股等於沒討論一樣

It's really been sort of, the lightning rod sector of the last several months, if not since the election.

幾個月以來，甚至是美國大選以來，它就像是股票的避雷針一樣

I wanted to see what your thoughts were on that.

我想知道你是怎麼想的

We're seeing a lot of price swings.

我們近期看到股價很大幅度擺動

The NASDAQ moving 1 or 2 percent on a day, when the S&P has barely changed.

納斯達克指數一天會改變個一、兩個百分比，標普指數卻幾乎不變

It seems like it's sort of a flashpoint for sentiment right now.

現在似乎是位於市場情緒的閃火點

Where do you come out on that?

你對這個看法有什麼想法呢？

Do you believe in, maybe some of the skepticism we're seeing?

你認同我們提出的懷疑嗎？

Or is it a sector that you favor?

還是你支持現在的情勢呢？

Yes. Yes. Yes. In other words, I think it's overvalued.

我認同。換句話說，我覺得科技股被高估了

But real growth stocks are almost always overvalued.

但其實，真正的成長型股票都是被高估的

The trick is, when a growth stock that's truly a growth stock goes down solely because evaluation.

小訣竅是，當一個真正的成長型股票純粹因為評估值而下跌

When the fundamentals don't get tripped up, that's almost always a buying opportunity.

基礎面卻沒有受影響時，這會是個很好的買入點

No one else is really going to call those things exactly.

沒有人會真的認定這件事

But when they happen as they have, usually it's like falling down an up escalator.

但當它發生時（而真的有發生過），通常很像跌下一個往上的手扶梯

You may be tumbling down, but the escalator is pulling you higher,

雖然你在往下跌，但手扶梯會帶你越爬越高

the earnings are pulling you higher as the price gets lower.

當每股價格下跌，你賺得的錢會把你拉高

Well, take 10 or 15 percent off the stock price, raise earnings 10 or 15 percent.

股價降低百分之十或十五，賺的錢則多百分之十或十五

Suddenly, you corrected a lot of the excesses we were worried about.

突然間，我們原本擔心的問題就被改善了