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苹果和Facebook给投资者的启示

没错。股市过去几个月的情况可以用苹果(Apple Inc.)和Facebook Inc.截然不同的命运加以总结。一个高居企业界榜首，刚刚获得史上市值最高的美国公司的头衔（有些情况需要解释，过会我们再说）。另一个的股价从5月份乱糟糟地上市以来已经下跌近半。

The gap between the values placed by investors on Apple and Facebook -- around $621 billion and $42 billion, respectively -- is large enough to fit the economy of South Africa. But the distance between the yin and the yang of the U.S. stock market is more telling than that and offers three insights into investors' current thinking.

投资者对苹果和Facebook的估值分别约为6,210亿美元和420亿美元，两者之间的鸿沟装得下整个南非经济。但美股两极之间的距离告诉我们的还不止这一点，它给了我们三条有关当前投资者思维的启示。

First, pervasive uncertainty and ultralow interest rates are prompting the market to look at the long term. By ascribing such a large value to Apple, investors are betting on the company being alive and well for a long time.

首先，无处不在的不确定性和超低的利率促使市场着眼于长远。给予苹果如此高的估值，投资者实际上是在赌：苹果将长期生存，而且活得很健康。

This isn't just a gut reaction but a belief in Apple's continued ability to generate profits. Low rates help this process by effectively reducing the value of money invested today -- think of the meager interest you get from your bank -- and increasing the importance of future returns.