【中文标题】话题：卖出谷歌，买入百度
【原文标题】The Buzz: Selling Google, buying Baidu
【来源地址】http://money.cnn.com/2010/03/29/markets/thebuzz/index.htm
【刊载媒体】CNN财经（CNNMoney.com）
【译者】rhapsody
【声明】本文供Anti-CNN/ACCN使用，未经译者或AC同意，谢绝转载；谢谢合作。
【原文库链接】http://bbs.m4.cn/thread-234666-1-1.html
【译文】
蓝色曲线为百度股价走势，绿色曲线为谷歌股价走势——译注
NEW YORK (CNNMoney.com) -- Google is to be commended for taking a stand against censorship in China.
谷歌会因表明反对中国审查制度的立场而受到赞扬。
But investors are taking a stand of their own. They're selling Google and buying Baidu, also known as China's Google.
但投资者也在表明他们的立场。他们在卖出谷歌的股票而在买进百度，亦称“中国谷歌”的股票。
Shares of Baidu (BIDU), which already was the leader in online search in China before Google (GOOG, Fortune 500) began redirecting users of google.cn to its Hong Kong site last week, are up 4% in the past week and nearly 50% this year.
在上星期谷歌（GOOG——谷歌在NASDAQ的代号；《财富》500强）把google.cn的用户重新定向到其香港站点之前，百度（BIDU——百度在NASDAQ的代号）已是中国在线搜索的领跑者，上周其股价上涨了4%，而今年已上升了近50%。
Google, by way of comparison, has missed out on this year's tech rally. It has fallen nearly 10% so far in 2010.
相较而言，谷歌已错过今年的科技股（上涨）行情。迄今其股价在2010年已下降了近10%。
But is the run-up in Baidu overdone? And what about the sell-off in Google? Well, some think that both stocks are still a buy.
但百度受到的追捧过头了吗？而卖出谷歌呢？呃，有人认为两只股票都还值得买。
To start, the biggest mistake investors might be making is to think that Google has thrown in the towel on the world's most populous nation.
首先，投资者可能犯的最大错误是认为谷歌已经在世界人口最多的国度认输了。
Morris Mark, president of Mark Asset Management, a New York-based hedge fund that owns shares of Google and Baidu, said that investors need to realize that Google still will be able to partake in the growth of online search in China.
马克资产管理公司，一家位于纽约、持有谷歌和百度股票的对冲基金，其总裁莫里斯·马克认为，投资者需要认识到谷歌依然能在中国在线搜索的增长中分到一杯羹。
"There is no question that people were looking at China as a major opportunity for Google and were disappointed," Mark said. "But this is important. Google has not left China. They've based the search servers in Hong Kong and China has not blocked the site."
“毫无疑问，人们过去一直视中国为谷歌的一大机遇，也感到失望”，马克说道，“但重要的是，谷歌并未离开中国。他们把搜索服务器定位在香港，而中国也未屏蔽站点。”
For that reason, he thinks the recent dip in Google was an overreaction. He points to the fact that Google is still a market leader in the United States and most other areas around the globe. And despite that, the stock trades at only about 20 times earnings estimates for 2010.
基于此，他认为谷歌（股价）近期的下挫是过度反应。他指出谷歌仍然是美国以及世界范围内的其他多数地方的市场主导者。而除此以外，其股票交易价大约只是其2010年预期盈利的20倍。
[也就是说，市盈率大概是20倍，炒股的同学知道的……O(∩_∩)O~——译注]
As for Baidu, Mark conceded that the stock, valued at more than 60 times 2010 earnings estimates, is trading at a sizeable premium to Google. But he argues that Baidu is worth it considering its growth prospects. Analysts expect Baidu's profits to grow about 50% in 2010 and 2011.
对于百度，马克承认其60倍于2010年预期盈利的交易价，相比谷歌有着相当大的溢价。但他辩称考虑到其增长前景，百度值这个价。分析师预计百度在2010年和2011年的利润可增长近50%。
Steven Weinstein, an analyst with Pacific Crest Securities who follows Google and Baidu, agreed that investors shouldn't be playing an either/or game with the two stocks.
太平洋潮头证券追踪谷歌和百度的分析师斯蒂文·魏因斯坦，认为投资者不应对这两只股票采取非此即彼的策略
He pointed out that analysts' current growth estimates for Baidu don't factor in any benefit it may get from Google scaling back in China. So he thinks the recent move up for Baidu's stock is not an overreaction.
他指出分析师现时对百度的增长预计并未把百度因谷歌在中国（市场份额）的缩减而可能获利给计算进去。因此他认为百度股票近期的上涨并非过度反应。
But at the same time, the fact that Baidu is beating Google in the Chinese search game doesn't mean that it's time to sell Google.
但与此同时，百度在中国的搜索（引擎）竞争中击败谷歌这一事实并不意味着，是时候卖出谷歌的股票了。
"Yes, China is a large and rapidly growing market. But there are 5 billion other people in the world in markets where Google dominates," Weinstein said. "There are other growth opportunities that Google has which people are discounting."
“没错，中国是一个庞大且迅速成长的市场。但这个世界有50亿人是在谷歌占支配地位的市场里”，魏因斯坦说道，“谷歌拥有其他（地方）的增长机会，人们忽视了这点。” | 
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