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It would be hard to tell a story about America's stockmarket without mention of at least one company that listed this century—Google or Facebook, say.
如果不提及在本世紀上市的至少一家公司，比如谷歌或臉書，就很難講述關于美國股市的故事。
Europe is rather different. Its bourses are heavy with giants from the age of industry but light on the digital champions of tomorrow.
歐洲就相當不一樣。歐洲交易所里滿是來自工業(yè)時代的巨頭，卻很少有未來的數字化冠軍。
It is telling, perhaps, that its character can be captured in the contrasting fortunes of two companies, Nestlé and Daimler,
從兩家公司—雀巢和戴姆勒—截然不同的命運中，或許可以看清它的特征，
with roots not even in the 20th century, but in the 19th.
兩家公司甚至不是源于20世紀，而是19世紀。
Nestlé began in 1867 when Henri Nestlé, a German pharmacist, developed a powdered milk for babies.
雀巢公司始于1867年，當時德國藥劑師亨利·雀巢發(fā)明了一款嬰兒奶粉。
The firm, based in Switzerland, is now the world's largest food company.
這家總部位于瑞士的公司如今是世界上最大的食品公司。
It owns a broad stable of well-known brands, including Nescafé and KitKat.
該公司擁有一系列知名品牌，包括雀巢咖啡和奇巧巧克力。
Its coffee, cereals and stock cubes are sold everywhere, from air-conditioned supermarkets in rich countries to sun-scorched stalls in poor ones.
它生產的咖啡、麥片和濃縮固體湯料到處都有賣，從發(fā)達國家裝有空調的超市到貧窮國家露天的小攤。
Daimler was founded a bit later, in 1890. Its Mercedes-Benz brand of saloon cars and SUVS
戴姆勒創(chuàng)立于1890年，比雀巢稍晚一點。其奔馳品牌的轎車和SUV
is favoured by the rich world's professionals and the developing world's politicians.
深受發(fā)達國家專業(yè)人士和發(fā)展中國家政客的喜愛。
Though the two companies have lots in common, their stockmarket fortunes could scarcely be more different.
盡管這兩家公司有很多共同之處，但它們在股市的命運卻截然不同。
Nestlé is the sort of "quality" stock that is increasingly prized in Europe for its steadiness.
雀巢是一支“優(yōu)質”股票，其穩(wěn)定性在歐洲日益受到珍視。
It is expensive: its price-to-earnings, or PE, ratio is 29. In contrast Daimler is a "value" stock, with a PE of eight.
它的股票很貴：其市盈（PE）率是29。相比之下，戴姆勒是一支“價值型”股票，PE為8.
The disparity has steadily grown in recent years. Indeed the gap between the dearest stocks and the cheapest across the continent
這種差距近年來穩(wěn)步增長。確實，整個歐洲最貴與最便宜股票之間的差距
is at its widest in almost two decades, says Graham Secker of Morgan Stanley.
達到了近20年來的最大化，摩根士丹利的格雷厄姆·塞克說到。
The valuation gap in Europe is related to a similar divide in America. For much of stockmarket history,
歐洲的估值差距與美國的類似差距有關。在大部分股票歷史中，
buying value stocks—with a low price relative to earnings or to the book value of tangible assets,
購買價值型股票—與收益或有形資產，如設備和建筑等的賬面價值相比
such as equipment and buildings—has been a winning strategy for stockpickers.
其價格較低—一直都是選股者的制勝策略。
But the past decade has been miserable for value stocks in America.
但過去十年，美國價值型股票命運悲慘。
The rapid rise of a handful of tech firms—the Googles and Facebooks—and other "growth" stocks has left them in the shade.
少數科技公司的迅速崛起—谷歌和Facebook—以及其他“成長”股讓它們黯然失色。
Value stocks are, by definition, cheap. In the past they might have been cyclical stocks,
價值型股票顯然很便宜。在過去，它們可能一直是周期性股票，
those that do well when the world economy is picking up steam, but which suffer in downturns.
這類股票在世界經濟蒸蒸日上時表現良好，但在低迷時期會衰退。
These days the cheap stocks are in industries, such as carmaking and branch-based banking, that are ripe for disruption.
如今，廉價股票出現在汽車制造和分支銀行等行業(yè)，這些行業(yè)面臨解體的時機已經成熟。
But in Europe, they are especially cheap.
但在歐洲，它們特別便宜。
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