????沒(méi)過(guò)多久，另一個(gè)更瘋狂的買(mǎi)主就誕生了。就在上周Facebook籌備上市的時(shí)候，照片分享網(wǎng)站Pinterest獲得了由日本電子商務(wù)公司樂(lè)天（Rakuten）領(lǐng)投的1億美元融資，使這個(gè)熱門(mén)社交網(wǎng)站的估值達(dá)到了15億美元。

????總之，對(duì)于股市上的普通投資者來(lái)說(shuō)，現(xiàn)在并不存在任何規(guī)模的泡沫。容易受到各種全球性災(zāi)難影響的納斯達(dá)克也不會(huì)像科技泡沫時(shí)期一樣，一夜蒸發(fā)掉四分之三的市值。不過(guò)現(xiàn)在有些交易的確呈現(xiàn)出不理性的趨勢(shì)。但是，目前在硅谷很少有金融人士在乎這種趨勢(shì)，因此硅谷正在形成一種自我感覺(jué)良好的風(fēng)氣，越來(lái)越多的人把荒謬的東西看成是理智的。

????作為一名記者，我報(bào)導(dǎo)過(guò)日本的股市泡沫，也報(bào)導(dǎo)過(guò)“.com”泡沫。作為一個(gè)業(yè)主，我親身經(jīng)歷了房地產(chǎn)泡沫。據(jù)我所知，如果一種上下顛倒的思潮成了主流，那你就應(yīng)該擔(dān)心泡沫問(wèn)題了。真正的泡沫是指大型市場(chǎng)上非理性投資的規(guī)模越來(lái)越大。Facebook波瀾不驚的上市過(guò)程可能已經(jīng)抽走了科技股泡沫里的一些空氣，但這并不意味著非理性投資已經(jīng)沒(méi)有了。

????譯者：樸成奎

????It didn't take long for another buyer to get even crazier. Last week, as Facebook was readying for its offering, Japanese e-commerce company Rakuten led a $100 million stake in Pinterest in a deal valuing the hot social network at $1.5 billion.

????So no, there is no bubble on any scale that should concern everyday investors in the stock market. The Nasdaq is, barring any global calamities, not going to lose three-quarters of its value. But there is a growing trend of dealmaking that seems to leave logic locked outside the conference-room doors. And there are few financiers in Silicon Valley who seem to care, creating a complacent environment where the nonsensical is increasingly received as sensible.

????As a journalist, I covered the Japanese stock bubble and the dot-com bubble. As a homeowner, I lived through the housing bubble. And I know that, when a kind of upside-down thinking becomes commonplace, that's when you have to start worrying about a bubble. True bubbles are illogical investing scaled up to huge markets. Facebook's lackluster IPO may have sucked the air out of a tech-stock bubble. But that doesn't mean we've seen the end of irrational investing.