Of course, that's speculative; stock market gets things wrong all the time.

当然， 这是推测性的。股市总是出错。

As interest rates go up, he argues, investors will turn their back on more speculative growth stocks and focus on the quality names in tech.

他认为，随着利率上升，投资者将抛弃更具投机性的成长型股票，转而关注科技股中的优质股。

Because they tend to pick less speculative stock, but they have a long term plan to invest for the long term.

因为他们倾向于挑选投机性较低的股票，但他们有长期投资的长期计划。