But the past decade has been miserable for value stocks in America.

但过去十年，美国价值型股票命运悲惨。

Alphabet, with a price-to-earnings ratio of 17, looks cheaper than most value stocks.

Alphabet的市盈率为17倍，看起来比大多数价值型股票都便宜。

True, " value" stocks, those with a low price compared with the firm's book assets, look more attractive.

诚然，与公司账面资产相比价格较低的“价值型”股票看起来更具吸引力。

The fact that many tech stocks now qualify as value stocks will come as a considerable blow.

所以，许多科技股现在符合价值股的标准这件事，对他们而言将是一个相当大的打击。

If you were looking at value stocks, it's not the best.

如果你在看价值型股票， 它不是最好的。

Investors are turning from growth stocks like Tesla to value stocks like commodity producers.

投资者正从特斯拉等成长型股票转向大宗商品生产商等价值型股票。

For them, the Daimler-type stock is the one to buy. True, carmakers (and banks) have their troubles. But value stocks usually do.

对他们而言，戴姆勒型的股票是值得购买的。没错，汽车制造商（以及银行）也有自己的困难。但价值型股票通常如此。

It is expensive: its price-to-earnings, or PE, ratio is 29. In contrast Daimler is a value stock, with a PE of eight.

其市盈（PE）率是29。相比之下，戴姆勒是一支“价值型”股票，PE为8.

But not recently. For much of the past decade, value stocks have lagged behind the general market and a long way behind growth stocks, their antithesis.

在过去将近十年时间里，价值股已经落后于共同市场，也远远落后于成长股—它们的对立股票。

The exceedingly profitable lease naturally gave such stocks a high value, in case they preferred to sell; if they held them, they reaped huge rewards from the leases which they had themselves decreed.

利润丰厚的租赁自然给了这些股票很高的价值，以防他们愿意出售；如果他们持有它们，他们就会从他们自己颁布的租约中获得巨额回报。