Just as in the world of fashion, styles come and go in markets. But, since the financial crisis, one investing style has reigned supreme: growth. It has soundly eclipsed value investing.
就像时尚界一样，市场的风格也是来来去去。但是自金融危机以来，一种投资风格一直占据优势：增长投资。它让价值投资彻底失色。
Since equities crawled off the canvas in 2009, an environment of low global interest rates and lacklustre economic growth has led investors to own fast-growing companies.
自股市在2009年开始出现起色以来，全球低利率和经济增长乏力的环境导致投资者倾向于持有快速增长的公司。
There has been no better hunting ground than tech. In sharp contrast, those fund managers scouring the beaten down ranks of cheap shares in the hope of them bouncing have lagged well behind.
没有比科技股更好的狩猎场了。与此形成鲜明对比的是，那些四处搜索大幅下跌的廉价股票、希望它们反弹的基金经理们，被远远地甩在后面。
But this month’s jump in US long-term bond yields has challenged the seemingly ever upward flight path of growth stocks.
但本月美国长期债券收益率的大幅上涨，挑战了增长型股票似乎永不停止的涨势。
A higher 10-year bond yield reduces the value of future cash flows, and while that shift has hit equities in general, the selling has been concentrated among tech shares.
10年期债券收益率上涨降低了未来现金流的价值，虽然这一转变打击整体股市，但卖盘主要集中在科技股上。
Investors are now naturally asking a set of difficult questions. Is the long winning run for growth finally in trouble and does this spell the end for momentum-chasing strategies? And should portfolios rotate away from tech and buy value?
投资者现在自然会提出一系列疑难问题。长期领跑的增长策略是否终陷困境，这是否意味着追逐市场动量策略的终结？投资组合是否应该远离科技股，转向价值投资？