AAPL 对于价值投资而言估值过高；当前价格仅能带来个位数回报，因此应等待更低的估值。
逐段跳播
如果看苹果，它是一只很棒的股票，而且表现非常好。沃伦·巴菲特也在卖出，但你不应该从股票市场的角度来看待投资。我们是从企业所有权的角度来看待投资的。
If we look at Apple, it's a great stock, and it has done very well . Warren Buffett was also selling, but you don't look at investing from a stock market perspective. We look at investment from a business ownership perspective.
苹果的盈利是1270亿美元，我们必须调整股票薪酬，这意味着大约1500亿美元，因为他们把钱花在股票上。如果他们分配所有资金，他们可以给你价值1150亿美元的股息。然后是增长方面。
这1500亿美元会如何随时间增长？那是你作为所有者的回报。仅此而已。然后将其与市盈率进行比较。股息收益率是2.7%以上，我不知道增长会是多少，也许平均5%，然后那可能是你的长期回报。
Well, Apple's earnings are $127 billion, and we have to adjust for stock-based compensation, which means about $150 billion because they spend that on stock. They could give you dividends worth 115 billion if they distributed all the money. Then there is the growth aspect. How will this amount of 150 billion grow over time? That is your reward as an owner. That's all . Then compare that to the price-to-earnings ratio. The dividend yield is 2.7% plus , I don't know what the growth will be, maybe 5% on average, and then that might be your long-term return.
然而，与当前价格相比，你会愿意支付那个价格来获得个位数的回报吗？价值投资者不会那样做。我们想要更低的价格和像苹果这样的伟大公司，但如果我们能以10倍的市盈率得到同样的东西，那就是我们想要的。
However , when compared to the current price, would you pay that price to get a single-digit return? Value investors don't do that. We want lower prices and great companies like Apple, but if we can get the same thing at a price-to-earnings ratio of 10, that's what we want.
这个频道对 $AAPL 的历次判断
Value Investing with Sven Carlin, Ph.D. 在这只股票上只有这一条判断。