苹果的并购记录好坏参半（Beats成功，Humans失败），因此判断其资本配置能力充其量只能算一般。
逐段跳播
说苹果在并购方面的历史极不平衡，这样公平吗？从你的角度来看？我认为这是准确的。非常准确。如你所知，收购Beats Music非常好，很明显。但实际上，我们无法评估它，因为我们不知道它为股东创造了多少价值。
Would it be fair? To say that Apple's history in Mergers and acquisitions It was extremely uneven From your point of view? I think this is accurate. very. As you know, it was Beats Music acquisition Very good, clearly . But it's impossible Actually, we are evaluating it because We don't know exactly how much The value he created For the shareholders.
但我的假设是它是成功的，因为它打开了大门，他们有能力成为一家双方面的公司，并在双方的供需方面都进行工作。投资工作室，如你所知，乍一看并不好看。他们以大约4亿美元现金出售了它，但他们保留了Tripledot公司大约20%的股份，该公司最终被他们出售了。
but My assumption is that it was Successful, as he opened the door They have the ability to They are a two-party company The side and work on the side Supply and demand side of Both. investment The studio, as you know, It doesn't look great at first glance First. They sold it For approximately 400 million Dollars in cash, but they Keep a share of Approximately 20% in Tripledot company, It is the company that ended They ended up selling it .
在过去的六个月里，他们来自Tripledot的收入份额连续下降了27%。所以，如你所知，没有太多数据。但很明显，这确实不是你在并购愿景中真正想要的。
In the six months In the past, it decreased Their share of the revenue from Tripledot by 27% consecutively. So, as you know There isn't much data. But it is clear that this It's not something you really want. In his vision of a matter that concerns Mergers And acquisition.
然后他们的失败之一是一个名为Humans的整个公司，它是为社交购物应用开发的。他们几乎通过降低这项投资的价值来完全减记。
And then One of their failures The entire company is called Humans Which was developed For a social shopping application. They almost By reducing the value of this The investment is complete.
但如你所知，那只是花了5500万美元。虽然这显然是一个错误。然而，至少它不是一项如果事情不顺利就会使公司面临风险的投资，当然，事情确实如此。
But as you know, that was done For $55 million only. Although This was clearly a mistake. However, at least he did not It would be an investment that To put the company at risk If things don't work out, Which, of course, is what happened.
所以，如你所知，他们有一些我认为是巨大成功的份额，还有一些其他没有成功的事情。但至少在没有成功的事情上，如果允许这样表达的话，赌注的规模足够小，无论他们是否进行这次收购，都能让公司自然运营。
So As you know, they had Their share, I believe, One of the great successes And some other things Which did not succeed. But on The least in matters that It didn't work; the size The bet, if it's permissible The expression, low by Enough to keep the business running The company naturally, Whether they did this Acquisition or not.
是的，好的，我提到将他们的投资价值完全减记。这意味着什么？简单来说，他们将那项投资的价值减记为零。他们将其价值减记为零。
Yes, okay, I mentioned Reduce the value of their investment Entirely. What does this mean? In simple terms, they Reduce the value of that Investment reduced to zero. They reduced its value to Zero.
所以，那显然是一次失败的尝试。但我同意你所说的。如你所知，这是一个小赌注，如果管理团队诚实地履行职责，并购只会成功。
So, that was Clearly a failed attempt. But I agree with what you said. As you know, it's a bet small, and if the team The administration is doing its job honestly. mergers Only successful acquisitions.
我可能认为他们没有足够地回报投资机会，而且他们可能比必要的更加谨慎。因此，总的来说，我的印象是公司资本的配置充其量只是平均水平。
I am likely to think They do not return Investing in opportunities Enough, and they probably They are more cautious than Necessary. Therefore, in general My impression is that allocation The company's capital is Average level at best Circumstances.
我的意思是，这不是什么可怕的事情，但也不值得称赞。实际上，它不会是一样的，如你所知，有时很少见的公司，你会发现管理层配置资金的能力加上拥有基本业务活动，可能成为真正想要成为股东的理由。
I mean, it's not Something terrible, but It's not something worthwhile Praise as well. in In reality, it won't be Likewise, as you know, Sometimes with companies Rarely, you will find that the ability The administration is allocating the head Money plus Having a basic business activity Slim could be A genuine reason for desire To join as a shareholder.
Fuzzy Panda和“Calber Research”发布的报告，在某种程度上，这些报告是基本的，押注于股票下跌，涉及其他公司如苹果、谷歌和Meta。
The reports Published by Fuzzy Panda and "Calber Research", and in a way The reports were basic Which bets on a decline The stock relates to companies Others like Apple and Google And Meta.
这类似于一句常见的说法：苹果不是一家科技公司，而是一家消费电器公司。
It is similar The common saying that "Apple" Not a technology company Indeed, it is a company Consumer appliances.
如果我们看数据，Tenjin 专注于营销分析，他们声称苹果在 iOS 广告和手机游戏用户获取的转移收入中控制了略低于 40% 的份额。
If we look at the numbers Tenjin, specializing in Marketing analytics, understanding They claim that Apple controls Even at slightly less than 40 % of transfer revenues iOS Ads and Acquisition Users of games Mobile phone.
这个频道对 $AAPL 的历次判断
The Intrinsic Value Podcast 在这只股票上共 2 条判断，这里只列相邻的几条。