Adidas估值过高（P比率为20），且因需求波动和消费者偏好多变而风险过大，目前无投资价值。
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Adidas 是一只更好的股票。
Adidas is a better stock.
Adidas。它曾昂贵，曾便宜，曾昂贵，曾便宜。现在处于中间位置，市盈率为 20。当它在 115 时，我告诉过你你可能会从中获利。但那时的鞋子设计很疯狂。后来他们回归了标准设计，股价暴涨然后又下跌。
诸如此类的事情。它不便宜。没有价值。取决于时尚趋势。消费者偏好多变。太冒险了。
Adidas. It was expensive. It was cheap. It was expensive. It was cheap. Now it's somewhere in the middle P ratio of 20. When it was at 115, I told you you will likely make money on it. But the shoes were crazy. Then they went back to the standard designs and the stock exploded then went down. Things like that. It's not cheap. No value there. Depends on the fashion trends. Consumer preferences are fickle. Too risky.
现在你可以看到这里利润率如何根据需求上下波动。它们又开始小幅增长，利润率上升，市场再次喜爱它，这意味着它是冒险的。
Now you can see here how those margins go up and down depending on demand. They started growing a little bit again margins up markets loves it again which means it's risky.
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Value Investing with Sven Carlin, Ph.D. 在这只股票上只有这一条判断。