谷歌是一项安全的科技投资；尽管估值较高，但近期表现强劲。
逐段跳播
想要谷歌的云收入？它就在那里。
Want Google's cloud revenue? It's there.
尽管如此，他刚刚向 Alphabet 投资了数百亿美元，我们知道是巴菲特而不是 Abel 做出了那个决定，这很有趣，基本上他是在说，忽视科技公司是一个错误吗？
yet that said he just invested tens of billions of dollars in Alphabet and we know that it was Buffett now and not Abel who was calling that decision which is interesting and basically he's called Is negligence of tech companies a mistake?
尽管我会说，投资谷歌可能是你在科技领域能做出的最安全的押注之一。价格很高，但是，天哪，我们刚刚又看到了谷歌一个多么出色的季度。
And although I would say investing in Google was probably one of the safest bets on tech you can make. Prices are high, but boy, I mean, what a quarter we just saw from Google again.
所以，总之，我很高兴我们能在赢家那一集里讨论这个，因为回顾成功肯定更有趣，而且我们几乎是在底部买入的，它成为了我们迄今为止最大的持仓，而且表现很好。
And so anyways, I'm glad that we will be able to talk about that one in our winner episode because it's definitely more fun to revel in the successes and we bought that one pretty close to the bottom and it made it our biggest position by far and it's worked out well.
但再看看 Adobe，它显然没有达到 Alphabet 那样的质量水平，当然，但它仍然以非常大的优势领先于其行业。
But looking at Adobe again, I mean, it's clearly not at the same quality caliber of Alphabet, of course, and yet it still is the market leader in its industry by a very wide margin.
所以我们谈到了与 Alphabet 的比较，实际上我认为这个比较并非完全不恰当，因为就像我认为 Alphabet 作为搜索领域的主导者，最有条件将 AI 整合到搜索中一样，尽管这并不能保证成功，但它确实给了他们相当大的竞争优势。
And so we talked about the Alphabet comparison and I actually don't think it's a totally off comparison to make because just like how I thought Alphabet as the dominant player in search was best position to integrate AI into search and even though that wasn't a guarantor of success, it did give them a pretty competitive advantage.
而且问题可能在于，Adobe 感觉受到的 AI 威胁比 Alphabet 曾经受到的更大，至少我会这么认为。再说一次，去年我们买入了谷歌，当时肯定有很多人告诉我们，愚蠢的搜索会消亡，他们在 AI 方面毫无头绪。
And probably the problem is that Adobe feels more threatened by AI, at least I would argue, than Alphabet ever has. Again, last year we bought Google and there was certainly a lot of people who told us that stupid search will die and they have no clue what they're doing in terms of AI.
所以这可能只是我的后见之明，认为谷歌没有受到至少与 Adobe 同等程度的威胁。
So it might just be the hind bias of me thinking that Google has not been threatened to at least the same extent as Adobe has.
我原本以为，在深入研究过 Alphabet 和 Roku 之后，我会更容易理解 The Trade Desk。
I was expecting for it to be easier for me to wrap my head around the trade desk after already having gone deep on Alphabet and Roku,
但另一方面，你可以分析一项谷歌的投资，它也是在负面情绪最严重的时候进行的，结果却不同。
But on the other hand, you can analyze a Google investment which was [clears throat] also done during peak negativity and it turned out different.
这个频道对 $GOOGL 的历次判断
The Intrinsic Value Podcast 在这只股票上共 3 条判断，这里只列相邻的几条。