LULU 估值偏低，但因长期品牌存续的不确定性而被排除在投资组合之外。
逐段跳播
Lululemon的股价曾值516美元，所有人都极其喜爱它。如今，该股暴跌至96美元以下，较其历史最高点下跌了惊人的81%。
Lululemon's stock was worth $516 and everyone absolutely loved it. Today, the stock plummeted to below $96, a staggering 81% drop from its all-time high.
在它昂贵又受欢迎的时候，人人都想分得一杯羹。如今它变得便宜又遭人厌恶，几乎没人想要它，只有一个人例外——迈克尔·佩里，《大空头》的传奇人物，他此刻正在买入更多。
At a time when it was expensive and popular, everyone wanted to get a share of it. Now that it has become cheap and hated, hardly anyone wants it, except for one man, Michael Perry, the legend of "The Big Short," who is buying more of it as we speak .
这是一次以折扣价收购一个全球品牌的千载难逢的机会，还是一把继续伤害持有者的“落刀”？首先，让我们来看看这场惊人的崩塌。2023年12月，Lululemon的股价创下约每股516美元的历史最高点。
到2026年初，它已经滑落至约211美元。然后，在2026年，情况持续恶化，愈演愈烈。美国需求疲软、令人失望的新产品，以及强劲的新竞争对手，使其价值到6月时已缩水约40%。接着2026年变得极其糟糕。
在又一份糟糕的财报之后，该股单日暴跌18%，自2018年以来首次跌破每股100美元。总体而言，该股仅今年就下跌约54%，较峰值下跌了惊人的81%。
Is this a once-in-a-lifetime opportunity to acquire a global brand at a discounted price, or is it a "fallen knife" that continues to wound whoever holds it? First, let's take a look at this amazing collapse.
In December 2023, Lululemon's stock hit an all-time high of around $516 per share . By the beginning of 2026, it had already slipped to around $211. Then, in 2026, things continued to deteriorate more and more .
Weak demand in the United States, disappointing new products , and strong new competitors had reduced its value by about 40% by June. Then 2026 became extremely bad. After another bad earnings report , the stock plunged 18% in a single day and crashed below $100 a share for the first time since 2018.
Overall, the stock is down about 54% this year alone, and a staggering 81% from its peak.
所以，如果我是在峰值买入的，我每投入10美元就会损失8美元。但是，这一点非常重要，股价下跌并不一定意味着这是一笔划算的交易。同样，股价下跌也并不一定意味着这家公司很糟糕。
So, if I had bought at the peak, I would have lost $8 out of every $10 I invested. But, and this is very important, a drop in the share price does not necessarily mean it is a winning deal.
Also, a drop in the share price does not necessarily mean that the company is bad.
股价已经下跌了81%，但我们在本频道真正要问的问题是：公司的实际价值是否也下跌了81%？因为如果没有，那么一个难以置信的机会可能就藏在我们眼前。而如果它确实下跌了，这可能就是一个痛苦的陷阱。
The price has dropped by 81%, but the real question we are asking in this channel is: Has the actual value of the company also dropped by 81%? Because if that doesn't happen, there could be an incredible opportunity hiding right in front of us.
And if it has dropped, this could be a painful trap.
这里有一个令人不安的真相。这不仅仅是受惊投资者的过度反应。公司的业务已经恶化了。在上个季度，销售额下降了4%，而同店销售额——也就是开业至少一年的门店的销售额，这是衡量零售企业健康状况最真实的指标——全球下降了9%，仅美洲就下降了严峻的12%。
Here's the uncomfortable truth. This is not just an overreaction from scared investors. The company's business has already deteriorated. In the last quarter, sales fell by 4%, while like-for-like sales—that is, sales in stores that have been open for at least a year, which is the truest measure of the health of retail businesses—fell by 9% globally and by a harsh 12% in the Americas alone.
其最受欢迎的女式紧身裤——整个公司赖以建立的产品——的销售额已经下降了20%。营收从25.3亿美元缩水至24.2亿美元，管理层承认进店的人更少了，其中购买任何东西的人更少了，而那些确实购买的人每次花的钱也更少了。
当这三项同时下降时，那就是需求上的真正问题，而不是巧合。
Sales of its most popular women's leggings, the product on which the entire company was built, have fallen by 20%. Revenue shrank from $2.53 billion to $2.42 billion, and management acknowledged that fewer people entered the stores, fewer of them bought anything, and those who did buy spent less each time.
When those three decline at the same time, that's a real problem with demand, not a coincidence.
管理层表示，购物者正从紧身裤转向更宽松的款式，而Lululemon对这一转变感到意外。那么，这里有一个大问题。这只是一个Lululemon能迅速追赶上的短暂时尚潮流，还是它已经失去了那种知道女性接下来想穿什么的魔力？
Management says shoppers are moving away from leggings towards looser styles , and Lululemon was surprised by this shift. So, here's the big question. Is this just a passing fashion trend that Lululemon can quickly catch up with , or has it lost its magic touch in knowing what women want to wear next?
这并不局限于美国。在中国，销售也出现了下滑，受到围绕该品牌的一些负面议论以及疲软的线上购物活动的影响。坦率地说，每个主要地区都已转入负增长区间。这令人担忧，因为国际增长本应是救命稻草。
This is not limited to America. In China , sales also declined, affected by some negative buzz around the brand and weak online shopping events . Frankly , every major region has shifted into the negative range.
This is worrying because international growth was supposed to be the lifeline.
现在，各位，如果你们看看这个，该股的5年表现下跌了77%。各位，我不知道这对你们是否重要，但我在Twitter上。如果你想在EM Paul G.上关注我，这个人写道：“紧急，Lululemon股价持续暴跌，目前较其2023年的历史最高点下跌超过80%。”
Lululemon到底发生了什么？他们能改变航向吗？
Now, guys, if you look at this, the stock's 5-year performance is down 77%. Hey guys, I don't know if this matters to you, but I'm on Twitter . If you'd like to follow me on EM Paul G., this person wrote: "Urgent, Lululemon stock continues to plummet, and is now down more than 80% from its all-time high in 2023."
What the hell happened to the Lululemon? Can they change their course?
为什么股价下跌就意味着公司业绩恶化了？2023年的营收为81.1亿，2026年的营收为111亿。2023年的自由现金流为3.3亿，2026年为13.5亿。我看到营收在上升，自由现金流在大幅增长。
这并不一定意味着未来一片光明，但2023年的Lululemon也面临着同样的未来。
Why does a drop in the share price mean that the company's performance has worsened? Revenues in 2023 amounted to 8.11 billion, and revenues in 2026 amounted to 11.1 billion. Free cash flow in 2023 was 330 million, and in 2026 it was 1.35 billion.
I see revenues rising and free cash flow growing significantly. This doesn't necessarily mean the future is bright, but the same future existed for Lululemon in 2023.
各位，改变的是故事。这才是改变的东西。我明白这一点。这里有一个更复杂的故事。2023年的看法是，公司会继续进步。就像当前认为它会失败的看法一样。哪一个是对的？好吧，我要告诉你的一件事是，股价并没有告诉我们任何关于这方面的信息。
因为2023年之前的价格非常低。你本应该持有这家公司。就在这里。事实上，这是在2021年。峰值在2023年这里。这意味着，如果你只追踪股价，你本应该持有这家公司。他不会把这一点考虑进去。
Folks, it's the story that has changed. This is what has changed. I understand that. There's a more complicated story here. The perception in 2023 was that the company would continue to progress.
Just like the current perception that it will fail. Which one is right ? Well, one thing I will tell you is that the stock price hasn't told us anything about this. Because the price prior to 2023 was very low.
You should have owned this company. Right here. In fact, this was in 2021. The peak was here in 2023. This means you should own this company if you are only tracking the stock price. He wouldn't have taken that into account.
国际增长可能再次加速。Lululemon 拥有独特且全球知名的品牌，但在北美以外仍有很大的扩张空间。这非常了不起。
International growth could accelerate again. Lululemon has a distinctive and globally recognized brand, but still has significant room to expand outside of North America. This is amazing.
其次，该公司享有异常强劲的经济地位。它目前的毛利率约为 56%。因此，他们每卖出一件产品，其中 56% 被视为他们的利润。这高于 Nike 的约 40%。净利润率为 12.8%，投入资本回报率为 20%。这对一家公司来说意义重大。
Secondly, the company enjoys an unusually strong economic position. It currently achieves a gross profit margin of approximately 56%. Therefore, for every product they sell, 56% of it is considered profit for them.
This is higher than Nike's, which is about 40%. Net profit margin of 12.8% and return on invested capital of 20%. This is a huge deal for a company.
在那之后，估值已经反映出相当程度的悲观情绪。这就是问题的关键所在。这就是 Perry 感到兴奋的原因，因为他看着它说：“嘿，等一下。”这里面有大量的悲观情绪。这是否被夸大了？
After that, the assessment already reflects considerable pessimism. This is the key to the matter here. That's why Perry is excited because he looks at her and says, "Hey, wait a minute."
There is a lot of pessimism in this. Has this been exaggerated ?
很多人会坐着说这个品牌受损了，但没死。很好。我的意思是，听着，它仍然是一个高质量的品牌。我听说那些停止购买的人，他们并没有说他们认为质量不好。他们说的是，我有点受够了。他们还有一位新 CEO，此人在 Nike 待了很长时间，所以还有很多其他优势。
Many people will sit and say that the brand is damaged, not dead. Good. I mean, listen, it's still a high-quality brand. The people I hear about who have stopped buying , they don't say they think the quality is bad.
What they're saying is, um, I'm kind of fed up with it . They also have a new CEO, who is someone who has been at Nike for a long time, so there are a lot of other advantages as well.
悲观者也有非常合理的观点，你绝对应该听取他们的意见。悲观者的第一个论点是，该品牌可能会失去势头。最近一年的营收增长仅约 1.7%，而历史上的增长要强劲得多。这非常重要。我与一些女性交谈过，她们发现了“Athleta”，发现了“Alo”，还发现了其他她们同样喜爱的品牌。
事实上，我妻子说：“Paul，我喜欢 Amazon 品牌的短裤。”这是从一位女性口中听到的非常重要的事情。
Pessimists also have very valid points , and you should definitely listen to them. The pessimists' first argument is that the brand may lose its momentum. Recent revenue growth is only about 1.7% over the past year, compared to much stronger historical growth .
This is very important. I spoke to women who found " Athleta," they found "Alo," and they found other brands they loved just as much . In fact, my wife says, "Paul, I love the shorts from the Amazon brand."
This is something very important to hear from a woman.
其次，利润率和库存可能仍面临压力。服装零售商容易受到打折的影响。现在，我们谈到了 12.8% 的净利润率，但 5 年平均值为 14.5%。这证明这些降价会影响并损害最终的利润数字。
Secondly, margins and inventory may remain under pressure. Clothing retailers are vulnerable to discounts. Now, we talked about a net profit margin of 12.8%, but the 5- year average is 14.5%.
This is evidence that the reductions affect and harm the final profit figures.
第三，国际扩张可能需要更大的投资，并带有执行风险。各位，随着他们在国际上扩张，他们必须花这笔钱，并确保他们控制那个市场。这是许多潜在增长的来源。他们在国际上的现有门店的销售额并没有像在美国那样下降。
Third, international expansion may require greater investment and carries implementation risks. Guys, as they grow internationally, they have to spend that money and make sure they control that market .
This is the source of much potential growth. Sales at their existing stores internationally did not decline to the same extent as in the United States.
各位，他们当然必须跟上潮流。很明显，人们已经远离了让他们成名的东西，也就是紧身裤。那么，我们来谈谈 Perry。因为他这一步确实了不起。Lululemon 是他最大的投资。在我的钱包里，它简直被戏称为“骗子”。
他已经关注它有一段时间了。几个月前，我认为 150 是一个很好的买入价格。所以，以低于 100 的价格买到它当然让他很高兴。
Guys, of course they have to keep up with trends. It's clear that people have moved away from the very thing that made them famous, namely leggings. So, let's talk about Perry.
Because his step here is truly remarkable. Lululemon is his largest investment. She has literally been nicknamed "The Deceiver" in my wallet. He had already been watching her for some time.
Months ago, I thought 150 was a great price to buy. So, getting it for less than 100 certainly pleased him.
但这就是他如此聪明的地方。在那份糟糕的财报之后，他没有假装一切都好。他公开承认事情出了问题，并下调了他对公司真实价值的估计。但你猜怎么着？这就是我们拥有安全边际的原因。
But here's what makes him so smart. After that bad earnings report, he didn't pretend that everything was fine. He openly admitted that things had gone wrong and lowered his estimate of the company's true value.
But guess what? That's why we have a safety margin.
再次强调，这并不完全确定，但等到公布时我们很快就会知道。所以想一想。业务表现更差，所以它的价值下降了，但价格跌得更多，所以这只股票实际上变得更有吸引力了。这就是思考价格与价值的本质，也是整个游戏的关键。
Again, this is not entirely certain , but we will know soon when it is announced. So think about that for a second . The business performed worse , so its value decreased , but the price fell even further, so the stock actually became more attractive.
This is the essence of thinking about price versus value, and it's the whole game.
而且不只是 Perry；其他一些受人尊敬的投资人，如 Tweedy Brown 和 Fairfax，也持有 Lululemon 的股票。
And it's not just Perry; some other respected investors such as Tweedy Brown and Fairfax also own Lululemon shares.
聪明钱并不都意见一致。其中一家大型基金 Viking Global 实际上买入了很大一部分，然后在仅仅几个月后就卖出了每一股。所以即便是专业人士也完全分歧。
Smart money doesn't all agree . One of the large funds, Viking Global, actually bought a huge portion and then sold every single share after only a few months. So even professionals are completely divided.
然而，有一个令人鼓舞的迹象：Lululemon 的内部人士，也就是最熟悉公司的人，在价格下跌时买入了近 200 万美元的股票，而几乎什么都没卖。
However, there is an encouraging sign: Lululemon insiders, the people most familiar with the company , bought nearly $2 million worth of shares as the price fell while selling almost nothing .
即便业务恶化，Lululemon 仍在积极回购自己的股票，8 个月内回购了约 600 万股，超过整个公司的 5%。问题在于，其中许多回购是在 120 到 150 的价格区间进行的。
但各位，像 Lulu 这样的公司直到价格大幅下跌才买入。现在股价低于 100，最大的问题是：新任 CEO 会继续在这些更便宜的价格上买入吗？因为这会告诉你很多关于管理层到底有多自信的信息。
Even as business deteriorated, Lululemon was aggressively buying back its own shares, about 6 million shares in 8 months, which is more than 5% of the entire company. The problem is that many of these purchases were made at a price between 120 and 150.
But guys , companies like Lulu didn't buy until the price dropped sharply. Now that the stock is below 100, the big question is: Will the new CEO continue to buy at these cheaper prices?
Because that will tell you a lot about how confident management really is.
这里有一个 Bury 也提出的有争议的角度。在这个低价下，Lululemon 的总价值仅约 106 亿，只是它几年前价值的一小部分。公司拥有 14 亿现金，几乎没有债务。这使得它对于任何想完全收购它的人来说都是一家容易得多的公司。
一家私募股权公司或竞争对手可以以低廉的价格买下这个著名品牌及其全部 825 家门店。
Here's a controversial angle that Bury also raised. At this low price, Lululemon's total value is only about 10.6 billion, a very small fraction of what it was worth years ago.
The company has 1.4 billion in cash and virtually no debt. This makes it a much easier company for anyone who wants to acquire it completely. A private equity firm or competitor could buy this famous brand and all 825 of its stores for a bargain price.
因为你必须相信，如果有人现在来收购，他们会支付比今天高得多的价格。但是，这一点非常重要，Bury 自己说他没有信息表明真的有人在试图收购它。所以，我的建议，我很少这么说，就是不要仅仅为了被收购的希望而买入 Lululemon。
只要知道，如果你认为这项业务已经是一笔好买卖，那么潜在的收购只是一个不错的额外收获。
Because you must believe that if someone came to buy now, they would pay a much higher price than they would today. But, and this is really important, Bury himself said he had no information that anyone was actually trying to buy it .
So, my advice, and it's very rare for me to say this, is don't buy Lululemon just hoping to acquire it. Just know that if you think the business is already a good deal, a potential acquisition would just be a nice bonus.
现在，各位，在我们剖析 Lulu 之前，快速提醒一下：永远不要按字面理解我们的标题和缩略图。我们不是来提供股票建议的。我们是来教你一个流程，你有一天可以把它应用到自己的投资中，这将帮助你晚上睡得更好，做出更少情绪化的决定。
各位，当这两件事发生时，你很可能获得更好的回报，这就是我们的目标：改善你的投资流程。话不多说。让我们根据我自己的假设来确定这家公司的价值。
And now, folks, quickly before we dissect Lulu, a quick reminder: never take our titles and thumbnails literally. We are not here to give advice about stocks. We are here to teach you a process that you can one day apply to your own investments, which will help you sleep better at night and make less emotional decisions.
Guys, when these two things happen, you're likely to get better returns, and that's our goal here: to improve your investment process. Enough talk then. Let's determine the value of this company based on my own assumptions.
现在，各位，我还想让每个人知道，今年的盈利包括一笔约每股 86 美分的一次性退税，这不会重复。因此，我们必须把它排除掉，才能找到真正的正常盈利能力，约为每股 8 美元。以今天约 96 美元的价格计算，这仅相当于 12 倍的利润。
这里还有一个额外的优势。公司拥有约每股 12.50 美元的现金。所以，实际的业务活动比最初看起来更便宜。总的来说，如果排除现金，你为核心业务支付约 10 倍的利润。对于这样一个知名品牌来说，这真的是很低的价格。
And now, folks , I also want to let everyone know that this year's earnings include a one-time tax refund of about 86 cents per share that will not be repeated. Therefore, we just have to exclude that to find the true normal earnings power , which amounts to about $8 per share.
At today's price of around $96, that equates to only 12 times the profit . Here is an additional advantage. The company has approximately $12.50 per share in cash. So, the actual business activity is cheaper than it initially appears.
In general, if you exclude cash, you pay about 10 times the profits for the core business. A really low price for such a well-known brand.
它有自己的问题吗？当然有。但让我们再看看更多关于这家公司的情况。首先，它目前的市值为 110 亿美元。这是公司的价格，而企业价值为 133 亿美元。我们谈到了债务很少，但记住，其中很多债务很可能是他们门店的租赁，好吗？11 到 13.3 的这个差异就是本质所在。
Does she have her own problems ? certainly. But let's take a look at more about the company. Firstly, its current market value is $11 billion. This is the company's price and the value of the enterprise, which is $13.3 billion.
We talked about very little debt, but remember, a lot of that debt is probably leases for their sites, okay? This difference of 11 to 13.3 is the essence of it.
有意思的是：过去五年该股下跌了77%，但其现金流却高于五年均值。当前现金流为13.5亿，而过去五年为10.9亿。当前价格相对于自由现金流为8.8倍。这令人难以置信。资本回报率高，去年超过20%，过去五年为29%。
目前利润率较低，但5年和10年的数字都远高于14%。各位，我的意思是他们没有进行任何收购，过去五年只有1.5亿美元，这算不了什么。
Now, here's what's interesting: their stock has fallen 77% over the past five years, yet their cash flow is above their five-year average. Their cash flow is 1.35 billion compared to 1.09 over the past five years.
Its current price relative to free cash flow is eight . eight. This is unbelievable. High return on capital, more than 20% last year, and 29% for the past five years. The profit margin is lower now, but the 5 and 10 year figures are well above 14% .
Guys, I mean they're not making any acquisitions, $150 million over the last five years, that's nothing.
顺便说一句，我们社区的成员认为这是一个买入机会。八大支柱，它是一支八柱之箭。低估值，高现金流，过去五年的营收和净利润，极少的债务，股票回购以及高资本回报率。
By the way , members of our community consider it a buying opportunity. Eight pillars, it is an eight-pillared arrow. Low valuation, high cash flow, revenues and net income over the past five years, very little debt, share buybacks and high return on capital.
所以，这告诉我的是，你应该关注这一点。如果这家公司能够改变方向，如果它甚至能够保持稳定，它可能是一项不错的投资。因为记住，在支付八到九倍自由现金流的同时保持稳定是了不起的。这是对你资金的巨大回报。
So, what this tells me is that you should pay attention to this. If this company can change course, and if it can even remain stable, it could be a good investment. Because remember, staying stable while paying eight or nine times your free cash flow is tremendous. This is a huge return on your money.
几分钟后，我们将根据我自己的假设来审视我认为Lululemon值多少。但在我们讨论之前，让我们看看分析师的估计，看看他们怎么想。有意思的是，分析师预测利润下降9%，再下降16%，然后恢复增长3%、9%和4%。
利润仍然是每股12美元。但看看这个。他们预期增长。虽然幅度很小，但他们认为营收增长会随着时间加速。因此，分析师认为Lululemon有更好的未来。如果他们是正确的，那么这具有很大的价值。
In a few minutes, we will review the value that I believe Lululemon is worth based on my own assumptions. But before we get to that, let's take a look at the analysts' estimates to see what they think.
Here's what's interesting. Analysts predict a 9% drop in profits, a further 16 % drop, and then a return to growth of 3%, 9%, and 4%. The profit is still $12 per share . But look at this.
They expect growth. Although it is small, they see revenue growth accelerating over time. Therefore, analysts believe there is a better future for Lululemon. If they are right, then this is of great value.
让我们把它们都放进我们的股票分析工具里，看看这家公司对我们来说值多少。好了各位，我做了10年的分析。现在，我要在这里做一个轻微的调整。我将采用未来十年0%、2.5%和5%的营收增长率。
我把盈利和自由现金流预测保持得很低。如果你还记得，他们在这里达到了14.5%。我输入了10%、12%和14%。因此，我的平均假设假定当前利润率和当前自由现金流。因此，我把它保持得很低。
Let's put them all together in our stock analysis tool to find out what this company is worth to us. Okay guys, I've done a 10-year analysis. Now, I'm going to make a slight adjustment to this here.
I will adopt revenue growth rates of 0%, 2.5%, and 5% for the next ten years. I have kept my earnings and free cash flow forecasts low. If you recall, they were achieving 14.5% here.
I put in 10%, 12%, and 14%. Therefore, my average assumptions assume current profit margins and current free cash flow. Therefore, I keep it low.
接下来，10年后我将分配给这家企业的盈利倍数（EPM）是多少？嗯，标普指数中公司的平均数是15或16。你为好的公司支付更高的价格，为差的公司支付更低的价格。这是一家好公司的迹象之一是高的资本回报率。
它不是一家伟大公司的迹象之一是它目前正在经历困难，如果没有增长，那就不太好。因此，我将假设10年后的市盈率（PE）和市自由现金流率分别为12、15、17和18。因此，我在这里是谨慎的。
我基本上是在说，这是标普指数中的一家中型公司，我仍然认为这非常保守。
Next, what is the earnings multiple (EPM) that I will allocate to this business 10 years from now? Well, the average number of companies in the S&P index is 15 or 16. You pay a higher price for good companies, and a lower price for bad companies.
One of the signs that this is a good company is the high return on capital. One of the signs that it's not great is that it's going through difficulties at the moment, and if there's no growth, that's not great .
Therefore, I will assume 12, 15, 17, and 18 in terms of the price-to-earnings (PE) ratio and the price-to- free cash flow ratio 10 years from now. Therefore, I am being cautious here .
I am basically saying that this is a mid-cap company in the S&P index, which I still think is very conservative.
最后，我的回报率是9.5%。各位，这不是我希望的回报。换句话说：“基于我这里的假设，并且不考虑资产负债表，我应该支付什么价格才能获得9%或10%的市场回报？”
Finally, my return rate is 9.5%. Guys, this isn't the return I'm hoping for . In other words: "Based on my assumptions here, and regardless of the balance sheet, what price should I pay to get a market return of 9% or 10%?"
我们有一个低价105，一个高价260，以及一个平均价170。这意味着，基于保守的平均假设，收益率仍然是18%。现在你可以看到为什么我们社区的成员和Michael Perry对这家公司感兴趣。
We have a low price at 105 , a high price at 260, and an average price at 170. This means, based on a conservative average assumption, that the yield is still 18%. Now you can see why members of our community and Michael Perry are interested in this company.
如果这是一支随机的箭，而不是“Lululumon”，没有头条新闻，没有无聊的故事，没有人规定你应该怎么想，远离新闻的噪音，你必须自己去探索。你自己会知道如何确定一只股票的价值吗？
If this had been a random arrow instead of "Lululumon," without headlines, without a boring story, without anyone dictating what you should think, away from the noise of the news, and you had to explore it yourself.
Would you have known how to determine the value of a stock yourself?
所以，现在，基于我15%的回报率，我按下分析按钮，该股估值为低点76，高点180，平均118。所以，它仍然处于我当前的水平。
So, now, based on my 15% return, I press the Analyze button, and the stock is valued at a low of 76, a high of 180 , and an average of 118. So, it's still at my current level here.
但我不会对你们撒谎。对我来说，问题之一是我不知道“Lululimone”是否符合我的投资目标。我不知道如果“Lululumon”在10年或20年后消失，我是否会感到惊讶。
But I'm not going to lie to you guys . One of the problems for me is that I don't know if "Lululimone" fits my investment goals. I don't know if I would be surprised if " Lululumon" disappeared 10 or 20 years from now.
至于“Lululimone”，我会说：“呃，也许吧。”我只是从路上退了一步。那不会让我震惊。因此，很可能因为这个原因，它不适合我的投资组合。不是因为数字，而是因为我个人的财务目标。
As for "Lululimone, " I would say, "Eh, maybe." I simply stepped back from the road. That won't shock me . Therefore, and for this reason most likely, it doesn't suit my investment portfolio.
Not because of the numbers, but because of my personal financial goals.
所以，如果你想看看Michael Bury目前除了Lulu之外还在买入和做空哪些其他股票，请观看我们完整的Bury分析。
So, if you want to see other stocks that Michael Bury is currently buying and betting against, besides Lulu, watch our full Bury analysis next.
这个频道对 $LULU 的历次判断
Everything Money 在这只股票上共 2 条判断，这里只列相邻的几条。