因跑步社群中的品牌复苏以及Alexandre Arnault进入董事会的战略任命而逐步买入NKE；该股较高点下跌78%，但基本面（每股现金流超过9美元）支撑长期押注。
逐段跳播
Austin，我当时坦率地谈到，在经历了很长一段时间的停手之后，我正逐步重新投资耐克股票，因为我认为他们已经在某种程度上走出了那些有争议的公告和其他事情。
Austin, I was speaking frankly about my gradual return to investing in Nike stock after a very long hiatus , because I think they've kind of moved past all those controversial announcements and other things.
我看到耐克品牌在跑者和运动爱好者中强劲回归。Jordan品牌刚刚宣布推出其新的健身器材系列。因此，“Jordan”品牌与“Nike Strength”合作，推出了一整套面向家庭和商业用途的力量训练器材。
I see a strong comeback for the Nike brand among runners and exercise enthusiasts . The Jordan brand has just announced the launch of its new range of gym equipment. Therefore , the "Jordan" brand collaborated with "Nike Strength" to launch a complete line of strength training equipment for home and commercial use.
这些元素融入了Air Jordan 3鞋底的大象纹图案、Air Jordan 7的图形，以及受鞋盒启发的设计。该系列将于2026年8月13日发布，价格从25美元到1750美元不等。
These elements incorporate elephant-print patterns from the Air Jordan 3 sole, graphics from the Air Jordan 7, and designs inspired by shoe boxes. The collection will be released on August 13, 2026, with prices ranging from $25 to $1,750.
如果你是耐克和Jordan品牌的粉丝，你应该看看那些图片。它们确实是令人惊叹的产品。
You should see the pictures if you are a fan of Nike and the Jordan brand. They are truly amazing products .
耐克本周做的另一件我认为非常聪明的事，是在董事会获得了一个席位。34岁的Alexandre Arnault已加入，他是亿万富翁、LVMH董事长Bernard Arnault的儿子，目前担任Moët Hennessy的执行副总裁。
The other thing Nike did this week that I considered very smart was getting a seat on the board of directors. Alexandre Arnault, 34, son of billionaire Bernard Arnault, chairman of LVMH, and currently executive vice president of Moët Hennessy, has joined.
他此前曾主导过Tiffany & Co.和Rimois等品牌的高调复兴。所以，我认为耐克任命这个人来帮助他们度过这一重组过程是非常明智的举动，因为他们经历了非常艰难的一年。
He has previously led high-profile revivals of brands such as Tiffany & Co. and Rimois. So, I thought it was a very smart move by Nike to appoint this person to help guide them through this restructuring process, because they had a very difficult year .
耐克股价已较其历史最高点下跌78%，但我仍然相信它。我在比赛、见面会和跑步俱乐部看到每个人都穿着大量耐克服装和鞋子，我也看到，即便股价为36美元，耐克每股现金流仍超过9美元。
Nike's stock has fallen 78% from its all-time high , but I still believe in it . I see everyone at races, meet- and-greets, and running clubs wearing lots of Nike clothes and shoes, and I also see that even with their $36 stock price, Nike has cash flow of more than $9 per share.
因此，我相信所有这些举措都将在未来有力强化他们的地位。
Therefore, I believe that all these moves will strongly strengthen their position in the future.
我们只能拭目以待，看他们能否重新回到曾经每股100美元的股价水平，而他们目前的位置是36美元。罗伯特，为什么在我出生的时候，我没有以每股几美元的价格买入Nike的股票呢？那样的话，我之后就能以170美元或180美元的价格卖出它们了。
We have to wait and see if they can get back above the $100 share price they once were, compared to their current position at $36. Robert, why, when I was born, didn't I buy Nike stock for a few dollars a share? After that, I could sell them for $170 or $180.
我完全不知道Nike的股票拆分，但几十年前它的股价是每股20美分。Nike存在了这么久，真是令人惊叹，这是一个非常好的观察。
I had no idea about Nike's stock split, but the price was 20 cents per share a few decades ago. It's truly amazing how long Nike has been around, and that's a very good observation .
是的，我完全同意你的看法。我觉得在这个阶段抛售Nike股票，不过是华尔街想看看股价能被压到多低，而与公司的实际基本面无关。
Yes, I completely agree with you . I feel that selling Nike shares at this stage is simply an attempt by Wall Street to see how far the share price can be reduced, rather than being related to the actual fundamentals of the company.
但关于Nike的复苏，有一点让我很感兴趣，我觉得也很有意思，那就是他们没有任命一位来自美国或北美的顾问。他们任命的是Bernard Arnault 34岁的儿子，一个具有国际视野的人。
But the one thing that intrigues me about Nike's recovery, and I think is interesting, is that they have n't appointed a consultant from the United States or North America. They appointed Bernard Arnault's 34-year-old son, a person with an international vision.
他以国际化的方式思考，因为Nike不仅仅是一个北美品牌。它是一家全球性公司。我知道疫情期间他们在中国的销售非常巨大。这在那段时间里长期提振了他们的股价。
He thinks in an international way because Nike is not just a North American brand. It is a global company. I know that sales in China were huge for them during the pandemic. This boosted their stock price there for a long time.
所以，当我思考Nike的复苏时，我很想看看这种复苏将如何不局限于美国。我同意你的看法。我认为它在美国国内已经开始复苏了。我看到很多人穿着它，很多人在跑步，跑步俱乐部，诸如此类。
但他们将如何利用这股势头来实现全球范围内的复苏呢？
So, as I reflect on Nike's recovery, I'm eager to see how that recovery won't be limited to the United States alone. I agree with you. I think it has already begun to recover within the United States .
I see lots of people wearing it, lots of people running, running clubs , and all that. But how will they use this momentum to achieve recovery around the world?
对Nike来说，这很简单。回到当初让你走到今天的东西。就这么做。回到专注于那些想改善自己体能的人、想跑步的人、想锻炼的人，远离那种试图取悦所有人的“步行”文化。服务于你的专长，发展它，并坚持下去，
For Nike, it's very simple. Go back to what brought you here. Just do that . Go back to focusing on the person who wants to improve their fitness, the person who wants to run, the person who wants to exercise, and move away from the " walk" culture that tries to please everyone.
Serve your specialization, develop it, and persevere,
因为我要告诉你一件事，我同意你的看法。在每一个跑步俱乐部、任何一场比赛中，甚至练习“bikalball”时，我到处都能看到Nike。这就是为什么我开始逐步买回股票，我相信从长远来看，我准备押上我的钱，通过投资Nike股票来证明我的观点。
because I will tell you something, I agree with you. In every running club, any race, or even when practicing " bikalball", I see Nike everywhere. That's why I started gradually buying back shares , and I believe that in the long run I am ready to bet my money and prove my point by investing in Nike stock.
是的，我正在看这个年轻人。我称他为年轻人，因为他34岁。我30岁。我觉得我们俩都很年轻，不是吗？但我看了看他的LinkedIn资料。他曾是Rimowa的CEO。好的。
Yes, I am looking at this young man. I call him a young man because he is 34 years old. I am 30 years old. I think we're both young, aren't we ? But I take a look at his LinkedIn profile. He was the CEO of Rimowa. Okay .
Rimowa的包现在变得非常流行。我认识的每个人都有“Rimwa”包。然后是Tiffany & Co.，在今年早些时候之前我从未从他们那里买过任何东西，我买了一件他们的商品。我觉得它真的很棒。
所以，他为这两家公司实现了质的飞跃。很明显，他现在是Moët Hennessy的CEO。但他加入“Nike”的董事会，我认为这是一个好举措，罗伯特。我认为这是一个好举措。
Rimowa bags have become very popular now. Everyone I know has a " Rimwa" bag. Then there's Tiffany & Co., I never bought anything from them until earlier this year, and I acquired an item from them.
I found it really great . So, he made a qualitative leap for these two companies. It is clear that he is now the CEO of Moët Hennessy. But his joining the board of directors of "Nike" , I think that's a good move, Robert. I think it's a good move.
关于Nike，我最后想说的是，我真的很喜欢它，就是美国网球公开赛。他们与Travis Scott和Carlos合作。太棒了。完全不同。所以，我认为他们正在做很棒的事情来修复品牌所受的损害，但我们只能拭目以待。
And the last thing I want to say about Nike, and I really liked it, is the US Open. They collaborated with Travis Scott and Carlos. It was amazing. It was completely different.
So, I think they are doing great things to repair the damage done to the brand, but we have to wait and see.
我真的很喜欢这一点，我认为Jordan的举重装备很棒，因为让我们面对现实吧。举重装备几十年来看起来都一样。所以，看到这套令人惊叹的“Jordan”装备，对我来说真的很令人兴奋。
I really like this point, and I think Jordan's weightlifting equipment is amazing, because let's face it . Weightlifting equipment looks the same as it has for decades and decades.
So, seeing this amazing "Jordan" equipment is really exciting for me.
观察点
这个频道对 $NKE 的历次判断
Rich Habits 在这只股票上只有这一条判断。