丰田不值得买入；3%的股息率不足以抵消其复杂性、可疑的资本开支会计处理以及潜在区域放缓带来的下行风险。
逐段跳播
丰田表现不错。
Toyota is doing well.
现在我们说到丰田。一切看起来都还不错，稍微好一点。日元在走弱，所以看起来增长更多，但确实有一些增长。我稍微看一下数字，还行，中规中矩。不过他们主要是派发股息，有一些回购，回购较少，但还行，股息率是3%。
他们是全球销售，大部分车卖在北美和亚洲。所以实际上是一家美国公司，战略和路线图是自动驾驶技术的商业化。所以那里也在到来，自动驾驶robo taxes，连丰田也在做。
Now we are speaking of Toyota. Everything looks good a little bit. The yen is weakening so it looks like more growth but there is some growth. If I look a little bit the numbers okay standard.
However they're mostly paying dividends some repurchases less repurchases but okay the dividend yield is 3%. They are global selling most of their cars in North America and Asia.
So US company practically strategy and road map self-driving technology commercially. So also coming there self-driving robo taxes even Toyota is doing that.
说到丰田，我稍微看一下资本支出和股息，然后我把折旧摊销和资本支出做比较。资本支出是34万亿日元，但折旧摊销从未超过2万亿。那么，如果你花了这么多钱，这意味着这个数字也应该上升，而它却没有上升。
我稍微看了一下，没有更深入，但他们的说法是因为他们先收购车辆然后做租赁之类的事情，这些收购的车辆算作资本支出，但我不太买账。真实的成本，我认为，运营成本应该更高一些。
When it comes to Toyota I'm looking a little bit at the capital expenditure and the dividend and then I compare the depreciation and amortization with the capital expenditure. The capital expendure is 34 trillion yen but depreciation and mortization never surpasses two trillion.
So how come if you spend this time this means that this also needs to go up and that doesn't go up. Looked a little bit I didn't go deeper but they say it's because they acquire the cars then of leasing or things like that and then these acquired cars are capital expenditure but I don't really buy that.
The true cost should be a little bit higher, I think, of operating.
如果你要投资丰田，这是需要更深入研究的事情。我不会以3%的股息率投资丰田。太复杂了。因此，对我来说，如果我们看到北美、欧洲出现放缓，这或许会雪上加霜，你可能损失大量投资。真的，不适合我。
日本人一直在补贴他们的股市，诸如此类，太多疯狂的东西，不值得这个股价。
Something to dig deeper if you're going to invest in Toyota. I'm not going to invest in Toyota at a 3% dividend yield. Too complex. Therefore, for me, if we see a slowdown, North America, Europe, this comes out perhaps on top of it, you can lose a lot of your investment.
Really, not for me. The Japanese have been subsidizing their stock market, things like that too much craziness and not worth the stock price.
这个频道对 $TM 的历次判断
Value Investing with Sven Carlin, Ph.D. 在这只股票上只有这一条判断。