尽管股价下跌，说话者仍回避投资TTD，因为对其商业模式缺乏理解。
逐段跳播
这让我想起 The Trade Desk。他们有类似的商业模式，很长一段时间 The Trade Desk 的业绩看起来很棒，股价持续上涨，现在它已经进入了他所描述的“价值”范围。
It reminds me a lot At The Trade Desk. They have Similar business models, For a long time it was The Trade Desk figures look Amazing, and the arrow continued to Ascent, and now it has become A company that entered the scope of " "The value" as he describes it Some.
而 The Trade Desk 更广泛地专注于电视广告的连接以及被称为“开放互联网”的概念。有一个相似之处是明显且显而易见的，那就是这两只股票今年都因对人工智能影响的担忧而受到严重损害。
While The Trade Desk focuses More broadly on an area TV commercials The connection and this concept Known as "the Internet" "Open." There is a similarity One is blatant and obvious Exactly, which is that both The two stocks were severely damaged This year because Concerns about the impact artificial intelligence.
The Trade Desk，他之前提到的 Sean。
The Trade Desk, which he mentioned Sean, formerly.
The Trade Desk 实际上是一个需求方平台，只是为了减少利益冲突。
The Trade Desk Effectively as a demand-side platform Just to reduce conflict Interests.
所以，你的听众很快就能学会。因此我们决定不投资 The Trade Desk，而为什么我们仍然持有那只股票的敞口，尽管自我们发布关于它的那期节目以来已下跌 75%。
So, your audience learns quickly. For this reason We decided not to invest In "The Trade Desk" Desk), and why are we still We maintain an open position in That arrow, despite From a 75% decrease Since the date We published our episode about him there.
从 2015 年到 2025 年，它是股息支付型股票工具的典型例子，人们指着它说：这家公司将继续向右上方增长。它们也完美地体现了什么是定性增长？他们从未让盈利预测失望。
From 2015 to 2025, it was A typical example For dividend-paying stocks The vehicle, and the people They point at him and say: This company will continue to Growth upwards towards "The right." They also They embody perfectly What is qualitative growth? They have never disappointed Profit forecasts.
事实上，看起来那比股价大幅下跌的幅度更美好，现在围绕它的叙事转变了。
In fact, it seems that That was more beautiful than It is truly constructive Over the extent of the decline The sharp decline in the share value Now, the shift in The narrative surrounding it.
我今天已经提到 The Trade Desk 几次了，它已经成为我们关于必须待在能力圈内的例子的模型，因为在过去一年的几个阶段，人们问我：“为什么我不在公司下跌 40%、50% 和 60% 后买入股票？”
这持续了很长时间，股价继续下跌。老实说，我不知道为什么。真的，因为我一开始就不太了解这家公司业务的性质。那么，这是一个买入的机会吗？还是一个陷阱？为了什么价值？我一点头绪都没有。
I have We mentioned the company "Trade Desk" A few times today, and You have already become our example The model for the necessity Staying within the circle Your competence, because in several Stages during the year The past, contact me People are asking: "Why?" I don't buy shares in The company after the decline At 40%, 50%, and 60%? And this continued for a while It's very long, and he continued The stock is falling. With all Honestly, I don't know why. Really, because I didn't understand Nature of this company's work Good in the first place . So, is it an opportunity? To buy? Or is it a trap? For what value? I don't have any an idea.
至于我的公司，Trade Desk 和 AppLovin，我满足于从外部观察情况。如果这是那些股票的底部，那很好。好吧，我们会看着它上涨，但我不会感到任何错失机会的恐惧。我不觉得害怕错失机会，除非我错过了一个我认为我能理解的投资。而在这种情况下，我完全不觉得为时已晚。
And as for my company, "Trade" "Disc" and "Ab Luvin", I am content with observing The situation from the outside. if This was the bottom For those shares, it's fine. Okay, we'll watch it. It's going uphill, but I I will not feel any fear of Lost opportunities. I don't feel Fearing the loss of opportunities, except When I miss an investment I thought it was I can understand him. And in this The situation, I don't feel that Absolutely. It's too late.
The Trade Desk 令人兴奋的地方在于，它想象了一个全新的数字广告未来世界，而它已经在研究这个未来。
The exciting thing about the company The Trade Desk is that it Imagine a new world Entirely for the future Digital advertising, which It already works on Investigating it.
The Trade Desk 填补了这个空白，它接管新项目并成为广告买家值得信赖的订购平台。我的意思是，当你实现销售额每年累计增长 50% 超过十年时，你一定做对了什么。
The Trade Desk fills This void, and it takes over On new projects and becoming Trusted ordering platform For the buyer of advertisements. I mean, when you achieve Cumulative growth in Sales by 50% Annually for more than a decade From time, you must You are doing something right.
其中很多资金将从有线电视广告流向数字广告，并流入像 The Trade Desk 这样的公司的金库。
A lot of those will flow allocated funds Cable to advertising Digital and to the vaults Companies like "The Trade" "Disc."
这个频道对 $TTD 的历次判断
The Intrinsic Value Podcast 在这只股票上共 2 条判断，这里只列相邻的几条。