大众汽车不值得买入；尽管有关税或分拆等短期因素，这家传统车企仍无法竞争。
逐段跳播
大众汽车的股票在过去几年里看起来很难看。
Volkswagen stock looks ugly over the last few years.
然后你说市值是 200 亿。其中 75% 来自大众汽车，也就是 150 亿。所以如果大众汽车把保时捷之类的分拆出去，它实际上就只以 300 亿的市值在交易。
Then you say the market cap is 20 billion. 75% of that is from Volkswagen, which means 15 billion. So Volkswagen is practically trading at just 30 billion market cap if they would spin out Porsche or like that.
然而，如果你看看大众汽车，尽管欧洲央行提供的财政补贴效果很好——从 2007 年起整个欧洲都在用欧洲央行的免费资金购买德国汽车——回报也仅仅是股息，中间还伴随着所有那些冲击。而那还是在欧洲汽车行业有史以来最好的时期。
没有护城河，老牌传统企业就是无法竞争。关税，是的，那能帮上一阵子，但那只是一个暂时的阻挡。也许你能赚到一些钱，但对我来说，这不值得。
However, if you look at Volkswagen, despite the financial subsidies from the European Central Bank that worked great, where all of Europe was buying German cars with free money for the ECB from 2007, the return was just the dividend with the all the shocks in between.
And that was in the best times for the automotive industry in Europe since like ever. No mode, old legacy simply can't compete. Tariffs, yes, that can help for a while, but that's just a temporary block.
Maybe you can make some money, but for me, it isn't worth it.
这个频道对 $VWAGY 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。