Value Investing with Sven Carlin, Ph.D. 对 $BIRK 的判断变化
这个频道在这只股票上的每一条判断，按时间倒序，每一步都读完那条视频里关于这只股票的全部内容。相邻两条方向不同的地方标出方向翻转。
甚至 Michael Bur 也做了一些你未提及的操作，他买入了 Birkenstock。这是我们应当重点讨论的股票，因为它占据了重大的投资组合仓位。
And even Michael Bur has added something that you didn't comment that he bought Birkenstock. That's the stock we need to discuss with a significant portfolio position.
Birkenstock Holding 几年前上市。该公司十年前在斯普利特收购了一家酒店，斯普利特位于我的祖国克罗地亚。后来他们卖掉了这家公司，因此原所有者已经退出。
Now Birkenstock holding went public a few years ago the hairs of the Birkenstock holding bought a hotel in Split 10 years ago. That's in my country Croatia. Then they sold the company. So the owners left.
这里我们谈到时尚公司的另一个因素：当它们上市时，私募股权就会接管。私募股权的核心在于通过上市和增长来获利。如果你追求利润，质量会发生什么？过去几年，Birkenstock 的质量一落千丈。
这是 Michael Bur 没有检查到的问题。
And here we come to another factor with fashion companies. when they go public then private equity takes over. Private equity is about making profits going public listing on the growth things. If you make profits, what happens to quality? The last few years, Borkertop quality went down the drain. And that's something Michael Bur didn't check.
先是增长，然后增速放缓，利润停滞。私募股权正在套现离场，他们不再关心其他事情。管理层很可能会维持这种局面。他们拥有这些品牌，但质量却在下降。一旦质量成为问题，私募就退出了，所有者也退出了，情况就会变得糟糕。
Growing, growing, then growing slower, stagnating profits. The private equity is cashing out. They don't care anymore. The management will likely take that situation there. They have these brands, but the quality is going lower. Once the quality starts to be an issue, the private equity is out, the owners are out, it gets ugly.