Deckers，检查一下那些。
Deckers, check those.
下一个是 Deckers Outdoor，它在一年半前见顶，随后灾难性崩盘，情况略有不同，因为他们拥有更多品牌。我们讨论过这一点，它曾小幅上涨，现在又跌回来了。个位数的增长预期并不太好。
next one Deckers outdoor peaking a year and a half ago then crashing disastrously is a bit different because they have a few more brands we discussed this it went up a little bit now it's back down singledigit growth estimates not that great.
现在的问题是它何时会再次繁荣。当它疯狂增长时，市场喜欢它；当它崩盘时，市场讨厌它。但同样，市盈率为 13，市场稳定且已达到饱和。他们在回购股票。但当他们回购股票时，意味着该品牌将永远存在，这对于时尚股来说又是一个巨大的风险。问题是 20 年后这个品牌还在吗？我们不知道。
And now the question is when it will boom again. When it was growing like crazy then the market loves it. Then when it crashes the market hates it. But again P ratio 13 stable market saturation reached. They are buying back stocks. But when they buy back stocks that means that the brand will last forever which is again a big risk with fashion stocks. The question is will the brand be there in 20 years? We don't know.