The Intrinsic Value Podcast 对 $FIG 的判断变化
Figma，今天的价值，10 年后的价值。我认为 Figma 是，我不想低估他们作为 Adobe 的竞争对手，因为……
Figma uh, value today F 10ear value F. >> I I I you know, I think Figma is I don't want to understate them as a competitor to Adobe because
我可能会把他们比 Wix 稍高一点。他们处于细分市场，比如 Figma 是创意设计世界的一个细分部分，他们基本上垄断了他们竞争的领域，并把 Adobe 赶了出去，这就是 Adobe 想要收购他们的原因，因为他们的替代产品完全无法与 Figma 竞争。
>> Um I would probably put them a little higher than Wix. um you know they are uh sort of in niche spaces like Figma is uh a niche part of the creative design world and um they've basically uh monopolized uh the space that they compete in and and kicked out Adobe and that's why Adobe wanted to acquire them because their alternative product uh complete completely failed to compete with uh with Figma.
但他们的工具不如 Adobe 那样复杂，也没有深入到商业工作流程中，这对我来说是 Adobe 和 Figma 的根本区别，好莱坞工作室依赖 Adobe，问题是这种情况是否会因为 AI 而改变，我认为可能性较小。
um but their tools are not as sophisticated and as entrenched into commercial workflows which is to me fundamentally the difference between Adobe and Figma where you have Hollywood studios relying on Adobe the question is is that going to change because of AI uh I'd say it's less likely
Figma，我们有像我们这样的公司使用 Figma，我对 Figma 没有忠诚度，我认为它是个很酷的产品，对我有帮助，但我也可以很容易地切换到任何替代的基于 AI 的产品，我不认为那会非常困难。
uh Figma you have uh we use Figma you have companies like us and um I have no loyalty to Figma I think it's cool product. It's been helpful for me. Um, but I could just as easily switch to uh any alternative um product uh AI based uh product and I I don't think that that would be incredibly difficult.
所以，我对 10 年的前景没有太大信心，而且我对 CEO 不太感兴趣，股票补偿有点过分，而且它不是一个多元化的业务。所以，不太喜欢。
So, I don't have a lot of confidence in the 10ear horizon and um I'm not super inspired by the CEO and the stockbased comp is sort of egregious and it's not really a diversified business. So, uh not a fan.
我的意思是，存在的那个让人们觉得可能是竞争对手的是 Figma，它在这里的 DGE 下面，所以我认为它不存在。
I mean the one that exists where people felt like this could be a competitor is Figma and it's down here in DGE right so I just don't think it exists