说到这里，我们现在来到本季度13F的第五个也是最后一个故事，李录大量买入拼多多。他本季度将拼多多的持股增加了一倍多，增加了133%，现在占其整个投资组合的五分之一以上。
And with that, we now get to the fifth and final story from this quarter's 13Fs, and we have Li Lu buying a big lot of Pinduoduo. He more than more than doubled their Pinduoduo stake this quarter, adding 133% and it's now sitting at over a fifth of his entire portfolio.
所以，对于不了解这家公司的人来说，拼多多是一家中国电商集团，以其团购模式而闻名，但中国以外的大多数人只知道它是Temu背后的公司。
So, for anyone that doesn't know the company, Pinduoduo is a Chinese e-commerce group known for their group buying model, but most outside of China just know them as the company behind Temu.
现在，我必须承认，我把这个留到了最后，因为至少目前来看，这个相当坚定地处于我自己的能力圈之外。但是，我们仍然可以看看这些数字，发现一些相当有趣的事情。
Now, I must admit I've left this one until the very end because this one is quite firmly outside my own circle of competence, you know, at least for the time being. But, we can still have a look through the numbers and see some pretty interesting stuff going on.
例如，拼多多没有债务，持有大约640亿美元的现金和短期投资，而总市值仅为大约1200亿美元。所以，公司市值的一半以上只是银行里的现金。
For example, Pinduoduo carries zero debt and is sitting on roughly 64 billion US dollars worth of cash and short-term investments against a total market cap of only around 120 billion US dollars. So, more than half of the company's market value is just cash in the bank.
然后，除此之外，它的市盈率仅为8.5倍，而Simply Wall Street的现金流模型显示它被低估了53%。
Then, on top of that, it trades at a PE of only 8.5 times earnings and Simply Wall Street's kind of cash flow model has it at 53% undervalued.
现在，有些人仍然会争辩说，这是一个真正的便宜有便宜的道理的案例，你知道，近年来盈利和自由现金流停滞不前，而且中国ADR还存在持续的监管和退市风险，不管那可能是什么。
Now, some will still argue that it's a genuine case of being cheap for a reason, you know, earnings and free cash flow have stagnated over recent years and there's the ongoing regulatory and delisting risks of Chinese ADRs, whatever that might be.
我不打算假装自己是这方面的专家，但对于像李录这样的价值投资者来说，他来自中国，也在查理·芒格手下磨练过，他所看到的价格与价值之间的差距很可能就是他在抓住的机会。
I'm not going to pretend to be an expert on that, but for a value investor like Li Lu, who is originally from China, who cut his teeth also under Charlie Munger, that gap between what he's seeing as price and value is probably the opportunity that he's jumping at.