蘋果vs.亞馬遜：看不懂的估值游戲
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????上周，蘋果（Apple）公布財報，雖然利潤繼續增長，但股價大跌。本周，亞馬遜（Amazon）公布財報，雖然利潤大跌，但其股價隨后卻飆升。 ????很困惑吧？很多商業媒體也想不通。看看下面兩則互相矛盾的新聞吧： ????路透社（Reuters）：《亞馬遜季度利潤強勁，股價再創新高》。 ????財富（Fortune）：《亞馬遜利潤縮水》。 ????《紐約時報》（New York Times）的文章標題為《光明的前景擊敗了輝煌的過去》（"Aglorious future beats a glorious past.），這也許最能解釋當下市場的奇怪現象。 ????當然，這些人只是一廂情愿地假定蘋果已后繼乏力，而亞馬遜的燒錢行動是在投資于未來，有朝一日會得到回報——但愿不是一萬年以后。 ????亞馬遜目前的往績市盈率高達3,099倍，而蘋果只有10.39倍。為了清楚的展示市場有多荒唐，讀者杰夫?F精心準備了上面一系列圖表。（財富中文網） ????譯者：項航 |
????Last week, Apple's profits grew and its share price plummeted. This week, Amazon's profits plummeted and its share price soared. ????Confused? So was much of the business press. Consider this matched pair of headlines: ????Reuters: "Amazon shares set record after strong quarterly profit" ????Fortune: "Amazon profits take a dive" ????The New York Timesoffered what may be the most charitable explanation for what Mr. Market thinks he's doing: "A glorious future beats a glorious past." ????????That assumes, of course, that the glory that was Apple is no more, and that Amazon's investments in the future will someday -- hopefully within a few millennia -- pay off. ????To illustrate the absurdity of the current situation -- in which Amazon's (AMZN) shares are valued at 3,099 times trailing earnings and Apple's (AAPL) are valued at 10.39 -- reader Jeff F. has prepared this helpful set of charts. |
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