{"id":341703,"date":"2020-07-15T00:39:40","date_gmt":"2020-07-15T07:39:40","guid":{"rendered":"https:\/\/nai500.com\/?p=341703"},"modified":"2020-07-15T00:39:40","modified_gmt":"2020-07-15T07:39:40","slug":"%e5%b7%b4%e8%8f%b2%e7%89%b9-%e6%8c%81%e6%9c%89-%e9%80%99%e4%b8%89%e9%9a%bb-%e8%82%a1%e7%a5%a8-%e7%8f%be%e5%9c%a8-%e5%80%bc%e5%be%97-%e8%b2%b7%e5%85%a5","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hant\/blog\/2020\/07\/%e5%b7%b4%e8%8f%b2%e7%89%b9-%e6%8c%81%e6%9c%89-%e9%80%99%e4%b8%89%e9%9a%bb-%e8%82%a1%e7%a5%a8-%e7%8f%be%e5%9c%a8-%e5%80%bc%e5%be%97-%e8%b2%b7%e5%85%a5\/","title":{"rendered":"\u5df4\u83f2\u7279\u6301\u6709\u7684\u9019\u4e09\u96bb\u80a1\u7968\u73fe\u5728\u503c\u5f97\u8cb7\u5165"},"content":{"rendered":"

\u7576\u6c83\u502b\u2022\u5df4\u83f2\u7279(Warren Buffett)\u6295\u8cc7\u4e00\u5bb6\u516c\u53f8\u6642\uff0c\u82b1\u4e00\u4e9b\u6642\u9593\u7814\u7a76\u4e00\u4e0b\u7e3d\u662f\u932f\u4e0d\u4e86\u7684\u3002\u9019\u4f4d\u5177\u6709\u50b3\u5947\u8272\u5f69\u7684\u50f9\u503c\u6295\u8cc7\u8005\u572811\u6b72\u6642\u5c31\u8cb7\u5165\u4e86\u4eba\u751f\u7684\u7b2c\u4e00\u652f\u80a1\u7968\uff0c78\u5e74\u5f8c\u7684\u4eca\u5929\uff0c\u4ed6\u6210\u70ba\u4e86\u7576\u4eca\u4e16\u754c\u4e0a\u7b2c\u56db\u5bcc\u6709\u7684\u4eba\uff0c\u4e5f\u662f\u5e02\u503c4300\u5104\u7f8e\u5143\u7684\u4f2f\u514b\u5e0c\u723e\u54c8\u6492\u97cb\u516c\u53f8Berkshire Hathaway\u00a0 (NYSE:BRK.A) (NYSE:BRK.B)\u7684\u638c\u9580\u4eba\u3002<\/p>\n

\u4f2f\u514b\u5e0c\u723e\u7684\u6295\u8cc7\u7d44\u5408\u53ef\u4ee5\u901a\u904e\u7f8e\u570b\u8b49\u5238\u4ea4\u6613\u59d4\u54e1\u6703\u7684\u6587\u4ef6\u516c\u958b\u7372\u5f97\uff0c\u9019\u8b93\u666e\u901a\u6295\u8cc7\u8005\u5f97\u4ee5\u4e00\u7aba\u9019\u4f4d\u201c\u5967\u99ac\u54c8\u5148\u77e5\u201d\u7684\u6295\u8cc7\u60f3\u6cd5\u3002\u800c\u4e0b\u9762\u7684\u9019\u4e09\u96bb\u5df4\u83f2\u7279\u6301\u6709\u7684\u80a1\u7968\u73fe\u5728\u6b63\u503c\u5f97\u8cb7\u5165\u3002<\/p>\n

\u9996\u5148\u662f\u6b63\u5728\u5411\u64ad\u5ba2\u548c\u97f3\u6a02\u9818\u57df\u64f4\u5f35\u7684\u885b\u661f\u5ee3\u64ad\u516c\u53f8Sirius XM (NASDAQ:SIRI)<\/strong>\u3002\u63a5\u4e0b\u4f86\u662f\u597d\u5e02\u591aCostco (NASDAQ:COST)<\/strong>\uff0c\u9019\u5bb6\u6703\u54e1\u5236\u6279\u767c\u96f6\u552e\u5546\u5728\u4eca\u5e74\u7684\u65b0\u51a0\u75ab\u60c5\u671f\u9593\u8868\u73fe\u512a\u7570\u3002\u6700\u5f8c\u662f\u4e9e\u99ac\u905cAmazon.com (NASDAQ:AMZN)<\/strong>\uff0c\u9019\u5bb6\u76ee\u524d\u5e02\u503c\u9ad8\u90541.44\u842c\u5104\u7f8e\u5143\u7684\u79d1\u6280\u516c\u53f8\u9084\u6709\u66f4\u5927\u7684\u6301\u7e8c\u589e\u9577\u7a7a\u9593\u3002\u76ee\u524d\u770b\u4f86\uff0c\u9019\u4e09\u96bb\u80a1\u7968\u90fd\u5df2\u7d93\u505a\u597d\u4e86\u8dd1\u8d0f\u5927\u5e02\u7684\u6e96\u5099\u3002<\/p>\n

1. Sirius XM<\/h2>\n

\u6709\u50b3\u8a00\u7a31\uff0c\u6295\u8cc7Sirius XM\u7684\u6c7a\u5b9a\u4f86\u81ea\u4f2f\u514b\u5e0c\u723e\u54c8\u6492\u97cb\u516c\u53f8\u7684\u5169\u4f4d\u7d93\u7406\u4ebaTed Weschler\u548cTodd Combs\uff0c\u800c\u975e\u5df4\u83f2\u7279\u672c\u4eba\u3002\u4e0d\u7ba1\u8ab0\u9078\u7684\uff0c\u9019\u90fd\u662f\u4e00\u53ea\u597d\u80a1\u7968\u3002\u4f4e\u4f30\u503c\u3001\u64c1\u6709\u5f37\u5927\u7684\u6230\u7565\u7e31\u6df1\u4ee5\u53ca\u6536\u8cfc\u9a45\u52d5\u7684\u589e\u9577\u7b56\u7565\uff0c\u4f7f\u8a72\u516c\u53f8\u80a1\u50f9\u975e\u5e38\u6709\u5e0c\u671b\u5be6\u73fe\u4e0a\u884c\u3002<\/p>\n

\u53d7\u51a0\u72c0\u75c5\u6bd2\u75ab\u60c5\u548c\u7d93\u6fdf\u8870\u9000\u7684\u5f71\u97ff\uff0cSirius\u80a1\u7968\u4eca\u5e74\u4ee5\u4f86\u5df2\u7d93\u4e0b\u8dcc\u4e86\u7d0420%\u3002\u6295\u8cc7\u8005\u64d4\u5fc3\uff0c\u6c7d\u8eca\u92b7\u552e\u7684\u653e\u7de9\u53ef\u80fd\u6703\u5c0e\u81f4\u516c\u53f8\u6536\u5165\u548c\u8a02\u95b1\u6578\u91cf\u7684\u4e0b\u964d\u3002 \u4f46\u8a72\u516c\u53f8\u57284\u670828\u65e5\u516c\u4f48\u4e86\u7b2c\u4e00\u5b63\u5ea6\u696d\u7e3e\uff0c\u986f\u793a\u51fa\u5728\u7576\u524d\u8271\u96e3\u7684\u7d93\u6fdf\u74b0\u5883\u4e2d\u6301\u7e8c\u7684\u97cc\u6027\u3002<\/p>\n

\u5831\u544a\u4e2d\u986f\u793a\uff0c\u4eca\u5e74\u7b2c\u4e00\u5b63\u5ea6\uff0c\u8a72\u516c\u53f8\u65b0\u589e\u4e866.9\u842c\u540d\u81ea\u8cbb\u6de8\u8a02\u95b1\u7528\u6236\uff0c\u6536\u5165\u589e\u95775%\uff0c\u81f320\u5104\u7f8e\u5143\u3002\u8207\u6b64\u540c\u6642\uff0c\u7b2c\u4e00\u5b63\u5ea6\u516c\u53f8\u73fe\u91d1\u6d41\u4f9d\u7136\u5f37\u52c1\uff0cEBITDA\u589e\u957713%\uff0c\u9054\u5230\u5275\u7d00\u9304\u76846.39\u5104\u7f8e\u5143\u3002<\/p>\n

\u6b64\u5916\uff0c\u8a72\u516c\u53f8\u9084\u901a\u904e\u5c0d\u5404\u7a2e\u4e0d\u540c\u5a92\u9ad4\u683c\u5f0f\u7684\u6230\u7565\u6295\u8cc7\u4f7f\u5176\u696d\u52d9\u591a\u6a23\u5316\u3002\u4eca\u5e74\u7b2c\u4e00\u5b63\u5ea6\uff0c\u8a72\u516c\u53f8\u5411\u5728\u7dda\u97f3\u6a02\u5206\u92b7\u5e73\u81faSoundCloud\u6295\u8cc7\u4e867500\u842c\u7f8e\u5143\uff0c\u9019\u5c0d\u63d0\u5347\u5ee3\u544a\u696d\u52d9\u5927\u6709\u52a9\u76ca\u3002\u7b2c\u4e8c\u5b63\u5ea6\uff0c\u8a72\u516c\u53f8\u53c8\u6536\u8cfc\u4e86\u64ad\u5ba2\u7ba1\u7406\u5e73\u81faSimplecast\uff0c\u9019\u5c07\u4f7f\u5176\u5728\u5feb\u901f\u589e\u9577\u7684\u64ad\u5ba2\u5e02\u5834\u7372\u5f97\u4e00\u5e2d\u4e4b\u5730\u3002<\/p>\n

2. \u597d\u5e02\u591a<\/h2>\n

\u597d\u5e02\u591a\u7684\u7d93\u71df\u6a21\u5f0f\u662f\u9023\u9396\u6703\u54e1\u5236\u5009\u5132\u91cf\u8ca9\u5e97\uff0c\u4ee5\u5177\u6709\u7af6\u722d\u529b\u7684\u50f9\u683c\u92b7\u552e\u98df\u54c1\u3001\u6c7d\u8eca\u7528\u54c1\u548c\u5176\u4ed6\u6d88\u8cbb\u54c1\u3002\u4eca\u5e74\u5230\u76ee\u524d\u70ba\u6b62\uff0c\u8a72\u80a1\u4e0a\u6f32\u4e8610%(\u81ea\u4f2f\u514b\u5e0c\u723e20\u5e74\u524d\u9996\u6b21\u8cb7\u5165\u8a72\u80a1\u4ee5\u4f86\uff0c\u6f32\u5e45\u9054\u5230\u4e86\u4ee4\u4eba\u77a0\u76ee\u7d50\u820c\u7684880%)\u3002\u96d6\u7136\u597d\u5e02\u591a\u53ef\u80fd\u4e0d\u662f\u5df4\u83f2\u7279\u6700\u5f15\u4eba\u6ce8\u76ee\u7684\u6295\u8cc7\uff0c\u4f46\u7531\u65bc\u5176\u9632\u79a6\u6027\u7684\u5546\u696d\u6a21\u5f0f\u548c\u5feb\u901f\u589e\u9577\u7684\u5728\u7dda\u696d\u52d9\uff0c\u8a72\u80a1\u4ecd\u7136\u6709\u53ef\u80fd\u8dd1\u8d0f\u5927\u5e02\u3002<\/p>\n

\u597d\u5e02\u591a\u57285\u670828\u65e5\u516c\u4f48\u4e86\u7b2c\u4e09\u8ca1\u5b63\u696d\u7e3e\uff0c\u7d50\u679c\u4ee4\u4eba\u9707\u9a5a\u3002\u53d7\u96fb\u5b50\u5546\u52d9\u5f37\u52c1\u589e\u9577\u7684\u63a8\u52d5\uff0c\u6de8\u92b7\u552e\u984d\u589e\u9577\u4e867.3%\uff0c\u9054\u5230364.5\u5104\u7f8e\u5143\u3002\u4eca\u5e74\u65e9\u4e9b\u6642\u5019\uff0c\u7531\u65bc\u51a0\u72c0\u75c5\u6bd2\u76f8\u95dc\u7684\u5927\u91cf\u9700\u6c42\uff0c\u96fb\u5b50\u5546\u52d9\u7684\u53ef\u6bd4\u92b7\u552e\u984d\u98c6\u5347\u4e8632.3%\u3002<\/p>\n

\u96a8\u8457\u5168\u7403\u8a31\u591a\u5730\u5340\u51a0\u72c0\u75c5\u6bd2\u611f\u67d3\u6578\u91cf\u6fc0\u589e\uff0c\u9810\u8a08\u597d\u5e02\u591a\u5728\u7b2c\u56db\u5b63\u5ea6\u53c8\u5c07\u8fce\u4f86\u5f37\u52c1\u696d\u7e3e\u3002\u7ba1\u7406\u5c64\u5831\u544a\u7a31\uff0c6\u6708\u4efd\u92b7\u552e\u984d\u589e\u957711%\uff0c\u9054\u5230162\u5104\u7f8e\u5143\uff0c\u5176\u4e2d\u96fb\u5b50\u5546\u52d9\u92b7\u552e\u984d\u589e\u9577\u4e8686%\u30024\u6708\u548c5\u6708\u7684\u6578\u64da\u4e5f\u4ee4\u4eba\u522e\u76ee\u76f8\u770b\u3002<\/p>\n

\u597d\u5e02\u591a\u7684\u80a1\u606f\u7387\u70ba0.86%\uff0c\u78ba\u5be6\u7b97\u4e0d\u4e0a\u9ad8\u3002\u4f46\u8a72\u516c\u53f8\u5728\u904e\u53bb\u4e94\u5e74\u88e1\u9023\u7e8c15\u5e74\u589e\u52a0\u6d3e\u606f\uff0c\u8907\u5408\u5e74\u589e\u9577\u7387\u70ba14.5%\uff0c\u9019\u4f7f\u5f97\u8a72\u516c\u53f8\u5728\u80a1\u50f9\u5927\u5e45\u4e0a\u6f32\u7684\u540c\u6642\uff0c\u9084\u80fd\u5411\u80a1\u6771\u8fd4\u9084\u73fe\u91d1\u3002<\/p>\n

3. \u4e9e\u99ac\u905c<\/h2>\n

\u6295\u8cc7\u4e9e\u99ac\u905c\u4e5f\u4e0d\u662f\u5df4\u83f2\u7279\u672c\u4eba\u7684\u4e3b\u610f\u3002\u5118\u7ba1\u5df4\u83f2\u7279\u5728\u91d1\u878d\u548c\u5de5\u696d\u985e\u80a1\u65b9\u9762\u7d93\u9a57\u8c50\u5bcc\uff0c\u4f46\u4ed6\u5c0d\u589e\u9577\u578b\u79d1\u6280\u516c\u53f8\u4e00\u76f4\u9817\u70ba\u8b39\u614e\uff0c\u539f\u56e0\u662f\u9019\u4e9b\u516c\u53f8\u73fe\u91d1\u6d41\u4e0d\u592a\u53ef\u9760\uff0c\u4f30\u503c\u4e5f\u504f\u9ad8\u3002<\/p>\n

2019\u5e745\u6708\uff0c\u4f2f\u514b\u5e0c\u723e\u6c7a\u5b9a\u6295\u8cc7\u4e9e\u99ac\u905c\uff0c\u9019\u4ee3\u8868\u4e86\u5df4\u83f2\u7279\u601d\u60f3\u7684\u4e00\u6b21\u8f49\u8b8a\uff0c\u4e5f\u56e0\u6b64\u7372\u5f97\u4e86\u683c\u5916\u8c50\u539a\u7684\u56de\u5831\u3002\u4eca\u5e74\u8fc4\u4eca\u70ba\u6b62\uff0c\u4e9e\u99ac\u905c\u80a1\u50f9\u5df2\u7d93\u4e0a\u6f32\u4e8668%\uff0c\u6210\u70ba\u4f2f\u514b\u5e0c\u723e\u5728\u75ab\u60c5\u671f\u9593\u8868\u73fe\u6700\u597d\u7684\u80a1\u7968\u4e4b\u4e00\u3002\u7531\u65bc\u5feb\u901f\u589e\u9577\u7684\u4e9e\u99ac\u905c\u7db2\u7d61\u670d\u52d9(AWS)\u4ee5\u53ca\u5411\u96dc\u8ca8\u3001\u91ab\u7642\u4fdd\u5065\u548c\u7269\u6d41\u9818\u57df\u7684\u64f4\u5f35\uff0c\u4e9e\u99ac\u905c\u5728\u6301\u7e8c\u8dd1\u8d0f\u5927\u5e02\u65b9\u9762\u5df2\u7d93\u5360\u5f97\u5148\u6a5f\u3002<\/p>\n

\u4e9e\u99ac\u905c\u7b2c\u4e00\u5b63\u5ea6\u6536\u5165\u589e\u957726%\uff0c\u81f3754.5\u5104\u7f8e\u5143\uff0c\u90e8\u5206\u539f\u56e0\u662f\u8a72\u516c\u53f8\u7684\u73fe\u6536\u73fe\u4ed8\u96f2\u8a08\u7b97\u5e73\u81faAWS\u696d\u52d9\u589e\u957733%\u3002<\/p>\n

\u5728\u6d88\u8cbb\u8005\u65b9\u9762\uff0c\u4e9e\u99ac\u905c\u6975\u6709\u53ef\u80fd\u901a\u904e\u65d7\u4e0b\u7684\u5168\u98df\u8d85\u5e02\u7e7c\u7e8c\u64f4\u5927\u5728\u98df\u54c1\u767e\u8ca8\u884c\u696d\u7684\u5e02\u5834\u4efd\u984d\u3002\u75ab\u60c5\u63d0\u632f\u4e86\u6d88\u8cbb\u8005\u5728\u7db2\u4e0a\u8cfc\u8cb7\u98df\u54c1\u767e\u8ca8\u7684\u9700\u6c42\uff0c\u9019\u5c0d\u4e9e\u99ac\u905c\u4f86\u8aaa\u662f\u4e00\u500b\u6a5f\u6703\uff0c\u53ef\u4ee5\u5229\u7528\u5176\u4e16\u754c\u7d1a\u7684\u5206\u92b7\u57fa\u790e\u8a2d\u65bd\uff0c\u8207\u6c83\u723e\u746a\u548c\u5854\u5409\u7279\u7b49\u9023\u9396\u5e97\u5c55\u958b\u7af6\u722d\u3002\u4e9e\u99ac\u905c\u9084\u5728\u6295\u8cc7\u4e00\u500b\u65b0\u7684\u5927\u578b\u5361\u8eca\u914d\u9001\u8eca\u968a\uff0c\u4ee5\u5e6b\u52a9\u5176\u5728\u7af6\u722d\u65e5\u76ca\u6fc0\u70c8\u7684\u96f6\u552e\u9818\u57df\u5feb\u4eba\u4e00\u6b65\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"

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