分析師：庫克為什么不買下蘋果,？眾網(wǎng)友爆笑解答
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????“蘋果公司有著絕佳的創(chuàng)新性產(chǎn)品,、強(qiáng)有力的高管團(tuán)隊(duì)和勞動(dòng)力,、忠誠的客戶群以及超強(qiáng)的負(fù)債能力，同時(shí)還坐擁價(jià)值1090億美元的暢銷有價(jià)證券,。這么好的條件,，蒂姆?庫克竟然還沒有啟動(dòng)對(duì)蘋果的管理層杠桿收購，真是令人吃驚,?！?/p> ????在給美國(guó)財(cái)經(jīng)資訊網(wǎng)站Seeking Alpha撰寫的一篇挑釁性文章中，IDG Capital Group的瑪萬?喀拉密寫下了上面這段話,?？茉谖闹杏昧?1個(gè)電子表格、7個(gè)圖表和兩個(gè)統(tǒng)計(jì)試驗(yàn)法模擬來佐證自己的觀點(diǎn),。 ????各位可以在《蘋果公司管理層杠桿收購的潛在可能》（Apple’s Leveraged Management Buyout Potential）一文中看到喀拉密的分析,。但是，千萬別錯(cuò)過評(píng)論區(qū)精彩的唇槍舌戰(zhàn),。 ????部分神回復(fù)摘錄如下： ????- alistairt：這是我迄今見過的生搬硬套杠桿收購模型,，而絲毫不考慮根本商業(yè)現(xiàn)實(shí)的最好例子,。 ????- relayer75：根本不可能。歷史上最大的杠桿收購案例是美國(guó)雷諾茲-納貝斯克公司（RJR Nabisco）,，收購價(jià)為310億美元,。假如蘋果被收購，規(guī)模將是雷諾茲-納貝斯克收購案的18倍,。 ????- rroo：庫克頭腦冷靜,，這一點(diǎn)有些像蓋茨或巴菲特。而只有自大狂才會(huì)對(duì)杠桿收購（金錢和權(quán)力）念念不忘,。 ????- rsbduff：這種態(tài)度已經(jīng)毀掉了許多公司,。他們將公司買下來……欠下一屁股債……把公司搜刮的干干凈凈……然后又讓傻呼呼的投資者來接盤 ????- Timmiesregular：上市公司能享受到不少好處——特別是如果公司盈利的話更是如此。公司私有化通常是公司需要淡出公眾視線時(shí)的權(quán)宜之計(jì),，戴爾就是一個(gè)很好的例子,。 ????- Hank890：如果蘋果被杠桿收購，那負(fù)責(zé)這筆交易的投行就賺大了,。但客戶或公司員工不見得有太大的好處,。杠桿收購有可能不代表就是明智之舉。 ????- wdchil：蘋果股價(jià)低于400美元的時(shí)候,，杠桿收購似乎講得通,，但現(xiàn)在絕對(duì)不合適。假如此時(shí)蘋果進(jìn)行杠桿收購,，它的債務(wù)將基本等同于垃圾債,。 ????- petergrayhill：蘋果股價(jià)從400多美元一路上漲到635美元的最新一波上漲行情最后會(huì)死得很難看，數(shù)百萬散戶投資者也將沒有好果子吃——交易的障眼法,。杠桿收購5年內(nèi)一定會(huì)發(fā)生,。 ????- alexkeywest：蘋果將被杠桿收購簡(jiǎn)直是癡人說夢(mèng),。 ????- doc:“蒂姆?庫克沒有尋求進(jìn)行管理層杠桿收購,，實(shí)在是令人吃驚?！币?yàn)閹炜藳]那么閑,，沒工夫在那兒紙上談兵。 ????- brittlerock：Seeking Alpha花錢請(qǐng)人寫這種垃圾文章,？ ????回復(fù)brittlerock：Seeking Alpha的稿費(fèi)費(fèi)率是,，頁面點(diǎn)擊量的單價(jià)為0.01美元。專業(yè)文章的作者每篇文章保證能獲得150-500美元的保底收入,。（財(cái)富中文網(wǎng)） ????譯者：項(xiàng)航 |
????“With such amazing and innovative products, strong executive team and labor force, loyal customer base, significant capacity for debt, $109 billion of cash in marketable securities, it is surprising that Tim Cook has not already initiated a leveraged management buyout of the company.” ????So writes Marwaan Karame of IDG Capital Group in a provocative Seeking Alpha article backed with eleven spreadsheets, seven graphs and two Monte Carlo simulations. ????You can read his analysis at Apple’s Leveraged Management Buyout Potential. But don’t miss the lively back and forth in the comment stream. ????A sample: ????– alistairt: One of the best examples I’ve seen to date of someone mindlessly applying a LBO model without consideration of the underlying business reality. ????– relayer75: Not going to happen. The largest LBO in history was RJR Nabisco, at $31 billion. This would be 18x that amount. ????– rroo: Cook is a level-headed guy, more like Gates or Buffet. LBO (money and power) are for those infected with megalomania. ????– rsbduff: This is the same attitude that has ruined many a company. They buy them…load them up with debt…rape them…then dump them on stupid investors…once again ????– Timmiesregular: There are some benefits to being public — especially if you are profitable. Going private is only done when the company needs to be out of the public eye – like Dell. ????– Hank890: An AAPL LBO would be a major GIFT to any I-bank tasked with handling it. But it is not clear that the customers or employees would get much out of it. Just because an LBO is possible does not mean it is advisable. ????– wdchil: An LBO might have almost have made sense when Apple was below $400 but it certainly doesn’t now. The debt would be in the “sketchy junk” arena. ????– petergrayhill: This latest surge from high 400′s to 635 will end badly for the millions of mom’n’pop retail investors as well — head fake to trade. LBO is a certainty within 5 years. ????– alexkeywest: An LBO of this company is delusional at best. ????– doc: “Its a wonder that Tim Cook has not pursued a leveraged management buyout already” He doesn’t live in a theoretical world with too much time on his hands. ????– brittlerock: Does SA pay people to write this junk? ????To answer brittlerock: Seeking Alpha’s rates are $0.01 per page view. Authors of PRO articles receive a minimum guaranteed payment of $150-500. |
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