$AAPL · Value Investing with Sven Carlin, Ph.D. · 2026-10-31
苹果的高价除了被视为对冲之外并无疯狂的理由，且其当前市盈率处于十年来最高水平。由于苹果不参与AI支出竞赛、保住了现金流，而这一点市场是认可的，因此说话者更愿意在一两年后以低价买入，而不是现在买入。
逐段跳播
另一方面，需要注意的是，Apple 并不投资人工智能。所以，再说一次，有些人认为我们有现金流，我们必须保住这些现金流，我们不会和 Mark Zuckerberg 等人打那场仗，因为他们疯了。
我们就先观望。等一两年后我们需要的时候，以低价买入，并保住现金流。
On the other hand, it should be noted that Apple does not invest in artificial intelligence. So, once again , there are those who think that we have cash flows, and we have to preserve them, and we will not fight that war with Mark Zuckerberg and others because they are crazy.
Let's just observe. Let's buy at cheap prices in a year or two when we need them, and keep the cash flow.
市场也很喜欢这一点，因为 Apple 目前的盈利比率是过去十年中最高的。是的，我个人在2016年买入时赚了九倍，但那是另一回事。我卖得太早了，那又是另一回事。
The market also loves that because Apple is trading at its highest profitability ratio in the past ten years. Yes, I personally bought in 2016 at a profit of nine, but that's another story. I sold too early , and that's another story.
Apple 乃至 Berkshire Hathaway 的价格之所以这么高，并没有什么疯狂的理由，因为在某种程度上它们被视为对冲。
There is no crazy reason for the price of Apple and even Berkshire Hathaway to be so high, because in a way they are considered hedges.
现在不是 Apple，但它正处于动荡状态。
Not Apple now, but it's in a state of upheaval.
这个频道对 $AAPL 的历次判断
Value Investing with Sven Carlin, Ph.D. 在这只股票上共 3 条判断，这里只列相邻的几条。