FICO的价值毁损被归因于管理层刻意提价过度并绕开合作伙伴的决策，从而引发监管反弹与竞争。
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当然，还有“本周最失败”，这次是 FICO，今年标普 500 中表现最差的公司。自年初以来，其股价已下跌 60%。
And of course, we have the "fail of the week," which in this case is FICO , the worst-performing company in the S&P 500 this year . Its stock has now fallen by 60% since the beginning of the year.
这是 Dave Khantazarian 最喜欢的公司，而它正在走向破产。
This is Dave Khantazarian's favorite company and it is going under.
我刚刚发布了一期关于 FICO 的独家一小时节目，你将获得进入一个拥有数千名投资者的 Discord 社区的权限。
I have just released an exclusive one- hour episode about FICO and you will gain access to a Discord community filled with thousands of investors.
这次，我必须重点提一下 FICO。这是我长期以来一直看好、同时也有些担忧的一只股票。事实证明，正是这种担忧让我尽管看好其出色的基本面，却一直回避这家公司，而这种担忧对 FICO 股东产生了非常负面的影响。
这实在令人遗憾。这是本周的失败案例之一，我对整个局面感到惋惜。这似乎并不合理，似乎有很多人正被 FICO 不公平地惩罚。
In this case, I have to highlight FICO. This is a stock I've been a fan of for a long time, and a little concerned about. It turns out that concern, which led me to shy away from this company despite its amazing fundamentals, has had a very negative impact on FICO shareholders.
And that's truly unfortunate . This is one of the week's flops where I feel sorry for the whole situation. It seems unjustified, and it seems like a lot of people are being unfairly penalized by FICO .
这是一家 Dave 将其作为投资组合关键组成部分的公司。它一度占其投资组合的 30% 以上。仅对 FICO 的投资就达 40 亿美元。该股曾飙升至 2000 美元。Valley Forge Capital 原本一切似乎都很顺利，直到这一连串事件导致该公司的交易一落千丈。
It's a company that Dave made a key part of his portfolio. At one point, it was over 30% of his portfolio. The $ 4 billion investment in FICO alone. The stock had soared to $2,000.
Things seemed to be going well for Valley Forge Capital until this chain of events caused the company's trading to plummet.
我在一期独家节目中，以时间线的形式系统梳理了 FICO 发生的一切。这就是 FICO 衰落的故事。究竟发生了什么？但审视这家公司，这种剧烈的价值下跌似乎没有任何合乎逻辑的解释。
I systematically reviewed everything that happened with FICO in a timeline in an exclusive episode. It's the story of FICO's downfall. What really happened? But looking at this company, there seems to be no logical explanation for this dramatic drop in value.
过去五年，FICO 的表现逊于标普 500。然而该股也从每股 2400 美元暴跌至约 600 美元。
Over the past five years, FICO has underperformed the S&P 500. Yet the stock also plummeted from $2,400 per share to around $600.
这是一家快速成长的公司。上一季度营收增长了 25%。营业利润率极高。事实上，在估值业务板块，利润率达到 90%。即便是其软件业务——FICO 最不成功的部分——所产生的营业利润率也堪比大型企业。
其软件业务的营业利润率与 Netflix 相当。这是一门好生意，而他们的信用评级机构更是出类拔萃。无与伦比。
It's a rapidly growing company . Revenue grew by 25% in the last quarter. Operating margins are incredibly high. In fact, for the valuation segment, they're at 90%. Even their software business, which is FICO's least successful aspect , is generating operating margins comparable to major corporations.
Their software operating margins are comparable to Netflix's. This is business Good, and their credit rating agency is exceptional. There's nothing like it.
总体而言，FICO 毫无疑问是世界上最好的公司之一。它是一个无可争议的垄断者。而且它看起来坚不可摧。整个世界都在他们手中。
Overall, FICO had one of the best companies in the world, hands down . It was an undisputed monopoly. And it seemed unshakeable . The whole world was in their hands.
但正如本叔叔在《蜘蛛侠》中所说，能力越大，责任越大。而这正是 FICO 似乎没有领悟的。他们曾拥有一切。他们真正掌控了一切。整个世界都是他们的。利润惊人的业务，几乎没有任何真正的竞争，监管者似乎也不太在意。
他们远远观望，却没有拉响警报。然后 FICO 做出了刻意的决定，把整个局面炸毁。干脆让它全部沉没。
But as Uncle Ben says in Spider-Man, great power comes with great responsibility. And that's something FICO didn't seem to grasp. They had it all. They really owned it. The whole world was theirs.
Incredibly profitable businesses, virtually no real competition, and regulators who didn't seem to care much. They watched from afar , but there was no alarm. And then FICO made deliberate decisions to blow up the whole situation. To simply sink it all.
你可以怪监管者。你可以怪各方，但其中很大一部分是自找的伤害。FICO 刚刚结束了一桩司法部案件，该案裁定其为垄断者，这是一项反垄断调查。这意味着政府在说：“嘿，我们认为……”“你们可能是垄断者。
我们认为你拥有一个别无选择的受众。”然后 FICO 举起手说：“是的，我们是。我们将提价 400%。我们的客户无能为力。银行也无能为力。我们控制着一个别无选择的受众。我们是垄断者。
我们只是想确认这一点，并确保监管机构完全清楚。”
You can blame the regulators. You can blame various parties, but much of this was self-inflicted damage. FICO had just come out of a Justice Department case that ruled it a monopoly, an antitrust investigation.
This meant the government was saying, "Hey, we think..." " You may be monopolists." We believe you have an audience that has no alternative to you." Then Vico raised her hand and said, "Yes, we are."
We will raise prices by 400%. Our customers can't do anything. The banks can't do anything. We control an audience that has no choice." We are a monopoly. We just wanted to confirm that and make sure it was perfectly clear to the regulatory bodies."
这正是监管者所需要的一切。一旦涨价生效，监管者便加大了对 FICO 的压力。随后 Bill Bolte 登场。他利用 FICO 的涨价，连同 Josh Hawley 等参议员，推动对该公司进行监管。
This was all the regulators needed. Once the price increases took effect, regulators intensified their pressure on FICO. Then Bill Bolte entered the scene. He used FICO's price hikes , along with senators like Josh Hawley, to push for regulation of the company.
当你回家时，信用局会在你调取报告时运行你的信用评分。他们会向你提供 FICO 的评分，并从中赚取一点利润。所以，每当 FICO 的评分被运行时，FICO 和信用局都很高兴。双方都在赚钱。
FICO 决定绕过信用局，绕开它们，将它们从这一链条中剔除。它们多年的分销商和合作伙伴，与它们关系密切，如今却成了 FICO 攻击的目标。
When you go home, credit bureaus run your credit score when you pull your report. They would provide you with FICO's score and make a small profit from it. So, whenever FICO's score was run, both FICO and the credit bureaus were happy.
They were both making a profit. FICO decided to bypass the credit bureaus, circumvent them, and eliminate them from the equation. Their distributors and partners of many years, with whom they had a close relationship, were now targets of FICO's attacks.
FICO 并不满足于仅仅激起愤怒。受涨价影响的不仅是监管者；FICO 还对自己的合作伙伴和分销商下手，通过绕开它们而将其疏远。这些合作伙伴和分销商不仅是 FICO 的合作伙伴和分销商；它们还是其最大竞争对手 Vantage Score 的所有者。
它们还拥有 FICO 据以得出信用评级的数据。这是 FICO 管理层的选择：摧毁周围几乎所有的关系。当然，这一切本无必要。
FICO wasn't content with simply provoking anger. Regulators weren't the only ones affected by the price hikes; FICO turned on its partners and distributors, alienating them by bypassing them.
These partners and distributors aren't just FICO's partners and distributors; they're also the owners of Vantage Score, its main competitor. They also own the data from which FICO derives its credit ratings .
This was FICO's management choice: to destroy almost every relationship around it . And of course, none of this was necessary.
FICO 本可以更好地经营其垄断地位。它们本可以每年提价 10% 到 20%——足以给股东带来可观的利润，又不至于把监管者惊动到这种程度。但它们在短短两年内提价近 1600%，把所有人都推向了一场针对 FICO 的运动，无论这场运动是否合理。
如今这已演变成一场旨在摧毁该公司并引入真正竞争的公关运动。这一点反映在今天的公司股价上。
FICO could have managed its monopoly much better. They could have raised prices by 10 to 20 percent annually— enough to generate decent profits for shareholders without alarming regulators to this extent.
But by raising prices by nearly 1600 percent in just two years, they drove everyone into a campaign against FICO, whether justified or not. It has now become a public relations campaign aimed at destroying the company and introducing genuine competition.
This is reflected today in the company's stock price.
所以，当我们今天审视 FICO 时，我们看到，虽然有些事情已超出它们的控制，但其中很大一部分源于管理层自身的决定。这令人遗憾，也本无必要。垄断者应当负责任地行事，保持克制，并以伙伴式的领导方式行事。它们应当与客户和谐共处。
So, when we look at FICO today, we see that while some things have gotten out of their control, Much of it was due to management decisions themselves. This is unfortunate and unnecessary.
Monopolies should act responsibly, with restraint , and with partnership-based leadership . They should work in harmony with their customers.
这个频道对 $FICO 的历次判断
Joseph Carlson After Hours 在这只股票上只有这一条判断。