NFLX 是一笔合理的交易：股价近乎腰斩，较五年均值低约 30%，也低于行业 PEG 均值。增长放缓（下一期从 13% 降至 11.7%）和竞争压力，被 33% 的利润率、每季度超过 40 亿美元的营业利润、约 125 亿美元的自由现金流以及广告、直播和场馆业务的增长所抵消；其排名仍居第三，落后于 Meta 等更多元化的同行。
逐段跳播
好，现在我们来看第二笔买入，是在消费娱乐板块，具体是这一领域最大的名字之一、无可争议的直播之王Netflix（股票代码NFLX），特朗普买入了价值最高达500万美元的股份。
Okay, now we move on to the second purchase , which is in the consumer entertainment sector , specifically to one of the biggest names in this field, the undisputed king of live streaming , Netflix (its stock symbol is NFLX), where Trump acquired shares worth up to five million dollars.
顺便说一句，在这些披露中，他们只需说明每笔买入交易完成时的价格区间。所以我说“最高达某个金额”，因为那只是一个价格区间，我们并不知道确切数字。
Incidentally, in these disclosures, they are only required to state the price ranges of individual purchase transactions as they are completed. So, I say "up to a certain amount" because it's just a price range, and we don't know the exact figure.
无论如何，如果看Netflix的股价走势图，我们会注意到它在过去一年经历了一段艰难时期，从最高点下跌了约一半市值。
In any case, if we look at the Netflix stock chart , we will notice that it went through a rough period during the past year, losing about half of its value from its highest levels.
我认为，这次销售下滑是由于对其营收增长放缓的担忧。例如，上一季度销售额增长了13%，但未来预测显示下一季度增长将放缓至11.7%，是大约三年来最弱的增速。
This decline in sales, I believe, is due to concerns about a slowdown in its revenue growth. For example, in the last quarter, sales grew by 13%, but future projections indicate that growth will slow to 11.7% in the next quarter, its weakest growth rate in about three years.
此外，投资者还担心有关用户参与度停滞以及争夺观众竞争加剧的报道，比如YouTube和其他平台的情况。
Furthermore, investors were concerned about reports of stagnant subscriber engagement and intensifying competition to attract viewers, as is the case with YouTube and other platforms.
近期消息对Netflix来说有些负面，公司宣布裁员约1000人以削减成本。那么，试图削减成本意味着什么？公司是否面临困难？
Recent news has been somewhat negative for Netflix, with the company announcing the layoff of about 1,000 employees in an effort to reduce costs. So, what does trying to reduce costs mean? Is the company facing any difficulties?
我认为特朗普，也许还有其他持不同观点的投资者，正在非常仔细地研究这次下跌。当大多数其他科技巨头在数据中心上花费数千亿美元、短期内使现金流承压时，Netflix却随着时间推移产生越来越多的利润，这可能会让你感到意外。这是一项了不起的成就。
I think Trump, and perhaps some other investors who hold a different view, are studying this decline very closely. While most other tech giants spend hundreds of billions of dollars on data centers, straining their cash flow in the near term, it may surprise you that Netflix is generating increasing profits over time . It's a great achievement.
仅上一季度，公司就产生了超过40亿美元的营业收入，营业利润率高达33%。管理层预计全年将产生约125亿美元的净自由现金流。
In the last quarter alone, the company generated more than $4 billion in operating income, with excellent operating profit margins of 33%. Management expects to generate net free cash flow of approximately $12.5 billion for the full year.
这与我们过去对Netflix的惯常看法完全相反，那曾被认为是它最大的批评点。现在，鉴于其惊人的盈利能力，这变成了公司的巨大优势。
This is completely contrary to what we have been used to in the past regarding Netflix, which was considered its biggest criticism. Now, this turns into a huge advantage for the company, given its amazing profitability.
此外，公司正在核心订阅业务之外推出新的增长引擎。例如，广告支持订阅套餐的销售额预计今年将几乎翻倍，达到30亿美元。
In addition, the company is launching new growth engines outside of core subscriptions. For example, sales of ad-supported subscription packages are expected to nearly double to $3 billion this year.
他们正在大举进军高端直播活动，甚至已获得重大NFL比赛、重要拳击比赛乃至WWE摔跤节目的转播权。他们还开设实体娱乐场所，包括“Netflix House”，以及开展其他活动来建立长期忠诚度，尤其是因为Netflix是一个广为人知的品牌。
许多人订阅Netflix，它拥有庞大的用户群。他们努力培养长期的客户忠诚度。
They are expanding aggressively into premium live events, having even booked broadcasting rights to major NFL games, important boxing matches , and even WWE wrestling shows. They are also opening physical entertainment venues, including " Netflix House," and other activities they undertake to build long- term loyalty, especially since Netflix is a widely known brand.
Many people subscribe to Netflix, and it has a huge subscriber base . They strive to foster long-term customer loyalty.
因此，分析师预计其收入未来将继续以大幅速度增长。然而，随着股价几乎腰斩，公司估值现在是一个难得的机会，比过去五年的平均股价低约30%，甚至基于市盈增长比率（PEG）也低于行业平均水平。
As a result, analysts expect their income to continue growing at sharp rates in the future. However, with the share price nearly halved , the company's valuation is now a rare opportunity, at about 30% below the average share price over the past five years , and even below the sector average based on price-to-growth ratio ( PEG).
现在，以如此低的价格买入世界领先的直播巨头，我实际上认为这是一笔合理的交易。然而，由于我仍然更偏好其他更多元化、也在直播领域有布局的公司，我会在我们的排名中明确优先考虑Meta。
因此，Netflix目前在我们的榜单上占据第三位，仅次于Meta。
Now, to get the world's leading live streaming giant at such a low price, I actually think it's a reasonable deal. However, since I still prefer other companies that are more diversified and also have a presence in the live streaming field , I will give clear preference to Meta in our rankings.
Therefore, Netflix currently occupies the third position on our list, right after Meta.
因此，我想我会把它排在第四位，仅次于Netflix，
Therefore, I think I would put it in fourth place, right after Netflix,