Nike仍是一项糟糕的持仓：财报后股价下跌、竞争带来的利润率压力、定价能力崩塌，以及现金流蒸发风险。
逐段跳播
他们唯一不花钱买的东西就是Nike的鞋，而这是件好事。我仍然会收到关于“Nike”的问题，而我仍然不喜欢那个箭头。
The one thing they do n't spend money on is Nike shoes, and that's a good thing. I still get questions about "Nike", and I still do n't like that arrow.
该股昨天公布了财报，又下跌了7%。如果你看大局，你会想，像Nike这样的公司怎么能持续下滑？Nike的下滑与我们一直以惊人方式目睹的劳动力市场反弹前景非常相似，不仅是今年，而是过去许多年都是如此。
The stock announced its earnings yesterday and is down another 7%. If you look at the big picture, you'll wonder how a company like Nike can continue to decline? Well, the decline in Nike is very similar to the prospect of a labor market rebound that we have been witnessing in a spectacular way, not just this year, but for many years past.
我的意思是，我盯着Nike盯得太累了，以至于我开始翻回我以前的笔记。我上一次看Nike时，我在2025年12月19日字面写下：“比上次更令人沮丧。”
I mean, I got so tired of monitoring Nike that I just started going back to my old notes. The last time I looked at Nike, I literally wrote on December 19, 2025: "More depressing than last time."
事实上，竞争如此激烈，以至于他们的利润率正受到损害。他们为产品定价的能力正在崩塌。他们的资产负债表还算可以，但他们的现金流将在2025年10月蒸发。那字面上就是一年之后。
In fact, there is so much competition that their profit margins are being hurt. Their ability to price their products is collapsing. Their balance sheet is acceptable, but their cash flow will evaporate in October 2025. That's literally a year from now.
我们发现的是，Nike正遭受重大打击。甚至一年前，用我的话说，Nike Direct的数据就糟糕透顶。于是，折扣减少了，销售也下降了。这怎么算是好事？我在这里写道，我不确定体育战略将如何挽救这一局面。
What we are discovering is that Nike is taking a major hit. Even a year ago, Nike Direct had, in my words, appalling numbers. So, discounts were reduced and sales decreased. How is this a good thing?
I wrote here that I am not sure how the sports strategy will save this situation.
如你所知，顺便说一句，令人惊讶的是，一家糟糕的公司——自去年10月其股价为67美元以来我们一直在观察它的糟糕表现——竟然还能再跌50%。这是好事。这是好事。
As you know, as a digression, it's surprising that a bad company, and we've been observing its poor performance since last October when its stock price was $67, can literally drop another 50%. This is good. This is good.
这个频道对 $NKE 的历次判断
Meet Kevin 在这只股票上共 2 条判断，这里只列相邻的几条。