像这样的品牌。我记得我在阿姆斯特丹的同事，他们的配偶中有人在 Under Armour 工作。我们应该以 15% 的折扣买入股票吗？我告诉他们，如果你们认为 Under Armour 在未来 5 到 10 年会是一门更好的生意——但这并没有发生。
A brand like this. I remember here my colleagues in Amsterdam they were some of their spouses were working at under arour. Should we buy stocks at 15% discount? I told them if you think Under Arour will be a better business in 5 to 10 years that didn't happen.
同样地，Under Armour 的净利润率强劲增长，随后上市，接着就像旧臭鞋一样被扔进垃圾桶。华尔街只看重增长。只要新上市公司能保持增长就是好事。一旦开始减速，情况就会变得糟糕。
问题是，这家公司能在未来 5 年内规模翻倍吗？这纯粹是增长的宠物。
Similarly, under armor, net profit margins, strong growing, going public, and then it goes into the trash like old smelly shoes. Wall Street is all about growth. As long as a new public company can grow is good.
If it starts decelerating, it gets ugly. And the question is, can the company double in the next 5 years? It's a pure pet of growth.