9張圖剖析蘋果、亞馬遜和谷歌的三巨頭大戰
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????右邊的兩張圖是2013年蘋果（Apple）的股價走勢與亞馬遜（Amazon）和谷歌（Google）的對比，但對比結果與下面的9張柱狀圖相左。 ????這些柱狀圖是一位名為“Merckel”的讀者提供給《財富》（Fortune）雜志的，使用一些較為客觀的指標對三家公司進行了比較，包括現金流量、資產回報率、利潤增長和已支付股息等枯燥的數據。 ????這三家公司當然擁有不同的業務模式。蘋果通過溢價出售高端消費品，賺取巨額利潤。谷歌每筆在線廣告利潤微薄，但在線廣告總銷量數以十億計。亞馬遜正在打造一個巨型虛擬購物中心，將現有店鋪（如圖書、電子產品等）的利潤注入新店鋪。 ????但股市每天要做的事就是對不同的商業模式進行定價。從Merckel的這些柱狀圖來看，市場似乎相信谷歌和亞馬遜的增長永遠沒有盡頭。 ????至于蘋果，市場還需要看到新一款轟動性的產品（財富中文網）。 |
????The two stock charts at right, comparing Apple's (AAPL) performance in 2013 to Amazon's (AMZN) and Google's (GOOG), tell a very different story than the nine bar charts below. ????Produced for Fortune by the reader who posts here as Merckel, the bar charts compare the three companies by more objective measures -- boring things like cash flow, return on assets, earnings growth and dividends paid. ????The three companies have different business models, of course. Apple makes big profits selling high-end consumer devices at premium prices. Google takes a tiny profit from each of billions of online ad sales. Amazon is constructing a giant virtual mall, pouring the profits from its established stores (books, electronics, etc.) into new ones. ????But putting a value on different business models is what the stock market does every day. Judging from Merckel's bar charts, what the market seems to be saying is that it believes Google and Amazon will keep growing indefinitely. ????For Apple, it will believe it when it sees the next hit product. |
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