What Stock Would Warren Buffett Buy If He Started Over In 2024?

So Sam, tell me this. Do you like watching sweaty men fight to the death in their underwear? Me too. Every weekend. I build my Saturdays around it. Well, I think you should invest in their Saturdays. My pick for Stocka Palooza 2024 is.

那么，山姆，告诉我一下。你喜欢看汗流浃背的男人在内衣下厮杀致死吗？我也是。每个周末都这样。我会为此安排我整个周六的活动。嗯，我觉得你应该投资在这些周六上。我为2024年的“股票盛会”挑选了一个。

All right, we're live. Sean, did you just go to the Black Friday sale at Tommy Bahama? What's going on? I went into the old dad's closet today and got a little shirt because special occasion and I needed to dress up. That's your version of dressing up. Yeah, this is up, dude.

好的，我们正在直播。肖恩，你刚刚去汤米巴哈马的黑色星期五特卖吗？发生了什么事？今天我进了老爸的壁橱，拿了一件小衬衫，因为有特殊场合需要穿得得体。这是你的打扮尊重场合的版本吗？是的，这已经是我尽量打扮了，伙计。

Alright. What are we doing today? Today, this is Stocka Palooza, the first ever first annual Stocka Palooza, which you may not know what that means because we made it up. Basically, me and Sam said, what if we did an episode where we pick a stock? So each of us are going to go through the stock market. We're going to each pick a stock that we have to make a case for. If you've ever seen, there's a conference called the Zone Conference and it's kind of like a TED talk, but for stock pickers and all the biggest names go there. Bill Ackman goes there and Drucken Miller and whoever, Chama, they get on stage and they make a 20 minute case for a particular stock. Why they're long or why they're bullish on something? Those guys are good and those talks are fun. We wanted to try it too and do it our way. The MFM style of this, it's called Stocka Palooza.

好的，我们今天要做什么？今天是股票盛典活动，这是第一届年度股票盛典，你可能不知道这是什么意思，因为我们是自己编的。基本上，我和山姆说，我们要不要做一个选股的节目？所以我们每个人要参考股市，挑选一只要为其提供理由的股票。如果你见过一个叫作 Zone Conference 的会议，它有点像 TED talk，但是是给股票挑选者的，很多大牌都会去那里。比如 Bill Ackman、Drucken Miller、Chama，他们上台演讲约20分钟，为某只特定的股票提供理由，说明为什么看好或者看涨？这些人很牛，那些演讲也很有趣。我们也想尝试一下，按照我们的方式来做。我们的方式是 MFM 风格，就叫股票盛典。

Both me and Sam have picked a stock. We do not know what each other have picked. We're going to get 20 minutes each to present. So if you're on just the audio podcast feed, I know I've been telling you YouTube is where it's at. Today, YouTube is for sure where it's at because we got slides. Your boys came prepared and I have data. I got charts. I have a whole bunch of stuff here. So you want to go to YouTube where you're going to actually be able to see the screen and see us sharing slides. So we got 20 minutes each to do it.

我和山姆都选择了一只股票。我们不知道对方选择了什么。我们每个人都有20分钟的时间来呈现。所以如果你只是听音频播客，我知道我一直告诉你YouTube才是最好的选择。今天，确定可以在YouTube上找到我们，因为我们有幻灯片。我们准备充分，有数据，有图表，还有很多其他内容在这里。所以你需要去YouTube，这样你才能看到屏幕和我们分享幻灯片。我们每个人都有20分钟的时间来做这个。

Alright, everyone. We have a quick ad for HubSpot. Sales super teams aren't built overnight. They require unicorn level talent, endless training, huge budgets and lots of luck. Or you could just use sales hub from HubSpot. It's an all the one platform built with all the tools for your success. Smaller prospecting, check. Faster revenue, yup. Scales with your team sure does. But in Sam speak, I'm going to put it way simpler. Just go to hubspot.com slash sales and it will make selling easier, faster and more efficient. Hubspot.com slash sales.

大家好。我们有一个关于HubSpot的快速广告。销售超级团队不是一夜之间建立起来的。他们需要独角兽级别的才能、无尽的培训、巨额的预算和大量的运气。或者你可以使用HubSpot的销售中心。它是一个包含为您成功而建的所有工具的多合一平台。更小的潜在客户，没问题。更快的收入，嗯。可以与您的团队一起扩展，当然可以。但是用简单的话来说，只需要去hubspot.com/sales，它会让销售变得更容易、更快速和更高效。hubspot.com/sales。

For the listener who are on not YouTube, we have to ask them to do something when they finally go to YouTube. That's right. That's right. If you go there and you don't hit the subscribe button, a curse is placed on your family for seven years. And I don't want that for any of you guys. So go ahead and hit subscribe when you're there because it's super important for your family. It's a simple pitch. We put all this work in and they don't have to pay us back with anything other than a subscribe on YouTube. It's free and easy for them and it makes just a ton of difference to us. So just go do that.

对于那些不在YouTube上听歌的听众，当他们最终去到YouTube时，我们得要求他们做一件事。没错，没错，如果你去了那儿却没点击订阅按钮，你的家族将被诅咒七年。我不希望任何一个你们遭受这样的咒诅。所以当你在那里时，请一定订阅我们，因为这对你的家人非常重要。这是一个简单的请求。我们付出了这么多努力，他们唯一需要做的就是在YouTube上订阅我们。这对他们来说是免费且容易的，但对我们来说意义非凡。所以就去做吧。

Alright. Now, what are you saying? Okay, so you're ready to begin. Do we need to? Should we just go into it? No, rules. Okay, so we're kind of making up the rules of the fly. So we're going to talk about 20 minutes. So you get 20 minutes. I'll ask questions, but I'll try not to interrupt too much. And then we'll do like, we'll talk for about it for a few minutes afterwards. And then I'll pitch and then the last 10 or however many minutes left. We'll each vote. But then in the YouTube comments, you guys actually have to vote who wins.

好的，现在你在说什么？好的，所以你准备好开始了吗？我们需要吗？我们应该就这样开始吗？不，没有规则。好的，所以我们要有点在这里随机发挥。我们要聊大约20分钟。所以你有20分钟。我会问问题，但是我会尽量不中断太多。然后我们会再聊几分钟。然后我会进行竞争演讲，然后最后的10分钟或者剩下的时间，我们每个人都会投票。但是在YouTube的评论中，你们实际上必须投票决定谁是胜利者。

But when we say when, what does win mean here? Because we're not exactly, we're going to be you guys can like, we can play a drinking game where it's like count the disclosures. You're going to see the disclosure constantly of saying, we have no idea what we're talking about. It's just something fun and cool. But how do we base win on? Is it by showmanship? Is it by what the company you think is going to have a long term best case? But what does best mean a 10 year? Well, I don't know. And that's part of the fun here. We can say, entertainment because that's different. Well, this is definitely entertainment. But the entertainment has to have a foundation of you can't just be making shit up, right? We got to have actual good insights or good analysis presented in a wonderful way, right? The way that any presentation is sort of scored, you have style points and you have substance points. And we're going to take both of those factors into consideration to pick the ultimate winner.

但是当我们说“赢”的时候，这里的赢意味着什么呢？因为我们并不是完全知道，我们可以玩一个喝酒游戏，就像数披露一样。你会经常听到我们说，“我们不知道我们在说什么，这只是一些有趣和酷的东西”。但是我们怎么判断谁是赢家呢？是通过外貌吗？是通过你认为哪家公司有最好的长期前景吗？但是在10年内，最好意味着什么呢？嗯，我不知道。这就是这里的一部分乐趣。我们可以说，这是娱乐，因为这是不同的。嗯，这绝对是娱乐。但是娱乐必须有一个基础，你不能只是凭空编造，对吧？我们必须有真正的见解或者优秀的分析以精彩的方式呈现出来，对吧？任何演讲都有风格分和内容分。我们将考虑这两个因素来选择最终的赢家。

I don't know if you've ever gone and watched any of these, by the way, like, you know, in, I remember when Chamath went on stage in 2016 and he was like, there's there's a multi trillion dollar company hidden in plain sight. And he made a case for why Amazon was going to get to three trillion by 2025. This is back in 2015. What is it now? It's currently like close to two trillion. And we got a year left. He's not far off. He then went up and did a case for box and I bought a shit ton of box stock and box then just shit the bad for the next three years. And if you go back, all the smartest guys, Bill Ackman, he goes up there and he makes a case for some housing thing. Terrible stocks, right? I went back and I actually charted how these picks did really bad. So actually, we might be just as good as them because we're also going to be terrible. What's considered good for these guys? Like, is it like a batting average? Or it's like, if you're 300, if you're, you know, which 30% right, you're the best? No, I think it's just based on the returns, right? So like how much you put in versus how often you're right, right? The multiple of those two. So, you know, they just got to get enough right where the overall returns are there. But we should say this. First slide is the most important slide, which is that this is not financial advice. This is entirely for entertainment purposes only. My lawyer has told me to say that, but it's actually true. This is only for entertainment purposes. I forbid you from actually investing in any of the things that we talk about. I am an idiot when it comes to the stock market. So if you take my financial advice, I consider you an idiot too. That's my disclaimer. There needs to be a song where it's, what did you say? Throw your hands in the air and lose your money like you just don't care. Exactly. Stock up a loser. That's the stock up a loser. Alright, let's jump in. Alright, my turn. I'm going to start my clock. Let's go.

顺便说一下，我不知道你是否曾经观看过这些，就像，你知道的，在2016年，我记得当Chamath上台时，他说有一个市值数万亿美元的公司就在眼前，他提出了为什么亚马逊会在2025年达到三万亿的理由。那是在2015年。现在是什么情况呢？目前接近两万亿。我们还有一年的时间。他并不离谱。然后他还为Box进行了一份报告，我买了一大堆Box的股票，然后Box接下来的三年表现糟糕透了。如果你回过头来看，所有最聪明的人，比尔·阿克曼上去提出了一些房地产的东西。糟糕的股票，对吧？我回头去看了一下，这些选择表现得真的很糟糕。所以实际上，我们可能和他们一样好，因为我们也可能很糟糕。对这些人来说，什么是好的呢？是像打棒球一样的成功率吗？或者是指，如果你有30%的正确率，那就是最好的？不，我认为这取决于回报率，对吧？就是你投入的金额与你猜对的频率的乘积。因此，他们只需要猜对足够多次，整体回报就会出现。但我们应该说一下。第一张幻灯片是最重要的，这只是出于娱乐目的，并不构成财务建议。我的律师要我这样说，但这是事实。这只是为了娱乐而已。我禁止你真的投资我们谈论的任何东西。当涉及股市时，我是个白痴。所以如果你听从我的理财建议，我也认为你是个白痴。这就是我的免责声明。应该有一首歌，歌词是，你说什么来着？把你的手举起来，就像你不在乎地失去你的钱一样。没错，败家的股票，就是败家的股票。好了，我们开始吧。我要开始计时了。

Okay, so here's the general idea. If you're buying one stock, Sam, I know you're an index fund guy, right? You like to go into the SP 500 and spread out your risk. And you're right. If you're buying one stock, you're taking more risk than the index. And if you look back last 10 years, the index has given you about a 10 and a half percent annual return over a 10 year period. 10 and a half percent over 10 years. So that's, we'd have to beat that to justify taking the additional risk of picking one stock. Because that's going to basically 2.7 X your money in a 10 year span. So if you want to do a little better than double, almost triple your money in 10 years, just put it in the SP 500. So we're looking for something that if we're going to take more risk, we need to get more reward. So here's what I'm thinking. I decided to peg for what do I think could get me a 5X in 10 years? Okay, 5X in 10 years double what the what the SP 500 is going to do. So which stock did I pick Sam? I'm sure you're wondering. Well, let's ask the Oracle of Omaha, AKA Buff Daddy. What would Warren Buffett do? Because I'm not a great stock picker. So I wanted to go and study the great stock pickers of all time and look at what would be their criteria. What are they looking for so that I can learn from them? And I went back and I learned everything it could from Warren Buffett. And I realized that there's five big things that he looks for. Okay, so you're ready for the five big ones. The first understandability, meaning he doesn't invest in shit, he doesn't understand if it's too complicated or if it's outside of his circle of confidence, he's simply not investing. And so the idea is, is the business simple enough that an idiot like me can understand it. And that ideally, an idiot can even run it, right? It's such a simple business. So understand ability. Number two, an economic moat. So we want few competitors, we want some pricing power. And we want to make sure that this business is so defensible that it's going to be around in 50 years because Warren is usually a buy and hold investor. He's not really trying to trade in and out in time the market. He's looking for time in market. And he's looking to be in the in the company for a long time. And so we want an economic moat, something that's super durable.

好的，这是个大致的想法。如果你要买一支股票，Sam，我知道你是一个指数基金的支持者，对吧？你喜欢进入标准普尔500指数，分散风险。你是正确的。如果你买一支股票，你要承担比指数更高的风险。如果回顾过去10年，指数在10年期内给了你大约10.5%的年回报率。10年内增长10.5%。所以，我们必须超过这个水平来证明选择一支股票承担额外风险是值得的。因为这基本上会在10年内使你的资金增长到2.7倍。所以如果你想在10年内比你的资金翻一倍几乎翻三倍，把它投资在标准普尔500指数就行了。所以我们在寻找某些东西，如果我们要承担更多风险，就需要获得更多回报。所以这是我的想法。我决定设定一个目标，看看在10年内有什么可以使我增长5倍的股票。好了，在10年内使资金翻倍，相当于标准普尔500指数的两倍。那么我选择了哪支股票呢，Sam？我敢肯定你在想这个问题。好吧，我们来问问奥马哈圣神，也就是巴菲特爸爸，巴菲特会怎么做？因为我不是一个了不起的股票选择者，所以我想去研究有史以来伟大的股票选择者，看看他们的标准是什么。他们在寻找什么，这样我就可以向他们学习。我回头去学习了巴菲特的一切，我意识到他关注的有五个重要方面。好了，你准备好听五个重要的方面了吗？第一个是可理解性，意思是他不会投资他不理解的东西，如果太复杂或超出他的兴趣范围，他就不会投资。所以问题是，这个企业是否足够简单，让像我这样的白痴也能理解。更好的情况是，一个白痴甚至可以经营它，对吧？它是一个如此简单的企业。所以我们要理解能力。第二个是经济护城河。我们希望竞争对手较少，具备一些定价能力。我们希望确保这个企业非常耐用，能够在50年内一直存在，因为巴菲特通常是一个买入并持有的投资者，他并不试图频繁交易和顺势操作市场。他寻求的是市场的时间。他希望长期持有这个公司。所以我们想要一个经济护城河，一个非常耐用的东西。

All right, number three, competent management. So management, basically a strong management team is always going to be a, you know, big benefit for anything for any stock.

好的，第三点，有能力的管理层。所以管理层，基本上一个强大的管理团队对于任何股票都会带来巨大的好处。

Okay, last, last two margin of safety means we got to be buying this, we can't be buying this at some extreme price, even if it's a great company, if it's massively overpriced, it's too hot in the market, then we're taking too much risk. So what we want to do is buy dollar bills for 80 cents, right? That's a that's a great margin of safety. And of course, lastly, strong financials. So higher earnings, low cap X, low debt, that's really what we look for.

好的，最后，再往前看两步，安全边际意味着我们必须以适当的价格购买，即使是一家伟大的公司，如果它的定价过高，市场上过热，那么我们承担的风险就太大了。所以我们想要的是以80美分的价格买进1美元钞票，对吧？这是一个很好的安全边际。当然，最后还有强大的财务状况。所以我们寻找的是高盈利、低资本支出和低债务。

Okay, so this is why Warren Buffett is buying brands, not stocks. I love this line actually in my research, he goes, don't buy a stock by a company. Subtle difference. But he's looking to basically like, what would what don't try to buy the stock? Because you think the pricing to go up by the company, because you think that company is going to endure and be successful and just grow steadily for a long period of time. That's a new thing that he did. So it's not new for I mean, he didn't start doing that until his 60s. So before he was buying stocks purely in the financials, he's like, I don't care what they sell. And then he like met Coke. And then he like invested in Washington Post. He's like, Oh, no, the brand is actually where it's at.

好的，所以这就是为什么沃伦·巴菲特购买品牌而非股票的原因。我在研究中特别喜欢他说的一句话，他说，不要通过购买公司的股票来购买一家公司。这是微妙的区别。但他实际上是在寻找，你不要试着购买股票，因为你认为该公司价格会上涨，因为你认为该公司将会持续存在、成功发展并长期稳定增长。这是他新尝试的事情。在他60多岁之前，他一直只购买金融股票，他说，我不关心他们销售什么。然后他遇到可口可乐公司，然后他投资华盛顿邮报。他说，哦，不，品牌才是关键所在。

Exactly. He used to do the cigarette butt investing where you know, if there's two puffs left on the cigarette, okay, let's do it. There's value there. But he credits Charlie Munger for showing him that actually it's better to pay, a fair price for a great business than a great price for just a fair business. And so that's why he's now invested in Apple, Bank of America, American Express, Coca-Cola, Geico. These are brands that have been around for 50 years. And that's what he's looking for.

确实。他过去习惯于投资于烟蒂，也就是当烟蒂中还有两口时，他就会考虑投资。他认为这样是有价值的。但他归功于查理·芒格，芒格向他展示了一个更好的投资方式，即为一家优秀企业支付一个公平的价格，而不仅仅是为一家普通企业支付一个优惠的价格。所以他现在在苹果、美国银行、美国运通、可口可乐和盖克保险公司进行投资。这些品牌已经存在了50年了，这正是他所追寻的。

Okay. So simple buffet formula, just to summarize, buy brands that you understand that'll be here 50 years from now that spit off cash at a fair price. If you do all that, you can hold forever. You've done well.

好的。所以简单来说，自助餐的原则就是购买你理解的品牌，它们将在未来50年内一直存在，并以公正的价格产生现金流。如果你做到了这一切，你就可以永远持有。你做得很好。

So I looked and I looked and truth be told, I actually started with one in mind and then reverse engineered this whole presentation. But I have one. So Sam, tell me this. Do you like watching sweaty men fight to the death in their underwear? Me too. Every weekend. I build my Saturdays around it. Well, I think you should invest in their Saturdays. My pick for Stockapalooza 2024 is TKO. TKO is the stock that owns WWE and UFC. And I think that TKO is a buffet stock. And here's Buffett, you know, looking ready for WrestleMania.

所以我找了又找，说实话，我实际上一开始就有一个想法，然后再从这个整个演示开始逆向设计。但是我有一个。所以，山姆，告诉我吧。你喜欢看那些穿着内衣进行死亡搏斗的汗流浃背的男人吗？我也是。每个周末都是这样。我把我的周六都安排得围绕着这个。嗯，我认为你应该投资于它们的周六。我为2024年的“股票嘉年华”选择了TKO。TKO是拥有WWE和UFC股份的公司。我认为TKO是一家自助餐式的股票。这里是巴菲特，你知道，看起来准备好参加摔跤狂热了。

Why is it? Why does it fit the criteria? So understandability, very easy to understand. It's a holding company that owns these sports franchises and owns these leagues underneath them. Okay, that's the that's all the businesses. It's it does nothing else besides that.

为什么呢？为什么它符合这些标准？所以，易懂性很高，非常容易理解。它是一个持有公司，拥有这些体育特许经营权，并在其下拥有这些联盟。好的，这就是所有的业务。它除此以外什么都不做。

Finding is the easiest thing to understand in the world. I don't know if you've heard this great thing that that Dana White says, he goes, let's say you walk out into a sports field on a Sunday and there's a soccer game over here in a basketball game over there. And these guys are playing flag football. And you can go look in any one of those directions. You might have a favorite sport. But if somebody else fight and there's a fight going on, everybody's heads going to turn. It is a human nature thing that we like to watch people compete and fight. And it is global everywhere in the world. People don't, you know, if you go to China, people don't know the rules of football. You come to America, people don't know the rules of cricket, but everybody understands the concept of these two guys are going to fight each other, everybody around the world. And so it is the easiest to understand product and business. The business is very simple. Fans pay to watch fights, people pay pay per view.

发现是世界上最容易理解的事情。我不知道你是否听过 Dana White 说过的一句伟大的话，他说，假设你走进一个体育场，周日这里进行足球比赛，那边在进行篮球比赛。而这些家伙在玩旗标橄榄球。你可以朝任何一个方向看。也许你有喜欢的体育运动。但如果有人在打架，所有人的头都会转过去。这是人类的本性，我们喜欢看人们竞争和争斗。世界上任何地方都是如此。中国人可能不了解足球规则，美国人可能不了解板球规则，但全世界的人都可以理解这两个人将互相搏斗的概念。因此，这是最容易理解的产品和业务。业务非常简单。粉丝们付费观看战斗，人们付费观看点播直播。

Sam, how much do you think you've paid in pay per view per year? What are you spending on your UFC fandom?

山姆，你认为你每年在付费观看上花了多少钱？你在UFC球迷上花了多少钱？

So I would probably say I buy the five a year. So that's $500, I think. And then I only have a ESPN subscription. Like, dude, I don't know anything about sports. I just found out that's the Super Bowl is this Sunday. I thought it was in November. I only I pay per ESPN just for that. So that's our 60. And then I attend one to three a year, which is quite expensive. That's $1,000 a show, at least.

所以我大概每年购买五场比赛。我想大概花了$500。然后我只订购了ESPN（美国体育电视频道）服务。听着，兄弟，我对体育一无所知。我刚刚才知道超级碗是在这个星期天。我原以为是在11月份。我只为了看超级碗才订购了ESPN。所以这笔费用每年大约是60美元。然后我每年参加一到三场比赛，这个相当昂贵。每场演出至少需要花费1000美元。

Exactly. High LTV fans.

没错，高贷款价值比的粉丝们。

Okay. So let's go through these down. Economic moat. Name the competitor to the UFC name a competitor to WWE. They've all come and gone. Bellator was the most well-funded competitor to UFC. It was funded by Viacom. They put hundreds of millions of dollars into this thing. It failed. And they just sold it for less than what they put what they invested into it. It's sold it for $100 million. The number two competitors sold for $100 million. The UFC sold for $4.2 billion. So that's the gap between one and two. Growing up, I love WCW. That was the big competitor to WWE. Guess what? It folded and they took all the wrestlers. AEW, all those things. Basically, these two brands have over 95% market share in their market. This is total monopoly. More than Google has in the search market. Do you know how popular WWE is on YouTube? Did you look into that? I have a couple slides later. They dominate social media. It's the tenth. The tenth most popular channel on all of YouTube is WWE. That's insane. Like the fact that these two have more market share in their market than Google has in the search market shows you they just cut it complete and utter dominance. And the fact that competitors have come and gone, people have taken their best shot and they haven't been able to touch them. So you have two brands that have been around for a while and will be around for a while.

好的。那么我们来详细说一下这些事情。经济堡垒。说出UFC的竞争对手，说出WWE的竞争对手。它们都已经出现过又消失了。Bellator是UFC资金最充足的竞争对手，由维亚康姆公司资助。他们投入了数亿美元在这个项目上。但是失败了。他们以比投入的资金少卖出了。他们以1亿美元的价格卖出了。第二名竞争对手以1亿美元卖出。而UFC则以42亿美元卖出。这就是一和二之间的差距。在我成长的过程中，我喜欢WCW。那是WWE的主要竞争对手。猜猜怎么样？它倒闭了，他们把所有摔跤运动员都带走了。还有AEW等等。基本上，这两个品牌在市场上占有超过95％的份额。这是完全的垄断。比谷歌在搜索市场上的份额还多。你知道WWE在YouTube上有多受欢迎吗？你有研究过吗？稍后我有几张幻灯片。他们统治着社交媒体。它是整个YouTube上第十受欢迎的频道。这太疯狂了。这两个品牌在市场上的份额超过了谷歌在搜索市场上的份额，说明他们完全占据了主导地位。竞争对手已经来过又去过，他们努力尝试过，但没能触及他们。所以你有两个长时间存在并将继续存在的品牌。

Okay, competent management. We have Aria Emanuel. If you've ever seen Entourage, the character Ari Gold is based on Aria Emanuel. He is an absolute power player, power broker in the entertainment business. You have Dana White, the guy who's basically been a founder CEO of this essentially since they bought it for 2 million bucks bought it for 2 million sold it for 4.2 billion. And he's still going and he's still going strong. This guy is an absolute animal. And we have Egan Durbin who's with Silver Lake Partners. That's their kind of institutional capital behind this. And that guy's also got a pretty crazy track record with multiple billion dollar or multi billion dollar plays like Skype and whatnot. So super good management team.

好的，管理层很称职。我们有Aria Emanuel。如果你曾经看过《明星伴我行》，角色Ari Gold就是以Aria Emanuel为原型创造的。他是娱乐业中绝对的权力派人物和交易经纪人。我们还有Dana White，这个人基本上从他们以2百万美元购买UFC到现在一直担任创始人兼CEO的角色。他以42亿美元的价格卖出了UFC，而且他仍然按兵不动，依然强势前行。这个人简直就是个野兽。我们还有Egan Durbin，他是Silver Lake Partners的成员，他们为UFC提供了机构资本支持。这个人也有非常出色的成绩，参与过像Skype等市值上百亿美元的项目。所以管理团队非常出色。

Okay, margin of safety. So I don't know if you know how much money these make, but they basically the combined entities generate over a million dollars, sorry, a billion dollars a year of EBITDA. And it trades at about 14. So it's about a 14 billion dollar market cap company right now with four with with a billion dollars of EBITDA. Just to put this in the comparison, if UFC plus WWE two full like leagues are 14 billion, the Phoenix Suns one NBA franchise just sold for 5 billion. Right. So this is basically three Phoenix Suns. And you get the entire universe of combat sport of, of, of, you know, fighting entertainment, which is wrestling and UFC everything except for boxing. F one, which is, you know, to me seems super niche. Like F one is, it's so so niche. Do you know how much F one just sold for? No idea. Eight and a half billion dollars. And F one has a big problem, which is no matter how popular F one is, they have to pay out to all the teams, the franchises. So, you know, half the revenue goes to the Aston Martin team, and then the Mercedes team and whoever else. So UFC doesn't have any of that. All the fighters are independent contractors. They don't even pay him salaries. There's no guaranteed salaries, independent contractors who make about 15 to 17% of the overall revenue goes to the fighters. Way less than every other sport, no teams, no, no, no rev sharing with anybody. Basically, they get to bring that up later in your presentation. We do. I do have a wrist slide, which is around that. Yes. And the best part, this is all AI resistant. Like we don't know what the hell is going to happen with AI. AI is pretty clearly the next big thing. And it's going to wreck a bunch of industries going to redo the way that insurance works and the way that cars work and the way that, you know, software is built and all this stuff. How are you going to use AI to generate? Like you can't use AI to make two guys fight in a ring. It's not going to happen. And so, this is an AI proof industry, which is nice because Warren Buffett, Buff Daddy, he's looking for things that are not going to change. And I think this is not going to change.

好的，安全边际。所以我不知道你是否了解这些赚了多少钱，但它们基本上是联合实体，每年能产生超过一亿美元，抱歉，是十亿美元的息税折旧和摊销（EBITDA）。目前市值约为140亿美元。举个比较，如果UFC和WWE两个完整联盟总和为140亿美元，那么凤凰城太阳队一个NBA球队仅以50亿美元出售。所以基本上相当于三个凤凰城太阳队。而你将得到整个格斗娱乐领域，包括摔跤和UFC，除了拳击以外的一切。对我来说，F1似乎非常小众。你知道F1卖了多少钱吗？不知道。85亿美元。并且F1有个大问题，无论F1有多受欢迎，他们都必须向所有车队付款。所以，你知道，一半的收入都会给予阿斯顿马丁车队，然后是梅赛德斯车队和其他车队。所以UFC没有这些。所有的选手都是独立承包商。他们甚至不支付固定工资。没有保底薪水，独立承包商只能获得总收入的15％至17％。远远低于其他运动项目，没有车队，没有任何与他人的收入分成。我们可以在演示中稍后提及这一点。我们的确有一张幻灯片与此相关。最重要的是，这一切都对人工智能无懈可击。我们不知道人工智能将会发生什么，人工智能显然是下一个大趋势。它将破坏许多行业，重新定义保险业、汽车行业以及软件建设等方面的运作方式。你如何利用人工智能来产生收益呢？你不能用人工智能让两个人在一个拳台上打架。这是不可能的。所以，这是一个不受人工智能影响的行业，这很好，因为巴菲特正在寻找不会改变的东西。我认为这是不会改变的。

All right, everyone, a quick break because I want to fill you in on a little experiment that I'm doing. I've got a new project. It's called Money Wise. It's a personal finance podcast for high net worth people or young people who are on their way to becoming a high net worth. When I made a little bit of money, I didn't even know how much money I should be spending each month should be 10,000, 30,000, 50,000. And I didn't really have a lot of people to ask. So I created a podcast called Money Wise because I wanted to figure out what are some of the things that people who have a lot of cash and who have a high net worth. What do they do with it? The first episode is with a friend of mine. He sold his company for $200 million when he was 31 years old. He gets super transparent about his monthly expenses, his portfolio, how it impacts his happiness, everything. And so I want you guys to check it out. It's called Money Wise. That's one word. You can find it on my Twitter bio. I'm the Sam Parr or you can just type in Money Wise on Apple, Spotify and YouTube.

大家好，快休息一下，因为我想向你们介绍一下我正在进行的一个小实验。我有一个新项目，叫做《理财智慧》。这是一个针对高净值人群或正在成为高净值人群的年轻人的个人财务播客。当我赚了一些钱时，我甚至不知道每个月应该花多少钱，是1万还是3万、还是5万。而且我真的没有很多人可以咨询。所以我创建了一个名为《理财智慧》的播客，因为我想弄清楚那些拥有大量现金和高净值的人都做些什么。第一集是我一个朋友参与的，他在31岁那年以2亿美元的价格销售了他的公司。他非常透明地谈到了他的月度开支、投资组合以及它对他的幸福感的影响，等等。所以我希望你们去看看。它叫做《理财智慧》。这是一个词。你可以在我的Twitter简介里找到它，我是Sam Parr，或者你也可以在苹果、Spotify和YouTube上搜索《理财智慧》。

All right, back to the pod.

好的，回到舱内。

All right, everyone, this episode is brought to you by the product boss. It's a podcast hosted by Jacqueline and Mina, their friends of mine. They're part of the HubSpot podcast network. And it's a podcast about taking your physical product sales and strategy to the next level. And they deliver the podcast in an hour long workshop style strategy. Some of their most popular episodes are debunking the myth of daily social media obligations, which dives deep on how you can grow your social media presence from an audience perspective and get audiences eager to buy your products without feeling overwhelmed. They give a comprehensive playbook that's filled with tips and strategy for building a big audience that align with your business objectives. So if this interests you, check it out, the product boss, wherever you find your podcast.

大家好，今天的这一集由产品老板赞助带给大家。这是由Jacqueline和Mina主持的播客节目，他们是我的朋友。他们是HubSpot播客网络的一部分。这是一档关于如何将你的实物产品销售和战略提升到新的水平的播客节目。他们的节目以一个小时的研讨会形式呈现。其中一些最受欢迎的节目是揭穿每天社交媒体义务的神话，深入讨论了如何从受众角度增加你的社交媒体影响力，并让受众渴望购买你的产品而不感到不知所措。他们提供了一个全面的操作手册，其中包含建立与你的业务目标相一致的庞大受众的技巧和策略。所以，如果你对此感兴趣，请查看"The Product Boss"节目，你可以在任何你找到播客的地方收听。

All right, last one, it's growing nicely. So it's grown 20% a year right now, but there's also the big prize with any sports league is media rights deals. And the media rights for both of these are coming up this year and next. And so they have a chance to renegotiate and basically double what they're getting paid for by all the streaming companies by Netflix and by Amazon and ESPN and all the companies that want, they need live sports because live sports are one of the only things that people watch concurrently and have to look at the ads because they're watching during the thing, there's no DVR, there's no, there's no binge mode, there's streaming. And so live sports is one of the few live sports assets that exist. And the media deals are coming up and they might be a lot bigger than people think.

好的，最后一个，情况不错，发展得很好。目前它每年的增长率为20％，但体育联赛最大的奖项是媒体版权交易。而这两个项目的媒体权利在今年和明年到期。因此，他们有机会重新谈判，并且基本上可以将他们从流媒体公司（如Netflix、Amazon、ESPN等）那里得到的报酬翻倍，因为这些公司需要直播体育赛事，因为直播体育是唯一能够同时观看并不得不观看广告的项目，没有DVR,没有追剧模式，只有直播。因此，直播体育是极为宝贵的资产之一。媒体交易即将到期，可能会比人们想象的要大很多。

All right, last few slides, consistent cash flows to these are profitable companies are spit off cash. You know, they're spitting off, you know, a couple hundred million bucks a year free cash flow. And they don't need to invest it. They don't own a ton of real estate or they don't have to buy more machines in order to grow. They just put on they just keep putting on shows. It's all variable. A couple of the risks that are worth mentioning, it's got a bunch of debt, they use debt to buy the franchises of these leagues. And so they still have a few billion dollars of debt. The last thing stock performance has not been great. I think this is one where we're going to have to buck the trend. We're going to have to know what the market doesn't know right now. And we're going to have to go ahead and outperform.

好的，最后几张幻灯片了。这些盈利公司有稳定的现金流。你知道，它们每年能产生几亿美元的自由现金流。而且他们不需要投资。他们没有大量的房地产，也不必购买更多设备以实现增长。他们只需继续推出演出。一切都是可变的。值得一提的是，有几个风险，他们负有很多债务，他们使用债务购买这些联赛的特许经营权。因此，他们仍有几十亿美元的债务。最后一件事是股票表现并不好。我认为这是一个需要逆市而行的项目。我们需要了解目前市场不知道的东西，我们需要超越预期表现。

What date did that drop? So they merged in like mid 2023. But is that drop because Vince McMahon? Not just Vince McMahon. I think basically what happened was they merged people didn't understand the terms, they didn't understand what was going to happen, what was the plan, all that stuff. And the Vince McMahon stuff happened at the same time. Got it.

那是什么时候发生的？所以他们在2023年中期合并了。不只是因为文斯·麦克马洪吧？我认为基本上发生的事情是人们没有理解合并的条款，他们不知道会发生什么，也不了解计划等等。而文斯·麦克马洪的事情也同时发生了。明白了。

And so they dropped about 15% on the merger, which is kind of crazy before they were both public. And they were both trading at about eight to 10 billion in valuation. And so when they merged, they were supposed to be like a 20 billion dollar entity. And they're currently trading at 14 right after they merged. And so that was that's what happened last year.

因此，在合并之前，它们的股价下跌了约15％，这是相当疯狂的，因为它们曾经都是上市公司。它们的估值都在80到100亿美元左右。所以当它们合并时，应该形成一个价值200亿美元的实体。但是合并后不久，它们的股价就下跌到了14亿美元。这就是去年发生的事情。

Lastly, a couple of the risks, like you talked about, fighters not going to be paid enough. So their costs could go up if the fighters ever unionized and were able to collectively bargain, which they haven't done, but the NBA and NFL all has. And lastly, I don't know what's going to happen if Dana ever leaves. He is the powerhouse and the CEO who's driving this thing. He's cashed out. So he does not own the same stake that he owned before. He's not even on the stock filings. He's not on the cap table. So he said he has skin in the game still, but it's not listed anywhere. So I'm not sure what he has. And he might, you know, might retire one day. And I think that would be a big shock to the business like suck retiring or or Bezos retiring, you know, it can affect the business. Can I add a few a few risks? Let me add a few risks. Yeah, go for it.

最后，就像你所谈到的那样，还有一些风险，比如说拳击手的报酬不够。所以如果拳击手们组成工会并进行集体谈判，他们的成本可能会上涨，虽然他们目前还没有这样做，但NBA和NFL都已经实行了这一制度。最后，我不知道如果丹娜离开会发生什么。他是推动这一行业的强大人物和首席执行官。他已经获得了巨额现金回报，所以他不再拥有之前的股份。他甚至没有出现在股份登记表上。虽然他表示他仍然投入心力，但在任何地方都没有列出。所以我不确定他拥有什么。也许有一天他会退休，我认为这会对业务造成重大冲击，就像苏克或贝索斯退休一样，会对业务产生影响。我可以再提几个风险吗？可以，尽管说吧。

All right, first, Dana White is insane. So he's mostly insane in a good way. But there's a lot of liability. There's a lot of liability in this industry, because we're talking about grown men fighting in their underwear in front of millions of people. The person who likes that and runs that as well as the person who actually does that in order to be great at that, you have to be insane. And so what that means is there's been risks with Dana. Dana has said a lot of crazy stuff. I don't even think that I'm going to say if I think it's right or wrong, that's irrelevant. What's irrelevant is that a lot of people think it's wrong. He also got in trouble for smack at his wife. And that was on video. Vince McMahon's now in trouble for not even sexual harassment. I think it's beyond that. And then also like the third famous guy in the UFC right now, Sean Strickland. Again, I don't care if you like what he says or dislike what he says. There's a lot of people who dislikes what he says as it regards to like the whole Trans thing and gay thing. And so inherently, there's going to be all types of nutty people like that. I think it won't impact the business at all. It's actually going to make the business better because the people who are behind them are going to be harder behind them. But I do think it will scare institutional money. And that's basically my downside.

首先，达纳·怀特（Dana White）是个疯子。他在某种程度上是个疯子，但这个行业也存在很多风险。我们讨论的是成年人在数百万人面前穿着内衣搏斗的事情。那些喜欢和经营这个行业的人，以及那些为了在这方面出众而不择手段的人，他们必须都有点疯狂。由此可见，达纳的做法存在风险。他曾说过很多疯狂的话。我并不认为我应该去评价那个对错，因为那并不重要。重要的是很多人认为那是错的。他还因为殴打妻子而陷入了麻烦。而现在，文斯·麦克马洪（Vince McMahon）也因为不当行为惹上了麻烦，不仅仅是性骚扰而已，我认为情况更严重。还有现在UFC中第三个有名的人，肖恩·斯特里克兰（Sean Strickland）。我不在乎你是否喜欢他说的话或者讨厌他说的话。很多人对他关于跨性别和同性恋的观点表示反感。因此，这个行业会有很多这样的怪人。我认为这不会对业务产生任何影响，实际上它会使业务更好，因为那些支持他们的人会更加坚定。但我确实认为这会吓退机构投资。这基本上就是我的顾虑之处。

Well, in that lawsuit, that lawsuit is actually a pretty big lawsuit. So I think that the only counter to that is usually the risks are what ifs. All the things you mentioned have already happened. They've already happened. They've already happened. And the business is doing fine. So like Dana has been saying crazy stuff for 20 years. It's what okay. I guess he'll just continue it. He continues as is that's business. That's a risk. That's a risk. That's a what if. I think there's some some risk there, but not that much. In fact, I would actually say the UFC has shown tremendous anti fragility. So for example, if this is a business that depends on live events, it's all based on live events and it survived COVID. It can survive anything. Live events had to all shut down and the UFC figured out a way. Why? Because founder CEO, he's got the willpower. The guy went to Abu Dhabi, created a bubble and started created something called Fight Island and hosted the fights in a bubble on Fight Island himself. They found a way around the pandemic. I think they could find a way around. But I'm an idiot. Keep in mind, I'm an idiot. I don't think that's going to impact any of the business. I think all those things are going to make their business, their revenue, the profit greater. I just wonder how that impact if fidelity or one of these big companies wants to buy a huge chunk of the stock. Yeah, I think that's fair.

好的，在那起诉讼中，那宗诉讼实际上是一起相当重大的诉讼。所以我认为唯一对抗它的通常是风险假设。你提到的所有事情都已经发生了。它们已经发生了。它们已经发生了。而且企业运营良好。就像丹娜一直说了20年的疯狂话一样。没事。我猜他会继续下去。他继续下去就是生意。这是一种风险。这是一个假设。我认为这里确实存在一些风险，但不是很大。事实上，我实际上认为UFC已经展现出了巨大的抗逆性。例如，如果这是一个依赖现场活动的企业，而它在COVID-19期间依然存活下来了。它可以经受住任何困难。现场活动不得不全部关闭，而UFC想出了一种方法。为什么？因为创始人兼首席执行官拥有意志力。这个人去了阿布扎比，在那里建立了一个封闭空间，并在自己的“格斗岛”上举办了比赛。他们找到了一个途径，抵挡了疫情。我认为他们可以找到一个解决办法。但是请记住，我是个白痴。但我不认为这会对业务产生任何影响。我认为所有这些因素都会让他们的业务、收入和利润更大。我只是想知道，如果富达或其他一些大公司想要购买大量的股票，这会产生何种影响。是的，我认为这很公正。

All right. Last couple of things.

好的。最后几件事。

I think the global nature of this is underrated. And so when you think about where does growth come from for these types of leagues? It comes from two things. One is streaming deals, which are getting bigger and bigger and bigger. And the other is globalization.

我认为这种全球性的意义被低估了。当你思考这些联赛的增长来自哪里时，有两个方面：一是流媒体合作，这一领域正在变得越来越庞大；另一个是全球化。

I don't know if you know, but the NBA does like crazy amount of work to globalize. They have camps all throughout Africa and India. They go every summer. They broadcast games that cut deals to broadcast games. They will play a game in Europe to try to get fans. The NFL does the same thing. They play a game in London to try to get fans there. But the UFC actually inherently has that. They get champions from all over the world. They've never got to Africa. I think maybe one time they've done one event in China. Basically, China, India, and Africa are still untapped, but they're proven that they have product market fit. They have fans. They just haven't done the events there yet.

我不知道你是否知道，但是NBA为全球推广做了大量的工作。他们在非洲和印度各地都设有营地，每个夏季都会前往。他们与电视台签订了广播比赛的协议。他们还在欧洲举办比赛以吸引球迷。美式足球也是如此，他们会在伦敦举办比赛以争取那里的球迷。但是UFC本身就具备这种潜力。他们有来自世界各地的冠军。他们从未到过非洲，可能只有一次在中国举办过一场比赛。基本上，中国、印度和非洲仍未开发，但他们已经证明他们的产品适应市场需求。他们有球迷，只是还没有在那些地方举办比赛。

And the biggest case for this is really that these leagues develop lifelong fans. You've been a fan and I would guess that 20 years from now, you're probably still going to be a fan. Your kids might become fans. This is how sports works. It's basically generational. People watch them until they're, my grandparents will watch sports, but then they'll take their kids to the events and they'll get their kids involved and they become fans as well.

事实上，最大的证据就是这些联赛培养了一生的球迷。你是一个球迷，我猜20年后你可能仍然是一个球迷。你的孩子们可能也会成为球迷。这就是体育的运作方式，基本上是代际传承。人们会一直观看比赛，就像我的祖父母会看体育比赛，然后他们会带着他们的孩子去观看比赛，并让他们加入其中，最终也成为球迷。

The UFC is only 30 years old. That's incredibly young when it comes to a league like this. And you know what they're better at than everyone else? Telling stories and creating characters. They are without a doubt the best at this. They kick ass compared to any of the other leagues.

UFC仅有30年的历史。对于像这样的联赛来说，这是非常年轻的。而且，你知道他们比其他人更擅长什么吗？讲故事和创造角色。他们在这方面毫无疑问是最棒的。与其他联赛相比，他们非常出色。

So check this out. This is on Instagram. The NFL, which is the biggest, most profitable sports league in the United States, biggest, most profitable league has 29 million followers. The UFC has 39 million followers because they are better at social media and they're better at storytelling, which is essentially saying they're better at the way the world works now. And the NFL was better at the way the world worked 20 years ago.

看看这个。这是在Instagram上的信息。美国最大、最赚钱的体育联盟——NFL只有2900万粉丝。而UFC有3900万粉丝，因为他们在社交媒体和叙事方面做得更好，这实际上意味着他们更擅长应对现今的社会运作方式。而NFL则更擅长应对二十年前的社会运作方式。

Same thing. Here's YouTube. Here's the YouTube channel has 17 and a half million subscribers for the UFC on YouTube, baseball, which has been around for whatever 100 years, 4.9 million subscribers. It's insane how they get dominated by this. And so they, you know, you get to ride on the back of that.

同样的事情。这里是YouTube。这个YouTube频道有1750万个UFC的订阅者，而棒球这个体育项目有大约100年的历史，只有490万个订阅者。他们被这个差距所主导，真是疯狂。所以，你可以乘坐这个差距的浪潮前进。

And the other thing is that Ari Manuel's company, which bought bought these, they're just better at negotiating media rights. That's what they've been doing for their entire career, for, you know, actors and television shows and whatnot, better negotiating sponsorships. If you look at where the UFC was when they bought it versus where it is now, you know, it was unprofitable there and growing, you know, growing at an okay clip. Now it's growing faster and more profitable and it is profitable because of the work that they've done.

另外一件事是，艾利·曼纽尔的公司购买这些公司的另一个好处是，他们在媒体权利谈判方面更有优势。这是他们整个职业生涯一直在做的事情，为演员、电视节目等方面更好地谈判赞助合同。如果你看看他们买下UFC时的现状和现在的情况，你就会知道，当时UFC并不盈利，但正在以可接受的速度增长。而现在，UFC的增长更快、更具盈利性，这得益于他们所做的工作。

WWE just kind of a 10 year, $5 billion deal with Netflix just for one of their shows, which is kind of insane. It's going to go from USA network to Netflix. These are now like $300 million a year streaming deals that they're picking up. And that is all Sam. Thank you very much. Ladies and gentlemen, stock of Palooza. That was very good. That was very good.

WWE刚刚与Netflix签订了一个价值50亿美元、为期10年的交易，仅仅是为了他们的一个节目，这有点疯狂。它将从美国网络跳转到Netflix。他们现在正在获得每年约3亿美元的流媒体交易。这完全是Sam的功劳。非常感谢大家。女士们先生们，股票狂欢节。这非常好，非常好。

My bias is heavy here. I tell people they ask like what my hobbies are if I paid digital sports, I say I paid attention to only two sports fighting and the other ones way nerdy or track and field. I like track and field and UFC. I'm a super fan and I think there's so many super fans like me. I don't know how the super fans compared to the other sports. I don't know if it's that strong, but I'm a huge fan.

这里我有一些偏见。当人们问我有关我的爱好时，如果是电子体育，我会告诉他们我只关注两种运动，一种是格斗，另一种是田径。我喜欢田径和终极格斗。我是一个超级粉丝，而且我相信有很多和我一样的超级粉丝。我不知道这些超级粉丝与其他运动的粉丝相比如何。我不知道它们是否很强大，但我是一个非常狂热的粉丝。

The stock, it's a good brand. I agree. I think the risks are too high though. I think they're, I think they're Dana's is, do you think if someone left, you said that on their second point, it was like, anyone can run it. Do you think someone can run it as good as him? I do think you get the benefit of the kind of founder led company when you have Dana there. And you would lose that if he left. So I do think it will continue to run, but I don't think you'd get that X factor back of what Dana brings to the table and what Vince McMahon brought to the table until he was, how old is Vince McMahon? He's like 80 or something like that. The guy ran the league for like 50 years or something. And he was a character. He was a character in the show. And I think Dana is a character in the show. I think Dana is the most popular UFC fighter. Well, Connor, but like, I think he could run this thing for like 30 more years. Maybe. I think maybe. I think that running this type of league is harder than any other league. Maybe F1 actually would be really challenging because they're like, they kind of seem like divas, but the UFC, I think dealing with these types of fighters, have you ever hung out with a professional fighter or like up and coming professional fighters? I've been around a handful of them. They're insane. They're insane. They're hard to work with. They're nuts. And it would be very challenging. And also the lawsuit that they have. So to put that in perspective, you said that they pay their fighters 14%. How much does the NFL pay their? The NBA or about 50% that's the collective bargaining. That's what they negotiated. And right now, you made a case that they're a monopoly. That's the exact case that the lawsuit is trying to bake, which is that UFC is a monopoly and that you guys, you have to allow us to do collective bargaining. And I have looked into it a little bit, but it seems like they've got a great case and that could meaningfully change the economics. It could. It could. That is, I would put that as the number one risk to shift the economics. Dude, there's some guys like they'll say in the post-fight interviews. They're like, I'm the champion now. Eight months ago, I was driving Uber and like, and I'm still driving an Uber. Yeah. Well, like to put this in perspective, there's this guy named Francis Naganyu. I think he's from Cameroon. He's like the American dream. He came over here with nothing. I think he worked in like a mine, you know, like a blood diamond type of mine, like crazy stuff. He's now champion. Do you know how much money he was? He was a world champion in the heavyweight division of the UFC. He looked like an animal. It would knew think of a heavyweight champion. This is what you want this guy to look like. Look like beautiful story. Great guy. Do you know how much he was getting paid per fight? I feel like it was like 500k or something. It was about $600,000. That's how much this guy was getting paid to fight the scariest people on earth. It's insane. I know a mid-level engineer at Google that makes more than that. It's insane. It's insane. And so that needs to change. I think further to be true longevity for this sport. And if that changes, there's actually going to be bad stuff for the business, or at least it'll be less good. But great presentation. I'm a fan of UFC. I think that was a great presentation. All right. Your turn.

这股票，它是一个好品牌。我同意。不过，我认为风险太高了。我认为他们，我认为他们达纳的替代者，你认为如果有人离开了，你在他们的第二个观点上说，好像任何人都可以经营它。你认为有人能和他一样好地经营它吗？我确实认为当你有达纳在那里时，你能享受到创始人领导的好处。而如果他离开了，你将会失去这个。所以我认为它会继续经营下去，但我不认为你会再次得到达纳带来的那种特殊优势和文斯·迈克曼在其年轻时带来的优势。文斯·迈克曼多少岁了？他像80岁左右吧。那个家伙管理这个联赛有50年之久。而且他是一个角色。他是演出中的一个角色。我认为达纳也是演出中的角色。我认为达纳是最受欢迎的UFC选手。嗯，康纳也是，但是，我认为他可以再经营这个事业30年。也许吧。我认为也许。我认为经营这种类型的联赛比其他联赛都要困难。或许F1也很具有挑战性，因为他们似乎有些娇气，但是UFC，我认为与这些选手打交道非常具有挑战性。你曾经和职业选手或年轻的职业选手待过一起吗？我接触过一些。他们疯狂。和他们合作很困难。他们疯狂。这将是非常具有挑战性的。还有他们所面临的诉讼。所以，你说他们付给选手14%的工资。美国橄榄球联盟（NFL）和美国篮球联盟（NBA）付给选手的比例是多少？大约50%，那是他们通过集体谈判达成的协议。而现在，你提到他们是垄断企业。这正是诉讼案件所要论证的，即UFC是一个垄断企业，他们必须允许我们进行集体谈判。我有一点了解，但是它看起来他们有一个很好的论点，并且这可能对经济产生重大影响。有可能。我会把这放在转变经济形势的第一风险位置。伙计，还有一些人，他们在比赛后的采访中会说。他们会说，我现在是冠军了，八个月前，我还在开Uber，现在我还是在开Uber。是啊，就像一个例子，有个叫弗朗西斯·恩甘努的人。我想他是喀麦隆人。他就是美国梦的化身。他一无所有地来到这里。我想他曾在矿山工作，就像开采血钻一样，疯狂的事情。现在他是重量级UFC世界冠军。你知道他每场比赛得到多少钱吗？我记得应该是50万美元左右。大约是60万美元。这个家伙只靠与地球上最可怕的人对抗就能得到这么多钱。这太疯狂了。我认识一位在谷歌的中级工程师，他的收入比这高得多。太疯了。太疯了。所以这需要改变。我认为进一步实现这个运动的长久发展。如果这种情况发生变化，对于这个行业来说可能真的不太好。不过，演讲做得很棒。我是UFC的粉丝。我觉得这个演讲很棒。好了，轮到你了。

All right. Now it's my turn. So look, we said the disclosure already that this really, we don't know anything. So I'm actually going to not even focus too much on the numbers. I'm going to focus on the story. And I just want to put this disclosure up front. Now, before I get into this, I want to tell you a few other companies that I looked at. I looked at Rivian. I looked at 23andMe. That's a total shit show. I looked at Container Store because there you go. That's the next meme stop. And of course, I looked at HubSpot because I own HubSpot and I'm trying to do a little pump and dump scheme. I'm kidding. I'm kidding. I'm not going to talk about that.

好的。现在轮到我了。所以看，我们已经说过了，实际上我们不知道任何事情。所以我实际上不会过多关注数字，而是会关注故事。在我开始之前，我想告诉你我还看了一些其他公司。我看了Rivian。我看了23andMe。那真是一团糟。我还看了Container Store，因为那是下一个迷因热点。当然，我还看了HubSpot，因为我拥有HubSpot，我想进行一次小的炒作和倒卖计划。我开玩笑的，我开玩笑的，我不会谈论那个。

Now, I was trying to think about this. And I was like, should we do like a Wolfle Wall Street pitch? You know how he's pitching penny stocks where he's like, hi, John. The reason I'm calling is I've got this new patent technology that has huge upside potential and little downside potential. Is this something where I could maybe get in on the ground floor? And then I realized I'm not going to do that. I'm just going to tell you, I'm just going to base all of everything that I'm doing here on what do I think is cool and interesting. And so what do I think is cool and interesting?

现在，我在思考这个问题。我在想，我们应该像《华尔街之狼》里的推销员一样做一个演讲吗？你知道他是如何推销廉价股票的，他会说：“嗨，约翰，我打电话给你是因为我有一项新的专利技术，有巨大的上升潜力，风险很小。这是我能够作为初创项目投资的机会吗？”然后我意识到我不打算那样做。我只是想告诉你，我在这里做的一切都基于我认为酷和有趣的东西。那么，我认为什么酷和有趣呢？

Look, if you want to make great money, you invest in Amazon. It's a slow, predictable. I think it's a great company. But that's not interesting to me. We all know that same with everything Elon's doing. At this point, he's the man. I can't invest in Tesla. I can't invest in anything he's ever done. That's Dorky plus look at him. I don't want to invest in that. Yeah, I like how you use the pre plastic surgery. Elon won. They're nice. There's a point. I've got a point here.

嘿，如果你想赚大钱，你应该投资亚马逊。它是一个缓慢、可预测的公司。我认为这是一家很棒的公司。但是对我来说这并不有趣。我们都知道埃隆正在做的事情也是一样的。目前他就是那个人。我不能投资特斯拉。我不能投资他所做的任何事情。那太没有意思了，再看看他长什么样子。我不想投资那个。是的，我喜欢你说他之前没有整容过的样子。埃隆赢了。他们不错。我有一个要点在这里。

And then I looked at Bill Gates and I looked at this guy as like, you know, Microsoft also great company. I like the CEO. They're doing great things. But we've been there and done that. I think it all makes money, but it's a little bit boring. It's not for this podcast. So what is interesting? Look at this guy. Do you know who that is? That is the LVM H guy, right? The LVM H guy. We're going to call him S cargo because I don't know how to pronounce his name. What's his name? Bernard Bernard. How do you say his last name? Bernard. Yeah, we're going to call us cargo. Arnold as we go. The slug eaten suit, wear it. Beautiful Frenchman. That's what we're going to call this guy.

然后我看了一下比尔·盖茨，又看了一下这个人，就像是，你知道的，微软也是一家伟大的公司。我喜欢CEO，他们做了很多伟大的事情。但我们已经有了那样的经历和成就。我认为这一切都是为了赚钱，但有点无聊。这不适合我们的播客。那么什么是有趣的呢？看看这个人，你知道他是谁吗？那是LVMH的那个人，对吧？LVMH的那个人。我们会叫他S胶体，因为我不知道如何发音他的名字。他叫什么名字？伯纳德·伯纳德。怎么发音他的姓？伯纳德。是的，我们会叫他S胶体。Arnold在我们走的当头就是它。这个吃蜗牛的西装，穿着它的美丽法国人。这就是我们要称呼这个人的方式。

So he's great. So LVM H, what here's what they do. This isn't my company, but this is the person I got inspired by. So they own a 100 plus luxury brands, Dior, Fenny, Sephora, Tiffany's, Hublot, they own luxury brands. And the reason why this guy, this guy got into the luxury business and I found three quotes by him. You use Warren Buffett as your kind of like rule setter for how you're going to pitch a stock. I'm going to use this guy. He used to own a construction company. And then he got super into luxury businesses. And I'm going to explain three quotes as to why he said that. So he said, in luxury business, you have to build on heritage. And so have you ever heard that phrase Lindy? So Lindy's a popular phrase that's floating around on the Twitter circles. It basically just means the time of which something has existed is directly correlated to the time that it will continue to exist. So something that's been around for a long time will likely be around for a long time. Something that's brand new and hasn't been around for a long time can go away easier. And so for in order to build a luxury brand, I'm going to track to this guy. He's like, I need something that can last that's been around for a long time. And that means it's going to last a long time.

所以他很棒。所以LVMH，这是他们的业务。虽然这不是我的公司，但这是我受到启发的人。他们拥有100多个奢侈品品牌，包括迪奥、范思哲、丝芙兰、蒂芙尼、宝珀等。这个人之所以进入奢侈品行业，我找到了他说过的三句话。你将沃伦·巴菲特作为你给股票定价的规则制定者，我将用这个人。他曾经拥有一家建筑公司，后来对奢侈品行业产生了极大兴趣。我将解释他说过的三句话的原因。所以他说，在奢侈品行业，你必须建立在传承之上。你听说过Lindy这个词吗？Lindy在Twitter圈子里很流行。它基本上意味着某物存在的时间与它将继续存在的时间直接相关。存在已久的东西很可能还会继续存在很长时间。而全新的、存在时间不长的东西容易消失。为了打造一个奢侈品牌，我将追随这个人。他说，我需要一个能够持久存在且历史悠久的东西。这意味着它将持续很长时间。

He also said luxury goods are the only area in which it's possible to make luxury margins. Okay, high margins. So I've got to find a company that has that can last a long time because it's been around for a long time. It has high margins. And then the final thing he says is affordable luxury. Those two words, they don't even go together. Meaning what I've got to find some a product a company that sells a product that is expensive and exclusive.

他还说奢侈品是唯一一个可能实现奢侈利润的领域。好吧，高利润。所以我必须找到一家存在很久的公司，因为它存在了很长时间。它有高利润。然后他最后说的是可负担的奢侈品。这两个词根本不搭配。意思是我必须找到一家销售昂贵和独特的产品的公司。

Now, what fits that bill, Sean? Originally, I thought of James Bond, James Bond, like that's like the definition of cool guy and exclusive and like you dream wanting to be him, but it's going to be impossible to attain. And so the product that in the brand that I almost chose was what's something that James Bond is a synonymous for. Do you know what that car is? The Aston Martin, I believe. That is an Aston Martin. And so Aston Martin, that kind of got me interested. Aston Martin has a strong brand, but they have a shit multiple. They've got a decent product, but it's actually one of the least valuable car companies in the world. I believe right now it's only trading at like $2 billion. So it's not that big of a business.

现在，肖恩，符合这个要求的是什么？一开始我想到的是詹姆斯·邦德，詹姆斯·邦德，他就是酷帅的定义，独一无二的，就像是你梦想成为他，但是很难实现。所以我几乎选择的品牌和产品与詹姆斯·邦德有着相同的代名词。你知道那辆车是什么吗？是阿斯顿·马丁。那就是辆阿斯顿·马丁。阿斯顿·马丁引起了我的兴趣。阿斯顿·马丁有着强大的品牌，但市盈率却不容乐观。他们的产品还不错，但实际上是世界上价值最低的汽车公司之一。我想现在它的市值只有20亿美元左右，所以其业务规模并不大。

Now, Aston Martin, it's been around for a long time. I think it's going to continue being around for a long time. I think a lot of young men dream of having an Aston Martin. Their margin is shit. So it's been losing money. So that kind of gets it out of the way. I can't do that.

现在，阿斯顿·马丁已经存在很长时间了。我认为它将会继续存在很长时间。许多年轻人梦想拥有一辆阿斯顿·马丁。他们的利润率很低，所以一直在亏钱。所以这个问题已经解决了。我不能这样做。

And in terms of like being exclusive and expensive, it is expensive, but because not that many people want an Aston Martin compared to all the other cars, I wouldn't exactly say that it's that exclusive. So Aston Martin, not good enough.

就独特性和昂贵程度而言，虽然奥斯汀·马丁确实昂贵，但是与其他车型相比，想要一辆奥斯汀·马丁的人并不是很多，所以我不能完全说它非常独特。所以，奥斯汀·马丁不够出众。

So what is good enough? So I found a company that has been around for a very long time. It's got huge margins. In fact, it's got the best margins in its industry. It's very expensive. And it's so exclusive that even if you wanted to buy it, in many cases, you cannot. Do I have your interest?

那么什么才能称之为足够好呢？我发现了一家经营已久的公司。它有着非常高的利润率，事实上，在同行业中它拥有最优的利润率。这家公司价格非常昂贵，并且如此独特，以至于在许多情况下，即使你想购买，也未必能够得到。我引起了你的兴趣吗？

You have me interested. You had my attention. And now you have my interest. Okay, so you probably don't know who this person is. Do you not? All right. This man, he's no longer around, but he was born in the early 1900s. His name is Enzo.

你引起了我的兴趣，你曾经吸引了我的注意力，现在你又引起了我的兴趣。好了，所以你可能不知道这个人是谁。真的不知道吗？好吧。这个人不在了，但他出生在20世纪初。他的名字是恩佐。

Enzo started out as a race car driver. And he drove, I actually believe he might have drove for Aston Martin at one point, but he also drove for Fiat, an Italian car company. And he was so into race car driving that he goes, these Fiat's, they ain't cutting it for me. I have to make my own car. And I'm going to make the best car.

恩佐最初是一名赛车手。我确实相信他曾经在某个时刻为阿斯顿·马丁（Aston Martin）驾驶过车，但他也为意大利汽车公司菲亚特（Fiat）驾驶过车。他是如此热衷于赛车，以至于他说：“这些菲亚特的车不符合我的要求。我必须制造自己的车。而且我要造出最好的车。”

He goes, I'm basically just going to make an engine and I'm going to put wheels on it. And aerodynamics be damned. That's what you say if you have a shit engine. I'm only going to focus on the engine. And he was obsessed with making an engine. And eventually other people got obsessed with his engines. And so in the first year, he made a car for himself. In the second year, he sold two cars. In the third year, he sold only about eight cars.

他说，我基本上只是要制造一个引擎，然后把轮子装上去。对于那些有问题的引擎，无论空气动力学如何都不重要了。我只关注引擎。而他着迷于制造引擎。最终，其他人也对他的引擎着迷了起来。所以，在第一年，他为自己造了一辆车。第二年，他卖出了两辆车。第三年，他只卖出了大约八辆车。

And he kept slowly growing. And eventually, that company became Ferrari. So Ferrari is my company. And you're going to like Enzo Ferrari. Enzo Ferrari, he's a crazy person. He's sort of like Conor McGregor, that quote that we have from Conor McGregor. He goes, I'm like Vincent Van Gogh. I've lost my mind of this game. Enzo Ferrari is like that. He's got this great quote, where he goes, a great mania to which one must sacrifice everything without reticence, without hesitation.

他继续缓慢地成长着。最终，那家公司成为了法拉利。所以法拉利就是我的公司。而且你会喜欢恩佐·法拉利的。恩佐·法拉利是一个疯狂的人。他有点像康纳·麦格雷戈，我们有康纳·麦格雷戈的一句引言。他说过：“我像文森特·梵高一样，我为这个游戏失去了理智。”恩佐·法拉利也是如此。他有一句很棒的名言，他说：“一个伟大的狂热，人们必须毫不犹豫地、毫不保留地为其牺牲一切。”

So he's one of these guys who is totally bought into his brand, sort of like Dana White, where he lives and breathes the shit. He was known as being kind of a shit dad, kind of a shit husband. And all he cared about was Ferrari making it great.

所以他是这种完全投入于自己品牌的人，有点像丹娜·怀特，他对此全心全意。他以不太负责的父亲和丈夫而闻名。他唯一关心的就是让法拉利变得更出色。

So let me give you a little bit of high level facts about Ferrari. In 2023, the revenue grew 17% to about $6.5 billion. They're very profitable. Their net profit last year was $1.3 billion. Now here's an interesting stats. An interesting set. So Honda last year sold something like 1.2 million cars. Ferrari only sold 13,000 cars.

所以让我给你一些关于法拉利的高层次事实。在2023年，营收增长了17%，达到了约65亿美元。他们非常赚钱。他们去年的净利润为13亿美元。现在这是一个有趣的统计数据。一个有趣的集合。去年本田卖出了大约120万辆汽车，而法拉利仅卖出了13000辆汽车。

Their market cap. Now when I started working on this, their market cap was a lot lower. They released some really big news on Friday and their market cap skyrocketed and they are now worth $72 billion. That makes them roughly this eighth or seventh largest car company in the world. And they're still growing at around 23% a year. Unfortunately, their PE ratio is crazy high. It's like 54. So 54 times earning, which is like one of the highest.

他们的市值。当我开始关注他们的时候，他们的市值要低得多。他们在星期五发布了一些非常重要的消息，他们的市值飙升，现在价值720亿美元。这使他们大致成为全球第八或第七大汽车公司。而且他们每年还在以大约23%的速度增长。不幸的是，他们的市盈率非常之高，达到了54。也就是说市盈率达到了54倍的盈利，这是非常高的。

But check out this. Look at the highest or the most valuable car companies in the world. Number one, Tesla, number two, Toyota, and then Porsche Mercedes. And then you go down to Ferrari, $68 billion. I think on Friday, it was like $75 billion. So they're more valuable than being W more valuable than Volkswagen, more valuable than Honda. And they only make something like 13,000 cars a year. Isn't that insane? That's crazy.

但是看看这个。看看全世界最高价值的汽车公司。第一名是特斯拉，第二名是丰田，然后是保时捷和奔驰。然后再看法拉利，价值达到680亿美元。我记得上周五还是750亿美元。所以他们的价值比大众汽车和本田更高。而他们每年只生产大约1.3万辆汽车。这不是疯了吗？太疯狂了。

So here's my case as to why this is an interesting company. I'm going to try and talk a little bit about the numbers. But again, that's not our specialty. So I'm going to try and say a little bit away from it. But they are at Cash Cow. They are the cash cow of the industry. In fact, Ferrari makes more profit per unit. Every unit they sell, they make more profit than any other car maker in the business.

所以，我想说的是这家公司为什么很有趣。我会尝试谈一些数字，但这不是我们的专长。所以我会尽量避开这个话题。但他们就是公司的摇钱树。事实上，法拉利的利润率每单位比任何其他汽车制造商都高。他们每销售一个单位，都能赚更多的利润。

Some car makers, in fact, like a GM, they actually lose money and they hope to make monies through their other models or through selling parts or fixing the cars. Ferrari makes a profit on everything they make. Last year, or sorry, in 2021, they made over 100 grand per unit sold. The second place company that sold the profit of the second most was Tesla at $6,700.

事实上，一些汽车制造商，比如通用汽车，实际上并没有盈利，他们希望通过销售其他车型、售卖配件或维修汽车来赚钱。法拉利在他们生产的每一个产品上都盈利。去年，或者说在2021年，他们每销售一辆车能获利超过10万美元。排名第二的公司是特斯拉，每销售一辆车能获利6700美元。

And then it's saying, wow, so you know, whatever 15x more profit per car than the second place person. But it gets even crazier. So in order to make the same amount of profit, profit that Ferrari makes per car, Ford has to sell 900 cars. Okay. And you think, Ford, that's just a middle line car. Okay. What about Mercedes? Mercedes has to sell 67 BMW also SSL 67.

然后它说，哇，所以你知道，相比于第二名的人，每辆车利润高出15倍的样子。但更疯狂的是，要达到费拉利每辆车的利润水平，福特必须销售900辆车。好吧，你可能会想，福特只是一辆中档车而已。那么梅赛德斯呢？梅赛德斯也需要销售67辆，宝马同样需要销售67辆。

They make the most profit of any other car, luxury car maker in the business and then make more profit per unit sold than any other car in the industry.

他们是业务中其他汽车制造商中利润最高的奢侈车制造商，并且每单位销售的利润也高于行业中其他任何汽车。

Now here's where it gets even crazier, crazier. You don't choose Ferrari. Ferrari chooses you. So did you do you know about this with Ferrari about their waitlist? I did not know this. All right. So here's how it works.

现在事情变得更加疯狂，更加疯狂。你不能选择法拉利，是法拉利选择你。你了解法拉利的候补名单吗？我不知道这个。好的，下面是它的运作方式。

And there's a lot of mystery around this. Like they don't even openly say like exactly how it works. But let's say you want to buy a base Ferrari, like the cheaper models, a lot of times you could just go and buy it. But if you want to buy the more expensive one, what they do is they have got a waitlist. And they look the waitlist and in order to buy the fancier ones, oftentimes you have to buy three to four of the base models.

这件事情有很多神秘感。就连他们也没有明确地说明它是如何运作的。但是我们假设你想要购买一辆基础款的法拉利，像是那些价格较便宜的车型，很多时候你只需去购买即可。但如果你想要购买更昂贵的车型，他们会设置一个等待名单。他们会检视这个名单，通常情况下，你需要先购买三到四辆基础款车型才能购买到更豪华的款式。

And so Jay Leno, you know how Jay Leno is a big car nerd? Yep. He openly says he goes, I refuse to buy a Ferrari because of how elitist they are. You have to, they're not well, he's like, obviously, they're not the every guy, every man car, but you can't even buy one if you want one. And you have to, and once you buy one, if you if you're able to acquire one, you have to sign paperwork that says that you're not going to put any stupid parts on it, you can't repaint it certain colors.

所以杰伊·雷诺，你知道杰伊·雷诺是一个车迷吗？是的。他公开表示他拒绝购买法拉利，因为他们过于精英主义。你必须，他们不是实际上，他就像，显然，他们不是普通人的车，但即使你想买一个，你也买不到。而且一旦你买了一个，如果你能收购到，你必须签署文件，表示你不会在上面安装任何愚蠢的零件，也不能重新漆成特定的颜色。

So there's this lawsuit that just ended recently where this famous celebrity painted his Ferrari pink and they sued him. And he had to pay them $350,000 because he posted it on Instagram and they said that that hurt their reputation. Justin Bieber did the same thing. Justin Bieber bought a car and he did three or four things that were crazy.

最近刚刚结束的一起诉讼，涉及一位知名的名人将他的法拉利车染成了粉红色，结果被对方起诉了。最后他不得不支付了35万美元的赔偿金，原因是他在Instagram上发布了相关照片，对方声称这损害了他们的声誉。贾斯汀·比伯也干过同样的事情，他买了一辆车，然后做了三到四件疯狂的事情。

The first thing is he just left the car at the at a hotel parking lot for like a few weeks or something while he traveled. Another thing that he did was, I think he took like the Ferrari badge off of it. You know, some people debauge the car to be cool. And so they banned them. Justin Bieber can no longer buy a Ferrari if he wants to. Another thing is bummer for the beeps. Bummer for the beeps.

首先，他只是把车子停在一个酒店停车场里，就这样离开了，大约几个星期左右，因为他在旅行。另一件事是，我想他把法拉利徽章给撕下来了。你知道的，有些人为了酷炫而把车子改装。结果他们被禁止这样做了。如果贾斯汀·比伯还想购买法拉利，那就真是倒霉了。对Beep来说可真是个打击啊，太倒霉了。

If you and if you and just this is very similar to the Rolex and luxury watch industry. So do you know that if you buy like a Rolex and they find out that you buy it at retail and you flip it for above retail, oftentimes the dealer will never sell you a Rolex again. Ferrari does the exact same thing. So if you flip a Ferrari and you don't tell them and ask for their permission, you get in trouble. And so it's a big deal and they ban you.

如果你购买劳力士等奢侈品，然后将其以高于原价的价格出售，经销商可能会决定不再卖给你劳力士。法拉利也同样如此，如果你私自翻卖法拉利并没有征得他们的允许，你会陷入麻烦，并且被禁止购买他们的车辆，这是一件大事。

And so they have so much demand that they literally ban people from buying a $500,000 item. Is that insane or what? I mean, that's like truly pinnacle of exclusive and elite, like people are dying to have this product. Nothing makes me want to get in more than a wall preventing me from getting in. And they do a great job of creating that wall.

他们如此之受欢迎，以至于他们实际上禁止人们购买一件价值50万美元的商品。这是否疯狂呢？我是说，这就像是真正的高端独家商品的巅峰，就像是人们渴望拥有这个产品到了不得了的程度。没有什么能比阻止我进入的墙更能让我有购买欲望了。而他们在打造这道墙上做得很出色。

And their brand is incredibly hard to kill. So if you if you Google, what are the most expensive cars ever sold at auction? A recent one is a I forget it's a GTO 250. I forget what year it is, but it was an $80 million car. 11 of the top 15 most expensive cars ever sold our Ferrari. In fact, people love Ferrari so much that there's a theme park, obviously in Dubai, just for Ferrari. They make something. So this company, what did I say? $700 $7 billion a year in revenue? Is it something like that? $600 million of that comes from merch.

他们的品牌极其难以击败。所以，如果你在谷歌上搜索“历史上拍卖的最贵车辆是哪些？”，最近有一辆是我记不清楚的GTO 250。我忘记它是哪年的了，但那辆车价值8000万美元。历史上售价最高的15辆车中有11辆是法拉利。事实上，人们如此喜爱法拉利，以至于迪拜专门为法拉利建了一个主题公园。他们还有一些其他产品。这家公司年收入大约是70亿美元对吧？其中有6亿美元来自商品销售。

So a pretty substantial amount just comes from people buying Ferrari hats. And this is even crazier. So for every Ferrari sold, something like 65% is being sold to someone who already buy or who already owns a Ferrari and has bought one from a dealer, meaning their LTV is massive. They've done a bunch of really crazy, crazy things to keep their brand strong. So they have this bounty program.

所以相当可观的收入来源就是人们购买法拉利帽子。这甚至更疯狂。每卖出一台法拉利，大约有65%的销售对象是已经购买或拥有法拉利并从经销商购买过的顾客，也就是说他们的顾客终身价值非常高。他们采取了一系列非常疯狂的措施来保持他们的品牌强势。比如他们有一个赏金计划。

So they basically have just created a bunch of snitches. So if you're in the streets and you see someone has painted their Ferrari a certain color, has put a modification on it like a part that that Ferrari doesn't approve of. If you report that to Ferrari, you get an allowance, you get a little bit of money. They pay you to report that people are breaking the rules is they have a new bounty system. It's insane.

所以他们基本上只是创造了一群告密者。所以，如果你在街上看到有人把他们的法拉利刷成某种颜色，或者给它加了一些法拉利不认可的改装件。如果你向法拉利举报，你将获得一笔津贴，一点点钱。他们付给你报告违规行为的人，他们设立了一个新的赏金制度。这简直太荒唐了。

Now, I talked about the Lindy effect. So here's the exact definition. The future life expectancy of some non-perishable things like technology or an idea is proportional to their current age. Thus, the Lindy effect proposes the longer a period of something that survived to exist or the longer something has existed, the longer it's remaining life expectancy. So Ferrari has been around. It's it's going to be, I believe they were launched in the 50s or so.

现在，我来讲一下林迪效应。以下是其准确定义：像技术或想法这样的一些不易消失的东西的未来预期寿命与它们当前的存在时间成正比。因此，林迪效应提出，某事物存活存在的时间越长，它的剩余预期寿命就越长。因此法拉利一直存在着。我相信它们是在50年代左右推出的。

They're going to be around, I think, for an extended period of time. I think Ferrari is a very hard brand to kill. If you put Ferrari on a Rolex, someone's going to pay extra to buy that Rolex. If you put Ferrari on anything, someone's going to want to pay more money to have that item. And that's not the same case with a Honda. I mean, there's a handful of car companies that are able to pull that off or there's a handful of any type of company.

我认为，它们将会存在很长时间。我认为Ferrari品牌是非常难以消亡的。如果你把Ferrari标志放在一枚劳力士手表上，有人会愿意额外付钱购买那只手表。如果你把Ferrari标志放在任何物品上，有人会想要付更多钱拥有那件物品。然而，对于本田来说情况并非如此。这样做能成功的汽车公司或者其他任何类型的公司只有少数。

I just went to the website and put a $600 baseball cap into my cart. But I need to have a cool down period before I click buy, just because I think, I don't know if you're selling me the stock, but you're definitely selling me some Ferrari merch today.

我刚刚去了那个网站，把一顶价值600美元的棒球帽放进了购物车。但在我点击购买之前，我需要冷静一下，因为我觉得，我不知道你是否在向我销售库存，但你今天肯定是在向我销售一些法拉利商品。

Was it really $600? Yeah, it's $600 hat. The cheapest hat is like $180. That's insane. That's absolutely insane. Like, I went to a friend's house every day and their kid had a Ferrari coat that he was wearing because he like, he had Ferrari toys and they sell so much of this stuff. It's insane.

真的要600美元吗？是的，这顶帽子要600美元。最便宜的帽子也要180美元。这太疯狂了。完全疯狂。就像我每天去一个朋友家，他们的孩子穿着一件法拉利的外套，因为他有法拉利的玩具，这些东西销量非常好。疯狂啊。

Was it really a $600 hat? What makes it so good? Does it does it does the hat drive? The entire story you just told me made it so good. It's an insane brand. And have you ever been in a Ferrari? I have been in a Ferrari. Yes. I've been in a Ferrari. They're definitely cool.

真的是一顶600美元的帽子吗？它有什么好的地方？这顶帽子让人爱不释手吗？你刚刚给我讲的整个故事说明了它有多好。这是一个疯狂的品牌。你坐过法拉利吗？我坐过法拉利。是的，我坐过法拉利。它们绝对很酷。

My takeaway is that they're a fucking pain in the ass to own. Everyone stares at you. So they've that Ferrari red was actually formerly the, it was the national racing color of Italy. And Ferrari was like, oh, we'll just use that. And then eventually they got so popular, they patented or they trademarked that red. So that red is only for Ferrari. But if you're in one of those cars, you get stared at like crazy, which is one of the reasons why people love driving it. I hated driving it for that reason and they're loud and they are kind of rough. They're fucking race cars. It's a race car. And so if you like driving Ferrari, you're going to love it. My opinion was this is a pain in the ass to drive. But I get it. I get the appeal. Ferrari is badass.

我的观点是拥有它们真是一件烦心的事情。每个人都盯着你看。所以，弗拉利那个法拉利红实际上是意大利的国家赛车颜色。法拉利就说，嗯，我们就用这个颜色吧。然后最终它们变得如此受欢迎，他们专利了那个红色，只有法拉利可以使用。但如果你坐在那种车里，你会被人疯狂盯着看，这也是为什么人们喜欢开它的原因之一。我讨厌为此而开车，它们吵闹而且有些粗糙。它们是赛车，真 TM 的赛车。所以，如果你喜欢开法拉利，你会喜欢它的。我的意见是开这个东西真TM 烦心，但我理解它的吸引力。法拉利很牛逼。

But the PE ratio is insane. So I don't know how much value is left to be had here. But they are growing. They are growing consistently. So if you look at, if you look at their last, if you look at their last, I think they went public in 2018, it's grown on average roughly 30% a year. Their stock, their stock price. So it's like been a pretty consistent growth. Ferrari, Enzo Ferrari, when he died, he sold a lot of the business to Fiat and then Fiat spun it off. And they built, they took a public on its own. And so it's been very consistent since it's gone public.

但是市盈率太高了。所以我不知道还有多少价值可以获得。但他们在不断增长。他们的增长一直很稳定。所以如果你看看他们最近的情况，我认为他们在2018年上市，股价平均每年增长大约30%。他们的股票，他们的股价。所以增长一直相当稳定。恩佐·费拉里（Enzo Ferrari）去世时，他将公司的很多股份卖给了菲亚特，然后菲亚特将其独立拆分出来。自从上市以来，情况一直非常稳定。

You would had a great return. Recently, they signed a deal with Lewis Hamilton, who's like the LeBron James of like F1 racing. And their price skyrocketed because also their earnings, they're like, dude, we're killing it. So they make something like, I believe their EBITDA margin is 35%. So no car company has that much, that big of a margin. I mean, that's like a ridiculous. You got to do the smart rich guy thing, which is you say, Ferrari is not a car company. It is a luxury brand. And it's priced incorrectly. They're pricing it like a car company, but it's actually a luxury brand. Right. That's what all the stock figures do. They're like, Tesla, it's not a car company. That was my argument. And then I looked at what the P ratios of some of the other luxury brands were. It's actually a chip company, I guess, based on this B multiple. Well, my original point, I was like, this is a luxury company. And then I looked at what some of the numbers were for some of the other luxury companies. I was like, well, this is bad timing. If we would have done this, if we would have done this like two or three weeks ago, it would have made a little bit more sense, but they just had they just released earnings on Friday. And so they crushed it. But there is a bunch of downside. So P ratio is insane. It's at an all time high right now. I think it's what did I say 55 times earning? That's insane. That's a lot.

你肯定会得到不错的回报。最近，他们与刘易斯·汉密尔顿签署了一份协议，他就像F1赛车界的勒布朗·詹姆斯那样。他们的股价因此飙升，因为他们的收入也在飞涨，他们就像在赚疯了一样。我相信他们的息税前利润率约为35%。没有车企能有那么高的利润率，这是太离谱了。你必须像一个聪明的有钱人一样说，法拉利不是一家汽车公司，而是一家奢侈品牌。他们价格定得不对。他们把价格定得像一家汽车公司，但实际上它是一家奢侈品牌。这就是所有股票人物都在做的事情。他们说，特斯拉不是一家汽车公司。这就是我的观点。然后我看了一下其他一些奢侈品牌的市盈率。根据市盈率，特斯拉实际上是一家芯片公司。当初我就说，这是一家奢侈品公司。然后我看了一下其他一些奢侈品公司的数据。我想，这个时机选择不好。如果我们在两三个星期前做这个决定可能会有点合理，但他们刚在上周公布了收益。他们表现出色。但是也有很多下行风险。市盈率太疯狂了。它目前处于历史最高水平。我想它是说，我之前说的是是，它的市盈率是55倍。这太疯狂了。那太多了。

Another question. When you were a kid, did you have like car posters on your wall, like, or like a folder, like a binder that had a car on it? I did not. I had a life size poster of the rock. Okay. Well, you're didn't do the bro move and prove my point, but many young kids, when we were young, did you go to that book fair and you buy like a Ferrari or racer or you'd buy like a Porsche, a Lamborghini folder, whatever, we cared about that with mere kids. And so it was very aspirational. Do you know that young people nowadays are barely even getting driver's licenses? Yeah, it's like a loser move, right? It's like a loser move to have a driver's license. And so oftentimes, I wonder, are young kids even going to care about this?

另一个问题。当你还是个孩子的时候，你墙上有没有贴着汽车海报，比如文件夹或者抽屉里有汽车图案？我没有。我墙上有一个巨大的岩石海报。好了。嗯，你没有做那种兄弟之间的举动来证明我的观点，但是许多年轻孩子，当我们年轻的时候，你们有没有去过那个书展，买一辆法拉利或赛车公仔，或者买一把保时捷、兰博基尼的文件夹，我们小时候是在意这些东西的。所以这是非常有抱负的。你知道现在年轻人都几乎不再拿驾驶执照了吗？是的，这就像是一个失败者的举动，对吧？拿驾驶执照就像是一个失败者。所以我常常想，年轻的孩子们会关心吗？

And then finally, EU regulations. So Ferrari is a base in Europe. The EU is cracking down. So for a lot of cars, they have to be hybrid. I think the ruling is by like 2030. I think all cars have to be have some type of hybrid component. I don't think it's going to kill Ferrari because they're already making hybrids and a large percentage of the cars, something like 25% are already hybrids. So I think they're going to be fine. But that is a risk.

然后最后，欧盟法规出来了。 所以法拉利是欧洲的基地。 欧盟正在加强监管。 所以对于许多汽车来说，它们必须是混合动力的。 我觉得这个规定大概是在2030年之前。 我认为所有的汽车都必须有一定的混合动力部件。 我不认为这会对法拉利造成致命的影响，因为他们已经在制造混合动力车型，而且大约25%的车型已经是混合动力的。 所以我认为他们会没事的。 但这确实存在风险。

Now, beyond the stock, I just want to talk about a couple lessons here. Ferrari is an amazing company to aspire to build. At least if you wanted to build like a luxury product, a great company. The first thing, they're fucking missionaries. They're not mercenaries. A lot of times we talk about we use that word arbitrage. If Enzo Ferrari heard that word arbitrage, he would take off his leather glove and smack you in the face. He would ask you about passion. That's what he cares about. And it's paid off. He's built a brand that is one of the most valuable brands known by billions of people in the world that they aspire to attain. And it's all about him being a missionary. He's truly bought in. The people who work there are bought in. They built a brand that's aspirational.

现在，抛开股票不谈，我只想谈谈一个关键的教训。 泛塞尔瑞是一家令人向往的公司。 至少，如果你想要像建造一个奢侈品一样建造一个伟大的公司。 首先，他们是非常有使命感的人。 他们不是雇佣兵。 很多时候我们会谈论仲裁这个词。 如果恩佐・ 法拉利听到这个仲裁这个词，他会摘下他的皮手套，狠狠地打你一巴掌。 他会问你关于激情的事情。 这就是他关心的。 这也给他带来了回报。 他建立了一个品牌，成为了世界上数十亿人都向往的最有价值的品牌之一。 这一切都归功于他的使命感。 他真正买进了这个概念。 在那里工作的人们也都买进了。 他们建立了一个令人向往的品牌。

Now, in order to do that, in order to build one of those brands, you have to do something really hard. Something you and I struggle with, something that I think every entrepreneur struggles with, which is you have to say no to so many great opportunities. And that's really hard. So someone could have said, hey, Enzo, what about like a $50,000 car that everyone likes? We would just, we'd crush it. Like the average man would buy this and they all want it. We'd kill it. He said, uh-uh. How did they say no in Italy? He would say, no. I don't know how they say it, but I bet it's just no. That's what he would say. And they refused to do that. But that's been very hard for them to do. I'd imagine because there's so much opportunity, but that's just a real lesson for a builder. However, the last lesson is if you can say no for that long and you do build a really good luxury brand, it can pay off so much.

现在，为了实现这一点，为了建立其中一种品牌，你必须做一些非常困难的事情。 这是你和我都在努力的事情，我认为每个创业者都在努力的事情，那就是你必须对很多很棒的机会说不。 这真的很难。 所以有人可能会说，嗨，恩佐，那50,000美元的车怎么样？每个人都喜欢吧？ 我们会打败它。 普通人会买这个，他们都想要。 我们能做到的。 但他说，不行。 在意大利，他们怎么说不？ 他会说，不行。 我不知道他们怎么说，但我敢打赌就是“不行”。 这就是他会说的。 他们拒绝去做那件事。 但对他们来说，那是非常困难的。 我可以想象，因为机会太多了，但这对于一个建设者来说，这是一个真正的教训。 然而，最后的教训是，如果你能长时间说不，并且建立起一个非常好的奢侈品牌，那么回报将非常大。

I had no idea getting into this. I would have thought that Ferrari was worth like 10 billion. I didn't realize it was the seventh largest car company in the world, only selling 10,000, 13,000 units. That's insane compared to another company like Honda or Toyota that's selling a million plus units.

我完全不知道进入这个领域会是这样的情况。 我一直以为法拉利价值100亿美元左右。 我没有意识到它是世界第七大汽车公司，仅销售1万到1.3万辆。 与像本田或丰田这样销售超过100万辆的公司相比，这简直是疯狂。

So anyway, that's my pitch for Ferrari. Good job. Give it, let's give it up. Let's give it up. That's kind of insane.

总之，这就是我为法拉利的销售建议。 干得好。 加油，让我们支持一下。 让我们大家鼓掌。 这有点疯狂。

And by the way, I feel like you're pointed by Italians, not just Enzo, not doing arbitrage. Have you ever met an Italian run in their arbitrage? Like, is there an Italian affiliate marketer on Earth? I don't think I've ever seen one. It just seems so beneath them as it should be.

顺便说一下，我感觉意大利人对你比恩佐更关切，不只是不进行套利的问题。 你有见过意大利人进行套利吗？ 比如，地球上有意大利的联盟营销人员吗？ 我觉得我从来没有见过一个。 这似乎对他们来说太低俗了，不适合他们。

There are the luxury brand of ethnicities also. Yeah, dude. You want like an old lady in the back. So I grew up in an all Italian neighborhood, by the way. I grew up in St. Louis. For some reason, St. Louis has a large amount of Italians. I was the only non-Italian at my grade school. We used to learn Italian in grade school. They used to teach it just. We have to go to mass three days a week. And one of those days was in Italian. But you didn't know the Italian word for no? I wasn't a good student, but I could tell you I could tell you they are father Italian. And the best part was like everyone would have their old grandma like in the back of the house like rolling up these raviolis. I want to hear you speak some Italian. Let's go. Don't put me on the spot, bro. You just said I could tell you the our father and Italian. Okay. Tell me. No, I don't even want to say it. I'm so bad.

还有豪华品牌的种族。 是啊，伙计。 你要一个后排有老太太的。 我在一个全意大利人的社区长大。 我在圣路易斯长大。 圣路易斯似乎有很多意大利人。 我在小学时是唯一一个非意大利裔的学生。 我们在小学时学习意大利语。 他们只是教。 我们每周要上三次弥撒。 其中一天是用意大利语。 但是你不知道意大利语里“不”这个词怎么说吗？ 我不是一个好学生，但我可以告诉你，我能告诉你们他们的父亲是意大利人。 最棒的部分是每个人家里都有他们的老奶奶在后面滚着这些意式馄饨。 我想听你说意大利语。 走，来吧。 别逼我嘴硬，伙计。 你刚刚说我可以告诉你我们的父祈祷词的意大利语。 好吧。 告诉我吧。 不，我甚至不想说。 我太差劲了。

Dude, I got a thick tongue just like our boy Bernard. I got a tongue like a slug. It's a thick tongue. I can't roll my arms. It's disgusting. The back of your head is battered. My first girlfriend in grade school, her name was Phil Mina. Like I was all in. I was all in on the Italians. I feel like American Italian people like Italian people who live in America are just they give it the wrong rep really. It's sort of like text mex or whatever. It's like two American eyes. Italian Italians, man. It's just. Yeah, I want like a really I want a skinny Italian with like we're in skinny, skinny tight jeans, smoking a sick, constantly drinking espresso with a buzz cut. I don't want these gabagool. Like, you know what I mean? That's not the type of Italian. I don't want Tony's a pran. I don't want Tony's a pran. I like the Italian grandmother who still like smokes the cigarettes.

兄弟，我和我们的朋友伯纳德一样有一张粗糙的舌头。 我有一张像蛞蝓一样的舌头。 它是一张厚厚的舌头。 我无法卷起我的手臂。 这太恶心了。 你的后脑勺受伤了。 我小学时的第一个女朋友，她叫菲尔米娜。 就像我全心全意投入了。 我完全投入意大利事业。 我觉得在美国的意大利人对居住在美国的意大利人有误解。 就像是美国式的墨西哥菜或其他什么。 就像是两只美国眼睛。 意大利的真正意义上的意大利人，伙计。 就是这样的。 是的，我想要一个真正的、穿着紧身牛仔裤的瘦瘦的意大利人，不停地抽烟，喝浓咖啡，留有一个平头发型。 我不想要那些无聊的人。 你知道我的意思吗？ 这不是意大利人的类型。 我不想成为托尼的朋友。 我喜欢那种仍然抽烟的意大利祖母。

A lot of great car companies are Italian. Lamborghini is also Italian. I believe the story, by the way, you know, the story of Lamborghini? He invented the Lamborghini because Ferrari wouldn't sell him a car. Oh, French? And he was making tractors. Lamborghini was a tractor maker and Ferrari wouldn't sell him a car. So he made his own. And so they've been assholes from day one. And that's why it's such a great brand. You definitely sold me on how cool Ferrari is as a business. I don't think you sold me on the stock just because it's like at an all time high and 70 billion. It's at an all time high. It also sounds like they're not trying to grow fast, right? That's like part of the stick is like sell part of the show. A limited number of these insane margins. And so I think that's, you know, maybe maybe one of the downsides. But very cool story and also more like MFM, more of inspiring for how to build a business than great stock.

很多伟大的汽车公司是意大利的。 兰博基尼也是意大利的。 顺便说一下，你知道兰博基尼的故事吗？ 他发明了兰博基尼，因为法拉利不愿卖给他一辆车。 哦，是法国的吗？ 他当时正在制造拖拉机。 兰博基尼是一名拖拉机制造商，法拉利不愿卖给他车。 所以他自己造了一辆。 所以他们从一开始就很傲慢。 这也是为什么它是一个如此伟大的品牌。你确实让我对法拉利作为一个企业有了很酷的印象。不过，我觉得你还没能说服我购买法拉利的股票，因为它已经达到了历史最高点，市值为700亿。它正在历史最高点。而且听起来他们并不打算快速成长，对吧？这就像是秀销售手段，只销售数量有限的高利润产品。所以我认为这可能是一个缺点。但是故事非常酷，而且更像是一种如何建立企业的启发，而不仅是一只优秀的股票。

Don't discount. Don't discount me. Listen, I actually don't know how stock stocks works. You know, I'm a dummy. How does a stock work? I don't know. Let's go back to this. But if it's growing 20% a year and if we think that it could continue doing that, you're saying the stock price is growing 20% a year, not the revenue revenue is growing 20% a year. If revenue is consistent, doesn't like that that other shit follow. I does. It does. But you didn't talk about that. So, you know, it was on the slide. You know, they go. But you told us, right? The business is growing. It's good. You started the pitch with, is for my stock analysis, we're not going to be talking about numbers. Was just a masterful. Isn't that what you said warm buffet said, brands or some bullshit? Yeah, something like that. Something like that. I do think that, you know, that's the best way, right? Like, if you didn't prepare for your speech in school, you're just like, you know what, you rip up. I'm not going to read off those prepared. I'm just going to speak from the heart. It's like you're removing a blank piece of paper, I'm throwing it away. Dude, I did prepare. I prepared a long time for this. I just, I just really took a buff daddy's words to heart and I looked at the brand. Fair enough. Right. It is kind of an interesting dichotomy here. We did just pitch the two exact opposite things, right? Yeah, exactly. Yeah. The highest of high fashion and luxury and sort of the lowest form of human behavior, getting in your underwear and fighting in front of other people for their entertainment. We give you the full spectrum here on MFM, right? So let me think about it. Okay. So if I had to put my own money, if I had to put $100,000, let's say, into either Ferrari or TKO, I think I would go Ferrari. I think I would go Ferrari, but I think TKO has significantly higher upside significantly. Right. Right. Right. So that's right. I don't know how you want to gauge the way I had to put my money in either. I would put it in neither. It's my takeaway from stock of Palooza. Oh, I emphasis on the if I had to, which I don't have to, which I will not. Yeah. Which I'm not in that position. And by the way, I don't know if it showed, but I definitely worked backwards from I looked at the stock and I was like, I actually, what happened was I saw that they merged and I was like, so these companies have no competitors. This is that true monopoly. And in tech, people, you know, from the Peter Thiel school of thought really value a monopoly. And it's so hard to build a monopoly. Like there are so few businesses that are truly a monopoly. We talked about even duck, duck go eating into Google's market share last time, but Google, Facebook, these are one of the few monopolies that exist. And I was like, huh, it's funny that like, this TKO thing is actually a monopoly, but I don't know how good of a business is. I don't know if that's going to grow, but if you're Warren Buffett and you're looking for something with a sustainable competitive advantage, that would be it. And so that's where I started and to be truthful, I didn't even consider any other stocks. I started with that. And then I texted Sam, hey, we should do a stock making episode because I already have one picked. All right, I'll give you my vote there. We have it. Unanimous decision. You got the vote too. Oh, amazing. Well, guys, I don't know if I'm supposed to do an accepted speech now or if I should just say, I'm not surprised, but that's that's where I stand as far as stock of Palooza. I hope you guys liked it. Go to the YouTube comments and vote in the comments. Who won? Sam or Sean put it in the comments. We will tally them up and name the official winner after we do that. And if you got any joy from this, or if there was a time that you were pulling your hair out and being like, these fucking idiots don't know anything about this stuff. Whatever the spectrum is, if you got a little emotion, click subscribe. And we'll owe you one. Alright, that's a pod.

不要打折。不要小看我。听着，实际上我不知道股票是如何工作的。你知道的，我是个笨蛋。股票是怎么运作的？我不知道。我们回到这个问题上。但如果它每年增长20%，并且我们认为它可以继续增长，你说的是股票价格每年增长20%，而不是营业收入增长20%。如果收入保持稳定，不会有其他问题，对吧？是的。我知道。但是你没有提到这点。所以，你知道，它展示在投影片上。你告诉我们了，是吧？业务在成长。很好。 你开始讲的时候，是关于我的股票分析的，我们不会谈论数字。真是太妙了。 这不是你说的沃伦·巴菲特说的，品牌之类的废话吗？是的，差不多是这样。大致上是这样。我认为这是最好的方法，对吧？就像你在上学时，如果你没有为演讲准备，你只是说，你知道吗，你忘了。我不会看着那些准备好的东西大声读出来。我只是凭直觉说。就像你拿起一张白纸，然后把它扔掉。哥们，我确实准备了很长时间。但是，我确实很认真地听了巴菲特的话，然后看了品牌。 公平。是有一种有趣的二分法。我们刚刚推销了两件完全相反的东西，对吧？是的，完全对。最高级的时尚和奢侈，以及人类行为的最低级形式，在其他人面前穿着内衣打架，以观众的娱乐。我们为您提供MFM的全方位体验，对吧？ 那么，让我想一想。好吧，如果我必须拿出自己的钱，假设是10万美元，投资在法拉利或TKO，我想我会选择法拉利。我想我会选择法拉利，但我认为TKO的上涨空间明显更高。是的，对的，对的。这就对了。我不知道你是怎么衡量的，但如果我不得不在两者之间选择，我会选择都不投资。这是我从股票盛会中得到的启示。哦，强调一下，如果我必须做到，那就是我不必要做的事情，也是我不会做的事情。是的，我处于这种位置。顺便说一句，我不知道是否显得出来，但我肯定是逆向思考的，我看了股票，然后我就觉得，我实际上……实际上是这样的，我看到它们合并了，然后我就想，这些公司没有竞争对手。这就是真正的垄断。在科技领域，彼得·蒂尔的学派非常重视垄断。而要构建一个垄断实在太难了。像上次我们说过的，甚至是duckduckgo正在侵蚀Google的市场份额，但是Google、Facebook这些才是少数真正存在的垄断公司。我就想，嗯，有趣的是，这个TKO实际上是一个垄断，但我不知道它是否是一个好的业务，我不知道它是否会增长，但如果你是沃伦·巴菲特，你在寻找一个具有可持续竞争优势的东西，那就是它。 所以，这就是我开始的地方，说实话，我甚至没有考虑其他股票。我从那里开始，然后给萨姆发了短信，嘿，我们应该做一个股票制作的剧集，因为我已经选好一个了。好吧，我会给你投票。我们有一个一致的决定。你也拿到了你的投票。哦，太棒了。好吧，伙计们，我不知道现在是否应该做一场接受演讲，还是只是说，我不感到惊讶，但这就是我对“股票盛会”的立场。希望你们喜欢。去YouTube评论区投票并留言告诉我们谁赢了，是Sam还是Sean。我们将进行统计，然后宣布官方获胜者。如果你从中获得了一些乐趣，或者有时候你会抓狂，然后说，这些混蛋对这些东西一无所知。无论是什么情况，如果你有一点情感，就请点击订阅。我们会感激你的。 好了，播客到此结束。