Your “Portfolio Wrapped”

We've got some musical stocks and musical numbers. This week's Mount Little Money Radio Show starts now. Everybody needs money. That's why they call it money. The best thing they'll ever read But you can give them to the present. Be the same. From Fool Global Headquarters, this is Motley Fool Money. It's the Motley Fool Money Radio Show. I'm Dylan Lewis, joining me over the airwaves. Motley Fool Senior Analyst Jason Moser and Asit Sharma. Fool's. Great to have you both here. Hey, hey. Hey, hey. We've got some wicked stocks for moviegoers this holiday season, our portfolios unwrapped, and of course, stocks on our radar. We are going to start out though with some end of week earnings, and we're going to start in the cosmetics department.

我们有一些音乐股票和音乐数字。本周的“小钱山电台秀”现在开始。人人都需要钱，这就是为什么他们称它为“钱”。 这是他们将读到的最好的东西，但你可以把它赠予现在。保持不变。这里是来自Fool Global总部的《Motley Fool Money》，这是《Motley Fool Money》广播秀。我是Dylan Lewis，通过电波与我连线的是Motley Fool高级分析师Jason Moser和Asit Sharma。Fool的家伙们，很高兴你们都在这里。嘿，嘿。嘿，嘿。对于这个假期季节的电影观众，我们有一些很给力的股票，我们的投资组合已解押，当然，还有我们关注的股票。不过我们将从本周末的财报开始，我们先从化妆品部门说起。

2024 has not exactly been a great year for Ulta Beauty, but Asit, based on the earnings report this week, it looks like things might be getting a little bit rosier. Well, Dylan, I think investors were just relieved that the numbers declined further. I mean, we had a small net sales increase here of 1.7%, not a lot, but on the top line, and earnings per share came in at $5.14, so a little bit above what some analysts were expecting. I want to note here that comparable sales, so this is the sales versus the prior year quarter, those only increased by 0.6%, which makes sense in an economy where people are pulling back a little bit on their spends, but the stock is up today, and I think this is partly because investors like what happened below that top line.

2024年对于Ulta Beauty来说并不算是一个特别好的一年，但根据本周的财报，看起来情况可能有所好转。Asit表示，投资者可能只是松了一口气，因为数字没有进一步下滑。销售额虽然只小幅增长了1.7%，但在总体收入上有所提升，每股收益达到了5.14美元，略高于一些分析师的预期。我想指出的是，可比销售额，也就是与去年同期相比的销售，只增长了0.6%。在经济环境下，人们在开支上有所收缩，这样的数字是可以理解的，但今天股票上涨了，我认为部分原因是投资者对净收入部分的发展感到满意。

I think Ulta managed the quarter pretty well. When you look at Gross Profit, it grew just a little bit. They controlled shrink, so that's inventory loss that can come from mishandling inventory, and let's admit it in this day and age, some inventory theft, so that helped sort of the line right below the sales. Then on overhead costs, one of the things that stood out to me is that management got less money in terms of their incentive compensation because they didn't hit their targets, and the company did a good job managing its selling general and administrative expenses. Overall, you have a picture of a company that's doing sort of what it needs to do in this type of environment, which is run a tight ship, and frankly, obviously opening new stores. They opened 26 net new stores during the quarter versus 12 stores in the comparable period last year.

我认为Ulta这个季度的表现相当不错。首先，毛利略有增长。他们很好地控制了库存损失，包括因为管理不当和盗窃导致的损失，这对销售线下的财务状况有所帮助。在管理费用方面，令我印象深刻的是，由于未达成目标，管理层获得的奖金减少了，公司在控制销售、管理和行政开支方面表现出色。总的来说，这家公司在当前环境中做到了应有的精细管理。此外，他们显然也在积极扩张，上季度新开了26家门店，而去年同期仅开了12家。

I think this is an execution-based quarter, and Wall Street and other investors were relieved to see that. One investor that people are paying attention to in particular when it comes to Ulta is Warren Buffett and Berkshire Hathaway, and Jason Ulta was a Berkshire stock for about 20 minutes. They built up a stake about a quarter ago, and then we found out recently that they have sold out the majority of that position. That is highly unusual behavior for Buffett and his team. That is very unusual. I was surprised to see that.

我认为这是一个以执行为主的季度，华尔街和其他投资者对这样的表现感到欣慰。尤其是，有一个投资者在Ulta方面备受关注，那就是沃伦·巴菲特和他的公司伯克希尔·哈撒韦。Ulta曾经是伯克希尔的股票，但时间非常短暂。他们大约在一个季度前开始买入这只股票，但是我们最近发现，他们已经卖出了大部分持股。对于巴菲特和他的团队来说，这种行为非常不寻常。看到这样的情况，我感到很惊讶。

I think probably, you know, when we thought about this purchase from the beginning, it seemed like it was right up their alley in sort of the vein of a value investment, right? It was a stock that was trading at a pretty depressed multiple, and I think for a lot of reasons that Austin just told us about their growth is really kind of hit a wall, and they are kind of having to recover from that pandemic boom that they witnessed. So, you know, I understand maybe, given the numbers that we're seeing today, if they feel like the thesis really wasn't playing out the way they thought it would, maybe they saw an attractive valuation with some attractive growth prospects going forward.

我想，也许你知道，当我们从一开始考虑这次购买时，这看起来非常符合他们的价值投资风格，对吧？这只股票当时的交易价格相当低，而奥斯汀刚刚告诉我们的很多原因表明，他们的增长确实遇到了一些瓶颈，他们正在从疫情期间的快速增长中恢复。所以，我能理解，可能根据我们今天看到的数字，他们感到这个想法并没有如预期那样实现，也许他们看到了一个具有吸引力的估值和未来增长前景。

You know, if only one of those two things is coming true, then I guess it makes sense that they decided to go ahead and move on. You look at the stock today with the markets reacting to the quarter. You've got it now valued close to 19 times full-year earnings estimates. So, definitely the picture has improved from the markets' perspective, and I guess he's probably wishing he was able to still be on board today, but, you know, so it goes in the world of investing. I never thought I'd say it, but Warren Buffett, you got to think long-term, man. You can't be in and out on these things quarter to quarter. One of these days he'll learn.

你知道，如果只有这两件事情中的一件成真了，我想他们决定继续前进是有道理的。看看今天的股票，市场对这个季度的反应。现在它的估值接近全年收益预期的19倍。从市场的角度来看，情况确实有所改善。我想他可能希望自己今天还能参与其中，不过，投资世界就是这样。我从没想过我会这样说，但沃伦·巴菲特，你得着眼于长期投资，伙计。你不能每个季度来回折腾。总有一天他会学会的。

A monster day at the end of the week for e-signature company DocuSign shares up 20% on earnings that actually struck a pretty similar tone to what we saw from Ulta Jason, ahead of estimates, management saying the bar for full-year results is also going to be a little bit higher, too. Yeah, I mean, this was a good quarter. There are signs that things are starting to pick back up for DocuSign's business. Remember, there was a leadership change here not all that long ago. They outperformed guidance that they set last quarter across the board, and so that's encouraging as well. They saw the number of large customers, which are spending over $300,000 annually with the business.

在本周末，电子签名公司DocuSign的股票出现了大幅上涨，涨幅达20%。这一现象主要得益于其业绩公布，情况与Ulta公司类似。公司管理层表示，年度业绩目标也将会有所提升。可以说，这一季度的表现是相当不错的。有迹象表明，DocuSign的业务正在开始复苏。值得一提的是，公司不久前进行了领导层的变动。他们在各方面都超过了上一季度设定的指引，这也是一个令人鼓舞的消息。此外，今年消费在其业务上超过30万美元的大客户数量有所增加。

That increased both year-over-year and quarter-over-quarter. That number came in at 1,075. This quarter versus 1,066 from just a quarter ago. So very encouraging there that they're bringing more customers in. Those customers are spending more, and all of the metrics that matter really reflect a business that is starting to, I think, see better days. Total revenue was up 8%. Subscription revenue up 8%, saw billings up 9%. Dollar net retention rate increased to 100% coming off of its low of 98% from quarter four or fiscal 2024. So all in all, it does feel like they've got this business going back in the right direction. Guiding for around $760 million in revenue with a midpoint here for this current quarter, that would represent close to 7% growth from a year ago.

同比和环比均有所增长。这个数字达到1,075，比上个季度的1,066有所增加。这表明他们吸引了更多的客户。这些客户的消费也在增加，所有重要指标都显示出这个业务开始向好的方向发展。总收入增长了8%，订阅收入增长8%，账单收入增长9%。美元净留存率增长到100%，从2024财年第4季度的最低点98%回升。总体来看，这家公司的业务似乎正在回到正确的轨道。他们预测本季度的收入约为7.6亿美元，增长率接近7%，比去年同期有所增长。

Yeah, Jason, I really like the comeback that DocuSign has made in the past couple of years. I think they're executing well. The one question I have that's overhanging all of this, newish management really wants to bring the company back to its basics, and they've succeeded in doing that, being more of this e-signature company with some add-ons before they were trying to be a total agreement platform, and that just didn't work out. But I do wonder, over time, and we'll watch this, the effect and threat of Adobe, which is its rival competitor in the space and very big competitor, we should say, if that ultimately provides sort of a crimp on the ability of DocuSign to grow that top line. Something I'm mindful of looking at DocuSign, and maybe a little bit surprised by even though I'm a shareholder, shares of the business up 75% year to date.

是的，Jason，我真的很喜欢DocuSign在过去几年里的反弹。我认为他们执行得很好。我唯一担心的是，新管理层希望让公司回归基础，他们已经在实现这个目标，把公司定位为一个以电子签名为主的公司，并附加了一些增值功能。而之前他们尝试成为一个全方位的协议平台，但那没有成功。不过，我确实在想，随着时间的推移，Adobe这个主要竞争对手在这个领域可以说是个很大的威胁，会不会影响DocuSign增加收入的能力。这是我在关注DocuSign时特别注意的事情，尽管我是股东，但即使如此，我也有点惊讶，因为今年以来公司股价已经上涨了75%。

And this is one that I have kind of radically adjusted my expectations down on, because I've gone through the highs and lows. I'm a shareholder from 2018 and 2019 pre-pandemic, but I've been on the rollercoaster ride. At this point, Jason, where does this stock sit for you in terms of expectations and your excitement about building to a position or adding to a position? Yeah, I think that's fair. I'm kind of in the same boat you are abounded for about that same period of time, so it's obviously been a good performer. And I think that that stretch during the pandemic warped all of our expectations, right? I mean, we saw so many things happen and saw so many of these companies just fly to the moon, and that raised our expectations overall, perhaps unreasonably so. I don't think my expectations were quite that high pre-pandemic, I initially purchased this stock, so kind of having to reset my expectations as well. That's a good business, I continue to own it, and I have no plans of unloading it. But yeah, I think that keeping those expectations in check, if this is a business that can grow that top line at around 10% annually, I think that's a good thing. And the stock will reflect that over time, but it will take some time.

我已经对这个股票的预期做了相当大的调整，因为我经历过它的高峰和低谷。我是从2018年和2019年，也就是疫情前开始持有这只股票的，但我已经走过一段过山车般的投资历程。现在，Jason，对于你来说，这只股票在期望和增持计划方面处于什么位置？ 是的，我觉得你的观点很公平。我和你大概是在同一时间投入这只股票，可以说表现一直不错。疫情期间的那段时间，确实改变了我们的期望，我们看到许多公司表现飞速增长，这可能让我们的期望变得不太合理。其实，我在疫情前买入这只股票时，期望本没有那么高，所以现在也在重新调整我的期望。这是一家不错的公司，我会继续持有，没有抛售计划。不过，控制好期望是很重要的。如果这家公司能保持年增长约10%，我认为这是很好的。股票价格将会随着时间反映这一点，但这需要时间。

All right, wrapping us up on the earnings beat, healthcare cloud company Viva Systems, also in the green post earnings this week. And this is one that is widely recommended in the full universe, but not exactly a household name. So I want to dig into the earnings results, Ossept, but I think first we probably need to provide a little bit of an explanation. Healthcare cloud company, unpack that one for me. Right, what does that mean? Well, in this context, Dylan, it means that Viva provides a lot of stuff for pharmaceutical companies and biotechs to run their business. Now, the thing they're known for is customer relationship management. So they help pharmaceutical teams market their products, engage in developing promotional materials. But they also have a regulatory side. This is called Viva Development Cloud. So that helps companies manage clinical trials. It helps them comply with regulatory requirements, et cetera. So you can think of this as sort of a toolkit to run your pharmaceutical or bio pharma business.

好的，刚刚谈完盈利的事情，医疗云公司Viva Systems本周发布的财报也表现不错。虽然这家公司在整个行业中备受推荐，但在普通大众中却并不算是家喻户晓的名字。因此，我想深入分析一下他们的财报结果。不过在此之前，我们可能需要先做一点解释。什么是医疗云公司呢？在这个语境中，Dylan，这意味着Viva为制药公司和生物科技公司提供了许多业务解决方案。他们最出名的是客户关系管理，帮助这些公司的团队推广产品和制作宣传资料。此外，他们还有一个监管方面的产品叫做Viva Development Cloud，帮助公司管理临床试验，确保符合法规要求等。所以，你可以把它看作是一套运行制药或生物制药业务的工具包。

Let's dig a little bit into the results that they posted. Market, obviously, like them. What did you say? Yeah, I thought this was very healthy. I mean, subscription services, which is the biggest part of the company's top line increased about 17% year over year. They came in with great operating income. That jumped 41% over year over year. I think for me, what stood out, Dylan, was the fact that this transition that Viva has been undergoing for years now to break away from Salesforce.com and offer its own solution, which is called Vault CRM, is really succeeding with its major customers. There was some trepidation in the marketplace in past quarters that maybe some big customers wouldn't come on board with this new solution. But now Viva has a lot of major pharmaceuticals all to itself. It's not sharing that revenue with Salesforce.com anymore. It looks like the transition, which is really going to occur mostly in 2025 and beyond is going well.

我们来深入分析一下他们发布的结果。很明显，市场对其表示认可。你怎么说？我认为这非常不错。订阅服务是公司收入的最大部分，同比增长了大约17%。他们的运营收入表现出色，同比增长了41%。我认为，对我来说，最突出的一点是Viva公司多年来一直致力于从Salesforce.com中脱离出来，提供自己的解决方案Vault CRM，这一转型在其主要客户中得到了很好的成功。在过去的几个季度里，市场曾担心一些大客户可能不会接受这个新方案。但现在，Viva拥有了很多主要制药公司的独家合作，不再与Salesforce.com分享这部分收入。这种转型主要将在2025年及以后发生的看起来进展顺利。

The other thing that's notable here is that we were a little negative about Viva's CEO, Peter Gasner, maybe about a year and a half ago when he was asked by analyst how they were going to compete in terms of generative AI. He didn't have a great answer, but I have seen them come on board with some great new solutions. They've got a CRM bot. They've got a overall JAN AI assistant. The most interesting thing I think is they've got this large language model which helps with medical, legal and regulatory reviews. The bot can tell you if you're about to put some content in your promotional materials that isn't kosher with the FDA. I think this is pretty good. They've come a very far away in a short amount of time to get on board with what's now table stakes in the software industry with that strong JAN AI offering. We're in the age of bots. Everyone's got to get on board. You need them. I need one myself. We all do.

值得注意的是，大约一年半前，我们对Viva的CEO彼得·加斯纳有些负面评价。当时，一位分析师询问他如何在生成式人工智能领域进行竞争，他没有给出一个很好的答案。但是，我最近看到他们推出了一些很出色的新解决方案。他们有一个CRM机器人，还有一个综合的JAN AI助手。我认为最有趣的是他们开发了一个大型语言模型，可以帮助进行医学、法律和监管审核。这个机器人可以告诉你如果你在宣传材料中加入了与FDA规定不符的内容。这非常好。他们在短时间内取得了很大进展，赶上了当前软件行业的基本标准，推出了强大的JAN AI产品。我们已经进入了机器人的时代，每个人都需要适应。我自己也需要一个，我们大家都需要。

All right, coming up after the break, we've got a special twist on an annual favorite and we're checking in on why the future might be so bright for Airbnb. Stay right here. This is Motleyful Money.

好的，广告之后我们有一档特别的节目，这会给你熟悉的年度热门话题带来一个新的视角，我们还会探讨为什么 Airbnb 的未来可能会一片光明。请继续收听。这是 Motleyful Money。

Welcome back to Motleyful Money. I'm Dylan Lewis here on air with Jason Moser and Austin Sharma. A big week for events in the investing world. New York Times had its deal book summit in New York. Wired had its big interview event in San Francisco. All to say, a lot of interesting CEO soundbites out this week, including Airbnb CEO Brian Chesky saying that the upcoming year will be quote, one of the biggest reinventions of a company in recent memory. Jason, what should investors be expecting from Airbnb next year? Well, he's definitely playing. He's playing his cards close to the vest here, but you do have some ideas. It was interesting. He talked about it in the most recent quarterly call about how they plan to grow this business beyond being just a place where you can book rooms. He said, for the last 17 years, basically just sold one thing, which is vacation rentals, right? Airbnb homes by the night. But there are a number of sort of complimentary ways that they can go with that in order to expand this business. And so the plan isn't, and he said this as well. He said, what I expect is every year now for the coming years is to launch one to two businesses that will generate $1 billion or more of revenue per year. And I think that makes a lot of sense. They're really diving more into the experience side, which is clearly very complimentary, maybe taking a little bit of a page from something like a TripAdvisor book there. I think that one of the great qualities of Airbnb as a business is just the size of its network, right? That's one of the reasons why we like it so much here at the Fool is the size of the network and the power, those network effects that come from that. But then also, you know, and he said this, if you get bet on one company to expand internationally, then he says he thinks it would be a global travel network. That makes a lot of sense. And so I think that that's the direction that they're headed, right? They're trying to basically turn Airbnb into a global travel network and offer travelers everything really under one roof. As you noted, no shortage of adjacent markets for a company like Airbnb. Experiences are a big one, but you think about it. We have travel booking, you have accommodations for while you're traveling at your own home. Things like pet care, whatever it might be.

欢迎回到Motleyful Money节目。我是Dylan Lewis，与Jason Moser和Austin Sharma一起直播。这一周在投资界发生了很多大事件。纽约时报在纽约举办了DealBook峰会，Wired杂志在旧金山举办了重要的采访活动。总之，本周有很多有趣的CEO声音，其中Airbnb的CEO Brian Chesky提到，未来一年将成为公司近年来最大的一次重塑。Jason，投资者明年应该对Airbnb有什么期待？ 他显然保守着，但确实有一些想法。他在最近的季度电话会议上提到，计划将公司业务扩展到不仅仅是一个预订房间的地方。他说，过去17年，基本上只出售一件商品，也就是度假租赁，即按天出租的Airbnb房屋。但是，还有很多互补的方式可以用来扩展这项业务。计划不是，而且他也提到这一点。他说，我预计接下来的每一年都会启动一到两个业务，每年将产生超过10亿美元的收入。我认为这非常合理。他们确实在更加深入地探索体验方面，这显然非常具有补充性，可能有点借鉴了类似TripAdvisor的经验。 我认为Airbnb作为企业的一个伟大特点是它的网络规模，对吧？这是我们在The Fool如此喜欢它的原因之一，就是它的网络规模以及由此带来的网络效应的力量。而且你知道，他还说过，如果你要押注一家能在国际上扩展的公司，他认为这将是一家全球旅行网络公司。这非常合理。所以我认为这就是他们正在前进的方向，对吧？他们基本上是在尝试将Airbnb变成一个全球旅行网络，为旅行者提供一站式服务。 正如你所指出的，对像Airbnb这样的公司来说，毗邻市场非常多。体验是一个大方向，但你想想，我们有旅行预订，你可以在旅行时住在自己的家中。还有像宠物护理这样的服务。

As you're trying to size up some of the optionality and some of the potential futures for a company like Airbnb, what are you paying attention to? I'm paying attention to the tech side of the business, Dylan. And I think what Jason highlights is so important here as investors, we tend to over index on the single business model we're familiar with. It's Airbnb going to have supply in different cities. Will it be able to meet demand? But they pay so much attention to the tech on their platform. It really opens it up for them to then have these lateral revenue streams like experiences because they've already built the infrastructure. And I think this is going to show or be demonstrated by management to be one of the virtues of the platform that most investors really don't have on their radar screens.

在你试图评估像Airbnb这样的公司未来的可能性时，你关注什么？我关注的是业务的技术方面，Dylan。我觉得Jason所强调的对于投资者来说非常重要，我们往往过于关注我们熟悉的单一商业模式。我们会考虑Airbnb能否在不同城市提供房源，能否满足需求。但他们非常重视平台上的技术，这让他们可以拓展出更多收入来源，例如“体验”服务，因为他们已经建立了基础设施。我认为这一点将由管理层证明，成为这一平台的一个优点，这是多数投资者未曾注意到的。

We got another update from another full favorite, Spotify, their annual wrapped hit users this week. This is the user guide to the user itself, a look at all of the data on listening activity that users have had over the past year. And Jason, we are going to have a little bit of fun with this, but I want to start with the listening that you were doing in 2024. What's something that was in your ears this year? Well, I probably sound like a broken record. Anybody who knows me knows that I'm a big widespread panic fan have been for many, many years and they. It's neat because you get old news old music, but it's new music, right? They release these these concerts, these shows that it plays, you know, in the past and their sound board recordings. It sound really good. And so they just they just put out this one from the Warfield Theater in San Francisco on July 4th, 2000. It was night four of a four night run. So that's what we call on the business a heater. It's really good. I've got that thing on repeat. Awesome. What was top of the charts for you in Spotify? So top of charts for me is a Turkish singer named Melise Fease. I'm going to spell that M-E-L-I-S last name F-I-S. She's a great young artist. Check it out if you have time. One that came on my list out of my top five, who was probably the number one spot last year, is an Italian pop diva. Her name is Nina Zilly and this year she had, well, she recorded a number of years ago, but I discovered it this year. A great cover of You Can't Hurry Love. So danceable. I got so much exercise whenever this would come across my Spotify and I would play it and repeat it. I just couldn't help dancing. So check that out. La Mor Evera by Nina Zilly. Wow. I think you have slightly more sophisticated taste than me. I didn't want to go through my lowbrow stuff. It would be too embarrassing maybe next week.

我们收到了另一个重大更新，这次是来自广受欢迎的Spotify，他们在本周推出了年度Wrapped活动。这是一个用户指南，为用户自己提供了一年来他们的听歌活动数据。Jason，我们打算来点轻松的聊聊，不过我想先从你在2024年的听歌习惯开始。今年你耳朵里都听了些什么？ 我可能会让人觉得我在重复自己。认识我的人都知道我是一个狂热的Widespread Panic乐队的粉丝，很多年一直是。他们的音乐很有趣，你会听到一些老歌、老音乐，但感觉又很新鲜。因为他们会发布一些以前演出的录音，比如他们在旧金山的Warfield剧院2000年7月4日的那场演出。这是四场连演的最后一场，真的非常棒。我把那整场演出循环播放。 那么今年对你来说Spotify上的热门歌曲有哪些呢？对我来说，榜首是一位土耳其歌手，名字叫Melise Fease。我拼一下：名是M-E-L-I-S，姓是F-I-S。她是一位很有才华的年轻艺术家，有时间一定要听一下。 在我前五名的歌单中，还有一位去年可能排第一的意大利流行歌手Nina Zilli。今年我发现了她几年前录制的一首非常棒的翻唱歌曲《You Can't Hurry Love》。这首歌特别适合跳舞。每次我在Spotify上听到，都会忍不住跟着跳舞。一定要听一下，Nina Zilli的《La Mor Evera》。 哇，我觉得你的音乐品味比我高雅许多。我不太想透露我那些俗气的曲目，可能下周再说吧。

We are a money and investing show. In addition to the music recommendations, I want to dig into our own version of RAPT. That is our portfolio RAPT for 2024 listeners. I asked Jason and Osut to dig into their brokerage accounts and look at two things. Their heavy rotation, the most added to position for the year and a discovery pick, a company that was new to their portfolio this year. Jason, you're up first. What was your heavy rotation and discovery pick? Well, surprise, surprise, surprise. Dylan, it's Axon Enterprise. We've talked about Axon before here on the show. I know it's a very popular stock in our universe and I had opened up a position a while back. Attidude over the course of the year. Attitude a winner. Like David Gardner says, it's really fun to do that. What about over on the discovery side? Yeah, actually just introduced two new stocks to my portfolio this year. Not many, but Prologist is one. Mattie Argersinger talks about this one a lot stronger than a lot stronger than a universe. I like the dividend, the focus on warehouses and distribution, along with the burgeoning data center opportunity. And then I added Viva, believe it or not. We just talked about it, right? Strong global demand for this cloud-based solutions company in life sciences in the most recent quarter. You saw strong growth and it looks poised to continue. So feeling good about those two.

我们是一个关于资金和投资的节目。除了音乐推荐之外，我还想深入探讨我们自己的RAPT版本，即面向2024年听众的资产组合RAPT。我让Jason和Osut查阅他们的证券账户，关注两件事：年度增加最多的持仓（即“重磅轮换”）和新加入的股票（即“发现精选”）。Jason，你先来。你的重磅轮换和发现精选是什么？ 好吧，令人惊讶的是，Dylan，这次是Axon Enterprise。我们以前在节目中讨论过Axon。我知道它在我们的圈子里是非常受欢迎的股票，我早些时候开立了一个仓位，并在这一年中逐步增加了。正如大卫·加德纳所说，这样做真的很有趣。那么在发现精选方面呢？今年我实际上只向投资组合中引入了两只新股票，不多，不过其中之一是Prologis。Mattie Argersinger对这只股票的评价非常高，它比我们的很多股票都更强。我喜欢它的股息、对仓库和分销的关注，以及快速发展的数据中心机会。然后，我又加了Viva，信不信由你。我们刚刚谈到它，对吧？这家公司在最近一个季度的生命科学领域云解决方案需求强劲，增长强劲，并有继续增长的势头。所以，我对这两只股票都感到很满意。

Asa, you were deep tracks when it came to the music side of things. Are you also going to be deep tracks when it comes to the companies that entered your portfolio and the ones that you were buying this year? A little bit here, Dylan. And just as I would advise people not to follow me wholeheartedly into my musical taste, same with these. So heavy rotation for me was a bit of a speculative company, which is Upstart Holdings. Many people know this company. It's an artificial intelligence-based platform lender. And it was down and out during the peak of the interest rate cycle. I did some cash analysis and decided, look, they'll stick around. And I think perhaps they've got some destiny here that could be a little better. So I was buying steadily through the year. And as the year wore on, they did announce some more things to shore up their capital base. I think they'll perform well as interest rates decrease. And I think they've made it through a really tough interest rate cycle. So be careful with that one. You can nibble on it. And in terms of a new company on my playlist, Jason's heard me talk about this, but I added GE Aerospace. It's a company with a wonderful razor and blades model. They make these advanced jet airplane engines, but they also sell a heck of a lot of parts and provide a lot of service. And that's really where the bulk of their profits come from. So a solid, interesting play symbol GE. What I like, there's two different versions of buying in bits. Axon, a company on its way up. Ourset, you being a little bit more opportunistic with Upstart as the market gives you chances. Guys, we are going to come back to you in a little bit, but the stock ideas are going to continue. Up next, we've got some stocks based on musical Wicked. Stay right here. You're listening to Motleyful Money.

Asa，在音乐方面你总是深入研究。那你在今天你的投资组合中选择的公司也是如此吗？Dylan，当以你为榜样时，我建议大家不要全然追随我的音乐品味，同样对这些公司也如此。今年，我持续关注并投资了一家名为Upstart Holdings的投机性公司。很多人都知道这家公司，这是一家基于人工智能的平台贷款公司。在利率高峰期时，他们的表现不佳。我进行了现金分析，认为他们能撑过去。我觉得他们的前景可能会更好。所以我在这一年中持续买入。随着时间推移，他们宣布了一些措施来巩固他们的资本基础。我预计随着利率下降，他们的表现会有所改善，也认为他们已经挺过了极具挑战性的利率周期。所以，投资这家公司要谨慎，可以小幅买入。而在我的投资列表中，新加入了一家公司，Jason听我说过，就是GE航空。它有一个很好的剃刀和刀片模式。他们生产先进的飞机引擎，同时也出售大量零件并提供大量服务，主要利润来自于此。所以这是一种稳健、有趣的投资，代码是GE。我喜欢有两种不同的投资方式：Axon，这家公司在不断上升期；而在市场提供机会时，Upstart则更具投机性。待会儿我们将继续提供股票推荐，接下来是一些基于音乐剧《邪恶》的股票。别走开，你正在收听的是Motley Fool Money。

Welcome back to Motleyful Money. I'm Dylan Lewis. Wicked first debuted on Broadway more than 20 years ago. This holiday season, it came to a new generation of fans and returned to many long time ones on the silver screen. This week, my podcast co-host, Ricky Mulvey and Mary Long dug into the early holiday box office numbers for the book, Turn Musical, Turn Movie, and offered up some Wicked inspired stocks. First off, let's kind of zoom out and look at how Wicked actually did over this weekend because anticipation is one thing, and this movie certainly had it. But did that anticipation actually translate into people getting to the theater to see it? So let's break out two things. One is the overall box office and then also Wicked. We're here because we were fans of Wicked. Even though Moana 2 kind of ruled the day for a Thanksgiving weekend, Wicked 2 is still helping out a lot, so it made about 373 million since its release. That was on a budget of 150 million. We don't know how much marketing kind of plays into that. There's been a lot of Wicked ads out there. But over Thanksgiving, movie theaters, they might be back. This was the biggest weekend for theaters in North America ever, 100 million more than 2018. However, people are only going for these big events, and that included Wicked, Moana 2, and Gladiator 2 over this weekend. You're a fan of movies. I know you saw Wicked. Did you all see Gladiator 2? Did you see Moana 2?

欢迎回来Motleyful Money节目。我是Dylan Lewis。《魔法坏女巫》首次登上百老汇已有二十多年。这个假期，它在银幕上迎来了新一代粉丝并重回许多老观众视野。本周，我的播客联合主持Ricky Mulvey和Mary Long分析了这本书改编成音乐剧再改成电影后的早期票房数据，并推荐了一些受《魔法坏女巫》启发的股票。 首先，让我们放宽视野，看看《魔法坏女巫》在这个周末的表现。因为虽然期待是一回事，但这种期待是否真正转化为观众走进影院观看电影呢？所以我们将关注两个方面：总体票房和《魔法坏女巫》的表现。我们在这里是因为我们都是《魔法坏女巫》的粉丝。尽管在感恩节假期，《海洋奇缘2》表现突出，《魔法坏女巫2》仍然有很好的表现，自上映以来已经赚了大约3.73亿美元，而其制作成本为1.5亿美元。我们不知道多少算进了市场营销，这期间确实有很多《魔法坏女巫》的广告。但在感恩节期间，电影院可能真的回来了，这是北美有史以来最大的周末票房，比2018年多了一亿美元。然而，人们似乎只会为这些大型活动进影院，包括本周末的《魔法坏女巫》、《海洋奇缘2》和《角斗士2》。你是一个电影爱好者，我知道你看了《魔法坏女巫》，那么你们看了《角斗士2》和《海洋奇缘2》吗？

I did not see Moana 2. I did see Wicked, and I really liked it. I was ready to be a hater. I'll be real honest. I thought it was a half hour too long, but I thought it was excellent. I loved the music was great. I thought it was really interesting how they brought in these very large physical sets, and while they did use CGI in the movie, I liked that there was a big physical element of it that made it sort of wondrous and feel more real. How about you? I totally agree with you. I was also ready to be a hater. I'm a massive fan of Wicked the Musical. I grew up doing theater, and Wicked came out when I was really young, and it just totally cemented a love of theater within me. I was always going to see this movie, but I didn't have super high expectations because I didn't know that anything could really hold up to the actual stage production. I don't think that it's comparable to the stage production, but I was wildly and very happily impressed with what they were able to do. I felt like a lot of the cinematography, the choreography, the beauty and fantasticalness of the set paid homage to the fact that it is a stage production, to the Broadway roots, but they also added in more conversation, more scripted moments rather than just pure music that made it really fitting for a movie. I was surprised at how much I enjoyed the movie as well.

我没看《海洋奇缘2》，但是我看了《魔法坏女巫》，真的非常喜欢。起初我准备对这部电影持批评态度，但说实话，虽然我觉得影片有点长，多余了半小时，但整体而言非常出色。我喜欢其中的音乐，很吸引人。我觉得他们在影片中加入大型真实布景的方式很有趣，虽然也使用了一些CGI特效，但我喜欢这种实物布景，它使电影更加奇妙和真实。你呢？ 我完全同意你的看法。我一开始也是准备持批评态度的。我是《魔法坏女巫》音乐剧的超级粉丝，从小就做戏剧表演。《魔法坏女巫》是在我很小时候上映的，这彻底让我爱上了戏剧。我一直都想看这部电影，但对它没有太高期望，因为我不确定这部电影能否真正与舞台剧相媲美。我觉得它与舞台剧没有可比性，但我对他们的呈现感到非常惊喜和满意。我觉得电影在摄影、编舞、场景之美和幻想感方面很好地致敬了它作为舞台剧的根源，以及百老汇的背景，但同时又增添了更多对话和剧本片段，而不仅仅是纯音乐，使其更适合改编成电影。我也对这部电影感到很惊喜，超出了我的预期。

Let's get to the business side of this. I know I haven't seen the musical. I've only seen part one of the movie. Wicked was really, we talk about legacy sequels going on a lot in the movies right now. You think of Beatles, Beatles, studios trying to bring back things that were popular in the 80s and 90s. And really, Wicked was the first kind of legacy sequel when it hit Broadway. Now it's been the most successful Broadway musical commercially. I'm not in this space as much as you are. What do you think made Wicked so commercially successful? I see three main things. One is that it's great music. Every single song is a banger. There's fantastic melodies. And that just makes it so easily lovable. That said, there's still a lot of great art that doesn't have Wicked's commercial success. So what else? Okay, great music being the first piece of this formula. The second piece I would say is like you have two things moving together. One, you have a universally known story and then you have a new perspective on that story. Everybody knows the Wizard of Oz. This is especially true when Wicked came to Broadway. Every generation at the time was familiar with the Wizard of Oz. So this is a musical that's born with universal brand recognition. But you also have a story that is pretty early to an idea that I think now is pretty commonplace in culture. Like the story of the anti-hero telling the story of the villain and offering it a new perspective. Wicked was super early to that trend that again is now kind of like everywhere you turn in popular culture. So that second piece is okay, you've got this one, two punch where the story behind the show is operating in a fantastical world that people are that's very visually appealing and that people are already incredibly familiar with. But you're telling a whole new story and offering a whole new perspective on that world. And also, Wicked was doing this, like the musical Wicked, was doing this at a time when that kind of continuation didn't feel as commoditized as it might today. And then the third piece, and I think that this applies more to the movie rather than the Broadway production, is that you kind of got what I'm going to call the Taylor Swift effect. You have a lot of the audience that Wicked initially catered to. And perhaps I'm speaking for myself a little bit, but like teenage girls, especially theater kids that loved Wicked when it came out and were early fans to it, are now decades older. And they're going to see this show in Troves and who are they bringing with them, their kids. And I think that's, I call it the Taylor Swift effect because it kind of hits the same demographic that Taylor Swift cornered. And so you have millennial women that really, really latched onto this. That said, Wicked is not only for that target demographic, but I think that is certainly a thing that contributes to the commercial success of the movie thus far. I mean, it was not a predominantly male crowd. Fair. It would be Alamo and Denver when I was going.

让我们谈谈这件事的商业方面。首先，我还没看过这部音乐剧，只看过电影的第一部分。最近常谈到的一些热门电影续集，其实《Wicked》就是其中一个经典的先驱。它是第一部在百老汇上演的“遗产续集”类型的作品，现在它成为了百老汇商业上最成功的音乐剧。我虽然不像你那样熟悉这个领域，但你觉得是什么让《Wicked》如此成功呢？ 我认为主要有三个因素。第一，音乐十分出色，每一首歌都非常吸引人，旋律迷人，容易让人喜欢。当然，还有很多优秀的艺术作品并没有《Wicked》这样的商业成功，那么还有什么呢？好的音乐是这个公式的第一部分，第二，我认为还要考虑以下两个因素：一个是大家都知道的故事，再加上一个新的视角。大家都知道《绿野仙踪》，特别是在《Wicked》刚登上百老汇时，每一代人都对《绿野仙踪》很熟悉。所以，这部音乐剧自带普遍的品牌知名度。此外，它还引入了一个新的故事视角，早期采用了现在普遍流行的反英雄视角，讲述反派的故事并赋予其新视角。在文化中，如今这种趋势非常常见，而《Wicked》在那时就已尝试了这种新叙事。 第三个因素，我觉得更多适用于电影版，那就是所谓的“泰勒·斯威夫特效应”。《Wicked》初期的主要观众群体可能主要是年轻女孩，尤其是那些刚接触戏剧的孩子们，而她们如今已长大成人。她们成群结队地去观看这部剧，并带着自己的孩子。这就像泰勒·斯威夫特吸引的受众群体一样，千禧一代的女性对这非常有共鸣。当然，《Wicked》并不仅仅面向这一目标群体，但这无疑是电影商业成功的一个重要因素。当我去丹佛的阿拉莫剧院时，观众中并没有以男性为主的群体。

We've got a few stocks for Wicked though. We're getting into the business. And I think it's an interesting time to kind of talk about Comcast universal because people want to talk about the media side of Comcast is a way to talk about the business. And there are fun questions. What can the parks do? What can the media business do for this, especially as they're doing spin offs? But the thing I keep reminding myself of is this is such a small part of that company or a relatively small part of the company. When you look at Comcast, if you're a stock investor, it's fun to ask questions. How many people are going to go to the universal parks, that kind of thing? But this is a business where the business and residential connectivity part of it, the cable and internet side made up about $8 billion worth of earnings in the third quarter of 2024. $8 billion. When you look at theme parks, media and studios, that's $2 billion. And that's where investors are finding the growth of your numbers. But if you're approaching Comcast universal and you're interested in the parks and the media side of it, the real questions you have to ask are about the cable and internet business. Wicked is, as you just mentioned, it's a massive brand, but it's a small piece of Comcast actual business. It's a small piece of their parks business and a small piece of Comcast itself. What real questions should investors be asking themselves?

我们有一些有关《坏女巫》的股票。我们正在进入这个行业。我认为现在是个好时机来谈谈康卡斯特环球，因为人们喜欢从媒体的角度来讨论康卡斯特的业务。这样讨论业务是有趣的。有什么问题可以问呢？主题乐园能做什么？媒体业务能做什么，特别是在进行分拆的时候？但我一直提醒自己的是，这些只是公司相对小的一部分。当你查看康卡斯特时，如果你是一个股票投资者，问一些问题是有趣的，比如多少人会去环球影城这样的地方。但实际上，公司的业务和住宅连接部分，即有线电视和互联网一块，2024年第三季度的利润就达到了80亿美元。80亿美元。而主题乐园、媒体和工作室部分的利润则是20亿美元。这是投资者发现它增长潜力的地方。但如果你对康卡斯特环球感兴趣并且关注其乐园或媒体业务，你真正需要问的问题是关于有线电视和互联网业务的。《坏女巫》是一个庞大的品牌，但在康卡斯特的业务中，它只是一个很小的部分。在他们的乐园业务中也是一个很小的部分，更是康卡斯特整体业务的小部分。投资者到底该问自己什么样的关键问题呢？

So I should be clear. You can't ask some fun questions. There's really fun parts of this business. And, you know, for example, their universal is going to open up epic universe next year. And for the first time, Universal Studios is going to have more of a multi-day offering for people going to a real business. People going to Orlando, they can go to more worlds from Harry Potter and how to train your dragon. And even this big monster's unleashed type ride, which is going to feature incredibly technically advanced audio animatronics. That's fun. And there's also growth questions for peacock, especially, you know, are people going to cancel after the Paris Olympics?

所以，让我说明一下。你不能问一些有趣的问题。这个业务确实有很多有趣的部分。比如说，环球影城将在明年开放史诗宇宙（Epic Universe）。这是环球影城首次为去奥兰多的人们提供多日游的选择。游客可以探索更多的哈利波特和驯龙高手的世界，还有一个大怪兽出没类型的游乐设施，这将拥有极其先进的音频动画技术。这很有趣。此外，还有关于孔雀（Peacock）发展的问题，特别是，人们在巴黎奥运会后是否会取消订阅。

How's that going to play out in the next year? But for me, if I'm looking at Comcast, one less fun question that I'm asking is, how are people going to get their internet in five to ten years? Because there's a chance that some of that could come from low Earth orbit satellites. If we can put more of those up there, or not we, I'm not running these rocket ships, but if these space companies can put more of those up there, and there's a more competitive offering for internet, that could hurt the dominance of a lot of these cable providers and internet providers. I want to take us back to parks really quick, because I know you said that that's a much smaller part of the Comcast business. But you say parks, my head immediately goes to Disney. Why isn't Disney building more parks? It's a good question.

接下来的一年会怎样发展？对我来说，如果我关注康卡斯特公司，我会问的一个重要问题是：未来五到十年，人们将如何获得互联网服务？因为有可能部分互联网服务将来自近地轨道卫星。如果这些航天公司能发射更多卫星，形成更具竞争力的互联网服务提供方案，这可能会冲击很多有线电视和互联网服务提供商的主导地位。 我想快速地转回到主题公园上，因为我知道你提到这是康卡斯特业务中较小的一部分。一提到主题公园，我立刻想到迪士尼。为什么迪士尼不建更多的公园？这是个好问题。

I mean, when you look at Bob Iger's memoir, The Real Feather in His Cap is the opening of Shanghai Disneyland. And right now, they're really focusing on cruises in their media business. I think they're trying to find growth elsewhere, though. We promised some stocks for Wicked. Here's one that kind of plays to one of the songs, one of the more famous pieces of this musical, Ricky. You've got a stock that's defying gravity, I believe? Yeah, we talked low Earth orbit. How about Rocket Lab right now?

我觉得，当你看Bob Iger的回忆录时，他最大的成就是开设了上海迪士尼乐园。而目前，他们的重心放在游轮和媒体业务上。我认为他们正在尝试在其他地方寻找增长机会。我们承诺过为《女巫前传》推荐一些股票。这里有一只股票与这部音乐剧中一首著名的歌相呼应，Ricky，你有一只正在"逆天"表现的股票，对吧？是的，我们谈到了低地球轨道。那说一下现在的Rocket Lab如何？

And this is one where I'm having to remind myself of foolish investing fundamentals. And there's a lot more excitement, and into the business of space we saw a couple of days ago, for example, Jared Isaacman, leave his post, it shift for payments to head up NASA. And he said something on X that gave me some optimism, writing quote, space holds unparalleled potential for breakthroughs in manufacturing, biotechnology, mining, and perhaps even new pathways to new sources of energy. There will inevitably be a thriving space economy, one that will create opportunities for countless people to live and work in space. One of the companies that's central to this right now is Rocket Lab. And right now, they have a rocket called the Electron, and this can pool about 660 pounds to low Earth orbit. You can think of a few people that are able to hop on, even though it's not carrying people, a few people in terms of its payload. They're working on a rocket called the neutron, though, which is planning to pool about 29,000 pounds. This is about two adult elephants plus a juvenile, depending on the sizes of the elephants, but significantly more. And this is one where I'm really having to remind myself, when you hold a rule breaking stock, where it's hard to apply those traditional valuation metrics, this is one where don't get involved with it, let your winners run.

这段话让我不得不提醒自己关于愚蠢投资的基本原则。最近太空商业有很多令人兴奋的消息。例如，几天前，贾里德·艾萨克曼辞去了在Shift4 Payments的职位，开始负责NASA的事务。他在X上发了一段让我感到乐观的话，他写道：“太空在制造业、生物技术、采矿业，甚至是寻找新能源的途径方面都拥有无与伦比的潜力。未来不可避免会有一个繁荣的太空经济，这会为无数人在太空生活和工作创造机会。” 目前在这方面非常重要的一家公司是Rocket Lab。他们现在有一枚名为Electron的火箭，能够将约660磅的载荷送入低地球轨道。虽然它不运载人，但其有效载荷相当于几个人的重量。他们正在开发一款名为Neutron的火箭，计划能运载约29,000磅的重量，大约相当于两只成年的大象加上一只小象，具体取决于大象的大小，但这差别很大。在这种情况下，我真的需要提醒自己，当你持有一只打破常规的股票时，很难用传统的估值标准来衡量，这种情况下不要干预，让你的赢家自由发展。

Because ultimately what I'm thinking with this company, it's not next quarter, it's not next year. This is a thought in a thesis around a space economy that's five to ten years from now. And it's still a $10 billion market cap company. I know that you've long been interested in space, but how long have you been following an invested in Rocket Lab specifically? Have you been along for the ride for a really long time, or are you kind of newer to this company? No, it's the stock that's done the best in terms of percentage of my portfolio, and I've only been invested in it for less than a year. So that's part of my concern with it, where I'm like, this thing's going really high really quick, but also, you know, I've had plenty of losing stocks and losing ideas that have lost me money, so this is making up for some of those losses.

因为我对这家公司的思考，最终并不是针对下个季度或明年。这是关于五到十年后太空经济的一个想法和理论。现在，这家公司市值仍然是100亿美元。我知道你一直对太空感兴趣，但你具体关注并投资于Rocket Lab有多久了？你是很久以来一直在关注，还是比较新接触这家公司？其实，Rocket Lab是我投资组合中表现最好的股票之一，但我投资了还不到一年。这也是我有点担心的地方，因为它涨得很快。不过，我也有很多投资失利的股票和想法，这些损失现在正好被这只股票的收益弥补了一些。

Okay, to round us out, we each picked a stock that pays homage to the original King of Oz, El Frank Bomb, the author of the original books. I decided to go with Elf Cosmetics. That's because the name, Elphaba, the protagonist in Wicked, the creation of that name, the author of the book Wicked Gregory Maguire said that he came up with it by thinking about El Frank Bomb. How could he kind of like give a nod to him in the book? And Elphaba, El FB was his way of doing that, so I thought, hmm, what could be a fun way to nod to Bomb as well? And Elph was kind of the first point that got me there. But beyond that, I think if you think of Elph as a company, just the Cosmetics piece, okay, we can also connect this back to Wicked. There's a lot of green makeup that goes into Elphaba on the Broadway production each day.

好的，为了圆满结束，我们每个人选择了一只股票，以向奥兹国的原始之王、原著作者L. Frank Baum致敬。我选择了Elf Cosmetics。这是因为在《女巫前传》中的主人公Elphaba这个名字的创作者、作者Gregory Maguire说，他在想El Frank Baum时灵感乍现，想通过一个名字向他致敬。而Elphaba这个名字中的El FB就是他的致敬方式之一。所以我思考如何也向Baum致敬，而Elf是引导我想到这个点的第一个线索。此外，如果你只考虑Elf这个公司，尤其是化妆品部分，我们也可以将其与《女巫前传》联系起来。在百老汇的制作中，每天都需要为Elphaba化很多绿色的妆。

So not that Elph is actually the company behind that, but that was a nice little tie-in for me too. Beyond that kind of more fun stuff, the actual stock stuff, Elph has been a little bit volatile recently, but the company is still generating big-time growth, so it's got about 50% gain in sales in the most recent quarter. This is less to be fair than the 70 to 85% growth rates the company saw in kind of quarters past, but I don't view that as terribly worrisome to the longer-term story. Gross margins are expanding too, and Elph continues to gain market share, and it does know its audience. I find this maybe one of the most exciting pieces of the story here. At a time when a lot of legacy makeup makers are struggling, I like Elph's accessibility. It's up to 80% less expensive than Estee Lauder and L'Oreal products, and its seeming flexibility and responsiveness to its audience.

所以埃尔夫实际上并不是这背后的公司，但这对我来说是个不错的连结。除了这些更有趣的内容外，实际的股票方面，埃尔夫最近有些波动，但公司仍在实现大幅增长。最近一个季度的销售额增长约为50%。虽然这比过去几个季度70%到85%的增长率要低，但我认为这对长期发展来说并不十分令人担忧。毛利率也在扩张，埃尔夫继续扩大市场份额，并且非常了解其受众。我觉得这是故事中最令人兴奋的部分之一。在很多传统化妆品制造商都在挣扎的时候，我喜欢埃尔夫的平易近人。它的产品价格比雅诗兰黛和欧莱雅便宜多达80%，并且展现出对其受众的灵活性和反应能力。

It plays a lot on TikTok, caters to a massive audience there. They take reviews from users and then use that to change their products in the future, and just that responsiveness, that nimbleness, I think sets it up for long-term success. Well, I'm glad you mentioned marketing because El Frank Bomb was really, he was a great marketer, and that was his job before he was successfully publishing these novels. The stock that I went with is Dick Sporting. I'm going to connect it to there in a little bit, but El Frank Bomb is a great American dream story. There's a documentary on PBS called American Oz about his life that I enjoyed watching. Earlier in El Frank Bomb's career, he went to Aberdeen, South Dakota, kind of hoping that this would be the next Chicago.

这段文字中提到一款在TikTok上播放量很高的产品，它迎合了那里的庞大观众群。他们收集用户的评价，并以此为基础改进产品，这种快速响应和灵活性为其长期成功打下了基础。关于营销的讨论中，提到了L·弗兰克·鲍姆（El Frank Bomb），他在成功出版小说之前，是一位出色的营销人员，他也因此被认为是美国梦的典范。PBS有一部关于他生活的纪录片，名为《美国奥兹》（American Oz），观看后令人很有感触。在他职业生涯早期，鲍姆去了南达科他州的阿伯丁，希望那里会成为下一个芝加哥。此外，文中还简短提到了Dick Sporting这只股票，并表示之后会进行相关联。

What he did is he opened this exotic goods and novelty store where he would get little trinkets and toys from all across the world and try to present them in any way. He tried to present them in interesting and beautiful ways. Simultaneously, he tried to make that store sort of a community center. So he would sell bicycles, but then he would also have a bicycling club hoping that he could start these community groups that would go in by their products and then enjoy meeting new people there. This kind of fell apart when a drought hit and you had these farmers that were buying these toys and gifts for their children. When they're not selling their crops, that becomes an incredibly easy thing to cut out and the business went under. I think of this with Dick Sporting. It's because this is a company that's really understanding experiential retail right now. They're opening these large house of sports stores. In Minnesota, they have an ice rink there. They are trying to get more people in for golf simulators.

他开了一家异国商品和新奇物品店，店里有来自世界各地的小饰品和玩具，并尽量以有趣和美丽的方式展示出来。同时，他希望把商店变成一个社区中心。他不仅出售自行车，还组织自行车俱乐部，希望能够创建一些社区团体，这样人们不仅会来买东西，还能结识新朋友。然而，这一切在一场干旱后就瓦解了。原本那些为孩子们购买玩具和礼物的农民在无法出售庄稼时，首先就会削减这些开支，最终导致生意失败。我想到这个例子是因为Dick Sporting。这家公司现在真正懂得体验式零售，他们正在开设大型的运动城商店。在明尼苏达州，他们甚至有一个溜冰场，并且他们正在努力吸引更多人来体验高尔夫模拟器。

They've even used the word third place in some of their investor presentations. And the reason I'm thinking about this is because they're doing exceptionally well right now. I think it's a very well run store. And when you go in, you're taken back by the merchandise. And it really is beautiful when you walk in a Dick Sporting goods. But my question is what happens in a recession? Are people going to cut back on some of those higher end purchases for things like Sporting goods? Let's close this out with not a stock, but a song. Ricky. Favorite song from Wicked. You know what I've been listening to for good from part two. And honestly, that's a pretty good one. How about you? I think the Wizard and I. That's the third song in the movie slash musical. And oh my gosh, Defying Gravity is great. And that gets all of the attention. But the Wizard and I gives me chills like none other. It is so amazing. And I'm excited to hear Dylan sing it in the next segment. Thanks all. It's strange. To his strange listeners. I think I'll try to find a way out of Ricky's set up there. Looks like we've got a commercial break coming to save me. And let's be real. You don't need to hear the seventh grade chorus dropout sync. But you do need to stay right here because Jason Moser and Asa Sharma will be back with me in just a few minutes. The stocks on their radar. You're listening to Motlifil Money. Must be the season of the week. Must be the season of the week. Yeah. As always, people on the program may have interests in the stocks they talk about and the Motlifil may have formal recommendations for or against so by Sony think based solely on what you hear. As always, all personal finance content follows the Motlifil editorial standards and is not approved by advertisers. Motlifil only picks products. It would personally recommend friends like you.

他们甚至在一些投资者演示中使用了“第三空间”这个词。我之所以想到这一点，是因为他们现在的表现非常出色。我认为这是一家管理得非常好的商店。当你走进去时，会被商品吸引，那真是令人惊艳，尤其是在 Dick's Sporting Goods。 但我的问题是，经济衰退时会发生什么？人们会不会在这些高端体育用品上减少开支？ 让我们结束这个话题，不是用股票，而是用歌曲。Ricky，你最喜欢《Wicked》的哪首歌？我一直在听第二部分的《For Good》，说实话，这首歌很不错。你呢？我喜欢第三首，《The Wizard and I》。天哪，《Defying Gravity》非常出名，但《The Wizard and I》让我感动不已，真是太棒了。我很期待下一部分听到 Dylan 演唱这首歌。 感谢大家收听。对他的奇怪听众来说，我想我会设法从 Ricky 的设置中逃出来。看起来我们正好有个广告时间来解救我。说实话，你们不需要听七年级合唱团退学生唱歌。但你需要留在这里，因为 Jason Moser 和 Asa Sharma 很快会回来和我聊聊一些热门股票。您正在收听的是 Motlifil Money。可能是微弱的季节，可能是微弱的季节。 一如既往，节目中的人可能对他们讨论的股票有兴趣，Motlifil 可能有正式推荐或反对。因此，不要仅根据你听到的内容做出购买或卖出决定。所有个人理财内容都符合 Motlifil 编辑标准，并未获得广告商批准。Motlifil 只推荐他们会亲自向朋友推荐的产品。

I'm Dylan Lewis joined again by Asa Sharma and Jason Moser. It's the holiday season and chat GPT maker OpenAI is getting in on the fun with their 12 days of Shipmas. Asa the team is pushing out new products, new features, new demos and also a new product tier, a $200 monthly subscription, their pro version that gives you unlimited access to some of their tools and advanced voice mode. What do you make of this Dylan? Dylan, I think there's room for pleasant surprise and unpleasant surprise here. I'm pleasantly surprised by the amount of stuff that OpenAI and competitors like Anthropic have put out over the last year. We're headed to the year end. They're still turning out new stuff for us to look at. So much of it has been useful. Unpleasant surprise, a little bit in that commerce has to come in somewhere. This seems like a very high price tag. You can get the now premium version of chat GPT for 20 bucks a month and you get so much with that. Here we have what promises to be a pretty interesting reasoning module, but is it worth an extra $180 a month? Still untested? I'm not so sure. Somebody has to pay for those server costs, is it? We can't just be throwing billions and billions of dollars in here with all of these prompts and expect to be able to get it free. True.

我是Dylan Lewis，再次与Asa Sharma和Jason Moser一起。现在是假日季节，ChatGPT的开发者OpenAI也参与其中，推出了他们的"12天Shipmas"活动。Asa提到，他们的团队正在推出新的产品、新的功能、新的演示，以及一个新的产品层级：一个每月收费200美元的专业版订阅，提供无限访问某些工具和高级语音模式。对此你怎么看，Dylan？ Dylan表示，OpenAI以及像Anthropic这样的竞争对手在过去一年中推出了很多东西，这让他感到惊喜。尽管即将迎来年终，他们仍在为我们带来新的产品，许多产品都很有用。但是，令人有些不快的是，商业运作不可避免地要介入，而且这个定价很高。目前，ChatGPT的高级版每月收费20美元，已经提供了很多功能。而这款新产品据称有一个很有趣的推理模块，但高出180美元的月费是否值得？尚未经过验证，他对此持怀疑态度。毕竟有人得为这些服务器成本买单，我们不能指望在这里投入数十亿美元，同时希望一切都是免费的。确实如此。

I'll note that on the sidelines, there's word that OpenAI is trying to renegotiate a clause they have with Microsoft, which says that if they ever develop AGI, so this generalized artificial intelligence, the big, the holy grail of artificial intelligence, right now Microsoft doesn't have any economic interest in it, but they need money. OpenAI needs money. So they're trying to renegotiate that clause. Say, OK, if we develop the killer application, you can keep investing in us. So yeah, money is a consideration here. All right, let's get over to this week's stocks on our radar. Our man behind the glass, Rick Engdahl is going to hit you with the question. Jason, you're up first. What are you looking at this week? Yeah, going with Block ticker SQ, just recent news here, wealth management from Bernstein named Block. It's best idea for 2025. I thought that was interesting and certainly had a nice back half of the year shares up now around 24% year to date. Recent press release noted that for Black Friday, so every Monday, the block ecosystem of commerce tools broke record still in with 144 million block consumer transaction globally up 17% from a year ago.

在场外，有消息称OpenAI正试图与微软重新谈判一项条款。该条款规定，如果他们开发出通用人工智能（AGI）——也就是人工智能领域里的终极目标——目前微软在其中没有经济利益。另一方面，OpenAI需要资金，因此他们试图重新谈判这项条款，希望可以确保如果他们开发出“杀手级应用”，微软可以继续投资他们。所以，是的，资金问题在这里是一个考虑因素。好了，我们来看看本周的值得关注的股票。站在幕后的Rick Engdahl会提出问题。Jason，你第一个来说说看。这周你关注什么？ 我在关注Block，股票代码是SQ。最近有消息，来自Bernstein的财富管理部门把Block列为2025年的最佳投资想法。我觉得这很有意思，而且公司在今年下半年表现不错，目前股票年初至今已上涨约24%。最近的一份新闻稿指出，在黑色星期五，即每周一，Block的商业工具生态系统创造了纪录，全球范围内的Block消费者交易高达1.44亿笔，比去年增长17%。

And I also like the fact that Dorsey is starting to wind down the TBD efforts, focusing less on things like title, getting back to the core of the business, right? Focusing on what they do best in commerce software payments and lending. So I think better days ahead for block. Rick, a question about Block ticker SQ. Any truth to the rumor that they're changing their name to cube? It reminds me of our market full story from years ago when I came up with the trapezoid that was a good April Fool's episode. That will be their entrance to the metaverse, right? You get things in virtual reality. It's the cube. What's on your radar this week? So on my radar is Wingstop. This is a company that took a hit after its latest earnings report. It's been growing extremely fast. The company is trying to take its unit volume, average unit volume of each store north of 3 million bucks. And it's well in the way to doing that. But what I really like about Wingstop is the fact that investors, the franchisees, get a phenomenal cash on cash return 50 to 70%. And that's really created this huge development pipeline of franchisees wanting more locations. Wingstop is sort of unstoppable in this regard.

我喜欢Dorsey逐渐缩减TBD的努力这个事实，他不再过多关注诸如title之类的事情，开始回归业务的核心，对吗？专注于他们在商业软件支付和贷款方面的核心优势。所以我认为Block有更好的发展前景。Rick，我有一个关于Block股票代码SQ的问题。关于他们将改名为Cube的传闻是真的吗？这让我想起多年前我们市场故事中的一个愚人节特别节目，我提出了一个梯形，那真是个不错的愚人节插曲。这就是他们进入元宇宙的方式，对吧？在虚拟现实中使用立方体。本周你关注些什么？我关注的是Wingstop。这家公司在最近的财报后受到一些打击，但它的增长速度非常快。公司正努力将其每家店的平均单位销售额提高到300万美元以上，这个目标正在顺利进行中。不过，我真正喜欢Wingstop的是，它的投资者和加盟商能够获得50%到70%的非常高的现金回报率，这也导致了加盟商大量希望开设更多门店的现象。在这方面，Wingstop几乎是势不可挡的。

And they're also teaming up with the NBA. They are the official wing of the NBA just now. So I think between a really good marketing budget and a lot of store expansion their brighter days ahead. And I see this as an opportunity. This hit they took about 20% after the latest earnings report to get in on a franchise that wants to global. Rick, a question about Wingstop ticker W-I-N-G. Mild, hot or atomic? Or do you go for the weird Hawaiian or lemon pepper wings? What are you ordering? Where it's possible to mix, melt, a teriyaki with an atomic type of spice level? I go bananas for that. Man, Aset's taste on today's episode on full display. And absolutely fantastic across the board. Rick, you have a record-breaking company on one hand and the NBA's official wing on the other. Which one are you going with? Which one's on your watch list? It's almost lunchtime. I'm feeling hungry. I'm going to go with. Yeah, wrong with wings. Alright, that's going to do it for this week's Marvel Money Radio Show. Show is mixed by Rick Engal. I'm Dylan Lewis. Thanks for listening. See you next time.

他们也在与NBA合作，目前是NBA的官方鸡翅合作伙伴。所以，我觉得凭借良好的市场预算和大量的店铺扩张，Wingstop的前景非常光明。我把这个看作一个机会。在最新的财报公布后股价下跌了约20%，这对想要走向全球的特许经营企业是个好时机。Rick，有一个关于Wingstop股票代码W-I-N-G的问题。你喜欢普通辣、热辣还是极辣？或者你会尝试夏威夷风味或柠檬胡椒鸡翅？你会点什么？如果可以混合，达到一种有点像照烧酱的极辣水平，我会为之疯狂。在今天的节目中，Aset的口味展示得淋漓尽致，真的很棒。Rick，一边是破纪录的公司，一边是NBA的官方鸡翅，你会选哪个？哪个在你的观察名单上？快到午饭时间了，我感觉有点饿，我会选择鸡翅。好，那就是本周的Marvel Money电台节目。节目由Rick Engal制作混音。我是Dylan Lewis。感谢收听，下次再见。