Advice to a Young(er) Investor
发布时间 2023-04-17 20:06:00 来源
We've got investing advice for our younger selves and a look inside the sexy world of barcodes. Motleyful Money starts now.
现在开始，我们要为年轻的自己提供投资建议，并深入探讨一下条形码神秘的世界。欢迎收看 Motleyful Money。
I'm Chris Hill joining me today, Motleyful Senior Analyst Jason Moser. Happy Monday.
我是克里斯·希尔，今天和我一起的是 Motleyful 高级分析师杰森·莫瑟。祝大家周一愉快。
Hey, happy Monday. Happy Marathon Monday. I'm in the ladder group. I was streaming a little ESPN watching it down the stretch. Pretty close finish on the men's side.
嘿，周一快乐。马拉松周一快乐。我是梯队小组的一员。我正在观看 ESPN 直播，比赛到了最后。男子比赛很接近。
We're going to dip into the full mail bag, but I want to start with row blocks because for the last time ever, row blocks shared monthly metrics. And on the surface, they look good, daily active users, hours engaged, estimated revenue, all up double digits year over year for the month of March for row blocks. And yet shares down 12%. What is going on here?
我们将要翻阅一下满满的信件袋，但我想先从行块开始。因为这是最后一次行块分享每月度量标准。从表面上看，一切看起来不错。行块在三月份的活跃用户、使用时长、预计收入都同比增长了两位数。但股票下跌了12%。这是怎么回事呢？
This is something that row blocks announced in January that, hey, we're going to stop reporting monthly metrics. March will be the last month. I'm not sure what the surprise is here.
这是行业领导者在一月份宣布的，嘿，我们将停止报告每月的度量数据。三月份将是最后一个月。我不确定在这里有什么惊喜。
Well, I don't think the surprise has anything to do with not announcing the metrics. I think that's something we've seen many companies do that. I think we've seen what Zillow a time ago did that Netflix even did it. So I don't think that in and of itself really dictates how a company is going to perform. And that, because if you think about publishing these monthly metrics, I mean, it can be enlightening for us as investors. But I mean, at the end of the day, we're not looking at these businesses through a monthly lens, right? We want to see them create value over longer periods of time. Now, getting this data can help paint a picture, but it is very short term focused in nature. And so I don't think that's really the concern.
嗯，我认为这个惊喜与不宣布这些数据指标没有什么关系。我认为许多公司都这样做过，Zillow 以前也这样做过，甚至 Netflix 也这样做过。所以我不认为这本身就能决定一家公司的表现。而且，如果你想一想发布这些每月数据指标，我意思是，对于我们这些投资者来说，这可能很有启发性。但是最终，我们不能仅仅通过每个月的视角来看待这些企业，对吧？我们希望看到它们在更长的时间内创造价值。现在，获取这些数据可以帮助描绘一个画面，但它具有非常短期的特性。所以我认为这并不是真正的问题。
I think the concern really is two things. Number one, row blocks. So I think the risk for a company like this today at its stage is going to be valuation. Because it's still an unprofitable business. It's still kind of getting its sea legs, so to speak, right? And so it's working towards meaningful, sustainable profitability, which is going to make valuation a bit more of a risk with a business like this. And then secondly, I think the one metric that probably has most investors attention from this release, it's the future. Looking at this, the average bookings per daily active user. And we saw that come in at a range of minus 1% to plus 3%. And historically, that number has just been much, much higher. But it's also, I think it's to be expected.
我认为真正的问题有两个。第一是排行榜。因此，我认为像这样的公司今天所面临的风险将会是估值。因为它还是一家没有盈利的企业。它还在尝试适应市场，而这将使估值对于这样一种业务来说更加成为风险。其次，我认为可能吸引大多数投资者注意的一个指标是未来。从现有数据来看，每日活跃用户的平均预订量在范围为负1%至正3%之间。历史上，这个数字一直很高。但我认为这也是可以预料的。
I mean, this is a company that really benefited, I think, over the last few years from this stay-at-home economy, right? From this digital economy. And you even see it in their 10K that they filed at the end of February. They noted in the 10K they've experienced rapid growth in prior periods, doing part to the COVID-19 pandemic. And these activity levels have not been sustained, growth rates have moderated. For example, they call out bookings increased 171%. From the year end of December 31, 2019 to the year end of December 31, 2020. You're saying that's not sustainable? They can't just keep doing that year over here. 171% is awful nice. And if it could sustain that, I guarantee you, the share price would be in a different place today. But I think it just goes to show you that this is a company that really pulled a lot of growth forward, like many businesses have. And what we're seeing here today is that future, right, is looking a little bit more tepid.
“我的意思是，这家公司在过去几年中从这种居家经济、数字经济中受益匪浅，对吧？并且您甚至可以在他们在二月份提交的10K文件中看到这一点。他们在10K文件中指出，在这种 COVID-19 大流行病的影响下，他们在过去的时期经历了快速增长。但是这些活动水平并没有持续下去，增长速度已经逐渐放缓。例如，他们表示预订增长了171％，从2019年12月31日结束到2020年12月31日结束。您是说这种增长不持续？他们不能一直那样做。171％听起来不错。如果能保持这种增长速度，我保证，今天的股价会有所不同。但我认为这只是表明了这家公司像许多其他企业一样，在很大程度上促进了增长。我们今天看到的是未来，看起来有些温和。”
That's understandable, right? And I certainly would make sense as to why investors might be taking a breather on the stock today. That's kind of a one to punch, right? Looking at the future, right, growth isn't going to be nearly as robust as it has been in the past, at least in the near term. And then you add that to sort of the valuation risk that comes with a business like this. And you get these types of knee-jerk reactions.
这是可以理解的，对吧？我当然明白为什么投资者可能会今天喘口气。这有点像一个“一拳制敌”，不是吗？未来，看看增长，对吧，至少在短期内，不会像过去那样强劲。然后你再加上这种业务所带来的估值风险。这就会导致这些盲目反应。
And yet, Roblox is still a $25 billion company, which makes me wonder if they're in some way stuck. I hear everything you're saying about the unprofitability and all that. And if this company were even smaller, if it was a $7 billion company, there would be probably a bunch of companies looking at it as a potential acquisition target. But it's $25 billion. And that limits the universe of businesses that can do that. And somewhere else in the multiverse, Microsoft is a company with deep pockets looking at this. But they're still dealing with trying to complete their acquisition of Activision Blizzard. So that's not going to fly.
然而，Roblox仍是一家价值250亿美元的公司，这让我想知道它们是否陷入了某种困境。我听到你谈到未盈利等方面的情况。如果这家公司更小一些，如果它是一个值70亿美元的公司，很可能会有一堆企业看它作为一个潜在的收购目标。但它的估值达到了250亿美元。这限制了能够这样做的企业的范围。在另一个平行宇宙中，微软是一家资金充足的公司，正在关注这个问题。但他们仍在努力完成对Activision Blizzard的收购。所以这是不可能的。
Do you think that's part of what has the stock where it is? It's one more reason for some investors to just say, I don't see what the catalyst is here because for smaller businesses, a potential catalyst is an acquisition. And I just don't see that in the cards right now for Roblox.
你觉得这是股票目前处于这个位置的一部分吗？这是更多投资者选择说：“我不看到这里有什么催化剂”的另一个原因，因为对于小企业来说，一个潜在的催化剂是收购。而就Roblox而言，我现在不认为这是在计划之中的。
And I do agree. And I mean, let's remember, it used to be a much, much larger company, even just a couple of years ago. And even today, even at $24, $25 billion market gap, it's still a very large business with a very glass half full valuation even today.
我同意。我的意思是，我们要记住，即使是几年前，这家公司规模也要大得多。即使今天，即使是市值高达240亿到250亿美元，它仍然是一个非常大的企业，今天的估值也是非常乐观的。
But I mean, this is one of those quintessential metaverse ideas, right? I mean, this is gaming. It's immersive. It's a whole mother world, so to speak. And in these digital worlds that they help build on behalf of all of the users, they utilize a network of more than 8 million active developers. And they made money in a number of different ways, but ultimately it's by working with these creators to help them monetize experiences.
我的意思是，这是那些典型的元宇宙想法之一，对吧？我是说，这是游戏。它具有沉浸式体验。可以说，这是一个完整的另一个世界。他们在为所有用户建造的这些数字世界中，利用超过8百万活跃开发者的网络。他们通过与这些创作者合作，帮助他们赚钱，以多种方式获得收益。
And so you've got a subscription service there in Roblox premium. You've got mega brands that are actually building unique marketing experiences on the platform. They have their own virtual economy that they serve with their own currency called Roblox.
所以你在Roblox高级会员里有一个订阅服务。实际上，你有一些大品牌正在平台上构建独特的营销体验。他们有自己的虚拟经济，使用自己的货币Roblox。
And so I think that yes, on the one hand, I'm sure there are a lot of larger companies out there that would love to have this capability within their own universe. I don't think they would like to do it at the valuation. It's just a lot to chew. It's a lot to bite off.
我认为，一方面，我确信有许多大公司会很想在自己的世界里拥有这种能力。但我不认为他们会愿意以这样的估值来做这件事。这太难咀嚼了，也太大了。
But by the same token, I don't think that Roblox is necessarily a business that wants to go that route either. I mean, they do a very good job of reinvesting back in the business and building out this capability.
同样的道理，我不认为Roblox一定想要走那条路。我的意思是，他们在重新投资业务和构建这种能力方面做得非常出色。
I mean, let's remember that while that one bad piece of news, right, in the bookings, yeah, that's a little bit of a downer. But I mean, when you look, you said it, if they open there, so many, so many of these metrics looks so good.
我是说，让我们记住，虽然那一则预订方面的坏消息有点泼凉水，但是当你看到，你说了，如果它们能够开放，在这么多指标看起来都很不错。
I mean, daily active users up 26% hours engaged up 26%. You exclude currency impacts revenue up in a range of 16 to 22%. Bookings up 25 to 29%. So I mean, it's not like this isn't a business that's performing. This is a business that is still dealing with sort of the hangover over the past couple of years.
我是说，每天活跃用户增加了26％，使用时间增加了26％。不包括货币影响，收入在16到22％的范围内增加。预订增加了25到29％。所以我的意思是，这不是一个没有表现的企业。这是一个仍在应对过去几年的后遗症的企业。
And given where it is today, it's still going to need to invest a lot into the business to continue building out capabilities and offerings. So look at the cost of goods for a business like this. They have this exchange, right, this creator exchange that ultimately feeds in to this metaverse, so to speak, right, this universe that is Roblox, that makes up about 28% of total revenue. And that's going to be something they'll have to continue to pay because they really depend on the creators to build this business out.
考虑到它现在的状态，它仍然需要大量投资来继续构建能力和提供产品。因此，看看像这样的业务的货物成本。他们有一个交易所，对吧，这个创作者交易所最终会为这个所谓的元宇宙提供资源，就是这个构成Roblox的宇宙，它占总收入的约28％。这将是他们必须继续支付的东西，因为他们真的依赖创作者来推动业务的发展。
So look at things like SGNA research and development, where those today are a very high percentage of overall revenue. The thesis, at least in part, is that over time they'll be able to start pulling back on those levers and really start to demonstrate a little bit more leverage in the model because it does feel like they have the creators and they have the users. And they know how big of an opportunity gaming really is.
所以，看看SGNA的研发，这是如今整体收入的很大一部分。这个论点至少在某种程度上是，随着时间的推移，他们将能够开始收回这些杠杆，真正开始展示更多的杠杆作用，因为他们似乎有创作者和用户。他们知道游戏机会有多大。
And if the tailwinds here, not only really in the metaverse, but just gaming in general, if those tailwinds continue that it feels like Roblox is going to be a business that benefits from that. But again, very early stage valuation is going to be a risk this business until they can get to sustainable and meaningful profitability. So it may be a little while.
如果目前的顺风趋势不仅存在于元宇宙中，而是普遍存在于游戏领域中，那么Roblox似乎将成为从中受益的商业公司。但需要注意的是，在能够获得可持续且有意义的盈利之前，早期阶段的估值仍然存在风险。所以这可能需要一段时间。
And I'll address his podcasts at full.com. Get an email from Sam in Amsterdam who writes, I'm 29 years old and about to celebrate the two year anniversary of the start of my investing journey. Although it's been hard to celebrate investing over the past year. It has been incredibly helpful to have the Motley Fool on my side.
我会在full.com上聆听他的播客。我收到了一封来自阿姆斯特丹的Sam的电子邮件，他写道：“我今年29岁，即将庆祝我开始投资旅程的两周年纪念日。虽然过去一年庆祝投资有些困难，但有Motley Fool站在我这边真的帮了我很多。”
As someone with decades ahead of him to invest, it would be great to get your perspective on what kinds of investments could be right for me. And the market has currently turned away from growth at all costs and turned to companies with profits, efficiency and positive free cash flow. I'm wondering what to do in this environment.
作为未来几十年都能进行投资的人，我很想听听您对适合我的投资方式的看法。目前市场已经转向追求利润、效率和正向自由现金流的公司，而不是一味追求增长。在这种环境下，我想知道该如何做出决策。
If you could go back to being a 29 year old investor, how would you balance investing in more rule breaker type companies that may not be profitable yet or are losing money and investing in more stock advisor businesses that are a bit larger and proven and have profits. Thank you for listening. Thank you for the question.
如果你能够回到年轻的29岁投资人，你会如何平衡投资更多规则突破型的公司，这些公司可能还没有盈利或正在亏损，以及投资更大一些、证明过的有利润的股票顾问企业。谢谢你倾听。感谢你的问题。
Great question. I love the focus on the timeframe. Here's someone who realizes there are decades ahead to invest and the focus on balance, which is.
很棒的问题。我很喜欢你关注时间范围。这个人意识到仍有几十年可投资，同时重视平衡。
I think if I were to go back to advise my 29 year old self, I would, yeah, I would that would be one of the messages is look for some amount of balance. The balance can shift over time. And maybe as you get older, you move to more stable dividend payers. That's sort of thing. But but going all in on one style of investing.
我认为如果我回到过去提醒我 29 岁的自己，我会说，是的，我会敦促自己寻求某种程度的平衡。这种平衡会随时间而改变。也许随着你变老，你会更倾向于选择更稳定、有红利的投资。但是，只选择一种投资风格可能会有风险。
I don't know. I think it's because we've been doing this podcast so long Jason and we've just I think personally I've heard from too many people who just burnt out. They were in their 20s. They went all in on one type of investing. They got burned and then they just walked away.
我不知道。我觉得是因为我们做这个播客做得太久了，Jason，我个人认为我听到了太多人经历了烧尽的经历。他们二十出头，押注在一种投资方式上，结果被烧伤了，然后就走开了。
Yeah, I fully agree. I mean, we do talk a lot about investing when you start out younger. That gives you so much time right to take advantage of and so typically we say you can take on more risk as a younger investor because you have more time to make it up. And that's true to an extent. I agree with it to an extent. But but that also doesn't mean that you should just max out your risk and just invest in those high growth ideas that may or may not pan out.
是的，我完全同意。我的意思是，当你年轻时，我们确实会谈论很多关于投资的话题。这样你就有更多的时间来利用，通常我们说年轻的投资者可以承担更多风险，因为你有更多的时间来弥补。在某种程度上这是正确的，我同意这个观点。但是这并不意味着你应该将你的风险最大化，只是投资于那些可能会盈利的高成长想法。
I think the word balance. It's just a really great word when it comes to investing. And I think at that age, whether you're 29 or 59, I think it's always good to look at your portfolio and try to look for balance between growth and stability. And I think it ultimately is very important to have a little bit of both even when you're younger.
我认为“平衡”这个词非常适用于投资。无论你是29岁还是59岁，都应该审视自己的投资组合，努力寻找成长和稳定之间的平衡。我认为，即使你还年轻，拥有这两者都是非常重要的。
I think building up some of that income and stability exposure in your portfolio at a young age can really pay off down the line. I mean, imagine you get to 50 or 60 years old. And now you're bringing in $10,000 or even more in dividends each year. Right. And depending on what kind of account you have set up and that could be that could be $10,000 or more in dividends that are just you don't even to worry about taxes. I mean, it can be extremely powerful. It can give you money to reinvest or it can just provide you a nice little stable income stream there as you as you look toward retirement.
我认为在年轻的时候，在你的投资组合中建立一些收入和稳定性暴露的投资，真的可以在未来收到回报。我是说，想象一下你到了50或者60岁。现在，你每年可以获得10,000美元甚至更多的股息。是的。根据你所建立的账户类型，这可能是10,000美元或更多的股息，你甚至不必担心税收问题。我是说，这可以非常强大。它可以为你提供资金再投资，或者它可以只是为你在退休前提供一个不错的稳定收入流。
And so you know, one thing I always like to look at and I go back to it all the time because it's such a valuable resource here. We have a service here called Rulie Retirement run by our own Robert Brokamp. And he has model portfolios in the service, which really I think helped break down sort of how you might consider looking at your balance and depending on what stage of life you're in.
你知道的，我一直喜欢看的一件事情是我们这里有一个叫做 Rulie Retirement 的服务，由我们自己的 Robert Brokamp 运营。他在服务中提供了模型投资组合，我认为这真的很有价值，因为它可以帮助你了解如何考虑你的资产配置和不同人生阶段的不同需求。所以我一直回顾这个服务。
And it breaks down essentially into three different stages. You're more than 10 years out of retirement, less than 10 years out of retirement and then fully in retirement. So if you have more than 10 years until you're even considering retirement. The portfolio breaks down where you would be looking for any of this is model. This is not set in stone, but just something to work with here. You might look at having 30% of your portfolio allocated to large caps, 17 to mid caps and 17 to small caps with the remainder of mix of international stocks real estate and bonds.
基本上，它可以分为三个不同的阶段。你距离退休还有10年以上，少于10年还有退休，然后完全退休。因此，如果您距离考虑退休还有10年以上。投资组合应按照这个模型进行分配。这不是绝对的，但只是供参考。您可能会考虑将投资组合的30％分配给大型股，17％分配给中型股，17％分配给小型股，余下的则是国际股票，房地产和债券的混合。
Now if you're within 10 years to your retirement, maybe you're looking at 30% large caps, 13% mid caps, 12% small caps, right. You're taking a little bit more of that risk off the table. And then in retirement, maybe you're looking at 30% large caps, 10% mid caps, 10% small caps, again pulling back on some of that risk and depending a little bit more on stability.
现在，如果您距离退休还有10年左右，可能要考虑30%的大盘股、13%的中盘股和12%的小盘股，对吧。这样可以降低风险。退休时，可能要考虑30%的大盘股、10%的中盘股和10%的小盘股，再次减少风险并更加依赖稳定。
So that can give you some idea as where to start. But again, I do love the idea that even at 29, I mean I would try to counter every growth stock you buy with some type of income stock, some type of dividend stock. If you buy a growth stock, try next time to buy something like an income stock. And if you can alternate that could be a way to sort of achieve that balance through time.
这样可以给你一些想法，从哪里开始。但是，我确实喜欢这个想法，即使在29岁时，我会尝试用一些收入股票、一些分红股票来对冲你买的每一只成长股票。如果你买一只成长股票，下一次试着买一些像收入股票这样的股票。如果你能够交替地购买，这可能是在时间上实现平衡的一种方式。
And it makes, it certainly makes going through stretches like this a lot easier when you have some of that stability in your portfolio. And you know that even those stocks are kind of going sideways that you're still bringing in some steady income.
当你的投资组合有些稳定性时，处理这样的困境肯定会变得更加容易。你知道即使那些股票价格保持不变，你仍然可以获得一些稳定的收入。
And then one final thing I'll add is just as you know Chris might, my daughter's, you know, I got them into investing years ago, I guess really it's a decade or more now that they've been invested. And in one rule that that I force them to adhere to as I help them build their portfolios is that once they buy a stock, that's it. They can't buy that stock anymore.
然后，我要补充一件事。你们知道克里斯是我的女儿，我多年前帮她们开始投资，现在已经是十年甚至更久了。我强制要求她们遵守一个规则，那就是一旦买了某只股票，就不能再买了。我协助她们建立投资组合时，这个规则非常重要。
The next stock they buy has to be a different stock. Right. So once they buy Starbucks, they can't buy Starbucks again, even if it's a screen screening value, they have to buy something else. And that really is meant to help them get that portfolio up to 30 different holdings before they start adding to existing positions.
他们下一个购买的股票必须是不同的股票。对。所以一旦他们购买了星巴克，即使它是价值筛选，他们也不能再次购买星巴克，他们必须购买其他股票。这真的是为了帮助他们在开始增加现有头寸之前将投资组合提高到30个不同的持股。
Because I think once you get to that 25 to 30 different holdings, that really gives you I think a lot of diversification as long as you're kind of working on that balance along the way. And they don't own just growth or just income right they have a nice mix of it all.
我认为一旦你持有25到30个不同的股票，就会得到非常好的分散投资，只要你在途中保持均衡。他们并不只持有增长或收入股票，而是有一个很好的混合投资组合。
And so I think that's one way to look at it too is in order to get to that 25 or 30 different different holdings in your portfolio, you can't be adding to existing positions along the way really until you get to that 25 to 30 holdings in your portfolio. So maybe, maybe consider doing that.
所以我认为这也是一种方法来看待它，为了在您的投资组合中达到25或30个不同的持股，您不能一路上一直添加到已有的头寸上，直到您在投资组合中达到25到30个股票持仓。因此，也许考虑这样做。
But again, I think a great question, a great way to look at it. I know that if I were to go back to when I was 29, one thing I would change. And I'm not regretting this, but I think one thing I would change I would I would focus a little bit more on building out that dividend presence in my portfolio early on earlier on that I did because it just it can be extremely powerful. And if you think about it too, every quarter you rake in those dividends, that effectively brings down the cost spaces of the stock that you purchased. And if the longer you own them, the cheaper that stock gets. And as long as you maintain sort of a nice diversified approach to those dividend holders, don't just invest all in banks. Right, because that's a sector that we've seen very clearly can go through some hard times. But if you have that dividend exposure nicely diversified, it can just be a steady, reliable stream that can really pay off when you get in your older years.
但是，我认为这是一个很棒的问题，也是一个很好的思考方式。我知道，如果我回到29岁的时候，有一件事我会改变。虽然我并不后悔，但我认为我会更专注于早期在我的投资组合中开发出那些股息投资的存在，因为它们可以极具实力。如果你也考虑一下，每个季度你都能获得这些股息，实际上会降低你所购买的股票的成本。如果你持有它们的时间越长，这些股票就会越便宜。只要你保持一种良好的多元化方法来持有这些股息股票，不要只投资在银行股中。因为我们很清楚，那是一个可能经历困难时期的领域。但是，如果你可以精心地多元化你的股息投资，它可以成为一种稳定、可靠的流动收入，并在你老去的时候真正起到作用。
Jason Moser, thanks for being here. Thank you.
Jason Moser，谢谢您来这里。谢谢您。
Zebra Technologies is a company that sells logistics hardware and software. And I know that sounds a bit dull. But you know what's not boring? The fact that over the past five years shares of Zebra Technologies have doubled the S&P 500's return. Asa Sharma cut off with CEO Bill Burns to talk about robots in fulfillment centers, as well as potential growth areas for the company.
Zebra Technologies 是一家销售物流硬件和软件的公司。我知道听起来有点无聊。但你知道什么不无聊吗？在过去五年中，Zebra Technologies 的股票回报率翻了一倍，超过了标普500指数。Asa Sharma 中断了和首席执行官 Bill Burns 的谈话，讨论了履行中心的机器人以及该公司的潜在增长领域。
I wanted to begin by discussing what the company does today. Many of our monthly full members may be familiar with Zebra's core technologies like barcode scanning and RFID smart labeling. But in recent years, Zebra has expanded into a lot of other business lines from rugged tablets to smart scanners for retail environments and even autonomous mobile robots. Now, I've heard you mention in interviews and earnings conference calls that this comes together, this whole thing comes together and something Zebra calls enterprise asset intelligence vision. Can you explain this vision for us?
我想先谈谈公司现在做的事情。我们月度全会员中的许多人可能熟悉 Zebra 的核心技术，例如条形码扫描和RFID智能标签。但是在最近几年，Zebra扩展到了许多其他业务线，从坚固的平板电脑到零售环境下的智能扫描仪，甚至包括自主移动机器人。现在，我听到你在采访和收益电话中提到，这一切都汇聚在一起，形成了Zebra所谓的企业资产智能愿景。你能为我们解释一下这个愿景吗？
We think of Zebra as really empowering organizations to really thrive in an on-demand economy. And enterprise asset intelligence we define as every frontline worker and asset within a business really at the edge of productivity within enterprise to be visible connected and optimally utilized ultimately. So business is to be as effective and efficient as possible. And today, 86% of the Fortune 500 companies are Zebra's customers today. Our markets span across retail and e-commerce, transportation logistics, manufacturing, healthcare. And we talk about, you know, seeing Zebra in everyday life, scanners at the front of supermarket checkouts, mobile computers, you know, when e-commerce orders are being picked or delivered to customers.
我们认为斑马科技能够极大地帮助企业在需求大增的经济环境中蓬勃发展。我们所定义的企业资产智能包括了企业中每一位前线员工和所有资产，均能在生产力的边缘实现可视化、连接以及最佳化利用，从而使企业达到最有效率和高效能的状态。目前，86%的《财富》500强企业都是斑马科技的客户。我们的市场涵盖零售、电商、物流运输、制造和医疗等领域。斑马科技的产品广泛应用于我们日常生活中，比如超市收银台前的扫描枪，电商订单的拣选和配送等等。
The printers inside, you know, health care, improving patient outcomes. And, you know, most recently we've invested in new areas, you mentioned. So warehouse automation through robotics and software for retail associates to leverage, you know, them with technology inside the retail store and machine vision are three new investments areas we've made across Zebra. But we think of our business as really making supply chains, you know, more efficient and effective. We think of it as improving customer engagement and outcomes within, you know, health care. And we think of improving the technology usage of frontline workers each and every day within, you know, their work environments.
你知道，我们内部的打印机是为了改善医疗保健中的病人结果。最近，我们在新领域进行了投资，比如透过机器人和软件进行仓库自动化，零售业员可以运用机器视觉技术和内部技术提高效率，这是我们投资的三个新领域。但我们认为我们的业务是让供应链更高效和有成效。我们希望改善顾客在医疗保健中的参与和结果。我们也希望每天都能提高前线工作者工作环境中的技术使用。
So would it be fair to say that some of the strengths the company built, let's say way back when in the 70s and 80s, the idea of tracking assets. Some of those skill sets and strategies have been parlayed into thinking about how people interact in organization, how they interact with customers and vendors, how assets interact. Is there something of the old DNA still present in this modern version of Zebra that we see.
所以是否可以说公司在70年代和80年代建立的一些优势，例如物资跟踪的概念。其中一些技能和策略已被转化为思考人们在组织中的互动，以及与客户和供应商的互动以及资产的互动。我们是否可以看到现代版斑马公司中仍有一些旧的基因存在？
Yeah, I mean, we think of our core technologies is really our mobile devices and hands of frontline workers. We think of scanners, as I said, and the, you know, inside, you know, picking e-commerce orders are in the front of store retail. We think of printers used in, you know, printing labels for e-commerce boxes and parcels to hospital wristbands. That's our core technology. And it still continues to grow today. We think of expansion markets that you mentioned things that are closely adjacent to what we do in those areas.
是的，我们认为我们的核心技术确实是我们的移动设备和现场工人的手。我们认为扫描仪，如我所说的，以及在店内拣选电子商务订单的内容，都是零售店前沿的核心技术。我们认为打印机用于打印电子商务盒子和包裹标签以及医院手环标签。这就是我们的核心技术。它今天仍在不断发展。我们考虑扩张市场，你提到的东西就紧密相邻于我们在这些领域所做的事情。
So, you know, rugged tablets. We think of smart supplies. We think of RFID technology. All is adjacent to what we do in our core. And those areas grow faster in our palm markets. And then three new expansion areas we've invested in, as I mentioned earlier, think of robots working with workers inside an e-commerce warehouse to more effectively pick orders. Think of machine vision used to do inspection on, you know, an assembly line and think of software on those mobile devices used by retail associates, you know, today in their environments so that a manager in a retail store can collaborate with their workers. So, they can send tasks to retail workers.
你知道，坚固的平板电脑。我们想到智能物资，想到RFID技术。这些都与我们核心业务密切相关，而且在我们的手掌市场上增长更快。除此之外，我们还投资了三个新的扩展领域，正如我之前提到的，想象一下机器人和工人在电子商务仓库内合作，更有效地选择订单；想象一下机器视觉用于检查组装线，并想象一下那些移动设备上的软件被零售员工使用在他们的环境中，以便零售店经理可以与他们的员工协作。这样，他们就可以向零售工人发送任务。
So, you know, we think of the portfolio as really the breath and depth of the entire portfolio, leveraging our core strengths from the past and things like track and trace as you said or, you know, improve and patient outcomes, but leveraging that into new products, software and services that ultimately expand the use cases of our solutions within our customers environments.
你知道的，我们认为投资组合实际上是整个投资组合的广度和深度，利用过去的核心优势以及像你说的 track and trace 或者改善患者结果等方面，但是将其转化为新的产品、软件和服务，最终扩大我们的解决方案在客户环境中的应用案例。
Well, briefly, we've talked about Fetch, which was the third company that I had mentioned to you before we started taping those interested in. Maybe just describe it and then we can move on. What exactly it does? So, these are autonomous mobile robots in iImagine factory settings. Yeah, there are actually two different types of settings is the primary use case. Think of a factory setting or manufacturing setting for things like goods transport, right?
嗯，简单来说，我们已经谈到了 Fetch，这是在录制之前我们提到的第三家有兴趣的公司。也许你可以描述一下它，然后我们可以继续。它确切地做什么？这些是Imagine工厂环境中的自主移动机器人。是的，实际上有两种不同的环境是主要的使用案例。像工厂或制造设置一样，用于货物运输，对吧？
So, fulfillment of goods back to an assembly line. So, think of a muddots that on the station with an automobile manufacturing ultimately that was putting tires on the car, right? So, the main thing is to take goods to the, you know, the actual assembly line so things transport is one application. The other applications e-commerce picking. So, typically within a warehouse and e-commerce, a worker in the past, but work, you know, a lot, 10 miles a day literally pushing your car picking orders across the entire warehouse.
所以，将货物重新回到生产线上完成。比如，在汽车制造中，想象一下有一个工作站最终安装汽车轮胎，对吧？所以，主要的事情就是把货物送到实际的生产线上，这是运输的一个应用。另外一个应用是电子商务拣选。在仓库和电子商务中，过去的工人通常要走很多路，每天推着手推车在整个仓库中拣选订单。
So, today what you do is you position warehouse workers in the individual isles. They have a mobile device that they've been using in the past today as well, typically awareable or a ring scanner. And the actual robot comes to the IOM, which the workers in taking steps out of the picking process. So, the worker actually picks the item. The robot stops next to where the pick needs to happen. The worker picks the item scans the item and ultimately puts it in a bin on the robot. Ultimately, it moves to the next worker a couple of miles over who picks the next item for that item that's order.
今天你的任务是将仓库工人放置在各自的货架上。他们有一个移动设备，他们今天一直在使用，通常是一个可穿戴设备或戒指扫描器。实际的机器人会到达IOM，这让工人在拣选过程中走出一步。因此，工人实际上会挑选商品。机器人停在需要挑选的地方旁边。工人拿起商品扫描商品，最终将其放入机器人上的一个垃圾桶中。最终，它移动到下一个工人数英里开外的位置，为该订单选择下一个商品。
So, it takes the order back to the packing area to be actually packed out and shipped to the end customer. So, taking steps out of the process and ultimately being more efficient, allowing workers to focus on more specific tasks. So, the workers are using the same type of directing robots and humans, both leveraging those mobile devices that the humans are using today, you know, workers inside the environment and robots together makes to pick most efficient within an environment. So, think of goods transport, think of e-commerce picking as our two primary use cases to everything that we've talked about so far.
所以，它把订单带回包装区域进行实际包装并运送给最终客户。这样，简化了流程，最终更加高效，使工人能够集中精力进行更具体的任务。所以，工人们正在使用相同类型的定向机器人和人类，两者都利用当今人类使用的移动设备，您知道，环境内的工人和机器人一起在环境内进行最高效的选择。因此，将货物运输和电子商务拣选视为我们到目前为止所讨论的两个主要用例。
So, we've got one topic, which is artificial intelligence, whether in a robotic setting or working in a retail environment. It becomes such a hot topic lately, AI, where interest in AI has really exploded this year with the emergence of chat GPT. But I see zebra's use of machine learning and artificial intelligence as we're grounded in practical applications like the computer vision that your machine vision you were mentioning earlier.
所以，我们有一个话题，那就是人工智能，无论是在机器人环境中还是在零售环境中工作。最近，人工智能成为了热门话题，AI的兴趣在今年真的爆发了，随着聊天GPT的出现。但是我认为斑马公司对机器学习和人工智能的应用是基于实际应用的，比如你之前提到的计算机视觉。
Can you discuss some of these technologies and how they play into your major product lines? Or if I'm mistaken and there are some exciting generative AI product that you guys are also working on, please tell us about that as well. So, we think of leveraging AI across the portfolio and as you said, machine learning is a great example of that. We're leveraging vision systems, right, ultimately, and then training and learning around that and then using AI algorithms ultimately to make decision-making. So, as you said, we use it across the entire portfolio.
你能讨论一下这些技术以及它们如何应用于你们的主要产品吗？或者如果我错了，你们也在开发一些令人兴奋的生成式 AI 产品，也请告诉我们。所以，我们考虑将 AI 在整个产品组合中加以利用，就像你说的，机器学习就是一个很好的例子。我们利用视觉系统，最终进行训练和学习，最终使用 AI 算法进行决策。所以，正如你所说，我们在整个产品组合中都使用它。
We use it inside things like optical character recognition, you know, within our machine vision portfolio. We use it to learn and train a model inside, you know, inspection within manufacturing. We use it to train robots, autonomous mobile robots, you know, within an environment and be able to map out that environment, ultimately learn the environment and be able to be autonomous, you know, within that environment. So, there's multiple and to it AI software we talked about leveraging it inside planning within retail.
我们在像光学字符识别这样的东西中使用它，在我们的机器视觉库中。我们在内部使用它来学习和训练模型，你知道，在制造业的检查中。我们还用它来训练机器人、自主移动机器人，你知道，在特定环境中进行映射，最终学习该环境并能够自主进行，你知道，在那个环境中。因此，我们提到的AI软件有多重应用，我们还在零售规划中利用它。
There's many different use cases across our business that we use AI and machine learning and ultimately AI techniques to be able to allow our customers to make better decisions. And we talk in our business really about the idea of, you know, this visibility and automating and digitizing our customers' environments. And then, you know, if you can sense what's happening at the productivity by giving everything a digital voice and then ultimately analyzing that data in real time and then being able to take action associated with that, then you can truly have an outcome, right?
我们业务中有许多不同的用例，我们使用人工智能和机器学习技术，最终使用AI技术，以使我们的客户能够做出更好的决策。在我们业务中，我们谈论的是实现客户环境的可见性、自动化和数字化的理念。然后，如果你能通过给每件事物都赋予数字化的语音来感知生产力的情况，最终实时分析该数据，并能够采取相应的行动，那么你就可以真正实现目标，对吧？
So, customers tell us it's not good enough to tell me the retail shelf is empty. We need to be able to tell me that this send a worker to that shelf, tell the worker either the goods are at the top of the shelf, they just need to bring them down where the consumer can, you know, purchase them or they have to go to the back of the store and bring those out and fill the shelf or an order needs to be placed back on the distribution center to replenish the products back into the store before they could put on the shelf.
所以，顾客告诉我们只告诉我零售货架空了还不够。我们需要能够告诉工作人员去那个货架，告诉他们货物是在货架顶部，只需要把它们拿下来让消费者购买，或者他们需要去店后面把货拿出来并填满货架，或者需要将订单发送回配送中心，重新补充产品到店内，然后才能将其放在货架上。
And I give it a sense, analyze at and the idea that machine learning and AI is a way to actually ultimately analyze the data we're sensing in real time by digitizing the environment and then AI is the technique to do this analytics ultimately and then drive to the best outcome within customers' business so they're more effective and more efficient.
我能理解的意思是，我给它赋予了意义，分析了机器学习和人工智能是通过数码化环境最终分析我们所感知的实时数据的想法，而人工智能则是实现此分析的技术，最终驱动客户企业实现最佳结果，使其更加有效和高效。
What they do each and every time. And as always, people in the program may have interested in the stocks they talk about and the monthly full may have formal recommendations for or against, so don't buy yourself stocks based solely on what you hear. Thanks for listening. We'll see you tomorrow.
他们每次都做的事情。就像往常一样，节目中的人可能对他们谈论的股票感兴趣，月度报告可能会有正式的建议，支持或反对，因此不要仅仅依据你听到的内容来购买股票。感谢聆听，我们明天见。