在这里，我们找到了像苹果、英伟达和好市多这样的“现金牛”公司。
Here we find "cash cow" companies such as Apple, Nvidia and Costco.
既然我们已经了解了完整的五步流程，让我们以苹果公司为例，它曾经是巴菲特持有的股票之一，并将这个清单和流程应用于它，看看何时才是好的买入时机。首先应该问的问题是：苹果的收入是否可预测？
如果你看一下苹果长期收入的图表，你会发现其收入在过去二十年中一直在稳步增长。这使得公司的收入高度可预测。因此，我们在这一点上打上“勾”。下一个问题是：苹果处于商业周期的哪个阶段？
如果看苹果，它是一只很棒的股票，而且表现非常好。沃伦·巴菲特也在卖出，但你不应该从股票市场的角度来看待投资。我们是从企业所有权的角度来看待投资的。
If we look at Apple, it's a great stock, and it has done very well . Warren Buffett was also selling, but you don't look at investing from a stock market perspective. We look at investment from a business ownership perspective.
苹果的盈利是1270亿美元，我们必须调整股票薪酬，这意味着大约1500亿美元，因为他们把钱花在股票上。如果他们分配所有资金，他们可以给你价值1150亿美元的股息。然后是增长方面。
苹果呢？苹果出现了新的买入信号，看看那个趋势。这就是我们要找的，不是吗？似乎已经触底了。趋势已经开始改变。他变得更加贪婪。这与板块内正在发生的情况相反。这一点很重要，因为任何股票30%的走势是由股票本身决定的。
只有30%。另外30%归因于板块。最后40%归因于市场。所以，我的意思是，如果板块的广度和板块的恐惧与贪婪指数对你不利，你就会面临逆风。我的建议，这不是财务建议，是做你想做的，但别听我的，那是肯定的。
接下来看苹果，该股本周在 318 美元。他们有了新 CEO，本周股价几乎保持不变。John Ternos 将接替 Tim Cook，他正在谈论下一代 iPhone 的发布，我认为我们会在未来一两周内知道发布日期。
是的，9 月 9 日。所以，下周苹果将有一场名为“Surprise and Shine”的活动。关注这些活动。那些日子总是令人愉快的。总会有一些惊喜。通常不是从硬件角度，但你会从软件角度看到一些东西。
Mac 现在发布了这些令人惊叹的产品，配备标准化的内存，范围从 256 到 512，这实际上对 Apple 来说是一个积极的信号。这很可能将其增长率从华尔街预期的 9% 提高到 20%，这再次对 Apple 来说是一个积极的信号。
Mac is now releasing these amazing products with a standardized RAM ranging from 256 to 512, which is honestly a positive sign for Apple . This could very well raise its growth rates from the 9% expected on Wall Street to 20%, which is again a positive sign for Apple.
我希望那只该死的 Apple 股票能有折扣，因为我对 Apple 持乐观态度。我只是觉得它目前有点贵。如果我现在按 Apple 的价格买入，我觉得我还不如以那些价格买入网络安全股票。
I want there to be a discount on that damn Apple stock because I'm optimistic about Apple. I just think it's a bit expensive at the moment . If I were to pay Apple's prices now, I feel I'd be better off buying cybersecurity stocks at those values.
那些折叠手机，你无法打开观看 Apple TV Plus，我认为这有点……问题是人们会买它。我认为人们对苹果的误解在于人们会买这款手机。
Well, those foldable phones phones you couldn't open up and watch Apple TV Plus, which I think is kind of And the thing is people are going to buy it. I think that's what people are missing about Apple is people are going to buy this phone.
如果你能把 iPhone Fold 放进口袋，显然你能够做到，那么你现在就有了一个更大的设备，希望你能在上面使用手写笔。
If you could put the iPhone Fold in your pocket, which obviously you will be able to, man, now you actually have a larger device that you could use hopefully, you know, the uh stylus on.
那么，让我们更深入地探讨这个问题。
Uh so, anywh who uh okay, so let's go deeper here uh into this.
苹果正处于 344 美元至 300 美元之间的价格整理阶段。它正好位于 320 美元水平的中间。我不知道今天反转的原因，但它是在正常的平均成交量下发生的。再次强调，苹果的横盘走势与市场其他部分一样。
Apple is stuck in a price unification phase between $344 and $300. It is exactly in the middle at the $320 level. I don't know the reason for this reversal today, but it's happening with a normal average trading volume. Once again, Apple's sideways movement is just like the rest of the market.
你说你对九月感到兴奋，那个名字下周有一个活动，苹果的“日出与闪耀”活动。我喜欢它的标题。我们可能会得到一些新手机，也许是一款可折叠iPhone。我们还有一位新CEO掌舵。那么，蒂姆，随着苹果进入由约翰·特诺斯领衔的下一增长阶段，你现在如何看待苹果？
You said you were excited for September, and that name has an event coming our way next week with Apple and their "Sunrise and Shine" event. I love its title . We might get some new phones, maybe a foldable iPhone . We also have a new CEO at the helm. So, Tim, how do you view Apple now, as they move into this next phase of growth with John Ternos at the forefront?
是的，如你所知，很明显大家都在想iPhone。现在，这就是我一直在谈论的叙事，追溯到六个多月前，或者天哪，实际上超过九个月前，关于苹果是人工智能领域中的隐藏赌注。
Yes, as you know, it's clear that the iPhone is what everyone is thinking about. Now, this is the narrative I've been talking about, going back more than six months, or God, actually more than nine months, about Apple being the hidden bet in the field of artificial intelligence.
