首先，lululemon。lululemon昨天公布了财报，让我们深入研究这些数字，好吗？如果你只看原始数据，你会说他们的营收大约差了1.7%。但看看这些利润，每股收益。他们实现了近63%的优势。
他们超出了预期63%。为什么lululemon的股价在下跌？现在它需要大幅上涨。嗯，事实是这些数字有些误导。这是误导性的，因为每股收益考虑了基于先前支付的关税的金额报销。因此，这些是一次性支付，并不是真正总利润的指标。
我们来看一下Lululemon在昨天晚些时候发布财报后的单日走势。由于同店销售数据全面令人失望，该股经历了大幅下跌。
we take a look at Lululemon's one-day chart following its earnings report late yesterday. The stock experienced a sharp decline following disappointing comparative sales results across the board.
这份财报和今天的市场反应是早盘交易的焦点，现在Marley Cayden加入我们进行更详细的分析。Marley，我们昨天在数据发布后立即进行了讨论，从一开始这些数据就令人失望。
This earnings report and today's reaction are the focus of morning trading, and now Marley Cayden joins us for a closer look . Marley, we discussed these numbers as soon as they were released yesterday, and they were disappointing from the start.
所以，Lululemon在昨天早盘交易中大幅下跌，在盘后公布财报后，基本上暴跌了20%。
So, Lululemon falling pretty sharply in early trading yesterday reporting earnings after the bell collapsing basically down 20%.
然后Lululemon突破了。它出现了巨大的上涨，现在又暴跌回落。这告诉我，作为波段交易，我喜欢这个水平。现在，仅仅因为我喜欢并不意味着它会成功，但从概率上讲，这应该是重要的技术支撑。
大约在Lulu每股81美元到80美元左右。现在，我们还在98，所以还有一段路要走，但我们可能在几周内到达这里。我的意思是，也许甚至更短，取决于这只股票的交易情况。对我来说，那将是一个很好的Lululemon买入机会。所以，请把那个放在你的观察名单上。
Then Lululemon broke out. It had this monstrous move up and now it's cratering back down. What this tells me is as a swing trade, I love this level. Now, just because I love it doesn't mean it's going to work out, but probabilitywise, this should be significant technical support. Right around $81 to $80 per share on Lulu. Now, we're still at 98, so it's still a ways to go, but we could be here in a few weeks. I mean, maybe even less depending on how this thing trades. And that to me would be a great buying opportunity on Lululemon. So, keep that one on your radar.
无论如何，Lululemon已经变成了一个“柠檬”，现在价格低于100。我不知道它今天会以什么价格开盘，但这总是一个有趣的故事。发生了什么？
Anyway, Lululemon has become a " lemon" and is now less than 100. I don't know where it will open today, but it's always an interesting story . What happened?
嗯，我们的收入终于大幅下降，下降了4%。可比销售额下降了9%。如果你与上一季度相比，那很糟糕，但没有那么糟糕。它仍然是一家增长型公司。可比销售额也很高。如果你与2024年相比，看起来好得多，利润更高。
Well, we have revenues finally declining significantly, by 4%. Comparative sales are down by 9%. If you compare it to the previous quarter, it was bad, but not that bad. It was still a growing company. Comparable sales were also high. If you compare it to 2024, it looked much better with higher profits.
“露露乐蒙”很有趣，“耐克”也很有趣。也许“露露乐蒙”，因为有些东西会重新流行，有些会消失。如果你看看露露乐蒙，凭借其数十亿美元的股票回购和现金流，他们能够度过低迷期，并在回归繁荣时可能使价值翻倍。
"Lululumon" is interesting, and " Nike" is also interesting. Perhaps "Lululumon," because some things come back into fashion, and some disappear. If you look at Lululemon, with its billion-dollar share buybacks and cash flow, they could weather the downturn and potentially double their value when they return to the boom.
最后但同样重要的是Lululemon，我计算其公允价值为168美元。当前市场价格为122美元。这意味着Lululemon股票投资者在未来12至18个月内还有超过38%的上涨空间。
Last but not least, Lululemon, which I calculated a fair value at $168. The current market price is $122. And that leaves over 38% upside for Lululemon stock investors over the next 12 to 18 months.
对我来说，Lululemon更看涨的因素之一是品牌资产，这使得公司能够以远高于竞争对手的价格销售产品。它产生的利润率在该行业中属于最佳之列，正是品牌资产使公司能够收取高价并实现销售。
One of the more bullish factors for me with Lululemon is the brand equity, which allows the company to sell products at supremely high prices compared to its competition. It generates profit margins in the best of the best in terms of this industry and it's the brand equity that allows the company to charge those high prices and generate sell through.
Lululemon更便宜，在亚洲疯狂增长。我也认为Lululemon是他持有的一个巨大仓位，如果不是最大仓位的话。
Ant Lulu cheaper growing like crazy in Asia. And I also think Lululemon is a huge position for him if not the top position.
同样，Lululemon已经突破了所谓的40亿美元收入上限，达到了110亿美元的收入。但从2021年、2019年或2018年以来，它以很高的速度增长了七年。自那以后，股价一直停滞不前。
Similarly, Lululemon has passed that four billion let's say ceiling went to 11 billion in revenues. But since what was this 2021, 2019, 2018, it's grew for seven years at great rates. Since then, the stock has done nothing.
我想首先再次介绍一下内在价值投资组合是如何运作的。我认为这在今天尤其重要，因为我们将讨论一些仓位，其中我们中的一个人比另一个人更看好或曾经更看好。所以基本上，内在价值投资组合是 Sean Kyle 和我共同管理的一个共享投资组合，我们处理这个问题的方式基本上是一个简单的规则。
显然，这个投资组合是一个付费投资组合，因为我们不提供任何财务建议，也不实际管理资金。然而，投资组合中持有的每个仓位都必须至少在我们主持人之一的个人投资组合中。有些显然在我们所有人的投资组合中，但主要规则是，我们中的一个人必须拥有这家公司。
