订阅

多平台阅读

微信订阅

杂志

申请纸刊赠阅

订阅每日电邮

移动应用

专栏 - 苹果2_0

苹果为什么不爱听股东的话

Philip Elmer-DeWitt 2012年12月14日

苹果(Apple)公司内部流传着一个老笑话,那就是史蒂夫·乔布斯周围是一片“现实扭曲力场”:你离他太近的话,就会相信他所说的话。苹果的数百万用户中已经有不少成了该公司的“信徒”,而很多苹果投资者也赚得盆满钵满。不过,Elmer-DeWitt认为,在报道苹果公司时有点怀疑精神不是坏事。听他的应该没错。要知道,他自从1982年就开始报道苹果、观察史蒂夫·乔布斯经营该公司。
苹果的股东最关心的问题是什么?数字显示,30%的投资者看空苹果公司的股票;55%的股东认为公司最大的隐患是不断下滑的利润率;而60%的股东将谷歌视为最大的威胁;65%的股东认为,苹果海量现金储备应该用来加速股票回购,以便拉升股价。

图为苹果午餐会问卷调查的结果。

    史蒂夫·乔布斯一直对苹果(Apple)股东们的要求、甚至乞求置若罔顾,而蒂姆·库克如果需要进一步的证据,不妨参考一下上面这份本周三发布的调查报告。

    报告出自巴克莱银行(Barclays)分析师本·瑞兹和安东尼·迪克莱门特之手,他们最近在纽约举办了一场有几十名苹果投资者参加的午餐会。

    库克不厌其烦地表示:“最让人心潮澎湃的是疯狂专注于制造世界上最好的产品。”如果真是这样,谁会在乎30%的投资者看空公司股票;55%的股东认为公司最大的隐患是不断下滑的利润率;60%的股东将谷歌(Google)视为最大威胁;或是投资者们设定的公司2013年目标股价?

    笔者最关注的是第五个问题:“苹果到底应该如何处理现金储备?”

    当前,苹果正在耗资数十亿美元巩固闪存芯片和触摸屏供应链。值此之际,90%的股东显然认为,苹果处理海量现金储备的最好办法是给自己多发点现金红利,或者加快股票回购计划,拉升苹果股价。

    译者:项航

    If Tim Cook needed further validation of Steve Jobs' policy of ignoring the needs and entreaties of Apple's (AAPL) shareholders, the results of the survey at right, released Wedenesday, could provide it.

    It comes from a recent luncheon in New York City with several dozen Apple investors that was hosted by Barclays analysts Ben Reitzes and Anthony DiClemente.

    If "the thing that makes your heart beat" -- as Cook never tires of saying -- "is a maniacal focus on making the best products in the world," what do you care if 30% of your investors are bearish, if 55% think lower margins are your biggest headwind, if 60% view Google (GOOG) as your biggest threat or what their 2013 price targets might be?

    The clincher for me was Question 5: "What should Apple do with its cash?"

    At a time when the company is spending billions of dollars shoring up chip and touchscreen supplies and investing in plants and equipment to try to meet demand for its newest products, 9 out of 10 shareholders apparently think the best use of those billions would be to pay shareholders bigger cash dividends or to drive up Apple's stock price by accelerating the company's share repurchase program.

我来点评

  最新文章

最新文章:

中国煤业大迁徙

500强情报中心

财富专栏