such away.

這種走。

I mean, look, we all have heard the news that Apple is the first trillion-dollar company,

我的意思是，你看，我們都聽說過蘋果是第一個萬億美元公司的消息。

its world's biggest and most successful company.

其世界上最大、最成功的公司。

Maybe the stock price should be higher as well, right?

也許股價也應該高一點吧？

Not really!

不見得！

The reality is quite diffident.

現實是很漫不經心的。

Apple's stock price right now is 258 dollars, while a company that is hundreds of times

蘋果公司現在的股價是258美元，而一家公司的股價是其數百倍。

smaller like NVR Incorporated has a stock price of 3000 dollars.

小如NVR公司的股價為3000美元。

Does that mean that NVR incorporated is bigger than Apple, the short answer is No.

這是否意味著NVR納入的規模比蘋果大，簡短的答案是No。

However, it's a little bit more complicated than it might seem.

然而，這比看起來要複雜一些。

In fact, the entire stock market seems quite complicated at first look.

其實，整個股市乍一看似乎挺複雜的。

But there is a logical explanation behind most of the things.

但大多數事情背後都有一個邏輯解釋。

To make a sense out of the stock market, we have to understand what a stock is in the

要想從股市中理出頭緒，我們就必須瞭解什麼是股票中的

first place.

第一名。

Let's say, For the last 6 months, you have been thinking of starting a business.

比方說，在過去的6個月裡，你一直在考慮創業。

The only problem you have is, you don't know what business to start.

你唯一的問題是，你不知道該做什麼生意。

One day, on your way to college, an idea strikes your mind.

有一天，在你上大學的路上，一個想法在你腦海中出現。

You pull out your phone and write it down, you rush to your house and start planning.

你掏出手機記下來，你趕緊去家裡開始規劃。

Everything looks perfect; you know how to turn your idea into a multi-billion dollar

一切看起來都很完美，你知道如何將你的想法變成數十億美金。

company.

公司。

Congrats.

祝賀你

But its too early to celebrate because you don't have the capital to start.

但它太早慶祝，因為你沒有資本開始。

You gather your family members, and you explain to them the idea hoping that they will invest

你召集你的家人，向他們解釋這個想法，希望他們會投資於

in the company.

在公司裡。

Everyone thinks you are crazy, except your uncle, who decides to bet on you.

每個人都認為你是瘋了，除了你的叔叔，他決定在你身上打賭。

10 thousand dollars in exchange for 20 percent of the company.

1萬元，換取公司20%的股份。

It might not seem much, but it's actually a lot.

看似不多，但其實很多。

Because your uncle just valued your idea that's not proven yet at 50 thousand dollars.

因為你舅舅剛剛給你那個還沒被證實的想法估價了5萬塊錢。

So you register your company, issue 100K shares, and your uncle gets 20K of them.

所以你註冊了公司，發行了10萬股，你叔叔就能拿到其中的2萬股。

You start building your website and designing your product.

你開始建設你的網站，設計你的產品。

In a few months, you run out of cash, and you need to raise more money.

幾個月後，你的現金用完了，你需要籌集更多的錢。

Unlike last time, where you simply had an idea.

不像上次，你只是有一個想法。

Now you have a concept to present.

現在你有一個概念要提出來。

So, instead of going to your uncle again, now you can do something different, like talking

所以，與其再去找你的叔叔，現在你可以做一些不同的事情，比如說...

to some of the big guys.

到一些大佬。

Such as Angel investors.

如天使投資人。

Angel investors are usually the rich dudes who are looking for innovative ideas or young

天使投資人通常是那些正在尋找創新想法或年輕的有錢人。

entrepreneurs to invest in.

創業者投資。

Something like sharks in the shark tank.

就像鯊魚缸裡的鯊魚一樣。

It's not easy to convince these guys to throw money into your business, because statistically,

要說服這些人把錢投到你的企業中去並不容易，因為從數據上看。

9 out of 10 businesses fail.

10家企業中有9家失敗。

And you have to prove to them why you are an exception.

而你必須向他們證明為什麼你是個例外。

After talking to multiple angel investors.

在與多位天使投資人交談後。

Luckily, you could get one of them on board.

幸運的是，你可以讓他們中的一個上船。

But first, you have to agree on the valuation.

但首先，你得同意估值。

There is pre-money valuation and post-money valuation.

有貨幣前估值和貨幣後估值之分。

It's not as difficult as it sounds.

這並不像聽起來那麼困難。

Pre-money valuation is how you value the company before receiving the investment.

資金前的估值是指在收到投資之前，如何對公司進行估值。

And post-money valuation is pre-money valuation plus the investment.

而錢後估值就是錢前估值加上投資。

The higher the pre-money valuation, the less portion of the company the investor is going

資金前的估值越高，投資者要去的公司部分越少

to take.

要採取。

You enter into a negotiation, and you convince the investor to throw 1 million dollars into

你進入一個談判，你說服投資人投100萬美金進去。

your business, with 2 million dollars post-money valuation.

你的企業，資金後估值200萬元。

So the investor is going to take 50 percent of the company (1/2).

所以投資人要拿公司50%的股份（1/2）。

And your shares will get diluted together with your uncle ones.

而你的股份會和你叔叔的股份一起被稀釋。

That doesn't mean, you are going to have fewer shares, the company will simply issue another

這並不意味著，你的股份會減少，公司只是會再發一次。

100 thousand shares for the investor.

為投資者提供10萬股。

So, now there are a total of 200K shares instead of 100K shares, and your stake is 40% ( since

所以，現在一共有20萬股，而不是10萬股，你的持股比例是40%（因為...）。

you own 80K share and your uncle's stake is 10%).

你擁有8萬股，你叔叔的股份是10%）。)

With a million-dollar, you rent an office, hire some designers, engineers, and specialists

有了一百萬美元，你就會租一間辦公室，僱傭一些設計師、工程師和專家。

to complete your product.

來完成你的產品。

Finally, everything is ready; you are about to lunch your product, app, service, whatever.

最後，一切都準備好了，你就要開始吃你的產品、應用、服務，不管是什麼。

But guess what, you are out of cash.

但你猜怎麼著，你沒錢了。

And you still need a marketing budget and salespeople, so you decide to raise some more

而你還需要營銷預算和銷售人員，所以你決定再籌集一些。

money.

錢。

You go for a series B.

你去找一個B系列。

This time, you meet some VCs or Venture Capitalists.

這個時候，你會遇到一些VC或者風投。

They are not your typical angel investors.

他們不是典型的天使投資人。

These are dudes with MBAs and work in Venture Capitalists firms, who take other people's

這些人都是有MBA學位的人，在風險投資公司工作，他們拿著別人的。

money and invest in companies such as yours.

錢，投資你們這樣的公司。

Anyways, after multiple negotiations, they decide to bet on you.

總之，經過多方協商，他們決定把賭注押在你身上。

Since you already have a team and a product to launch, your company hopefully now worth

既然你已經有了團隊和產品推出，你的公司希望現在值得

more.

更多。

Lets say the VC offers you a 10 million dollar investment with a 20 million dollar post-money

假設風投給你提供了1000萬美元的投資，並提供了2000萬美元的後資金。

valuation.

估值。

You find that offer fair, and you accept it.

你覺得這個提議很公平，你就接受了。

The company issues another 200K shares, and everyone's stake gets diluted again.

公司再發行20萬股，大家的股權又被稀釋了。

Since the VC just purchased 50% of the company.

由於VC剛剛收購了公司50%的股份。

(your 20%, uncle's 5%, angel investor 25%)

(你的20%，叔叔的5%，天使投資人的25%)

In case you are wondering.

如果你想知道。

No one has lost money so far.

到目前為止，沒有人虧損。

In fact, everyone just got wealthier.

其實，大家只是更有錢了。

The angel investor, for example, had 50% of 2 million dollars when he invested in the

比如，天使投資人在投資時，有200萬的50%。

company.

公司。

Now he has 25% of a company that worth 20 Million dollars (which is 5 Million dollars).

現在他擁有一家公司25%的股份，價值2000萬美元（也就是500萬美元）。

In fact, your stake worth now 4 Million dollars.

事實上，你的股份現在價值四百萬美元。

Anyways you can go for Series C, D, and so on.

反正你可以選擇C系列、D系列等。

Few years have passed.

少數年過去了。

Congrats, you have made it.

恭喜你，你成功了。

Your idea turns out to be a success.

你的想法變成了成功。

Your business is finally making money.

你的生意終於賺到錢了。

Remember, everyone who has invested in your company has been waiting for you to grow big

請記住，每一個投資你公司的人都在等待你的大發展

enough so that they can cash out.

足夠讓他們兌現。

Especially your uncle, who's 10K investment now worth millions.

尤其是你舅舅，一萬塊錢的投資現在價值百萬。

You have two options, you either get sold to one of the giants of the industry like

你有兩個選擇，你要麼被賣給行業的巨頭之一，如

Instagram did.

Instagram做到了。

Or you go public like Facebook.

或者你像Facebook一樣去公開。

And that's known as IPO - Initial public offering.

而這就是所謂的IPO--首次公開發行。

It's just another way to raise funds and issue shares, but this time, anyone can buy your

這只是另一種融資和發行股票的方式，但這一次，任何人都可以購買你的。

shares.

股份。

They are open to the public.

它們向公眾開放。

Your uncle or that angel investor can sell their shares and make a fortune.

你的叔叔或者那個天使投資人可以賣掉他們的股票，賺取財富。

In fact, people can buy and sell your shares among themselves in the stock market.

事實上，人們可以在股市中互相買賣你的股票。

So before going public, the stock price is determined by what you and the investor would

所以，在上市之前，股價是由你和投資人決定的。

agree on.

同意：

But after going public, the number of factors would influence the price slightly change.

但上市後，影響價格略微變化的因素很多。

The laws of demand and supply would determine the price.

供求規律將決定價格。

stock price after going public

上市後股價

Facebook went public in May 2012, at 38 dollars per share, valuing the company at

Facebook於2012年5月上市，每股38美元，公司估值為。

104 billion dollars.

104億美元。

But the public didn't agree with Facebook, so the demand for Facebook shares wasn't as

但公眾並不認同Facebook，所以對Facebook份額的需求並沒有那麼大。

high as the supply, therefore, on the day of IPO, the stock price dropped to 18 dollars

高的供應量，是以，在IPO當天，股價跌至18美元。

a share.

一股。

But Facebook still managed to sell enough shares to raise 16 billion dollars, making

但Facebook仍然成功地賣出了足夠多的股票，籌集了160億美元，使得

it one of the largest IPOs in the country.

它是國內最大的IPO之一。

The price of the stock doesn't accurately present the true value of the company because

股票的價格不能準確呈現公司的真實價值，因為

the number of factors that can influence the demand and supply of a certain stock are just

影響某隻股票供求關係的因素之多，僅有

too many.

太多了

Let's just say hypothetical, some kind of disease would spread around the world, that

假設性的說，某種疾病會在全世界範圍內傳播，那

would push the media to talk and exaggerate about how the disease could crush the economy.

會促使媒體大談特談，誇大疾病會如何壓垮經濟。

That would scare off immature investors and would push them to sell their stocks before

這將嚇跑不成熟的投資者，並將促使他們在出售股票之前

the market would go down as the media said.

市場會像媒體所說的那樣，下跌。

So the supply of a certain stock let's say Facebook would be much higher than the demand

所以某隻股票的供應量，比如說Facebook，會遠遠高於需求量

for it in the market, which would push the price to plummet.

為它在市場上，這將推動價格暴跌。

And that could scare off the rest of the investors and push them to sell their shares as well

而這可能會嚇跑其他的投資者，促使他們也賣出自己的股票。

before it drops even further.

在它進一步下跌之前。

Even though this particular disease in any way isn't effecting Facebook, it still forced

即使這種特殊的疾病在任何方面都沒有影響到Facebook，但它仍然迫使

its stock price to drop significantly.

其股價將大幅下跌。

Here is another example.

這裡還有一個例子。

The company might realize its earnings for the last quarter, and they might not meet

公司可能會實現上一季度的盈利，也可能達不到。

the expectations slightly.

的期望值稍。

That could get some negative press, and negative press could easily push some investors, especially

這可能會得到一些負面新聞，負面新聞很容易把一些投資者，尤其是

immature ones, to sell their shares, and that would increase the supply of the shares and

不成熟的人，出售他們的股票，這將增加股票的供應量，並使之成為一種新的趨勢。

would drive the price down and even scare off more professional investors.

會使價格下降，甚至嚇跑更多的專業投資者。

It is a never-ending cycle.

這是一個永無止境的循環。

That's why a panic over a crisis can destroy the economy.

這就是為什麼對危機的恐慌會破壞經濟的原因。

The company might not be making a profit for years or decades.

公司可能幾年或幾十年都不會盈利。

But because it seems like some time in the future, it is going to make a lot of money.

但因為好像是未來一段時間，會賺很多錢。

Investors would keep buying its shares, hoping that one day it is going to pay back, and

投資者會不斷地買入它的股票，希望有一天它能回本，而...。

that hope would keep the price rising like in the case of Amazon.

那希望會像亞馬遜那樣保持價格上漲。

It didn't make a profit for 20 years, and yet it made Bezos the richest man in the world.

20年沒有盈利，卻讓貝佐斯成為世界首富。

If a company would keep doing great, the stock price could rise to an unbelievable amount.

如果一家公司能一直做得很好，股價就會漲到不可思議的程度。

Berkshire Hathaway's stock price peaked at 340 thousand dollars a share in February.

伯克希爾-哈撒韋公司的股價在2月份達到了每股34萬美元的峰值。

Yes, you heard it right, a single stock costs 340 thousand dollars, that's what it takes

是的，你沒聽錯，單隻股票要34萬，這就需要

to invest in Warren Buffet's company.

來投資巴菲特的公司。

So some companies play around with their stocks to increase the demand for the stock by splitting

所以有些公司為了增加股票的需求量，會玩轉股票，通過拆分

their stocks, for example, to keep them attractive even to small investors.

例如，他們的股票，以保持它們對小投資者的吸引力。

Take an example of Apple; the stock price currently is 247 dollars, but did you know

以蘋果為例，目前股價是247美元，但你知道嗎？

that in June of 2014, it was 649.88 dollars.

即在2014年6月，是649.88元。

That doesn't make sense!

這不可能！

Right?!

對吧？

Because the company doubled its market cap and iPhone sales skyrocketed since then.

因為該公司的市值翻了一番，iPhone的銷量也從此暴漲。

Then what does that suppose to mean?

那這是什麼意思？

Let me explain!

讓我解釋一下！

In June 2014, Apple split its stock 7 for 1.

2014年6月，蘋果將股票7拆1。

In simple words, apple divided each stock to 7 stocks, so the stock price dropped to

簡單來說，蘋果把每隻股票都分給了7只股票，所以股價跌到了

92.7 dollars.

92. 7美元

So if you had 1 apple stock back then that cost 650 dollars, now you have 7 stocks, and

所以，如果你有1個蘋果股票，當時的成本650美元，現在你有7只股票，和。

each of them costs 92.7 dollars (7x92.7).

每項費用92.7元（7x92.7）。

Nothing really changed, but the stock seems more affordable now, which increased the demand

沒有什麼真正的變化，但現在的股票似乎更實惠，這增加了需求。

for them, hence the price would rise as well.

為他們，是以價格也會上漲。

The number of factors that could influence the stock price are way more than we can possibly

可能影響股價的因素比我們可能的多得多。

can cover in this video, but here is the catch.

可以覆蓋在這個視頻中，但這裡是陷阱。

The trick is to find out if the price of the stock does really represents the true value

訣竅是找出如果股票的價格確實代表了真實的價值。

of the company.

的公司。

If its overvalued, it does not worth investing because sooner or later, the price of the

如果其被高估，它不值得投資，因為遲早，價格的。

stock will drop to its real value, on the other hand.

股價將跌至其實際價值，另一方面。

If the stock price is lower than what the company really worth, then it is a great investment

如果股價低於公司真正的價值，那麼它就是一個很好的投資項目。

since the stock price sooner or later will rise to its real value.

因為股價遲早會漲到其實際價值。

I hope you guys have enjoyed this video, make sure you give this video a thumbs up and leave

希望你們喜歡這個視頻，一定要給這個視頻豎起大拇指，並留下。

a comment because that will really help the channel.

一條評論，因為這將真正幫助管道。

And of course, hit that subscribe button if you are new around here.

當然，如果你是新來的，請點擊訂閱按鈕。

Thanks for watching and until next time.

謝謝你的觀看，直到下一次。