of the stock market.

的股票市場。

With so many charts and numbers, it's easy to get confused, so let's break it down and

這麼多的圖表和數字，很容易讓人迷惑，那麼我們就來分析一下，並且

try to make a sense out of it.

試著去理解它。

Let's say you have built a business, but now you need some more money to expand or maybe

比方說，你已經建立了一個企業，但現在你需要更多的錢來擴張，或者可能是

you just want a private jet.

你只是想要一架私人飛機。

Where do you get the money from?

你的錢從哪裡來？

Here is an idea for you, why don't you break down your company and sell part of it while

我給你出個主意，你何不把公司拆分，賣掉一部分，而

you keep the majority to stay in charge.

你要保持多數人的地位，才能繼續掌權。

That's what stock market is for, and this process is known as Initial Public Offering

這就是股市，這個過程被稱為首次公開募股

(IPO) But how much money can you make?

(IPO)但你能賺多少錢？

Let's take an example of Mark Zuckerberg's little toy - facebook.

我們以馬克-扎克伯格的小玩具--facebook為例。

It went public in 2012 with 337 million shares at a price of 38 dollars a share.

2012年上市，以每股38美元的價格發行3.37億股。

Not bad, right?!

不錯吧？

But, when he realized that, that there are so many more people who want a piece of his

但是，當他意識到，還有那麼多人想從他的身上分一杯羹的時候。

pie, he added another 84 million shares (421 million).

派，他又增加了8400萬股（4.21億股）。

And guess what?

你猜怎麼著？

He sold every single one of them.

他把他們每一個人都賣掉了。

And raised 16 billion dollars.

並籌集了160億美金。

He literally became a billionaire in just a few hours.

他真的在短短几個小時內成為億萬富翁。

In fact, the stock price increased to 45 dollars within the first day of trading.

事實上，股價在交易的第一天就漲到了45美元。

It seems like Facebook was doing great, but it was too early to celebrate because it felt

看起來Facebook做得很好，但現在慶祝還為時過早，因為覺得

back to 38 by the end of the day, and that was just the beginning.

回38的一天結束，而這僅僅是個開始。

The bad news was just starting.

壞消息才剛剛開始。

In the next few weeks, the stock crashed to as low as 20 dollars.

在接下來的幾個星期裡，股價暴跌至20美元。

Twice smaller than its original price.

比原價小了一倍。

Now, to understand what's happening here, we have to get to the root of the stock market.

現在，要想了解這裡發生的事情，我們必須要從股市的根源入手。

In the past stocks were acquired primarily for dividends.

過去收購股票主要是為了分紅。

Theoretically, when you a buy a stock, you become the owner of that company.

理論上講，當你買了一隻股票，你就成了該公司的所有者。

Which means that you like any other owner . have the right to the profit of the company.

這意味著，你和其他業主一樣，有權利獲得公司的利潤。

Congratulations, you have purchased 10 facebook stocks in January of 2017, and you are now

恭喜你，你已經在2017年1月購買了10只facebook股票，你現在是

the owner of Facebook exactly like Mark, and I am not kidding.

臉譜網的主人完全像馬克，我不是在開玩笑。

So, Your company (Facebook) makes 15.934 Billion dollars, How much of that belongs to you?!

那麼，你的公司（Facebook）賺了159.34億美元，其中有多少是屬於你的？

At the end of the day, you have spent 1300 dollars to buy your 10 stocks.

到了最後，你已經花了1300元買了你的10只股票。

(Facebook stock price in January 2017) But lets first take a look at how much stocks

(2017年1月Facebook股價)但我們先來看看股票的價格是多少？

are there in total.

是有總。

It turns out that there are almost 3 billion of them (2.956 Billion).

原來有近30億人（29.56億）。

I doubt that your 10 stock matters now.

我懷疑你現在的10只股票是否重要。

But let's be optimistic.

但我們還是樂觀一點吧。

Because, if we divide the net income on the numbers of shares, each stock should earn

因為，如果我們把淨收入除以股數，每隻股票應該獲得

a little over 5 dollars (5.39= 15.934 Billion/ 2.956 Billion), by the way, that's known as

5元多一點（5.39=159.34億/29.56億），對了，這就是所謂的。

EPS (earnings per share).

EPS（每股收益）。

In other words, your 10 stock suppose to earn you almost 54 dollars (53.9).

換句話說，你的10只股票假設賺取你幾乎54美元（53.9）。

Not bad, right?.

不錯吧？

But that's just hypothetically, in practice, you get absolutely nothing!

但這只是假設，在實踐中，你絕對得不到任何好處!

The board of directors is the one who is going to decided what to do with this money.

董事會是要決定如何處理這筆錢的。

And their first priority is to fill their pockets and expand the company, so no one

而他們的首要任務是填飽自己的腰包，擴大公司的規模，所以沒有人

really cares about your 10 stocks.

真正關心你的10只股票。

But don't worry, not everyone is a scammer like Mark Zuckerberg.

但別擔心，並不是每個人都是馬克-扎克伯格那樣的金光黨。

For example, last year Apple paid 13 billion dollars in dividends (12.769 B) or 2.5 dollars

例如，去年蘋果公司支付了130億美元的股息（127.69 B），即2.5美元。

for each stock (2.46).

每種股票(2.46)。

Of course, it's not much for a stock that costs 170 bucks, but something is always better

當然，對於一隻170塊錢的股票來說，它的價格並不高，但有些東西總歸是好的

than nothing.

聊勝於無。

However, today, it doesn't really matter how much the company pays as much as the price

然而，如今，公司付出多少代價並不重要了

of the stock.

的股票。

Apple's stockholders experienced a 33% gain within a single year!

蘋果的股民在一年內經歷了33%的漲幅!

That's way better than market's average.

這比市場的平均水平要好得多。

( from $120 to $160)

(從120美元到160美元)

You probably have already heard that Apple is the first company to cross a trillion dollar

你可能已經聽說過，蘋果是第一家跨入萬億美元的公司。

valuation because its stock price crossed 200 dollars.

估值，因為其股價突破200美元。

But what if I told you that until June of 2014, Apple stock price was 645 dollars.

但如果我告訴你，直到2014年6月，蘋果股價是645美元。

Does that mean, that the company was already valued at more than 3 trillion dollars?

這是否意味著，該公司的估值已經超過3萬億美元？

Oh, god, this stock market is so freaking complicated.

哦，上帝，這個股市是如此的複雜。

Let me explain.

讓我解釋一下。

There is something called stock splits.

有一種東西叫股票分割。

Each stock was split into 7 pieces, and the prices were decreases proportionally (92.7

每隻股票抽成7塊，價格按比例遞減（92．

dollars).

美元）。)

Technically nothing really changed, but now more people can afford the stock and join

從技術上看，其實並沒有什麼變化，但現在越來越多的人買得起股票，加入了

the community of Apple investors.

的蘋果投資人群體。

Since the stock now costs 92 dollars.

由於現在股票的價格是92元。

But not all companies do that, some prefer to only work with serious people such as Warren

但並不是所有的公司都會這麼做，有些公司只喜歡和認真的人合作，比如華倫。

Buffett.

巴菲特。

His company Berkshire Hathaway has never split their stocks.

他的公司伯克希爾-哈撒韋公司從未拆分過他們的股票。

that's why it only has 1.68 million shares, in comparison Apple has 5 billion (4.91 Billion)

這就是為什麼它只有168萬股，相比之下，蘋果有50億（49.1億）。

That's why a single buffet's stock (Berkshire Hathaway) cost over 300K dollars.

這也是為什麼一隻自助餐的股票（伯克希爾哈撒韋）成本超過30萬美金的原因。

I guess most of us will never join buffets secret investors society.

我想我們大多數人都不會加入自助餐祕密投資者協會。

But don't worry, Buffett wouldn't mind taking your money as well.

不過不用擔心，巴菲特也不會介意拿你的錢。

That's why he created class B shares which are more affordable (200usd).

所以他才創造了更實惠的B類股（200usd）。

The topic of the stock market never ends, but this video has to.

股市的話題永遠不會結束，但這個視頻必須要。

As always, hit the subscribe button and the bell beside.

一如既往地點擊訂閱按鈕和旁邊的鈴聲。

Thanks for watching and I will see you in the next one.

謝謝你的觀看，我們下期再見。