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          專欄 - 蘋果2_0

          蘋果為什么不愛聽股東的話

          Philip Elmer-DeWitt 2012年12月14日

          蘋果(Apple)公司內部流傳著一個老笑話,那就是史蒂夫·喬布斯周圍是一片“現實扭曲力場”:你離他太近的話,就會相信他所說的話。蘋果的數百萬用戶中已經有不少成了該公司的“信徒”,而很多蘋果投資者也賺得盆滿缽滿。不過,Elmer-DeWitt認為,在報道蘋果公司時有點懷疑精神不是壞事。聽他的應該沒錯。要知道,他自從1982年就開始報道蘋果、觀察史蒂夫·喬布斯經營該公司。
          蘋果的股東最關心的問題是什么?數字顯示,30%的投資者看空蘋果公司的股票;55%的股東認為公司最大的隱患是不斷下滑的利潤率;而60%的股東將谷歌視為最大的威脅;65%的股東認為,蘋果海量現金儲備應該用來加速股票回購,以便拉升股價。

          圖為蘋果午餐會問卷調查的結果。

          ????史蒂夫·喬布斯一直對蘋果(Apple)股東們的要求、甚至乞求置若罔顧,而蒂姆·庫克如果需要進一步的證據,不妨參考一下上面這份本周三發布的調查報告。

          ????報告出自巴克萊銀行(Barclays)分析師本·瑞茲和安東尼·迪克萊門特之手,他們最近在紐約舉辦了一場有幾十名蘋果投資者參加的午餐會。

          ????庫克不厭其煩地表示:“最讓人心潮澎湃的是瘋狂專注于制造世界上最好的產品。”如果真是這樣,誰會在乎30%的投資者看空公司股票;55%的股東認為公司最大的隱患是不斷下滑的利潤率;60%的股東將谷歌(Google)視為最大威脅;或是投資者們設定的公司2013年目標股價?

          ????筆者最關注的是第五個問題:“蘋果到底應該如何處理現金儲備?”

          ????當前,蘋果正在耗資數十億美元鞏固閃存芯片和觸摸屏供應鏈。值此之際,90%的股東顯然認為,蘋果處理海量現金儲備的最好辦法是給自己多發點現金紅利,或者加快股票回購計劃,拉升蘋果股價。

          ????譯者:項航

          ????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.

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