<p>投资者面临的数据量有时可能会让人感到不知所措。在财报季节——大多数 <strong>标准普尔 500</strong> 上市公司报告季度经营结果的六周期间——以及美国政府发布的经济数据之间，紧跟华尔街市场动态事件可能会变得困难。</p>
<p>例如，投资者可能会忽视向证券交易委员会提交的 13F 表格的季度申报，这在重要性上可以说与财报和经济数据发布不相上下。</p>
<p>13F 是机构投资者在季度结束后不超过 45 个日历天内必须提交的申报，适用于管理资产至少为 1 亿美元的投资者。该申报提供了华尔街最优秀的资金经理在最新季度购买和出售哪些股票的内幕信息。尽管对于非常活跃的对冲基金来说，13F 可能呈现出过时的画面，但通常它们在帮助投资者发现华尔街领先资产管理者关注的股票和趋势方面是颇具洞察力的。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjMzMzMvbW9uZXktbWFuYWdlci1zdG9jay1jaGFydC1tYXJrZXQtbGV2ZWwtMi1kYXRhLWludmVzdC1nZXR0eS5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="466" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjMzMzMvbW9uZXktbWFuYWdlci1zdG9jay1jaGFydC1tYXJrZXQtbGV2ZWwtMi1kYXRhLWludmVzdC1nZXR0eS5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<p>亿万富翁沃伦·巴菲特是股市上最著名和最受关注的资金经理——但他并不是唯一一个以敏锐的投资洞察力和创造丰厚利润而闻名的亿万富翁。投资者还密切关注亿万富翁基金经理大卫·特普（David Tepper），他管理的资产超过 80 亿美元，截至 3 月 31 日。</p>
<p>特普之所以如此受欢迎，是因为他愿意将基金的资本投入到推动当前华尔街牛市的高增长科技股中。但你可能会惊讶地发现，Appaloosa 的亿万富翁首席在过去一年（2024 年 3 月 31 日至 2025 年 3 月 31 日）中一直是三只 “七大奇迹” 成分股的持续卖家，同时也是一只具有双位数增长潜力的股票的热衷买家。</p>
<h2>大卫·特普正在将三只市场领头羊的股票送上砧板</h2>
<p>13F 表明，特普在 2024 年 3 月底至 2025 年 3 月底期间已经部分或完全兑现了多只高增长科技股的投资。但最引人注目的卖出活动与 “七大奇迹” 成分股有关。在 12 个月内，特普减少了其基金在以下股票的持仓：</p>
<ul>
<li><strong>英伟达</strong>(NVDA -2.87%) 减少了 93%，即 4,120,000 股。（考虑到英伟达在 2024 年 6 月的 10 比 1 股票拆分）</li>
<li><strong>Meta Platforms</strong>(META -2.56%) 减少了 51%，即 572,500 股。</li>
<li><strong>亚马逊</strong>(AMZN 0.61%) 减少了 34%，即 1,318,000 股。</li>
</ul>
<p>值得一提的是，特普还削减了其基金在 <strong>Alphabet</strong> 的持仓，特别是 C 类股票（GOOG），减少了 3%，并购买了 <strong>苹果</strong> 的看跌期权。</p>
<p>公平地说，英伟达、Meta Platforms 和亚马逊的卖出活动可能只是简单的获利了结。这些公司推动了市场的上涨，特普在机会出现时绝对表现出愿意兑现利润的态度。令人担忧的是，这种卖出可能不仅仅是获利了结。</p>
<p>或许最大的担忧是，如果出现人工智能（AI）泡沫并破裂，英伟达、Meta 和亚马逊可能面临下行风险。尽管自互联网出现以来，AI 已成为华尔街最热门的趋势，但在这段时间内，没有任何一次重大创新能够避免泡沫破裂的事件。投资者在早期采用和实用性方面总是过于乐观，这种情况在人工智能上可能再次出现。</p>
<p>Meta Platforms 和亚马逊的一个好消息是，它们的业务在 AI 革命之前就已经蓬勃发展。Meta 几乎 98% 的净销售额来自广告，而亚马逊快速增长的云基础设施服务平台（亚马逊网络服务）、广告服务和订阅服务，如果 AI 投资放缓，依然会表现良好。英伟达则不能这样说，其 AI 图形处理单元是 AI 加速数据中心的核心，也是公司主要的增长驱动力。</p>
<p>Appaloosa 的亿万富翁首席可能也对估值有所担忧。虽然 Meta 和亚马逊的估值并不算过高，但英伟达的过去 12 个月（TTM）市销率超过 26。这是其同行的两倍多，历史上并不是一个可持续的倍数。</p>
<p>此外，标准普尔 500 的 Shiller 市盈率在 2025 年进入时是 154 年来最昂贵的盈利倍数之一。Shiller 市盈率超过并维持在 30 的五次之前，最终导致华尔街主要股票指数下跌 20% 或更多。如果市场出现回调，“七大奇迹” 股票可能会承受显著的卖压。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjMzMzMvcmlkZS1zaGFyZS11YmVyLWx5ZnQtY2FyLWRyaXZlci1wYXNzZW5nZXItZ2V0dHkuanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="466" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjMzMzMvcmlkZS1zaGFyZS11YmVyLWx5ZnQtY2FyLWRyaXZlci1wYXNzZW5nZXItZ2V0dHkuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>这是亿万富翁大卫·特普无法停止购买的股票</h2>
<p>然而，特普在过去一年中进行了一些选择性购买。排除期权合约，他向基金新增了 10 个持仓，并增加了六只其他证券（股票和交易所交易基金，简称 ETF）的持股。</p>
<p>这些新购买或增持中，没有哪一只比共享出行巨头 <strong>Lyft</strong>(LYFT 2.85%) 更引人注目。在 2024 年 3 月 31 日至 2025 年 3 月 31 日期间，Appaloosa 的亿万富翁投资者增加了 8,532,382 股的持股，增幅达到 1,825%。</p>
<p>值得指出的是，尽管到三月底，Lyft 在 Appaloosa 的投资资产中占比为 1.3%，但其主要竞争对手 <strong>Uber Technologies</strong>（UBER -1.19%）占比达 2.8%。换句话说，这并不是 Tepper 在选择一家公司而非另一家公司。相反，这似乎是对共享出行快速增长的直接押注。</p>
<p>正如你所想，关于共享出行市场的增长预测各不相同（双关语完全适用）。根据 Stratis Research 的预测，全球共享出行市场预计将从 2025 年估计的 877 亿美元销售额增长约 10 倍，到 2033 年将超过 9180 亿美元。这相当于 21% 的年复合增长率，这足以让 Tepper 对共享出行领域的两大主要参与者感到兴奋。</p>
<p>但 Tepper 选择在过去一年中将 Appaloosa 在 Lyft 的股份增加超过 1800% 还有公司特定的原因。其中一个原因是公司的关键绩效指标大幅改善。在最新报告的季度（截至 3 月 31 日），总乘车次数同比增长 16%，达到 2.184 亿次，活跃乘客增长 11%，总预订额达到 42 亿美元。简单来说，Lyft 正在吸引更多乘客，活跃客户使用该服务的频率也在增加。</p>
<p>或许比吸引新客户和回头客更重要的是 Lyft 的运营现金流。自 2023 年 4 月担任首席执行官以来，John Risher 特别注重改善公司的运营现金流。在两年内，我们见证了 180 度的转变，Lyft 现在正在产生强劲的净运营现金流。</p>
<p>随着 Lyft 的盈利能力显著提升，现金流迅速扩张，它似乎成为了投资共享出行领域比 Uber Technologies 更具吸引力的选择。请注意，Uber 在市场份额上占据主导地位，通常伴随一定程度的估值溢价。但 Uber 的市值是否值得 4.3 倍的 TTM 销售额，而 Lyft 的市销率仅为 1.1？要么是 Uber 的股票已经过热，要么是 Lyft 是一个有吸引力的便宜货。</p>
<p>此外，Lyft 正在积极发展数字广告，以多元化其收入来源并提升利润率。在地图上或 “按模式赞助的乘车” 中出现的赞助商为企业提供了向用户传达信息的方式，同时也为 Lyft 带来了额外的收入。</p>
<p>尽管 Lyft 尚未展示其应对有机衰退的能力，但它确实带来了一个引人入胜的增长故事，显然引起了华尔街一些最知名的亿万富翁资金经理的兴趣。</p>

<p>亿万富翁大卫·泰珀（David Tepper）通过其投资公司 Appaloosa 大幅减少了在英伟达、Meta Platforms 和亚马逊的持股，分别出售了 93%、51% 和 34% 的股份。这一卖出行为可能是由于获利了结或对人工智能行业潜在下行风险的担忧。泰珀还在投资一只具有良好市场前景的高增长股票。目前市场估值，尤其是英伟达的估值，引发了对可持续性的担忧，因为标准普尔 500 指数的 Shiller 市盈率处于历史高位，暗示未来可能出现下滑</p>

<p>The amount of data thrown investors' way can be overwhelming at times. Between earnings season -- the six-week period where most <strong>S&amp;P 500</strong>-listed companies report their quarterly operating results -- and economic releases from the U.S. government, it can be tough to stay on top of Wall Street's market-moving events.</p>
<div class="lb-trans"><p>投资者面临的数据量有时可能会让人感到不知所措。在财报季节——大多数 <strong>标准普尔 500</strong> 上市公司报告季度经营结果的六周期间——以及美国政府发布的经济数据之间，紧跟华尔街市场动态事件可能会变得困难。</p>
</div><p>For example, investors might overlook the quarterly filing of Form 13Fs with the Securities and Exchange Commission, which is, arguably, right up there in importance with earnings and economic data releases.</p>
<div class="lb-trans"><p>例如，投资者可能会忽视向证券交易委员会提交的 13F 表格的季度申报，这在重要性上可以说与财报和经济数据发布不相上下。</p>
</div><p>A 13F is a required filing no later than 45 calendar days following the end to a quarter by institutional investors with at least $100 million in assets under management (AUM). This filing provides an under-the-hood look at which stocks Wall Street's brightest money managers purchased and sold in the latest quarter. Though 13Fs can paint a stale picture for very active hedge funds, they're usually insightful in the sense that they can help investors spot the stocks and trends piquing the interest of Wall Street's leading asset managers.</p>
<div class="lb-trans"><p>13F 是机构投资者在季度结束后不超过 45 个日历天内必须提交的申报，适用于管理资产至少为 1 亿美元的投资者。该申报提供了华尔街最优秀的资金经理在最新季度购买和出售哪些股票的内幕信息。尽管对于非常活跃的对冲基金来说，13F 可能呈现出过时的画面，但通常它们在帮助投资者发现华尔街领先资产管理者关注的股票和趋势方面是颇具洞察力的。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjMzMzMvbW9uZXktbWFuYWdlci1zdG9jay1jaGFydC1tYXJrZXQtbGV2ZWwtMi1kYXRhLWludmVzdC1nZXR0eS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F823333%2Fmoney-manager-stock-chart-market-level-2-data-invest-getty.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><p>Billionaire Warren Buffett is the stock market's most-famous and followed money manager -- but he's not the only billionaire known for his keen investing insights and ability to generate big profits. Investors also pay close attention to billionaire fund manager David Tepper of Appaloosa, who's overseeing north of $8 bullion in AUM, as of March 31.</p>
<div class="lb-trans"><p>亿万富翁沃伦·巴菲特是股市上最著名和最受关注的资金经理——但他并不是唯一一个以敏锐的投资洞察力和创造丰厚利润而闻名的亿万富翁。投资者还密切关注亿万富翁基金经理大卫·特普（David Tepper），他管理的资产超过 80 亿美元，截至 3 月 31 日。</p>
</div><p>What's made Tepper so popular has been his willingness to put his fund's capital to work in the high-growth tech stocks that have led the current bull market rally on Wall Street. But you might be surprised to learn that Appaloosa's billionaire chief has been a pretty persistent seller of three &#34;Magnificent Seven&#34; components over the previous year (March 31, 2024 – March 31, 2025), and an avid buyer of a double-digit growth stock with a burgeoning addressable market.</p>
<div class="lb-trans"><p>特普之所以如此受欢迎，是因为他愿意将基金的资本投入到推动当前华尔街牛市的高增长科技股中。但你可能会惊讶地发现，Appaloosa 的亿万富翁首席在过去一年（2024 年 3 月 31 日至 2025 年 3 月 31 日）中一直是三只 “七大奇迹” 成分股的持续卖家，同时也是一只具有双位数增长潜力的股票的热衷买家。</p>
</div><h2>David Tepper is sending shares of three market leaders to the chopping block</h2>
<div class="lb-trans"><h2>大卫·特普正在将三只市场领头羊的股票送上砧板</h2>
</div><p>Form 13Fs show that Tepper has cashed in his chips (partially or fully) on a number of high-growth tech stocks from the end of March 2024 to the close of March 2025. But the selling activity that stands out most has to do with members of the Magnificent Seven. Over 12 months, Tepper reduced his fund's positions in:</p>
<div class="lb-trans"><p>13F 表明，特普在 2024 年 3 月底至 2025 年 3 月底期间已经部分或完全兑现了多只高增长科技股的投资。但最引人注目的卖出活动与 “七大奇迹” 成分股有关。在 12 个月内，特普减少了其基金在以下股票的持仓：</p>
</div><ul>
<li><strong>Nvidia</strong>(NVDA -2.87%) by 93%, or 4,120,000 shares. (accounting for Nvidia's 10-for-1 stock split in June 2024)</li>
<li><strong>Meta Platforms</strong>(META -2.56%) by 51%, or 572,500 shares.</li>
<li><strong>Amazon</strong>(AMZN 0.61%) by 34%, or 1,318,000 shares.</li>
</ul>
<div class="lb-trans"><ul>
<li><strong>英伟达</strong>(NVDA -2.87%) 减少了 93%，即 4,120,000 股。（考虑到英伟达在 2024 年 6 月的 10 比 1 股票拆分）</li>
<li><strong>Meta Platforms</strong>(META -2.56%) 减少了 51%，即 572,500 股。</li>
<li><strong>亚马逊</strong>(AMZN 0.61%) 减少了 34%，即 1,318,000 股。</li>
</ul>
</div><p>It's also worth mentioning that Tepper has cut his fund's position in <strong>Alphabet</strong>, specifically the Class C shares (GOOG), by 3%, as well as purchased put options on <strong>Apple</strong>.</p>
<div class="lb-trans"><p>值得一提的是，特普还削减了其基金在 <strong>Alphabet</strong> 的持仓，特别是 C 类股票（GOOG），减少了 3%，并购买了 <strong>苹果</strong> 的看跌期权。</p>
</div><p>To be fair, this selling activity in Nvidia, Meta Platforms, and Amazon might be nothing more than simple profit-taking. These companies have led the market higher, and Tepper has absolutely demonstrated a willingness to ring the register and lock in profits when the opportunity presents itself. The concern is there may be more to this selling than just profit-taking.</p>
<div class="lb-trans"><p>公平地说，英伟达、Meta Platforms 和亚马逊的卖出活动可能只是简单的获利了结。这些公司推动了市场的上涨，特普在机会出现时绝对表现出愿意兑现利润的态度。令人担忧的是，这种卖出可能不仅仅是获利了结。</p>
</div><p>Perhaps the biggest worry is that Nvidia, Meta, and Amazon sport downside risk if an artificial intelligence (AI) bubble were to form and burst. Despite AI being the hottest trend on Wall Street since the advent of the internet roughly three decades ago, there hasn't been a next-big-thing innovation during this span that's avoided a bubble-bursting event. Investors consistently overshoot when it comes to early stage adoption and utility, and that'll likely be the case, yet again, with artificial intelligence.</p>
<div class="lb-trans"><p>或许最大的担忧是，如果出现人工智能（AI）泡沫并破裂，英伟达、Meta 和亚马逊可能面临下行风险。尽管自互联网出现以来，AI 已成为华尔街最热门的趋势，但在这段时间内，没有任何一次重大创新能够避免泡沫破裂的事件。投资者在早期采用和实用性方面总是过于乐观，这种情况在人工智能上可能再次出现。</p>
</div><p>The silver lining for Meta Platforms and Amazon is that their businesses were thriving well before the AI revolution. Meta brings in almost 98% of its net sales from advertising, while Amazon's rapidly growing cloud infrastructure service platform (Amazon Web Services), advertising services, and subscription services, would fare just fine if AI investments slowed. The same can't be said for Nvidia, whose AI-graphics processing units are the backbone of AI-accelerated data centers and the company's primary growth driver.</p>
<div class="lb-trans"><p>Meta Platforms 和亚马逊的一个好消息是，它们的业务在 AI 革命之前就已经蓬勃发展。Meta 几乎 98% 的净销售额来自广告，而亚马逊快速增长的云基础设施服务平台（亚马逊网络服务）、广告服务和订阅服务，如果 AI 投资放缓，依然会表现良好。英伟达则不能这样说，其 AI 图形处理单元是 AI 加速数据中心的核心，也是公司主要的增长驱动力。</p>
</div><p>Appaloosa's billionaire chief may also have valuation concerns. While Meta and Amazon aren't valued at egregious multiples, Nvidia is tipping the scales at a trailing-12-month (TTM) price-to-sales (P/S) ratio above 26. That's more than double its peers and historically not a sustainable multiple.</p>
<div class="lb-trans"><p>Appaloosa 的亿万富翁首席可能也对估值有所担忧。虽然 Meta 和亚马逊的估值并不算过高，但英伟达的过去 12 个月（TTM）市销率超过 26。这是其同行的两倍多，历史上并不是一个可持续的倍数。</p>
</div><p>Furthermore, the S&amp;P 500's Shiller price-to-earnings (P/E) ratio entered 2025 at one of its priciest earnings multiple dating back 154 years. The five previous times the Shiller P/E has topped and sustained a multiple of 30 have, eventually, led to declines of 20% or more in Wall Street's major stock indexes. The Mag-7 stocks would likely endure significant selling pressure if the market rolls over.</p>
<div class="lb-trans"><p>此外，标准普尔 500 的 Shiller 市盈率在 2025 年进入时是 154 年来最昂贵的盈利倍数之一。Shiller 市盈率超过并维持在 30 的五次之前，最终导致华尔街主要股票指数下跌 20% 或更多。如果市场出现回调，“七大奇迹” 股票可能会承受显著的卖压。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjMzMzMvcmlkZS1zaGFyZS11YmVyLWx5ZnQtY2FyLWRyaXZlci1wYXNzZW5nZXItZ2V0dHkuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F823333%2Fride-share-uber-lyft-car-driver-passenger-getty.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>This is the stock billionaire David Tepper can't stop buying</h2>
<div class="lb-trans"><h2>这是亿万富翁大卫·特普无法停止购买的股票</h2>
</div><p>However, Tepper has been doing some selective buying over the last year. Excluding options contracts, he's added 10 new positions to his fund and increased his stake in six other securities (stocks and exchange-traded funds, better known as ETFs).</p>
<div class="lb-trans"><p>然而，特普在过去一年中进行了一些选择性购买。排除期权合约，他向基金新增了 10 个持仓，并增加了六只其他证券（股票和交易所交易基金，简称 ETF）的持股。</p>
</div><p>None of these new purchases or additions stands out more than ride-sharing colossus <strong>Lyft</strong>(LYFT 2.85%). Between March 31, 2024 and March 31, 2025, Appaloosa's billionaire investor increased his stake by 8,532,382 shares, or 1,825%.</p>
<div class="lb-trans"><p>这些新购买或增持中，没有哪一只比共享出行巨头 <strong>Lyft</strong>(LYFT 2.85%) 更引人注目。在 2024 年 3 月 31 日至 2025 年 3 月 31 日期间，Appaloosa 的亿万富翁投资者增加了 8,532,382 股的持股，增幅达到 1,825%。</p>
</div><p>It's worth pointing out that while Lyft made up 1.3% of Appaloosa's invested assets at the end of March, chief ride-share rival <strong>Uber Technologies</strong>(UBER -1.19%) accounted for 2.8% of invested assets. In other words, this doesn't look to be Tepper choosing one company over the other. Rather, it appears to be a direct wager on rapid growth in ride-sharing.</p>
<div class="lb-trans"><p>值得指出的是，尽管到三月底，Lyft 在 Appaloosa 的投资资产中占比为 1.3%，但其主要竞争对手 <strong>Uber Technologies</strong>（UBER -1.19%）占比达 2.8%。换句话说，这并不是 Tepper 在选择一家公司而非另一家公司。相反，这似乎是对共享出行快速增长的直接押注。</p>
</div><p>As you might imagine, growth forecasts for the ride-sharing market are all over the map (pun fully intended). According to Stratis Research, the global ride-sharing market is projected to roughly 10X from an estimated $87.7 billion in sales in 2025 to a little north of $918 billion come 2033. This works out to a compound annual growth rate of 21% and is more than enough reason for Tepper to be excited about the two biggest players in ride-share space.</p>
<div class="lb-trans"><p>正如你所想，关于共享出行市场的增长预测各不相同（双关语完全适用）。根据 Stratis Research 的预测，全球共享出行市场预计将从 2025 年估计的 877 亿美元销售额增长约 10 倍，到 2033 年将超过 9180 亿美元。这相当于 21% 的年复合增长率，这足以让 Tepper 对共享出行领域的两大主要参与者感到兴奋。</p>
</div><p>But there are company-specific reasons Tepper chose to increase Appaloosa's stake in Lyft by more than 1,800% over the last year. One of those reasons is the company's much-improved key performance indicators. In the latest reported quarter (ended March 31), total rides climbed 16% to 218.4 million from the prior-year period, active riders jumped 11%, and gross bookings totaled $4.2 billion. In simple terms, Lyft is attracting more riders, and its active customers are using the service more frequently.</p>
<div class="lb-trans"><p>但 Tepper 选择在过去一年中将 Appaloosa 在 Lyft 的股份增加超过 1800% 还有公司特定的原因。其中一个原因是公司的关键绩效指标大幅改善。在最新报告的季度（截至 3 月 31 日），总乘车次数同比增长 16%，达到 2.184 亿次，活跃乘客增长 11%，总预订额达到 42 亿美元。简单来说，Lyft 正在吸引更多乘客，活跃客户使用该服务的频率也在增加。</p>
</div><p>Arguably even more important than attracting new and return customers has been Lyft's operating cash flow. John Risher made it a point to improve the company's operating cash flow since taking over as CEO in April 2023. In two years, we've witnessed a complete 180, with Lyft now generating robust net cash from operations.</p>
<div class="lb-trans"><p>或许比吸引新客户和回头客更重要的是 Lyft 的运营现金流。自 2023 年 4 月担任首席执行官以来，John Risher 特别注重改善公司的运营现金流。在两年内，我们见证了 180 度的转变，Lyft 现在正在产生强劲的净运营现金流。</p>
</div><p>With Lyft decisively profitable and its cash flow rapidly expanding, it looks to be a much more attractive way to invest in the ride-sharing space than Uber Technologies. Mind you, Uber has a decisive market share lead, and with that typically comes some degree of valuation premium. But is Uber worth 4.3 times TTM sales while Lyft trades at a P/S ratio of just 1.1? Either Uber stock has gotten ahead of itself or Lyft is an attractive bargain.</p>
<div class="lb-trans"><p>随着 Lyft 的盈利能力显著提升，现金流迅速扩张，它似乎成为了投资共享出行领域比 Uber Technologies 更具吸引力的选择。请注意，Uber 在市场份额上占据主导地位，通常伴随一定程度的估值溢价。但 Uber 的市值是否值得 4.3 倍的 TTM 销售额，而 Lyft 的市销率仅为 1.1？要么是 Uber 的股票已经过热，要么是 Lyft 是一个有吸引力的便宜货。</p>
</div><p>Additionally, Lyft is leaning into digital advertising as a way to diversify its revenue stream and bolster its margins. Sponsorships that show up in maps or in &#34;Sponsored Rides by Mode&#34; offer a way for businesses to target users with their message(s), and for Lyft to put extra dollars in its coffers.</p>
<div class="lb-trans"><p>此外，Lyft 正在积极发展数字广告，以多元化其收入来源并提升利润率。在地图上或 “按模式赞助的乘车” 中出现的赞助商为企业提供了向用户传达信息的方式，同时也为 Lyft 带来了额外的收入。</p>
</div><p>Though Lyft hasn't demonstrated its ability navigate an organic recession, it does bring an intriguing growth story to the table that's clearly piqued the interest of one of Wall Street's most-prominent billionaire money managers.</p>
<div class="lb-trans"><p>尽管 Lyft 尚未展示其应对有机衰退的能力，但它确实带来了一个引人入胜的增长故事，显然引起了华尔街一些最知名的亿万富翁资金经理的兴趣。</p>
</div>

Billionaire David Tepper of Appaloosa Is Selling Nvidia, Amazon, and Meta Platforms, and Absolutely Piling Into a Stock Where the Addressable Market Can 10X by 2033

- 投资者面临大量数据，难以跟上市场动态。  
- 大卫·特普尔在过去一年中大幅减持三只 “七大巨头” 股票。  
- 特普尔则大幅增持了共享出行公司 Lyft，显示出对该市场的信心。

Motley Fool

英伟达

亚马逊

亚马逊每日 2 倍做多 ETF - Direxion

阿帕卢萨的亿万富翁大卫·泰珀正在出售英伟达、亚马逊和 Meta 平台的股票，并大举投资于一个市场规模到 2033 年可能增长 10 倍的股票