<p>股票持续上涨。这对投资者来说是个好消息，但随着估值的攀升，这也意味着市场泡沫形成的风险正在增加。</p>
<p><strong>标准普尔 500 指数</strong> 目前的市盈率为 28，远高于历史平均水平，其他指标如 CAPE 比率和标准普尔 500 指数市值与美国 GDP 的比率也处于高位。</p>
<p>许多股票面临回调的风险，尤其是那些因人工智能热潮而暴涨的股票。但有一只股票无论发生什么都看起来会交出好成绩，那就是 <strong>奈飞</strong>(NFLX 0.15%)，这家流媒体巨头。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQ4MTkvc3RyZWFtaW5nLXJlbW90ZS1pbi1mcm9udC1vZi10di5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQ4MTkvc3RyZWFtaW5nLXJlbW90ZS1pbi1mcm9udC1vZi10di5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>为什么奈飞看起来稳如磐石</h2>
<p>奈飞已经走过了 2022 年面临的恐慌，当时它报告了连续两个季度的用户流失。如今，公司在各个方面都实现了强劲增长，其业务比几年前更具韧性。</p>
<p>首先，奈飞在全球范围内真正实现了多元化，其大部分收入来自北美以外的地区。这意味着它对任何一个地区的敏感性有限。作为全球最受欢迎的订阅流媒体平台，它还拥有一种消费者不愿意取消的粘性产品，即使他们希望削减开支。</p>
<p>公司在 2022 年底推出的广告支持订阅也为其打开了一个全新的市场。管理层预计广告收入今年将翻倍，广告支持层级还为奈飞提供了一个低成本的层级，以吸引对价格敏感的订阅者。</p>
<p>尽管截至目前，奈飞的市盈率为 55，看起来可能很贵，但奈飞有多种途径继续增长，从提高价格到扩大国际用户群以及销售更多广告库存。这种韧性的商业模式意味着即使股市回调，公司也能交出强劲的业绩。</p>

奈飞

<p>目前股市估值较高，标准普尔 500 指数的市盈率为 28，这引发了对潜在市场泡沫的担忧。然而，奈飞被视为一种具有韧性的投资，已经从 2022 年的用户流失中恢复过来。该公司受益于全球多元化、强大的产品供应以及预计将推动收入增长的广告支持订阅模式。尽管其市盈率高达 55，奈飞通过提价和国际扩张的增长潜力使其在市场波动中仍具备持续成功的良好前景</p>

<p>Stocks keep climbing higher. That's good news for investors, but as valuations stretch, it also means the risk of a market bubble forming are also getting higher.</p>
<div class="lb-trans"><p>股票持续上涨。这对投资者来说是个好消息，但随着估值的攀升，这也意味着市场泡沫形成的风险正在增加。</p>
</div><p>The <strong>S&amp;P 500</strong> now trades at a price-to-earnings ratio of 28, well above its historical average, and other metrics like the CAPE ratio and the ratio of the S&amp;P 500's market cap to U.S. GDP are also elevated.</p>
<div class="lb-trans"><p><strong>标准普尔 500 指数</strong> 目前的市盈率为 28，远高于历史平均水平，其他指标如 CAPE 比率和标准普尔 500 指数市值与美国 GDP 的比率也处于高位。</p>
</div><p>Plenty of stocks are vulnerable to a pullback, especially those that have boomed due to artificial intelligence fervor. But one stock that looks set to deliver no matter what happens is <strong>Netflix</strong>(NFLX 0.15%), the streaming giant.</p>
<div class="lb-trans"><p>许多股票面临回调的风险，尤其是那些因人工智能热潮而暴涨的股票。但有一只股票无论发生什么都看起来会交出好成绩，那就是 <strong>奈飞</strong>(NFLX 0.15%)，这家流媒体巨头。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQ4MTkvc3RyZWFtaW5nLXJlbW90ZS1pbi1mcm9udC1vZi10di5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F834819%2Fstreaming-remote-in-front-of-tv.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>Why Netflix looks rock-solid</h2>
<div class="lb-trans"><h2>为什么奈飞看起来稳如磐石</h2>
</div><p>Netflix has moved a long way past the scare it faced in 2022 when it reported two straight quarters of subscriber declines. These days, the company is delivering strong growth across the board, and its business is much more resilient than it was a few years ago.</p>
<div class="lb-trans"><p>奈飞已经走过了 2022 年面临的恐慌，当时它报告了连续两个季度的用户流失。如今，公司在各个方面都实现了强劲增长，其业务比几年前更具韧性。</p>
</div><p>First, Netflix is truly diversified around the globe as the majority of its revenue comes from outside North America. That means its sensitivity to any one region is limited. And with the most popular subscription streaming platform on the planet, it also has a sticky product that consumers are going to be reluctant to cancel, even if they're looking to cut back on their spending.</p>
<div class="lb-trans"><p>首先，奈飞在全球范围内真正实现了多元化，其大部分收入来自北美以外的地区。这意味着它对任何一个地区的敏感性有限。作为全球最受欢迎的订阅流媒体平台，它还拥有一种消费者不愿意取消的粘性产品，即使他们希望削减开支。</p>
</div><p>The company's introduction of its ad-supported subscription in late 2022 has also opened the door to a whole new market. Management expects advertising revenue to double this year, and the ad-supported tier also gives Netflix a lower-cost tier to attract price-sensitive subscribers.</p>
<div class="lb-trans"><p>公司在 2022 年底推出的广告支持订阅也为其打开了一个全新的市场。管理层预计广告收入今年将翻倍，广告支持层级还为奈飞提供了一个低成本的层级，以吸引对价格敏感的订阅者。</p>
</div><p>While the stock might look expensive with a price-to-earnings ratio of 55 as of this writing, Netflix has several avenues to continue growing, from raising prices to increasing its international subscriber reach and selling more ad inventory. This resilient business model means the company can deliver strong results, even if the stock market pulls back.</p>
<div class="lb-trans"><p>尽管截至目前，奈飞的市盈率为 55，看起来可能很贵，但奈飞有多种途径继续增长，从提高价格到扩大国际用户群以及销售更多广告库存。这种韧性的商业模式意味着即使股市回调，公司也能交出强劲的业绩。</p>
</div>

The Stock Market Is Historically Pricey: Here's Why You Can Trust Netflix to Deliver

- 股票持续上涨，投资者乐观，但市场泡沫风险加大。  
- 标普 500 的市盈率为 28，远高于历史平均水平。  
- 尽管面临市场波动，Netflix 仍展现出强劲增长潜力。  

股市在历史上价格偏高：以下是你可以信任奈飞能够实现其承诺的原因