<p><strong>加里·布萊克</strong>，Future Fund LLC 的董事總經理和知名市場分析師，對 <strong>特斯拉公司</strong> 的 TSLA 高前瞻市盈率（P/E）表示擔憂，質疑其當前估值的可持續性。</p>
<p><strong>發生了什麼</strong>：在週六的 X 平台上，布萊克詳細指出，特斯拉的前瞻市盈率高達驚人的 180 倍。他提到，在股票市場歷史上，沒有任何一家市值達到萬億美元的公司曾以如此高的前瞻市盈率交易。</p>
<p>布萊克認為，支撐如此高市盈率所需的長期增長率將使特斯拉的市值超過 <strong>蘋果公司</strong> AAPL 和 <strong>微軟公司</strong> MSFT，他認為這 “瘋狂”。</p>
<p>“支撐 180 倍市盈率所需的長期增長率將導致 TSLA 的市值超過 $AAPL 和 $MSFT，這似乎很瘋狂，因為這兩家公司都有巨大的市場總量、不可動搖的品牌和高度可預測的未來現金流，” 他在帖子中説道。</p>
<p>另請閲讀：加里·布萊克表示，特斯拉在六月推出的機器人出租車對優步構成的風險極小：‘將提供低成本……’</p>
<p>布萊克批評那些通過聲稱 2025 年的市盈率無關緊要來駁斥他觀點的特斯拉支持者。他強調，股票的估值是所有未來現金流的現值，按風險調整後的資本成本折現，加上淨現金。根據布萊克的説法，忽視市盈率等同於在做出投資決策時忽視估值。</p>
<p><strong>最新創業投資機會</strong>：</p>
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<li><img src="https://imageproxy.pbkrs.com/https://cdnwp-s3.benzinga.com/wp-content/uploads/2025/01/06125138/IMG_5682-edited.jpeg/query-YXV0bz13ZWJwJmF1dG89d2VicCZkcHI9MSZkcHI9MiZvcHRpbWl6ZT1tZWRpdW0md2lkdGg9MTA4MD9vcHRpbWl6ZT1tZWRpdW0md2lkdGg9Mzg0MA?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://cdnwp-s3.benzinga.com/wp-content/uploads/2025/01/06125138/IMG_5682-edited.jpeg/query-YXV0bz13ZWJwJmF1dG89d2VicCZkcHI9MSZkcHI9MiZvcHRpbWl6ZT1tZWRpdW0md2lkdGg9MTA4MD9vcHRpbWl6ZT1tZWRpdW0md2lkdGg9Mzg0MA"/></li>
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<p>最低投資 $974</p>
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<p>“那些假裝理解金融的 TSLA 支持者通過説 2025 年的市盈率無關緊要來駁斥我關於 TSLA 估值看起來被高估的觀點。投資的第一條規則是低買高賣。第二條規則是價格是你支付的，價值是你獲得的。爭論市盈率對投資決策無關緊要告訴我，爭論的人沒有估值紀律，只是在購買概念，而不是基於價值與價格的評估，” 布萊克繼續説道。</p>
<p><strong>為什麼這很重要</strong>：布萊克的評論正值特斯拉股票因其高估值而受到審查之際。儘管該公司的增長令人印象深刻，但一些投資者和分析師對其當前股價是否準確反映未來盈利潛力表示擔憂。</p>
<p>布萊克的論點進一步加劇了這一持續的辯論，強調了在評估公司價值時傳統估值指標如市盈率的重要性。</p>
<p>雖然布萊克澄清他並不預見會做空特斯拉的情況，但他的評論強調了投資者在做出投資決策之前需要謹慎並進行徹底的估值評估。</p>
<ul>
<li>埃隆·馬斯克的長期副手退出 DOGE，特斯拉首席執行官辭去政府工作：機構員工感到驚訝</li>
</ul>
<p>圖片來源：Shutterstock/bluestork</p>

特斯拉

<p>Future Fund LLC 的董事總經理 Gary Black 對特斯拉高達 180 倍的前瞻市盈率表示擔憂，認為這樣的估值需要一個不可持續的長期增長率，可能超過蘋果和微軟。他批評特斯拉的支持者忽視市盈率在投資決策中的相關性，強調傳統估值指標的重要性。Black 的評論突顯了關於特斯拉股價及其未來盈利潛力的持續辯論，呼籲投資者在投資前進行全面評估</p>

<p><strong>Gary Black</strong>, Future Fund LLC’s managing director and a prominent market analyst, has expressed concerns about <strong>Tesla Inc</strong>.’s TSLA high forward price-to-earnings (P/E) ratio, questioning the sustainability of its current valuation.</p>
<div class="lb-trans"><p><strong>加里·布萊克</strong>，Future Fund LLC 的董事總經理和知名市場分析師，對 <strong>特斯拉公司</strong> 的 TSLA 高前瞻市盈率（P/E）表示擔憂，質疑其當前估值的可持續性。</p>
</div><p><strong>What Happened</strong>: In a detailed thread on X on Saturday, Black pointed out that Tesla’s forward P/E ratio stands at a staggering 180x. He noted that no trillion-dollar market cap company in stock market history has traded at such a high forward P/E ratio.</p>
<div class="lb-trans"><p><strong>發生了什麼</strong>：在週六的 X 平台上，布萊克詳細指出，特斯拉的前瞻市盈率高達驚人的 180 倍。他提到，在股票市場歷史上，沒有任何一家市值達到萬億美元的公司曾以如此高的前瞻市盈率交易。</p>
</div><p>Black argued that the long-term growth rate required to justify such a P/E would make Tesla’s market cap larger than <strong>Apple Inc.</strong> AAPL and <strong>Microsoft Corp.</strong> MSFT, which he deemed “insane.”</p>
<div class="lb-trans"><p>布萊克認為，支撐如此高市盈率所需的長期增長率將使特斯拉的市值超過 <strong>蘋果公司</strong> AAPL 和 <strong>微軟公司</strong> MSFT，他認為這 “瘋狂”。</p>
</div><p>“The long-term growth rate needed to justify a 180x P/E would cause TSLA market cap to be bigger than $AAPL and $MSFT, which seems insane since both have huge TAMs, unassailable brands, and highly predictable future cash flow streams,” he said in the post.</p>
<div class="lb-trans"><p>“支撐 180 倍市盈率所需的長期增長率將導致 TSLA 的市值超過 $AAPL 和 $MSFT，這似乎很瘋狂，因為這兩家公司都有巨大的市場總量、不可動搖的品牌和高度可預測的未來現金流，” 他在帖子中説道。</p>
</div><p>Also Read: Gary Black Says Tesla’s Robotaxi Launch In June Poses Minimal Risk To Uber: ‘Will Offer Low-Cost…’</p>
<div class="lb-trans"><p>另請閲讀：加里·布萊克表示，特斯拉在六月推出的機器人出租車對優步構成的風險極小：‘將提供低成本……’</p>
</div><p>Black criticized Tesla bulls who dismiss his argument by claiming that the 2025 P/E is irrelevant. He emphasized that a stock’s valuation is the present value of all future cash flows, discounted back at a risk-adjusted cost of capital, plus net cash. To disregard P/E, according to Black, is equivalent to ignoring valuation when making an investment decision.</p>
<div class="lb-trans"><p>布萊克批評那些通過聲稱 2025 年的市盈率無關緊要來駁斥他觀點的特斯拉支持者。他強調，股票的估值是所有未來現金流的現值，按風險調整後的資本成本折現，加上淨現金。根據布萊克的説法，忽視市盈率等同於在做出投資決策時忽視估值。</p>
</div><p><strong>Latest Startup Investment Opportunities</strong>:</p>
<div class="lb-trans"><p><strong>最新創業投資機會</strong>：</p>
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<li><img src="https://imageproxy.pbkrs.com/https://cdnwp-s3.benzinga.com/wp-content/uploads/2025/01/06125138/IMG_5682-edited.jpeg/query-YXV0bz13ZWJwJmF1dG89d2VicCZkcHI9MSZkcHI9MiZvcHRpbWl6ZT1tZWRpdW0md2lkdGg9MTA4MD9vcHRpbWl6ZT1tZWRpdW0md2lkdGg9Mzg0MA" alt="" original-src="https://cdnwp-s3.benzinga.com/wp-content/uploads/2025/01/06125138/IMG_5682-edited.jpeg?optimize=medium&amp;dpr=1&amp;auto=webp&amp;width=1080?optimize=medium&amp;dpr=2&amp;auto=webp&amp;width=3840"/></li>
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<li><img src="https://imageproxy.pbkrs.com/https://cdnwp-s3.benzinga.com/wp-content/uploads/2025/01/06125138/IMG_5682-edited.jpeg/query-YXV0bz13ZWJwJmF1dG89d2VicCZkcHI9MSZkcHI9MiZvcHRpbWl6ZT1tZWRpdW0md2lkdGg9MTA4MD9vcHRpbWl6ZT1tZWRpdW0md2lkdGg9Mzg0MA" alt="" original-src="https://cdnwp-s3.benzinga.com/wp-content/uploads/2025/01/06125138/IMG_5682-edited.jpeg?optimize=medium&amp;dpr=1&amp;auto=webp&amp;width=1080?optimize=medium&amp;dpr=2&amp;auto=webp&amp;width=3840"/></li>
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<div class="lb-trans"><p>最低投資 $1,000</p>
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<div class="lb-trans"><p>獲取優惠</p>
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<li><img src="https://imageproxy.pbkrs.com/https://cdnwp-s3.benzinga.com/wp-content/uploads/2025/01/12011752/Screenshot-2025-01-11-at-10.17.30 PM.jpg/query-YXV0bz13ZWJwJmRwcj0yJm9wdGltaXplPW1lZGl1bSZ3aWR0aD0zODQw" alt="" original-src="https://cdnwp-s3.benzinga.com/wp-content/uploads/2025/01/12011752/Screenshot-2025-01-11-at-10.17.30%E2%80%AFPM.jpg?optimize=medium&amp;dpr=2&amp;auto=webp&amp;width=3840"/></li>
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<li><img src="https://imageproxy.pbkrs.com/https://cdnwp-s3.benzinga.com/wp-content/uploads/2025/01/12011752/Screenshot-2025-01-11-at-10.17.30 PM.jpg/query-YXV0bz13ZWJwJmRwcj0yJm9wdGltaXplPW1lZGl1bSZ3aWR0aD0zODQw" alt="" original-src="https://cdnwp-s3.benzinga.com/wp-content/uploads/2025/01/12011752/Screenshot-2025-01-11-at-10.17.30%E2%80%AFPM.jpg?optimize=medium&amp;dpr=2&amp;auto=webp&amp;width=3840"/></li>
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</div><p>Min. Investment$974</p>
<div class="lb-trans"><p>最低投資 $974</p>
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<div class="lb-trans"><p>獲取優惠</p>
</div><p>“TSLA bulls who pretend they understand finance dismiss my argument that TSLA's valuation looks stretched by saying the 2025 P/E is irrelevant. Rule #1 in investing is buy low, sell high. Rule #2 is price is what you pay, value is what you get. Arguing that P/E doesn't matter to an investment decision tells me the person doing the arguing has no valuation discipline and is just buying concepts, rather than on some assessment of value vs price,” Black continued.</p>
<div class="lb-trans"><p>“那些假裝理解金融的 TSLA 支持者通過説 2025 年的市盈率無關緊要來駁斥我關於 TSLA 估值看起來被高估的觀點。投資的第一條規則是低買高賣。第二條規則是價格是你支付的，價值是你獲得的。爭論市盈率對投資決策無關緊要告訴我，爭論的人沒有估值紀律，只是在購買概念，而不是基於價值與價格的評估，” 布萊克繼續説道。</p>
</div><p><strong>Why It Matters</strong>: Black’s comments come at a time when Tesla’s stock has been under scrutiny due to its high valuation. Despite the company’s impressive growth, some investors and analysts have raised concerns about whether its current stock price accurately reflects its future earnings potential.</p>
<div class="lb-trans"><p><strong>為什麼這很重要</strong>：布萊克的評論正值特斯拉股票因其高估值而受到審查之際。儘管該公司的增長令人印象深刻，但一些投資者和分析師對其當前股價是否準確反映未來盈利潛力表示擔憂。</p>
</div><p>Black’s argument adds to this ongoing debate, highlighting the importance of traditional valuation metrics like P/E in assessing a company’s worth.</p>
<div class="lb-trans"><p>布萊克的論點進一步加劇了這一持續的辯論，強調了在評估公司價值時傳統估值指標如市盈率的重要性。</p>
</div><p>While Black clarified that he doesn’t foresee a situation where he would short Tesla, his comments underscore the need for investors to exercise caution and conduct thorough valuation assessments before making investment decisions.</p>
<div class="lb-trans"><p>雖然布萊克澄清他並不預見會做空特斯拉的情況，但他的評論強調了投資者在做出投資決策之前需要謹慎並進行徹底的估值評估。</p>
</div><ul>
<li>Elon Musk's Long-Time Lieutenant Exits DOGE As Tesla CEO Steps Down From Government Work: Staffers At Agency Surprised</li>
</ul>
<div class="lb-trans"><ul>
<li>埃隆·馬斯克的長期副手退出 DOGE，特斯拉首席執行官辭去政府工作：機構員工感到驚訝</li>
</ul>
</div><p>Image: Shutterstock/bluestork</p>
<div class="lb-trans"><p>圖片來源：Shutterstock/bluestork</p>
</div>

Gary Black Questions Tesla's Sky-High Forward P/E Ratio: 'Long-Term Growth Rate Needed To Justify a 180X P/E Would Cause Tsla Market Cap To Be Bigger'

- Gary Black 指出特斯拉的前瞻市盈率高達 180 倍，質疑其估值的可持續性。  
- 他認為，維持如此高的市盈率需要特斯拉的市值超過蘋果和微軟，這顯得 “瘋狂”。  
- Black 強調，忽視市盈率等傳統估值指標可能導致投資決策失誤。  

Gary Black 質疑特斯拉的超高遠期市盈率：‘要證明 180 倍市盈率合理，長期增長率需要使特斯拉的市值更大’