<p>股票持續上漲。這對投資者來説是個好消息，但隨着估值的攀升，這也意味着市場泡沫形成的風險正在增加。</p>
<p><strong>標準普爾 500 指數</strong> 目前的市盈率為 28，遠高於歷史平均水平，其他指標如 CAPE 比率和標準普爾 500 指數市值與美國 GDP 的比率也處於高位。</p>
<p>許多股票面臨回調的風險，尤其是那些因人工智能熱潮而暴漲的股票。但有一隻股票無論發生什麼都看起來會交出好成績，那就是 <strong>奈飛</strong>(NFLX 0.15%)，這家流媒體巨頭。</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>圖片來源：Getty Images。</p>
<h2>為什麼奈飛看起來穩如磐石</h2>
<p>奈飛已經走過了 2022 年面臨的恐慌，當時它報告了連續兩個季度的用户流失。如今，公司在各個方面都實現了強勁增長，其業務比幾年前更具韌性。</p>
<p>首先，奈飛在全球範圍內真正實現了多元化，其大部分收入來自北美以外的地區。這意味着它對任何一個地區的敏感性有限。作為全球最受歡迎的訂閲流媒體平台，它還擁有一種消費者不願意取消的粘性產品，即使他們希望削減開支。</p>
<p>公司在 2022 年底推出的廣告支持訂閲也為其打開了一個全新的市場。管理層預計廣告收入今年將翻倍，廣告支持層級還為奈飛提供了一個低成本的層級，以吸引對價格敏感的訂閲者。</p>
<p>儘管截至目前，奈飛的市盈率為 55，看起來可能很貴，但奈飛有多種途徑繼續增長，從提高價格到擴大國際用户羣以及銷售更多廣告庫存。這種韌性的商業模式意味着即使股市回調，公司也能交出強勁的業績。</p>

奈飛

<p>目前股市估值較高，標準普爾 500 指數的市盈率為 28，這引發了對潛在市場泡沫的擔憂。然而，奈飛被視為一種具有韌性的投資，已經從 2022 年的用户流失中恢復過來。該公司受益於全球多元化、強大的產品供應以及預計將推動收入增長的廣告支持訂閲模式。儘管其市盈率高達 55，奈飛通過提價和國際擴張的增長潛力使其在市場波動中仍具備持續成功的良好前景</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>股票持續上漲。這對投資者來説是個好消息，但隨着估值的攀升，這也意味着市場泡沫形成的風險正在增加。</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>標準普爾 500 指數</strong> 目前的市盈率為 28，遠高於歷史平均水平，其他指標如 CAPE 比率和標準普爾 500 指數市值與美國 GDP 的比率也處於高位。</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>許多股票面臨回調的風險，尤其是那些因人工智能熱潮而暴漲的股票。但有一隻股票無論發生什麼都看起來會交出好成績，那就是 <strong>奈飛</strong>(NFLX 0.15%)，這家流媒體巨頭。</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>圖片來源：Getty Images。</p>
</div><h2>Why Netflix looks rock-solid</h2>
<div class="lb-trans"><h2>為什麼奈飛看起來穩如磐石</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>奈飛已經走過了 2022 年面臨的恐慌，當時它報告了連續兩個季度的用户流失。如今，公司在各個方面都實現了強勁增長，其業務比幾年前更具韌性。</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，奈飛在全球範圍內真正實現了多元化，其大部分收入來自北美以外的地區。這意味着它對任何一個地區的敏感性有限。作為全球最受歡迎的訂閲流媒體平台，它還擁有一種消費者不願意取消的粘性產品，即使他們希望削減開支。</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 年底推出的廣告支持訂閲也為其打開了一個全新的市場。管理層預計廣告收入今年將翻倍，廣告支持層級還為奈飛提供了一個低成本的層級，以吸引對價格敏感的訂閲者。</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>儘管截至目前，奈飛的市盈率為 55，看起來可能很貴，但奈飛有多種途徑繼續增長，從提高價格到擴大國際用户羣以及銷售更多廣告庫存。這種韌性的商業模式意味着即使股市回調，公司也能交出強勁的業績。</p>
</div>

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

- 股票持續上漲，投資者樂觀，但市場泡沫風險加大。  
- 標普 500 的市盈率為 28，遠高於歷史平均水平。  
- 儘管面臨市場波動，Netflix 仍展現出強勁增長潛力。  

股市在歷史上價格偏高：以下是你可以信任奈飛能夠實現其承諾的原因