【#Podcast更新了】
#菜雞變司機
EP3：為什麼不該拿學校教的東西來投資？你只要學會這些就不用花大錢去上 ___ 了！(會計篇)
🎙️ Podcast 連結：https://gamma.soci.vip/
📩 免費電子報訂閱： https://bit.ly/39U5HKw

✍🏻 分析全文：https://gamma.to/notes/RlQonteyuo9mfv8Lxd2Y

🔖 各位投資人要謹記於心的是，會計學、金融、稅務等知識都只是投資的基礎，投資有 99% 的時間都應該花在了解一間公司的商業本質、產業狀況和了解自己在公開市場中參與的賽局（誰是你與你對做的對手，為什麼你比對方更有優勢）。這些知識都只是基礎中的基礎，了解這些知識後並不會給你任何投資上的優勢（因為公開市場上的投資人都知道這些基礎知識了）。

🔖 會計學 (Accounting)：在學校，你會學到複式簿記 (Double bookkeeping)、損益表 (Income Statement)、資產負債表 (Balance Sheet)、現金流量表 (Cash Flow Statement) 和成本會計 (Cost accounting)，也可能會在更進階的課程中學到移轉訂價 (Transfer Pricing)。
成本會計和移轉訂價只對那些在大公司會計部門工作的人是重要的，負責這些工作的人會獲得他們應得的報酬。但是對於一般公司投資人而言，這兩個可以說是最沒有用處的知識。

🔖 1. 資產項目 (Assets)
－現金與約當現金 (Cash & Cash Equivalents)：有價證券 (Marketable Securities，市場流動性高的證券) 與現金沒有任何差別，所以有價證券被當成現金與約當現金。

－應收帳款 (Account Receivable)：應收賬款是指企業因銷售商品、提供勞務等業務，應向購買單位收取的款項。應收帳款可以透過 Factoring 來改善現金部位。

－存貨：有許多方法可以來計算存貨，比如說先進先出法 (First In, First Out - FIFO)、後進先出法 (Last In, First Out - LIFO) 和移動平均法，這是一個非常有趣的項目。但你如果你不是從事不良資產投資的話，那麼不用去在意這些不同的方法。

－淨土地、廠房和設備 (Net PPnE)：資本支出 (Capex) 花出去後就會變成這個項目。這個項目可以被質押來獲得優惠利率的有擔保借款。

－無形資產 (Intangibles)：這可以是從軟體資本化得到的商譽 (Goodwill) 或是來自併購行為的商譽。當資產負債表上有這個項目，攤銷 (被當做支出) 不會影響到現金流，所以當你發現一間公司有很龐大的無形資產和攤銷項目時，你應該要去觀察這家公司的 EBITDA 或是 EBITA (因為兩者都是計算攤銷前盈餘)，把這兩個當成產生現金流能力的替代指標會是更好的觀察方式。

🔖 2. 負債項目 (Liabilities)
－應付帳款 (Account Payable)：需要付出去的款項。

－債務 (Debt)：這個項目是從銀行借來的資金或是透過公司發行公司債所獲得的資金。這個項目在計算淨負債時很重要。

－財務租賃 / 營運租賃 (Financial Leases / Operating Leases) ：這兩個項目是否該被歸類成負債是有爭議的。但 Gamma 通常只要這兩個項目出現在資產負債表，就會把這兩個項目當成負債。

－遞延營收 (Deferred Revenue)：這個項目對於 SaaS 公司而言通常是很重要的指標，可以當成在滿足客戶需求前，客戶所做出的訂單，並當成未來的債務。這是一個營收的領先指標，所以追蹤一家公司的遞延營收在預測未來的營收上是很重要的。

🔖 3. 權益項目 (Equity)
－少數股東權益 (Minority Interest)：這是由少數股東所持有的股東權益，這大部分是由母公司所持有。

－股東權益 (Shareholder equity)：這個項目只對一些很看重資產負債表的商業模式才重要（例如：金融機構就需要去注意的數字），因為他們被規定必須要維持一些資本項目上要求。除非你正計算一間公司在清算的情況下會如何 (商業價值是負的)，不然這個項目其實不是很重要。

🔖 你只需要搞懂這些損益表的項目
－營收：每間公司對營收的定義都不同。當你使用一些會用到營收的指標，比如說 EV / Sales 並拿來比較多間公司，你會想要確保這些公司對於營收的定義都是一樣的。打個比方，$ADYEN vs $SQ vs $PTPL 或 $TTD vs $APPS 這兩種比較組合中，它們對於營收的定義是不一樣的，所以在兩個例子中，直接拿 EV / Sales 不會是一個估值的好指標。

#更多內容於全文中

It comes as part of a bumper Creative Cloud update.

Apple 2021 Q2 電話法說會摘要

照慣例電話會議一上來就是Apple CEO Tim Cook與CFO Luca Maestri 把主要財務數字炫耀一番，畢竟Q2營收的年成長率54%，太亮眼了。以Apple這種體量的公司，如果將其當作一個國家，營收對比GDP，如此一家私人公司足以排進世界前15國。

對我們股東來說一個CFO揭露的重要訊息是： We ended the quarter with over $204 billion in cash plus marketable securities. We issued $14 billion of new term debt and retired $3.5 billion of term debt leaving us with total debt of almost $122 billion. As a result, net cash was $83 billion at the end of the quarter.

我把Q&A部分放到最前面，CEO與CFO的開場摘要則放到最後。

Q&A部分

許多關於供應鏈是否存在短缺或不足的問題，現代供應鍊大神Tim Cook全都語焉不詳，只強調Q2他們不存在material shortage。

另外就是有提到中國市場成長力道強勁，且2/3的中國iPad和Mac買家都是第一次購買蘋果產品的用戶，這對Apple來說是讓他們感到樂觀的現象。

同樣的，關於Apple Service Business部分Tim Cook一樣東拉西扯就是不肯提供更多訊息，頂多只說從去年開始Apple App Store與開發者的抽成費率降了15%。

還有Apple這次與Facebook鬧翻的隱私權問題，在這個恐怕重創FB營運的決策上，Tim Cook依然官腔滿滿，聲稱「Apple在做對的事」，他們就是要給用戶選擇保護自己隱私的權利，無關Apple或任何其他公司。（有點此地無銀三百兩）

值得一提的是，Tim又補充：「即便沒多少用戶選擇不被隱私追蹤，蘋果也堅持要提供這個功能」（這是說絕大多數用戶不需要這個功能，Apple也堅持要花費成本做下去？你還跟我說是利益用戶而不是針對其他公司？）

Tim Cook 開場：
1. new March quarter records for both revenue and earnings, besting our year ago revenue performance by 54%.

2. iPhone, which grew 66% year- over-year driven by the strong popularity of the iPhone 12 family.

3. iPad grow very strong double digits to its highest March quarter revenue in nearly a decade.

4. In fact, the last three quarters for Mac have been its three best quarters ever
Wearables, Home and Accessories, which grew by 25% year-over-year.

5. Services. We achieved growth of 27% year-over-year and set new records for services in each of our geographic segments.
Over the next five years, we will invest $430 billion, creating 20,000 jobs in the process.

CFO Luca Maestri開場：

1. Our revenue reached a March quarter record of $89.6 billion, an increase of over $31 billion or 54% from a year ago.

2. Products revenue was a March quarter record of $72.7 billion, up 62% over a year ago.

3. Our services set an all-time record of $16.9 billion, growing 27% over a year ago. ( App Store, cloud services, music, video, advertising and payment services. Our new service offerings, Apple TV+, Apple Arcade, Apple News Fitness+)

4. Company gross margin was 42.5%, up 270 basis points from last quarter driven by cost savings, a strong mix and favorable foreign exchange. Products gross margin was 36.1%, growing 100 basis points sequentially also thanks to cost savings and FX, partially offset by seasonal loss of leverage. Services gross margin was 70.1%, up 170 basis points sequentially and mainly due to a different mix. Net income of $23.6 billion, diluted earnings per share of $1.40 and operating cash flow of $24 billion were all March quarter records by a wide margin.

5. During the March quarter, we added more than 40 million paid subs sequentially, and we have now reached more than 660 million paid subscriptions across the services on our platform. This is up $145 million from just a year ago and twice the number of paid subscriptions we are only 2.5 years ago.

6. Apple Watch continues to extend its reach, with nearly 75% of the customers purchasing Apple Watch during the quarter being new to the product.

7. Mac. We set an all-time revenue record of $9.1 billion, up 70% over last year, and grew very strongly in each geographic segment with all-time revenue records in Europe and rest of Asia Pacific and March quarter records in the Americas, Greater China and Japan. This amazing performance was driven by the very enthusiastic customer response to our new Macs powered by the M1 chip.

8. iPad performance was also outstanding with revenue of $7.8 billion up 79%.

9. And UCHealth, a large health care provider in Colorado, was able to reduce per patient vaccination time from 3 minutes to only 30 seconds largely by moving from PC stations to iPhones

10. We ended the quarter with over $204 billion in cash plus marketable securities. We issued $14 billion of new term debt and retired $3.5 billion of term debt leaving us with total debt of almost $122 billion. As a result, net cash was $83 billion at the end of the quarter.

11. we were also able to return nearly $23 billion to shareholders during the March quarter. This included $3.4 billion in dividends and equivalents and $19 billion through open market repurchases of 147 million Apple shares.

12. This will cause a steeper sequential decline than usual. Second, we believe supply constraints will have a revenue impact of $3 billion to $4 billion in the June quarter.
https://yuanyu.idv.tw/2021/05/03/apple-2021-q2-電話法說會摘要/

UPDATE for my book is available from the following link!!!!!
http://toefl100.web.fc2.com/pdf/UPDATE/Update1.pdf


WEBPAGE: http://real-japanese.webs.com/
This is one of the Real Japanese Studio's classes.
Atsu, a native Japanese, teaches the real and contemporary Japanese with his Real Japanese Book.
Japanese learners tend to study Japanese with typical books or classes which introduce only weird too correct Japanese, which is rarely used among natives.

Let's take up Japanese studies together using my REAL JAPANESE TEXTBOOK!!!
You don't wanna sound weird right?:D


Real Japanese Textbook is finally available from the link below.
http://real-japanese.webs.com/
*YOU NEED TO HAVE A PAYPAL ACCOUNT TO BUY IT.

CONTENT:
・ 37 Carefully selected contemporary/frequently used vocabulary

・ Detailed explanation on each vocabulary
・ Over 100 comtemporary example sentences
・ Corresponding lectures (some have restricted access)
・ Priviledge to ask "ATSU (Real Japanese Instructor)" up to 10 questions

Print length: 123 pages
Format: PDF
　
It's been proofread by two Americans and one Philipino.
So English used in the book is totally fine.

You can also download a SAMPLE of the textbook so you can make sure the quality is worthy.
http://toefl100.web.fc2.com/pdf/SAMPLE/sample.pdf

FB: http://www.facebook.com/RealJapaneseStudio

UPDATE for my book is available from the following link!!!!!
http://toefl100.web.fc2.com/pdf/UPDATE/Update1.pdf


WEBPAGE: http://real-japanese.webs.com/
This is one of the Real Japanese Studio's classes.
Atsu, a native Japanese, teaches the real and contemporary Japanese with his Real Japanese Book.
Japanese learners tend to study Japanese with typical books or classes which introduce only weird too correct Japanese, which is rarely used among natives.

Let's take up Japanese studies together using my REAL JAPANESE TEXTBOOK!!!
You don't wanna sound weird right?:D


Real Japanese Textbook is finally available from the link below.
http://real-japanese.webs.com/
*YOU NEED TO HAVE A PAYPAL ACCOUNT TO BUY IT.

CONTENT:
・ 37 Carefully selected contemporary/frequently used vocabulary

・ Detailed explanation on each vocabulary
・ Over 100 comtemporary example sentences
・ Corresponding lectures (some have restricted access)
・ Priviledge to ask "ATSU (Real Japanese Instructor)" up to 10 questions

Print length: 123 pages
Format: PDF
　
It's been proofread by two Americans and one Philipino.
So English used in the book is totally fine.

You can also download a SAMPLE of the textbook so you can make sure the quality is worthy.
http://toefl100.web.fc2.com/pdf/SAMPLE/sample.pdf

FB: http://www.facebook.com/RealJapaneseStudio

UPDATE for my book is available from the following link!!!!!
http://toefl100.web.fc2.com/pdf/UPDATE/Update1.pdf


WEBPAGE: http://real-japanese.webs.com/
This is one of the Real Japanese Studio's classes.
Atsu, a native Japanese, teaches the real and contemporary Japanese with his Real Japanese Book.
Japanese learners tend to study Japanese with typical books or classes which introduce only weird too correct Japanese, which is rarely used among natives.

Let's take up Japanese studies together using my REAL JAPANESE TEXTBOOK!!!
You don't wanna sound weird right?:D


Real Japanese Textbook is finally available from the link below.
http://real-japanese.webs.com/
*YOU NEED TO HAVE A PAYPAL ACCOUNT TO BUY IT.

CONTENT:
・ 37 Carefully selected contemporary/frequently used vocabulary

・ Detailed explanation on each vocabulary
・ Over 100 comtemporary example sentences
・ Corresponding lectures (some have restricted access)
・ Priviledge to ask "ATSU (Real Japanese Instructor)" up to 10 questions

Print length: 123 pages
Format: PDF
　
It's been proofread by two Americans and one Philipino.
So English used in the book is totally fine.

You can also download a SAMPLE of the textbook so you can make sure the quality is worthy.
http://toefl100.web.fc2.com/pdf/SAMPLE/sample.pdf

FB: http://www.facebook.com/RealJapaneseStudio