Hotel California　◎Eagles
　
On a dark desert highway, cool wind in my hair
奔馳於黑暗的沙漠路途，冷風穿過我一頭亂髮
Warm smell of colitas, rising up through the air
菸草的溫暖氣味瀰漫
Up ahead in the distance, I saw a shimmering light
就在前方，我看見遠處閃動的光
My head grew heavy and my sight grew dim
頭愈加沉重，視線陷入昏暗
I had to stop for the night
我得找個地方過夜
There she stood in the doorway; I heard the mission bell
她出現在門口，天命般的鐘聲響起
And I was thinking to myself,
我忖度，
"This could be Heaven or this could be Hell"
這裡究竟是天堂，抑或是地獄
Then she lit up a candle and she showed me the way
她燃起蠟燭指引我前方的路
There were voices down the corridor,
迴廊底部傳來絮語
I thought I heard them say...
我聽見他們說……
　
Welcome to the Hotel California
歡迎來到加州旅館
Such a lovely place (Such a lovely place)
這誘人之地（這誘人之地）
Such a lovely face
多麼美妙的臉龐
Plenty of room at the Hotel California
這裡空餘的房間
Any time of year (Any time of year)
不論何時
You can find it here
歡迎你的到來
Her mind is Tiffany-twisted, she got the Mercedes bends
她沉溺於珠寶和名車造成的精神恍惚
　
She got a lot of pretty, pretty boys she calls friends
她結識許多漂亮的男孩，並稱之為朋友
How they dance in the courtyard, sweet summer sweat.
在庭院起舞，甜美的夏日汗水
Some dance to remember, some dance to forget
藉舞蹈以記憶，有些則藉以遺忘
So I called up the Captain,
所以我呼叫侍者
"Please bring me my wine"
給我倒些酒
He said, "We haven't had that spirit here since nineteen sixty nine"
他說：「自從一九六九年，我們再沒有那樣的烈酒。」
And still those voices are calling from far away,
那些聲響不斷地從遠方傳來，
Wake you up in the middle of the night
在深夜喚我醒來
Just to hear them say...
只聽見他們說……
　
Welcome to the Hotel California
歡迎來到加州旅館
Such a lovely place (Such a lovely place)
奇妙的所在（奇妙的所在）
Such a lovely face
那惹人憐愛的臉龐
They livin' it up at the Hotel California
在加州旅館享受人生
What a nice surprise (what a nice surprise)
好得令人吃驚
Bring your alibis
帶著你逃逸的理由
　
Mirrors on the ceiling,
天花板的懸鏡
The pink champagne on ice
浮冰上的紅粉香檳
And she said "We are all just prisoners here, of our own device"
而她說：「我們在自己的監牢，做自己的囚犯。」
And in the master's chambers,
在主人的房間，
They gathered for the feast
他們聚集赴宴
They stab it with their steely knives,
他們以銳利的刀戳刺
But they just can't kill the beast
卻無法殺了那頭野獸
Last thing I remember, I was
我記得的最後一件事，是我
Running for the door
正逃向那門
I had to find the passage back
我必須找到逃出的道路
To the place I was before
回到我原先的道路
"Relax, " said the night man,
「放輕鬆，」守夜人對我說，
"We are programmed to receive.
我們照常接待旅客。
You can check-out any time you like,
你可以隨時退房，
But you can never leave! "
但你永遠不能離開！
　
-
⠀
◎小編有庠賞析
⠀　
此首Hotel California發表於1960年代，同名專輯可說是老鷹樂團最音樂事業最成功，商業銷量也最好的一張專輯。回顧歷經鄉村、西部、搖滾等風格的老鷹樂團，成員上也有所變動，連帶雜揉出獨特面貌。在第五張專輯收錄了這首歌，其吉他演奏多為人所稱頌，成為各地樂迷學習、模仿的經典。淒涼的吉他聲拉出荒涼的公路軸線，隨著樂音向黑暗延伸，鏡頭拉至敘述者面前，加入鼓聲。吉他聲賦予追索回憶的進程，鼓聲則穩定敘述語調，漸次堆展至副歌精準的和聲。
　
評論者對於詞中的情節有多重解釋，內容主要描寫敘述者在公路上奔馳，雜以描述當時美國洛杉磯的生活切面：狂歡、毒品、舞蹈、酒精等等意象，無法退房的加州旅館象徵難以脫逃的沉溺感。第一段敘述者動用多重感官，閃動的光、陰冷的風，以及鼻腔充滿的菸草味共同建構出荒涼景象。以上種種襯托加州旅館的誘人，為了未知可能隱含的傷害性製造更大的張力。主歌以主唱一人獨唱為主，進入副歌則加上合聲，除了呼應「我聽見他們說……」的承接句，開啟旅館內紛呈的景象。第一層張力由此產生，荒涼的環境中佇立炫目奢華的旅館，本質上的衝突除了是敘述者沉溺的理由，同時是後段敘述者發覺事態詭異的理由。
　
畫面中不斷提及的敘事對象「她」，彷彿具象化這座加州旅館，一步步引人進入，如「她燃起蠟燭指引我前方的路」。敘述者層層陷入「她」的舞蹈與夏日汗水，也順理成章地要了酒精，得到的回應卻是：「自從一九九六年，我們再沒有那樣的烈酒。」
　
類似形式的副歌，自此再次出現，產生不同意義：先前感到新奇而步入，如今熱情過度的人們顯得格格不入。中後段的吉他獨奏則給予聽者空間，如同換幕的效果，詩中的空行。進一步加深情緒之外，也做為後段啟示的鋪墊：「我們在自己的監牢，做自己的囚犯。」最後一節，一句歌詞令人不安，同樣以過去式寫成：「我記得的最後一件事，是我逃向那門」，除了描寫敘述者慌亂的行為，他記得的最後一件事是自己逃向門，那令人猜想那他現今身在何處？
　
整體情節製造懸疑，環境景色雖已大不相同，放置到當代仍可成立。在當時，奢糜作為生命逃逸方法的年代，內部的焦慮卻未曾消失。歌詞也許僅是描寫時代切面，但的確觸及了人類思考生命的終極問題。生命如同歌曲：器樂與人聲合唱中，澎拜的聲響反而加深神秘感與不確定感。轉述旅館景象的語調如沉重的叩問，一波波的器樂經歷高潮，而逐漸散退。歌中的人聲轉印至人群心中，揭露各有自己無法逃脫的加州旅館。
　
⠀　
　
-
▨ 美術設計 _ 浩瑋
　
https://cendalirit.blogspot.com/2021/09/20210919.html
#每天為你讀一首詩 #當代詞選 #西洋詞選 #加州旅館 #老鷹樂隊

🌻Docusign(DOCU), Crowdstrike(CRWD)財報結果
上週這兩家公司發表財報了.

這兩天看了一下他們的財報結果. Again, 兩家的表現都很好, 但發現分析師給DOCU的調價(往上)幅度比較多, 就好奇研究了一下SaaS公司是怎麼被估值的. 有興趣的話可以看看(從中學習到很多. 非常推薦一讀):
https://makingsenseofusastocks.blogspot.com/2021/09/blog-post.html

(By the way, 分析師對CRWD的價格調幅沒那麼大, 主因是成長趨緩了. 而DOCU的free cash flow佔營收比, 以及顧客黏著力在這季創了新高, 是讓分析師按讚的幾個原因).

關於CRWD: "The Street is already modeling revenue growth deceleration in 2022 to 36%, down from 60% expected in 2021, which on its own might prove a hurdle for a stock already trading at a high multiple," said Bank of America analyst Tal Liani in a report.

分析師對於DOCU的評價:
• 11位buy; 給的價格分別是: $310, $320 (x2), $330 (x2), $340 (x2), $345, $350, $350, $389
• 給Buy的分析師的評語:
o Baird: The analyst continues to view them as a best in class way to play digital transformation trends with strong growth, cash flow and profitability, and a strong competitive position. Power said DocuSign remains one of his top long-term compounding growth ideas.
o Citi: While slightly shy of the double-digit billings beat in recent quarters, DocuSign still delivered a solid 8% beat to Q2 billings, which grew 47% year-over-year, Radke tells investors in a research note.
o Evercore ISI: he calls "another strong quarter." While some may have wanted to see more aggressive Q3 billings guidance, he believes estimates "continue to leave room for upside," Materne said.
o JMP Securities: While revenue growth decelerated to 50% from 58% in Q1, the company is the clear leader in electronic signature and the broader system of agreement having crossed over 1M customers with a $2B run rate this quarter, the analyst tells investors in a research note, adding that he sees lots of room for growth as DocuSign targets a $50B total addressable market.
o Needham: The analyst commented, "Docusign reported another strong quarter in 2QF22 with typical DOCU upside to revenue and profitability. Sales metrics and growth decelerated Q/Q, as we expected against a massive pandemic quarter, but at a much slower rate than we believe much of the Street was anticipating. 65k net new customers was lower than the 70k - 90 range of CY20 but was still more than 2x greater than any pre-pandemic quarter, highlighting a strong end-market driving 47% billings growth against a strong comp. Commentary on incremental Agreement Cloud demand was positive, suggesting an additional growth tailwind combined with solid international can further aid 2HF22. Although DOCU shares could be lower near-term due to weak 2H OpMg guidance, we think this guidance is conservative, as the recent OM was greater than the pre-pandemic level even with tough comps."
o RBC Capital: The quarter highlighted the sustainability of the company's tailwinds post-pandemic as most of its underlying metrics such as billings and net revenue retention were solid, the analyst tells investors in a research note, adding that the traction with CLM and Notary was also "impressive".

分析師對於CRWD的評價:
• 12位buy; 給的價格分別是: $300, $310 (x2), $313, $315 (x2) , $305, $320, $325, $330 (x2), $340
• 1位給hold: $280 (from $220 by J.P. Morgan(same))
• 給Buy的分析師的評語:
o Baird: The analyst believes the company has significant room for growth with core modules, opportunities with Humio and in cloud workload security, among others, should help drive a continuation of strong growth over a long time horizon.
o BTIG: The company's "strong" Q2 results "cleared every hurdle", even though the buy-side benchmarks may have been slightly higher, the analyst tells investors in a research note. Powell adds that Crowdstrike is clearly gaining share in its core endpoint security target market at a rapid pace and gaining traction with new products across multiple categories.
o Canaccord: The analyst said the stock is down from its recent highs, and he thinks the re-rating creates a more favorable entry point for longer-oriented investors for a foundational security name. He views Crowdstrike as a long-term secular winner in security due to its native cloud platform advantage versus closely held peers in endpoint security combined with platform expansion into tangential segments to capture greater share of security budgets.
o Goldman Sachs: CrowdStrike last night delivered "another beat and raise quarter as the company benefited from another quarter of elevated demand," Essex said. But it traded lower following net new annual recurring revenue growth guidance that was slightly less than investors had hoped for. Essex, nonetheless, said the quarter demonstrated CrowdStrike's "ability to continue to go down market efficiently."
o JMP Securities: The analyst notes the company's Q2 annualized recurring revenue of $1.34B topping his estimate of $1.30B, with "sustained" 70% ARR and revenue growth along with margin upside seen as key highlights for the quarter. Suppiger adds that the metrics reflect Crowdstrike's "strong execution and robust demand environment".
o Mizuho: "very good" fiscal Q2 results. The annual recurring revenue growth of 70% year-over-year "was strong and still nicely surpassed" the Street's 65%-66% estimate, Moskowitz tells investors in a research note. He believes "strong execution can propel" Crowdstrike's stock higher.
o Piper Sandler: The company's metrics "outperformed across the board" in Q2 with 70% annual recurring revenue and revenue growth and record net new customer adds in the quarter, Owens tells investors in a research note.
o RBC Capital: Hedberg adds that CrowdStrike's record pipeline entering Q3 should continue to fuel the company's "land-and-expand" momentum.
o Stifel: Q2 results that he said "exceeded consensus estimates across all major financial metrics." He continues to believe that Crowdstrike's growth opportunity "remains in the early days" despite the company's scale given continued share capture within its core endpoint security market and incremental module adoption on the Falcon Platform, Reback tells investors.
o UBS: the company reported "pretty good" Q2 results against high expectations.

🌻趨勢: 跨境電商 Cross-border commerce
Morgan Stanley:
From our perspective, we think many are underestimating what the cross-border eCommerce demand could ultimately be, once key friction points like FX rates, tax and duties, shipping, language, etc are smoothed—all issues that Global-E directly addresses.

Cross-border ecommerce brings new, high-yield volume: We think elevated levels of cross-border ecommerce (ex-travel) is a structural shift thathas yet to be fully contemplated in MA (and V)'s long-term forecasts. MA's cross-border CNP ex-travel volume was 69% above 2019's level in 2Q and 63% higher in 1Q. Strength reflects both broader ecommerce adoption plus globalization of commerce, as marketplaces and services that reduce cross-border friction (such as those from GLBE) make international online ordering more readily adopted. Early data at V suggests greater cross-border ecommerce spend is persisting even in areas with pre-pandemic levels of international travel. Cross-border transactions also come at a higher yield, making us more optimistic that the trend can bring incremental long-term growth to the networks.

產業的潮流是有連貫性的. 疫情讓電商更發達後, 接下來應該就是加速電商跨境了. 跨境的話, 有很多問題需要解決(稅率, 語言, etc.) 這就需要有公司來做整合的動作. 這種跨境, 也可以想像是omnichannel的一種呈現.

Harley Finkelstein (President of Shopify): "I mean I think commerce in 2021 is cross-border."

🌻SPAC熱潮退卻，初創市值蒸發750億美元
"SPAC熱潮已經退卻。分析顯示，在2月中旬以前完成合併的137家SPAC的總市值已經蒸發25%，市值回落幅度上個月一度超過1,000億美元。"

"像貝萊德(BlackRock Inc., BLK)和富達投資(Fidelity Investments Inc.)這類企業管理的基金，以及許多對沖基金、養老金管理公司和其他一些投資者，都在SPAC的回落中遭受了衝擊，他們在去年年底開始的熱潮中競相投資SPAC。其中許多基金由於在價格還很低的時候就早早入場，所以現在仍坐擁可觀收益。事實上，SPAC市值仍有約2,500億美元，高於一年前的約1,000億美元，反映出這期間股價上漲和新公司上市的影響。

但即便如此，今年年初令人炫目的回報還是讓許多後來者做了接盤俠，扎堆投資所謂穩賺不賠的領域，其永恆的風險可見一斑。在過去的幾個月裡，一些投資者眼睜睜看著帳面財富縮水。"

"股價下跌會在SPAC領域形成惡性循環，因為投資者有權在併購交易前從空白支票公司撤資。一旦SPAC跌破發行價，投資者就更有可能這樣做，而許多SPAC的股價現在正處於這樣的水平。目前，在尚未宣布併購交易的空白支票公司中，超過95%的公司股價低於發行價。

投資者的大規模撤資會讓已經上市的空白支票公司手上的現金大幅減少，讓其更難實現業務目標，並可能加劇股價跌勢。"

https://on.wsj.com/3n6JznC

🌻BNPL (buy now pay later)
But most BNPL providers including Affirm, Klarna and Afterpay have been losing money despite breakneck revenue growth as they invest heavily in marketing to win share. Sweden-based Klarna’s credit losses more than doubled in the second quarter. Affirm has projected adjusted operating losses of $50m-$55m for the fiscal year that ended June 30.

The path to profitability for many of these companies was to achieve massive scale, analysts said.

https://www.ft.com/content/ca201a37-a16d-4223-b123-04d38350a972

Pictures: 一葉知秋; from EarningsWhispers

獻給所有遇到挑戰會先想到障礙然後把自己嚇得半死的人；獻給所有沒有把握就不敢try的人～我要跟你們講一個很勵志的故事！

我其實一直覺得自己編曲很爛
即便在一個科技這麼發達的年代
要學習資源唾手可得
我還是會有不小心
覺得自己不可能比別人好
或是懷疑自己的能力
怎麼可能做到的時候
過去一年都跟公司很厲害的製作人工作
更明白一首優質的歌背後
需要的工程、技術還有步驟
有多艱深跟複雜
其中一個我一直想設略
但是沒勇氣涉略就是編曲
要從千萬種音色中選出或是調出適合的�耳朵要能夠分辨頻率是否打到
要加什麼樂器效果旋律
要怎麼堆疊才可以持續讓人想聽下去�軟體硬體應用everything
都是需要花時間跟精力去研究
光想就覺得根本就像是在海底撈針�往往也會不小心陷入那種知識恐慌
（就是意識到自己還有好多要學根本學不完然後變得很焦慮）
所以一直以來我都寧願乖乖的彈好吉他唱好歌
因為這兩個是我最有把握可以做好的
但其實是怕如果真的花超多時間嘗試編曲
卻還是很陽春很失敗的可能
反正就是怕花這個時間很不值得然後還是被人家笑�就會很氣餒想放棄（Maybe也就是嫌麻煩+懶)

身為一個很不喜歡麻煩別人的人
決定下一個Youtube翻唱要試試看把IU的Celebrity改成英文版時（就是我下一首cover啦！）
我原本就想說ok那我用吉他編就好了><
但剛好之前跟LG談好的音樂企劃合作開始執行了
他們也贊助了我一台
我不知道可以改變我一生的34寸螢幕
因為一次可以看到好～～大的畫面
開軟體變得什麼都看得一清二楚
找音色調東西也變得方便很多
突然有動力想說那我來試試看編完整一點的曲好了
結果～一發不可收拾！

過程中
從開始彈鍵盤的那幾個和絃
到後來加上鼓加上吉他其他有的沒的
越來越有自信！
我突然意識到
過去這幾年
雖然我很抗拒編曲
但是很謝謝自己還有一直在吸收跟學習
除了自己可以做到的多聽多分析音樂外
無形中也從以前跟製作人合作的過程
到去年開始跟公司厲害的同事們切磋
都有偷偷觀察+用力學習（其實我大部分都很光明正大啦! 也是要非常謝謝他們願意教偶）
所以一開編時
馬上就有一個感覺！！
馬上就知道想要加什麼
哪裡需要調
這點
我真的嚇到自己了說實在

距離上一次嘗試編一個完整的曲子應該是
2015 Mirrors cover吧哈哈
過了八百年才又嘗試編完整一點
我對於自己的進步覺得很棒哈哈哈
真的爆有成就感

雖然我們永遠都會有不相信自己可以的時候
覺得煩覺得累覺得不可能的時候

但我想跟你們說
這些心態上的障礙往往真的比我們想像中的小很多！
所以不要想太多了啦！先做再說！
也不要小看自己學習的能力！真的！
We all started out from somewhere
We were all once an amateur
只要一直持續有在學習
我保證這些付出絕對不會白費！
接下來就是差再找到對的工具、對的時機
大展身手了！！
When the time is right and with the right tools, you blossom!

希望我下禮拜回來聽不會覺得自己其實編的蛤好

決定下一篇IG我要打廢文我最近真的太多話了你們會不會覺得我很煩

在此特別感謝 LG 台灣] 贊助改變我音樂人生的超大螢幕啦！！！
Special thanks to my team LG 台灣] for this huge axx 34 inch screen I didnt’ know that could change my effing life. I look forward to working every single day now and I can’t wait to see what else I can bring to the world with the help of this screeeeeen!!

bringが何回やっても覚えられない。
bringの過去形broughtは形変わりすぎだよ…



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