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是什么让你有信心去做一件以前没人做过的事？
What made you confident that you could do something that hadn't been done before?
我不怕失败。
I have no fear of failure.
开拓创新的女性正在改变游戏规则。
Trailblazing women changing the game.
我得到的一个
One of my
最喜欢的建议是，想想你老板的老板需要什么。
favorite pieces of advice, think about what your boss's boss needs.
领导力可以有多种多样的表现形式。
Leadership can look in many, many different forms.
归根结底还是要相信自己。
It really does come down to just trusting yourself.
人生苦短，
Life is short, and
要想做成大事，就得敢想大的。
you just gotta think big to accomplish big things.
朱莉娅·布尔斯廷主持CNBC变革者与权力玩家节目。
Julia Boorstin hosts CNBC Changemakers and Power Players.
每周二更新，欢迎在各大播客平台收听。
New episodes every Tuesday wherever you get your podcasts.
欢迎来到纽约时代广场纳斯达克市场现场。
Live from the Nasdaq market site in the heart of New York City's Times Square.
这里是《快钱》节目。
This is fast money.
今晚的节目内容如下。
Here's what's on tap tonight.
收益率飙升，十年期国债收益率触及18个月新高，而三十年期国债收益率则达到2007年以来的最高水平。
Yields spiking, the tenure hitting eighteen month highs while the thirty year is at levels not seen since 2007.
是什么推动了这些变化？这对整个市场又意味着什么？
What's driving these moves and what does it mean for the broader markets?
还有诺和诺德的研发管线问题，为什么该公司最新的药物试验结果导致今天股价下跌。
And pipeline problems for Novo Nordisk, why the company's latest drug trial results and shares sliding today.
一位顶级专家对此发表了看法，此外亚马逊和苹果的走势截然不同。
A top expert weighs in, plus Amazon and Apple move in vastly different directions.
软件股重新走强，而SpaceX的股价在财报和锁定期到期前又跌至新低。
The software stocks get their group back, and the countdown for SpaceX shares hitting another new low ahead of earnings and a lockup expiration.
期权市场目前对这只股票有什么看法？
What the options market are saying about the stock right now?
我是梅丽莎·李，正在纳斯达克B演播室为您直播。
I'm Melissa Lee, coming to you live in Studio B at the Nasdaq.
今晚在座的有考特尼·加西亚、史蒂夫·格拉索，蒂姆·西摩稍后也会加入我们。
On the desk tonight, Courtney Garcia, Steve Grasso, and Tim Seymour will join us shortly.
我们先从本周利率大幅上涨的最新动态说起。
And we start off with the latest move in this week's great rate rally.
十年期国债收益率今天一度上涨多达9个基点，触及去年1月以来的最高水平。
The ten year spiking as many as nine basis points today, hitting its highest level since January of last year.
三十年期的收益率也在走高，逼近5.3%关口，这是十九年来的首次。
The thirty year also ticking higher, closing in on the 5.3% mark for the first time in nineteen years.
这一上涨是在本周美联储会议上的两位持反对意见的委员阐述了他们支持加息的立场之后出现的。
The jumps coming after two of the dissenters at this week's Fed meeting laid out their cases for the central bank to hike rates.
克利夫兰联储的贝丝·哈马克表示，需要采取行动来遏制通胀，而明尼阿波利斯联储主席尼尔·卡什卡里则认为，现在小幅调整可以避免日后大幅变动。
Cleveland's Beth Hammack saying action was needed to rein in inflation, while Minneapolis Fed president Neil Kashkari said small moves now could preclude big moves later.
与此同时，股市当天波动剧烈，但主要股指最终全部收涨，并且本周也实现了整体上涨。
Stocks meanwhile whipsawing during the day, though major indices all ended the day in the green and managed to pull off gains for the week as well.
但债券市场的这些波动是否意味着未来还会有更多动荡？
But do the moves in the bond market suggest there's more volatility to come?
而且，利率上升会不会成为股市上涨的阻力？
And could these rising rates be a cap for equities?
考特尼，你怎么看？
Courtney, what are your thoughts?
我觉得，尽管十年期国债收益率在上升，但市场依然能保持稳定，这其实是个非常积极的信号，对吧？
Well, I think the fact that markets have been holding in so well here despite the fact that the ten year treasury has been increasing is actually a very good sign, right?
因为这确实会对长期资产构成压力。
Because that really should be a headwind for specifically your long duration assets.
我们这周科技股财报非常密集。
We just had a really busy week here with tech earnings.
市场能够忽略通胀上升和潜在压力，说明大家更关注强劲的财报表现，整体市场也保持得很好。
And the fact that markets are actually looking past the fact that inflation is going up and the fact that this could be a headwind means that markets are really more concerned about earnings, which have been coming in strong, and the the markets, broadly speaking, have been holding up really well.
所以我非常看好这种健康、广泛的市场上涨。
So I really like a healthy, broadening market.
我们持续看到这个趋势。
We're continuing to see that.
我觉得这是市场的一个积极信号。
I really like that sign in the markets.
是的。
Yeah.
我同意这个观点。
I agree with that.
我觉得它们同步波动，这对市场来说其实是件好事。
I think that the the fact that they've been moving in tandem really is is is positive for the for the marketplace.
另外，你看盈亏平衡通胀率，它并没有上升。
Also, when you look at breakevens, breakevens have not increased.
它和美联储会议之前基本持平。
They've stayed similar to where they were pre Fed meeting.
这说明这完全是仓位调整的问题。
That means that this is just all positioning.
所以我不太确定这到底能说明市场不担心通胀。
So I don't know how much that really means that the that the market isn't worried about inflation.
但如果市场真的担心通胀，我们就会看到收益率飙升，因为美联储那边出了什么差错，那盈亏平衡通胀率很可能也会被打破，但我们并没有看到这种情况。
But if if the market was worried about inflation, we saw the spike in yields because somebody screwed something up in the Fed, you'd probably see breakevens break, and we haven't seen them break.
所以现在只是有些噪音。
So there's static.
所以我认为这对市场来说是积极的。
So I think that's positive for the market.
对。
Yeah.
蒂姆，你怎么看？
Tim, what are your thoughts?
昨晚日本央行也开了会，结果什么都没做，但现在大家觉得九月会加息。
There's also a BOJ meeting last night, and nothing happened, but the thought now is that there will be a hike in September.
是的。
Yeah.
对。
Yeah.
这周确实发生了很多事，尤其是美元方面，而日本央行没有按我们期望的那样行动。
It was a week where a lot happened, certainly, with the dollar with and, BOJ didn't do what I think we wanted them to do.
现在，我觉得这周的主题是央行信誉。
Right now, I I think it was a week about central bank credibility.
我的意思是，我理解罗氏在尝试不同的沟通方式，但他说的越来越少了。
I mean, I understand that Roche is is, trying a different approach to communication, but he's saying he's saying less.
市场在传递更多信息。
The market is saying more.
数据也在释放大量信号。
The data is saying a lot as well.
所以，我知道这周大家对股市表现和收益率上升都挺满意的。
So, I know we're all relatively pleased with the equity performance with higher yields this week.
这很好。
That's great.
问题是，你觉得这是收益率的双顶形态，还是真正的突破？
The question is, do you think this is a double top in yields, or do you think this is actually a breakout?
而且，回到超大规模企业发债的动态，以及它们发行的长期债券、十年期及更长期限的品种，我认为这与近期走势有很大关系，尤其是考虑到这些债券属于投资级。
And and, you know, back to the hyperscaler issuance dynamic and the longer duration and the ten year, kind of and longer based, maturities that they're issuing against, I I think that has had a lot to do with what's been going on, especially when you consider it as investment grade.
所以，这是有趣的一周，疯狂的一周，而且重要的是，半导体板块在昨天——应该说是在100日移动平均线处反弹了，这个板块一直引领市场，今天又带我们回升了。
So interesting week, wild week, and important to bounce today and really yesterday, I should say, at that 100 moving day average for semis, which have led us all the way and led us back today.
我还没准备好在半导体领域认输。
I'm not ready to wave a white flag on semiconductors here.
对。
Mhmm.
我上个钟头跟里克·桑泰利聊过，他说以我们现在创下的这些新高来看，十年期国债收益率达到5%已经近在眼前了。
I talked to Rick Santelli in the last hour, and he said 5% on the ten year yield was insight at this point with these new highs we're reaching now.
所以我在想，5%的收益率对这个市场来说会不会不一样？
And and so I'm wondering, you know, is 5% would would be different for this market?
完全超出了之前的区间。
Well out of the range.
确实会。
It would be.
这会对整个体系造成一定的冲击。
It would be a bit of a shock to the system.
我同意其他人的看法，如果按周度数据来看，情况确实显得相对温和一些。
And I'm I'm with the others in terms of I think if you look on a a week to date metric, certainly, it seems a bit more benign.
但如果你看看盘中以及收盘之间的波动，就会发现债券市场和股票市场都出现了明显的震荡。
But if you look at some of the intraday and close to close move that we've seen, we have seen what seems to be both volatility around the bond market as well as within the equity market.
所以我不太确定我们已经摆脱了通胀以及美联储应对通胀所带来的波动。
So I'm not as convinced that we're past the the bouts of volatility that inflation and and the Fed's approach to that are are translating there.
至于5%这个水平，考虑到我们在资本支出方面看到的一些波动，我觉得这挺有意思的。
In terms of 5%, I I think that sets up interesting given some of the volatility that we've seen around CapEx.
所以如果我们现在不得不以更高的固定利率通过债务来为这些资本支出扩张融资，那我认为这肯定会让下半年变得更加困难。
So if we were to have to now finance a lot of those CapEx expansions with debt at a higher fixed rate, I think that that sets up for a bit more challenging second half of the year for sure.
是的。
Yeah.
顺便说一下，我们确实想聊聊这个话题。
By the way, we do wanna touch on this story.
我们刚才在上一小时报道的，《纽约时报》称凯文·沃什正在考虑减少美联储会议的频率。
One that we just brought to you in the last hour at The New York Times is reporting that Kevin Walsh is considering reducing the frequency of Fed meetings.
目前，央行每年召开八次会议。
Currently, the Central Bank meets eight times a year.
我们还和cbc.com的马特·彼得森聊了聊，他负责报道美联储。
We also talked to Matt Peterson, cbc.com, who covers the Fed.
他说根据法律规定，美联储每年只需要开四次会议。
And he said by by law, the Fed is only mandated to have four meetings a year.
所以想象一下，如果从八次减到四次。
So imagine if we went from eight to four.
这波动性可就大了去了。
I mean, talk about volatility.
上次会议和新闻发布会就已经够波动的了。
We had volatility with the last meeting in the press conference.
把会议次数减半，那完全是另一回事了。
Reducing the meetings by half would be a whole other ballgame, I think.
对。
Yeah.
我觉得这很明显符合他的一贯说法，就是他希望美联储少沟通，而不是多沟通。
And I think this is very clearly kind of along the lines of what he was saying, which he wants less communication from the Fed, not more.
我认为最终市场只能跟着其他所有数据走。
I And think ultimately markets are just gonna have to follow all of the other data.
而不是那么依赖美联储每次会议说什么。而且我觉得他并不喜欢这样——每次他说‘我不加息’，但所有人都在记者会上紧盯着他说的每一个字。
Rather than be so reliant on what the Fed is saying at every one of these meetings, and I don't think he's necessarily liking the fact that every time he's saying I'm not raising rates, but everybody is just hanging on to every word you're saying at the press conference.
他正是想摆脱这种局面。
That's what he's trying to get away from here.
我觉得我们以后得更依赖PCE数据、CPI数据、消费者支出数据，才能真正判断通胀走向。我认为市场也得靠这些数据了。
Think we're gonna have to more depend on PCE numbers, CPI numbers, consumer spending numbers to really tell us where that inflation is going, and I think that's what the markets are gonna have to rely on.
我
I'm
我以为我们已经依赖这些数据了。
thought we're already dependent on this data.
我以为我们已经数据依赖了，确实是的。
I thought we're already data dependent, and we're really yes.
而且我们确实在关注每一个小细节，对。
And we're looking at every single little Yeah.
我觉得市场已经从非常透明……
I think I think the market went from really transparent.
美联储从之前的非常透明，现在变得不透明了。
The Fed went from really transparent to opaque now.
对吧？
Right?
但你想一想，当鲍威尔讲话时，是什么推动了十年期国债收益率和利率的变化？
But when you think about it, what what moved the ten year and what moved rates when Powell was share?
是他的言论。
His talk.
对吧？
Right?
所以鲍威尔的想法是，他想引导市场走向他预期的方向，这样就不会有意外。
So you you Powell was of the mindset that he wanted to lead the market to where he was going so there was no surprises.
我认为沃勒想做的，是让市场自己去摸索，然后他再行动，也许这样就不会有意外，但为什么要有任何预设的衡量标准呢？
I think what worse wants to do is let the market figure it out on on its own and then do it because maybe not to be a surprise, but why would there be any preconceived measures?
所以我的看法是，市场会自己找到交易任何信息的方式，你给他们的输入，就是他们会利用的输入。
So if my opinion is the market's gonna figure out how to trade anything, the input that you give them is the what the input that they're gonna take out.
我宁愿这样，也不希望利率市场主导美联储的行动。
I'd rather have it this way than have the rates market lead what the Fed is doing.
我明白你的意思，但迈克·桑托利在讨论这个话题时提到，如果一年只开四次会，那么一旦进入某种加息周期——比如我们未来可能进入的那种——这些调整可能会更加剧烈。
I get what you're saying, but Mike Santoli brought this up in in in terms of the story, and that is if you only meet four times a year, then potentially if you're in some sort of rate hiking cycle, potentially that we might be entering at some point, then those moves would could be more jagged.
可能一次会议就加息50个基点，而不是两次25个基点，或者可能在会议之间采取行动，这也会增加额外的波动性。
There might be a 50 at a meeting instead of a 25 and a 25, or there could be intermeeting moves, which would also introduce extra volatility.
我不知道，波诺，你怎么看？听起来信息越少，波动性越大，我猜是这样。
I don't know, Bono, what do you what do it just sounds like we're in less information is more volatility, I would imagine.
对。
Yeah.
我的意思是，我完全同意，而且我认为如果政策能保持一致性，市场其实是可以消化的。
I mean, I I can't agree more, and I think the market actually could digest it if there was some consistency.
我个人觉得真正棘手的是，我们现在实际上处于一个同时评估所有可量化工具的局面。
What I think what I find personally challenging is the fact that we're essentially in a situation where we're evaluating all of the measurable tools as well.
所以根本没有可比性。
So there is really no apples to apples comparison.
所以在一个用来评估通胀的指标本身就模糊不清的环境里，我觉得这才是波动性的真正来源。
And so to be more opaque in an environment where the metrics that one is using to evaluate inflation, I think that's where the that really is where the volatility stems from.
如果我们说，听着，我们在开会频率、开会次数、衡量通胀的方式上会保持一致，或者只改变其中一项，但在信息传达不透明的环境下全面调整，我觉得这才是真正的挑战。
If we were saying, listen, we're gonna be consistent in terms of how we meet, the number of times we meet, the way we're measuring inflation, or we're only going to change one of those, but then but changes across the board in an opaque messaging environment, I think that's the real challenge.
蒂姆，这里有个美联储的小知识，我知道你一定会喜欢，因为你最爱这种冷知识了。
Here's some Fed trivia, Tim, that I know you'll appreciate because you love Fed trivia.
好。
Okay.
还有谁
And who
上次会议间隔超过八周是什么时候？那是1981年保罗·沃尔克时期的事了。
doesn't understand had last time the meetings that were apart longer than eight week span was in 1981 under Paul Volcker.
那之后他就改了。
After that, he changed it.
对。
He Right.
保罗·沃尔克采用了每年八次会议的新日程。
Adopted Paul Volcker adopted the new eight meetings a year schedule.
这有点讽刺，因为沃尔克领导的美联储以极度紧缩著称，积极抗击通胀，可以说最符合沃斯特提出的模式。
And it's and it's a bit ironic because Volcker the Volcker Fed was known to be extremely austere to be aggressively both fighting inflation and and, you know, arguably most in line with the worst, at least the model that worst is putting forth here.
这周的问题在于——凯文·沃尔什反正也不在乎我的看法——但市场已经透露了很多信息。
The the the problem with this week and this know, Kevin Walsh doesn't care what I think anyway, but but the market is saying a lot.
首先，数据本身说明了很多，而市场从美联储会议的反应、信息缺乏等情况中得出的结论是，美联储行动不够快。
First of all, the data is saying a lot, and the market was saying from that reaction from the Fed meeting, lack of information, whatever, is that the Fed isn't moving fast enough.
而且三次降息25个基点根本不够。
And and 3 to cents wasn't enough.
这一点对我来说很清楚。
And that that's that's clear to me.
而且，这几乎是一种信贷市场的反应。
And and and, again, it was it was almost a credit reaction.
美元下跌，利率也下跌。
The dollar sold off, rate sold off.
看这个六个月和十年的图表，如果你想做多利率、做多更高的收益率，
Six month chart and the ten year is a chart if you wanna be long rates, long higher yields.
那你就是在买这个图表。
You're buying that chart.
今天看这个图表，再看看我们这周收盘的情况，没有任何迹象表明利率不会继续走高。
There's nothing about that chart looking at it today, looking how we closed on the week that says rates aren't going higher.
好的。
Alright.
我们换个话题，聊聊科技股。
Let's move on and talk about, tech.
今天财报发布后，两只科技股的表现截然不同。
It was a tale of two very different tech stocks post earnings today.
亚马逊迎来了十四年来最好的一天，因为其云业务同比增长了37%，这是18个季度以来最快的增速。
Amazon having its best day in fourteen years after saying its cloud business grew grew 37% year over year, the fastest clip in 18 quarters.
与此同时，苹果下跌了7%，市值蒸发了超过4000亿美元。
Meanwhile, Apple dropping 7%, losing over $400,000,000,000 in market cap.
苹果公司警告说，供应链限制将影响本季度的收入。
The iPhone maker warning supply constraints will weigh on revenues in the current quarter.
自周二创下历史新高以来，它已经下跌了10%。
It's lost 10% since hitting a record high just on Tuesday.
顺便问一下，你觉得这些波动是不是对实际情况反应过度了？
By the way, you think these moves were out were too much too much for a reaction for for what actually happened?
考虑到这些公司的规模，是的。
The size of these companies, yes.
这绝对令人震惊。
It's it's absolutely shocking.
我认为亚马逊这边挺有意思的，因为一直有很多批评声音，关于自由现金流压缩或放缓、资本支出等问题。
I think on Amazon's side, it's pretty interesting only because there's been so much criticism around, free cash flow compression or deceleration, CapEx spend.
亚马逊确实就是这样做的。
Amazon has done just that.
我认为，除了云业务增长之外，真正让他们与众不同的，是与资本支出相关的收入可见性和积压订单。
I think what what has really differentiated them clearly aside from the cloud growth is the visibility of revenue and backlog attached to that CapEx spend.
但对我来说，我觉得这只是个温和的利好，不过显然那15%的涨幅不算在内，因为只要你能证明变现能力，并且展示出长期稳定的现金流，你就可以花钱。
But for me, I I saw it as a modest positive, but clearly aside from the 15% move, because you can spend if you can justify the monetization and show proof of long standing visible cash flows around it.
苹果呢，我觉得主要还是估值的问题，进入这个阶段就是这样。
Apple, I think it was really a story about valuation going into it.
显然，这次我看错了。
Clearly, I I got this one wrong.
我原本以为它可能还能继续成为风暴中的避风港。
I thought it perhaps could continue to be a port within the storm.
我觉得，实际上，内存芯片的形势确实很棘手。
I I think, really, the the memory chip situation is challenging.
另一个我认为构成挑战的因素是，服务收入的增长确实没有达到预期。
And the other thing that I think really sets up as a challenge is the fact that the service revenue growth really wasn't up to par.
而如果那是利润率最高的业务，而且你还在以高溢价倍数交易，那你需要它稳住，但结果并没有。
And if that's the highest margin business and you're trading at a premium multiple, you needed that to hold in and you didn't get that.
考特尼，这是不是买入苹果的机会？
Is this a buying opportunity for Apple, Courtney?
嗯，我觉得吧
Well, I think
苹果的问题还是在于它的估值偏高，对吧？
the trouble with Apple still is it is still at a higher valuation, right?
所以我认为这真的是被定价到了完美的程度。
So I think this is really priced to perfection.
我觉得这就是问题的关键所在。
I think that's what this came down to.
所以，其实数据本身并不差，但业绩指引没有达到人们的预期。
And so, I mean, the numbers actually really weren't bad, but the guidance was not what people were expecting.
而且我觉得等到下一代iPhone发布时，我们想看看，面对内存芯片的定价，消费者是否愿意买单。
And I think when we see the next iPhone release, we wanna see that with the memory chip pricing, are consumers willing to eat that?
如果不愿意，那这部分成本就只能从苹果的利润里出，这样一来，还能支撑它那么高的估值吗？
If not, it's just gonna come out of Apple's margins, in which case, can you justify their higher valuation?
可能就不行了。
Maybe not.
所以我们持有苹果的股票。
So we own Apple.
它确实是我们投资组合的一部分，但现阶段我不会急着买入。
It's something we have as part of our portfolio, but it's not something I'm gonna jump into at this point in time.
就这些
Just off
方面来说。
of those.
对。
Yeah.
我觉得苹果的问题不完全是定价过于完美。
Think Apple was was not even so much priced for perfection.
我认为它其实是定价过高，注定要失败，因为之前一切太顺利了。
I think it was priced to fail because everything was going so well.
现在就看执行能力了。
Now it becomes an execution risk.
所以他们没有像其他公司那样在资本支出上花钱，但问题是，他们打算如何在人工智能领域取得成功呢？
So they didn't spend any money that the others did on capex, but how are they gonna get to the promised land on AI, I think is the question.
亚马逊，我觉得，博诺说得对。
Amazon, I think I think, Bono and nailed it.
如果你能让投入资本回报率伴随着更高的利润率出现，那就是胜利。
If you if you could have your return on invested capital show up with larger margins, that's a win.
对。
Right.
而微软给他们提供了范本。
And Microsoft gave them the playbook.
所以我认为，当你审视亚马逊时，你会发现微软的做法完全正确。
So I think when you came into the to the Amazon, so so I think if you look at it, Microsoft was just right.
亚马逊可能有点过热，因为他们展示了利润率的大幅提升和AWS的改进。
Amazon was was probably the part was a little bit hot where they showed a lot of margin improvement and AWS improvement.
所以我认为他们在市场方面做得非常完美。
So I think they they worked it perfectly with the marketplace.
对。
Yeah.
而且说到亚马逊，蒂姆，贾西不仅成功地把亚马逊的故事讲清楚了，说明它怎么花钱、怎么做好资本管理，
And and for Amazon, Tim, I mean, not only did Jassy was he successful in clearly selling the narrative of Amazon and how it will spend its money and how it will be a good steward of capital.
而且亚马逊的资金需求也没那么大，在高利率环境下风险也小一些，不像Meta那样，大家已经在担心Meta未来要付的利息成本会很高，因为投资者对交易的要求变了。
But also the funding needs for Amazon aren't as great and maybe at risk with that higher interest rate environment as, let's say, a Meta, which, you know, there is already concerns about the price that Meta would have to pay an interest expense going forward, given the change in what investors are demanding deal over deal.
安迪，贾西的沟通和表态比马克·扎克伯格要确定得多，尤其是在核心业务和AWS重新加速增长方面。
Andy, Jesse's communication and and comments are with so much more certainty than what Mark Zuckerberg did or or is able to do, especially with the core businesses and especially with the reacceleration reacceleration of AWS.
别忘了，37%。
Remember again, 37%.
市场预期是31、32，小道消息是33、34，结果直接远超预期。
I mean, the street was, you know, it was 31, 32, Whisper was 33, 34, blew it away.
而且他对这个机会非常乐观，还提到了AI业务已经达到250亿美元的年化收入规模，增长势头很令人兴奋。
Again, he was very, very bullish on the opportunity as as has talked about the ability to talk about a $25,000,000,000 run rate in terms of AI at this point and where that has grown is is exciting.
跟资本支出相比，这确实挺有意思的。
It's it's probably, you know, relative to the CapEx.
这只是九牛一毛，但确实展示了你期望的那种增长。
It's a drop in the bucket, but it it does show the kind of growth you're looking for.
而且，就像我昨天说的，我认为亚马逊拥有多个具有巨大潜在市场增长的业务，包括硬件芯片、云计算，当然还有零售。
And I, as I as I as I said yesterday, I think the fact that Amazon has multiple businesses with massive total addressable market growth, and that includes hardware chips, that includes cloud, that includes obviously retail.
对我来说，从相对估值角度来看，这比微软更容易理解。
And and it's just to me a story that's a lot easier also on on a relative valuation basis other than to Microsoft.
所以，即使经历了这轮上涨，它的估值也就在25倍左右，最多27倍，我觉得这很有吸引力。
So to itself, you know, somewhere even after this move, you're talking about 25 times at the most 27, and I think that's attractive.
好了，大部分大型科技公司的财报已经公布，市场在进入八月时处于什么位置？
Well, most with most of big tech earnings out of the way, where did markets stand heading into August?
现在连线的是Verdant's Capital Advisors的首席执行官Megan Horniman。
Megan Horniman, CEO of Verdant's Capital Advisors joins us now.
Megan，很高兴见到你。
Megan, great to see you.
很高兴见到你。
Great to see you.
在所有这些大型科技股财报发布之后，你总体的核心看法是什么？
What was your what was your sort of overarching takeaway after we've gotten all of the mega cap earnings, tech earnings specifically out of the way?
我觉得这次财报季有一点值得注意：那些业绩超预期的公司，和那些没达标的公司，它们在财报发布后的几天里股价都在下跌。
I think the one thing that we have to look at is this earnings season we saw not only were companies that beat their estimates, but those that missed, they're actually they were declining in the days after their earnings report.
所以，大型科技股财报结束后，我的一个体会是，投资者已经没有那种盲目追高的热情了，他们看不到这些资本支出到底能带来多少收益。
So with the big tech out of the way, the one takeaway that I have from those tech earnings is that investors don't have that appetite to just continue to pay and pay and pay without any clear insight into what this CapEx spending is gonna do from an earnings perspective.
大型科技股的事告一段落，那接下来还有什么催化剂能让市场继续上涨呢？
So big techs out of the way, what's the catalyst here that's gonna keep the get the market to continue to go higher?
我们看不到。
We just don't see it.
我觉得进入八月和下半年，我们面临的风险要多得多。
Think there's many more risks that we have going into August and the second half of this year.
同时，想想也挺神奇的，过去十一周，标普500指数基本稳定在7500点左右。
At the same time, it is amazing to think that for the past eleven weeks, the S and P 500 has been roughly at 7,500 steady.
不管你怎么折腾，不管是财报，还是中东冲突再次升级，梅根，它都稳如泰山。
No matter what you throw at it, whether it be earnings or, you know, a reacceleration of of the conflict in in The Middle East, Megan.
那你觉得这是乐观还是悲观呢？
So is that are you glass half full or glass half empty on that?
长期来看，我们非常看好。
Long term, we're very constructive.
所以我认为机会还是有的。
So I do think that there's going to be opportunity.
但短期内，我虽然不想说悲观，但我确实很担心市场变得过于自满。
But in the near term, I I hate to say glass half empty, but I am very concerned that this market's getting complacent.
你提到的这些风险还不止这些，还有关税问题又回来了。
These risks that you mentioned, it's not just that, it's tariffs coming back into the picture.
我们之前聊过，你们也讨论过美联储的不确定性，以及收益率曲线变陡的问题。
We talked, you guys discussed the uncertainty around the Federal Reserve, the steepening of the yield curve.
这确实是个大问题。
This is a big concern here.
通常出现这种情况，市盈率就有收缩的风险。
And typically when you see that, you're gonna see the risk for PE contraction.
今年剩余几个季度的盈利预期非常乐观。
Earnings are very optimistic for the remaining quarters of this year.
利润率目前处于非常高的水平。
Margins are sitting here very high.
通常人们会建议趁机买入。
Typically people would say to buy into that.
但当我们面临所有这些将在下半年冲击这些公司的逆风时，情况却依然如此。
But these things are sitting like this when we're facing all of these headwinds that are gonna come at these companies in the second half of this year.
我只是觉得短期内下行风险大于上行空间。
I just think there's more downside risk in the near term than there is upside.
那么，Megan，当你关注安全领域，关注市场时，非必需消费品板块在亚马逊的带动下本周实际上领涨了。
So, Megan, when you look at safety, when you look at the the marketplace, the discretionary segment with the help of Amazon actually led this week.
但如果把时间拉长到一年来看，能源板块才是领涨的。
But if you pull back the lens for a year, it's been energy.
所以，这可能是我们未来会看到的逆风之一，再加上关税问题。
So that's one of the headwinds that we could see along with tariffs.
能源板块是你想避险的地方吗？
Is energy a place where you would hide?
现在倒不一定。
Not necessarily right now.
我觉得能源板块的持仓也集中在少数几只股票上。
I think energy is very concentrated in a couple different names too.
所以得小心点。
So you have to be careful there.
我觉得吧，适当分散配置一些能源股不是坏事，但现阶段我不会再加仓了。
I think, you know, some diversification and having some energy stocks is not a bad thing, but I wouldn't be adding money to it at this point.
随着这场打打停停的战争持续，能源板块会非常动荡。
It's gonna be very volatile as this one again, off again war continues.
你也知道，之前一条推文就能让能源价格暴跌，我们都见识过了。
You know, we saw what happened before one tweet away from energy prices going down.
但归根结底，你得看现在定价的是什么。
But at the end of the day, you have to look at what you're pricing here.
这些能源公司的股价，你愿意出多少钱买？
What are you paying for these prices of these energy companies?
我觉得得特别小心。
And I think you have to be very careful.
我认为这里面风险大得多。
I think there's a lot more risk in that.
嘿，梅根，我是考特妮。
Hey Megan, it's Courtney here.
我明白你说的短期风险。
And I hear what you're saying about the short term risks.
我觉得这些都是投资者需要担心的。
I think all of those are things that investors do need to be concerned about.
但如果你现在是个投资者，你觉得市场上有哪些板块估值合理，或者值得入手？
But if you are an investor here, are there any areas of the market that you think are maybe valued correctly or are worth getting into here?
我的意思是，还是说你会完全偏向安全资产？
I mean, or would you just be completely on the safety side?
我不建议你卖掉手里已有的东西，但我会建议你检查一下自己的投资组合，看看权重配置是不是偏离了你原本的目标。
I wouldn't be selling anything necessarily that you own, but I would be looking at your portfolios to see if you have drifted apart from where you wanna be from a weighting perspective.
有些领域，比如我们年初很看好的中小盘股，但它们已经涨了很多了。
There are areas, whether it's small and mid cap, that we did like a lot coming into this year, but they have run so much.
要确保你在这些领域没有超配。
Make sure that you aren't overweight in those areas.
我们仍然认为，在即将到来的高利率环境下，美联储可能不得不比一些人预期的更激进，价值股确实有机会，但它们也不便宜。
We still do think in the environment we're going into with higher interest rates, with the Fed possibly having to get more aggressive than some have anticipated, that value stocks have some they're an opportunity there, but they're also expensive.
你看，罗素1000价值指数也已经大幅上涨了。
I mean, if you look at the the Russell 1,000 value index, it's also run up significantly.
而标普500等权重指数现在也处于历史高位。
And you're looking at the S and P 500 equal weight sitting here at a record high.
所以我们不是说要你完全持有现金，而是说评估一下你的投资组合，确保今年表现好的那些资产，没有让你偏离你的战术配置。
So we're not saying be completely in cash, but we are saying evaluate your portfolios, make sure that what has worked to this year, that you're not drifting from your tactical allocation.
留一些现金在手里，因为长期来看我们仍然看好市场。
Have some of that dry powder on the sidelines because we are constructive long term.
而且我们确实认为会有机会。
And we do think there's gonna be opportunity.
下半年，市场也会进入季节性低迷期。
Second half, we're going to this negative seasonal period in the market as well.
再加上我们提到的其他不利因素，这可能会带来一些机会。
This could present some opportunities along with all of these other headwinds that we mentioned.
梅根，很高兴见到你。
Megan, great to see you.
谢谢。
Thank you.
你也是。
You.
梅根·霍尼曼，来自Verdance。
Megan Horniman, verdance.
Vono，你觉得我们是不是太自满了？
Vono, do you think we're too complacent?
我觉得确实是这样。
I think we are.
我确实觉得我们有些过于自满了。
I I I do think we are.
我能理解她为什么主张超配现金的逻辑。
I understand her her logic about being overweight cash.
但这挺难的，因为这意味着你得从别的地方撤资来补充现金。
I think it's tough because that that essentially means that you have to harvest from somewhere.
我会稍微关注一下国际市场，还有美国市场。
I'd be looking somewhat at international, and and The U.
美国市场。
S.
在具有统计显著性的时间段内，它往往表现更优。
Tends to outperform over any statistically significant period of time.
不过我认为这也能提供一些下行保护。
But I do think that that might provide some downside protection as well.
这个问题我得问问蒂姆。
I'll have to go to Tim on on that.
蒂姆，作为我们这里的国际新兴市场专家，你怎么看？
Your thoughts, Tim, as the, international emerging markets specialist here.
我觉得，博宁温这家伙现在弹得一手好曲子啊。
I mean, Bon Bonin Boninwin is is playing some sweet music here.
不过，你知道，如果我们能解决中东问题，把油价压到每桶80美元以下，我觉得国际市场就有戏。要是能源和大宗商品价格能回到战后那种正常化的环境，国际市场应该会表现更好，原因你也知道，估值低，它一直都很便宜。
And, you know but I I think if we solve The Middle East in a way which brings oil prices down below $80 a barrel, I think international can if we can get back to a kind of either postwar normalized environment on energy and commodity prices, international, I think, will outperform for the reasons also that are not know, valuation, it's always cheap.
我认为全球范围内一些大型主题交易也在很好地发挥作用。
I think there are dynamics on some of these big thematic global trades that are working very well also around the world.
我想我还是回到每股收益增长这个话题上吧。
I I guess I just would get back to EPS growth.
我的意思是，别看现在一片悲观，每股收益增长其实从未这么好过。
I mean, all this half empty, EPS growth has never been better.
不管你怎么看那些超大规模企业，甚至Meta，我们还没听到任何一家公司让你质疑每股收益增长的前景。
And say what you want about the hyperscalers and even Meta, But but we haven't heard anything from any of them, that that has you question EPS growth.
事实上，如果你希望市场继续上涨，我认为需要这些公司的参与。
And and in fact, if you want markets to go higher, I think you need participation by these companies.
而且我觉得我们从这些公司的财报中已经听到了足够的信息，甚至包括苹果，iPhone销量增长了20%以上，你可以预期，随着秋季的到来，这个趋势会持续。
And and I think I think we heard enough from the earnings releases from these companies, even Apple's, that tells you, I mean, north of 20% iPhone sales, and you can expect that, I think, as we get into the fall.
显然，我们很快会看到新的发布。
And, obviously, we have a release coming out.
我认为每股收益的故事就是你为什么应该在这个点位买入市场的理由。
I think the the EPS story is why you're supposed to buy this market here.
接下来，软件和云端领域表现强劲，我们来深入分析这个板块本周的大涨以及未来走势，Palantir将开启又一个财报繁忙周；此外，还有来自石油领域的消息，埃克森美孚和雪佛龙对能源市场现状以及油价未来走向发表了看法。
Coming up, software and cloud nine, a look inside the sector's big week of gains and what comes next as Palantir kicks off another big week of earnings, plus the dispatch from the oil patch, what Exxon and Chevron had to say about the state of energy markets and where oil prices go from here.
别走开。
Don't go anywhere.
《快钱》马上回来。
Fast money's back in two.
这里是CNBC的《快钱》节目，我是Melissa Lee。
This is fast money with Melissa Lee right here on CNBC.
是什么让你有信心去做一件以前没人做过的事？
What made you confident that you could do something that hadn't been done before?
我不怕失败。
I have no fear of failure.
开拓创新的女性正在改变游戏规则。
Trailblazing women changing the game.
我最喜欢的一条建议是：想想你老板的老板需要什么。
One of my favorite pieces of advice, think about what your boss's boss needs.
领导力可以有很多种不同的形式。
Leadership can look in many, many different forms.
归根结底，还是要相信自己。
It really does come down to just trusting yourself.
人生苦短，
Life is short, and
你得敢想才能干成大事。
you just gotta think big to accomplish big things.
朱莉娅·博森主持CNBC的《变革者与权力玩家》节目。
Julia Borson hosts CNBC Changemakers and Power Players.
每周二更新，你可以在任何播客平台收听。
New episodes every Tuesday, wherever you get your podcasts.
市值高达600亿美元。
$60,000,000,000 in market value.
这是该股自1999年以来表现最好的一周。
It was the stock's best week since 1999.
Workday、甲骨文、Salesforce也都有两位数的涨幅。
Workday, Oracle, Salesforce also rising double digits.
但有一只股票明显缺席了这波涨势，那就是Palantir。
But one notable stock sitting out the rally, Palantir.
该公司将于周一发布财报，其股价今年已下跌约三分之一。
The company reports on Monday, shares have lost roughly a third of their value this year.
你怎么看Palantir？
What do you make of Palantir?
Palantir的股价一直都是靠估值支撑的。
So it's always been a valuation game of Palantir.
仔细看的话，他们42%的收入都来自美国
And when you look at it, 42% of their revenues comes from the U.
S.
S.
政府业务。
Government.
但其他各项数据看起来都很不错。
But all the other numbers seem great.
上一季度的营收增长了85%。
Revenue is up 85% last quarter.
净美元留存率达到了150%，这说明老客户还在持续增加投入，商业板块也在增长。
Net dollar retention means their existing clients are are is at a 150%, meaning their existing clients keep giving them more money, and commercial is up.
真正的问题其实只是股价的估值太高了。
The problem is truly just the valuation on the stock.
但你看这走势图，我觉得现在这个价位或许可以买，但我担心它在财报发布前已经涨过头了。
But when you look at the chart, I think that you could probably buy it here, but I'm afraid that it got ahead of itself into the print.
那它的远期市盈率是多少？
Well, the four PE is what?
这里显示是77倍，或者你可以看看微软，它刚交出了一份强劲的季度成绩。
77 says there, or you can have a Microsoft, which had a strong quarter.
我是说，不知道你是否觉得微软那个季度算是彻底扫清了阴霾。
I mean, don't know if you thought that was the all clear kind of quarter for for Microsoft Court.
我认为市场现在传递的信号是，他们正在关注那些能够独特地将AI投入变现的公司。
I think what you're seeing the markets are telling you is they are now looking at the companies who can distinctively monetize their AI spending.
我觉得这就是你会在所有这些财报中看到的情况。
And I think that's that's what you're gonna see on all of these earnings reports.
而且我认为这也会延续到本周Palantir的财报上。
And I think that's even gonna follow through to a Palantir this week.
它们在整个指数中占了相当大的比重。
And they are a really large part of this overall index.
所以我觉得，看他们怎么发布财报以及指数怎么走，这会非常直接地传导过来，值得密切关注。
So I think seeing how they report and how the index moves, it's gonna translate very directly, and it's something to keep keep an eye on.
对。
Yeah.
而且软件和半导体之间的那种反向关系，这周也出现了。
And that that inverse relationship between software and semis have has you know, that that happened this week also.
我是说，软件这周涨了大概7%，而半导体跌了将近4%。
I mean, software is up like 7% this week on a win, and semis were down almost four.
是的。
Yes.
所以，我们都很清楚一些存储类公司面临的挑战，比如有对冲基金因为软件板块的多空仓位不得不平仓。
So, I mean, we all are very well aware of some of the challenges that some of the memory names, you know, you've had a hedge fund essentially have to unwind because of some of the long and short positions across that software that that software sphere.
我认为波动性很大，而且除了微软，你看一些公司像Palo Alto、Crowd，还有你提到的Salesforce。
I think the volatility and then if you look at some of the names in in addition to Microsoft, you have Palo Alto, you have Crowd, and then you also mentioned, Salesforce.
所以这些股票都经历了大幅下跌。
So you you've had a massive drawdown in some of those names.
然后还有一些大型语言模型基本上失控了，在我看来，这反而让更多人关注到软件安全和网络安全这类股票。
And then you've had some of these LLM essentially going rogue, which to me has only brought more focus onto, you know, some of the software security and cybersecurity type of names.
所以在这个领域里，有很多变动的因素，这也是导致那些分歧的原因。
So think within that complex there's, you know, quite a bit of moving parts, and that's what's led to some of that divergence.
是的，除了我们之前已经知道的那些安全漏洞，就在过去一个小时左右，我们又从OpenAI那里得知了更多消息，Tim。
Yeah, I mean, on top of the breaches that we already knew in just the last hour or so, we're learning about more from OpenAI, Tim.
我觉得这确实会进一步支撑网络安全股票上涨的理由。
I mean, which really does, I would think, help bolster the case for cyber stocks.
弗兰肯斯坦博士的怪物。
Doctor Frankenstein's monster.
你看，我觉得，呃，其实吧。
I you know, I I it look.
所有软件股并不是都表现得很差，即使在软件板块下跌的时候。
All software has not done poorly even in the downdraft in in software.
就像我们说的，安全类股票表现确实很好。
As we said, security's done really well.
展开剩余字幕（还有 307 条）
基础设施表现也很好。
Infrastructure's done really well.
数据表现也很好。
Data's done really well.
其实软件并不是一路下跌的。
I mean, software hasn't been a one way trade lower.
这点要说明白。
Let's be clear.
我认为微软的转折是IGB转折的一部分。
I think the turn of Microsoft is part of the turn in the IGB.
这一点毫无疑问。
Make no mistake about that.
现在又面临200日均线的压力。
And now up against the two hundred days.
所以如果你看图表，实际情况是，就像昨天半导体那样，但它守住了100日均线，我认为从过去一年半来看，这对整个科技市场来说一直是更重要的动态。
So if you're looking at the chart, the fact of the matter is it, like semis did yesterday, but it held the hundred day moving average, which I think has been the more important dynamic from, know, going back over the last year and a half kind of for the tech markets overall.
所以现在它第一次面临突破200日线的考验。
So it's now really at its first test to break through the 200.
这个图表对我来说有点意思，我觉得你得非常小心。
The chart looks kinda interesting to me, and I think you have to be very careful.
但我确实认为，市场可能更愿意买入那些表现不佳的软件股，而不是那些表现优异的。
But I I I do think that the market probably wants to buy the underperforming software names relative to the over you know, the outperforming software names.
我刚才提到，比如CrowdStrike或者其他在安全领域有布局的公司。
I just kinda mentioned whether that's CrowdStrike or other folks that are really positioned on the security side.
我觉得现在是持有软件股的好时机。
I I think it's an interesting time to own software.
我认为你可以这么做。
I think you can.
好的。
Alright.
后面还有不少快钱要进来。
There's a lot more fast money to come.
接下来要播什么内容。
Here's what's coming up next.
雪佛龙和埃克森美孚的利润都在飙升。
Profits surging for both Chevron and Exxon.
我们来分析一下石油巨头股票的走势，看看能源板块是否还有上涨空间。
We'll dig into the moves in the oil major stocks and find out if the energy trade has more fuel in the tank.
另外，诺和诺德的心血管药物试验失败，给大型制药公司带来打击。
Plus, heartbreak in big pharma as Novo Nordisk's cardiovascular drug fails in trial.
解读这只股票的最新挫折，以及它能否赶上竞争对手礼来。
Inside the stock's latest setback and whether it can catch up to rival Eli Lilly.
您正在收看《快钱》节目，我们在时代广场市场现场直播。
You're watching fast money live from the Market side in Times Square.
广告之后马上回来。
We're back right after this.
是什么让你有信心去做一件以前没人做过的事？
What made you confident that you could do something that hadn't been done before?
我从不害怕失败。
I have no fear of failure.
开拓进取的女性
Trailblazing women
正在改变游戏规则。
changing the game.
其中
One of
我最喜欢的一条建议是：想想你老板的老板需要什么。
my favorite pieces of advice, think about what your boss's boss needs.
领导力可以有多种多样的形式。
Leadership can look in many, many different forms.
归根结底还是要相信自己。
It really does come down to just trusting yourself.
人生短暂，而且
Life is short, and
你得敢想大的，才能做成大事。
you just gotta think big to accomplish big things.
朱莉娅·博森主持CNBC变革者与权力人物节目。
Julia Borson hosts CNBC changemakers and power players.
每周二新一期上线，在你收听播客的任何平台都能找到。
New episodes every Tuesday wherever you get your podcasts.
欢迎回到《快钱》节目。
Welcome back to Fast Money.
雪佛龙和埃克森美孚走势相反，尽管两家公司最新季度利润都大幅增长。
Chevron and Exxon Mobile moving in opposite directions even as both saw profits surge in the latest quarter.
雪佛龙营收和利润均超预期，而埃克森美孚盈利未达目标。
While Chevron beat both top and bottom line estimates, Exxon fell short on earnings.
CEO达伦·伍兹今早参加了《Squawk Box》节目，讨论季度业绩。
CEO Darren Woods, joined Squawk Box this morning to discuss the quarterly results.
像第二季度那样的时候，我们遇到了很多混乱。
In times like the second quarter, we had so much disruption.
第二季度那种情况，确实特别困难，尤其是对我们的炼油业务来说。
It was particularly difficult, particularly for our refining business.
我们是全球除中国以外最大的炼油商。
We are, the largest refiner in the world outside of China.
而且，在利润率极高、原油供应又混乱的情况下，我们整个产品组合都在调整，要预测这块业务的定价就变得很困难。
And, with the high, high margins and all the changes that we're making across our slate with the crude disruption, the ability to predict what prices we're going to do on that business was difficult.
业绩不及预期的地方就在这里，但这并不代表运营或基础业务有什么问题，实际上那个季度非常强劲。
That's where the miss came doesn't represent anything in the operation or the underlying business, which was an extremely strong quarter.
需要提一下，埃克森美孚的股价今年仍然上涨了近30%。
Should note Exxon shares still up nearly 30% this year.
蒂姆，你怎么看这些石油公司的财报？
Tim, what'd you make of these oil earnings?
我觉得非常棒，特别是对于那些关注自由现金流或经营现金流的人来说。
I thought they were fantastic, especially for someone that's looking for free cash flow or cash flow from operations.
埃克森美孚的自由现金流表现超出了预期。
And Exxon beat on on their free cash.
我记得是192亿美元。
I think it was 19,200,000,000.
我是说，他们的自由现金流比预期高出20%以上。
I mean, they they beat by north of 20% what the expectation was on free cash flow.
那么，人们为什么要持有这些大型综合石油公司的股票呢？
So why do people own some of these big integrated oil companies?
一部分原因是为了股息和信心，至少在一定程度上，这些公司是全天候的稳健投资。
Some of it is is for div and confidence and and at least some sense that these are all weather plays.
所以，我认为它们都证明了这一点。
And therefore, I think they both proved that.
埃克森美孚今天表现不佳，落后雪佛龙近3.5%，原因是它们的炼油数据不如瓦莱罗。
The the Exxon disappointment and it underperformed Chevron by almost three and a half percent today was because their refining numbers weren't like Valero's.
它不是一个纯粹的炼油股。
It it's it's not a pure play.
瓦莱罗是纯粹的炼油股，而且它基本上一直跑赢同行业。我觉得埃克森美孚的失望表现只是暂时的，你应该克服它，然后买入。
Valero's a pure play, but Valero is is, you know, essentially been outperforming the relative space, and I think the Exxon disappointment is something you should get over and go buy it.
如果你眯着眼看这两张图，埃克森和雪佛龙的走势几乎一模一样。
If you squint and look at both of those charts, Exxon and Chevron, they look identical.
它们今年至今都涨了29%，而且你从CEO那里也听到了。
They're both up 29% year to date, and you heard it from the CEO.
它们的炼油业务表现疲软，而雪佛龙正是在这方面胜过了它们。
They had a weak refining, segment, and that's where Chevron beat them.
但说到中东，埃克森比雪佛龙更容易受到中东局势动荡的影响。
But when you look at The Middle East, Exxon is more exposed to the disruptions in The Middle East than Chevron is.
不过，就像蒂姆说的，这两只股票都能给你带来股息收益。
But both of them to Tim's point, you're going to get a yield in both.
它们今年至今的涨幅相同，走势图也几乎一样。
They both have the same year to date performance and the charts look identical.
所以，关键就是看那天你选哪一匹了。
So it's about about picking a horse on that day.
对。
Yeah.
而且我觉得还有一点。
And I think some of this too.
我是说，埃克森今年表现确实很好。
I mean, Exxon has done really well this year.
它的估值更高，但我同意你的看法。
It is at a higher valuation, but I agree with you.
我认为它在中东的敞口确实更大，如果中东局势最终得到解决，对埃克森的好处会比雪佛龙更大。
I think it actually has a lot more exposure in The Middle East, which if that does in fact get resolved at some point in time, think is actually a better benefit for your Exxon than your Chevron.
我真的很喜欢那些自由现金流数据。
I really like those free cash flow numbers.
我觉得今天公布的数据里，这一点被忽略了。
I think that got buried in the numbers that came out today.
接下来是诺和诺德的‘不通过’消息，试验受挫导致今天股价大跌，以及Pharmasox Now的前景分析。
Coming up at No Go for Novo, the trial setback that routed shares today and the prognosis for Pharmasox Now.
瑞穗的Jared Holz接下来会加入我们，深入探讨。
Mizuho's Jared Holz will join us next to dig in.
《快钱》节目马上回来。
Fast Money's back right after this.
欢迎回到《快钱》节目，今天是7月最后一个交易日，股市处于上涨区间。
Welcome back to Fast Money stocks in positive territory in July's final trading day.
道琼斯指数上涨280点，本月整体收涨。
The Dow rising 280 points, pulling out a gain for the month.
标普500指数上涨0.7%。
The S and P up seven tenths of a percent.
纳斯达克指数上涨1%。
The Nasdaq adding 1%.
与此同时，Roblox股价暴跌27%，因为最新季度的预订量和日活跃用户数未达预期。
Meantime, Roblox sinking 27% after bookings and daily active users missed estimates in the latest quarter.
Reddit股价暴跌21%，原因是该公司发布了谷歌搜索流量预警，这两只股票均创下历史最大单日跌幅。
And Reddit shares tumbled 21% after giving a Google search traffic warning, both stocks seeing their worst days on record.
APNOMED上市首日大涨超过50%，发行价为16美元。美国食品药品监督管理局目前正在审查该公司治疗阻塞性睡眠呼吸暂停的药物。
APNOMED rising over 50% in its trading debut after pricing at $16 The FDA is currently reviewing the company's pill treating obstructive sleep apnea.
这将是首款专门针对该病症上市的药物。
It would be the first drug designed specifically for the condition to hit the market.
另外，暖通空调及管道供应公司弗格森企业的股价因消息大涨。
And shares of HVAC and plumbing supply company Ferguson Enterprises jumping on news.
该公司将于周三开盘时正式纳入标普500指数。
It will enter the S and P 500 at the start of trading on Wednesday.
它取代了被私有化的艺电公司。
It is replacing Electronic Arts, which is being taken private.
与此同时，诺和诺德遭遇挫折，其心脏病药物在后期试验中失败，股价暴跌近9%。
Meantime, a setback for Novo Nordisk shares plunging almost 9% after its heart medicine failed a late stage trial.
与安慰剂相比，该实验性治疗并未显著减少主要不良心血管事件。
The experimental treatment did not show a meaningful reduction in major adverse cardiovascular events compared to a placebo.
诺和诺德今年股价今天又跌回负值区间。
Novo going back into negative territory for the year today.
下面有请瑞穗医疗保健行业专家贾里德·霍尔茨。
Let's bring in Jared Holz, healthcare sector specialist at Mizuho.
贾里德，很高兴见到你。
Jared, great to see you.
我也是，
You too,
谢谢。这次股价下跌，是不是和这个失败导致你预期从管线中移除的销售额相符？
thank Was the move lower commensurate with the expected sales that you would remove from the pipeline with this failure?
是的。
Yeah.
差不多。
Roughly.
这个药物，我估计，之前被预测为诺和诺德带来50亿到100亿美元的机会。
This was, I I think, modeled out to be anywhere between a 5 and $10,000,000,000 opportunity for Novo.
这取决于你具体看的是哪一年的预测。
It just it depends on sort of what year you were looking at.
所以股价跌了8%左右，倒也说得通。
So stock down 8% kinda makes sense.
这对一家急需管线成功的公司来说，确实是个不小的打击。
It's just a little bit of a blow to a company that needed a pipeline success.
但我觉得股价的波动大概是对的。
But I think the move is probably right.
对。
Mhmm.
我想这应该会给他们带来更大的压力，促使他们去收购其他公司、收购其他候选药物。
I I would imagine this puts more pressure on them to acquire other companies, acquire other drug candidates.
不过，我们得指出，这个项目本身就是通过收购得来的。
Although this, we should note, was acquired through an acquisition.
没错。
That's right.
是的。
Yeah.
我是说，这种事情本来就是成败难料的。
I mean, these things are obviously hit or miss.
公司一直很坚定地表示，交易将成为其未来战略的重要组成部分。
The company's been pretty adamant that deal making is gonna be a big part of its strategy going forward.
我觉得他们在最近的几乎所有电话会议和投资者会议上都提到了这一点。
I think they mentioned it on a on pretty much all the conference calls as of late and and investor meetings.
所以这可能只是进一步强调了他们需要建立产品线，向投资者展示除了肥胖症之外还有一些有趣的资产。
So it probably just continues to put emphasis on the fact that they need to build out a pipeline to show investors that there are some interesting assets here other than obesity.
我们是不是应该完全放弃这种药？
Should we write off completely this drug?
我的意思是，还有几项关于这种药的研究正在进行中。
I mean, are a couple of other studies underway involving the drug.
我不会完全放弃它。
I wouldn't write it off completely.
这些研究非常复杂。
I mean, these studies are very tricky.
这些结果研究必须证明与安慰剂相比具有统计学显著性。
You're looking for these outcome studies have to prove to be statistically significant to a placebo.
有时候就是找不到合适的患者群体，事件发生率也不站在你这边。
Sometimes you just don't get the right patient population and the event rate does not go in your favor.
所以我不会完全放弃它，但几率显然非常低。
So I wouldn't write it off completely, but the the odds are obviously very low.
周三应该会很有意思，Jared。
Wednesday should be interesting, Jared.
我们同时有诺和诺德和礼来的消息。
I mean, we're getting both Novo as well as Eli Lilly.
你觉得我们会看到什么能改变这些股票走势的东西吗？
Are we going to see anything that will change the trajectories of these stocks, you think?
我不太确定。
I'm not really sure.
我很有信心诺和诺德会有一个不错的季度。
I I'm pretty pretty confident that Novo is gonna have a good quarter.
但这是否足以在中期到长期安抚投资者，我就不确定了。
Whether it's enough to sort of appease investors medium to longer term, I'm I'm not sure about.
但Wegovy口服药上市后表现非常强劲，是我们见过最成功的案例之一。
But the Wegovy pill has been a monster launch, one of the best we've ever seen.
数据应该会不错。
Numbers should be good.
我觉得市场预期他们可能会在财报后小幅上调业绩指引。
I think the street expects they you know, maybe a small guidance bump on the back of earnings.
说实话，礼来这边更难判断，因为Foundeo作为口服GLP药物，我认为表现相对令人失望。
Lilly has been tougher to call honestly because Foundeo has been, I think, relatively disappointing as an oral GLP drug.
但我认为，市场关注点几乎已经完全转向了研发管线，包括retreutide。
But the thesis has, I believe, shifted almost entirely to the pipeline, including retreutide.
所以走着瞧吧。
So we'll see.
我不太确定这两种情况是否会改变市场看法。
I'm not really sure that either a thesis changes much.
我只是很惊讶，投资者这么快就基本放弃了Foundeo，转而关注retreotide。
It's just I've been very surprised that investors have basically gravitated away from Foundeo this quickly and towards retreotide.
你知道吗，我看了你的笔记，Jared，我记得有一篇里你提到了TruTide，感觉你当时也挺困惑的，好像在琢磨这药到底有什么市场空间。
How you know, I I read your notes, Jared, and I remember in one note where you did address right at TruTide, you sort of, it sounded like you're scratching your head, like, what kind of market does this have?
现在这些药效果都这么好，我们真的还需要一种更有效的减肥药吗？
Do we really need to have a more effective weight loss drug at this point when all of these drugs are very effective?
对。
Yeah.
我真的很惊讶，市场——我觉得散户投资者可能比专注医疗的机构投资者更看好这个药，因为从表面上看，它低剂量就能减重近30%，而现有药物用高剂量也能达到类似效果。
I've been very, very surprised that the street I think retail investors may be more so than health care dedicated event investors on this one because of just the optics of a drug that gives, you know, near 30% weight loss with low doses, you can get there with the higher doses that the existing drugs give or take.
所以对我来说，这只是个增量改进，但市场对它非常乐观。
So to me, this is, you know, very incremental, but the streets been very positive on it.
我只是觉得，最终结果无非两种：要么TruTide最终服务于极高肥胖人群，比如BMI 35到40甚至更高，要么它蚕食现有药物的销售，最终成不了那么大的重磅药。
I just feel like at the end of the day, one of two things are going to happen either read a true time winds up serving the very, very high obese population, thirty five, 40 BMI, maybe even higher than that, or it cannibalizes the existing sales and winds up not being as big of a blockbuster.
我觉得现在很多投资者认为它会抢占所有市场份额，成为礼来最畅销的药。
I think the way that a lot of investors are looking at it now is that this is gonna basically take all of the share and and become Lilly's, you know, best selling drug.
我只是不确定我们真的需要它。
I'm just not really sure we need it.
Jared，感谢你加入我们。
Jared, thanks for joining us.
很高兴见到你。
Good to see you.
瑞穗的Jared Holz。
Jared Holz of Mizuho.
Vono，你怎么看这个领域？
Vono, what do you make of this space?
你知道，Novo，我在想自己是不是太固执了。
You know, Novo, I wonder if I'm being stubborn.
我就是觉得已经有太多坏消息被消化了。
I just feel like there's been so much news, bad news baked in.
我能理解今天的走势，但到了某个点，我觉得从估值来看，它还是挺有吸引力的。
I can understand the move today, but at some point, I think you're you're it's compelling based on valuation.
而且如果大盘真的出现回调，我预计人们会躲进医疗和必需消费品这类板块里。
And if you do really get a drawdown in the broader market, I I expect people to to run and hide within health care and staples and things of that nature.
话虽如此，我得承认我一直看多但看错了，也许我明知道不该接飞刀却还是接了。
With that said, I have to acknowledge that I've been long and wrong, and perhaps I'm just catching a falling knife when I know that I shouldn't.
但我认为，如果我现在持有这只股票，一两年后再回头看，我不会后悔这个决定。
But I think that if I hold this and look up a year or two from now, I will not regret that decision.
但不可否认的是，这只股票短期内确实没有上涨动力。
But there is no arguing against the fact that there's no momentum in the short term in this name.
对。
Yeah.
我觉得，蒂姆，你现在和博诺的看法差不多。
I mean, I I think, Tim, you're in the same camp as Bono and at this point.
就好像，它明明有史上最成功的药物上市之一，却完全得不到任何认可。
It's like it it gets no credit whatsoever for one of the most successful drug launches in history.
是的。
Yeah.
我是说，我们几乎要觉得，以前周五播的那个期权节目真不该停，因为它实在太精彩了。
I mean, we'll go it's it's almost why that that option show that used to be on Fridays that should still be there because it was such a great show.
这些财报让你有种进退两难的感觉。
You you kind of have this this strangle dynamic with those earnings.
我觉得数据应该会不错，但如果不行，这只股票肯定会受到打击。
I mean, I I think the numbers are gonna be good, but if if they're not, I think this stock is gonna get punished.
我认为风险已经释放了，而且我知道心血管管线本来有几十亿美元的销售潜力，但市值却蒸发了150亿美元。
I I think it has been derisked, and I I understand that the cardiovascular pipeline was, you know, potentially a multibillion dollar sales opportunity, but a $15,000,000,000 reduction in market cap.
这个嘛，我还是留给贾里德去判断吧，他听起来觉得这很合理。
I you know, again, I'll leave that to Jared sounded like he thought it was commensurate.
我觉得市场对这家公司的情绪已经低到谷底了，稍微有点好消息就能扭转局面。
I think I think the the the sentiment around this company is is so low that it won't take a lot to continue to turn it.
我认为现在可以长期持有了。
I think you can be long here.
好的。
Alright.
接下来，SpaceX的股价在周二发布首份财报前持续上涨。
Coming up, the SpaceX slide gaining steam ahead of the company's first earnings report on Tuesday.
大额期权交易员们在财报公布前押注了什么，敬请关注《快钱归来》节目。
The big bets options traders are placing into the print when fast money returns.
在美国庆祝建国250周年之际，CNBC聚焦那些与国家一同崛起并持续塑造其未来的企业。
As America celebrates its two hundred fiftieth anniversary, CNBC spotlights the companies that rose with the nation and continue to shape its future.
想到我们跨越了美国历史的四个世纪，经历了在此期间发生的所有创新，无论是对于国家还是金融体系，这真是令人难以置信。
It's incredible to think about the fact that we've operated across four centuries of American history and through all of the innovations that have occurred, during that time, both for the nation, but also for the financial system.
我是罗宾·文斯。
I'm Robin Vince.
我是纽约梅隆银行的首席执行官。
I'm the CEO of BNY.
1789年，华盛顿总统就职。
In 1789, president Washington was inaugurated.
亚历山大·汉密尔顿刚刚就任第一任财政部长。
Alexander Hamilton was the first secretary of the treasury just installed in his post.
汉密尔顿坚信要建立国家信用，并确保美国能够作为一个统一的国家团结起来。
Hamilton believed in establishing the credit of the nation and ensuring that The United States would be able to come together as one country.
当时他找到了纽约银行，也就是现在的BNY，我们借给了国家20万美元，这是美国作为一个新国家获得的第一笔贷款，用来支持国家建设。
And he turned to the Bank of New York at the time and BNY lent the money to the nation, $200,000, the first ever loan to The United States as a new nation to be able to go about the business of building a country.
想想他带给纽约银行的那些理念：要有韧性，要创新，要能参与到那个当时还很年轻的国家中，并推动它向前发展。
If you think about the same principles that he brought to the Bank of New York, it was to be resilient, to be an innovator, to be able to participate in that fledgling country of the time and to be able to power it forward.
后来，1792年，商人们在梧桐树下聚集时，纽约银行的股票实际上是交易所里第一支交易的股票。
Then as the merchants gathered under the Buttonwood tree a few years later in 1792, the Bank of New York was actually the first stock traded on the exchange.
那真是一个标志性的时刻，标志着那个新国家资本市场的开端。
And it was really a moment of crystallizing that beginning of the capital markets of that new nation.
我们参与了伊利运河的建设支持。
We were part of supporting the build out of the Erie Canal.
我们支持了地铁系统的建设。
We supported the build out of the subway system.
我们推出了U.
We launched U.
S.
S.
通过这里的计算机进行美国国债清算。
Treasury clearing through computers here in The United States.
这就是创新的故事。
It's that story of innovation.
事实是，当你把一群人聚集在一起，怀着共同的目标，在自由和创新的机会下设定使命，你就能做出惊人的事情。
The reality that when you bring a group of people together with common purpose and setting a mission wrapped in freedom and the opportunity to innovate, you can do amazing things.
这就是美利坚合众国的故事。
That is the story of The United States Of America.
从某种程度上说，这也是纽约银行的故事。
And in a way, it's the story of the Bank of New York too.
欢迎回到《快钱》节目。
Welcome back to Fast Money.
这个周末票房大战即将上演，因为《蜘蛛侠：崭新的一天》即将登陆大银幕。
Big weekend ahead of the box office as Spider Man brand new day swings into the silver screen.
预售票销售额创下国内电影纪录，达到7200万美元。
Preview ticket sales, setting a domestic film record at $72,000,000.
这部电影，我猜史蒂夫肯定期待，不知道你有没有看过其中一些片段。
The movie expect I'm sure Steve, I don't know if you've seen seen any of
我还没看过，但听说如果你要看《奥德赛》，必须得在IMAX银幕上看。
this I have not since seen it, but I hear that if you're going to see Odyssey, you have to see it on IMAX screen.
你看股票已经反映出来了。
You see the stock is reflecting that.
今年至今已经涨了30%。
It's up 30% year to date.
电影又火起来了。
Movies are back.
人们又开始去电影院了。
People are going to movies.
疫情把它们打趴下了，但现在正在复苏。
COVID knocked them on their butt, but they are coming back.
我觉得整体上就是体验经济，对吧？
I think it's experiences in general, right?
所以我觉得这反映在各个方面——演唱会门票是这样，世界杯是这样，电影也是这样。
So I think this is translating to, you've seen this with concert tickets, you saw this with the World Cup, you're seeing this with movies.
大家就是想出门，想找事做。
Like, people are wanting out and doing things.
而且我觉得很有意思的是，这些数据背后反映出的情况——大家都在担心消费者，担心通胀会怎么走。
And I think it's really interesting to see how these numbers translate, where there's a lot of concern with the consumer and where they're going with inflation.
但我们跟客户聊天的时候，他们一边抱怨什么都贵得要命。
But we'll talk to clients and they're complaining about everything costs so much.
哦，但我刚花了七千美元去看世界杯。
Oh, but I also just spent $7,000 on the World Cup.
我觉得像这类事情也是一样的道理。
And I think you're seeing that with things like this too.
你知道，现在人们就是愿意把钱花在体验上。
You know, people are willing to spend their money on experiences right now that's happening.
还有好的内容上，Tim。
And and on good content, Tim.
说到内容，迪士尼的财报下周就要出来了。
You know, speaking content, Disney Disney earnings out next week.
对。
Yeah.
所以，关于迪士尼的财报，我可能更多能聊的是他们电影排片方面的情况，而不是《奥德赛》本身。
And so I I I could probably speak more on Disney earnings than as it relates to their slate, then I could talk about the Odyssey.
我当年拉丁语学得太多了。
I took too much Latin in school.
是的。
I yeah.
我觉得乔什·阿马尔确实……对。
I think Josh Amar really there there's a Yes.
现在还在学拉丁语。
Latin today.
有道理。
Fair enough.
我觉得现在迪士尼的情况是，我们真的需要看到一个催化剂。
I I think you have a dynamic here where we we really do need to see a catalyst in Disney.
一直以来，那个飞轮效应和工作室产出的内容都没有出现什么实质性的进展。
Not been a story where we've been you know, there hasn't been fall through in terms of that flywheel and what's been coming out of the studio.
我觉得公园业务的周期性就是这样。
I think the park cyclicality is what it is.
直接面向消费者的业务增长强劲，但利润率一直不太理想。
The DTC growth has been strong, but the margins haven't been great.
这只股票已经横盘了六七年了。
This is a stock that's been dead money for six or seven years.
我认为新任CEO带来了战略上的变化，而且我确实有理由相信，未来会有更好的消息。
I think there's a a strategic change with the new CEO, and I I certainly I certainly think that there's reason to be confident that there's better news ahead.
我觉得这只股票的风险已经释放了。
I think the stocks derisked.
我不觉得它有多贵。
I don't think it's that expensive.
顺便问一下，你怎么看？
By the way, and what are your thought?
我是说，你觉得这算不算诺和诺德那种情况？
I mean, do you think this is falls in the category of Novo Nordisk?
你买了它，一年后再看，你会庆幸自己买了。
You own this, and you look up in a year, and you'll be glad you own it.
13倍市盈率，我同意蒂姆的看法。
At 13 times, I'm with Tim.
我觉得风险已经释放了。
I think it's derisked.
当然。
Sure.
不过，就像卡特说的，这有点像一对二的情况，但简单回答你的问题，我确实认为风险已经释放了，在两年的时间跨度内，胜算对你有利。
I mean but, again, it as Carter would say, it's somewhat of a pair of twos, but, yes, to answer your question succinctly, I I do think that it is derisked, and the odds are in your favor, over a two year time horizon.
好的。
Alright.
汤姆，是的。
Tom, yes.
SpaceX的股价在下周财报发布前跌至新低。
SpaceX shares heading a new low ahead of earnings next week.
我们来分析一下期权数据，看看接下来《快钱》节目会有什么预期，两分钟后见。
We'll dive into the options bits to find out what to expect more Fast Money in two.
欢迎回到《快钱》节目。
Welcome back to Fast Money.
SpaceX今天首次跌破110美元大关。
SpaceX closing below the $110 mark for the first time today.
本月22个交易日中，股价有17天都在下跌。
Shares have now fallen in 17 out of the twenty two trading days this month.
公司首份财报将于周二盘后发布，业绩能否扭转局面？
The company's first earnings report is Tuesday after the bell and results turn things around.
另外还有锁定期到期这个因素需要考虑。
There's also a lockup expiration to throw into the mix.
迈克·何，期权市场怎么说？
Mike Ho, what are the options markets saying?
是的。
Yeah.
所以SpaceX的期权交易非常活跃。
So there's a lot of options activity in SpaceX.
今天交易量接近120万份合约。
It traded almost 1,200,000 contracts today.
这比它们开始交易以来的平均水平高出约67%。
That's about 67% above its average since they started trading.
从现在到下周结束，财报公布后的隐含波动是股价上下波动18美元。
The implied move right now on earnings between now and the end of next week is $18 higher or lower.
这相当于当前价格的16.5%，也就是低端90美元到高端126美元一股的范围。
That's 16 and a half percent of the current price or a range between $90 to the low end and a $126 a share on the high end.
今天看涨期权成交量很高，但很多机构大单都是卖方。
The call volume was high today, but a lot of the institutional prints were sellers.
但有一个机构买家的例子，有人花2美元一份合约买了510份周度90行权价的看跌期权。
But an example of an institutional buyer was someone who paid $2 a contract for 510 of the weekly 90 strike puts.
所以那个交易员显然是在押注股价可能会下跌。
So that traders obviously betting that the move could be to the downside.
对。
Yeah.
可能部分原因是我之前提到的锁定期到期，Bono。
And maybe part of that is that lockup expiration that I mentioned, Bono.
你对这个走势有什么看法？
And what what are your thoughts on this action?
鉴于这只股票的特性，你可以做空波动性。
You can be short volatility given the nature of of this particular name.
但我觉得，就像你说的，这是锁定期的问题。
But I think, like you said, this is the lockup.
再看看空头头寸，规模非常大。
And then if you look at short interest, it's tremendous.
我觉得大概在25%到30%之间。
I believe it's somewhere between 2530%.
所以，这有可能引发一波剧烈波动，方向可能是两边。
So you have the makings of a volatile move possibly in either
等等。
Wait.
你怎么看这个？
What do you think about this?
我还是持有这只股票的多头仓位。
So I'm still long the stock.
我稍微交易了一点。
So I traded a little bit.
有什么问题吗？
Any?
不好意思，你说什么？
I'm sorry?
你加仓了吗？
Have you added any?
加了。
Yes.
但我在200以上卖了一些，然后在1.80美元左右又买回来了。
But but I sold some above 200, but then I added it at at around $1.80.
所以并不是说我现在在这里加仓。
So it's it's it's not like I'm adding it here.
对。
Yeah.
我最近没加仓，但你看流通股，大概从5%增加到12%。
I haven't been adding it here, but when you look at the free float, we're only going from about 5% free float to about 12% free float.
真正的解禁是在10月，到时候会有大约30%的流通股解禁。
The real unlock comes in October, which gets you about 30% of the free float.
所以我觉得，就像迈克说的，股价可能会被压到100以下。
So I could see this, as Mike said, getting pushed below 100.
但我觉得你也要记住，流通盘越大，被动买入就越多，因为指数权重会更高。
But I think you're you also have to remember that the larger the float goes, the more passive buying because the index waiting becomes more.
所以我认为你会看到一些抵消，但没人会在知道解禁即将到来时进场买入。
So I think you're going to see a little bit offsets, but nobody's coming in to buy it when they know they have an unlock coming up.
对。
Yeah.
我的意思是，有两件事要发生。
And I mean, you have two things coming out.
一个是解禁，这只是接下来几个解禁中的一个。
You have the unlock and which is one of several coming up.
我觉得值得指出的是，这将是未来锁定期和财报表现的一个很好的风向标。
I think it's it's interesting to point out that this will be a good indicator of how that may trade for future lockup periods and the earnings report.
我认为这对投资者来说非常关键，他们需要看清公司未来的方向。
I mean, I think this is gonna be really crucial that investors need to see where they are going forward.
所以我觉得这周会很有看头。
So I think this will be a very telling week.
很明显，波动性已经被市场消化了。
It's clearly the volatility is getting priced in there.
好的。
Alright.
谢谢你，Mike Ho。
Thank you, Mike Ho.
接下来是最后的交易环节。
Up next, final trades.
FIFA 突发新闻。
News alert on FIFA.
据报道，国际足联这个足球管理机构在遭到强烈反对后，取消了将世界杯出售给私募股权的争议性计划。这笔交易由 Joshua Kushner 运营的公司主导，原本估值高达 200 亿美元。
The soccer governing body reportedly scrapping its controversial plans to sell off the World Cup to private equity after backlash deal, which involved the firm run by Joshua Kushner, would have valued the the arm at $20,000,000,000.
不过现在没戏了。
No more, though.
现在是最后的交易时间。
Time for the final trade.
我们轮流来说说吧。
Let's go around the horn.
维谛控股，BRT。
Vertiv Holdings, BRT.
Dimbo。
Dimbo.
我的弱点是花旗银行。
My weakness is Citibank.
埃克森美孚，我觉得我会卖掉。
Exxon, I think I'm gonna sell off.
要不要看看这个？
Do wanna take a look at it?
史蒂文。
Steven.
大型制药公司会收购很多小型生物科技公司。
Large pharma is gonna be buying a lot of small biotech companies.
XBI。
XBI.
感谢收看《快钱》节目。
Thanks for watching Fast Money.
祝您周末愉快。
Have a fantastic weekend.
吉姆·克莱默的《疯狂金钱》现在开始。
Mad Money with Jim Kramer starts right now.
《快钱》节目参与者所表达的所有观点仅代表他们个人，不代表CNBC或其母公司、关联公司的观点，这些观点可能已通过电视、广播、互联网或其他媒体提前发布。
All opinions expressed by the fast money participants are solely their opinions and do not reflect the opinions of CNBC or its parent company or affiliates and may have been previously disseminated by them on television, radio, Internet, or another medium.
您不应将本播客中的任何观点视为进行特定投资或遵循特定策略的具体诱导，而应仅将其视为一种意见表达。
You should not treat any opinion expressed on this podcast as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of an opinion.
这些观点基于《快钱》参与者认为可靠的信息，但CNBC及其关联公司和子公司不保证其完整性或准确性，也不应将其作为依据。
Such opinions are based upon information the Fast Money participants consider reliable, but neither CNBC nor its affiliates and or subsidiaries warrant its completeness or accuracy, and it should not be relied upon as such.
如需查看完整的《快钱》免责声明，请访问cnbc.com/fastmoney免责声明页面。
To view the full Fast Money disclaimer, please visit cnbc.com/fastmoney disclaimer.
是什么让你有信心去做一件以前没人做过的事？
What made you confident that you could do something that hadn't been done before?
我不怕失败。
I have no fear of failure.
开拓创新的女性正在改变游戏规则。
Trailblazing women changing the game.
我最喜欢的一条建议是，
One of my
想想你老板的老板需要什么。
favorite pieces of advice, think about what your boss's boss needs.
领导力可以有很多不同的形式。
Leadership can look in many, many different forms.
归根结底还是要相信自己。
It really does come down to just trusting yourself.
人生短暂，
Life is short, and
要想成就大事，就得敢想大的。
you just gotta think big to accomplish big things.
朱莉娅·博森主持CNBC的《变革者》和《权力玩家》节目。
Julia Borson hosts CNBC Changemakers and Power Players.
每周二更新，欢迎在各大播客平台收听。
New episodes every Tuesday wherever you get your podcasts.
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