华尔街新闻综述：Cracker Barrel股价暴跌、Claire's申请破产与泰勒·斯威夫特订婚

如果今天的节目你只能记住一件事，金钱康复者们，那就是：以我不那么谦虚的观点来看，Public是投资债券、股票、ETF、期权甚至加密货币的最佳经纪平台。你可以亲自尝试，看看我为何如此钟爱它，访问public.com/moneyrehab。Public确实是我购买债券唯一使用的平台。在接触Public之前，我购买政府债券的方式可谓费尽周折。

If you take only one thing away from today's episode, money rehabbers, let it be this. In my not so humble opinion, Public is the best brokerage for investing in bonds, stocks, ETFs, options, and even crypto. You can try it out for yourself and see why I love it so much at public.com/moneyrehab. Public is legit the only platform I use to buy bonds. Before Public, I used to buy government bonds the hard way.

加载缓慢的网站、令人困惑的界面、仿佛直接来自2000年代初期的网页设计——简直就是乐趣的坟墓。这就是我曾经的体验。直到五年前发现Public后，我再也没有回头。现在终于能心平气和地购买债券了。

Slow websites, confusing interfaces, website designs straight out of the early two thousands. Just picture where fun goes to die. That was it. And then I found Public about five years ago, and I have not looked back. I can now finally buy bonds without wanting to rip my hair out.

Public让债券购买变得极其简单。无论你钟情国债还是企业债，都能直接在手机上浏览数千种选择。但正如我所说，Public不仅限于债券。你还能找到股票和ETF，他们提供年化4.1%的高收益现金账户，远超全国平均水平。甚至还包括退休账户服务。

Public makes it so easy to buy bonds. Whether you're into treasuries or corporate bonds, you can browse thousands of options right from your phone. But like I said, Public isn't just all about bonds. You can also find stocks and ETFs, and they offer a high yield cash account with a 4.1% APY, which is higher than the national average. They even have retirement accounts.

现在你可以直接在Public上开设传统IRA或罗斯IRA（或两者兼有），为未来的自己做好保障。限时活动中，所有IRA存款、IRA转账和401k滚存都能获得1%的匹配奖励。想要既聪明又简单的投资体验？立即访问public.com/moneyrehab。再重复一次：public.com/moneyrehab。

You can now open a traditional or Roth IRA or both right on public. So your future self covered. And for a limited time, you can earn a 1% match on all your IRA deposits, IRA transfers, and four zero one k rollovers. If you want an investing experience that's both smart and simple, head to public.com/moneyrehab. One more time, public.com/moneyrehab.

本次为Public投资平台的付费推广。完整披露条款详见播客描述。我是妮可·拉平，你唯一不需要查字典就能理解的财经专家。又到了金钱康复时间。周三快乐，金钱康复者们！也祝所有庆祝每周综述日的听众节日愉快！

This is a paid endorsement for public investing. Full disclosures and conditions can be found in the podcast description. I'm Nicole Lapin, the only financial expert you don't need a dictionary to understand. It's time for some money rehab. Happy, happy Wednesday, money rehabbers, and a happy weekly roundup day to all of those of you who celebrate.

这是华尔街重大新闻及其对你钱包影响的每周精选。今天我们将讨论从Claire's到胡椒博士汽水、再到Cracker Barrel的商业新闻。当然还必须聊聊即将结婚的英语老师和体育老师。但首先，分享个能让投资发烧友朋友对你刮目相看的华尔街典故——上世纪50年代就有句谚语叫「五月卖出离场」。

This is a weekly collection of the biggest headlines on Wall Street and how they affect you and your wallet. Today, we're talking business news from Claire's to Doctor Pepper and Cracker Barrel. And, also, of course, we have to talk about our English teacher and our gym teacher who are getting married. But first, some timely Wall Street lore that will impress all of your investing obsessed friends. So dating back to the nineteen fifties, there's a little catchphrase, sell in May and go away.

这个理论认为大部分收益产生于冬季月份，何必费心夏季交易？事实证明的确如此：研究显示纵观数十年趋势，市场往往冬季上涨夏季回落。人们对此有各种解释——

The idea was that most of the money was made in winter months, so why bother with summer trading? And you know what? It's true. Studies show that the market tends to rise in the winter and dip in the summer when you look at decades long trends. People had all kinds of explanations for this.

假日购物推动回报、交易员暑期休假导致生产力下滑，甚至像谷物价格随季节波动影响利润率这类看似随机的因素。归根结底，这不是单一原因造成的。关键点是：这种波动幅度根本不足以作为实际交易策略依据。

Holiday shopping boosted returns. Traders on summer vacation triggered a productivity slump. Even seemingly random things like grain prices shifting with the season's messed up profit margins. Anyway, in the end, it's not just one thing. Also, and this is key, it's not dramatic enough that anyone should actually trade on that strategy.

这只是类似「圣诞老人行情」的有趣市场趋势（指12月最后五天和1月头两个交易日股价往往上涨的现象）。它是个有昵称的趣味规律，并非财务规划。另一个趋势是：九月历来是股市表现最差的月份。

It's just one of those fun stock market trends like the Santa Claus rally where stock prices tend to rise during the final five days of December and the first two trading days of January coining the term Santa Claus rally. It's a fun pattern with a nickname. It's not a financial plan. Here's another trend. September is historically the worst month for the stock market.

当然并非每年如此，但过去四个九月里至少有两次，我都通过播客或Instagram提醒大家：九月小幅下跌是正常现象。所以现在提前预警——如果九月这个时候市场让你感到紧张，请深呼吸，这种情况我们见过。接下来让我们看看三家有动向的公司及其反映的整体商业趋势。

Not every year, of course, but at least two of the last four Septembers, I've made a podcast or an Instagram reel reminding you that a little red in September is normal. So consider this your heads up. If things feel a little scary at this point in September, just breathe. We have seen this movie before. And with that, let's take a look at three companies making moves and what they say about the broader business vibe.

首先来说说Claire's。这家店在我心中有着非常特殊的位置。就像任何九十年代的青少年一样，我就是在这里打了耳洞。它充满了怀旧气息，而且我认为这是少数还能在实体店里找到弹力手环的地方之一。但如今，如果一个青少年想要塑料手环，他们很可能会去亚马逊、Temu或TikTok商店，而不是商场。

First up, Claire's. This store has a very special place in my heart. It's where I, like any good nineties tween, got my ears pierced. It is so nostalgic, and I think it's one of the only places you can still find a snap bracelet in store. But today, if a tween wants a plastic bracelet, they are probably hitting up Amazon, Tmu, or TikTok shop, not the mall.

因此，Claire's再次申请破产。疫情过后，公司疯狂扩张，却无法保持货架商品充足，也无法将增长转化为利润。现在它深陷债务泥潭，在这个它未能跟上步伐的零售环境中挣扎。Claire's曾在2018年首次申请第11章破产保护，距今并不遥远。当时公司背负着近20亿美元的债务，其中大部分由私募股权公司阿波罗全球管理公司承担。

As a result, Claire's is declaring bankruptcy again. After the pandemic, the company expanded like crazy but couldn't keep store shelves stocked or turn that growth into profit. Now it's stuck with debt, struggling in a retail landscape it hasn't kept up with. Claire's first filed Chapter 11 bankruptcy in 2018, which really isn't that long ago. At the time, the company was drowning in nearly $2,000,000,000 of debt, much of it taken on by private equity firm, Apollo Global Management.

阿波罗在十多年前通过杠杆收购获得了该公司。如果私募股权加杠杆的组合让你警铃大作，那是对的。这正是私募股权的问题之一，简直是个潘多拉魔盒。我做了一期关于私募股权利弊的节目，链接已放在节目备注中。

Apollo acquired the company in a leveraged buyout more than a decade earlier. If that combination of private equity and leverage is setting off alarm bells for you, it should. This is one of the issues with PE. It's a whole can of worms. I did an episode about the good, the bad, the ugly of PE, which I have linked in the show notes.

总之，和那个时代的许多零售商一样，Claire's背负着巨额债务，即使门店表现尚可也无法维持运营。随后情况恶化——商场客流量开始枯竭，年轻消费者不再像我们千禧一代那样追捧闪亮的潮流生活方式。公司于2018年3月申请破产保护，仅七个月后重组成功，承诺将通过强化电商业务和在CVS等超市增加产品陈列卷土重来。有段时间，这个复兴计划似乎奏效了。

Anyway, like a lot of retailers during that era, Claire's was saddled with debt so massive that even decent performance in stores couldn't keep the company afloat. And then it got worse. Foot traffic in malls started to dry up, and younger shoppers weren't buying into the glittery glare lifestyle that a lot of us millennials did. The company filed for bankruptcy protection in March 2018 and emerged just seven months later, promising a comeback that would involve a stronger ecommerce presence and more product placement in places like CVS and grocery stores. And for a minute, it looked like that comeback was working.

Claire's甚至在2021年放出IPO风声，但最终未能上市，可能是因为后台数据对华尔街缺乏吸引力。之后公司全力回归其商场根基，强化作为青少年配饰首选地的定位。问题在于这个定位从未真正升级——怀旧情怀固然强烈，但核心客群Z世代和α世代并不买账。加之其76%的产品依赖进口（其中56%来自中国），

Claire's even teased an IPO in 2021, but the company never actually went public, possibly because the numbers behind the scenes didn't paint a pretty enough picture for Wall Street. Then Claire's leaned hard into its mall roots and its identity as a go to place for tween accessories. The problem was that identity never fully evolved. The nostalgia is strong for sure, but Gen Z and Gen Alpha, the core demo, just isn't feeling it. Add in the fact that 76% of its products are imported with 56% coming from China.

这笔账怎么都算不平。靠兼职保姆赚零花钱的青少年根本扛不住关税压力。于是Claire's又回到了原点：债务过高、增长乏力，新一代消费者早已转向。好了，现在说点不那么沮丧的消息——胡椒博士正在搞大动作。

The math isn't mapping. Income funded by babysitting gigs just can't take the heat from tariffs. So now Claire's is back in the same spot. Too much debt, too little growth, and a new generation of customers who have moved on. Well, now for some less gloomy news, Doctor Pepper is making moves.

胡椒博士刚收购了皮特咖啡，并计划将公司重新拆分为Keurig和胡椒博士两家企业。稍等——你之前知道这些公司需要拆分吗？2018年Keurig与胡椒博士合并后，公司正式更名为Keurig胡椒博士集团。我知道...

Doctor Pepper just bought Pete's Coffee and is planning to split the company back into two companies, Keurig and Doctor Pepper. I will take a step back for a second. Did you even know that these companies needed splitting? In 2018, Keurig and Doctor Pepper merged, and the official name of the company became Keurig Doctor Pepper Inc. I know.

这名字相当性感。但别太留恋，因为它似乎不会沿用太久。拆分后咖啡业务将独立对抗星巴克，而汽水冷饮部门将参与全行业范围的苏打水品牌重塑。如今胡椒博士正在弱化可乐形象，转向能量饮料和健康饮品领域，已与Ghost、Bloom等品牌建立合作。

It's very sexy. But don't get too attached because it seems like that won't be the company's name for very long. The goal is that the coffee vertical spins out to take on Starbucks, while soda and cold drinks goes off to be part of the massive soda rebranding that's happening industry wide. These days, Doctor Pepper is giving less Coke and Pepsi, more energy drinks, and wellness plays. Doctor Pepper already has partnerships with Ghost and Bloom.

录制本期时，由于市场担忧交易债务，Keurig胡椒博士集团股价跌至31美元左右。但股票将进行拆分，让股东同时持有两家新公司股份。拥有两个知名品牌，这场拆分大戏值得期待。接下来不得不说说Cracker Barrel的八卦——

The time I'm recording this, shares of Keurig Doctor Pepper Inc. Were down to about 31 as the market worried about the debt from the deal. But it looks like the stock will split, giving shareholders a piece of both new companies. With two recognizable brands, it's gonna be really fun to see how this thing plays out. Next, let's talk about Cracker Barrel because how could I not?

如果你错过了这出商界大戏，说明你对商业八卦的热情远不如我（顺便说句，我只对这种八卦感兴趣）。Cracker Barrel正在进行全面形象改造，新Logo引发最多关注，同时他们还重装店面、更新菜单。我看了些网上的改造效果图，说实话看起来非常清爽雅致。

If you've missed this drama, you probably don't like business tea as much as I do. Business gossip is really the only kind that I like, by the way. Cracker Barrel is trying a full image makeover. The logo got the most attention, but they're also redoing interiors and updating menus. I peeked at some of the remodel pictures online, and, honestly, it looked really nice and clean to me.

但洛杉矶根本没有Cracker Barrel连锁店，而且说实话我已经好几年没去过那里了。所以我算不上Cracker Barrel体验与文化的顶尖专家，但死忠顾客们对这些改变并不买账。公司新增了菜单菜品，倒没人真的为此生气，但新标识却引发轩然大波。品牌抛弃了旧版的老头和木桶图案，换成了时髦的现代设计。这设计本身没问题。

But there aren't any Cracker Barrel locations in Los Angeles, and I haven't honestly been to one in a few years. So I'm not the foremost expert on the Cracker Barrel experience and culture, but diehard customers didn't exactly love the changes. The company added menu items, and no one's really mad about those, but the logo, total meltdown. The brand ditched the old guy and the barrel for a sleek modern design. It's fine.

只是太乏味了。太保守了。看起来和其他现代标识毫无区别。但对一个建立在怀旧情怀上的品牌来说，这就是问题所在。人们总试图把这次品牌重塑解读成文化战争，说Cracker Barrel是在赶'觉醒'潮流。

It's boring. It's safe. It looks like any other modern logo. But for a brand built on nostalgia, that's a problem. People keep trying to cast this rebrand as a culture war thing and Cracker Barrel trying to go woke.

说实话我不认为事情是这样的。在我看来这就是个普通到近乎乏味的品牌更新。前阵子我请了Sarah Tiana上播客。Sarah是位喜剧演员，也是Cracker Barrel的超级粉丝。她来做客时，我们聊了她为何如此热爱这个品牌。

I honestly don't think that's what's going on here. It looks like a normal borderline boring rebrand to me. I had Sarah Tiana on the pod a while back. Sarah's a comedian and a huge fan of Cracker Barrel. When she was on the show, we talked about why she loves to love the brand so much.

我打算播放一小段录音，既给不了解Cracker Barrel狂热粉丝文化的人提供背景，也因为Sarah实在太有趣了。我想问你，Cracker Barrel到底有什么魔力？

I'm So gonna play a little clip as helpful context for anyone who doesn't really get the Cracker Barrel cult following thing, but also just because Sarah is just so funny. I want to ask you what is up with Cracker Barrel?

Cracker Barrel有什么魔力？你是说那个和我...

What is up with Cracker Barrel? You mean the same thing that

邮件署名'发自Cracker Barrel'的梗吗？我超爱这个。还以为自己的邮件签名够机智了。快详细说说。

says sent from Cracker Barrel, which I'm obsessed. I thought my email signature was clever. Tell me more.

以前如果我电脑发的邮件就写'发自华夫屋'，手机发的写'发自Cracker Barrel'。不过现在好像都统一了。Cracker Barrel对我意义重大，因为那是我家乡第一家正儿八经的餐厅。我们那会儿连服务员都没见过，进去就跟参加毕业舞会似的。

It used to be that if it came from my computer, it said sent from Waffle House, and it came and if it came from my cell phone, it said sent from Cracker Barrel. But now I think it's always the same. Cracker Barrel has a big significance to me because it it was the first sit down restaurant we ever got in our my hometown. Like, we'd never seen waitresses before. We're like, oh, is this prom?

我们当时兴奋得不得了。那里永远人满为患。正是那时候我发现我不去教堂——因为我朋友们抱怨Cracker Barrel太挤，我说'我们每周日早上十点去根本没人'。结果就这样尴尬地意识到原来我们家是不守教规的罪人。

Like, we we were just so excited. And it was busy all the time. And that that's when I realized I didn't go to church, Like, because of my friends were complaining about how busy Cracker Barrel was. And I was like, oh, well, we go every Sunday morning at 10AM, and there ain't nobody in there. So that was a really difficult way of learning that we were sinners.

而且我总觉得这就是为什么我老家朋友从没坐过飞机。他们大多从不出远门，总说'纽约又没落下啥东西值得我去拿'。我就想：天哪这什么糟糕心态！但他们却对纽约人评头论足。

But I also have this feeling that like, that's why my friends from home never got on an airplane before. Like most of my friends never traveled because they would say things like, well, ain't never left nothing in New York. I need to go get. Right? And I'm like, ugh, what a terrible mentality but they have all these opinions on New Yorkers.

明明从没去过。我总觉得他们不愿坐飞机根本不是票价问题，而是害怕下了飞机找不到Cracker Barrel。他们会慌：'在纽约我们上哪儿吃牛排啊？'

They never been. And I was like, I I never, they never wanted to get on an airplane and I was always just convinced that it wasn't the price of the ticket. It was that they were afraid they're going to get off and there wasn't gonna be a Cracker Barrel. And they'd like, where are we gonna get a steak? In New York.

Cracker Barrel可是个大角色。我来自乔治亚州的卡尔霍恩，我们那儿有家耐克奥特莱斯。

Cracker Barrel's a big part. I'm from Calhoun, Georgia. We have a Nike outlet.

嗯，很棒。我挺喜欢Cracker Barrel的。我在广播行业工作时待过不同的小市场，比如南达科他州的苏福尔斯、肯塔基州的列克星敦。我一直很喜欢Cracker Barrel。

Mhmm. That's excellent. I I like Cracker Barrel. I worked at different small markets when I was in the broadcasting world and, like, Sioux Falls, South Dakota, Lexington, Kentucky. Like, I always liked Cracker Barrel.

那时候我还是素食主义者，有趣的是Cracker Barrel的玉米粥是纯素的，还有炸苹果也是。美味极了。而且Cracker Barrel是上市公司，你会投资吗？

I was vegan back then, and so the grits, fun fact, are vegan at Cracker Barrel, and then the fried apples too. They're delicious. And Cracker Barrel is a publicly traded company. Would you invest?

绝对会。他们正在扩张，实际上直到我搬来南加州才终于有了第一家。我以为它们遍地都是，但加州因为地震法规要求必须清空天花板装饰，Cracker Barrel就直接说'去你的'不来了。

Absolutely. Yeah. I mean, I think because they're expanding, like they actually never we finally got one in Southern California when I moved here. I assumed that they would be everywhere, but they never came to California because California has earthquake restriction and they make Cracker Barrel take everything off the ceiling. So Cracker Barrel's like, fuck you.

他们没法来这边开店。懂我意思吗？我就爱这种硬气。顾客至少能安心吃土豆砂锅，不用担心头顶挂着推车。

We can't come out there. You know what I mean? Love it. They can eat hash brown casserole without a wheelbarrow hanging above their head. And so

感觉完全不一样了。是啊。

Not the same. Yeah.

没错。不过现在他们找到变通办法了，改把装饰钉在墙上。所以现在吃饭时会有19世纪的老妇人画像盯着你，但这反而让我觉得自在。

Right. But I've but but now they've gotten around it. Now they just have it on the wall, ex like, extra stuff on the wall. So you just have, like, old ladies from the eighteen hundreds staring at you while you eat, but that makes me comfortable.

虽然股价本月下跌约14%，但拉长时间看涨势不错——过去12个月累计上涨31%。按巴菲特的标准，这恐怕连打折都算不上。不过品牌重塑对股价的影响尚难断言，尤其公司可能会回调部分品牌策略。最后但同样重磅：泰勒·斯威夫特和特拉维斯·凯尔西订婚了，但真正的头条不只是那颗天价钻戒（虽然那钻石确实大得惊人）。

The stock is down about 14% this month, but zoom out and the picture looks better. It's up 31% over the past twelve months. By Warren Buffett's rules, that probably means it's not even on sale. But I think it's a little too soon to tell how much this rebrand will affect the stock price, especially because it seems possible that the company will walk back some of the branding. And lastly, but certainly not least, Taylor Swift and Travis Kelce are engaged, but the real headline isn't just the diamond, although, oh my god, that is a big rock.

更重要的是经济账：泰勒净资产约16亿美元，是史上首位单靠音乐成就的亿万富豪。特拉维斯身家约9000万，虽不及泰勒，但也相当可观。

But beyond that, the big news is the dollars. Taylor's net worth, about 1,600,000,000.0. She's the first artist in history to hit billionaire status from her music alone. Travis, roughly 90,000,000. So not as much as Taylor, but still not bad.

作为NFL最高薪的近端锋，他手握重磅代言和榜首播客节目。但自与泰勒交往后，财富几乎翻倍——这就是'泰勒效应'。她开始现身球场后，NFL和酋长队品牌价值激增超3亿美元。有趣的是，消息证实特拉维斯坚持必须先签牢不可破的婚前协议才求婚。

He's the highest paid tight end in the NFL with major endorsements, a chart topping podcast. But since dating Taylor, his wealth has nearly doubled. That's the Taylor effect. When she started showing up at games, the NFL and the Chiefs scored over $300,000,000 in brand value. Interestingly, reports confirm that Travis wouldn't even propose without an ironclad prenup in place.

老实说，那不算冷酷。那只是明智之举，因为事实是：每个人婚前都有协议。如果你自己不拟定，你结婚所在州的法律会为你默认一份。现在泰勒刚订婚，谁知道他们会在哪里结婚或定居。

Honestly, that is not cold. That is just smart because here's the truth. Everybody has a prenup. If you don't write one yourself, the state you get married in writes one for you. Now Taylor just got engaged, so who knows where they're gonna get married or have their primary residence.

但可能的候选地包括密苏里州、堪萨斯州、田纳西州——这些都属于公平分配州，意味着如果离婚，法官会裁定什么是公平分配。不是五五开，而是公平。而公平可能变得复杂。所以当你身价数十亿时，不会把公平交给运气决定。你要白纸黑字写清楚。

But some of the likely candidates are Missouri, Kansas, Tennessee, all of which are equitable distribution states, which means if there's a divorce, a judge decides what's fair. Not fifty fifty, fair. And fair can get messy. So when you're worth billions, you don't leave fair up to chance. You spell it out.

婚前协议意味着泰勒的帝国仍属于她，特拉维斯从NFL和媒体赚的钱仍归他所有，而他们可以提前约定共同创造资产的分配方式。没错，这是爱情。但从财务角度看，这也是本世纪最有价值的合并案之一——还附赠了一首情歌。今天的理财建议你完全可以当真：

A prenup means Taylor's empire stays hers. Travis's NFL and media money stays his, and they decide upfront what happens with anything they build together. So, yes, it is love. But financially, this is also one of the most valuable mergers of the decade, and it came with a love song. For today's tip, you can take straight to the bank.

如果Keurig Dr Pepper公司拆股，别以为能捡便宜。股票分拆不会增加公司价值，只是将现有股份拆细以降低投资者门槛。所以别因股价变低就冲动买入，应该借此机会研究公司基本面：收入增长、盈利能力及长期战略。

If Keurig Doctor Pepper Inc. Splits, don't think you're getting a discount. A stock split doesn't make a company more valuable. It just divides existing shares into smaller pieces to make them more affordable for investors. So instead of jumping in just because the share price is lower, take it as a cue to dig into the company's fundamentals, revenue growth, profitability, and long term strategy.

若公司实力雄厚，拆股可能为长期投资者提供绝佳入场点。但如果只有炒作热度在增长，你的钱还是留着为好。《财富康复营》由Money News Network制作，我是主持人妮可·拉芬，执行制片摩根·拉沃伊，

If the company is solid, a stock split might offer a great entry point for long term investors. But if the hype is the only thing growing, you're better off keeping your cash on the sidelines. Money Rehab is a production of Money News Network. I'm your host, Nicole Laffin. Money Rehab's executive producer is Morgan Lavoie.

研究员艾米丽·霍姆斯。你需要财务指导吗？说实话，我们都需要。将财务问题发至moneyrehab@moneynewsnetwork.com，你的问题可能获得节目解答或得到我的亲自指导。在Instagram关注@MoneyNews，TikTok关注@MoneyNewsNetwork获取独家视频内容。最后，

Our researcher is Emily Holmes. Do you need some money rehab? And let's be honest, we all do. So email us your money questions, moneyrehab@moneynewsnetwork.com to potentially have your questions answered on the show or even have a one on one intervention with me, and follow us on Instagram at MoneyNews and TikTok at MoneyNewsNetwork for exclusive video content. And lastly, thank you.

不，我是认真的——谢谢。感谢你的收听，感谢你投资自己，这才是你能做的最重要投资。

No. Seriously, thank you. Thank you for listening and for investing in yourself, which is the most important investment you can make.