每日新闻更新 — 泄密:特朗普的“不道德行为”和库克的越做越大越做越贵的 The Daily Update – Leaks: Trump’s “Amorality” and Cook’s Bigger and Pricier Apples

随着近期多次泄密事件的发生,特朗普政府和苹果公司似乎都可以斗胆堵上一把。白宫内部的怀疑现在已经到了要说服副总统迈克·彭斯(Mike Pence)提出进行测谎仪测试以证明他不是纽约时报的匿名作者的地步。这篇苛刻的专栏文章强调,“房间里的成年人”正在对特朗普的“不道德行为”进行着“安静的抵抗”,还抨击说(特朗普)缺乏“指导他决策的任何可辨别的第一原则”;该专栏文章透露了“混乱的内部运作和分裂的行政管理,这样做是为了捍卫在该部门工作的选择”,以及进一步推动政府在“放松管制和历史性税制改革”方面取得的成就的“亮点”...... 这种炒作几乎足以让人们忘记特朗普还面临着特别顾问穆勒(Mueller)调查的威胁。

相比之下,今天晚些时候围绕“苹果公司主题发布会”的泄密迎来了他们通常的媒体炒作;对新的苹果手机的外观的神秘泄露让粉丝们为这次升级做好从他们的(数字)钱包中掏出一千美元的准备。本周到目前为止,继自从去年4月以来表现最差的上周之后,苹果公司的股价已经上涨了3%。看起来越做越大越做越贵似乎是库克提高苹果营业额的方法;看看有多少现有的果粉在未来的几个月内愿意为这次更新支付四位数字的费用,这将是评估公司核心业务未来盈利能力的关键。

根据我们的投资流程,Aaa评级的美国政府国债和Aa1评级的苹果债券可以为债券组合提供多元化,有助于提高平均信用质量,这在新兴市场或一般经济不确定时期尤为有用。例如,苹果2044年期4.45%的债券在从近期高点117个基点收紧后仍然可以提供99个基点的可接受的价差。根据我们的“相对价值模型”,这可以跟类似Aa1评级债券的50个基点的公平价差估计相提并论。从信贷投资者的角度来看,无论苹果手表还是苹果手机的最新版本是否已经下架,分析师预计该公司仍有数千亿美元的现金(它似乎仍在享受着优惠的退税政策)和足够强大的财务指标;当债券价格在12个月期间内向公允价值移动的情况下,其目前的廉价为这种债券的持有者提供了12.1%的潜在的回报加收益率受益。

Please read this important information before proceeding. It contains legal and regulatory notices relevant to the information on this site.

This website provides information about Stratton Street Capital LLP ("Stratton Street"). Stratton Street is authorised and regulated by the UK's Financial Conduct Authority. The content of this website has been prepared by Stratton Street from its records and is believed to be accurate but we do not accept any liability or responsibility in respect of the information of any views expressed herein. The information, material and content provided in the pages of this website may be changed at any time by us. Information on this website may be out of date and may not be updated or removed.

The website is provided for the main purpose of providing generic information on Stratton Street and on our investment philosophy for the use of financial professionals in the United Kingdom that qualify as Professional Clients or Eligible Counterparties under the rules of the United Kingdom Financial Conduct Authority (the "FCA"). The information in this website is not intended for the use of and should not be relied on by any person who would qualify as a Retail Client. Products and services referred to on this website are offered only at times when, and in jurisdictions where, they may be lawfully offered. The information on this website is not directed to any person in the United States. The provision of the information on this website does not constitute an offer to purchase securities to any person in the United States (other than a professional fiduciary acting for the account of a non-U.S person) or to any U.S. person as such term is defined under the Securities Act of 1933, as amended.

The website is not intended to offer investors the opportunity to invest in any Alternative Investment Fund ("AIF") product. The AIFs managed by Stratton Street are not being marketed in the European Economic Area ("EEA") and any eligible potential investor from the EEA who wishes to obtain information on the AIFs will only be provided with materials upon receipt by Stratton Street of an appropriate reverse solicitation request in accordance with the requirements of the EU Alternative Investment Fund Managers Directive ("AIFMD") and national law in their home jurisdiction. By proceeding you confirm that you are not accessing this website in the context of a potential investment by an EEA investor in the AIFs managed by Stratton Street and that you have read, understood and agree to these terms.

No information contained in this website should be deemed to constitute the provision of financial, investment or other professional advice in any way. The website should not be relied upon as including sufficient information to support any investment decision. If you are in doubt as to the appropriate course of action we recommend that you consult your own independent financial adviser, stockbroker, solicitor, accountant or other professional adviser. Past performance is not necessarily a guide to the future. The value of investments and the income from them may go down as well as up. An application for any investment or service referred to on this site may only be made on the basis of the offer document, key features, prospectus or other applicable terms relating to the specific investment or service.

Where we provide hypertext links to other locations on the Internet, we do so for information purposes only. We are not responsible for the content of any other websites or pages linked to or linking to this website. We have not verified the content of any such websites. Such websites may contain products and services that are not authorised in your jurisdiction. Following links to any other websites or pages shall be at your own risk and we shall not be responsible or liable for any damages or in other way in connection with linking.

By using this site, you should be aware that we may disclose any information that we hold about you to any regulatory authority to which we are subject, or to any person legally empowered to require such information.

This website uses cookies to improve user experience, by clicking the "I Accept" button below means you consent to the use of cookies on our website.