Bill Ackman exits Netflix stock after $400m loss
Bill Ackman exits Netflix stock after $400m loss
Bill Ackman's Pershing Square Capital Management exited its position in Netflix (NASDAQ: NFLX) on Wednesday, the billionaire hedge fund manager told shareholders in a letter.
比尔·阿克曼的潘兴广场资本管理公司退出了其在网飞纳斯达克(Sequoia Capital：NFLX)周三，这位亿万富翁对冲基金经理在一封信中告诉股东。
The Loss: Pershing Square built the Netflix stake three months ago, buying 3.1 million shares at an average price of about $354 per share.
损失：潘兴广场在三个月前增持了Netflix的股份，以每股约354美元的平均价格购买了310万股。
Netflix shares plunged by over 35% on Wednesday to $226.19 as the streaming video on demand platform clocked a subscriber loss after a decade and gave downbeat guidance for the current quarter.
周三，网飞股价暴跌超过35%，至226.19美元，这家流媒体视频点播平台在十年后出现订户流失，并给出了本季度的悲观指引。
This translated into a loss of about $400 million for Ackman's firm, according to an earlier story.
这为阿克曼的公司带来了约4亿美元的损失，根据早先的一个故事。
Pershing Square funds are down about 2% this year with this loss reflected.
潘兴广场基金今年以来下跌了约2%，反映了这一亏损。
Uncertainty About New Business Model: Ackman said the hedge fund built the stake based on viewing the "enormous operating leverage inherent in the company's business model" favorably.
新商业模式的不确定性：阿克曼他说，该对冲基金是在看好“公司商业模式中固有的巨大经营杠杆”的基础上增持股份的。
"Changes in the company's future subscriber growth can have an outsized impact on our estimate of intrinsic value."
“公司未来用户增长的变化可能会对我们对内在价值的估计产生过大的影响。”
Netflix suggested during the earnings call that it was warming up to ad-supported plans — something CEO Reed Hastings noted he has been opposed to historically.
Netflix在财报电话会议上表示，它正在为广告支持的计划做准备-首席执行官里德·黑斯廷斯指出，他历史上一直反对这一计划。
Hastings cited the $Walt Disney(DIS.US)$ and Hulu as examples to note that the advertising model works. "I'm sure we'll just get in and figure it out as opposed to test it and maybe do it or not do it," he said.
黑斯廷斯引用了$华特迪士尼(DIS.US)$和Hulu作为例子来说明这种广告模式是有效的。他说：“我确信，我们只需要进入并弄清楚它，而不是测试它，然后可能做或不做。”
Allowing consumers who would like to have a lower price and are advertising-tolerant to get what they want makes a lot of sense ... We're trying to figure out over the next year or two."
-the CEO said on Wednesday.
让那些想要更低价格、对广告宽容的消费者得到他们想要的东西是很有意义的……我们正在努力弄清楚未来一两年的情况。
-这位首席执行官周三表示。
Ackman sees this hybrid approach as "sensible" but says it is extremely difficult to predict its impact on the company's long-term subscriber growth, future revenues, operating margins, and capital intensity, especially given the timeline.
阿克曼认为这种混合策略是“明智的”，但他表示，很难预测它对公司的长期用户增长、未来收入、运营利润率和资本密集度的影响，特别是考虑到时间表。
"We require a high degree of predictability in the businesses in which we invest due to the highly concentrated nature of our portfolio," Ackman said. He noted that his hedge fund had lost confidence to predict the company's prospects with any significant degree of certainty.
阿克曼说：“由于我们的投资组合高度集中，我们要求我们所投资的业务具有高度的可预测性。”他指出，他的对冲基金已经失去了对该公司前景做出任何重大预测的信心。
Turnout Potential: The billionaire investor showed faith in Netflix's management and said he can still see it turning into an "excellent" investment and fetching significant returns.
投票率潜力：这位亿万富翁投资者对Netflix的管理表现出了信心，并表示他仍然认为Netflix将成为一项“极好的”投资，并获得可观的回报。
Price Action: Netflix shares traded 1.4% lower at $222.98 in the after-hours session on Wednesday after slumping 35.1% in regular trading.
价格行动：Netflix股价周三在盘后交易中下跌1.4%，至222.98美元，此前在常规交易中暴跌35.1%。