d*****1
发帖数: 8618 | 1 For this opinion, AMZN, FB, TSLA, NFLX, NVDA are all overvalued
Nobody care overvalue in bull market, as long as they can make money from
these great stocks |
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p*****e
发帖数: 537 | 2 【 以下文字转载自 Living 讨论区 】
发信人: rosebowl (sugar), 信区: Living
标 题: Home prices 'extremely overvalued' in 53 cities (USA TODAY)
发信站: BBS 未名空间站 (Wed Aug 17 17:13:46 2005)
Metro areas that are extremely overvalued and vulnerable to price correction:
Rank Metro area Q1 valuation
1 Santa Barbara, Calif. 69
2 Salinas, Calif. 67
3 Naples, Fla. 62
4 Riverside, Calif. 60
5 Merced, Calif. 59
6 Stockton, Calif. 58
7 Port St. Lucie, Fla. 58
8 Madera, Calif. 57
9 Napa, Calif. 57
10 Medford, Or... 阅读全帖 |
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o*******t
发帖数: 728 | 3 【 以下文字转载自 SanFrancisco 讨论区 】
发信人: ts78 (ts), 信区: SanFrancisco
标 题: top ten overvalued housing markets
发信站: BBS 未名空间站 (Tue Sep 15 13:34:56 2015, 美东)
none in CA
four in TX
austin, houston, dallas, san antino
Others: DC, charleston,miami, philly, nashville, Knoxville
http://www.marketwatch.com/story/10-most-overvalued-housing-mar |
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c*****i
发帖数: 1392 | 4 S&P 500 Overvalued by 40%, Set to Fall, Smithers Says (Update3)
By Patrick Rial
Oct. 26 (Bloomberg) -- The U.S. Standard & Poor’s 500 Index is about 40
percent overvalued and headed for a drop as central banks pull back on
securities purchases that pushed up asset prices, according to economist
Andrew Smithers.
Declines are likely because banks will need to sell more shares to raise
capital, the economist and president of research firm Smithers & Co. said in
an Oct. 23 interview at Bloomberg’s T |
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d**n
发帖数: 3172 | 5 http://www.mitbbs.com/pc/pccon.php?id=1507&nid=111881
作者：dean
发表时间：2010-02-14
更新时间：2010-02-14
浏览：0次
评论：0篇
地址：198.175.
::: 栏目 :::
http://money.cnn.com/real_estate/storysupplement/overvalued_cit
Metro area Median home price Percent overvalued/undervalued
2010 Percent overvalued 2006
Myrtle Beach, S.C. $142,000 15.00% N.A.
Logan, Utah-Idaho $174,800 9.80% N.A.
Missoula, Mont. $232,700 8.80% N.A.
Dover, Del. $168,300 8.30% N.A.
Ithaca, N.Y. $172,200 5.60% N.A.
... 阅读全帖 |
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h******t
发帖数: 872 | 6 http://finance.yahoo.com/news/china-brink-major-milestone-conse
"If the yuan goes in the basket, then the likelihood is that the Chinese
would prefer a gradual depreciation of their currency against the US dollar,
" she said. "And this is good news because it allows time for the real
income gains in the West to be spent and potentially for us to get into the
positive scenario."
But if the yuan is not allowed in the SDR, Choyleva said:
"The Chinese leadership is not going to wait another five yea... 阅读全帖 |
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r******l
发帖数: 2 | 7 Metro areas that are extremely overvalued and vulnerable to price correction:
Rank Metro area Q1 valuation
1 Santa Barbara, Calif. 69
2 Salinas, Calif. 67
3 Naples, Fla. 62
4 Riverside, Calif. 60
5 Merced, Calif. 59
6 Stockton, Calif. 58
7 Port St. Lucie, Fla. 58
8 Madera, Calif. 57
9 Napa, Calif. 57
10 Medford, Ore. 55
11 Sacramento, Calif. 54
12 Modesto, Calif. 53
13 San Diego, Calif. 53
14 Santa Rosa, Calif. 52
15 Chico, Calif. 52
16 Barnstable Town, Mass. 50 |
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c*******9
发帖数: 6411 | 8 this is not to say APPLE can not rise further, it probably will.
the reason for why APPLE is overvalue is simple:
based on today's market cap:
APPLE = MSFT + INTEL + CSCO
APPLE = iPhone + iPad + MAC
does that make sense to you long term?
it is not unless you think:
MSFT = iPhone
INTEL = iPad
CSCO = MAC operation
come on. |
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y******i
发帖数: 2584 | 9 从TA来看，
中概股现在是overvalue了，相对美股和其他新兴市场类股票，
小心下周中概跌得个噼里啪啦的，
而且这次中概上涨的FA，很不稳固，证监会是真的在打嘴炮，连个IPO都没有停，
而且央行的所谓大规模注资，其实今年每个星期都在搞的，有个屁用，
就算十月降准，也是没意思的，
中概肯定会跟着美股和其他国家股票下跌一轮，说不定今天周五下午就开始，
看吧 |
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d*****1
发帖数: 8618 | 10 Sorry, no chinese input.
All these are all already priced in.
That why FB PE is only 38 but AMZN pe is 186. Otherwise FB pe can easily
over 50.
NVDA is still mainly on hardware, 48 pe may need to 2x compare FANG.
Don't think FB is more overvalued than AMZN/NVDA based current price.
Yes, of course AMZN/NVDA have more potential, again, many of potential are
already priced in.
Just personal opinion.
just |
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t**y
发帖数: 977 | 13 Overvalued
1. Austin, Texas
2. Houston, Texas
3. Phoenix, Ariz.
4. Riverside, Calif.
5. Miami, Fla.
Undervalued
1. Detroit, Mich.
2. Cleveland, Ohio
3. Providence, R.I.
4. Warren, Mich.
5. Newark, N.J. |
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l******r
发帖数: 1642 | 14 其实休士顿黑人区房价跟Detroit差不多
个人认为如果便宜的房价的代价是每天冒着生命危险
那么这房价其实一点没有under valued
谁要觉得Detroit under value了大可以亲自去住住
[在 tcjy (你猜) 的大作中提到：]
：Overvalued
：1. Austin, Texas
：........... |
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V********e
发帖数: 578 | 15 Highlights:
"The bottom line is that near-term market direction is largely a throw of
the dice, though with dice that are modestly biased to the downside. Indeed,
the present overvalued, overbought, overbullish syndrome tends to be
associated with a tendency for the market to repeatedly establish slight new
highs, with shallow pullbacks giving way to further marginal new highs over
a period of weeks. This instance has been no different. As we extend the
outlook horizon beyond several weeks, howe... 阅读全帖 |
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s*******t
发帖数: 335 | 16 Investors Struggle With Cash Conundrum
By E.S. Browning
Reuters
Charles de Vaulx has an investment idea: cash.
That may seem an odd choice, since cash earns less than inflation, making it
a money-losing proposition.
But Mr. de Vaulx, who oversees $17.8 billion as chief investment officer at
International Value Advisers in New York, has been boosting his cash
position. He is having trouble finding stocks he considers cheap and won’t
buy overvalued stocks. He considers bonds even more overvalu... 阅读全帖 |
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p*********r
发帖数: 4593 | 17 自三月以来，很明显的，大的基金在 rotate money from overvalued growth stocks
to value stocks. 最明显的信号是 FB 的 earning.
现在这些 overvalued 的股票是好的季报，还要跌1-2%, 差的季报就打下 20% 以上。
在这个时候还要把 value stock PWE, 换成 overvalued TSLA,
我只能说涉世太浅，不知华尔街的险恶。 |
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b****5
发帖数: 449 | 18 Overvalue呵呵，你从SP 500 里找出10个非Utility，Telecom之类的Overvalue的股票
我就服你。用数据说话。
除了Utility和部分防御性板块股票，其他都没有overvalue，就是你自己吓自己。 |
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p***e
发帖数: 1318 | 19
，大概是最不overvalue的地区了。
值不值要看值什么价, 说Palo Alto overvalue没有, 不能光看学区, 交通, vanity,
还得看价钱对不对? South PA一向是穷人蓝领住的地方, 房子是弯曲出了名的丑陋.
学区不错, 但barron park, green acres一带交通都不算方便. 以前是向MV看齐,
比cupertino略差或者比肩的地方. 就华人来说生活上来说, Cupertino比PA, 方便得
多了. 现在什么价? 同样价钱, 在cupertino大概可以买50% more footage, 外加50%
more lot size. 学区, 交通都没有变, 现在他不是overvalue了? 那还是Cupertino
undervalue了?
Vanity变了? 这倒有可能. 以前没见过住South PA小黑屋还整天上网猛吹的. 就算住
了3M, 5M的高尚社区, 不改捡破烂土人一个, 本身就可笑得很, 还有脸炫耀?
Palo Alto这泡泡吹得大, 一个是这几年agent猛吹Facebook, 另一个就是亚裔的渗透
压, Cuperti... 阅读全帖 |
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y****n
发帖数: 743 | 20 我不太同意C帅的结论。
（C帅不要介意，我也是乱说，说得不对的地方请指正）
C帅的这个帖子和我的想法几乎一样。
1. 与以往相比，现在有些OverValued
2. 如果下跌10%-15%，比较合理
所不同的是，我并不因此看熊。原因如下：
1. 炒股就是炒“未来”，大家对未来充满信心，股价自然偏高。
2. 现在利率极低，会导致股价偏高。
3. 在股市回升起期，会有大量游资涌入股市，导致股价高升。因为这个时期（与以往
相比）
风险低回报高。
4. 到底怎样才算OverValued很难定义。
即便华尔街说“OverValued了”，顶多给大盘砸个小坑，不会就此熊下去。
除非有新消息发布，影响人们对未来的信心。比如：失业率，某个领域再现金融黑洞等
等。 |
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c**i
发帖数: 6973 | 21 Zep Hu, Chou Yung-chieh and Elizabeth Hsu, Florida Governor Lobbies Obama to
Sell F-16 C/Ds to Taiwan. Central News Agency, Aug 6, 2011
http://focustaiwan.tw/ShowNews/WebNews
_Detail.aspx?Type=aALL&ID=201108060009
(Republican Rick Scott cites Florida jobs)
Quote: "Asked whether U.S. Vice President Joe Biden will talk with Chinese
leaders on the arms sale to Taiwan during his upcoming visit to China, the
de facto ambassador [of Taiwan, Jason Yuan, ] to the U.S. said Washington
has already made cl... 阅读全帖 |
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y******9
发帖数: 1392 | 22 Some economists blame the yuan’s strength for some of the problems. They
say an overvalued yuan relative to its purchasing power has led Chinese
companies to cut prices and lower wages to stay competitive. Also, China’s
exports to countries like Japan and those in Europe in recent months have
declined faster than its sales to the U.S.
“The overvaluation of the renminbi is a root cause of China’s economic
ills these days,” said chief economist Lu Zhengwei at Industrial Bank Co.,
a large national ... 阅读全帖 |
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T*********e
发帖数: 9208 | 24 slightly这个词用得不好吧，否则就是market noise了。
总的来说，金子作为一般等价物，可以兑换固定量的实物；有一个标准是一套质地不错
的西服，领带和裤子，200年前1oz金子可以买这些，现在的也基本上可以买到，所以还
不算overvalue,真正overvalue要到$2000以上，以下都应该在震荡区间
200 |
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m********u
发帖数: 14 | 25 【 以下文字转载自 Stock 讨论区 】
发信人: michaelliu (vegas wonder), 信区: Stock
标 题: 固定比例资金管理方法
关键字: 资金管理,投资
发信站: BBS 未名空间站 (Sat Apr 6 19:27:59 2013, 美东)
用了一段时间的“固定比例资金管理方法”，觉得比较好用。现在来介绍一下并和大家
一起讨论，希望对我们都有益。
“固定比例资金管理方法”属于公式投资管理计划 (formula plan) 的一种。其概念很
简单，就是投资者在投资组合(portfolio)中维持固定的股票与现金(或高质量bond，这
里我只用现金)的比例，比如说1:1(50%股票，50%现金)。如果股票价格上涨而导致股票
比例增加，那么应卖出一部分股票来维持1:1的比例。相反，如果股票价格下跌而导致
股票比例减少，那么应该买入一些股票来维持此固定比例。具体比例的确定可以根据一
定的客观条件来确定。通常的比例一般在25%与75%之间变动，极端情况下可以变动为10
%至90%。投资者也可以根据个人标准来确定具体比例。
概念虽然简单，用起来确实涉及很多细节... 阅读全帖 |
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S**C
发帖数: 2964 | 26 SP500 is not at generational low, SP500 is at 1750 right now instead of 666.
All the value matrix point to a somewhat overvalued to a grossly overvalued
US equity market, which won't give investors a "normal" equity return in
the next 10 years.
repeat
a |
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M********r
发帖数: 278 | 27 Key to index investing is not index per se. Index investors normally have a
diversified and balnced portfolio with a basket of indexes that cover
equities and bonds, domestic and foreign. some may even include real estate
and commodities. Risk adjusted returned is then determined by the
composition of the portfolio. Yes, at times some index in the portfolio may
be overvalued, but the risk associated with these overvalued assets are
mitigated by other non-correlated assets. As a passive investor,... 阅读全帖 |
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B**********r
发帖数: 7517 | 28 Even if it is not a fraud and all the financials are reliable, it is too
overvalued.
1. Book value per share is $2.4
2. Current P/E is 9, way too high compare many Chinese small-caps with 1 to
3.
3. The stock has priced in a soaring silver price, but silver itself is
overvalued and may crash anytime. |
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p*********r
发帖数: 4593 | 29 Most of banks have PE less than 10, and quite few have PB less than 1, even
less than 0.5. C, BAC, JPM, BCS, MS, GS all have PE less than 10.
The one I like most now is the C, PE around 7, PB is only 0.5(against
tangible book value). BCS is the next one I am watching. I may buy large
position after it find good CEO if its stock price still under $10.
Among all commodities, only oil is good. Think about if China stops massive
construction, there will be less and less demand for steel, and
conseq... 阅读全帖 |
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r***l
发帖数: 9084 | 30 i don't think so...
the max loss of long is 100% while short is unlimited. People may argue this
doesn't apply for most of big stocks. That is true. but the most I am
concerned about shorting is mind peace. It will be very hard to keep mind
peaceful if everybody else is making money but you are losing money by
shorting....
Unless I see an obviously overvalued stock which I understand, I won't short
. Last time I short was 1.5 years ago shorting yoku and dang. At that time,
yoku was crazy overval... 阅读全帖 |
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r***l
发帖数: 9084 | 31 我个人一直比较反对short,刚才回个帖打的英文，大家凑合看吧
the max loss of long is 100% while short is unlimited. People may argue this
doesn't apply for most of big stocks. That is true. but the most I am
concerned about shorting is mind peace. It will be very hard to keep mind
peaceful if everybody else is making money but you are losing money by
shorting....
Unless I see an obviously overvalued stock which I understand, I won't short
. Last time I short was 1.5 years ago shorting yoku and dang. At that time,
yoku was c... 阅读全帖 |
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y*******o
发帖数: 6632 | 32 in fact short fb and long goog is a good strategy at that time
it is called market neutral if your short beta * shares equal to long beta *
shares.
like if you think travel stock are good, but there are some overvalue some
undervalue, then long pcln and short oww. So, your decision on based on the
micro analysis but not the macro analysis.
You can also do sector spread, like if you think tech is overvalued but
financial will keep momentum, you can short tech etf but long financial etf.
Short is ... 阅读全帖 |
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m********u
发帖数: 14 | 33 用了一段时间的“固定比例资金管理方法”，觉得比较好用。现在来介绍一下并和大家
一起讨论，希望对我们都有益。
“固定比例资金管理方法”属于公式投资管理计划 (formula plan) 的一种。其概念很
简单，就是投资者在投资组合(portfolio)中维持固定的股票与现金(或高质量bond，这
里我只用现金)的比例，比如说1:1(50%股票，50%现金)。如果股票价格上涨而导致股票
比例增加，那么应卖出一部分股票来维持1:1的比例。相反，如果股票价格下跌而导致
股票比例减少，那么应该买入一些股票来维持此固定比例。具体比例的确定可以根据一
定的客观条件来确定。通常的比例一般在25%与75%之间变动，极端情况下可以变动为10
%至90%。投资者也可以根据个人标准来确定具体比例。
概念虽然简单，用起来确实涉及很多细节。但用熟练后会对资金管理有较好的帮助。下
面我们来对此方法从各个角度进行逐一分析。
1． 长处
a. 可以降低portfolio的整体价格波动。
b. 是一种自然的低买高卖的方法。
c. 在股市价格波动中给投资者机会来进行一些有利于自己的操作，... 阅读全帖 |
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p*********r
发帖数: 4593 | 34 It is an overvalued stock, very overvalued stock, but the question is when
it is going to bubble bust. The timing is the key. It could go up another $
50-$100 before going down. Do you have guts to hold your short position ? |
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s******e
发帖数: 696 | 35 From Merrill:
TSLA reported 3Q13 adj. EPS of $0.12 (ex. lease acct.), below our $0.20
estimate. We note that consensus EPS of $0.11 appears to have been skewed
lower by forecasts including the effect of lease accounting, and therefore
is likely not comparable.
In our view, 3Q highlights the challenging path that lies ahead for Tesla,
particularly given that the bull thesis appears to assume high-teen, luxury-
vehicle EBIT margins by 2020, despite most sales being attributable to the
mass market ... 阅读全帖 |
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m*********a
发帖数: 3299 | 36 GS said(your money your call):
The current valuation of the S&P 500 is lofty by almost any measure, both
for the aggregate market as well as the median stock: (1) The P/E ratio; (2)
the current P/E expansion cycle; (3) EV/Sales; (4) EV/EBITDA; (5) Free Cash
Flow yield; (6) Price/Book as well as the ROE and P/B relationship; and
compared with the levels of (6) inflation; (7) nominal 10-year Treasury
yields; and (8) real interest rates. Furthermore, the cyclically-adjusted P/
E ratio suggests the ... 阅读全帖 |
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p*********r
发帖数: 4593 | 37 Now money is rotating from high valuation stocks to value stocks.
AMZN/NFLX/FB all went down quite a lot in recent few weeks.
They are way too much overvalued. All you see insiders are selling and
selling. You should know the insiders even feel their own company stock
price is too high. Why do you want to be a bag holder ?
Even if they go down another 30% from today's price, they are still
overvalued. Do not catch the falling knife.
Buy the stocks that insiders keep buying. They know their compa... 阅读全帖 |
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i********y
发帖数: 346 | 38 买的时候究竟是是overvalued还是undervalued本身就是未知的，或者说是不确定的。
如果自己很确定是overvalued根本就不会去买了。
现在一个比较流行的做法是买入主要根据fundamental并结合technical，卖出要根据
technical并结合fundamental（一般的卖出策略是：首先看基本面是否有重大负面变化
，有的话要尽早离场；二是看在一定时间窗口内比较该股票和大盘哪个强哪个弱，弱的
话要尽早割，三是看自买入后从高点下落多少百分比，一般还要这个百分比的确定还要
根据该股票历史波动性的大小来设定）。以上几点结合起来确定卖出点位.
以上纯粹学术探讨，不代表任何投资建议。YMYD |
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y***r
发帖数: 16594 | 39 ACKMAN 的话，可以解释去年苹果股价的各种不如意。。。。
我早给你们概括了：“ It is dragged down by its own weigh, period.”
细节很复杂，包括什么growth to value呀，index fund buy when price up,index
fund sell when price down. The trend continue until value investors come up.
一句话就是： 老大不好当。
今年应该不一样了，把老大的位置让给GOOGLE就好了。。。
下面是转发。
Index Funds
Index funds and other passive managers have gained increasing market share
in recent years. Investing capital in funds and ETFs that track major market
indexes has recently been what one might call a “one way b... 阅读全帖 |
|
y***r
发帖数: 16594 | 40 ACKMAN 的话，可以解释去年苹果股价的各种不如意。。。。
我早给你们概括了：“ It is dragged down by its own weigh, period.”
细节很复杂，包括什么growth to value呀，index fund buy when price up,index
fund sell when price down. The trend continue until value investors come up.
一句话就是： 老大不好当。
今年应该不一样了，把老大的位置让给GOOGLE就好了。。。
下面是转发。
Index Funds
Index funds and other passive managers have gained increasing market share
in recent years. Investing capital in funds and ETFs that track major market
indexes has recently been what one might call a “one way b... 阅读全帖 |
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l***c
发帖数: 1634 | 41 either fb is overvalued or amzn is undervalued
I choice to believe overvalued fb.
If I have to pick one to short, I will short fb. |
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Q********g
发帖数: 2465 | 42 理由 same old same old, "overvalue"
很多人又claim 今天烧在182.5...
壮起胆子的理由就是 overvalued wall st. Scam
看来明天奶飞继续往上挤啊 |
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发帖数: 1 | 43 Its acquisition of Whole Foods is a case of a 200X P/E stock buying a 30X P/
E stock, showing the former stock is overvalued.
这句话怎么理解？为什么说“former stock is overvalued”？ |
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l********7
发帖数: 2974 | 44 顺便更新下NFLX的价值分析：
是否overvalue，很大程度取决于模型的数据参数假设，对于NFLX这类增长型股票，不
确定范围相对较大。在这个意义上，NFLX倾向于被归类为“相对”比较贵的（
overvalue）了。
但客观实际和以往经验看，很多崛起的增长型、长期优质利好的公司，不可能轻易让你
拿到经典的、格雷汉姆意义上的便宜价格。这是简单的市场需求决定价格的基本原理。
所以，在这个意义上，公司的优质基本面和发展前景决定了NFLX的当前股价和走势。期
待旁观、试图等大调整后拿“最好”的股价，和 market timing 是一个思路，多半（
大概率）是“徒悲伤、空了少年头”的结局 － 这是我对Peter Lynch观点在NFLX（或
者任何一只优质价值股）的应用性理解。
仅仅个人观点，供参考。YMYD |
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l*******8
发帖数: 1064 | 45 Not overvalued. They are extremely and unbelievably overvalued.
至少我的估值是这样的。 |
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发帖数: 1 | 46 Short seller 的工作是卖空 Overvalued 的股票，使得股价更接近于真实价值
而Elon Musk 的工作是为公司盈利。
这两者各司其职，并不矛盾，大空头Chanos也肯定了Elon Musk做出的杰出贡献，但是
作为他的工作就是要找到市场overvalue的股票然后做空，所以就算爱迪生乔布斯当CEO
他也要做空。
为啥Elon非要盯着做空的人不放真是令人费解。阿里巴巴一度也是被做空的很厉害，但
也没见马云出来怼。而且也没有啥公司因为空头太多而影响经营，即便２００８年
lehman倒闭，很多人虽然诟病空头对金融公司信心的影响，但是最后的调查结论就是无
论有没有空头lehman都撑不下去。
另外，空头也不是说就盼着TESLA失败,(虽然确有部分人士这样想）举个例子，假设有
个公司发明长生不老药，但是还没发明出来，市值1Trillion. 那我肯定希望公司成功
，但我一定会short他家的股票。这很难理解吗？
空头做空有自己的模型，空头错了自然有市场去惩罚，作为ＣＥＯ整天恨人家干嘛呢？ |
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s********l
发帖数: 763 | 47 诸位房拖，好好看看英文报道。不要沦为笑柄
BofA: 10 Most Overpriced Housing Markets Led by Houston
Friday, 13 Mar 2015 11:00 AM
http://www.newsmax.com/Finance/StreetTalk/real-estate-home-pric
income/2015/03/13/id/629959/
Home prices are overvalued nationally with Houston leading as the most
expensive housing market, Bank of America Merrill Lynch said.
10 Most Overvalued Housing Markets (% over fair value)
Houston 77%
Miami 43%
Washington, D.C. 27%
Portland 25%
Tampa 23%
Phoenix 20%
Dallas 20%
Denver 18%
Minneapolis 1... 阅读全帖 |
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o*******t
发帖数: 728 | 48 就是，不止一家主流媒体提到houston over priced housing market，现在的房子基本
都是降价出售，弯曲加价买都买不到。也就忽悠国内人不明白的来买吧。
http://www.forbes.com/sites/erincarlyle/2015/06/08/americas-mos
“Austin metro homes (inside the Austin-Round Rock-San Marcos, TX metro) are
currently overvalued by about 19%, Houston (Houston-Sugar Land-Baytown, TX)
houses by 18%, according to Fitch. Those numbers land Austin (No. 1) and
Houston (No. 2) the dubious honor of topping our 2015 list of America’s
Most Overvalued Housing Markets.”
http://www.chron... 阅读全帖 |
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s*****e
发帖数: 21415 | 49 估计不行，现在overvalued
不过fashion嘛，要得就是overvalued |
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O******e
发帖数: 4845 | 50 我推荐大家都读一下这篇文章：
http://www.pnas.org/content/111/16/5773.full
全文：
By Bruce Alberts, Marc W. Kirschner, Shirley Tilghman, and Harold Varmus
By many measures, the biological and medical sciences are in a golden age.
That fact, which we celebrate, makes it all the more difficult to
acknowledge that the current system contains systemic flaws that are
threatening its future. A central flaw is the long-held assumption that the
enterprise will constantly expand. As a result, there is now a severe
imbalan... 阅读全帖 |
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