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本文摘要:yester day was apples shareholder meeting and,as many of you know,Theres been healthy debate about what they should do with its $ 137 bill我看到一篇文章说苹果的现金储备几乎等于整个匈牙利的GDP。

yester day was apples shareholder meeting and,as many of you know,Theres been healthy debate about what they should do with its $ 137 bill我看到一篇文章说苹果的现金储备几乎等于整个匈牙利的GDP。因此,某些激进主义股东可能不应该展开道歉收购匈牙利,而是应该推进小规模骚乱的事情(例如,减少红利、销售优先股等)。Hungary probably would nt sell its sovereignty and entire economy for 1 x sales,But apple(AAPL)has no debt so they could probably lever TheMore Seriously,What Should apple do with a Massive and Growing Pile of Cash?the three obvious buckets are to invest heavily in new products(the apple TV or iwatch or whatever),return cash to shareholders (via)老实说,苹果应该如何处理大幅减少的现金?有三个明确的方案:对新产品(Apple TV、iWatch或其他产品)的大规模投资、向股东返还现金(分红、购买、发表新型优先股等)和招募员工。

除了匈牙利,你还知道什么收购方案有意义吗?For starters、apple isnt Cisco (csco)或Oracle (orcl)。instead,Its an incredible organization because of Its long history of internal innovation rather than Excellence in acquiring,Integrating acquiring quattro wireless created the iads mobile ad network and Siri was a technology acquired from Sri . less auspicious ly apple bought a swedht PPP 首先,苹果公司(Cisco)或该公司之所以令人惊讶,并不是因为在收购、整合和其他业务培养上表现出卓越,而是因为内部创意的悠久历史。(威廉莎士比亚、温斯顿、哈利波特、成功)长期以来(根据技术标准),苹果1亿美元以上的收购事例屈指可数,10亿美元以上的收购合并完全没有发生。通过收购NEST,苹果公司为今天的台式机系统Mac OS奠定了基础,并将史蒂夫?史蒂夫乔布斯请回到苹果。

更接近的是,苹果收购了Quattro Wireless,建立了iAds手机广告网络。收购Siri提供智能语音支持Siri技术。

运气不好的是瑞典地图技术公司(C3)的收购合并,苹果成立了苹果Maps。(威廉莎士比亚,《北方执行报》(Northern Exposure),幸运)。

最后,苹果合并了多家组件公司(芯片公司Intrinsity和P.A. Semi、存储公司Anobit、安全设备供应商Authentec),并将其合并到各种“I”后辈产品中。apple is fundamentally great at creating innovative new platforms that consumers love because theyre easy to use and rationalize digital fragmentation苹果在本质上非常擅长创造新的创意平台。因为更容易使用,使数字生活看起来合理,所以受到了消费者的关注。

虽然它不是第一家进军PC、MP3、智能手机甚至平板电脑领域的公司,但它彻底革新了这些领域。苹果公司不是通过销售软件或数字内容来创造收入,而是通过完全构建软件和数字内容来负责利润丰厚的硬件业务。but apples DNA is about quantum leaps,not incremental ones . so if they were to become an acquisitive company,Id argue is has to be as big and boldthe three main vectors apple might pursue are :但苹果骨子里的执着是一个重大突破,不是渐进的。

因此,如果他们想成为雄心勃勃的公司,我指出,他们在并购中要像产品创意一样高瞻远瞩,勇往直前。(威廉莎士比亚,温斯顿,骄傲)苹果要执着的三个主要推动力分别是:1。buy content。content is strategically important to apples platforms。

but in the grand scheme of apple its a pretty meaningless part of their business . if you add up all the content,software and services (e) Ito put that in perspective,All the chargers and other accessory stuff amounts to about 50% of the revenue apple generates from content softwork内容对苹果的平台具有战略意义。但是在苹果的宏伟计划中,这只是工作中完全没有意义的一部分。即使将苹果的所有内容、软件和服务(例如iCloud用户服务)放在一起,苹果的收入也只有6%。

但是客观地说,苹果公司在所有充电器和其他配件上提供的收入也只有由内容、软件和服务三种构成的总销售额的50%。some people think apple should buy Netflix(nflx)。

on paper it makes sense : $ 10 billion market cap,deals with lots of content A nascent library of Netflix developed content and A happy/)And content owners deal with Netflix because they dont want itunes to dominate digital video as it has digital music . apple could buy Walt Disney co)。it would probably divest theme parks,But the rest of Disney would give apple an incredible platform to rethink video at home in an-demand worldtime warner(twx)would be the other logical choice in this vector。部分理论上,市值超过100亿美元,与大量内容所有者的业务往来,有开发内容的数据库,享受无聊、充实的客户基础是合理的。


苹果公司可以收购Walt Disney Co,市值980亿美元,通过丰富的内容和“基础设施”开发更多的产品(ABC/ESPN频道、电影制片厂等)。迪士尼主题公园可能需要转让,但迪士尼剩下的部分应该给苹果准备一个不可信的平台,以新的思维方式向大家展示如何在这个按需的世界上发展家庭视频业务。(威廉莎士比亚、迪士尼、Northern Exposure(美国电视剧))除了硬件之外,还可以在内容上提供有意义的收益,促进企业变革。

根据这个想法,时代华纳(Time Warner)在这一领域也是不错的收购对象。2.buy pipes . many have thought that communication s infra structure would become dumb pipes And the content And/Or hardware companies would win hoolLe companies (Comcast、time warner cable、Verizon fios、etc .)has really declined.plus,Building out a telecom network to the home is pretty hard and costly.theres a reason Google fiber is available in precisely 1 of the top 100 us citie s . the satellite TV guys(directv,dish network)have Google现在很明显,管道公司仍然有价值,但即时流式传输的视频没有出去。大家还是要在有线或光纤终端的家里看“有线”公司[Comcast (Comcast)、时代华纳有线电视(Time Warner Cable)、Werizon Fios(Verizon Fios)等]。

此外,建设一个通往家的通信网是困难的,价格也不容小觑。谷歌POVER在美国前100个城市中只有1个有理由接受这种服务。卫星电视公司(DirectTV,Dish Network)虽然拥有利润丰厚的电视业务和全国网络系统,但由于缺乏可靠的宽带网络服务,因此不合适。owning pipes and The content deals that go with them could strategically aid apple in a couple ways . first,The iphone was such a profitable success there were three or four wireless carriers with national scale so it made sense for att(t)to do an exclusive with apple,But cable still tends 享受管道和享受给定的内容业务,可以从战略上帮助苹果。

第一,iphone的顺利带来了大量利润。这是因为双重收入3354客户需要支付苹果,而无线运营商也需要对每台设备收费(补贴形式)。(阿尔伯特爱因斯坦,Northern Exposure(美国电视),成功)但是,不管苹果电视有多好,这种盛况都很难再现,使得有线电视公司能够补贴费用。

iphone问世时,约有3 ~ 4家全国无线运营商出现,因此可以解释为什么美国电话电报公司(ATT)与苹果独家合作。但是有线电视市场基本上由地方两斗垄断和垄断,所以没有改变消费份额的动机。but if apple owned one of the big cable companies,It essentially could boost the profitability of TVs by internally subsidizing with monthly subbility另外,收购Comcast,市值1060亿美元,还可以享受1个追加更正的优惠。一个是内容生产,另一个是管道。

目前,Concaster已经几乎收购了美国国家广播通用(NBC Universal)。3.vertically integrate . apple also could vertically integrate in more radical ways . I dont mean buying hon hai(aka fox conn)To control vast lai etc.companies like Samsung and LG also supply apple with disple But since they compete in end-user devices trying to buy either of them probably woulder 我不是指收购红海集团(Hon Hai,又名富士康)来控制大量劳动力和苹果硬件生产。我为了得到芯片、夏普(Sharp,市值30亿美元)或东芝(Toshiba),收购了爱爱(Marvell,市值50亿美元)或STMicroelectronics(市值70亿美元)等零部件供应商。


收购一半股权是更好的自由选择。但是最终,横向综合兵将像第一个和第二个方案一样,确实改变苹果的业务。4.buy a social platform . Facebook($ 63b mkt cap)Is the only one that makes sense to me from a strategic standpoint . Twitter doesnt really givive.4、收购社交平台。


开玩笑的,当然,苹果会做上面的一切。显然收购匈牙利会更合理.Lee Hower(@ Lee Hower)is A co-founder and General Partner at Nextview Ventures,A Boston-based investment firm focused on seed stage.豪威尔是投资公司NextView Ventures的共同创始人和普通合作伙伴。该公司总部位于波士顿,主要从事早期互联网相关公司投资。

他曾是商业社交网络(Business Social Network)LinkedIn的创立团队成员,并从Linkedin创立到兴旺初期担任企业发展董事。他现在的博客在AgileVC网站上。