美股送分題
用分析師的視角，寫市場真正如何被判斷，而不是如何被解讀，把sellside與buyside的決策流程，翻譯成投資人看的懂的語言
| Platform |  | Pricing | Freemium | Publishes | Daily |
|---|---|---|---|---|---|
| Issues | 50 | Founded | 6 months ago | Last Issue | 6 days ago |
| Active | Language |  Korean | |||
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《宋分｜分析師底層系統 #4》現金流量表不是記帳本，是分析師預測未來的地圖｜分析師研究的第四步：從現金流判斷公司是在鋪路，還是在挖坑？為什麼Google、Meta、AMZN、NVDA明明不缺錢，卻同時在發債？
現金流量表真正的價值，不是告訴你公司昨天做了什麼。是在告訴你：管理層今天正在替未來布局什麼。
很多人都說”現金為王“，所以開始學投資之後，第一件事情就是學看現金流量表，感覺比直接看損益表厲害許多，但很可惜，市面上90%的教學，都把現金流量表教成一本記帳本，教你CFO代表什麼、CFI又代表什麼、自由現金流怎麼算，看完之後，你確實知道每一個科目的意思，但你還是不知道：為什麼有些公司自由現金流暴跌，股價卻一路創新高？為什麼有些公司借了幾百億，市場反而更願意給高估值？又為什麼同樣1...
《今年賺最多的人，這週把獲利都吐回去了：當一筆「最擁擠的贏家交易」開始瓦解，你該怎麼辦？》
這一波受傷最重的，不是今年原本就做錯的人，反而是今年賺最多的人，尤其是那些集中在AI硬體高beta的人，因為前幾個月績效太好而逐漸加大部位、加大槓桿的人。
很多人的情況不是今年沒賺錢，是今年本來賺了非常多，然後在短短幾天裡，把很大一部分獲利吐了回去，這件事情帶來的影響，比單純「股票跌了多少」更值得研究。
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《市場解碼深度》為什麼Anthropic值1兆美元？OpenAI值8500億？分析師如何替「從未存在的公司」定價
從四問＋一機率框架、情境分析、Option Value到部位管理，完整拆解分析師如何替從未存在過的公司定價
2026與2027年共有三個偉大的IPO：SpaceX、Anthropic、OpenAI，你幾乎找不到適合它們的估值模型。如果今天是一家成熟企業，大家都很好估，營收、EPS、PE，抓一抓幾秒就有答案了，但問題是：如果公司根本沒有穩定獲利呢？如果公司還在瘋狂燒錢呢？如果公司未來長什麼樣子都還不知道呢？如果公司甚至正在創造一個過去從未存在過的新產業呢？你會發現你連第一步都...
《為什麼同一套交易方法，去年大賺，今年卻一直停損？》
讀者問：「去年我突破買進幾乎都會漲，為什麼今年一直停損？」「以前跌破月線我就賣，結果今年每次賣完它又漲回去。」
他問的是一個幾乎所有投資人都會遇到的問題，也是我今年最常被問到的問題：為什麼去年有效的方法，今年突然沒用了？
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很多人遇...
《市場解碼深度》漂亮50、FAANG、Mag7，下一個霸主會是誰？
SpaceX、Anthropic、OpenAI上市之後，Mag7還會是Mag7嗎？
2026年的今天，很多人開始說：Mag7不再主宰SP500了，也將迎來衰敗，MSFT股價跌落神壇，TSLA有夢沒股價，GOOG前幾個月模型超強，但也被AI供應鏈擊垮了，資金不再青睞。市場資金轉向供應稀缺的記憶體、CPU。
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現役美股分析師｜給你機構的釣竿，跟機構一起釣到大魚 \ud83c\udfa3用機構的方式，拆解市場如何定價 ——— Threads/FB/IG｜市場解碼、評價溫度計 Substack｜投資紀律、分析師備忘錄、市場解碼深度
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