How long do you give a new team before buying into their turnround story? A month? A year? Two years? Marks and Spencer shook up its clothing team in mid-2012 and investors have enthusiastically given their backing. M&S shares are up a third in the year to date. They now trade on 15 times forecast earnings against 11 at the start of January and a 10-year average of 12.
在你相信他们扭亏为盈的故事之前，你会给新团队多久时间？一个月？一年？两年？2012年年中，马莎百货(Marks and Spencer)改组了服装团队，此举得到投资者热烈支持。其股价今年迄今上涨三分之一，目前交易价是预期盈利的15倍，而今年1月初是11倍，10年平均市盈率是12倍。
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