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湖人125亿买贵了？虽有泡沫 但总比投资AI稳多了 起码不会打水漂_我的网站

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    Liu Mengfei at Beijing's Homoludens Archive Photo: Courtesy of Liu Mengfei
Inside Beijing's Homoludens Archive, shelves are filled with books, game consoles, game cartridges and other materials tracing the history of video games. For Liu Mengfei, the archive's director and chair of the academic committee of the Gamification Professional Committee, these collections preserve more than the evolution of games, they also capture the cultural memories of a generation.
A PhD in history from Tsinghua University, Liu has spent more than a decade studying the social impact of games, the role of games in history and digital humanities. Throughout her career, she has continued to explore the relationship between games and people: Why do humans create games? And how do games shape culture and society?
Books, meanwhile, have been an important gateway through which Liu has come to understand the world of games.
"The real value of a book lies not simply in what it tells you, but in whether it can change the way you understand the world and people," Liu told the Global Times.
Books meet games

In 2007, being an undergraduate history student, Liu wrote her thesis on the links between ancient Celtic religion and modern digital games.
To study original sources such as The Gallic War by Roman author Julius Caesar, she taught herself Latin. As her research extended into modern games, she also began reading the rulebooks of Dungeons & Dragons, a tabletop role-playing game.
"From historical texts to game rulebooks, these reading experiences seemed to belong to completely different worlds, but they gradually led me to realize that games are not simply entertainment products. They also contain history, culture and the relationships between people and society," she said.
Later, Homo Ludens, by Dutch historian Johan Huizinga, further transformed the way she understood games. The book gives a theory that humans are not only Homo sapiens, or "rational beings," but also Homo ludens, or "playing beings," and that games are deeply intertwined with human culture, from language and art to religious rituals and sports.
The book had a profound influence on her. It points out that the foundations of human society — language, civilization, religious rituals, sports and art, are all connected to play and games, because we are Homo ludens, "the playing human."
"The idea prompted me to view games from a broader perspective," Liu said. "Games are not an appendage outside human civilization, but are deeply connected to cultural creation and social life." 
"It also showed me that games and game-based thinking could extend into broader fields, including education and technology," she added.
She later read other works on game studies, including Play Between Worlds: Exploring Online Game Culture, Half-Real and Rules of Play Game Design Fundamentals. Play Between Worlds, in particular, opened up another possibility for game studies at a time when discussions about "internet addiction" were prevalent in China.
"Games are not simply a form of entertainment that needs to be restricted or criticize;. they can also serve as important media for storytelling, cultural expression and exploring relationships," she said.
These reading experiences gradually shifted Liu's focus from simply asking "What are games?" to a deeper question: What can games bring to people?
Beyond time and technology
Periodically, Liu still returns to Homo Ludens in her free time, finding new insights from the book as society changes. In the age of artificial intelligence, she has revisited one of its fundamental questions: As AI becomes increasingly capable of handling repetitive tasks and surpasses humans in efficiency, what does it mean to be human?
"As AI takes over more monotonous and repetitive work, the time freed up should be devoted to creativity, experience and human relationships," she said. "The time we gain should actually be used to become better at 'playing humans.'" 
For Liu, this also requires people to maintain their ability to think, imagine and reflect -- abilities that cannot be gained through simply receiving information. This has also prompted her to reconsider the meaning of reading.
In an era when AI can quickly summarize an entire book, Liu believes people still need to read the original works in full, because the value of reading lies in more than simply acquiring knowledge and conclusions.
"Reading a book is like a form of cultivation. You have to immerse yourself in it, patiently allow the author to take you on a journey, and find your own island along the way," she said.
For Liu, the value of reading is not limited to books on paper. As media evolve, so do the ways people encounter stories and understand culture. Some digital works are now becoming new vehicles for reading.
Chinese-developed games such as Genshin Impact contain hundreds of thousands, and even more than a million Chinese characters of text, while Black Myth: Wukong uses its "Journal" system to tell the stories of individual monsters through written entries. 
"Digital games are carrying forward traditions inherited from literature and film, becoming new gateways, through which young people can enter the worlds of literature, history and traditional culture," she said.
"An important reason why Black Myth: Wukong has succeeded in communicating Chinese culture is that it does not simply insert traditional cultural symbols into a game. Instead, it draws on the original Journey to the West, contemporary works inspired by the classic, as well as the game's own rules and interactions, allowing players to develop a new understanding of traditional culture through their actions," she noted.
For Liu, the forms of reading may change, but the desire to understand the world and discover oneself will not. From books to digital worlds, what matters is not only what people read or play, but how they think, create and find meaning through these experiences.
。    译者注：本文原发表自Los Angeles Times，作者是Steve Henson，文中数据均截至原文发稿前（8月25日），文中观点与译者及平台无关。马克·沃尔特以创纪录的价格转手了湖人。鲍勃·艾格和约什·库什纳买亏了吗？无论以何种标准衡量，约书亚·库什纳和鲍勃·艾格都是成功的商人，他们斥资125亿美元买下了湖人，这无疑是体育界球队有史以来的最高价格。这是收购知名体育品牌的一次罕见机会，而且大家都认为，时机就是一切。

B | 这一巨额售价对NBA的其余球队产生了影响，并引出了一个基本问题：库什纳和艾格是做了一笔好买卖，还是溢价收购？商业巨头马克·沃尔特拥有这支NBA球队仅仅一年的时间。联邦监管机构正在调查沃尔特的金融帝国。据报道，他感到被迫出售球队，因为他正在转移数十亿美元，以帮助解开他的两家保险公司向跨国控股公司TWG Global提供的一笔未披露的关联方贷款，他是该集团的首席执行官。在许多人得知沃尔特可能有兴趣迅速出售球队之前，一直渴望拥有一支NBA球队的库什纳和艾格就抓住了这个机会。

C | 交易的仓促似乎给了买家极大的谈判筹码，然而沃尔特却在他去年10月买下这支球队花费的100亿美元的基础上，将价格提高了25%。一些专家认为，湖人绝对物超所值。对老牌体育球队市场的深入研究向Sports Value Consulting的联合创始人兼首席执行官迈克尔·拉普科赫表明，这笔投资是相当稳健的。拉普科赫说：“湖人多久才会被出售一次？如果有人有能力，为什么不付这笔钱呢？难道你要在鸡尾酒会上说，你本可以买下这支球队，但因为你不愿出价超过110亿美元而拒绝了吗？这可能是你绝无仅有的机会。要么买下，要么错过。”十二年前，史蒂夫·鲍尔默斥资20亿美元买下了快船，并承认自己心甘情愿地出了高价。

D | 2025年，与湖人一样有着辉煌历史的凯尔特人以61亿美元的价格被售出，这与《福布斯》的市场估值非常接近。不到一年后，湖人就以两倍多的价格售出。一些专家对这个价格感到震惊。“你买东西必须基于其收入潜力、成本支出、盈亏情况，有节制地进行，”畅销商业作家威廉·D·科汉在一档播客节目中说，“你不得不相信，艾格和库什纳被想要拥有这支球队的欲望冲昏了头脑。“和往常对待这类资产一样，你必须买得聪明、买得正确，否则你就会多花钱。如果你陷入了交易狂热——我感觉鲍勃·艾格就是这样……当你支付了过高的价格时，就很难获得回报。”顶级体育球队的价值飙升得如此之快，以至于人们对高昂的标价已经见怪不怪了。在沃尔特买下湖人不久后，体育商业网站Sportico的数据显示，NBA球队的平均市值为55.1亿美元，一年内增长了20%，自2022年以来更是飙升了113%。

E | 勇士以113.3亿美元位居榜首，湖人以100亿美元紧随其后——这也反映了沃尔特买下球队时的价格——而灰熊则以40亿美元垫底。这30支NBA球队的总市值达到了1650亿美元。

F | 打破纪录收购NBA、NFL和MLB球队的举动最初往往被认为是出价过高，但很快又会被认为是划算的买卖。鲍尔默和艾格一样，在早先对球队的竞标中都以失败告终，他不想在竞价快船时让这种情况再次发生。他承认自己屈服于交易狂热，但从未后悔过。《福布斯》估计，快船如今的价值已经达到了75亿美元。“我孤注一掷，然后进入了竞标过程。我依然全力以赴，我只是说，我一定要拿下这支球队，”鲍尔默在2023年的一档播客中说道，“人们觉得我出价太高了，但我得到了球队。”专家表示，顶级体育球队的价值涉及有别于大多数其他公司的三个因素：通过联盟长期的媒体转播权协议获得的保底收入；推动赞助和球队商品带来稳定附加收入的区域及全球品牌效应；以及培养球迷极高忠诚度的极端稀缺性。各大球队——比如湖人、道奇、达拉斯牛仔和纽约洋基——不会经常易主。

G | 库什纳和艾格之前陷入了为获得拉斯维加斯NBA扩军球队批准的漫长斗争中，他们显然将湖人视为一个更好的机会。最近获批的NBA媒体转播权协议在2025年至2036年间每年价值69亿美元。其中包括联盟与拥有ESPN续约，以及与NBC环球和亚马逊达成的新协议，根据协议，ABC/ESPN、NBC/Peacock和Prime Video将转播NBA比赛。一些金融专家认为，投资湖人的风险要远低于投资OpenAI——库什纳通过他的风险投资公司Thrive Capital向OpenAI投资了约20亿美元。这项投资以及在人工智能和科技领域的其他投资都获得了丰厚的回报，但转向拥有一支下限极高的老牌NBA球队可能是明智之举。

H | 艾格刚在两次执掌华特迪士尼公司后卸任。拉普科赫说：“与大多数其他投资相比，NBA拥有更安全、更稳定的年度留存收入。你买的是一项稳定的资产。15到20年后，湖人依然会在那里。一家AI公司会在那里吗？也许吧。但许多公司来了又走。

I | 我们可以高度肯定，湖人看到不会倒闭。”一些认为库什纳和艾格一时冲动而溢价收购的人，指出艾格在2019年为迪士尼赢得了与康卡斯特争夺21世纪福克斯的竞标战。价格从540亿美元飙升至720亿美元，迪士尼因此背负了250亿美元的债务，而且回报参差不齐。

J | 艾格拒绝承认自己头脑发热，他在2024年11月与分析师的电话会议上坚持认为，这笔交易中他更看重的是流媒体的视角。他断言，如果没有福克斯庞大的内容库（包括阿凡达系列、辛普森一家、FX和国家地理），迪士尼就不可能成功推出并扩大Disney+的规模。NBA球队的收入不如迪士尼那样多元化，但联盟在2024-25赛季创造了122.5亿美元的收入——平均每支球队4.08亿美元——其中包括在球队拥有或运营的场馆举办的音乐会等活动。这些收入从勇士的8.33亿美元到灰熊的3.01亿美元不等。

K | 但是，NBA球队也不存在电影制片厂在流媒体时代所面临的一些商业挑战。

L | 拉普科赫指出，目前尚不清楚库什纳和艾格将拥有湖人的多少股份。沃尔特的多数股权份额尚未公开披露。

M | 无论少数股东作何决定，都不会影响沃尔特多数股权的出售，拉普科赫说。他的公司为50多支职业体育球队提供了估值服务和运营咨询。假设他们得到了NBA理事会的批准，艾格和库什纳将拥有湖人。拉普科赫说：“鲍勃和约什会做得非常出色。他们了解洛杉矶，并且他们会给这支球队带来全新的面貌。

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Published on:08:41:27