CME是一个强劲的持仓，因其高利润率、标普指数持股的价值，以及来自交易量和对冲活动的收入。
逐段跳播
我们持有 CME、ICE（即洲际交易所），此外我还持有场外交易市场，即那个小交易所。
We own CME, we own ICE, uh which is Intercontinental Exchange, and then I own as well the OTC markets, which is the the small exchange.
CME 则稍贵一些，但 CME 也拥有某种隐藏资产。他们持有标普全球旗下标普指数业务 27% 的股份。因此，你基本上拥有一个标普 500 指数的看涨期权，这是一个相当不错的版税来源。
我认为这是一种版税和看涨期权的结合，因为如果托比，你刚才谈到的动态持续下去，即人们继续将资金投入标普 500 指数，那么这对 CME 也有利。
Um and then CME is slightly more expensive, but CME also owns kind of this hidden asset. uh they own a 27% stake in the S&P uh index business of S&P Global. So, you essentially own a call option on the S&P 500 um you know index which is a pretty good royalty to own. Um, I would say it's a royalty and a call option because if if the dynamic that you just talked about, Toby, continues, which is people just continue to plow their money in the S&P 500, um, then, you know, that that benefits CME as well.
这是那些增量成本不高的业务之一。所以这是一个不错的业务。这些业务一直保持资本密集型。它们不必在人工智能上花钱，尽管我认为它们未来可能会在一定程度上受益于人工智能，但很难想象它们的利润率会大幅提高，这些是 60% 利润率的业务。
And that's one of those things where there's not a lot of incremental costs for them. And so it's it's a nice it's a nice business. And these businesses have remained capital-l liked. they have not had to spend money on AI even though I think that they will probably be beneficiaries of AI going forward to some extent but it's hard to imagine their profit margins getting much higher these are 60% profit margin businesses
但事实是，当你将这三个业务放在一起，尤其是 CME，CME 在非股票资本市场有很多敞口。所以显然有石油、金属、利率。因此，所有那些变动的因素，我很难想象至少在其中几个领域成交量不会强劲。
But the truth is when you snap those three businesses together and particularly the CME the CME has a lot of exposure in non-equity um you know capital markets. So there's oil obviously, um there's metals, there's interest rates. So all of the things that that move and it's hard for me to imagine that volume uh will not be strong in at least, you know, a couple of those places.
因此，另一部分是，当然，CME 和 ICE 不仅从人们承担风险中受益，他们还从人们对冲风险中受益。
And so the other part of it is of course is that you know the CME and the and and IC they don't just benefit from people taking risk they benefit from people hedging risk.
我认为，拥有像洲际交易所这样的公司的一个好处，以及我们选择它和 CME 的原因之一是，它们都拥有自己的内部清算业务，这保护投资者免受交易对手无法满足追加保证金要求的影响。
I think one of the benefits of owning a company like um Intercontinental Exchange and one of the reasons that we picked that one and CME is they both have they both have their own internal clearing operation uh which protects investors from, you know, basically the other side not being able to meet their margin call.
这个频道对 $CME 的历次判断
The Acquirers Podcast 在这只股票上只有这一条判断。