CME 是一项优质持仓，凭借其持有的 S&P Global 股份、高利润率、低资本密集度，以及来自各类资产对冲活动的多元化收入。
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我们持有 CME，也持有 ICE，也就是洲际交易所。此外我还持有 OTC markets，也就是那家小型交易所。
we own CME, we own ICE, which is Intercontinental Exchange. And then I own as well the OTC markets, which is the the small exchange.
那么 CME 稍微更贵一些，但 CME 还拥有一种隐藏资产。它持有 S&P 指数业务，也就是 S&P Global 的 27% 股权。
then uh 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 uh S&P Global.
所以，你本质上拥有一个标普 500 指数的看涨期权，这是一项相当不错的特许权收益。我会说它既是特许权收益，也是一个看涨期权，因为如果你刚才谈到的那个动态，Toby，持续下去，也就是人们继续把钱投入标普 500，那么这也会让 CME 受益。
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.
而这正是那种对他们来说没有多少增量成本的事情之一，所以这是一项不错的业务。这些业务一直保持轻资产。它们不必在 AI 上花钱，尽管我认为它们未来在某种程度上很可能会受益于 AI，但很难想象它们的利润率还能大幅提高。这些是利润率 60% 的业务。
And that's one of those things where there's not a lot of incremental cost for them and so, it's it's a nice it's a nice business. And these businesses have remained capital light.
They have not had to spend money on AI uh 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，当你把这三项业务放在一起看，尤其是 CME，CME 在非股票资本市场有大量敞口。所以显然有石油，有金属，有利率。所以所有那些会波动的东西，我很难想象成交量至少在其中几个领域不会强劲，即使它在股票上不强劲，比如说，或者石油不强劲，或者黄金不强劲，或者别的什么。
总会有某个地方出现波动，总会有某个地方有人需要对冲风险。
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 even if it's not strong in equities, let's say, or if it's not strong in oil or if it's not strong in gold or whatever.
There will be there will be volatility somewhere and there will be people that need to hedge risk um somewhere.
所以另一部分当然是，CME 和 ICE，它们不仅仅从人们承担风险中获益。它们从人们对冲风险中获益。
And so the other part of it is of course is that, you know, the CME and the and and ICE, they don't just benefit from people taking risk. They benefit from people hedging risk.
是的，我认为这是对的。而且我确实认为通胀对这项业务也是有利因素。
Yeah, I think that's right. And um, you know, I I do think inflation is a beneficiary to this business as well.
这个频道对 $CME 的历次判断
The Acquirers Podcast 在这只股票上共 2 条判断，这里只列相邻的几条。