ICE 是一项持仓；其估值低于 20 倍自由现金流，属资本轻资产模式，并受益于市场活动与通胀。
逐段跳播
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.
洲际交易所当时的交易价格，我认为现在仍然是，不到自由现金流的 20 倍。
Intercontinental Exchange was trading at and I think it still is trading at less than 20 times free cash flow.
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 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.
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 $ICE 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。