万事达卡根据DCF被低估47%，利润率和高护城河使其成为有吸引力的投资。
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Pershing Square本季度开设了四个全新仓位：Netflix、Visa、Mastercard和S&P Global。
Pershing Square opened four brand new positions this quarter: Netflix, Visa, Mastercard, and S&P Global.
值得注意的是，每一个仓位几乎都占Pershing Square投资组合的5%。所以，这肯定看起来有点像转向一群主导型企业，而不是像Ackman有时那样在本季度进行一笔大额押注。
And what's notable is that each one landed pretty much at 5% of the Pershing Square portfolio. So, this definitely reads as a bit of a rotation into, you know, a cluster of dominant businesses as opposed to Ackman having one big swing this quarter like sometimes he does.
但特别值得注意的是，在这四笔新买入中，这些都是拥有非常宽阔护城河和高利润率的企业。例如，Visa和Mastercard，它们基本上是全球支付的收费站。
But, one thing to note particularly out of the four new buys is that these are all really wide moat high margin businesses. For example, Visa and Mastercard, they are basically toll booths on global payments.
它们的利润率都超过50%。然后，转向估值，从Simply Wall Street内置的折现现金流分析来看，这组股票中最有趣的是Mastercard。它被估计低估47%，但纵观所有四只股票，实际上有三只被模型筛选为低估，不仅仅是Mastercard。
They are both running margins over 50%. Then, turning to valuations, the most interesting of the bunch from the Simply Wall Street inbuilt discounted cash flow analysis is definitely Mastercard. It's estimated at 47% undervalued, but zoom out across all four and three of them are actually screened as undervalued by the modeling, not just Mastercard.
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