宝洁（PG）拥有卓越的管理层和持久的护城河；当前股价低于公允价值，支持长期持有论点。
逐段跳播
接下来我要重点介绍的一只股票，是你可以买入并永远持有的，那就是宝洁。这是一家基础消费品公司，主要向消费者销售用于家庭使用的品牌产品。他们这样做已有数十年的历史。他们目前向消费者销售一系列品牌，在我看来，这是世界上管理最好的公司之一。
The next stock I'm going to highlight as one you can buy and hold forever is Procter & Gamble. This is a basic consumer goods company that sells products, branded products, to consumers primarily for their home use. They have a decades-long history of doing so. They have a portfolio of brands that they currently sell to consumers, and in my opinion, this is one of the best-managed companies in the world .
这不仅是因为他们有一位出色的首席执行官或出色的高级管理团队，而且总体上这是一家运营得非常出色的公司，他们制定了一套公司管理战略，无论首席执行官是谁都适用，对吧？
It's not just run because they have a great CEO or a great senior management team, but overall it's a very well run company that has developed a company management strategy that doesn't matter who the CEO is, right?
在我看来，下一任首席执行官将会做得和现任首席执行官一样好，因为他们经过数十年建立了一套行之有效的人才培养框架。
The next CEO, in my opinion, will do a similar job to the current CEO because they have developed a talent development framework over decades that works extremely well.
他们拥有出色的沟通渠道、出色的培训体系，并且学会了如何以具有成本效益的方式服务客户。
They have a great communication channel, a great training system, and they have learned how to serve customers cost-effectively.
对于像宝洁这样的国际公司来说，这极其困难，因为它在全球的年销售额约为1000亿美元。你在世界各地都有生产设施，并将产品分销到世界各地的商店和零售商。市场营销、物流、运输和执行都极其困难。难度水平非常高。
This is extremely difficult when you are an international company like Procter & Gamble, which generates around $100 billion in annual sales worldwide. You have manufacturing facilities around the world, and you distribute products to stores and retailers worldwide . Marketing, logistics, shipping, and execution are all extremely difficult. The level of difficulty is extremely high.
你不会看到很多新公司进入这个行业，因为这是一个很难与老牌公司竞争的行业。大公司的经济规模和规模如此巨大，以至于小公司很难进入并参与竞争。
You don't see many new companies joining this industry because it is an industry that is very difficult to compete in against established companies. The economies and size of the big players are so huge that it makes it very difficult for a smaller person to come in and compete.
当一个小型实体出现并在某个特定品类（比如洗涤剂或护发产品，无论是什么品类）中竞争时，宝洁在识别和收购这些初创公司方面做得非常出色。而且收购有效，没有支付过高价格，将其纳入自己的品牌组合，使其成为另一个伟大的品牌，并借助宝洁在分销、物流、营销等方面建立的网络，提升该品牌的表现。
When a smaller entity comes along and competes in a particular category, say in detergents or, you know, hair care, wherever the category is, Procter & Gamble has done a great job of identifying and acquiring those startups. And doing so effectively , without overpaying , putting that into their portfolio, making it another great brand, and boosting that brand’s performance as it benefits from the network that Procter & Gamble has built around distribution, logistics, marketing, etc.
宝洁的股价目前也以具有吸引力的价格出售，为148美元。我计算出的该股公允价值为174美元。
Procter & Gamble shares are also selling at an attractive price of $148. I have calculated a fair value for the stock of $174.
我目前不持有宝洁的股份，但我有兴趣最终拥有这家公司。这是另一个大企业规模优势难以克服的品类。由于与宝洁拥有显著且持续的竞争优势类似的原因，好时也拥有非常相似的竞争优势。
I do not currently own shares in Procter & Gamble, but I am interested in eventually owning the company . This is another category where the advantages of large size are difficult to overcome. For reasons similar to those that give Procter & Gamble significant and sustained competitive advantages, Hershey's has very similar competitive advantages.
这个频道对 $PG 的历次判断
Parkev Tatevosian, CFA 在这只股票上只有这一条判断。