因市值庞大导致增长仅限低个位数、且股息率不足3%，未持有PG。
逐段跳播
现在，最后，在第五笔收购中，我们有另一种旗舰型投资，但这次是回到消费必需品板块，标的是一家巨头公司宝洁，股票代码 PG，Cohen 在本季度将其持股翻倍，增持了价值约 3.2 亿美元的股票。
Now, finally, in the fifth acquisition, we have another type of flagship investment, but this time it will be back in the consumer staples sector with this giant company, Procter & Gamble, ticker symbol PG, in which Cohen doubled his stake during the quarter, adding about $320 million worth of shares.
当你审视宝洁时，你会发现它是强势防御型公司的典范。它的品牌组合里满是人们全年都会购买的日常必需品，包括 Tide、Crest、Gillette、Pampers、Dawn 等众多品牌。
When you look at Procter & Gamble, you will find that it is a prime example of a strong defense company. Its portfolio of brands is full of everyday essentials that people tend to buy throughout the year, from brands such as Tide, Crest, Gillette, Pampers, Dawn, and many more.
由于它们销售的是必需品，它们拥有强大而可靠的定价权。这转化为几乎逐年增长的稳健财务数据。然而，这些增长率非常低。因此，它实际上是长期稳步上升。但总体而言，这使该股形成了上升趋势，你知道，它不会下跌太多。
Because they sell essential goods, they have strong and reliable pricing power. This translates into solid financial data that grows almost annually. However, these growth rates are very low.
Therefore, it is actually a steady rise in the long term . But overall, this has led to an upward trend for the stock, you know, it doesn't go down much.
最重要的是，这使它们能够连续七十年提高股息派发，超过几乎任何其他公司。
Most importantly , it allowed them to increase dividend payouts for seven consecutive decades, more than almost any other company .
但尽管如此，有两个原因让我不持有这只股票。正如我提到的，由于公司规模庞大，增长非常小，上升潜力有限。我们通常说的是低个位数增长。这就是为什么股价也往往保持稳定。事实上，它的表现多年来一直停滞不前，然而尽管表现低迷，其市值仍几乎是行业平均水平的两倍。
But despite all that, there are two reasons why I don't own this stock. As I mentioned, growth is very small with limited potential for increase due to the huge size of the company.
We usually talk about low single-digit growth. This is why the stock price also tends to remain stable . In fact, its performance has remained stagnant for years , yet its market value is still almost double that of the sector, despite its sluggish performance.
至于股息派发，尽管持续增长且可靠，但并不是很高，因为还不到回报的 3%。不过，我非常尊重宝洁在股息派发方面的领先地位。因此，我将把它排在名单第三位。
As for dividend distributions, despite their continuous growth and reliability, they are not very high, as they are less than 3% of the return. However, I have great respect for Procter & Gamble for being a leader in dividend payouts. Therefore, I will place it third on our list.
这个频道对 $PG 的历次判断
Ale's World of Stocks 在这只股票上只有这一条判断。