标普全球是高素质的宽护城河业务，但略微高估约7%。
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Pershing Square本季度新开了四个仓位：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，每一个仓位都差不多占Pershing Square投资组合的5%。所以，这绝对可以解读为一种轮动，转向一群主导型企业，而不是像有时那样，Ackman本季度只做一次大动作。
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.
但是，在这四个新买入中，有一点尤其值得注意，那就是这些都是拥有非常宽阔护城河和高利润率的企业。S&P Global是信用评级的守门人，去年利润率达到42%。
But, one thing to note particularly out of the four new buys is that these are all really wide moat high margin businesses. S&P Global is the gatekeeper of credit ratings with 42% margins last year.
只有S&P Global是个例外，模型显示它被略微高估了大约7%。
It's just S&P Global that's the outlier with the modeling showing that it is slightly overvalued by about 7%.
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