联合健康被低估，是良好的买入标的；其价格低于所有估值方法，提供了安全边际。
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那么让我给你举一个金融公司的例子，United Health。如果你看 United Health UNH，同样你可以看到 fact 预测的增长率，未来 5 年预计增长 15.96%，长期增长 13.67%。
So let me give you an example of a finance company United Health. So if you look at United Health UNH again you can see what is the projected growth rate from fact you can see for the next 5 years is projected to grow at 15.96% and then in the longer run grow at 13.67%.
那么如果我们再看内在价值，估值 United Health 的方法有很多，但它是一家保险公司。那么更合适的方法是什么？我们使用贴现净收益法，即这里的贴现净收益法。基于这种方法，你可以看到内在价值，基于预测未来 20 年的净利润并贴现到现值，得到 529 美元。
So if we look at the intrinsic value again there are so many ways to value United Health but it's a insurance company. So what's the more um what what's the method to use? We use the discounted net income method which is over here discounted net income method. And so based on this method, you can see the intrinsic value uh based on projecting the net profit for the next 20 years discount to present value gives us $529.
但你可能看到 Oracle Value 会说，嘿，Oracle Value 只显示 446。那么为什么 Oracle Value 低于那个？很简单，因为 Oracle Value 基本上更保守。所以它倾向于采用较低的增长率，因此是 446。
But then you may look at Oracle value and say hey Oracle value shows only 446. So why is Oracle value below that? Very simple because Oracle value basically is more conservative. So it will tend to take a lower growth rate and hence it is 446.
Oracle Value 有一个内置的 AI 算法，如果它觉得这里的增长预测有点过于乐观，它会调整使其更加保守。所以 Oracle Value 说 United Health 值 446，但贴现净收益法说它值 529。
So Oracle value has a inbuilt AI algorithm that will adjust it to make it more conservative if it feels that the growth projections here are a bit too optimistic. So the Oracle value says that United Health is worth 446 but the discounted net income method says it is worth 529.
那么这真的重要吗？不重要。为什么？因为现在股价是 3.84。所以无论你认为它值 446 还是 529，股价都远低于这两个估值。这提供了安全边际。所以当股价低于所有不同的估值方法和你的估值区间时，那是买入股票的最佳时机。
Now does it really matter? It doesn't matter. Why? Because right now the share price is at 3.84. So whether you think it's worth 446 or whether you think it's worth uh 529, the share price is way below both valuations. So that gives a margin of safety. And so that's the best time to buy a stock when the share price is below, you know, all the different valuation methods and below your valuation range.
但当然，不要只看估值。你必须首先确保这是一家好公司，顺便说一句，我相信它是。
But of course, don't just look at valuation. You have to be sure that is a good company in the first place, which by the way, I I believe it is.
他说在等什么
他自己说在等的东西，一段话一条记录。同一件事说过几次就出现几次，我们不合并，也不判断它有没有兑现。
这个频道对 $UNH 的历次判断
Adam Khoo 在这只股票上只有这一条判断。