Visa被低估约12%，是宽护城河、高利润率的业务，支持看涨观点。
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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%。
They are both running margins over 50%.
所以，Visa被低估约12%，Netflix也被估计低估20%。
So, we have Visa coming in at around 12% undervalued and Netflix also sits at an estimated 20% undervalued.
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