维萨（Visa）持久的护城河和当前估值支持长期买入并持有的论点。
逐段跳播
我将首先重点介绍的公司是Visa。这家公司的竞争优势始于其网络。它花了几十年时间建立了一个双向网络，连接持有Visa卡（无论是数字形式还是实体形式）的消费者，以及接受Visa卡作为支付方式的商户。
The first of these companies that I will highlight is Visa. This company's competitive advantage starts with its network. It has spent decades building a two-way network with consumers who hold Visa cards, both digitally and physically , and merchants who accept Visa cards as a means of payment.
目前，全球发行的卡片总数已超过40亿张。因此，作为商户，你几乎必须接受Visa作为支付方式，因为你不想错过与数十亿在钱包或手机中持有Visa卡的个人进行交易的机会。因此，商户被迫接受它作为支付方式。
Now, the total number of cards issued has exceeded 4 billion cards worldwide. So, as a merchant, you are almost obliged to accept Visa as a payment method because you don't want to miss out on dealing with billions of individuals who have Visa cards in their wallets or on their phones. For this reason, merchants are forced to accept it as a means of payment.
接受Visa作为支付方式的商户越多，消费者在钱包中持有Visa卡就越有吸引力。这是一个积极的、建设性的循环，几十年来一直在自我强化，竞争对手很难突破，除非在行业现有范围之外，这也是另一个积极因素。
The more merchants that accept Visa as a payment method, the more attractive it becomes for consumers to have a Visa card in their wallets. This is a positive, constructive cycle that has been feeding itself for decades, and it is very difficult for competitors to break into it outside of what is currently available in the industry, and that is another positive thing.
Visa、Mastercard以及在这个领域竞争的其他公司，竞争并不激烈。几十年来，他们相互对抗、相互竞争，现在已经达到一种平衡，几乎所有公司都对商户收取相似的价格。各种支付处理服务提供商之间没有显著差异。
Visa, Mastercard, and whoever else is competing in this sector, the competition is not very intense. For decades they worked against each other, competed with each other, and have now reached a balance where almost everyone imposes similar prices on traders. There is no significant difference between the various payment processing service providers.
因此，行业处于平衡状态，这对投资者来说非常有利可图。如果看过去十年的营业利润率，Visa和Mastercard是世界上最赚钱的公司之一。
Thus, there is a balance in the industry, which is very profitable for investors. Visa and Mastercard are among the most profitable companies in the world if you look at their operating profit margins over the past decade.
事实上，他们的竞争如此之弱，以至于监管机构指责他们相互勾结，以维持对商户收取的高价格。另一个风险是创新。有人从我们不知道的地方或完全从领域之外出现，从Visa、Mastercard和现有公司手中夺取市场份额。
In fact, their competition is so weak that regulators have accused them of colluding with each other to maintain high prices for what they impose on traders. The other risk is innovation. That someone comes from where we don't know or from completely outside the field to snatch a market share from Visa, Mastercard and existing companies.
这是这些公司当前面临的最大风险之一，尤其是如果你放眼未来10年、20年或30年。
This is one of the biggest current risks facing these companies, especially if you are looking far ahead over the next 10, 20 or 30 years.
这是创新者带来的最大危险。但使这变得极其困难的原因之一是，这只是企业支出中非常小的一部分。我在我的网站上卖书，并接受Visa、Mastercard和其他支付方式的付款。
This is the greatest danger that comes from innovators . But one of the things that makes this extremely difficult is that this is a very small part of business expenses . I sell my book on my website and accept payment via Visa, Mastercard and other payment methods.
这是一笔相对较小的开支。我想我支付……而且我的书只卖10美元，所以加上百分比费用的小额固定费用可能约占我总销售额的4%，这就是我支付给Visa和Mastercard处理这些交易的金额。
It is a relatively small expense . I think I'm paying...and my book only costs $10, so the small fixed fees added to the percentage fees may amount to about 4% of my total sales, which is the amount I pay to Visa and Mastercard to process these transactions.
因此，4%并不是我总业务支出中一个非常大的数额。如果，比如说，一个稳定币提供商或加密货币支付提供商来找我，说：你愿意接受我们的系统作为支付方式吗？我可能会说不，因为实施和简化这个新支付处理器所需的时间对我来说不值得。
Therefore, 4% is not an incredibly large amount of my total business expenses. If, say, a stablecoin provider or a cryptocurrency payment provider came to me and said: Would you be willing to accept our system as a means of payment? I would probably say no , because the time it would take to implement and streamline this new payment processor would not be worthwhile for me.
我的意思是，他们会向我收取多少费用，对吧？不是4%，而是提供1%或2%的交易费？我会在我已经忙碌的一天中抽出时间来整合一种新的支付方式以节省2%吗？我不会那样做，对吧？
I mean, what are they going to charge me, right? Instead of 4%, will they offer me transaction fees of 1% or 2%? Am I going to cut into my already busy day to integrate a new payment method in order to save 2%? I won't do that, will I?
许多企业家和企业主也会有同样的感受。从整体来看，这不是一笔大开支。你不会想花时间采用一种新的支付方式来节省总开支的1%或2%，即使你总体上向这些公司支付了一大笔钱。
Many entrepreneurs and business owners will feel the same way. It's not a big expense in the overall scheme of things. You wouldn't want to take the time to get a new payment method to save 1% or 2% of your total expenses, even if you pay a large sum overall to these companies.
当然，大公司向Visa和Mastercard支付的费用较低，因为它们能够协商到较低的百分比，而且名义费用占总因素的比例较小。
Of course, large companies pay lower fees to Visa and Mastercard because they are able to negotiate a lower percentage, and the nominal fees are a smaller percentage of the total factors.
因此，基于这些原因，我对Visa可持续的竞争优势，或者说其竞争优势的持久性充满信心，并且我相信这是一只你现在可以买入并永远持有的股票。
Therefore, for these reasons, I feel confident in Visa's sustainable competitive advantage, or the permanence of its competitive advantage, and I believe this is a stock you can buy now and hold forever.
事实上，我持有Visa的股票。我已经持有多年了。而且我计划在未来很多年里继续持有，这是肯定的。
Actually, I own Visa shares. I've owned it for years. And I plan to own it for many years to come, for sure.
顺便说一下，如果你对估值感兴趣，我计算出该股的合理价值为387美元，而当前市场价格为378美元。因此，今天你以合理的价格买入Visa股票，而且我认为它是全球最好的公司之一。如果你能以合理的价格买入这样一家公司，我认为对于长期投资来说这是一笔极好的交易。
By the way, if you are interested in the valuation, I have calculated the fair value of the stock at $387, and the current market price is $378. Thus, you get a fair price for Visa stock today, and I would argue that it is one of the best companies globally . If you get a company of this caliber at a fair price, I think it's an excellent deal for long-term investment.
这个频道对 $V 的历次判断
Parkev Tatevosian, CFA 在这只股票上共 2 条判断，这里只列相邻的几条。