Rational Investing - Cameron Stewart, CFA发布 2026-08-05
《Zoetis (ZTS) - The Stock Market Is Wrong About This》
$ADP看涨
ADP稳健的薪资处理业务和定价能力支撑其长期复利增长，但上行空间有限。
像ADP这样的公司就很有意思。我一会儿再跟你谈薪资处理的事。事实上，这是我一直在考虑要做的事情之一。
like ADP is an interesting one. I I'll talk to you about payroll in a second. Yeah. In fact, it's it's one that I was thinking about about doing.
ADP，我们一会儿再看一下。
ADP, we'll take a look at that one a second.
ADP是那些继续运行薪资处理的遗留系统之一，而且它一直在运行。令人瞩目的是，他们能够持续增长盈利。我们看看他们表现如何。我的意思是，恐惧基本上在于AI会摧毁这个行业，而初创公司会抢走他们的饭碗。
so ADP is one of those legacy systems that has continued to run payroll and continues to run. It's remarkable how they they've continued to be able to grow earnings. We'll see how they do. I mean, the fear is basically that AI is going to like blow this up and startups are startups are going to eat their lunch.