Pershing Square本季度开设了四个全新的仓位：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，每一笔都恰好占潘兴广场投资组合的5%。所以，这绝对可以解读为转向一系列主导型企业，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。而如今，Netflix已经成为盈利且产生现金的流媒体领导者，而不是我们过去常说的那个债务沉重、烧钱的增长型股票。
But, one thing to note particularly out of the four new buys is that these are all really wide moat high margin businesses. And these days, Netflix has become, you know, the profitable cash generative leader of streaming rather than what we used to talk about with it being that debt heavy cash burning growth stock.
因此，Visa大约被低估12%，而Netflix估计被低估20%。
So, we have Visa coming in at around 12% undervalued and Netflix also sits at an estimated 20% undervalued.