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$SPGINew Money发布 2026-08-25

《The Super Investors Are Buying BIG.》

未明确方向

Pershing Square本季度新开了四个仓位：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，每一个仓位都差不多占Pershing Square投资组合的5%。所以，这绝对可以解读为一种轮动，转向一群主导型企业，而不是像有时那样，Ackman本季度只做一次大动作。

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.

但是，在这四个新买入中，有一点尤其值得注意，那就是这些都是拥有非常宽阔护城河和高利润率的企业。S&P Global是信用评级的守门人，去年利润率达到42%。

But, one thing to note particularly out of the four new buys is that these are all really wide moat high margin businesses. S&P Global is the gatekeeper of credit ratings with 42% margins last year.

只有S&P Global是个例外，模型显示它被略微高估了大约7%。

It's just S&P Global that's the outlier with the modeling showing that it is slightly overvalued by about 7%.

看原视频04:18

$SPGIJoseph Carlson After Hours发布 2026-08-24

《I’m Buying $10,000 Of This Company Next》

标普全球在350美元时是好的买入点，五年内潜在16%的复合回报，但价格可能不会跌至该水平。

看涨

接下来是S&P Global。这是我第五大持仓。总规模为127,000美元，浮盈20,000美元。约占投资组合的8.5%。如果S&P Global要获得这额外的1万美元，我的买入目标价是350美元。

看看这里的图表，S&P Global今年全年都没有跌破350美元。所以，这似乎不太可能。也许它不会达到这个买入目标价，那也没关系。我们要对这新资金保持纪律。S&P Global上一次跌破350美元是在2023年底。

所以，我认为它达到这个目标的可能性不大，但我认为仍有机会。再说一次，我们寻找的是真正的好买点，而不仅仅是小幅回调。我希望这额外的1万美元能带来非常高的回报。

Next up, we get to S&P Global. It's my fifth largest position. We're at $127,000 total size, $20,000 in gains. It's about 8.5% of the portfolio. My buyin target for S&B Global, if it's going to get this additional $10,000, is $350. Now, looking at the chart here, S&B Global has not traded down below 350 this entire year. So, it seems unlikely. Maybe it won't hit this buy in target, and that's fine. We want to be disciplined with this new money. The last time the S&P Global traded below 350 was back in late 2023. So, I believe it's unlikely for it to hit this target, but I think there's still a chance. And again, we're looking for really good buys here. We're not just looking for modest dips. I want this additional $10,000 to be a very high returning $10,000.

如果S&P Global要获得这额外的1万美元，我的买入目标价是350美元。

My buyin target for S&B Global, if it's going to get this additional $10,000, is $350.

如果我们看看这些数字，假设我们以350美元买入，我假设的每股收益增长率为10.7%。所以每股收益增长率非常低，合理的每股收益倍数为25倍，我认为这也是适中的。对于像S&P Global这样优秀的公司，你会认为它的市盈率应该在25倍左右。

根据这些假设，如果我们以350美元的目标买入价买入该股，未来5年我们将获得近16%的复合回报，这是一个非常强劲的、跑赢市场的回报，而且是基于非常保守的假设。

If we look at the numbers, assuming we get it at 350, we have an earnings per share growth rate that I assume of 10.7%. So very low earnings per share growth rate, an appropriate EPS multiple of 25, which also I I believe is modest. For a company as good as S&P Global, you believe it would trade in a mid20s PE. With those assumptions, if we bought the stock at 350 with this target buy price, we'd earn almost a 16% compounded return over the next 5 years, which is a very strong market beating return on very conservative assumptions.

看原视频12:04