然后是万事达卡，这是另一个今年跑赢大盘的新增持仓，上涨约18.14%。
And then Mastercard, another addition that's outperformed the market this year, up by about 18.14%.
现在这是一只非常不同的股票。但万事达卡你可能比较熟悉。如果我们看过去5年的市盈率倍数，平均估值大约在31.2左右。然而就在过去一年，市盈率倍数大幅下降。它从大约35、接近36的水平一路下降到2026年6月大约23.6倍的市盈率。
万事达卡。万事达卡昨天大幅飙升。嗯，我们看到Visa确实重新上涨了，但对我来说，这才是事情变得有趣的地方。所以我们这里有什么，如果我做得正确，我们可以看到这里有一条趋势线。好吗？
所以注意2025年4月的枢轴低点到这里的枢轴低点。而且你还有一个双顶。所以我寻找的是多重因素。现在，这正在切换到波段交易模式。现在波段交易，这实际上看起来像是一个在万事达卡上做回调的合理机会。
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.
我们先从万事达卡开始。今天万事达卡和维萨都涨得很好，非常不错。这里涨了3.2%，这里涨了3.3%。显然，特朗普有一份财务披露。这是很常见的事情。没有人做错什么。他的投资账户买入了数百万美元的这两只股票，但这显然是六月份的事了。
所以，终于有人说：“嘿，干得漂亮，老兄。”顺便说一句，希望你在500美元左右买入了，因为现在它们大约在600美元。
We'll start with uh MasterCard. Now, MasterCard and Visa both popped today, really, really nicely. Uh 3.2% here, 3.3% here. Uh apparently, um Trump uh there was a financial disclosure. It's a typical thing. Nobody's doing anything wrong. Um that his investment accounts bought millions of dollars of both of these stocks, but this is clear back in June. So, it was finally, "Hey, nice trade, dude." By the way, hope you got them around 500 cuz they're about 600 now.
万事达卡是我第二大持仓，占投资组合的13%。这是一个近20万美元的仓位，浮盈约5.2万美元。今年市场下跌时我大幅加仓了万事达卡。它一直是投资组合中表现较好的股票之一。如今看万事达卡，股价为每股595美元。
我为万事达卡设定的买入目标价是450美元。也就是说，万事达卡需要从当前价位（年初至今为596美元）一路下跌至今年的最低点以下。所以它需要经历一次像样的回调。当然，有些人可能会说，约瑟夫，这永远不会发生。
这是万事达卡，股票代码为 MA。所以，如果你以万事达卡为例，需要理解几件事，其中之一是查看预计增长率。你可以看到，未来 5 年它预计将以 15.65% 的速度增长。
It is Mastercard ticker symbol MA. So if you take a look at Mastercard for example, few things to understand is to look at the projected growth rate. You can see for the next 5 years it it is projected to grow at 15.65%.
而从更长期来看，它预计将以 17% 的速度增长。
And over the longer term it's projected to grow at 17%.
那么，让我们看看这里的内在价值。如果我进入内在价值，你可以看到这些都是我之前向你展示过的不同估值方法，Stock Oracle 会自动基于所有这些方法对股票进行估值，这些方法我之前提到过，即折现自由现金流法、折现现金流法、折现净收入法、平均市销率法、平均市盈率法、平均市净率法、市销率增长比率法，它们都在那里，全部为你预先计算好了。
So, let's take a look at intrinsic value over here. If I go to intrinsic value, you can see again these are all the different methods of valuation which I showed you earlier on and stock oracle automatically values the stock based on all these methods which I mentioned earlier on which is the discounted free cash flow method, the discounted cash flow method, discounted net income, uh mean price to sales, mean price to earnings, mean price to book, price to sales growth ratio, they are all there, all pre-calculated. method for you.
比尔·阿克曼增持了四只金融股。他重仓金融股，如Visa、万事达卡、ICE和标普全球。我在此视频中预测，他要么增持Meta，要么增持万事达卡。
Bill Ackman added four financial stocks. He went heavy into financials like Visa, Mastercard, ICE, and S&P Global. I predicted in this video right here that he would either be adding Meta or Mastercard to his portfolio.
但有趣的是，我们现在也看到，他确实已将万事达卡加入其投资组合。
But what's interesting now is we also see that he has indeed added Mastercard to his portfolio.
万事达卡仍下跌3%，ICE下跌16%，标普全球下跌26.16%。如果我们看它们年初至今的表现，其实并没有好多少。万事达卡基本持平，Visa上涨约4.2%，ICE下跌4%，标普全球下跌19%。
MasterCard is still down by 3%. ICE down by 16% and S&P Global down by 26.16% and if we look at them year-to-date, it's really not that much more impressive. MasterCard is essentially flat, Visa up about 4.2%, ICE down four, and S&P Global down by 19%.
