Adobe 是一家高质量企业，因为其收入来自被锁定客户的可循环收入，且产品难以被替代。
逐段跳播
我非常喜欢拥有经常性收入的企业，这也是我们持有 Intuit 和 Adobe 这类公司的原因：客户在相当程度上被锁定在这些合同和安排之中，产品也很难被替代，所以他们最终每年都得向这两家公司付费。
I really like businesses with recurring revenue, which is why we own companies like Intuit and Adobe, where customers are pretty well locked into those contracts and arrangements, and the product is pretty hard to replace, so they just end up paying those two companies annually.
比如 Adobe，我们制作这档播客、运营 YouTube 频道以及做其他事情时，基本上相当频繁地使用他们整套产品。所以，当一家企业拥有如此高质量的商业模式，又在某种程度上落在我们的能力圈之内时，它就更加有吸引力，因为就像 Adobe 一样，我们对他们的产品以及他们能做什么、不能做什么已经相当熟悉了。
I mean, with Adobe, for example, we use their entire suite of products for the most part pretty regularly as part of producing this podcast and our YouTube channel and everything else we do.
So it's all the more attractive when a business has such a high quality business model, and it falls within our circle of competence in some ways, because, like with Adobe, we've become pretty well acquainted with their offerings and what they're able to do and what they're not able to do.
这个频道对 $ADBE 的历次判断
The Intrinsic Value Podcast 在这只股票上共 4 条判断，这里只列相邻的几条。