ASND 是一只长期买入标的：其缓释药物平台带来显著的长期增长和潜在合作机会（包括与 Novo Nordisk 的合作），加上稳健的财务管理、6 亿美元现金、高利润率和高资本回报率，使其成为一家出色的公司。
逐段跳播
第一家公司是Ascendis Pharmaceuticals，其交易代码是ASND。似乎没有人听说过它。这家公司总部位于丹麦哥本哈根。所以，我想说的第一点是，在美国以外有一些投资是很好的。
第二点是，它是一家针对罕见激素紊乱的生物技术公司。
The first company is Ascendis Pharmaceuticals, and its trading symbol is ASND. It seems no one has heard of her. The company is headquartered in Copenhagen, Denmark. So, the first thing I would say is that it's great to have some investments outside of the United States .
The second thing is that it is a biotechnology company that targets rare hormone disorders.
你可能会想，“生物技术，我对投资那个板块感到不自在。”“这只是一张彩票。”“谁知道呢？”越来越清楚的是，我越是研究这些公司的领导层，看到他们通过FDA审批流程所取得的成就，并跟踪他们管理财务的情况，我就越意识到这有多难。
作为一家生物技术公司，你可能会在“沙漠”中度过很长一段时间（即一段停滞期）。所以，如果你有非常聪明的财务管理者，他们最终能把一分钱变成一块钱，这正是我们在长期投资中喜欢寻找的。
You might think, " Biotechnology, I don't feel comfortable investing in that sector." "This is just a lottery ticket." "Who knows?" It became clear that the more I studied the leadership of these companies, and saw what they had achieved through the FDA approval process , and followed how well they managed their finances, the more I realized how difficult it was .
As a biotechnology company, you can spend long periods in the "desert" (i.e., a period of stagnation). So, if you have very smart financial managers, they can eventually turn pennies into dollars, which is what we like to find in our long- term investments.
Ascendis在其财务管理和开发团队方面拥有专业知识，而且其业务核心有一项非常重要的资产，那就是其核心平台，该平台允许药物逐步释放。这意味着你可以减少他们在药物发现过程中开发的解决方案的给药频率，而且他们现在有潜力与Novo Nordisk等公司建立合作关系。
Ascendis Pharmaceuticals的创始人来自Novo Nordisk，所以谁知道呢，也许有机会通过与Ascendis合作，实现更少频率给药的缓释GLP。
Ascendis has expertise in its financial management and development team, and it has a very important asset at the heart of its business, which is its core platform that allows for the gradual release of drugs.
This means you can reduce the frequency of doses for the solutions they developed in their drug discovery process , and they now have the potential to form partnerships with companies like Novo Nordisk.
The founder of Ascends Pharmaceuticals came from Novo Nordisk, so who knows, there may be opportunities for less frequent doses of gradual-release GLP through partnerships with Ascends.
但这是一家资产负债表上有6亿美元现金、享有高利润率和 high 资本回报率的公司。多么了不起的公司。他们给市场带来了多么了不起的礼物；这个药物逐步释放平台代表着一个巨大的长期增长机会。
But this is a company that has $600 million in cash on its balance sheet , and enjoys high profit margins and high rates of return on capital. What a wonderful company. And what a wonderful number of gifts they have given to the market; this platform for the gradual release of drugs represents a great long-term growth opportunity.