Costco 的低利润率批发模式难以被竞争对手复制，在衰退或消费者承压时应当能够保持稳健；说话者预计未来五年年化回报为 10% 至 11%，并认为当纳斯达克和标普 500 下跌 15%、20% 或 25% 时，它是值得庆幸持有的标的。
逐段跳播
最后，名单上的第八家——这份名单通常只列五家公司——是 Costco，其交易代码是 COST。这是一家大多数人20年前认为无法抵挡 Walmart 和 Sam's Club 的冲击、也无法应对 Amazon 作为竞争力量崛起的公司。
数字化送货上门，Costco 要怎么在这种环境下生存下来？
Finally, the eighth on the list, which is usually a list of five companies, is Costco, and its trading symbol is COST. This is a company that most people thought 20 years ago would not withstand the onslaught of Walmart and Sam's Club or the emergence of Amazon as a competitive force.
You know, digital home delivery, how is Costco going to survive that?
多亏了 Jim Sengal 的天才，他是个非常好的人，我有过一些机会见到 Jim 并直接向他学习。这是一家经得起时间考验的公司。
Well , thanks to the genius of Jim Sengal, who is a wonderful human being, I have had some opportunities to meet Jim and learn from him directly. This is a company that stands the test of time.
他们建立了一种模式，为全美国乃至全世界的消费者提供大规模解决方案的批发价格。他们没有对商品额外提价，而他们本可以这么做。如果他们以消费者察觉不到的方式悄悄提价，本可以多赚几十亿美元，但他们反而严格坚持批发价格，只留很小的利润率来覆盖运营成本，而这家公司在市场上提供的解决方案很难被竞争对手复制。
They have built a model that offers wholesale pricing for large- scale solutions to consumers throughout the United States and the world. They are not resorting to additional price increases for goods, which is something they could have done.
They could have made billions more dollars if they had subtly increased prices in a way that consumers wouldn't notice, but instead they strictly adhere to wholesale prices with a small profit margin to cover operating costs, and this company offers solutions in the market that are difficult to compete with.
在经济衰退期间，如果我们因为人工智能而遭遇就业冲击，或者美国及全世界的消费者面临任何挑战，Costco 都是一个很好的解决方案，它以折扣价格为你提供日常生活必需品，同时在 Costco 购物还有寻宝般的乐趣。
During recessions, if we experience employment disruptions due to artificial intelligence, or any challenges faced by consumers in the United States and the world, Costco is present as a great solution that gives you discounted prices on the essential products for your daily life with the fun of treasure hunting when shopping at Costco.
我认为 Costco 是一家能在未来五年实现10%到11%年回报率的公司，如果这听起来不够令人兴奋，10%到11%，拜托，这就是我昨天拿到的。你在说什么？我拿不到10%到11%。
你就等着看市场波动吧，看着 Nasdaq 和 S&P 500 下跌15%、20%或25%。那些时刻，你会庆幸自己买了一些 Costco 的股票，也许还有这份名单上的其他七家公司。
I think Costco is a company that can achieve annual returns of 10 to 11% over the next five years, and if that doesn't sound exciting, 10 to 11%, come on, that's what I got yesterday.
What are you talking about ? I don't get 10 to 11%. Just wait until we see the market volatility and watch the Nasdaq and S&P 500 drop by 15%, 20%, or 25%. Those are the moments when you will feel grateful that you bought some Costco stock, perhaps alongside the other seven companies on this list.
这个频道对 $COST 的历次判断
The Motley Fool 在这只股票上共 3 条判断，这里只列相邻的几条。