$KO · Parkev Tatevosian, CFA · 2026-11-10
可口可乐是一只可以永久买入并持有的股票：其用数十年建立的全球分销与营销网络以及强大的品牌忠诚度，除百事之外，任何其他饮料公司都极难复制；独家的餐厅合作（麦当劳、迪士尼，以及最近从百事手中拿下的肯德基）反映出对其可靠交付的信任。估值也不差：公允价值100美元，而股价接近其96美元的52周高点，仍比他估计的低几个百分点。
逐段跳播
我接下来要重点介绍的、你现在可以买入并永久持有的股票是Coca-Cola。这家公司已经经营了一个多世纪，拥有很强的品牌忠诚度。
The next stock I'm going to highlight as one you can buy now and hold forever is Coca-Cola. This company has been around for over a century and has a strong brand loyalty.
这家饮料公司建立起了分销、营销、销售等网络，这花了几十年时间，并延伸到许多国家。任何其他饮料公司想要打入可口可乐的业务都极其困难，很少有人会尝试去建立可口可乐已经建成的分销网络——它覆盖了世界各地众多不同的零售商，更不用说可口可乐还与众多不同的餐厅和场所建立了关系。
This beverage company developed its distribution, marketing, sales and other network, which took decades and extended across many countries. The difficulty for any other beverage company to break into Coca-Cola's business is so great that very few would attempt to develop the distribution network that Coca-Cola has developed with all the different retailers around the world, not to mention all the different restaurants and venues with which Coca-Cola has established relationships.
你可以这样想：当你去一家餐厅时，最有可能被独家供应的饮料就是可口可乐。
You can think of it as when you go to a restaurant, Coca-Cola is most likely the drink that is served exclusively.
想想它与麦当劳、与迪士尼的关系，都是独家供应可口可乐。最近，这家公司从百事公司手中抢走了肯德基连锁，成为又一家与可口可乐合作的餐厅供应商。
Think about the relationship with McDonald's, and with Disney. It's exclusively Coca-Cola. Recently, the company snatched the Kentucky Fried Chicken chain from PepsiCo to become another restaurant supplier that deals with Coca-Cola.
这些餐厅供应商选择可口可乐，不仅仅是因为饮料的口味。口味是其中一部分原因，但归根结底是因为信任这家公司兑现承诺的能力。
The reason these restaurant suppliers choose Coca-Cola is not just because of the taste of the drink. That's part of it, but it comes down to trusting the company's ability to deliver on its promises.
如果可口可乐说我们会每7天向你交付一批新的饮料，那么那个商家、那家商店或那家餐厅就可以相信可口可乐会按时、按量交付。
If Coca-Cola says we will deliver a new beverage pack to you every 7 days, that merchant, that store, or that restaurant can trust that Coca-Cola will deliver on time and in the right quantity.
在经营一个组织时，这是一个非常可靠且有用的工具。这是一个你可以高度依赖的供应商。
This is a very reliable and useful tool when running an organization. This is a seller you can rely on heavily.
除百事之外，任何人要复制这一点都会非常困难。这就是为什么我要强调可口可乐是一家你今天就可以买入并永远持有的公司。
It would be very difficult for anyone other than Pepsi to replicate that. That's why I'm highlighting Coca-Cola as a company you can buy today and keep forever.
它的估值也不差。我计算出可口可乐的公允价值为100美元，而它今天的当前市场价格虽然接近96美元的52周高点，但仍比我估算的公允价值低几个百分点。
Its value isn't bad either. I calculated a fair value of $100 for Coca-Cola, and its current market price today, although close to its 52-week high of $96, is still a few percentage points below my fair value estimate.
这个频道对 $KO 的历次判断
Parkev Tatevosian, CFA 在这只股票上共 4 条判断，这里只列相邻的几条。