$MA · Joseph Carlson After Hours · 2026-11-04
MA 是他的最大持仓；该股上涨 3%，涨幅较小但仍跑赢所有主要指数。他认为 MA 是一家面向消费者的持久型企业，拥有数十亿客户，不同于需求在涌入后降温的周期性存储芯片制造商。
逐段跳播
Mastercard 大幅上涨。
We have Mastercard moving up big.
Mastercard 上涨了3%。涨幅比之前小，但仍跑赢所有主要指数，而且这是我的最大持仓。所以这确实在提振我的投资组合。
We have right here Mastercard up 3%. Smaller gain from Mastercard but still beating out all the major indices and it's my largest position. So this is really bumping up the portfolio.
当我评估 Mastercard 或 Amazon 这样的公司，并把它们与 SanDisk 或 Micron Technologies 对比时，确实，眼下 SanDisk 和 Micron Technologies 赚得盆满钵满。
所以看多这些公司的人会强调它们的需求、它们今天赚了多少钱、今天产生了多少现金流。但如果你拉出更长的图表，你会看到它们会经历需求的大幅涌入，然后冷却一段时间。我们不知道这种冷却何时会发生。
但我确定的是，这些拥有消费者、每推出一款产品就有数十亿客户的商业模式，具有非常持久的商业模式。它们是订阅制、广告制。当你使用 AWS 时，是按周期持续付费的。它年复一年地增长。
When I evaluate companies like Mastercard or Amazon and I put them against SanDisk or Micron Technologies, it's true that right now SanDisk and Micron Technologies are making astronomical amounts of money.
So any bulls on those companies will point to their demand to how much money they're making today, how much cash flow they're making today. But if you pull up a longer chart, you see that they go through huge influxes of demand and then it cools off for a period.
Now, we don't know when that cooling off will happen. But what I do know is that these business models that have the consumer that have billions of customers on every single product that they release, these ones have a very enduring business model.
They're subscriptionbased, advertising based. When you use AWS, it's on a recurring basis. It grows year after year after year.
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