$MA · The Intrinsic Value Podcast · 2026-11-06
Mastercard 是一座大规模消费收费桥，占该基金 20%；全球消费很可能持续增长，利好 Mastercard 和 Visa。其根深蒂固的地位极难被取代，使其成为一家伟大的公司；该持仓在大金融危机前后以低得多的价格买入，此后几乎或完全没有卖出。
逐段跳播
第一个例子是 Mastercard。你可以把它看作一种大规模上的瓶颈。它目前占该基金的20%。在座各位都知道 Mastercard 是什么。它本质上是一家你可以看作某种消费收费桥的公司，而全球消费很可能继续增长，我觉得 Mastercard 和 Visa 是这一趋势的受益者。
它是一家很棒的公司，因为它们有能力延续下去，它们无处可去，我觉得它们很难消失。我相信他是在金融危机前后某个时候买入 Mastercard 股份的，正如我提到的。所以我认为当时的价格要便宜得多。
我不记得确切的财务倍数，但他买入时价格要便宜得多。回到关于卖出的那一点，据我所知，在他持有该股份的整个期间，他并没有卖出多少，或者根本没有卖出。
The first example was Mastercard. You can think of it as a kind of bottleneck on a large scale. It currently constitutes 20% of the fund. Everyone here will know what Mastercard is.
It is essentially a company that you can think of as a kind of spending toll bridge, and spending is likely to continue to rise globally, and I feel that Mastercard and Visa are the beneficiaries of that.
It's a great company because they have the ability to continue, they can't go anywhere, and I feel it's very difficult for them to disappear. I believe he bought his stake in Mastercard sometime around the time of the Great Financial Crisis, as I mentioned.
So I think it was much cheaper. I don't remember the exact financial multiplier, but it was much cheaper when he bought it. Returning to that point about selling, as far as I know, he didn't sell much or anything of that stake during the entire period he held it.