MSFT基本面强劲且股息持续增长，但因PEG比率更高，评级位列NVDA之后，排名第二。
逐段跳播
不过，我想说，如果有任何股票能够挑战 Nvidia，那很可能就是第三笔买入中的下一只股票，软件和云巨头 Microsoft（代码：MSFT），BlackRock 在上个季度又向其中投入了超过 52 亿美元，使其成为其有史以来最大的投资之一，这是我个人乐于看到的，因为如你所知，Microsoft 和 Nvidia 一样，也是我最大的投资之一。
However, I would say that if there is any stock that can challenge Nvidia, it may very well be this next stock in the third purchase, the software and cloud giant, Microsoft (ticker: MSFT), into which BlackRock poured more than an additional $5.2 billion last quarter, making it one of its largest investments ever, which is something I am personally pleased to see, because, as you know, Microsoft, along with Nvidia, is also one of my largest investments.
现在，就像 Nvidia 一样，如果你从传统股息筛选的角度来看 Microsoft，你可能会忽略它，因为高股价使按当前价格计算的股息率略低于 1%，这有点令人失望。
Now, just like Nvidia, if you look at Microsoft from the perspective of traditional dividend filters, you might ignore it, as the high share price has kept the dividend yield at current prices slightly below 1%, which is a bit disappointing.
如果你从传统股息筛选标准的角度来看微软，你可能会忽略它，因为高股价使当前价格下的股息收益率略低于1%，这有点令人失望。
if you look at Microsoft from the perspective of traditional dividend filters, you might ignore it, as the high share price has kept the dividend yield at current prices slightly below 1 %, which is a bit disappointing .
然而，大多数投资者没有意识到关于 Microsoft 的一件事是，按现金股息的绝对金额计算，它悄然是全球最大的现金股息支付者之一。事实上，当你看看总回报时，Microsoft 每年支付数百亿美元的股息。
这一金额超过整个标普 500 指数中几乎其他所有公司支付的金额。我认为它实际上可能是有史以来最大的。
However, one thing most investors don't realize about Microsoft is that it is quietly one of the world's largest payers of cash dividends in terms of raw cash value. In fact, when you look at the total cash back, Microsoft pays out tens of billions of dollars in dividends each year.
This amount exceeds what almost every other company in the entire S&P 500 index pays. I think it might actually be the biggest ever.
事实上，看总回报，微软每年支付数百亿美元的股息。这一金额超过整个标普500指数中几乎其他所有公司的支付额。我认为它实际上可能是有史以来最大的。
In fact, when you look at the total cash back, Microsoft pays out tens of billions of dollars in dividends each year. This amount exceeds what almost every other company in the entire S&P 500 index pays. I think it might actually be the biggest ever .
原因在于，Microsoft 的增长状况属于最顶尖之列。因为它们从 Windows、Office、Azure 以及它们现在拥有并正在推出的所有新 AI 产品中产生大量现金。它们产生的现金如此之多，以至于只需要用大约五分之一的利润来覆盖那些巨额支付。
剩下的堆积如山的资本可以直接投入到 AI 数据中心，甚至还可以回购数十亿美元的自有股票。
Well, the reason for that is that Microsoft's growth profile is among the most elite. Because they generate a lot of cash from Windows, Office, Azure, and all the new AI offerings they now have and are rolling out.
They generate so much of it that they only need to use about one-fifth of their profits to cover those huge payments. With mountains of capital left to be pumped directly into AI data centers, and even to buy back billions of their own shares as well.
但正因为这一切，它们能够以两位数的速度提高派息，同时连续二十多年保持这样做。现在，我只回顾十年，不是二十年，只是十年，当时该股股价约为每股 55 美元。那么，如果你看看今天的股息，大约是 3.92 美元。是的，你最终会得到超过 7% 的股息率。
But thanks to all of that, they were able to increase their payouts at a double-digit rate while doing so consistently for more than two consecutive decades. Now, I'm just going to look back a decade, not two decades, just one decade, when the stock was trading at around $55 a share.
Well, if you look at today's dividends, they're about $3.92. Yes, you will end up with a dividend yield of over 7%.
所以，十年前买入微软股票的人，这并不是什么奇怪的想法，微软当时已经是一只非常值得投资的强势股票。任何在当时买入的人，我当然也会买入。从那以后我一直在买，而且已经买了很长时间。
So, the person who bought Microsoft shares 10 years ago, which is not a strange thing to think about, Microsoft was already a very strong stock to invest in. Anyone who bought it at that time, and I certainly would have bought it too.
I've been buying them ever since, and I've been buying them for a long time.
不过，任何在十年前就有成本基础的人，在这些投资上获得的股息收益率至少为7%。所以，再一次说明，投资股息增长的力量确实令人惊叹。
However, anyone who has a cost basis from 10 years ago is getting a dividend yield of at least 7% on those investments. So, once again, the power of investing in dividend growth is truly amazing.
现在，如果我们看看这家公司，这些分配来自微软。同样，它未来会增长得大得多。只要看看各项指标，这一点就非常清楚。原因是，这是一家每年产生数千亿美元销售额和利润的公司。
Now, if we look at the company here, these distributions are from Microsoft. Again, it will grow to become much bigger in the future. This is very clear just by looking at the metrics.
The reason is that this is a company that generates hundreds of billions of dollars in sales and profits every
说实话，如果不是因为与Nvidia相比评级差距巨大，我会把微软放在我们名单的首位。不久前，微软股价还在低得多的价位交易，我当时对着你们大喊：“伙计们，我在大量买入这只股票。”“他的评级很棒。”
我收到了一些不支持我的评论。有些人肯定站在我这边，但另一些人说：“不，微软会继续下跌。”诸如此类的话。好吧，微软确实已经回升了。
Honestly, I would have put Microsoft at the top of our list if it weren't for the huge difference in rating compared to Nvidia. Not long ago , Microsoft stock was trading at a much lower price , and I was shouting in your faces, "Guys, I'm buying a lot of this stock."
" He has a great rating ." I was receiving comments that were not supportive of me. Some people were definitely with me , but others were saying, "No, Microsoft will continue to decline."
All this talk. Well, Microsoft has definitely recovered.
正因为如此，现在，是的，评级不像以前那么有吸引力了，但你知道，Nvidia要便宜得多。如果按GAAP口径来看，微软仍然非常好，按市盈率计算甚至略便宜一些，但具体看市盈率相对盈利增长比率（PEG）时，按这一指标，Nvidia要便宜得多。
Because of that now, yes, the rating isn't as attractive as it used to be, but you know, Nvidia is much cheaper. Microsoft is still very good if you look at it on a GAAP basis, and even slightly cheaper in terms of price-to-earnings ratio, but when looking specifically at the price-to- earnings-to- growth (PEG) ratio, Nvidia is much cheaper according to this metric.
由于这个视频更偏向成长型，我认为Nvidia在这方面比微软略占优势。因此，我们将把Nvidia提升到首位。因此，我们将把微软直接放在它下面，排在第二位。
Since this video is more growth-oriented, I think Nvidia has a slight edge over Microsoft in this aspect. Therefore, we will elevate Nvidia to the top spot . Therefore, we will place Microsoft directly below it in second place.
现在，我非常喜欢Lily，会优先选择它而不是KLA，但我不能把它排在像Nvidia、微软或Broadcom这样的公司同一水平上，我对这些公司更信任一些，它们也在我的投资组合中。
Now, I like Lily a lot and would give it preference over KLA, but I can't rank it on the same level as companies like Nvidia, Microsoft, or Broadcom, which I trust a little more and which are in my portfolio.
这个频道对 $MSFT 的历次判断
Ale's World of Stocks 在这只股票上共 3 条判断，这里只列相邻的几条。