SPGI 是一个看多的复苏型标的；当前股价反映了市场对 AI 冲击和利率敏感性的过度恐慌，尽管面临行业逆风，估值仍属合理（远期市盈率约 25）。

Now, we move on to the third purchase. I've invested an additional $1,000 in this company. I'd like to buy more of its shares , but I notice I already have a substantial stake in it .

The S& P 500 World Index. I bought an additional $1,000 this morning, bringing my position to $114,000. So, I already own a substantial portion of it. I'm very bullish on the company.

This company, like others, is considered a recovery investment opportunity. It's currently priced as if there's a significant flaw in the stock. In fact, my earnings, which were much higher in this company, have dropped to just $7,000 .

So, we're barely making a profit, barely hovering on the edge of profit at this point. That's a $114,000 position, $7,000 profit, and it could disappear if the stock continues to decline.

Let's look at its performance. If we look at its performance since the beginning of the year, we find It's down 24%. This is one of the companies suffering from the collapse of the Software as a Service (SaaS) sector.

Anthropic released an add-on... they could have done some things with the finances, and everyone rushed to open accounts to sell S&P Global shares. Bloomberg reported that this could be a game-changer for the company, and that's what's happening in the market.

Expectations are immediately factored in, and then investors see how the fundamentals develop over the next couple of years. But I'm betting this is a bit overpriced, and I don't think it will be as bad for S&P Global as investors are predicting.

If you look at S&P Global's revenue by segment, and then look at its market intelligence business, it makes up a very large portion of the company's revenue. In fact, I'd say it currently accounts for about 30%.

If this segment were eliminated, their earnings wouldn't drop by 30% because the profit margin for this segment is lower than their ratings or even their benchmarks. These are very high-margin segments, and they are very strong segments that constitute the biggest competitive advantage.

If the market intelligence business were to cease operations, which isn't Also, the company will continue to trade at a forward price-to-earnings ratio of 25 , or thereabouts. So , this is part of the pressure on the S&P Global stock price , and the reason behind its sharp decline.

But there is another important factor, and that is interest rates. The prevailing idea is that the lower the interest rates, the more lending there is, the more activity there is, the more financial activity there is, and the more activity there is in the indices.

Higher interest rates mean less activity, and therefore companies like S&P Global and Moody's will be able to generate less profit from this activity.

While this is technically true, at least in the short term, I think it's short-sighted thinking . Higher interest rates don't mean people will stop borrowing. These companies have to borrow to roll over their debt.

There is a large stock of debt ready to roll over, and they will roll it over. Assets in managed exchange-traded funds (ETFs) have increased from $3 trillion to $6 trillion by 2023.

So, more and more money is being tied to the S&P Global Index. Therefore, despite the stock price being lower , I think that This is a good opportunity to recover at this stage.