$V · Parkev Tatevosian, CFA · 2026-11-02
Visa 是全球最好的公司之一，过去十年营业利润率平均约 65%，流通卡量超过 40 亿张，使商户几乎必须接受。说话者对其估值为 462 美元，而市价为 414 美元，认为其估值降幅小于其他企业，地位也更优；他将其作为最大持仓之一持有，并始终有兴趣加仓。
逐段跳播
我接下来要重点讲的股票是Visa，它是世界上最好的公司之一。在人工智能崛起之前，Visa是我追踪过的最赚钱的公司，过去十年的大部分时间里，其营业利润率徘徊在65%左右，平均约为65%。
The next stock I will highlight is Visa, which is one of the best companies in the world. Before the rise of artificial intelligence, Visa was the most profitable company I tracked, with operating margins hovering around and averaging around 65% for most of the past decade.
我计算出Visa每股的合理价值为462美元。当前市场价格是414美元。Visa的估值下降没有其他一些公司那么严重，但Visa是一只更独特的股票，处境也比其他一些企业更好。他们有超过40亿张卡在流通，如此庞大的消费者基础使得商家几乎必须接受他们的卡作为支付方式。
I have calculated the fair value of a Visa share at $462. The current market price is $414. The decline in valuation is not as severe for Visa as it is for some of these other companies, but Visa is a more distinctive stock and in a better position than some of these other businesses.
They have over 4 billion cards in circulation, and that huge consumer base makes it almost obligatory for merchants to accept their cards as a means of payment.
我的投资组合中持有Visa股票。它是我最大的持仓之一，我一直有兴趣加仓这只股票。多年来它为我表现非常好。
I own Visa shares in my portfolio. It is one of my largest positions and I am always interested in adding more to this stock. He has performed very well for me over many years.
这个频道对 $V 的历次判断
Parkev Tatevosian, CFA 在这只股票上共 6 条判断，这里只列相邻的几条。