$V · Parkev Tatevosian, CFA · 2026-11-10
Visa是一只可以永久买入并持有的股票：其用数十年建立、覆盖超过40亿张卡的双向网络迫使商户接受，即便费率只有Visa的一半，转向竞争对手也不划算，因此其主导份额难以被打破。说话者给出的公允价值为471美元，而市价为423美元。
逐段跳播
我接下来要重点介绍的、你现在可以买入并永久持有的股票是Visa。Visa花了数十年时间构建其网络，如今这已成为其最强大的竞争优势之一。
The next stock I'm going to highlight as one you can buy now and hold forever is Visa. Visa spent decades building its network, which has now become one of its strongest competitive advantages.
流通中的Visa卡超过40亿张，由于拥有Visa卡的人如此之多，商家几乎总是不得不接受Visa作为支付方式。因此，这种双向网络代表了Visa的巨大竞争优势。
There are over 4 billion Visa cards in circulation, and because so many people own a Visa card, merchants almost always have to accept Visa as a means of payment. Thus, this two-way network represents a huge competitive advantage for Visa.
想象一下，任何创新者要构建一个像Visa所建成的网络，需要付出多大的努力。
Imagine the effort any innovator would have to put into building a network like the one Visa has achieved.
商家为什么会想要换到新的支付服务商呢？Visa就其帮助促成交易和加快销售流程的服务，收取少量交易费，外加交易总额的一小部分百分比费用。
Why would a merchant want to switch to a new payment provider? Visa charges a small transaction fee in addition to a small percentage of the total transaction value for its services that help facilitate transactions and speed up the sale process.
作为商家，你知道我在我的网站parkeftatevosian.com上卖我的书。我接受Visa作为支付方式。我相信她每笔交易收我39美分，外加3%的费用。
As a merchant, you know that I sell my book on my website parkeftatevosian.com. I accept Visa as a means of payment. She charges me, I believe, 39 cents per transaction plus a 3% fee.
现在，在我所有运营成本的总和中，我支付给Visa的金额只占很小一部分。所以，如果另一家服务商来找我说：“你应该停止接受Visa，改用我们的支付方式，而且相比Visa收取的费用，我们会降低向你收取的价格。”
对我来说，即使他们承诺只收Visa一半的费用，也不值得为此花费时间和行政成本去切换。
Now, in the overall total of all my operating costs, the amount I pay to Visa represents a very small part. So, if another provider came to me and said, "You should stop accepting Visa and accept our payment method instead, and we will lower the price we charge you compared to what Visa charges."
For me, it wouldn't be worth the time and administrative costs of making this switch, even if they promised me half the cost of a Visa.
这就是Visa优势的竞争程度，而这只是一个例子，说明任何人要闯入其主导市场份额有多么困难。我计算出Visa股票的合理价值为471美元。当前市场价格为423美元。
This is the extent, and this is just one example of how competitive Visa's advantage is, and how difficult it is for anyone to come along and break into its dominant market share.
I calculated the fair value of Visa stock at $471. The current market price is $423.
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。