接下来，我们有Costco，持仓第九。我很长时间没有对这家公司做任何操作，也不打算做。Costco就放在这里。这只股票下跌了一点，但总体上它仍然以高估值交易。基本面方面，它表现很好。这里真的没有什么变化。
Next up, we have Costco, holding number nine. I haven't done anything with this company for a long period of time and I don't plan to. Costco is just going to hang out here. The stock is down a little bit, but overall it still trades at a high valuation.
Fundamentally, it's doing great. There's really no change here.
当我持有 Costco 的股份时，我喜欢人们喜欢 Costco 这一事实。他们喜欢在那里购物，对其持正面看法。Costco 善待顾客，顾客也非常享受 Costco 的服务。这是一种共生关系。
如果 Costco 为了多赚一点钱而糟糕地对待顾客，我不会喜欢那样做。那将是一个极其糟糕的决定。虽然短期内可能有利，但从长远来看并非如此。
When I'm an owner of Costco, I like the fact that people like Costco. They like shopping there. They view it favorably. Costco treats their customer well. The customer really enjoys Costco.
That's a symbiotic relationship. I wouldn't like it if Costco treated the customer poorly to try to churn out a little bit more money. That'd be a very poor decision by Costco.
It would serve them in the short term, but not in the long term.