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2021-05-27

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Opinion: These cool, high-quality stocks are just right for this overheated, overvalued market<blockquote>观点：这些酷炫、优质的股票非常适合这个过热、估值过高的市场</blockquote>

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{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":132268764,"tweetId":"132268764","gmtCreate":1622092334858,"gmtModify":1634183899424,"author":{"id":3564374605969802,"idStr":"3564374605969802","authorId":3564374605969802,"authorIdStr":"3564374605969802","name":"Teo69","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[],"fanSize":1,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"title":"","extraTitle":"","html":"<html><head></head><body>Pls like and comment&nbsp;</body></html>","htmlText":"<html><head></head><body>Pls like and comment&nbsp;</body></html>","text":"Pls like and comment","highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/132268764","repostId":1193634953,"repostType":4,"repost":{"id":"1193634953","kind":"news","pubTimestamp":1622087134,"share":"https://www.laohunote.com/m/news/1193634953?lang=zh_CN&edition=full","pubTime":"2021-05-27 11:45","market":"us","language":"en","title":"Opinion: These cool, high-quality stocks are just right for this overheated, overvalued market<blockquote>观点：这些酷炫、优质的股票非常适合这个过热、估值过高的市场</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1193634953","media":"MarketWatch","summary":"Well-managed companies boast strong cash flow, a stable shareholder base, and are under most investo","content":"Well-managed companies boast strong cash flow, a stable shareholder base, and are under most investors’ radar.Overheated markets make it increasingly difficult to identify attractively priced investments. But with hordes of buyers plunking capital onmeme stocks and cryptocurrencies,quality shareholders (aka buy-and-hold stock pickers) continue to see opportunities for the long term.<blockquote>管理良好的公司拥有强劲的现金流、稳定的股东基础，并受到大多数投资者的关注。市场过热使得寻找价格有吸引力的投资变得越来越困难。但随着大批买家涌入 Meme 股票和加密货币，优质股东（又名买入并持有股票选择者）继续看到长期机会。</blockquote>Take&nbsp;Boyar Value Group. Since 1975, it has provided insightful research on a range of businesses. The father and son team of Mark and Jonathan Boyar also eat their own cooking, being quality shareholders (QSs) themselves as operators of the Boyar Value FundBOYAX,+0.48%.<blockquote>以博雅价值集团为例。自1975年以来，它为一系列业务提供了有见地的研究。马克·博亚尔 (Mark Boyar) 和乔纳森·博亚尔 (Jonathan Boyar) 父子团队也自己做饭，作为博亚尔价值基金 BOYAX 的运营商，+0.48%。</blockquote>The Boyars have been prescient: shortly after the coronavirus pandemic hit and took down the U.S. stock market, they&nbsp;released a special report&nbsp;detailing 19 companies whose shares they recommended amid the selloff.&nbsp; One year later, a portfolio of those stocks was up 78%, besting the S&amp;P 500SPX,+0.19%by 27 percentage points.<blockquote>博亚尔家族很有先见之明：在冠状病毒疫情袭击并摧毁美国股市后不久，他们发布了一份特别报告，详细介绍了他们在抛售中推荐的19家公司的股票。一年后，这些股票的投资组合上涨了78%，比标准普尔500SPX指数+0.19%高出27个百分点。</blockquote>Boyar Value Group produces the&nbsp;“Forgotten Forty,” a year-end report on 40 stocks they view as overlooked. &nbsp;Barron’s highlighted seven&nbsp;of the picks earlier this year — a diverse mix that included Bank of AmericaBAC,+0.07%,Liberty Braves GroupBATRA,+1.26%,and SyscoSYY,-0.52%.This year’s Forgotten Forty&nbsp;has gained 17% since late December versus 12% for the S&amp;P 500.<blockquote>Boyar Value Group 制作了《被遗忘的四十只》，这是一份关于他们认为被忽视的 40 只股票的年终报告。《巴伦周刊》重点介绍了今年早些时候的七只股票--多样化的组合，包括美国银行BAC(+0.07%)、自由勇士集团BATRA(+1.26%)和SyscoSYY(-0.52%).今年的Forgotten Forty自12月下旬以来上涨了17%，而标普500的涨幅为12%。</blockquote>Boyar’s&nbsp;Forgotten Forty&nbsp;is an excellent filter for stock pickers as they narrow their hunt. One way to tailor picks is to cross-check these 40 companies with those of companies that score high for&nbsp;attracting QSs.<blockquote>Boyar's Forgotten Forty 是选股者缩小搜寻范围的绝佳过滤器。定制选择的一种方法是将这40家公司与那些在吸引QS方面得分高的公司进行交叉核对。</blockquote>Many investors mimic the portfolio of uber-QS Warren Buffett of Berkshire HathawayBRK.A,+0.12%BRK.B,+0.05%,for instance. Other QSs can be identified using such resources as Martijn Cremmers’&nbsp;active share rankings, proprietary data analytics of&nbsp;EQX, or research of my&nbsp;ownQuality Shareholders Initiative&nbsp;(QSI) — all useful tools to construct a&nbsp;high-performing portfolio.<blockquote>例如，许多投资者模仿伯克希尔哈撒韦公司的 uber-QS 沃伦·巴菲特 (Warren Buffett) 的投资组合BRK.A,+0.12%BRK.B,+0.05%。其他 QSs 还可以利用 Martijn Cremmers 的活跃股票排名、EQX 的专有数据分析或 my ownQuality Shareholders Initiative (QSI) 的研究等资源来识别，这些都是构建高绩效投资组合的有用工具。</blockquote>Combining the&nbsp;Forgotten Forty&nbsp;with such data, below are three stock ideas to consider as part of a larger portfolio. (Of course, this is not investing advice or a recommendation to buy — just a few suggestions to consider.)<blockquote>结合被遗忘的四十只股票和这样的数据，下面是三个可以考虑作为更大投资组合一部分的股票想法。（当然，这不是投资建议或购买建议——只是一些可以考虑的建议。）</blockquote>UniFirst Corporation<blockquote>UniFirst公司</blockquote>UniFirst Corp.UNF,+2.13%,founded by the Croatti family in a Boston barn in 1936, is a uniform rental company currently employing more than 14,000 in 260 facilities in North America and Europe and generating nearly $2 billion in annual revenue. It is number three in an oligopolistic industry — along with AramarkARMK,+0.27%and CintasCTAS,-0.37%,the trio commands 70% of the market — which enables rational industry pricing.<blockquote>UniFirst Corp.UNF，+2.13%，由Croatti家族于1936年在波士顿的一个谷仓创立，是一家制服租赁公司，目前在北美和欧洲的260个工厂拥有超过14,000名员工，年收入近20亿美元。它在寡头垄断行业中排名第三——与 AramarkARMK（+0.27%）和 CintasCTAS（-0.37%）一起，这三家公司控制着 70% 的市场份额——这使得合理的行业定价成为可能。</blockquote>UniFirst’s core laundry business runs on multiyear contracts, creating recurring revenue. Customer retention rates are high and employee tenures are long, and the company carries no debt.&nbsp; Along with a strong cash position, the U.S. economic reopening ahead bodes well, particularly with UniFirst’s large customer base in the energy sector. Boyar’s valuation: $263 per share, well-above recent levels.<blockquote>UniFirst 的核心洗衣业务采用多年期合同运营，产生经常性收入。客户保留率高，员工任期长，而且公司没有债务。加上雄厚的现金状况，美国经济未来的重新开放预示着好兆头，尤其是 UniFirst 在能源行业拥有庞大的客户群。Boyar 的估值：每股 263 美元，远高于近期水平。</blockquote>Members of the Croatti family are major shareholders, with 20% of the economic interest and 71% of the voting power, under a dual-class capital structure.&nbsp;Despite how some governance gurus roundly condemn dual class structures, QSI data indicates that&nbsp;QSs examine the practice&nbsp;on a case-by-case basis.<blockquote>在双重资本结构下，克罗地亚家族成员是主要股东，拥有20%的经济利益和71%的投票权。尽管一些治理大师强烈谴责双重阶级结构，但QSI的数据表明，QSs会根据具体情况审查这种做法。</blockquote>UniFirst is a magnet for QSs, increasingly so in recent years as the company has enhanced its capital allocation rationality through share buybacks and dividends. In terms of concentration levels and holding periods, the company’s shareholders treat it far better than they treat their other investees, EQX data indicates.&nbsp; A sampling of UniFirst’s QSs: Aurora Investment Counsel, Copeland Capital Management, Hunter Perkins Capital Management, London Company of Virginia and River Road Asset Management.<blockquote>UniFirst 对 QSs 来说是一块磁石，近年来随着该公司通过股票回购和股息增强资本配置的合理性，这种吸引力越来越大。EQX 的数据显示，就集中度和持有期而言，该公司股东对待该公司的态度远远好于对待其他被投资方。UniFirst 的 QS 样本包括： Aurora Investment Counsel、Copeland Capital Management、Hunter Perkins Capital Management、London Company of Virginia 和 River Road Asset Management。</blockquote>Comcast Corporation<blockquote>康卡斯特公司</blockquote>ComcastCMCSA,+2.06%,a cable industry pioneer founded by Ralph Roberts in 1963, is a global communications powerhouse with diverse investments in related sectors, especially in technology. The business, with annual revenues exceeding $100 billion, proved resilient during the pandemic, with durable strengths in both broadband and streaming, and an expected bounce from reopening of its theme parks.<blockquote>康卡斯特CMCSA，+2.06%，是拉尔夫·罗伯茨于1963年创立的有线电视行业先驱，是一家全球通信巨头，在相关领域，尤其是技术领域进行了多元化投资。该业务的年收入超过1000亿美元，在疫情期间被证明具有弹性，在宽带和流媒体方面具有持久的优势，预计主题公园重新开放将出现反弹。</blockquote>Communications businesses such as Comcast’s combine highly valuable intangible assets with little need for reinvestment in tangible assets—particularly appealing during inflationary periods. Boyar’s valuation: $76 per share, comfortably above market.<blockquote>康卡斯特等通信企业将高价值的无形资产与有形资产的再投资结合在一起，这在通货膨胀时期尤其具有吸引力。Boyar 的估值：每股 76 美元，远高于市场。</blockquote>Comcast is another magnet for QSs, and another dual class company, in which Brian Roberts holds 1% of the economic interest along with 34% of the voting power. Among QSs owning Comcast shares: Eagle Capital, First Pacific Advisors, Rothschild &amp; Co. and Southeastern Asset Management. Note also: Nelson Peltz’s Trian Fund accumulated a large stake, about 0.4%, in several transactions during 2020.<blockquote>康卡斯特是 QSs 的另一个磁石，也是另一家双层公司，布莱恩·罗伯茨 (Brian Roberts) 持有 1% 的经济权益和 34% 的投票权。拥有康卡斯特股票的 QSs 包括：Eagle Capital、First Pacific Advisors、Rothschild &amp; Co. 和 Southeastern Asset Management。另请注意：纳尔逊-佩尔茨（Nelson Peltz）的 Trian 基金在 2020 年的几笔交易中积累了约 0.4% 的大量股份。</blockquote>Bank of New York Mellon<blockquote>纽约梅隆银行</blockquote>Bank of New York MellonBK,+0.86%is the world’s largest custodian bank and asset servicing company, with $2 trillion in assets under management and close to $40 trillion in assets under custody. The company is a blend of two storied institutions: Bank of New York has roots back to Alexander Hamilton and Aaron Burr in 1784, while Mellon traces to the bank Andrew Mellon began in 1869.<blockquote>纽约梅隆银行（Bank of New York MellonBK）是全球最大的托管银行和资产服务公司，管理资产达 2 万亿美元，托管资产近 40 万亿美元。该公司是两个传奇机构的混合体：纽约银行的历史可以追溯到1784年的亚历山大·汉密尔顿和亚伦·伯尔，而梅隆银行的历史可以追溯到1869年的安德鲁·梅隆银行。</blockquote>Today, with annual revenues reaching $16 billion, the firm is distinguished for achieving outsized cost savings from a high-tech digitized platform. It is using artificial intelligence and machine learning to automate many functions, from financial calculations to client inquiries. BNY Mellon’s scale in the custodian business positions it well to win the trillion-dollar accounts of the world’s largest asset managers.<blockquote>如今，该公司的年收入达到 160 亿美元，以通过高科技数字化平台实现大幅成本节约而闻名。它正在使用人工智能和机器学习来自动化许多功能，从财务计算到客户查询。纽约梅隆银行在托管业务方面的规模使其有能力赢得全球最大资产管理公司的万亿美元账户。</blockquote>Boyar’s valuation for BNY Mellon is a conservative $50 per share, suggesting there’s still some upside. BNY Mellon enjoys one of the highest-quality shareholder bases in the US, according to EQX and QSI research. Prominent QSs include: Berkshire Hathaway, Davis Selected Advisers, Dodge &amp; Cox, Lountzis Asset Management and Tweedy Browne.<blockquote>Boyar 对 BNY Mellon 的估值保守为每股 50 美元，表明仍有一定的上涨空间。根据 EQX 和 QSI 研究，纽约梅隆银行拥有美国最高质量的股东基础之一。著名的QSs包括：伯克希尔哈撒韦公司、戴维斯精选顾问公司、道奇考克斯公司、Lountzis资产管理公司和Tweedy Browne公司。</blockquote>Three picks do not a portfolio make, of course. So consider these other interesting ideas from the Boyar&nbsp;Forgotten Forty&nbsp;that also boast high-quality shareholder followings: Walt DisneyDIS,+0.17%,IAC/InterActiveCorp.IAC,+3.19%and MerckMRK,-0.35%.<blockquote>当然，三个选择并不能构成一个投资组合。因此，考虑一下 Boyar Forgotten Forty 中的其他有趣想法，这些想法也拥有高质量的股东：Walt DisneyDIS,+0.17%，IAC/InterActiveCorp.IAC,+3.19% 和 MerckMRK,-0.35%。</blockquote>In a volatile market like now, all of these companies offer a substantial measure of stability.&nbsp; For veteran investors and newcomers alike, keep in mind that it is foolish to follow the herd, and wise to heed the thoughtful.<blockquote>在像现在这样动荡的市场中，所有这些公司都提供了相当程度的稳定性。对于资深投资者和新人来说，请记住，随大流是愚蠢的，听从有思想的人是明智的。</blockquote>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Opinion: These cool, high-quality stocks are just right for this overheated, overvalued market<blockquote>观点：这些酷炫、优质的股票非常适合这个过热、估值过高的市场</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nOpinion: These cool, high-quality stocks are just right for this overheated, overvalued market<blockquote>观点：这些酷炫、优质的股票非常适合这个过热、估值过高的市场</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nMarketWatch2021-05-27 11:45\n\n</h4>\n</header>\n<article>\nWell-managed companies boast strong cash flow, a stable shareholder base, and are under most investors’ radar.Overheated markets make it increasingly difficult to identify attractively priced investments. But with hordes of buyers plunking capital onmeme stocks and cryptocurrencies,quality shareholders (aka buy-and-hold stock pickers) continue to see opportunities for the long term.<blockquote>管理良好的公司拥有强劲的现金流、稳定的股东基础，并受到大多数投资者的关注。市场过热使得寻找价格有吸引力的投资变得越来越困难。但随着大批买家涌入 Meme 股票和加密货币，优质股东（又名买入并持有股票选择者）继续看到长期机会。</blockquote>Take&nbsp;Boyar Value Group. Since 1975, it has provided insightful research on a range of businesses. The father and son team of Mark and Jonathan Boyar also eat their own cooking, being quality shareholders (QSs) themselves as operators of the Boyar Value FundBOYAX,+0.48%.<blockquote>以博雅价值集团为例。自1975年以来，它为一系列业务提供了有见地的研究。马克·博亚尔 (Mark Boyar) 和乔纳森·博亚尔 (Jonathan Boyar) 父子团队也自己做饭，作为博亚尔价值基金 BOYAX 的运营商，+0.48%。</blockquote>The Boyars have been prescient: shortly after the coronavirus pandemic hit and took down the U.S. stock market, they&nbsp;released a special report&nbsp;detailing 19 companies whose shares they recommended amid the selloff.&nbsp; One year later, a portfolio of those stocks was up 78%, besting the S&amp;P 500SPX,+0.19%by 27 percentage points.<blockquote>博亚尔家族很有先见之明：在冠状病毒疫情袭击并摧毁美国股市后不久，他们发布了一份特别报告，详细介绍了他们在抛售中推荐的19家公司的股票。一年后，这些股票的投资组合上涨了78%，比标准普尔500SPX指数+0.19%高出27个百分点。</blockquote>Boyar Value Group produces the&nbsp;“Forgotten Forty,” a year-end report on 40 stocks they view as overlooked. &nbsp;Barron’s highlighted seven&nbsp;of the picks earlier this year — a diverse mix that included Bank of AmericaBAC,+0.07%,Liberty Braves GroupBATRA,+1.26%,and SyscoSYY,-0.52%.This year’s Forgotten Forty&nbsp;has gained 17% since late December versus 12% for the S&amp;P 500.<blockquote>Boyar Value Group 制作了《被遗忘的四十只》，这是一份关于他们认为被忽视的 40 只股票的年终报告。《巴伦周刊》重点介绍了今年早些时候的七只股票--多样化的组合，包括美国银行BAC(+0.07%)、自由勇士集团BATRA(+1.26%)和SyscoSYY(-0.52%).今年的Forgotten Forty自12月下旬以来上涨了17%，而标普500的涨幅为12%。</blockquote>Boyar’s&nbsp;Forgotten Forty&nbsp;is an excellent filter for stock pickers as they narrow their hunt. One way to tailor picks is to cross-check these 40 companies with those of companies that score high for&nbsp;attracting QSs.<blockquote>Boyar's Forgotten Forty 是选股者缩小搜寻范围的绝佳过滤器。定制选择的一种方法是将这40家公司与那些在吸引QS方面得分高的公司进行交叉核对。</blockquote>Many investors mimic the portfolio of uber-QS Warren Buffett of Berkshire HathawayBRK.A,+0.12%BRK.B,+0.05%,for instance. Other QSs can be identified using such resources as Martijn Cremmers’&nbsp;active share rankings, proprietary data analytics of&nbsp;EQX, or research of my&nbsp;ownQuality Shareholders Initiative&nbsp;(QSI) — all useful tools to construct a&nbsp;high-performing portfolio.<blockquote>例如，许多投资者模仿伯克希尔哈撒韦公司的 uber-QS 沃伦·巴菲特 (Warren Buffett) 的投资组合BRK.A,+0.12%BRK.B,+0.05%。其他 QSs 还可以利用 Martijn Cremmers 的活跃股票排名、EQX 的专有数据分析或 my ownQuality Shareholders Initiative (QSI) 的研究等资源来识别，这些都是构建高绩效投资组合的有用工具。</blockquote>Combining the&nbsp;Forgotten Forty&nbsp;with such data, below are three stock ideas to consider as part of a larger portfolio. (Of course, this is not investing advice or a recommendation to buy — just a few suggestions to consider.)<blockquote>结合被遗忘的四十只股票和这样的数据，下面是三个可以考虑作为更大投资组合一部分的股票想法。（当然，这不是投资建议或购买建议——只是一些可以考虑的建议。）</blockquote>UniFirst Corporation<blockquote>UniFirst公司</blockquote>UniFirst Corp.UNF,+2.13%,founded by the Croatti family in a Boston barn in 1936, is a uniform rental company currently employing more than 14,000 in 260 facilities in North America and Europe and generating nearly $2 billion in annual revenue. It is number three in an oligopolistic industry — along with AramarkARMK,+0.27%and CintasCTAS,-0.37%,the trio commands 70% of the market — which enables rational industry pricing.<blockquote>UniFirst Corp.UNF，+2.13%，由Croatti家族于1936年在波士顿的一个谷仓创立，是一家制服租赁公司，目前在北美和欧洲的260个工厂拥有超过14,000名员工，年收入近20亿美元。它在寡头垄断行业中排名第三——与 AramarkARMK（+0.27%）和 CintasCTAS（-0.37%）一起，这三家公司控制着 70% 的市场份额——这使得合理的行业定价成为可能。</blockquote>UniFirst’s core laundry business runs on multiyear contracts, creating recurring revenue. Customer retention rates are high and employee tenures are long, and the company carries no debt.&nbsp; Along with a strong cash position, the U.S. economic reopening ahead bodes well, particularly with UniFirst’s large customer base in the energy sector. Boyar’s valuation: $263 per share, well-above recent levels.<blockquote>UniFirst 的核心洗衣业务采用多年期合同运营，产生经常性收入。客户保留率高，员工任期长，而且公司没有债务。加上雄厚的现金状况，美国经济未来的重新开放预示着好兆头，尤其是 UniFirst 在能源行业拥有庞大的客户群。Boyar 的估值：每股 263 美元，远高于近期水平。</blockquote>Members of the Croatti family are major shareholders, with 20% of the economic interest and 71% of the voting power, under a dual-class capital structure.&nbsp;Despite how some governance gurus roundly condemn dual class structures, QSI data indicates that&nbsp;QSs examine the practice&nbsp;on a case-by-case basis.<blockquote>在双重资本结构下，克罗地亚家族成员是主要股东，拥有20%的经济利益和71%的投票权。尽管一些治理大师强烈谴责双重阶级结构，但QSI的数据表明，QSs会根据具体情况审查这种做法。</blockquote>UniFirst is a magnet for QSs, increasingly so in recent years as the company has enhanced its capital allocation rationality through share buybacks and dividends. In terms of concentration levels and holding periods, the company’s shareholders treat it far better than they treat their other investees, EQX data indicates.&nbsp; A sampling of UniFirst’s QSs: Aurora Investment Counsel, Copeland Capital Management, Hunter Perkins Capital Management, London Company of Virginia and River Road Asset Management.<blockquote>UniFirst 对 QSs 来说是一块磁石，近年来随着该公司通过股票回购和股息增强资本配置的合理性，这种吸引力越来越大。EQX 的数据显示，就集中度和持有期而言，该公司股东对待该公司的态度远远好于对待其他被投资方。UniFirst 的 QS 样本包括： Aurora Investment Counsel、Copeland Capital Management、Hunter Perkins Capital Management、London Company of Virginia 和 River Road Asset Management。</blockquote>Comcast Corporation<blockquote>康卡斯特公司</blockquote>ComcastCMCSA,+2.06%,a cable industry pioneer founded by Ralph Roberts in 1963, is a global communications powerhouse with diverse investments in related sectors, especially in technology. The business, with annual revenues exceeding $100 billion, proved resilient during the pandemic, with durable strengths in both broadband and streaming, and an expected bounce from reopening of its theme parks.<blockquote>康卡斯特CMCSA，+2.06%，是拉尔夫·罗伯茨于1963年创立的有线电视行业先驱，是一家全球通信巨头，在相关领域，尤其是技术领域进行了多元化投资。该业务的年收入超过1000亿美元，在疫情期间被证明具有弹性，在宽带和流媒体方面具有持久的优势，预计主题公园重新开放将出现反弹。</blockquote>Communications businesses such as Comcast’s combine highly valuable intangible assets with little need for reinvestment in tangible assets—particularly appealing during inflationary periods. Boyar’s valuation: $76 per share, comfortably above market.<blockquote>康卡斯特等通信企业将高价值的无形资产与有形资产的再投资结合在一起，这在通货膨胀时期尤其具有吸引力。Boyar 的估值：每股 76 美元，远高于市场。</blockquote>Comcast is another magnet for QSs, and another dual class company, in which Brian Roberts holds 1% of the economic interest along with 34% of the voting power. Among QSs owning Comcast shares: Eagle Capital, First Pacific Advisors, Rothschild &amp; Co. and Southeastern Asset Management. Note also: Nelson Peltz’s Trian Fund accumulated a large stake, about 0.4%, in several transactions during 2020.<blockquote>康卡斯特是 QSs 的另一个磁石，也是另一家双层公司，布莱恩·罗伯茨 (Brian Roberts) 持有 1% 的经济权益和 34% 的投票权。拥有康卡斯特股票的 QSs 包括：Eagle Capital、First Pacific Advisors、Rothschild &amp; Co. 和 Southeastern Asset Management。另请注意：纳尔逊-佩尔茨（Nelson Peltz）的 Trian 基金在 2020 年的几笔交易中积累了约 0.4% 的大量股份。</blockquote>Bank of New York Mellon<blockquote>纽约梅隆银行</blockquote>Bank of New York MellonBK,+0.86%is the world’s largest custodian bank and asset servicing company, with $2 trillion in assets under management and close to $40 trillion in assets under custody. The company is a blend of two storied institutions: Bank of New York has roots back to Alexander Hamilton and Aaron Burr in 1784, while Mellon traces to the bank Andrew Mellon began in 1869.<blockquote>纽约梅隆银行（Bank of New York MellonBK）是全球最大的托管银行和资产服务公司，管理资产达 2 万亿美元，托管资产近 40 万亿美元。该公司是两个传奇机构的混合体：纽约银行的历史可以追溯到1784年的亚历山大·汉密尔顿和亚伦·伯尔，而梅隆银行的历史可以追溯到1869年的安德鲁·梅隆银行。</blockquote>Today, with annual revenues reaching $16 billion, the firm is distinguished for achieving outsized cost savings from a high-tech digitized platform. It is using artificial intelligence and machine learning to automate many functions, from financial calculations to client inquiries. BNY Mellon’s scale in the custodian business positions it well to win the trillion-dollar accounts of the world’s largest asset managers.<blockquote>如今，该公司的年收入达到 160 亿美元，以通过高科技数字化平台实现大幅成本节约而闻名。它正在使用人工智能和机器学习来自动化许多功能，从财务计算到客户查询。纽约梅隆银行在托管业务方面的规模使其有能力赢得全球最大资产管理公司的万亿美元账户。</blockquote>Boyar’s valuation for BNY Mellon is a conservative $50 per share, suggesting there’s still some upside. BNY Mellon enjoys one of the highest-quality shareholder bases in the US, according to EQX and QSI research. Prominent QSs include: Berkshire Hathaway, Davis Selected Advisers, Dodge &amp; Cox, Lountzis Asset Management and Tweedy Browne.<blockquote>Boyar 对 BNY Mellon 的估值保守为每股 50 美元，表明仍有一定的上涨空间。根据 EQX 和 QSI 研究，纽约梅隆银行拥有美国最高质量的股东基础之一。著名的QSs包括：伯克希尔哈撒韦公司、戴维斯精选顾问公司、道奇考克斯公司、Lountzis资产管理公司和Tweedy Browne公司。</blockquote>Three picks do not a portfolio make, of course. So consider these other interesting ideas from the Boyar&nbsp;Forgotten Forty&nbsp;that also boast high-quality shareholder followings: Walt DisneyDIS,+0.17%,IAC/InterActiveCorp.IAC,+3.19%and MerckMRK,-0.35%.<blockquote>当然，三个选择并不能构成一个投资组合。因此，考虑一下 Boyar Forgotten Forty 中的其他有趣想法，这些想法也拥有高质量的股东：Walt DisneyDIS,+0.17%，IAC/InterActiveCorp.IAC,+3.19% 和 MerckMRK,-0.35%。</blockquote>In a volatile market like now, all of these companies offer a substantial measure of stability.&nbsp; For veteran investors and newcomers alike, keep in mind that it is foolish to follow the herd, and wise to heed the thoughtful.<blockquote>在像现在这样动荡的市场中，所有这些公司都提供了相当程度的稳定性。对于资深投资者和新人来说，请记住，随大流是愚蠢的，听从有思想的人是明智的。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.marketwatch.com/story/these-cool-high-quality-stocks-are-just-right-for-this-overheated-overvalued-market-11621994657\">MarketWatch</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯","SPY":"标普500ETF",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"https://www.marketwatch.com/story/these-cool-high-quality-stocks-are-just-right-for-this-overheated-overvalued-market-11621994657","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1193634953","content_text":"Well-managed companies boast strong cash flow, a stable shareholder base, and are under most investors’ radar.Overheated markets make it increasingly difficult to identify attractively priced investments. But with hordes of buyers plunking capital onmeme stocks and cryptocurrencies,quality shareholders (aka buy-and-hold stock pickers) continue to see opportunities for the long term.Take Boyar Value Group. Since 1975, it has provided insightful research on a range of businesses. The father and son team of Mark and Jonathan Boyar also eat their own cooking, being quality shareholders (QSs) themselves as operators of the Boyar Value FundBOYAX,+0.48%.The Boyars have been prescient: shortly after the coronavirus pandemic hit and took down the U.S. stock market, they released a special report detailing 19 companies whose shares they recommended amid the selloff.  One year later, a portfolio of those stocks was up 78%, besting the S&P 500SPX,+0.19%by 27 percentage points.Boyar Value Group produces the “Forgotten Forty,” a year-end report on 40 stocks they view as overlooked.  Barron’s highlighted seven of the picks earlier this year — a diverse mix that included Bank of AmericaBAC,+0.07%,Liberty Braves GroupBATRA,+1.26%,and SyscoSYY,-0.52%.This year’s Forgotten Forty has gained 17% since late December versus 12% for the S&P 500.Boyar’s Forgotten Forty is an excellent filter for stock pickers as they narrow their hunt. One way to tailor picks is to cross-check these 40 companies with those of companies that score high for attracting QSs.Many investors mimic the portfolio of uber-QS Warren Buffett of Berkshire HathawayBRK.A,+0.12%BRK.B,+0.05%,for instance. Other QSs can be identified using such resources as Martijn Cremmers’ active share rankings, proprietary data analytics of EQX, or research of my ownQuality Shareholders Initiative (QSI) — all useful tools to construct a high-performing portfolio.Combining the Forgotten Forty with such data, below are three stock ideas to consider as part of a larger portfolio. (Of course, this is not investing advice or a recommendation to buy — just a few suggestions to consider.)UniFirst CorporationUniFirst Corp.UNF,+2.13%,founded by the Croatti family in a Boston barn in 1936, is a uniform rental company currently employing more than 14,000 in 260 facilities in North America and Europe and generating nearly $2 billion in annual revenue. It is number three in an oligopolistic industry — along with AramarkARMK,+0.27%and CintasCTAS,-0.37%,the trio commands 70% of the market — which enables rational industry pricing.UniFirst’s core laundry business runs on multiyear contracts, creating recurring revenue. Customer retention rates are high and employee tenures are long, and the company carries no debt.  Along with a strong cash position, the U.S. economic reopening ahead bodes well, particularly with UniFirst’s large customer base in the energy sector. Boyar’s valuation: $263 per share, well-above recent levels.Members of the Croatti family are major shareholders, with 20% of the economic interest and 71% of the voting power, under a dual-class capital structure. Despite how some governance gurus roundly condemn dual class structures, QSI data indicates that QSs examine the practice on a case-by-case basis.UniFirst is a magnet for QSs, increasingly so in recent years as the company has enhanced its capital allocation rationality through share buybacks and dividends. In terms of concentration levels and holding periods, the company’s shareholders treat it far better than they treat their other investees, EQX data indicates.  A sampling of UniFirst’s QSs: Aurora Investment Counsel, Copeland Capital Management, Hunter Perkins Capital Management, London Company of Virginia and River Road Asset Management.Comcast CorporationComcastCMCSA,+2.06%,a cable industry pioneer founded by Ralph Roberts in 1963, is a global communications powerhouse with diverse investments in related sectors, especially in technology. The business, with annual revenues exceeding $100 billion, proved resilient during the pandemic, with durable strengths in both broadband and streaming, and an expected bounce from reopening of its theme parks.Communications businesses such as Comcast’s combine highly valuable intangible assets with little need for reinvestment in tangible assets—particularly appealing during inflationary periods. Boyar’s valuation: $76 per share, comfortably above market.Comcast is another magnet for QSs, and another dual class company, in which Brian Roberts holds 1% of the economic interest along with 34% of the voting power. Among QSs owning Comcast shares: Eagle Capital, First Pacific Advisors, Rothschild & Co. and Southeastern Asset Management. Note also: Nelson Peltz’s Trian Fund accumulated a large stake, about 0.4%, in several transactions during 2020.Bank of New York MellonBank of New York MellonBK,+0.86%is the world’s largest custodian bank and asset servicing company, with $2 trillion in assets under management and close to $40 trillion in assets under custody. The company is a blend of two storied institutions: Bank of New York has roots back to Alexander Hamilton and Aaron Burr in 1784, while Mellon traces to the bank Andrew Mellon began in 1869.Today, with annual revenues reaching $16 billion, the firm is distinguished for achieving outsized cost savings from a high-tech digitized platform. It is using artificial intelligence and machine learning to automate many functions, from financial calculations to client inquiries. BNY Mellon’s scale in the custodian business positions it well to win the trillion-dollar accounts of the world’s largest asset managers.Boyar’s valuation for BNY Mellon is a conservative $50 per share, suggesting there’s still some upside. BNY Mellon enjoys one of the highest-quality shareholder bases in the US, according to EQX and QSI research. Prominent QSs include: Berkshire Hathaway, Davis Selected Advisers, Dodge & Cox, Lountzis Asset Management and Tweedy Browne.Three picks do not a portfolio make, of course. So consider these other interesting ideas from the Boyar Forgotten Forty that also boast high-quality shareholder followings: Walt DisneyDIS,+0.17%,IAC/InterActiveCorp.IAC,+3.19%and MerckMRK,-0.35%.In a volatile market like now, all of these companies offer a substantial measure of stability.  For veteran investors and newcomers alike, keep in mind that it is foolish to follow the herd, and wise to heed the thoughtful.","news_type":1,"symbols_score_info":{".IXIC":0.9,"SPY":0.9,".DJI":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":911,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":17,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/132268764"}