IZLIN
2021-05-28
@Meow17
@Sagi08
@simplydkam
to consider!
Opinion: These cool, high-quality stocks are just right for this overheated, overvalued market<blockquote>观点：这些酷炫、优质的股票正适合这个过热、估值过高的市场</blockquote>
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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.</p><p><blockquote><b>管理良好的公司拥有强劲的现金流、稳定的股东基础，并且受到大多数投资者的关注。</b>过热的市场使得寻找价格有吸引力的投资变得越来越困难。但随着大批买家将资金投入meme股票和加密货币，优质股东（又名买入并持有选股者）继续看到长期机会。</blockquote></p><p>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%.</p><p><blockquote>以博雅价值集团为例。自1975年以来，它提供了对一系列业务的深刻研究。马克·博亚尔(Mark Boyar)和乔纳森·博亚尔(Jonathan Boyar)父子团队也吃自己做饭，作为博亚尔价值基金BOYAX(+0.48%)的运营商，他们本身就是优质股东(QSs)。</blockquote></p><p>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.</p><p><blockquote>博亚尔夫妇很有先见之明：在冠状病毒疫情袭击并拖累美国股市后不久，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></p><p>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.</p><p><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精选股票，其中包括美国银行BAC(+0.07%)、Liberty Braves GroupBATRA(+1.26%)和SyscoSYY(-0.52%)。自12月底以来，今年被遗忘的四十只股票已上涨17%而标普500为12%。</blockquote></p><p>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.</p><p><blockquote>博亚尔的《被遗忘的四十》对于选股者来说是一个很好的过滤器，因为他们缩小了搜索范围。定制选择的一种方法是将这40家公司与在吸引QSs方面得分高的公司进行交叉检查。</blockquote></p><p>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.</p><p><blockquote>例如，许多投资者模仿伯克希尔哈撒韦公司BRK.A，+0.12%BRK.B，+0.05%的uber-QS沃伦·巴菲特的投资组合。其他QS可以使用Martijn Cremmers的活跃股票排名、EQX的专有数据分析或My OwnQuality股东倡议(QSI)的研究等资源来识别——所有这些都是构建高性能投资组合的有用工具。</blockquote></p><p>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.)</p><p><blockquote>将《被遗忘的四十》与此类数据相结合，以下是可以作为更大投资组合的一部分考虑的三种股票想法。（当然，这不是投资建议或购买建议——只是一些需要考虑的建议。）</blockquote></p><p><b>UniFirst Corporation</b></p><p><blockquote><b>UniFirst公司</b></blockquote></p><p>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.</p><p><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，这三家公司占据了70%的市场份额，这使得行业定价合理。</blockquote></p><p>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.</p><p><blockquote>UniFirst的核心洗衣业务签订多年合同，创造经常性收入。客户保留率高，员工任期长，公司没有债务。除了强劲的现金状况外，美国经济未来的重新开放也是一个好兆头，特别是考虑到UniFirst在能源领域的庞大客户群。Boyar的估值：每股263美元，远高于近期水平。</blockquote></p><p>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.</p><p><blockquote>在双重资本结构下，克罗蒂家族成员是主要股东，拥有20%的经济利益和71%的投票权。尽管一些治理大师严厉谴责双重阶级结构，但QSI的数据表明，QSs会逐案审查这种做法。</blockquote></p><p>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.</p><p><blockquote>UniFirst对QSs来说是一块磁铁，近年来，随着该公司通过股票回购和股息增强其资本配置的合理性，这种情况越来越明显。EQX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好于对待其他被投资方。UniFirst的QSs样本：Aurora Investment Counsel、Copeland Capital Management、Hunter Perkins Capital Management、London Company of Virginia和River Road Asset Management。</blockquote></p><p><b>Comcast Corporation</b></p><p><blockquote><b>康卡斯特公司</b></blockquote></p><p>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.</p><p><blockquote>ComcastCMCSA，+2.06%，是拉尔夫·罗伯茨(Ralph Roberts)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）拥有多元化投资。该业务的年收入超过1000亿美元，在疫情期间证明了其弹性，在宽带和流媒体方面具有持久的优势，并且预计主题公园重新开放后将出现反弹。</blockquote></p><p>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.</p><p><blockquote>康卡斯特等通信业务将高价值的无形资产与几乎不需要对有形资产进行再投资相结合——在通货膨胀时期尤其有吸引力。Boyar的估值：每股76美元，远高于市场。</blockquote></p><p></p><p>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.</p><p><blockquote>康卡斯特是QSs的另一个磁石，也是另一家双重公司，布莱恩·罗伯茨(Brian Roberts)拥有1%的经济利益和34%的投票权。持有康卡斯特股票的QSs包括Eagle Capital、First Pacific Advisors、Rothschild&Co.和Southeastern Asset Management。另请注意：Nelson Peltz的Trian基金在2020年的几笔交易中积累了大量股份，约为0.4%。</blockquote></p><p><b>Bank of New York Mellon</b></p><p><blockquote><b>纽约梅隆银行</b></blockquote></p><p>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.</p><p><blockquote>纽约梅隆银行BK,+0.86%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，托管资产接近40万亿美元。该公司融合了两家传奇机构：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></p><p>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.</p><p><blockquote>如今，该公司的年收入达到160亿美元，因通过高科技数字化平台实现了巨大的成本节约而闻名。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能够很好地赢得全球最大资产管理公司的万亿美元账户。</blockquote></p><p>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.</p><p><blockquote>Boyar对纽约梅隆银行的估值保守为每股50美元，这表明仍有一些上涨空间。根据EQX和QSI research的数据，纽约梅隆银行拥有美国最优质的股东基础之一。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。</blockquote></p><p>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%.</p><p><blockquote>当然，三个选择并不构成一个投资组合。因此，考虑一下Boyar Forgotten Forty的其他有趣想法，它们也拥有高质量的股东追随者：Walt DisneyDIS，+0.17%，IAC/InterActiveCorp.IAC，+3.19%和MerckMRK，-0.35%。</blockquote></p><p>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.</p><p><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大的稳定性。对于资深投资者和新手来说，请记住，随大流是愚蠢的，听从有思想的人是明智的。</blockquote></p><p></p>","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、优质的股票正适合这个过热、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、优质的股票正适合这个过热、估值过高的市场</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-05-27 11:45</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Well-managed companies boast strong cash flow, a stable shareholder base, and are under most investors’ radar.</b>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.</p><p><blockquote><b>管理良好的公司拥有强劲的现金流、稳定的股东基础，并且受到大多数投资者的关注。</b>过热的市场使得寻找价格有吸引力的投资变得越来越困难。但随着大批买家将资金投入meme股票和加密货币，优质股东（又名买入并持有选股者）继续看到长期机会。</blockquote></p><p>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%.</p><p><blockquote>以博雅价值集团为例。自1975年以来，它提供了对一系列业务的深刻研究。马克·博亚尔(Mark Boyar)和乔纳森·博亚尔(Jonathan Boyar)父子团队也吃自己做饭，作为博亚尔价值基金BOYAX(+0.48%)的运营商，他们本身就是优质股东(QSs)。</blockquote></p><p>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.</p><p><blockquote>博亚尔夫妇很有先见之明：在冠状病毒疫情袭击并拖累美国股市后不久，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></p><p>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.</p><p><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精选股票，其中包括美国银行BAC(+0.07%)、Liberty Braves GroupBATRA(+1.26%)和SyscoSYY(-0.52%)。自12月底以来，今年被遗忘的四十只股票已上涨17%而标普500为12%。</blockquote></p><p>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.</p><p><blockquote>博亚尔的《被遗忘的四十》对于选股者来说是一个很好的过滤器，因为他们缩小了搜索范围。定制选择的一种方法是将这40家公司与在吸引QSs方面得分高的公司进行交叉检查。</blockquote></p><p>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.</p><p><blockquote>例如，许多投资者模仿伯克希尔哈撒韦公司BRK.A，+0.12%BRK.B，+0.05%的uber-QS沃伦·巴菲特的投资组合。其他QS可以使用Martijn Cremmers的活跃股票排名、EQX的专有数据分析或My OwnQuality股东倡议(QSI)的研究等资源来识别——所有这些都是构建高性能投资组合的有用工具。</blockquote></p><p>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.)</p><p><blockquote>将《被遗忘的四十》与此类数据相结合，以下是可以作为更大投资组合的一部分考虑的三种股票想法。（当然，这不是投资建议或购买建议——只是一些需要考虑的建议。）</blockquote></p><p><b>UniFirst Corporation</b></p><p><blockquote><b>UniFirst公司</b></blockquote></p><p>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.</p><p><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，这三家公司占据了70%的市场份额，这使得行业定价合理。</blockquote></p><p>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.</p><p><blockquote>UniFirst的核心洗衣业务签订多年合同，创造经常性收入。客户保留率高，员工任期长，公司没有债务。除了强劲的现金状况外，美国经济未来的重新开放也是一个好兆头，特别是考虑到UniFirst在能源领域的庞大客户群。Boyar的估值：每股263美元，远高于近期水平。</blockquote></p><p>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.</p><p><blockquote>在双重资本结构下，克罗蒂家族成员是主要股东，拥有20%的经济利益和71%的投票权。尽管一些治理大师严厉谴责双重阶级结构，但QSI的数据表明，QSs会逐案审查这种做法。</blockquote></p><p>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.</p><p><blockquote>UniFirst对QSs来说是一块磁铁，近年来，随着该公司通过股票回购和股息增强其资本配置的合理性，这种情况越来越明显。EQX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好于对待其他被投资方。UniFirst的QSs样本：Aurora Investment Counsel、Copeland Capital Management、Hunter Perkins Capital Management、London Company of Virginia和River Road Asset Management。</blockquote></p><p><b>Comcast Corporation</b></p><p><blockquote><b>康卡斯特公司</b></blockquote></p><p>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.</p><p><blockquote>ComcastCMCSA，+2.06%，是拉尔夫·罗伯茨(Ralph Roberts)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）拥有多元化投资。该业务的年收入超过1000亿美元，在疫情期间证明了其弹性，在宽带和流媒体方面具有持久的优势，并且预计主题公园重新开放后将出现反弹。</blockquote></p><p>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.</p><p><blockquote>康卡斯特等通信业务将高价值的无形资产与几乎不需要对有形资产进行再投资相结合——在通货膨胀时期尤其有吸引力。Boyar的估值：每股76美元，远高于市场。</blockquote></p><p></p><p>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.</p><p><blockquote>康卡斯特是QSs的另一个磁石，也是另一家双重公司，布莱恩·罗伯茨(Brian Roberts)拥有1%的经济利益和34%的投票权。持有康卡斯特股票的QSs包括Eagle Capital、First Pacific Advisors、Rothschild&Co.和Southeastern Asset Management。另请注意：Nelson Peltz的Trian基金在2020年的几笔交易中积累了大量股份，约为0.4%。</blockquote></p><p><b>Bank of New York Mellon</b></p><p><blockquote><b>纽约梅隆银行</b></blockquote></p><p>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.</p><p><blockquote>纽约梅隆银行BK,+0.86%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，托管资产接近40万亿美元。该公司融合了两家传奇机构：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></p><p>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.</p><p><blockquote>如今，该公司的年收入达到160亿美元，因通过高科技数字化平台实现了巨大的成本节约而闻名。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能够很好地赢得全球最大资产管理公司的万亿美元账户。</blockquote></p><p>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.</p><p><blockquote>Boyar对纽约梅隆银行的估值保守为每股50美元，这表明仍有一些上涨空间。根据EQX和QSI research的数据，纽约梅隆银行拥有美国最优质的股东基础之一。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。</blockquote></p><p>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%.</p><p><blockquote>当然，三个选择并不构成一个投资组合。因此，考虑一下Boyar Forgotten Forty的其他有趣想法，它们也拥有高质量的股东追随者：Walt DisneyDIS，+0.17%，IAC/InterActiveCorp.IAC，+3.19%和MerckMRK，-0.35%。</blockquote></p><p>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.</p><p><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大的稳定性。对于资深投资者和新手来说，请记住，随大流是愚蠢的，听从有思想的人是明智的。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 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></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".DJI":"道琼斯",".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,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":859,"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":36,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/135655598"}
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