新建 仓 一只 核心 股 How to pick a CORE position stock? ERay 说 美股 EP23 2020.8.14【CC 字幕 】 Create a core stock How to pick a CORE position stock? ERay says US stocks EP23 2020.8.14 [CC subtitles]

大家 好 欢迎 来到 我 的 频道 everyone|good|welcome|to come to|my|attributive marker|channel Hello everyone, welcome to my channel

我 是 ERay I|am|ERay I am ERay

今天 是 2020 年 8 月 14 号 today|is|year|month|date Today is August 14, 2020

差不多 一个月 之前 啊 我 做 了 期 节目 almost|one month|ago|emphasis marker|I|did|past tense marker|a|program About a month ago, I did a program

分享 了 一些 我 对 投资 组合 的 思考 和 规划 share|past tense marker|some|I|regarding|investment|portfolio|attributive marker|thoughts|and|planning Shared some of my thoughts and plans on the investment portfolio.

如果 你 还 没有 看过 那 期 视频 呢 if|you|still|not|seen|that|episode|video|emphasis marker If you haven't watched that episode yet.

我 会 把 链接 放 在 下面 的 说明 里 I|will|put|link|place|in|below|attributive marker|description|in I will put the link in the description below.

简单 的 回顾 一下 simple|attributive marker|review|briefly A brief review.

我 在 那 一期 里 提到 了 我 的 投资 计划 I|at|that|episode|in|mention|past tense marker|my|attributive marker|investment|plan I mentioned my investment plan in that episode.

目标 是 持有 40 家 左右 的 公司 股票 goal|is|hold|about 40|around|attributive marker|company|stocks The goal is to hold around 40 company stocks.

而 这 40 家里 又 会 划分 成 三种 仓位 and|this|among the companies|again|will|be divided|into|three types|positions These 40 will be divided into three types of positions.

核心 仓位 10 只 股票 core|position|only|stocks Core position: 10 stocks.

每 只 占 总 持仓 比例 不 超过 5% each|only|occupy|total|position|ratio|not|exceed Each stock should not exceed 5% of the total holdings.

辅助 仓位 10 只 占 总 持仓 比例 不 超过 2% auxiliary|position|only|occupy|total|holdings|ratio|not|exceed Auxiliary position: 10 stocks, each should not exceed 2% of the total holdings.

然后 小 仓位 20 只 每 只 占 比 不 超过 1% then|small|position|only|each|one|occupy|ratio|not|exceed Then, a small position of 20 stocks, with each stock not exceeding 1%.

然后 呢 还 留下 10% 的 现金 作为 机动 then|emphasis marker|still|leave|attributive marker|cash|as|contingency Then, I also keep 10% of cash as a reserve.

当然 我 在 节目 中 也 一再 强调 这个 还 只是 我 的 计划 of course|I|in|program|in|also|repeatedly|emphasize|this|still|just|my|attributive marker|plan Of course, I have repeatedly emphasized in the program that this is just my plan.

目前 正 朝着 这个 方向 坚定 地 努力 currently|right now|towards|this|direction|firmly|adverb marker|work hard Currently, I am firmly working towards this direction.

不过 离 这个 状态 还有 挺远 的 距离 however|from|this|state|still|quite far|attributive marker|distance However, there is still quite a distance from this state.

那 期 视频 发出 之后 呢 that|period|video|send out|after|emphasis marker After that video was released,

有 不少 网友 给 我 留言 或者 私信 there are|quite a few|internet users|to|me|leave messages|or|private messages many netizens left me messages or private messages,

对 我 持仓 哪些 公司 尤其 是 核心 仓位 的 公司 很 感兴趣 towards|I|positions|which|companies|especially|is|core|positions|attributive marker|companies|very|interested in showing great interest in which companies I hold, especially the core positions.

今天 我们 就 来 聊 一聊 我 是 怎么 选 核心 股 的 today|we|just|come|talk|a bit|I|am|how|choose|core|stocks|attributive marker Today, let's talk about how I select core stocks.

而且 后面 我 也 会 报告 一只 我 这周 刚刚 开仓 买入 moreover|later|I|also|will|report|one|I|this week|just|open position|buy in Moreover, I will also report on a stock that I just opened a position in this week.

我 认为 是 有 核心 股 资格 的 公司 I|think|is|have|core|stock|qualification|attributive marker|company I believe this is a company qualified for core stocks.

开始 之前 老规矩 start|before|old rule As usual, before we start.

请 大家 给 我 点赞 please|everyone|give|me|like Please give me a thumbs up, everyone.

请 新来 的 网友 们 订阅 Newcomers, please subscribe.

你 的 点赞 订阅 和 转发 就是 对 我 频道 最大 的 支持 you|attributive marker|likes|subscriptions|and|shares|is|to|my|channel|biggest|attributive marker|support Your likes, subscriptions, and shares are the greatest support for my channel.

如果 想 收到 我 节目 的 及时 更新 你 也 可以 打开 订阅 按钮 旁边 的小 铃铛 if|want|receive|my|program|attributive marker|timely|updates|you|also|can|open|subscribe|button|next to|small|bell If you want to receive timely updates about my program, you can also click the small bell next to the subscribe button.

这样 我 上传 新 视频 你 就 能 收到 通知 了 this way|I|upload|new|video|you|then|can|receive|notification|emphasis marker This way, when I upload a new video, you will receive a notification.

再次 感谢 大家 的 支持 我们 下面 进入 主题 again|thank|everyone|attributive marker|support|we|next|enter|topic Thanks again for everyone's support, now let's get to the main topic.

关于 核心 股 的 问题 about|core|stock|attributive marker|issue Regarding the issue of core stocks.

我 在 那 一期 视频 里 也 解释 过 I|in|that|one episode|video|inside|also|explain|before I also explained this in that episode.

核心 仓位 定 哪些 公司 我 目前 还 没有 完全 想 好 core|position|set|which|companies|I|currently|still|not|completely|think|through Which companies to include in the core portfolio, I haven't completely figured out yet.

对 能 入选 核心 仓位 的 公司 要求 肯定 是 最高 的 towards|can|be selected|core|position|attributive marker|company|requirements|definitely|is|highest|attributive marker The requirements for companies that can be included in the core portfolio are definitely the highest.

先 说 选 行业 first|say|choose|industry First, let's talk about selecting industries.

这 就 不是 一件 容易 的 事 this|just|not|one|easy|attributive marker|thing This is not an easy task.

有 几个 要素 是 我 比较 看重 的 there are|several|elements|are|I|relatively|value|attributive marker There are several factors that I value more.

首先 我 的 核心 仓位 在 它 所处 的 行业 里 first|my|attributive marker|core|position|in|it|located|attributive marker|industry|in First, my core position is in the industry it is in.

要 有 足够 的 竞争 优势 need|have|sufficient|attributive marker|competition|advantage There must be sufficient competitive advantages.

如果 一个 行业 整体 上 没有 什么 品牌效应 和 差异化 的 产品 或者 服务 体验 if|one|industry|overall|on|do not have|any|brand effect|and|differentiation|attributive marker|product|or|service|experience If an industry overall lacks brand effects and differentiated products or service experiences,

行业 内 的 竞争 最后 只能 落到 价格战 上 那 这 就 不是 个 很 吸引 我 的 行业 industry|inside|attributive marker|competition|finally|can only|fall to|price war|on|then|this|just|is not|a|very|attractive|me|attributive marker|industry the competition within the industry will ultimately boil down to price wars, which is not an industry that attracts me.

比如说 航空业 for example|aviation industry For example, the aviation industry.

看上去 各家 航空公司 都 是 家大业大 光鲜亮丽 seem|each|airline company|all|are|large and prosperous|glamorous It seems that all airlines are large and prosperous, looking glamorous.

但 航空业 提供 的 服务 其实 很 单一 but|aviation industry|provide|attributive marker|service|actually|very|singular However, the services provided by the airline industry are actually very singular.

就是 把 旅客 从 A 点 送到 B 点 just|把|passengers|from|||send to|| It is simply to transport passengers from point A to point B.

而 对 市场 上 存在 的 广大 航空公司 来说 but|to|market|on|exist|attributive marker|vast|airlines|speaking of For the many airlines that exist in the market,

绝大多数 都 能 安全 的 完成 这个 使命 the vast majority|all|can|safely|attributive marker|complete|this|mission the vast majority can safely accomplish this mission.

所以 呢 这 不是 个 品牌 价值 很 明显 的 行业 so|emphasis marker|this|not|attributive marker|brand|value|very|obvious|attributive marker|industry So, this is not an industry with very obvious brand value.

换句话说 in other words In other words,

人们 一般 不会 对 某个 航空公司 的 品牌 有 特别 高 的 忠诚度 people|generally|will not|towards|a certain|airline|attributive marker|brand|have|particularly|high|attributive marker|loyalty people generally do not have particularly high loyalty to a specific airline's brand.

也 不太 会 为了 某个 品牌 付出 太多 额外 的 溢价 also|not very|will|for|certain|brand|pay|too much|extra|attributive marker|premium They are also unlikely to pay too much extra premium for a specific brand.

买 机票 的 时候 大多数 人 还是 更 关注 价格 buy|plane ticket|attributive marker|time|most|people|still|more|pay attention to|price When buying tickets, most people still pay more attention to the price.

所以 导致 航空公司 之间 的 竞争 最后 就是 靠 价格战 so|lead to|airline|between|attributive marker|competition|finally|is|rely on|price war So the competition between airlines ultimately relies on price wars.

结果 呢 自然 是 大家 都 没有 什么 利润 result|emphasis marker|naturally|is|everyone|all|have no|any|profit The result, of course, is that everyone has little to no profit.

这张 表 列出 的 是 美国 航空公司 American Airlines 过去 三年 的 营收 this|table|lists|attributive marker|is|United States|airline|||past|three years|attributive marker|revenue This table lists the revenue of American Airlines over the past three years.

我们 看到 营收 有 400 多 亿 we|see|revenue|have|more than|billion We see that the revenue is over 40 billion.

但是 净收入 只有 10 几亿 but|net income|only|several hundred million However, the net income is only over 1 billion.

净利润率 netmargin只有 3.+% net margin| Net margin is only 3.+%.

我们 再 来 看看 另一家 美联航 UnitedAirlines we|again|come|take a look|another|United Airlines| Let's take a look at another company, United Airlines.

同样 也 是 400 多 亿 的 营收 the same|also|is|more than|billion|attributive marker|revenue It also has over 40 billion in revenue.

净收入 要 好 一些 net income|need|better|some Net income is a bit better.

20 多亿 30 亿 出头 Over 2 billion, just over 3 billion.

净利润 达到 5% - 7% net profit|reach Net profit reached 5%-7%.

这 说明 经营 管理 上 要 比 美国 航空 更 有效率 一些 this|indicates|management|administration|in|need|than|American|airline|more|efficient|somewhat This indicates that operational management needs to be more efficient than American Airlines.

但 这 依然 是 个 比较 低 的 利润率 but|this|still|is|a|relatively|low|attributive marker|profit margin However, this is still a relatively low profit margin.

而且 别忘了 这 是 在 2017 到 2019 年 之间 的 数据 moreover|don't forget|this|is|in|to|year|between|attributive marker|data Moreover, don't forget that this data is from between 2017 and 2019.

这样 的 利润率 真的 是 经不起 什么 大风大浪 this|attributive marker|profit margin|really|is|withstand|any|major challenges Such a profit margin really cannot withstand any major storms.

今年 的 疫情 this year|attributive marker|epidemic This year's pandemic

造成 了 航空业 大面积 亏损 cause|past tense marker|aviation industry|widespread|losses caused large-scale losses in the aviation industry

这么 一个 在 经济繁荣 的 大 环境 下 盈利 5% such|one|in|economic prosperity|attributive marker|big|environment|under|profit In such a prosperous economic environment, a profit of 5%,

而 经济 下行 就 亏损 的 行业 but|economy|downturn|then|losses|attributive marker|industries while an industry that incurs losses during an economic downturn,

是 不太 会 吸引 到 我 的 is|not very|likely|attract|to|me|attributive marker is not likely to attract me.

与 此类 似 的 石油 产业 也 是 个 没有 什么 品牌 忠诚度 的 行业 with|similar|like|attributive marker|oil|industry|also|is|a|no|any|brand|loyalty|attributive marker|industry The oil industry, similar to this, is also an industry with little brand loyalty.

位于 一个 十字路口 的 两家 加油站 价格 基本上 是 一样 的 located at|one|intersection|attributive marker|two|gas stations|prices|basically|are|the same|attributive marker The prices of two gas stations located at a crossroads are basically the same.

石油 公司 也 没有 自己 的 定价权 oil|company|also|do not have|own|attributive marker|pricing power Oil companies also do not have their own pricing power.

航空公司 留住 顾客 大概 就是 靠 积 里程 airline|retain|customers|probably|just|rely on|accumulate|miles Airlines retain customers mainly by accumulating miles.

石油 公司 留住 下游 消费者 也 主要 是 靠 积分 oil|company|retain|downstream|consumers|also|mainly|is|rely on|points Oil companies retain downstream consumers mainly through points.

而 这 一类 操作 说白了 就是 让利 but|this|one type|operation|to put it bluntly|is|give discounts This type of operation, to put it simply, is about giving discounts.

多多少少 对 盈利 能力 都 会 有 一点 削弱 more or less|to|profit|ability|all|will|have|a little|weaken To some extent, it will weaken the ability to generate profits.

所以 在 我 看来 这 类 公司 的 盈利 能力 是 有 上限 的 so|in|my|view|this|type|company|attributive marker|profit|ability|is|have|limit|attributive marker Therefore, in my opinion, the profit-generating ability of such companies has a limit.

优秀 的 企业 在 所处 的 行业 里 应该 有 足够 高 的 品牌 识别度 excellent|attributive marker|enterprise|in|located|attributive marker|industry|inside|should|have|sufficient|high|attributive marker|brand|recognition level Excellent companies should have a sufficiently high brand recognition in their industry.

而且 拥有 一定 能力 的 定价权 moreover|have|certain|ability|attributive marker|pricing power Moreover, they should possess a certain degree of pricing power.

比如说 可口可乐 百事可乐 for example|Coca-Cola|Pepsi For example, Coca-Cola and Pepsi.

比如说 星巴克 麦当劳 for example|Starbucks|McDonald's For example, Starbucks and McDonald's.

比如说 耐克 苹果 迪士尼 for example|Nike|Apple|Disney For example, Nike, Apple, and Disney.

人 会 愿意 为 这些 著名 的 品牌 支付 额外 的 费用 people|will|willing|for|these|famous|attributive marker|brand|pay|extra|attributive marker|cost People are willing to pay extra for these famous brands.

而且 还 心甘情愿 moreover|still|willingly Moreover, they do so willingly.

第二点 呢 second point|emphasis marker The second point is.

选 公司 我 还 会 考虑 它们 的 可 扩张性 choose|company|I|still|will|consider|them|attributive marker|can|scalability When choosing a company, I will also consider their scalability.

也 就是 未来 的 成长性 also|is exactly|future|attributive marker|growth potential That is, their future growth potential.

一家 能 把 品牌 做到 全球 的 公司 one|can|make|brand|achieve|global|attributive marker|company A company that can establish its brand globally.

肯定 要 比 一家 只 在 某个 区域 经营 的 公司 更 吸引 我 definitely|want|than|one|only|in|certain|area|operate|attributive marker|company|more|attractive|me Is definitely more attractive to me than a company that only operates in a certain region.

像 我 刚才 提到 的 几家 公司 like|I|just now|mentioned|attributive marker|several|companies Like the several companies I just mentioned.

都 是 有 这方面 潜力 的 all|are|have|in this area|potential|attributive marker They all have potential in this area.

这 也 是 为什么 我 没有 把 AT&T ;放在 核心 仓位 里 的 原因 this|also|is|why|I|did not|put|||place in|core|position|in|attributive marker|reason This is also why I did not place AT&T in the core position.

虽然 AT&T; 很 能 赚钱 although|||very|can|make money Although AT&T is very profitable.

但是 区域性 的 经营 模式 的 限制 了 它 的 成长 but|regional|attributive marker|business|model|attributive marker|limit|past tense marker|it|attributive marker|growth The limitations of its regional operating model have restricted its growth.

所以 目前 只能 把 它 先 放在 辅助 仓位 里 so|currently|can only|put|it|first|place in|auxiliary|storage position|in So for now, it can only be placed in the auxiliary position.

不过 呢 but|emphasis marker However,

它 也 在 不务正业 地 插手 其他 领域 it|also|in|neglecting one's main duties|adverbial marker|interfere|other|fields it is also meddling in other fields.

包括 买下 时代华纳 上线 HBO Max including|bought|WarnerMedia|launched|| Including buying WarnerMedia to launch HBO Max.

涉足 流媒体 to venture into|streaming media Getting involved in streaming.

所谓 的 不务正业 其实 也 是 试图 在 新的 赛道 里 求 发展 so-called|attributive marker|neglecting one's proper work|in fact|also|is|attempt|in|new|track|in|seek|development The so-called lack of focus is actually an attempt to seek development in a new track.

从 这一点 来看 AT&T ;的 还是 很 有 潜力 的 from|this point|to look at|||attributive marker|still|very|have|potential|attributive marker From this point of view, AT&T still has a lot of potential.

第三点 选 公司 的时候 我 会 很 看重 这个 公司 有没有 很深 的 护城河 third point|choose|company|when|I|will|very|value|this|company|whether there is|very deep|attributive marker|moat The third point is that when choosing a company, I pay great attention to whether the company has a deep moat.

所谓 护城河 就是 企业 可 持续 的 竞争 优势 so-called|moat|is|enterprise|can|sustainable|attributive marker|competitive|advantage The so-called moat refers to the sustainable competitive advantage of a business.

巴菲特 和 芒格 把 公司 本身 比作 城堡 Buffett|and|Munger|put|company|itself|compare to|castle Buffett and Munger compare the company itself to a castle.

而 城堡 的 价值 是 由 护城河 决定 的 but|castle|attributive marker|value|is|by|moat|determine|attributive marker The value of a castle is determined by its moat.

护城河 有 好几种 moat|have|several kinds There are several types of moats.

上 一次 我们 提到 的 CME last|time|we|mentioned|attributive marker|CME Last time we mentioned CME.

就是 这种 把 平台 优势 做为 自己 护城河 的 公司 just|this kind of|take|platform|advantage|as|own|moat|attributive marker|company It is a company that uses its platform advantage as its moat.

类似 的 还有 Visa , MasterCard similar|attributive marker|and also|Visa|MasterCard Similar ones include Visa and MasterCard.

以及 我们 同时 提到 的 互联网 巨头 Amazon , Google 和 Facebook and|we|at the same time|mention|attributive marker|internet|giant|Amazon|Google|and|Facebook And we also mentioned the internet giants Amazon, Google, and Facebook.

还有 一类 公司 still|one type|company There is also a category of companies.

它们 护城河 的 特点 是 不可 替代性 they|moat|attributive marker|characteristics|is|irreplaceable|substitutability Their moat characteristics are irreplaceability.

或者 说 替代 的 成本 巨大 or|say|substitute|attributive marker|cost|huge Or the cost of replacement is enormous.

这 类 公 司 很 多 都 集 中 在 基 础 设 施 领域 this|type|||||all|||in|||||field Many of these companies are concentrated in the infrastructure sector.

包括 铁路 机场 码头 石油 天然气 输送 管道 including|railway|airport|dock|oil|natural gas|transport|pipeline Including railways, airports, docks, oil, natural gas transportation pipelines.

供电 供水系统 通信 网络 power supply|water supply system|communication|network Power supply, water supply systems, communication networks.

这些 行业 的 前期 建设 都 需要 大量 的 资本 投入 these|industries|attributive marker|early stage|construction|all|need|large amount|attributive marker|capital|investment The preliminary construction of these industries requires a large amount of capital investment.

一旦 建 好 投入 使用 替代 他们 的 成本 就 非常 高 once|built|well|put into|use|replace|their|attributive marker|cost|then|very|high Once built and put into use, the cost of replacing them is very high.

尤其 是 现在 越来越 受 关注 的 环境 问题 especially|is|now|more and more|receive|attention|attributive marker|environment|problem Especially the environmental issues that are receiving more and more attention now.

导致 重建 一个 替代品 的 可能性 非常 小 lead to|rebuild|one|substitute|attributive marker|possibility|very|small The possibility of rebuilding an alternative is very small.

满足 上面 几个 要求 的 公司 其实 不少 meet|above|several|requirements|attributive marker|companies|actually|quite a few In fact, there are quite a few companies that meet the above requirements.

但 那 还 只是 入围 而已 but|that|still|just|shortlisted|only But that is only to make the shortlist.

并 不能 确保 它 进入 核心 仓位 and|cannot|ensure|it|enter|core|position It does not guarantee that it will enter the core position.

不管 是 哪个 行业 的 公司 no matter|is|which|industry|attributive marker|company No matter which industry the company is in.

必须 既 要 盈利 能力 和 财务状况 都 很 强 must|both|require|profitability|ability|and|financial condition|both|very|strong Must have strong profitability and financial condition.

还要 有 很 好 的 成长性 still need|have|very|good|attributive marker|growth potential Also needs to have very good growth potential.

而且 至少 经历 过 两个 以上 的 经济 周期 并 存活 下来 moreover|at least|experience|past tense marker|two|or more|attributive marker|economic|cycle|and|survive|down Moreover, it should have survived at least two economic cycles.

要求 它 的 过去 现在 将来 都 很 好 requirement|it|attributive marker|past|present|future|all|very|good It is required that its past, present, and future are all good.

同时 分红 也 是 一个 重要 指标 at the same time|dividend|also|is|an|important|indicator At the same time, dividends are also an important indicator.

我 希望 这家 公司 是 能 通过 不断 稳定 增加 的 分红 或者 股票 回购 来 回馈 股东 的 I hope this company can reward shareholders through steadily increasing dividends or stock buybacks.

当 我 设 的 条件 越 多 那么 能 淘 出来 的 公司 就 越 少 when|I|set|attributive marker|conditions|more|many|then|can|filter|out|attributive marker|companies|just|fewer|few The more conditions I set, the fewer companies I can filter out.

而且 这里 还有 一个 买入 时机 的 问题 moreover|here|also have|one|buying|timing|attributive marker|question Moreover, there is also the issue of the timing of the purchase.

其实 呢 也 就是 估值 的 问题 actually|emphasis marker|also|just|valuation|attributive marker|problem In fact, it is essentially a valuation issue.

好 公司 大部分 的 时间 估值 都 偏高 good|company|most|attributive marker|time|valuation|all|relatively high Good companies are mostly overvalued.

我 以前 总是 希望 能 在 好 公司 价值 被 低估 的 时候 入手 I|before|always|hope|can|at|good|company|value|be|underestimated|attributive marker|time|buy in I used to always hope to buy into good companies when their value was underestimated.

但是 这种 捡便宜 的 心态 也 让 我 错过 了 不少 好 机会 but|this kind of|pick up bargains|attributive marker|mentality|also|make|me|miss|past tense marker|many|good|opportunities However, this mentality of looking for bargains has also caused me to miss out on many good opportunities.

现在 我 的 心态 有 了 一些 调整 now|my|attributive marker|mindset|have|past tense marker|some|adjustments Now my mindset has adjusted somewhat.

当然 如果 能 以 超低 的 估值 买入 好 公司 是 会 有 种 淘到 宝 的 感觉 of course|if|can|at|ultra-low|attributive marker|valuation|buy|good|company|is|will|have|kind|find|treasure|attributive marker|feeling Of course, if I can buy good companies at a super low valuation, it would feel like finding a treasure.

但是 对于 高质量 的 公司 我 也 能 接受 合理 的 价格 而不是 一味 的 寻求 低价 but|for|high quality|attributive marker|company|I|also|can|accept|reasonable|attributive marker|price|rather than|blindly|attributive marker|seek|low price But for high-quality companies, I can also accept a reasonable price instead of just seeking low prices.

巴菲特 有 句 名言 Buffett|has|one|famous saying Buffett has a famous saying

It's far better to buy a wonderful company at fair price It's far better to buy a wonderful company at fair price

thanafaircompanyatawonderfulprice. than a fair company at a wonderful price.

以 合理 的 价格 买入 一家 优秀 的 公司 at|reasonable|attributive marker|price|buy|one|excellent|attributive marker|company Buying an excellent company at a reasonable price

要 比 以 优惠 的 价格 买入 一家 普通 公司 划算 的 多 want|than|at|discount|attributive marker|price|buy in|one|ordinary|company|cost-effective|attributive marker|much is much more cost-effective than buying an ordinary company at a discounted price.

对 我 特别 喜欢 但是 价格 有没有 被 低估 的 公司 to|me|especially|like|but|price|is there|by|underestimated|attributive marker|company I particularly like it, but is there a company whose price has been underestimated?

我 会 采取 定 投 的 方式 买入 I|will|adopt|||attributive marker|method|buy in I will adopt a dollar-cost averaging approach to buy in.

利用 时间 来摊 低成本 (Dollar Cost Averaging) Using time to lower the cost (Dollar Cost Averaging).

这个 星期 我 就 买入 了 一家 新 的 公司 this|week|I|just|bought|past tense marker|one|new|attributive marker|company This week, I bought into a new company.

而 这家 公司 我 认为 是 有 资格 作为 我 的 核心 仓位 的 And I believe this company qualifies to be my core position.

这家 公司 就是 Johnson & Johnson this|company|is|| This company is Johnson & Johnson.

强生 公司 Johnson|company Johnson & Johnson.

股票代码 JNJ stock code|JNJ Stock code JNJ.

说起 这家 公司 大家 都 不会 陌生 speaking of|this|company|everyone|all|will not|unfamiliar Speaking of this company, everyone is familiar with it.

强生 成立 于 1886 年 Johnson|established|in|year Johnson & Johnson was founded in 1886.

总部 位于 新泽西 的 New Brunswick headquarters|located in|New Jersey|attributive marker|| The headquarters is located in New Brunswick, New Jersey.

它 是 美国 道琼斯 工业 指数 的 成份股 之一 it|is|United States|Dow Jones|industrial|index|attributive marker|component stock|one of It is one of the components of the Dow Jones Industrial Average.

当前 市值 接近 4000 亿 美元 current|market value|close to|billion|dollars The current market value is close to 400 billion dollars.

强生 集团 是 一个 全球性 的 巨无霸 Johnson & Johnson|group|is|a|global|attributive marker|giant Johnson & Johnson is a global giant.

在 全球 60 个 国家 有 超过 250 家 子公司 in|global|count marker|countries|have|more than|count marker for companies|subsidiaries It has over 250 subsidiaries in 60 countries worldwide.

它 的 经营 主要 是 三块 业务 it|attributive marker|operation|mainly|is|three|business Its operations mainly consist of three business areas.

面对 普通 消费者 的 医疗保健 产品 facing|ordinary|consumers|attributive marker|healthcare|products Healthcare products for ordinary consumers.

专业 的 医疗 设备 professional|attributive marker|medical|equipment Professional medical equipment.

和 制药 产业 and|pharmaceutical|industry And the pharmaceutical industry.

强生 公司 的 产品线 很 广 Johnson & Johnson|company|attributive marker|product line|very|wide Johnson & Johnson has a wide product line.

不过 最为 人们 所 熟知 的 还是 他 的 Consumer Segment however|most|people|that|well-known|attributive marker|still|he|attributive marker|| However, what people are most familiar with is his Consumer Segment.

医疗 保健品 medical|health supplements Healthcare products.

关于 各个 业务 模块 的 介绍 我们 稍后 再 说 about|each|business|module|attributive marker|introduction|we|later|again|talk We will talk about the introduction of each business module later.

先 来 看看 强生 公司 总体 的 经营 状况 first|come|take a look|Johnson & Johnson|company|overall|attributive marker|management|condition First, let's take a look at Johnson & Johnson's overall business performance.

这 一张 表 是从 2009 年 到 2019 年 的 营收 This table shows the revenue from 2009 to 2019.

很少 有 公司 像 强生 这样 在 财报 里 提供 过去 10 年 的 经营 状况 rarely|have|company|like|Johnson & Johnson|this way|in|financial report|inside|provide|past|10 years|attributive marker|operating|condition Few companies provide operational status over the past 10 years in their financial reports like Johnson & Johnson.

我们 看到 公司 的 营收 分成 美国 国内 部分 和 国外 部分 we|see|company|attributive marker|revenue|divided into|United States|domestic|part|and|overseas|part We see the company's revenue divided into domestic and international parts.

这 两 部分 大致 相当 this|two|parts|roughly|equivalent These two parts are roughly equal.

总营收 total revenue Total revenue.

从 2009 年 的 619 亿 增长 到 2019 年 的 820 亿 from|year 2009|attributive marker|619 billion|growth|to|year 2019|attributive marker|82 billion Increased from 61.9 billion in 2009 to 82 billion in 2019.

10 年 增长 了 32.6% year|growth|past tense marker 10 years grew by 32.6%

说实话 这 并 不是 个 很快 的 成长 速度 to be honest|this|not|is not|a|fast|attributive marker|growth|speed To be honest, this is not a very fast growth rate.

平均 下来 每年 的 成长率 也 就 仅仅 超过 了 通货膨胀率 一点 而已 average|down|per year|attributive marker|growth rate|also|just|only|exceed|past tense marker|inflation rate|a little|only On average, the annual growth rate is just slightly above the inflation rate.

不过 呢 这 是 家 很 成熟 的 企业 however|emphasis marker|this|is|family company|very|mature|attributive marker|enterprise However, this is a very mature company.

走 得 非常 稳 walk|degree marker|very|steady It is progressing very steadily.

这 一行 标出来 的 是 生产成本 this|one line|marked out|attributive marker|is|production cost This line indicates the production cost.

减掉 后 算 出来 的 毛 利润率 subtract|after|calculate|out|attributive marker|| Subtracting this gives the gross profit margin.

非常 稳定 地 保持 在 65% 以上 very|stable|adverb marker|maintain|at|above It has been very stable, maintaining above 65%.

这 是 家 盈利 能力 相当 强 的 公司 this|is|family company|profit|ability|quite fairly|strong|attributive marker|company This is a company with quite strong profitability.

当然 这 只是 毛利润 of course|this|just|gross profit Of course, this is just the gross profit.

扣除 掉 其他 成本 包括 销售 市场 和 管理 费用 deduct|off|other|costs|including|sales|market|and|management|expenses Deduct other costs including sales, marketing, and administrative expenses.

别 忘 了 还有 巨大 的 研发 费用 don't|forget|emphasis marker|there are still|huge|attributive marker|research and development|costs Don't forget the huge research and development expenses.

为了 保持 竞争力 in order to|maintain|competitiveness In order to maintain competitiveness.

强生 在 药品 和 各种 产品 研发 上 的 投入 是 每年 百亿美元 的 规模 Johnson & Johnson|in|pharmaceuticals|and|various|products|research and development|on|attributive marker|investment|is|annually|10 billion dollars|attributive marker|scale Johnson & Johnson invests tens of billions of dollars annually in the research and development of pharmaceuticals and various products.

减掉 各种 费用 之后 的 净利润 列 在 最 下面 deduct|various|expenses|after|attributive marker|net profit|listed|at|bottom|below The net profit after deducting various expenses is listed at the bottom.

算 出来 净利润率 Calculate the net profit margin.

除了 2017 年 TCJ 法案 带来 的 额外 税务 之外 apart from|year 2017|||bring|attributive marker|additional|taxes|apart from Except for the additional taxes brought by the TCJ Act in 2017.

其他 年份 的 净利润率 也 非常 稳定 other|years|attributive marker|net profit margin|also|very|stable The net profit margins in other years are also very stable.

好 接下来 我们 就 分别 介绍 一下 各个 业务 模块 good|next|we|then|respectively|introduce|briefly|each|business|module Next, we will introduce each business module separately.

先 来说 说 消费者 保健产品 First, let's talk about consumer health products.

屏幕 上 列出来 的 都 是 大家 耳熟能详 的 品牌 screen|on|listed|attributive marker|all|are|everyone|familiar|attributive marker|brands The brands listed on the screen are all well-known to everyone.

主要 是 美容 产品 个人 护理 和 清洁 产品 main|is|beauty|product|personal|care|and|cleaning|product They mainly consist of beauty products, personal care, and cleaning products.

这里 有 不少 品牌 相信 大部分 人 都 用 过 here|have|many|brands|believe|most|people|all|use|past experience marker There are quite a few brands here that most people have used.

非 处方 止痛 退烧药 泰诺 non-|prescription|pain relief|antipyretic|Tylenol Over-the-counter pain reliever and fever reducer Tylenol.

和 邦迪 创可贴 and|Band-Aid|adhesive bandage And Band-Aid.

更是 家家户户 药箱 里 的 常备 品 even more|every household|medicine cabinet|in|attributive marker|essential|item Moreover, it is a staple in every household's medicine cabinet.

这 张 表 上 是 消费者 产品 的 业务 细分 this|sheet|table|on|is|consumer|product|attributive marker|business|segmentation This table shows the business segmentation of consumer products.

最 重要 的 是 两块 most|important|attributive marker|is|two pieces The most important parts are two.

美容 产品 和 OTC ,也 就是 over-the-counter 非处方药 系列 beauty|product|and|over-the-counter|also|that is||||non-prescription drug|series Beauty products and OTC, which refers to over-the-counter non-prescription drug series.

这 两 部分 的 销售 略增 this|two|parts|attributive marker|sales|slightly increase Sales in these two segments have slightly increased.

其他 几块 业务 有 不同 程度 的 下降 other|several areas|business|have|different|degree|attributive marker|decline Other business segments have experienced varying degrees of decline.

其中 销售 下降 最多 的 是 幼儿 护理 产品 和 女性 健康 产品 among them|sales|decline|the most|attributive marker|is|infant|care|products|and|women's|health|products The largest decline in sales is seen in children's nursing products and women's health products.

这 两 部分 的 销售 分别 减少 了 10% 和 6% this|two|parts|attributive marker|sales|respectively|decreased|past tense marker|and Sales in these two segments decreased by 10% and 6% respectively.

这个 主要 是 归因于 2018 年 的 一场 由 路透社 的 报道 引发 的 官司 this|mainly|is|attributed to|year 2018|attributive marker|one|by|Reuters|attributive marker|report|triggered|attributive marker|lawsuit This is mainly attributed to a lawsuit triggered by a report from Reuters in 2018.

这篇 报导 的 部分 内容 我 列 在 这里 this|report|attributive marker|part|content|I|list|at|here I have listed part of the content of this report here.

主要 是 说 基于 路透社 对 强生 公司 内部 几千 页 文件 的 调查 main|is|said|based on|Reuters|on|Johnson & Johnson|company|internal|thousands|pages|documents|attributive marker|investigation Mainly refers to the investigation by Reuters into thousands of internal documents of Johnson & Johnson.

发现 从 70 年代 初 到 2000 年 前后 discover|from|1970s|early|to|year 2000|around It was found that from the early 1970s to around 2000,

总共 30 年 左右 的 时间 in total|30 years|around|attributive marker|time a total of about 30 years,

强生 公司 在 用来 生产 婴儿 爽身粉 的 原材料 滑石粉 和 智 商品 里 Johnson & Johnson|company|in|used to|produce|baby|talcum powder|attributive marker|raw materials|talc|and|Johnson|products|in Johnson & Johnson detected asbestos several times in the talc powder and other products used to produce baby powder.

有 若干 次 检测 出 了 石棉 there is|several|times|tests|out|past tense marker|asbestos There were several instances of asbestos detection.

这是 一种 致癌物质 This is a carcinogenic substance.

但是 强生 公司 并 没有 向 公众 披露 but|Johnson & Johnson|company|not|have not|to|public|disclose However, Johnson & Johnson did not disclose this to the public.

而是 把 这些 原材料 做成 商品 并且 出售 了 but|to|these|raw materials|make into|goods|and|sell|past tense marker Instead, they turned these raw materials into products and sold them.

强生 方面 当然 是 否认 这项 指控 Johnson & Johnson|aspect|of course|is|deny|this|allegation Of course, Johnson & Johnson denies these allegations.

这场 官司 打 了 快 两年 this|lawsuit|fought|past tense marker|nearly|two years This lawsuit has been going on for almost two years.

先是 判 强生 败诉 开出 了 47 亿美元 的 罚款 first|ruled|Johnson & Johnson|lost the lawsuit|imposed|past tense marker|47 billion dollars|attributive marker|fine First, Johnson was found guilty and fined 4.7 billion dollars.

但是 强生 不服 上诉 but|Johnson & Johnson|refuse|appeal However, Johnson is appealing the decision.

目前 还 没有 最终 结果 currently|still|no|final|result Currently, there is no final result.

估计 短期内 也 不会 有 结果 estimate|in the short term|also|will not|have|result It is estimated that there will not be a result in the short term.

但是 对 这 类 产品 的 销售 还是 产生 了 不少 的 冲击 but|on|this|type|product|attributive marker|sales|still|produce|past tense marker|quite a few|attributive marker|impact However, it has still had a significant impact on the sales of such products.

对 这部分 内容 感兴趣 想 吃 瓜 旁观 的 网友 towards|this part|content|interested|want|eat|melon|bystander|attributive marker|netizens Netizens who are interested in this part of the content and want to watch the drama.

可以 去 搜索 Johnson & Johnson baby powder lawsuit Can search for the Johnson & Johnson baby powder lawsuit.

不过 参考 强生 打官司 的 历史 however|reference|Johnson & Johnson|sue|attributive marker|history However, referring to Johnson & Johnson's history of lawsuits,

所有 强生 不服 判决 上诉 的 官司 all|Johnson & Johnson|dissatisfied|judgment|appeal|attributive marker|lawsuit All lawsuits where Johnson & Johnson appealed against unfavorable judgments,

都 是 以 指控 被 推翻 结束 的 all|is|by|accusation|by|overturned|end|attributive marker Ended with the accusations being overturned.

所以 这次 我 依然 看好 强生 so|this time|I|still|optimistic about|Johnson So this time, I still have confidence in Johnson & Johnson.

医疗 设备 部分 的 业务 medical|equipment|part|attributive marker|business The business in the medical devices sector.

包括 用于 外科手术 矫形外科 和 眼科 的 医疗 产品 include|used for|surgical operations|orthopedic surgery|and|ophthalmology|attributive marker|medical|products Including medical products used for surgical orthopedics and ophthalmology.

也 包括 用于 心血管 和 神经 血管 疾病 介入 治疗 的 手术 仪器 also|include|used for|cardiovascular|and|neurological|vascular|disease|interventional|treatment|attributive marker|surgical|instruments Also including surgical instruments for interventional treatment of cardiovascular and neurovascular diseases.

这部分 产品 主要 面对 的 用户 是 医院 和 各种 诊所 this part|product|mainly|face|attributive marker|users|is|hospitals|and|various|clinics The main users of this product segment are hospitals and various clinics.

从 2018 到 2019 年 的 销售 来看 from|to|year|attributive marker|sales|looking at From 2018 to 2019, the sales looked

在 各个 业务 模块 之间 的 分布 相对 均匀 at|each|business|module|between|attributive marker|distribution|relatively|even The distribution among various business modules is relatively even

但是 几乎 也 没有 什么 增长 but|almost|also|no|any|growth However, there was almost no growth

还 略 有 下降 still|slightly|have|decline There was even a slight decline

营收 的 下降 主要 是 由于 这 一部分 revenue|attributive marker|decline|mainly|is|due to|this|part The decline in revenue is mainly due to this part

糖尿病 产品 在 2018 年 有 10 亿美元 的 销售额 diabetes|products|in|year 2018|have|1 billion dollars|attributive marker|sales revenue Diabetes products had sales of 1 billion dollars in 2018.

但 这部分 的 销售 在 2019 年 是 零 but|this part|attributive marker|sales|in|year 2019|is|zero However, this segment's sales were zero in 2019.

注解 上 说 这 是 因为 强生 旗下 专营 糖尿病 产品 annotation|on|say|this|is|because|Johnson & Johnson|under|specializes in|diabetes|products The annotation states that this is because Johnson & Johnson's subsidiary specializing in diabetes products,

也 就是 血糖 检测仪 的 子公司 Lifescan 的 业务 在 2018 年 四季度 被 剥离 also|that is|blood sugar|testing device|attributive marker|subsidiary|Lifescan|attributive marker|business|in|year 2018|fourth quarter|was|spun off specifically the blood glucose meter subsidiary Lifescan, was divested in the fourth quarter of 2018.

我 查 一下 资料 I|check|a bit|information Let me check the information.

强生 是 以 21 亿美元 的 价格 卖掉 了 这家 子公司 Johnson & Johnson|is|at|21 billion dollars|attributive marker|price|sold|past tense marker|this|subsidiary Johnson sold this subsidiary for $2.1 billion.

说实话 我 有点 不太 理解 为什么 要 卖掉 这部分 业务 to be honest|I|a bit|not really|understand|why|need to|sell off|this part|business To be honest, I don't quite understand why they want to sell this part of the business.

因为 看 起 这 是 一块 不错 的 业务 Because it seems to be a good business.

每年 能 给 公司 带来 十几 亿 美元 的 营收 every year|can|give|company|bring|over ten|billion|dollars|attributive marker|revenue It can bring in over a billion dollars in revenue for the company each year.

强生 没有 公布 各个 子公司 的 经营 状况 Johnson & Johnson|did not|disclose|each|subsidiary|attributive marker|operational|status Johnson has not disclosed the operating conditions of each subsidiary.

所以 我 查不到 Lifescan 的 盈利 能力 so|I|cannot find|Lifescan|attributive marker|profit|ability So I can't find Lifescan's profitability.

不过 按照 公司 的 平均 利润率 大概 20% 左右 算 的话 however|according to|company|attributive marker|average|profit margin|approximately|around|calculate|if we say However, if we calculate based on the company's average profit margin of about 20%.

21 亿 相当于 市盈率 不到 10 就 卖掉 了 billion|equivalent to|price-to-earnings ratio|less than|then|sell off|emphasis marker 2.1 billion is sold at a price-to-earnings ratio of less than 10.

确实 有点 亏 indeed|a bit|loss It does seem like a bit of a loss.

不过 Johnson 旗下 有 250 多 家 子公司 however|Johnson|under|has|more than|companies|subsidiaries However, Johnson has more than 250 subsidiaries.

相对 于 公司 总 市值 4000 亿 美元 来说 relative|to|company|total|market value|billion|dollars|speaking Relative to the company's total market value of 400 billion dollars,

卖掉 的 公司 差不多 是 1/200 sell off|attributive marker|company|almost|is the company sold is almost 1/200.

所以 也 就 不 去 纠结 了 so|also|just|not|go|get tangled up|emphasis marker So there's no need to get too hung up on it.

大部分 人 对 强生 公司 的 认识 和 理解 来自 于 超市 货架 上 能 看到 的 那些 商品 most|people|towards|Johnson & Johnson|company|attributive marker|awareness|and|understanding|come from|at|supermarket|shelves|on|can|see|attributive marker|those|products Most people's understanding of Johnson & Johnson comes from the products they see on supermarket shelves.

但 实际上 制药 业务 才 是 强生 集团 最 重要 的 支柱 but|in fact|pharmaceutical|business|only|is|Johnson & Johnson|group|most|important|attributive marker|pillar But in reality, the pharmaceutical business is the most important pillar of the Johnson & Johnson group.

制药 部分 专注 于 六个 治疗 领域 pharmaceutical|part|focus|on|six|therapeutic|areas The pharmaceutical division focuses on six therapeutic areas.

分别 是 免疫科 separately|is|immunology department They are immunology.

传染病 科 infectious disease|department Infectious diseases.

神经科 neurology department Neurology.

肿瘤 科 tumor|department Oncology.

心肺 科 和 新陈代谢 药物 cardiopulmonary|department|and|metabolism|drugs Cardiopulmonary medicine and metabolic drugs

这份 关于 各种 药物 和 治疗 领域 的 内容 就 太 专业 了 this|about|various|drugs|and|treatment|field|attributive marker|content|just|too|professional|emphasis marker This content about various drugs and treatment areas is too professional.

作为 投资者 我们 只 需要 知道 强生 的 制药业 强大 而且 多元 as|investor|we|only|need|know|Johnson & Johnson|attributive marker|pharmaceutical industry|strong|and|diverse As investors, we only need to know that Johnson & Johnson's pharmaceutical industry is strong and diverse.

它 给 公司 带来 了 420 亿 美元 的 营收 it|give|company|bring|past tense marker|billion|dollars|attributive marker|revenue It brought the company $42 billion in revenue.

占 比 总营收 一半 多 occupy|ratio|total revenue|half|more than Accounting for more than half of total revenue.

而且 公司 还 在 不断 的 推出 新药 moreover|company|still|continuously|constantly|attributive marker|launch|new drugs Moreover, the company is continuously launching new drugs.

这 张 表 上 是 制药 部门 的 pipeline this|sheet|table|on|is|pharmaceutical|department|attributive marker|pipeline This table shows the pipeline of the pharmaceutical department.

列出来 的 是 最近 刚刚 获批 的 新药 list out|attributive marker|is|recently|just|approved|attributive marker|new drug It lists the new drugs that have just been approved recently.

和 明年 计划 上市 的新药 and|next year|plan|go on the market|new drug And the new drugs planned to be launched next year.

说 到 制药 部分 就 不妨 提 一下 新冠 疫苗 研发 的 状况 say|to|pharmaceutical|part|then|might as well|mention|briefly|COVID-19|vaccine|research and development|attributive marker|status Speaking of the pharmaceutical sector, it is worth mentioning the status of the COVID-19 vaccine development.

8 月 5 号 month|day August 5th

也 就 上周三 also|just|last Wednesday That is, last Wednesday

强生 公司 和 美国政府 达成 了 协议 Johnson & Johnson|company|and|US government|reached|past tense marker|agreement Johnson & Johnson reached an agreement with the U.S. government

强生 会 向 美国政府 提供 一亿支 总价值 10 亿美元 的新冠疫苗 Johnson & Johnson|will|to|US government|provide|100 million doses|total value|1 billion dollars|COVID-19 vaccine Johnson & Johnson will provide the U.S. government with 100 million doses of COVID-19 vaccine worth a total of 1 billion dollars

也就是说 每支 2 疫苗 的 售价 10 美元 that is to say|per dose|vaccine|attributive marker|selling price|dollars In other words, the price of each vaccine is 10 dollars

而且 后期 还 可能 追加 20 亿 美元 购买 两 亿 支 疫苗 的 定单 moreover|later stage|also|possibly|add|billion|dollars|purchase|two|hundred million|doses|vaccine|attributive marker|order Moreover, there may be an additional order of 2 billion doses of vaccine for 2 billion dollars later.

美国 政府 已经 承诺 了 United States|government|already|promised|emphasis marker The U.S. government has already made this commitment.

会 对 所有 美国 人 免费 提供 疫苗 will|to|all|America|people|free|provide|vaccine It will provide the vaccine for free to all Americans.

既然 政府 是 免费 提供 疫苗 since|government|is|free|provide|vaccine Since the government is providing the vaccine for free,

那 制药 公司 也 不太 可能 通过 这个 疫苗 获得 暴利 that|pharmaceutical|company|also|not very|likely|through|this|vaccine|gain|exorbitant profits pharmaceutical companies are also unlikely to make huge profits from this vaccine.

这里 透露 出 一些 重要 信息 here|reveal|out|some|important|information This reveals some important information.

是 说 这些 疫苗 是 以 非营利 的 性质 出售 给 美国政府 的 is|say|these|vaccines|are|on|non-profit|attributive marker|nature|sold|to|US government|attributive marker It says that these vaccines are sold to the U.S. government on a non-profit basis.

所以 如果 有 炒 疫苗 概念 的 网友 们 可以 留意 一下 so|if|there are|speculate|vaccine|concept|attributive marker|netizens|plural marker|can|pay attention to|a bit So if there are netizens speculating on vaccine concepts, they might want to pay attention.

当然 我 不是 说 疫苗 股 不会 涨 啊 of course|I|am not|saying|vaccine|stocks|will not|rise|emphasis marker Of course, I'm not saying that vaccine stocks won't rise.

但 如果 涨 了 也 应该 是 靠 概念 带动 的 but|if|rise|emphasis marker|also|should|be|rely on|concept|drive|attributive marker But if they do rise, it should be driven by the concept.

不太 会 是 靠 盈利 推动 的 not very|able to|is|rely on|profit|drive|attributive marker Not really driven by profits.

这个 需要 注意 一下 this|need|pay attention|a bit This needs to be noted.

说完 了 去年 的 营收 呢 有 必要 再 把 二季度 营收 情况 也 拿出 来 说 一下 finish speaking|emphasis marker|last year|attributive marker|revenue|emphasis marker|there is|necessity|again|object marker|second quarter|revenue|situation|also|||| After talking about last year's revenue, it's necessary to also mention the revenue situation for the second quarter.

今年 二季度 强生 的 经营 成绩 并 不 好看 this year|second quarter|Johnson & Johnson|attributive marker|business|performance|not|not|good looking This year's second quarter performance of Johnson & Johnson is not looking good.

收入 比 去年 同期 差 了 一大截 income|compared to|last year|same period|worse|emphasis marker|a big margin Revenue is significantly lower than the same period last year.

仔细 看 可以 发现 二季度 医疗 设备 的 收入 几乎 为 零 carefully|look|can|find|second quarter|medical|equipment|attributive marker|revenue|almost|be|zero Upon careful observation, it can be found that the revenue from medical equipment in the second quarter is almost zero.

总结 原因 summary|reason Summarizing the reasons.

可以 归结 为 受 疫情 影响 很多 诊所 都 临时 关闭 了 can|be attributed|to|affected by|epidemic|impact|many|clinics|all|temporarily|closed|emphasis marker It can be attributed to the fact that many clinics were temporarily closed due to the impact of the pandemic.

一些 不 那么 紧急 的 手术 也 都 先 暂停 等候 some|not|so|urgent|attributive marker|surgeries|also|all|first|suspend|wait Some non-urgent surgeries have also been postponed.

这 也 造成 了 医疗 设备 的 需求 降低 this|also|caused|past tense marker|medical|equipment|attributive marker|demand|decrease This has also led to a decrease in the demand for medical equipment.

但是 要 知道 这部分 需求 并 没有 消失 but|need|know|this part|demand|and|not|disappear However, it is important to know that this part of the demand has not disappeared.

该 治 的 病 还 得 治 该 做 的 手术 早晚 得 做 this|treat|attributive marker|illness|still|must|treat|this|do|attributive marker|surgery|sooner or later|must|do The diseases that need to be treated must still be treated, and the surgeries that need to be performed will eventually have to be done.

所以 我们 可以 预计 随着 各地 逐步 解封 so|we|can|expect|with|various places|gradually|lift restrictions Therefore, we can expect that as various places gradually lift restrictions,

各种 医疗 设备 的 销售 也 一定 会 回升 various|medical|equipment|attributive marker|sales|also|definitely|will|rebound the sales of various medical equipment will definitely rebound.

甚至 可能 出现 短期内 报复性 回弹 的 情况 even|possibly|occur|in the short term|retaliatory|rebound|attributive marker|situation There may even be a situation of a short-term retaliatory rebound.

最后 再 来看 一看 Johnson & Johnson 的 分红 last|again|look at|take a look|||attributive marker|dividends Finally, let's take a look at Johnson & Johnson's dividends.

目前 公司 的 Dividend Yield 是 2.7% currently|company|attributive marker|||is Currently, the company's Dividend Yield is 2.7%.

分红 安全 指数 高达 99 dividend|safety|index|as high as The dividend safety index is as high as 99.

这 算是 最高 的 评分 this|counts as|highest|attributive marker|score This is considered the highest rating.

非常 安全 very|safe Very safe.

分红 成长性 方面 dividend|growth potential|aspect Dividends and growth aspects

公司 分红 连续 增长 超过 58 年 company|dividends|consecutive|growth|exceed|years The company has continuously increased its dividends for over 58 years

这 是 一只 不折不扣 的 地位 的 dividend king this|is|one|bona fide|attributive marker|status|attributive marker|| This is a bona fide dividend king

按照 这张 图上 的 数据 According to the data on this chart

20 年 前 每股 分红 不到 $1 years|ago|per share|dividend|less than 20 years ago, the dividend per share was less than $1

到 今年 每股 分红 $4 + until|this year|per share|dividend By this year, the dividend per share is $4+

而且 收入 增长 的 如此 稳定 moreover|income|growth|attributive marker|so|stable and the revenue growth is so stable

真的 是 非常 非常 靠 谱 的 一家 公司 really|is|very|very|reliable|trustworthy|attributive marker|one|company it really is a very, very reliable company

参考 这个 增长速度 reference|this|growth rate Considering this growth rate

今天 买入 的 一只 股票 today|buy|attributive marker|one|stock a stock bought today

以 现在 的 价格 计算 at|current|attributive marker|price|calculate Calculating at the current price

20 年 之后 哪怕 股价 一直 没 动 year|after|even if|stock price|always|not|move Even if the stock price doesn't move for 20 years

分红 也 会 涨 到 现在 的 四倍 dividend|also|will|rise|to|now|attributive marker|four times Dividends will increase to four times the current amount

每年 收到 的 分红 是 最初 投资额 的 10+% every year|received|attributive marker|dividends|is|initial|investment amount|attributive marker The annual dividends received will be 10+% of the initial investment amount

再 来 看看 真实 的 股价 again|come|take a look|real|attributive marker|stock price Now let's take a look at the actual stock price

从 2001 年 的 50 美元 左右 from|year|attributive marker|dollars|around From around 50 dollars in 2001

涨 到 昨天 的 148 rise|to|yesterday|attributive marker to 148 yesterday

20 年 的 时间 In 20 years

股价 变成 三倍 stock price|become|three times the stock price has tripled

分红 变成 四倍 dividend|become|four times the dividends have quadrupled

不论 从 哪个 角度 regardless|from|which|angle No matter from which angle

这 都 是 一只 适合 长期 持有 的 公司 this|all|is|one|suitable|long-term|hold|attributive marker|company this is a company suitable for long-term holding

当然 还是 要 说 今天 分享 的 只是 我 的 个人 观点 of course|still|need|say|today|share|attributive marker|just|I|attributive marker|personal|opinion Of course, I still want to say that what I share today is just my personal opinion

不是 对 你 的 投资 建议 not|to|you|attributive marker|investment|advice not an investment advice for you

行动 之前 呢 action|before|emphasis marker before taking action

还是 要 请 你 做好 自己 的 功课 still|need|please|you|do well|yourself|attributive marker|homework You still need to do your own homework.

股市 有 风险 stock market|have|risk The stock market has risks.

投资 需 谨慎 investment|need|caution Investing requires caution.

好 了 我们 总结 一下 今天 的 内容 good|emphasis marker|we|summarize|briefly|today|attributive marker|content Alright, let's summarize today's content.

今天 我们 聊 了 关于 我 选择 核心 仓位 的一些 原则 和 标准 today|we|talk|past tense marker|about|I|choose|core|position|some|principles|and|standards Today we talked about some principles and standards regarding my choice of core positions.

也 聊 了 我 最近 买入 的 一家 可以 作为 核心 仓位 的 公司 Johnson & Johnson also|talk|past tense marker|I|recently|bought|attributive marker|one|can|as|core|position|attributive marker|company|| I also talked about a company I recently bought, Johnson & Johnson, which can serve as a core position.

知道 这 是 一家 多元化 经营 同时 又 很 靠谱 的 公司 know|this|is|one|diversified|operation|at the same time|also|very|reliable|attributive marker|company I know this is a diversified and very reliable company.

盈利 能力 很 稳定 分红 的 增长 也 非常 稳定 profit|ability|very|stable|dividends|attributive marker|growth|also|extremely|stable Its profitability is very stable, and the growth of its dividends is also very stable.

虽然 目前 的 估值 并 不 便宜 although|currently|attributive marker|valuation|not|not|cheap Although the current valuation is not cheap.

但是 要 等到 它 打折 太 不容易 了 but|need|wait until|it|go on sale|too|not easy|emphasis marker However, it's very difficult to wait until it goes on sale.

再 来 几个 熔断 还 差不多 again|come|a few|circuit breaker|still|about the same A few more circuit breakers would be about right.

所以 呢 我 会 通过 每个 月 定 投 慢慢 建仓 so|emphasis marker|I|will|through|every|month|fixed|investment|slowly|build position So, I will gradually build my position through monthly fixed investments.

对 那些 质量 非常 好 但是 价格 又 没有 那么 便宜 的 公司 我 会 选择 这种 投资 方式 to|those|quality|very|good|but|price|also|not|so|cheap|attributive marker|company|I|will|choose|this kind of|investment|method For those companies that have very good quality but are not that cheap, I will choose this type of investment approach.

结束 之前 呢 我 也 想 请 各位 网友 给 我 留言 end|before|emphasis marker|I|also|want|please|everyone|netizens|give|me|leave a message Before I finish, I would also like to ask all the netizens to leave me a message.

分享 一下 你们 看好 哪些 公司 作为 自己的 核心 仓位 share|briefly|you|optimistic about|which|companies|as|own|core|positions Please share which companies you are optimistic about as your core positions.

如果 能 给出 几个 选 它 的 理由 就 更好 了 if|can|provide|several|choose|it|attributive marker|reasons|then|better|emphasis marker It would be even better if you could give a few reasons to choose it.

好 今天 咱们 就 先 聊 到 这里 good|today|we|just|first|chat|to|here Alright, let's stop here for today.

节目 的 最后 感谢 你 的 观看 program|attributive marker|finally|thank|you|attributive marker|watching At the end of the program, thank you for watching.

欢迎 给 我 留言 讨论 同时 请 你 点赞 分享 和 订阅 welcome|give|me|leave a message|discuss|at the same time|please|you|like|share|and|subscribe Feel free to leave me a message to discuss, and please like, share, and subscribe.

来 支持 我们 这个 社区 的 成长 come|support|our|this|community|attributive marker|growth To support the growth of our community.

你 的 鼓励 就是 我 最大 的 动力 you|attributive marker|encouragement|is|I|biggest|attributive marker|motivation Your encouragement is my greatest motivation.

我们 下期 再见 we|next time|see you again See you next time.