Another example is Amazon (NASDAQ: AMZN). As an early leader in e-commerce, Amazon traditionally eschewed near-term profits to continue investing in its massive distribution and fulfillment network. The investment in its delivery network and expanding assortment of items took tremendous investment over many years. But flash forward to today, and Amazon's ability to deliver items within one or two days is unmatched. If anyone attempted to compete by building a similar network, it would similarly take that am ...

文章核心观点 - 尽管金融板块整体表现良好，但部分存在特定问题的公司股票表现不佳，并可能面临进一步下跌风险 [1][2] Chime Financial (CHYM) - 公司为知名金融科技公司，拥有移动银行平台，于6月以每股27美元进行IPO，纳斯达克首日交易价为每股43美元，但近期股价持续下滑至每股19美元左右 [4][5] - 当前股价为18.52美元，市值70亿美元，52周价格区间为17.00美元至44.94美元 [6][7] - 市场预期公司2026年接近盈亏平衡，每股亏损从4.24美元收窄至0.28美元，当前市值很大程度上反映了对未来业绩的预期，若业绩不及预期可能面临估值下调 [5][7] Progressive (PGR) - 公司股价因财报不及预期而下跌，主要原因为佛罗里达州保险监管机构要求其向客户退还2023年至2025年超额承保利润 [8] - 当前股价为211.75美元，市值1240亿美元，52周价格区间为211.53美元至292.99美元 [10][11] - 除一次性事件外，竞争加剧可能持续影响定价，公司远期市盈率约为15倍，高于同行（如Allstate远期市盈率低于10倍），市场担忧其经济护城河减弱可能导致估值进一步下降 [9][11] Upstart Holdings (UPST) - 公司股价因次级汽车贷款机构Tricolor破产而下跌，市场担忧消费贷款公司贷款表现可能恶化 [12] - 公司业务模式为向第三方银行授权AI贷款审批技术，并发起贷款用于二级市场转售，当前股价为50.67美元，市值50亿美元，52周价格区间为31.40美元至96.43美元 [13][14][15] - 若消费贷款市场恶化，公司可能面临来自贷款合作伙伴的收入减少，或无法向第三方出售已发起贷款的风险，公司远期市盈率达39倍，若未来增长和盈利预期下调，股价可能进一步下跌 [13][15]

文章核心观点 - 伯克希尔·哈撒韦即将发布13F报告 披露其股票买卖动向 [1] - 可口可乐和美国运通被视为沃伦·巴菲特的“永久持股” 预计将被无限期持有 [2] - 两家公司均在其基础业务上取得巨大成功 产品和服务具有全球性品牌和必需品的地位 [3] - 根据晨星分析 在当前时点可口可乐是比美国运通更具吸引力的投资选择 [8] 可口可乐分析 - 公司拥有宽广的经济护城河 源于强大的无形资产和显著的成本优势 [4] - 资产负债表稳健 有能力应对宏观经济波动 [4] - 现金流可靠 被赋予低不确定性评级 [5] - 在面临宏观阻力下 第三季度仍实现了销量增长 [5] - 晨星对其估值为每股72美元 [6] 美国运通分析 - 公司拥有宽广的经济护城河 源于其独特的闭环网络模式 [6] - 该模式包括向消费者发行信用卡 运营支付网络 并与商户建立直接关系 [6] - 资产负债表状况良好 信用卡组合历史上的信用风险低于同行 [6] - 得益于更高的交易量和净利息收入 第三季度业绩表现强劲 [7] - 晨星对其估值为每股265美元 [7] 投资比较 - 可口可乐当前股价更符合其公允价值估算 [8] - 美国运通股票交易价格较其公允价值估算存在显著溢价 [8]

Key Points American Express' success comes from its wide economic moat, which protects its competitive position. The company has a strong brand and a powerful network effect. 10 stocks we like better than American Express › It's strikingly clear that American Express (NYSE: AXP) has made for an exceptional investment. In the past five years, shares have produced a total return of 260% (as of Oct. 20). They trade at an all-time high these days, most recently buoyed by strong financial performance for ...

In January 2025, I published my first and only article about Danaher Corporation (NYSE: DHR ). Back then, I stated that I see question marks behind a potential moat and saw that stock a bit overvalued. In the conclusion of myMy analysis is focused on high-quality companies, that can outperform the market over the long-run due to a competitive advantage (economic moat) and high levels of defensibility. Focused on European and North American companies, but without constraints regarding market capitalization ( ...

I'm Susan Javinsky with Morning Star. Anyone familiar with Morning Star knows we're fans of companies with economic moes. Why.Because we think that companies with moes have what it takes to compete successfully for a decade or more. And as a result, we think companies with economic moes are the best companies to own. So investors may be surprised to learn that Morning Star doesn't think everyone needs to only buy wide or narrow mode stocks.In fact, companies without economic moes can be good long-term inves ...

Hardware gets all the attention, but Apple's business depends on success in another area.Apple (AAPL -3.40%) sells some of the most admired products on the face of the planet. Its iPhone, a device in the 18th year of its lifecycle, is still so successful that it generated $44.6 billion in revenue in the third quarter (ended June 28). Add this to more items in the lineup, and it's no surprise this business is a consumer favorite.Without a doubt, hardware is important to Apple's success. But here's a number t ...

Rollins, Inc. (NYSE: ROL ) is one of the best businesses we can find in this market. It is a stable, boring business that is growing at a high pace and showing little fluctuations. However, in the past, I always considered the stockMy analysis is focused on high-quality companies, that can outperform the market over the long-run due to a competitive advantage (economic moat) and high levels of defensibility. Focused on European and North American companies, but without constraints regarding market capitaliz ...

Among the hundreds of banks out there, Svenska Handelsbanken ( OTCPK:SVNLF ) ( OTCPK:SVNLY ) is very special in several ways. It is not only the oldest stock listed on the Stockholm Stock Exchange and wasMy analysis is focused on high-quality companies, that can outperform the market over the long-run due to a competitive advantage (economic moat) and high levels of defensibility. Focused on European and North American companies, but without constraints regarding market capitalization (from large cap to sma ...

It has been more than two years since I covered Symrise AG ( OTCPK:SYIEF ) the last time. The German mid-cap company is certainly an interesting business and probably one of the more stable businesses in GermanyMy analysis is focused on high-quality companies, that can outperform the market over the long-run due to a competitive advantage (economic moat) and high levels of defensibility. Focused on European and North American companies, but without constraints regarding market capitalization (from large cap ...