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2021-03-17
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5 sturdy value stocks to protect your portfolio from rising interest rates<blockquote>5 只稳健的价值股票可保护您的投资组合免受利率上升的影响</blockquote>
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As recently as last summer, 10-year Treasurys commanded a 0.5% rate. That means interest rates have tripled in less than a year.</p><p><blockquote>但考虑到美国国债最近的走势，重要的是要记住，低和高是相对术语。就在去年夏天，10年期美国国债的利率为0.5%。这意味着利率在不到一年的时间里增加了两倍。</blockquote></p><p> Rapid changes like that can have a real impact on your portfolio. Consider that the massive iShares Core U.S. Aggregate Bond ETF,which has $85 billion under management, has dipped 4% already this year even as the S&P 500 Index of the largest U.S. stocks has powered 5% higher.</p><p><blockquote>像这样的快速变化会对你的投资组合产生真正的影响。考虑到管理着 850 亿美元的大型 iShares Core U.S. Aggregate Bond ETF 今年已经下跌了 4%，尽管美国最大股票的标普500指数上涨了 5%。</blockquote></p><p> Some analysts predict rates are only getting started, thanks to stimulus checks, government spending and the long-shot chance of tighter policies from the Federal Reserve later this year.</p><p><blockquote>一些分析师预测，由于刺激检查、政府支出以及美联储今年晚些时候收紧政策的可能性很小，利率才刚刚开始。</blockquote></p><p> If you want to insulate your portfolio from rising rates, here are five low-risk value stocks that could see you through any choppiness in the months ahead.</p><p><blockquote>如果您想保护您的投资组合免受利率上升的影响，这里有五只低风险价值股票，可以帮助您度过未来几个月的任何波动。</blockquote></p><p> <b>Bank of America</b></p><p><blockquote><b>美国银行</b></blockquote></p><p> Historically, increases in interest rates mean expanding profit margins for the financial sector. And Bank of America, the second-largest U.S. bank by assets, has a massive scale that is sure to pay off as rates rise.</p><p><blockquote>从历史上看，利率上升意味着金融业利润率的扩大。美国银行是美国资产第二大银行，其庞大的规模肯定会随着利率上升而获得回报。</blockquote></p><p> The stock isn’t just seeing momentum recently because of the prospect of higher rates. The shares are up almost 60% in the past 12 months since the COVID-19 lows of 2020, outperforming the S&P 500 in the same period. It’s also riding an impressive streak of earnings reports, topping Wall Street expectations in 15 of the last 16 quarters.</p><p><blockquote>该股最近的势头不仅仅是因为利率上升的前景。自 2020 年 COVID-19 低点以来，该股在过去 12 个月中上涨了近 60%，超过了同期的标普500。在过去的 16 个季度中，有 15 个季度的财报超过了华尔街的预期。</blockquote></p><p> Adding to the appeal is that at the end of 2020 iconic investor Warren Buffett and his Berkshire Hathaway investment company pumped more than $2 billioninto Bank of America’s stock to push the stake up to nearly 12% of the entire company. That puts BofA as the No. 2 position in Berkshire’s portfolio, behind only tech giant Apple,and giving the stock a huge vote of confidence. What’s more, Buffett & Co. sought approval from the Federal Reserve to double that already massive investment, up to a total of 24.9% of Bank of America’s outstanding shares.</p><p><blockquote>2020 年底，标志性投资者沃伦-巴菲特（Warren Buffett）和他的伯克希尔-哈撒韦投资公司（Berkshire Hathaway investment company）向美国银行（Bank of America）的股票注入了 20 多亿美元，使其持股比例达到整个公司的近 12%，这更增添了吸引力。这使得美国银行在伯克希尔的投资组合中排名第二，仅次于科技巨头苹果公司，这使得该股获得了巨大的信任票。此外，巴菲特公司还寻求美联储批准，将这笔已经庞大的投资增加一倍，达到美国银行流通股的 24.9%。</blockquote></p><p> Adjusted for splits, BofA stock is back to levels not seen since 2008, before the financial crisis sent shares to low single digits and resulted in a dividend reduction to just a penny per share. The combination of a rising rate environment, strong institutional buying pressure and massive scale make this stock a stable investment that investors may want to look into.</p><p><blockquote>经分拆调整后，美国银行股价已回到 2008 年以来的最高水平，当时金融危机导致股价跌至个位数，并导致股息减少至每股仅 1 美分。利率上升的环境、强大的机构购买压力和巨大的规模相结合，使这只股票成为投资者可能想要研究的稳定投资。</blockquote></p><p> <b>Johnson & Johnson</b></p><p><blockquote><b>强生公司</b></blockquote></p><p> Another mega-cap stock that should be a familiar favorite of value investors, Johnson & Johnson stands out because of a combination of intrinsic value and specific factors that should help it thrive despite the challenges of 2021.</p><p><blockquote>强生是另一只应该是价值投资者熟悉的最爱的大盘股，它之所以脱颖而出，是因为它结合了内在价值和特定因素，这应该有助于它在 2021 年面临挑战的情况下蓬勃发展。</blockquote></p><p> J&J is one of only two S&P 500 companies (tech giant Microsoft is the other) with a perfect AAA credit rating. It’s also among the 10 largest U.S. companies by market cap, boasts $25 billion in cash and tallies more than $20 billion in annual operating cash flow. When it comes to stability and tangible value on the balance sheet, it’s hard to top this health-care giant.</p><p><blockquote>强生是仅有的两家拥有完美 AAA 信用评级的标普500公司之一（另一家是科技巨头微软）。按市值计算，它也是美国十大公司之一，拥有 250 亿美元现金，年运营现金流超过 200 亿美元。说到稳定性和资产负债表上的有形价值，很难超越这家医疗保健巨头。</blockquote></p><p> In 2021, there are also a few factors that should help J&J power even higher. While it is too big and stable to get quite the short-term momentum of a stock like Moderna or Novavax,J&J is set to benefit from a nice tailwind thanks to the fact its own single-dose coronavirus vaccine received Emergency Use Authorization from the U.S. Food and Drug Administration in late February.</p><p><blockquote>2021年，也有几个因素可以帮助强生电力更上一层楼。虽然它太大太稳定，无法获得 Moderna 或 Novavax 等股票的短期势头，但强生将受益于良好的顺风，这要归功于其自己的单剂量冠状病毒疫苗获得了美国的紧急使用授权。食品药品监督管理局在二月下旬。</blockquote></p><p> Johnson & Johnson has a tremendous portfolio of health-care products to fall back on beyond the vaccine, including over-the-counter medication like Tylenol and its eponymous baby-care products, prescription drugs and medical devices. If you want a “sure thing” stock in an uncertain market environment, it could be hard to find a better candidate than JNJ.</p><p><blockquote>除了疫苗之外，强生公司还拥有大量可供依赖的医疗保健产品组合，包括泰诺等非处方药及其同名婴儿护理产品、处方药和医疗设备。如果你想要一只在不确定的市场环境中 “稳操胜券 ”的股票，可能很难找到比 JNJ 更好的候选股票。</blockquote></p><p> <b>Walmart</b></p><p><blockquote><b>沃尔玛</b></blockquote></p><p> Keeping with the theme of tremendous scale, big box retailer Walmart is a $380 billion powerhouse that recorded more than $36 billion in operating cash flow last fiscal year. It’s up nearly 50% from its 2020 lows, outperforming the major stock market indexes in the same period, thanks in part to selling groceries and household goods that have remained in strong demand despite disruptions to other spending categories.</p><p><blockquote>秉承巨大规模的主题，大型零售商沃尔玛是一家价值 3800 亿美元的巨头，上一财年的运营现金流超过 360 亿美元。该指数比 2020 年的低点上涨了近 50%，跑赢了同期主要股市指数，部分原因是食品杂货和家庭用品的销售，尽管其他支出类别受到干扰，但这些商品的需求仍然强劲。</blockquote></p><p></p><p> This bodes well for the stability of Walmart going forward, as these categories should remain strong for the foreseeable future. Furthermore, the pandemic forced WMT to increase its already impressive digital penetration with customers and accelerated its membership platform Walmart+. This service, at $12 a month or $98 a year, allows for free next-day shipping with no minimum orders and free-from-store delivery for orders of at least $35. There’s even a 5-cent saving on gasoline for members, making this program seem like as good of a value as WMT stock itself.</p><p><blockquote>这对沃尔玛未来的稳定性来说是个好兆头，因为这些类别在可预见的未来应该会保持强劲。此外，疫情迫使 WMT 提高其与客户已经令人印象深刻的数字渗透率，并加速其会员平台 Walmart+。这项服务每月 12 美元或每年 98 美元，允许免费次日送货，无最低订单，订单金额至少为 35 美元，可免费从商店送货。会员的汽油费甚至可以节省 5 美分，这使得该计划看起来和 WMT 股票本身一样物有所值。</blockquote></p><p> The icing on the cake is an impressive track record of 48 years of consecutive dividend increase that proves Walmart isn’t just a reliable source of income but also a stock that’s committed to its shareholders. Dividends are a tangible sign of real value in a stock, as you have to have regular and material profits to back them up, and a long history of increase shows long-term value investors can depend on WMT regardless of short-term ups and downs for the U.S. economy.</p><p><blockquote>锦上添花的是连续 48 年增加股息的令人印象深刻的业绩记录，这证明沃尔玛不仅是一个可靠的收入来源，也是一只忠于股东的股票。股息是股票真实价值的切实标志，因为你必须有定期和重大的利润来支持它们，而长期的增长历史表明，长期价值投资者可以依赖 WMT，无论美国经济的短期起伏。</blockquote></p><p> <b>CVS</b></p><p><blockquote><b>简历</b></blockquote></p><p> Though you may think of CVS as simply a retailer of a different sort, the reality is that CVS has become much more than a drugstore in 2021. Over the past few years, an investment in acute care and vaccination services in-store has paid off big time as CVS is now a critical part of the vaccine rollout in the U.S. In fact, a recent Wall Street Journal report noted the company has delivered over 3 million vaccines.</p><p><blockquote>尽管您可能认为 CVS 只是一家不同类型的零售商，但现实是 CVS 在 2021 年已经不仅仅是一家药店。在过去的几年里，对店内急性护理和疫苗接种服务的投资已经获得了巨大的回报，因为CVS现在是美国疫苗推广的重要组成部分。事实上，《华尔街日报》最近的一篇报道指出，该公司已经交付了超过300万剂疫苗。</blockquote></p><p> That’s a short-term opportunity, to be sure. But more importantly, it has brought all those customers into its store and signed many of them up for marketing updates or its ExtraCare rewards program to keep them coming back over the long haul.</p><p><blockquote>可以肯定的是，这是一个短期的机会。但更重要的是，它将所有这些顾客带到了它的商店，并为他们中的许多人注册了营销更新或额外护理奖励计划，以让他们长期回来。</blockquote></p><p> Speaking of the long haul, investors should not be fooled into thinking this is just a vaccine play. CVS has been shrewd in recent years, growing into a dominant provider of pharmacy benefit management solutions and even acquiring primary care insurance provider Aetna in 2018. These operations ensure CVS thrives whether individual patients come in to their brick-and-mortar stores with a prescription or not. In fact, under the Global Industry Classification Standard the stock is grouped into “health-care plans” with other stocks like Cigna and UnitedHealthGroup and not with retailers.</p><p><blockquote>说到长期，投资者不应该被愚弄，认为这只是一场疫苗游戏。CVS近年来一直很精明，成长为药房福利管理解决方案的主导提供商，甚至在2018年收购了初级保健保险提供商Aetna。这些操作确保CVS蓬勃发展，无论个别患者是否带着处方来到他们的实体店。事实上，根据全球行业分类标准，该股与 Cigna 和 UnitedHealthGroup 等其他股票一起被归入 “医疗保健计划 ”，而不是与零售商一起。</blockquote></p><p> The kicker is that CVS has a forward price-to-earnings ratio of about 9 right now, less than half that of the S&P 500’s 22, and well below peers like UNH in its industry group that are around 20. With a health-care focus that insulates it from rates and an attractive valuation, CVS is worth a look.</p><p><blockquote>令人兴奋的是，CVS 目前的远期市盈率约为 9，不到标普500 22 倍的一半，也远低于 UNH 等同行的 20 倍左右。CVS 专注于医疗保健，使其免受费率和有吸引力的估值的影响，值得一看。</blockquote></p><p> <b>General Motors</b></p><p><blockquote><b>通用汽车</b></blockquote></p><p> I made the case for General Motors earlier this year in a MarketWatch column. And with shares up about 40% year-to-date, it’s worth repeating that call here as GM has a lot of intrinsic value and remains at an attractive price even after this run.</p><p><blockquote>今年早些时候，我在 MarketWatch 专栏中为通用汽车提出了理由。今年迄今为止，看涨期权的股价上涨了约 40%，值得重申的是，作为通用汽车，看涨期权拥有很大的内在价值，即使在这次上涨之后，其价格仍然很有吸引力。</blockquote></p><p> Case in point: GM is sitting on a forward P/E of less than 7, compared with 11 for Toyota and about 22 for the market at large.</p><p><blockquote>一个恰当的例子：通用汽车的远期市盈率不到7，而丰田为11，整个市场约为22。</blockquote></p><p> You might say that’s because the market is discounting GM’s stock for a lack of innovation in the age of electric vehicles. But the truth is that GM is actually running with the pack of EV manfucaturers quite well. Its new Ultium battery power system is modular, allowing it to grow quickly into the many vehicle lines offered by this legacy automaker, and its BrightDrop subsidiary continues to innovate with developments include a 250-mile range delivery van. GM has publicly pledged to have a 100% electric portfolio by 2035, and is well on its way to that long-term goal.</p><p><blockquote>你可能会说，这是因为市场认为通用汽车的股票在电动汽车时代缺乏创新。但事实是，通用汽车实际上与电动汽车制造商合作得很好。其新的 Ultium 电池动力系统是模块化的，使其能够快速发展到这家传统汽车制造商提供的众多车辆系列中，其 BrightDrop 子公司继续创新，开发了 250 英里续航里程的送货车。通用汽车已公开承诺到 2035 年拥有 100% 电动产品组合，并且正在朝着这一长期目标稳步前进。</blockquote></p><p> Now, you may write off this promise as the desperate public relations campaign of a company that has already been eclipsed by Tesla.But GM has one big thing Tesla doesn’t — a mature manufacturing operation that cranks out 7.7 million vehicles a year, and property and equipment valued at almost $80 billion, according to SEC filings.</p><p><blockquote>现在，你可能会把这个承诺一笔勾销，认为这是一家已经被特斯拉所掩盖的公司绝望的公关活动。但根据美国证券交易委员会的文件，通用汽车拥有特斯拉所没有的一件大事--一个成熟的制造业务，每年生产 770 万辆汽车，以及价值近 800 亿美元的财产和设备。</blockquote></p><p> Yes, the pandemic has created short-term disruptions for the automaker. And yes, there is long-term risk of missing out on the EV revolution. But GM has a ton of intrinsic value right now. And if rates are rising thanks to an economic recovery, you can expect folks to eagerly spend on GM vehicles rather than pay more in financing costs or sticker price later.</p><p><blockquote>是的，疫情给这家汽车制造商造成了短期干扰。是的，错过电动汽车革命存在长期风险。但通用汽车目前拥有巨大的内在价值。如果由于经济复苏而利率上升，你可以预期人们会急切地在通用汽车上花钱，而不是在以后支付更多的融资成本或标价。</blockquote></p><p></p>","source":"market_watch","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>5 sturdy value stocks to protect your portfolio from rising interest rates<blockquote>5 只稳健的价值股票可保护您的投资组合免受利率上升的影响</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\">\n5 sturdy value stocks to protect your portfolio from rising interest rates<blockquote>5 只稳健的价值股票可保护您的投资组合免受利率上升的影响</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-03-17 10:56</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Johnson & Johnson, General Motors and three other companies have high intrinsic value and catalysts that bode well for a post-pandemic world.</p><p><blockquote>强生公司、通用汽车和其他三家公司具有很高的内在价值和催化剂，这对大流行后的世界来说是个好兆头。</blockquote></p><p> It’s hard to imagine that the benchmark Treasury bond yielding halfway between 1% and 2% would cause panic in the stock market, but that’s exactly what’s happened.</p><p><blockquote>很难想象基准国债收益率介于 1% 到 2% 之间会引起股市恐慌，但事实正是如此。</blockquote></p><p> U.S. Treasurys, which are used as a reference rate for all kinds of loans, stood at over 13% some 40 years ago and almost 5% in 2001.</p><p><blockquote>美国国债被用作各种贷款的参考利率，大约40年前超过13%，2001年接近5%。</blockquote></p><p> But considering where Treasurys have been lately, it’s important to remember that low and high are relative terms. As recently as last summer, 10-year Treasurys commanded a 0.5% rate. That means interest rates have tripled in less than a year.</p><p><blockquote>但考虑到美国国债最近的走势，重要的是要记住，低和高是相对术语。就在去年夏天，10年期美国国债的利率为0.5%。这意味着利率在不到一年的时间里增加了两倍。</blockquote></p><p> Rapid changes like that can have a real impact on your portfolio. Consider that the massive iShares Core U.S. Aggregate Bond ETF,which has $85 billion under management, has dipped 4% already this year even as the S&P 500 Index of the largest U.S. stocks has powered 5% higher.</p><p><blockquote>像这样的快速变化会对你的投资组合产生真正的影响。考虑到管理着 850 亿美元的大型 iShares Core U.S. Aggregate Bond ETF 今年已经下跌了 4%，尽管美国最大股票的标普500指数上涨了 5%。</blockquote></p><p> Some analysts predict rates are only getting started, thanks to stimulus checks, government spending and the long-shot chance of tighter policies from the Federal Reserve later this year.</p><p><blockquote>一些分析师预测，由于刺激检查、政府支出以及美联储今年晚些时候收紧政策的可能性很小，利率才刚刚开始。</blockquote></p><p> If you want to insulate your portfolio from rising rates, here are five low-risk value stocks that could see you through any choppiness in the months ahead.</p><p><blockquote>如果您想保护您的投资组合免受利率上升的影响，这里有五只低风险价值股票，可以帮助您度过未来几个月的任何波动。</blockquote></p><p> <b>Bank of America</b></p><p><blockquote><b>美国银行</b></blockquote></p><p> Historically, increases in interest rates mean expanding profit margins for the financial sector. And Bank of America, the second-largest U.S. bank by assets, has a massive scale that is sure to pay off as rates rise.</p><p><blockquote>从历史上看，利率上升意味着金融业利润率的扩大。美国银行是美国资产第二大银行，其庞大的规模肯定会随着利率上升而获得回报。</blockquote></p><p> The stock isn’t just seeing momentum recently because of the prospect of higher rates. The shares are up almost 60% in the past 12 months since the COVID-19 lows of 2020, outperforming the S&P 500 in the same period. It’s also riding an impressive streak of earnings reports, topping Wall Street expectations in 15 of the last 16 quarters.</p><p><blockquote>该股最近的势头不仅仅是因为利率上升的前景。自 2020 年 COVID-19 低点以来，该股在过去 12 个月中上涨了近 60%，超过了同期的标普500。在过去的 16 个季度中，有 15 个季度的财报超过了华尔街的预期。</blockquote></p><p> Adding to the appeal is that at the end of 2020 iconic investor Warren Buffett and his Berkshire Hathaway investment company pumped more than $2 billioninto Bank of America’s stock to push the stake up to nearly 12% of the entire company. That puts BofA as the No. 2 position in Berkshire’s portfolio, behind only tech giant Apple,and giving the stock a huge vote of confidence. What’s more, Buffett & Co. sought approval from the Federal Reserve to double that already massive investment, up to a total of 24.9% of Bank of America’s outstanding shares.</p><p><blockquote>2020 年底，标志性投资者沃伦-巴菲特（Warren Buffett）和他的伯克希尔-哈撒韦投资公司（Berkshire Hathaway investment company）向美国银行（Bank of America）的股票注入了 20 多亿美元，使其持股比例达到整个公司的近 12%，这更增添了吸引力。这使得美国银行在伯克希尔的投资组合中排名第二，仅次于科技巨头苹果公司，这使得该股获得了巨大的信任票。此外，巴菲特公司还寻求美联储批准，将这笔已经庞大的投资增加一倍，达到美国银行流通股的 24.9%。</blockquote></p><p> Adjusted for splits, BofA stock is back to levels not seen since 2008, before the financial crisis sent shares to low single digits and resulted in a dividend reduction to just a penny per share. The combination of a rising rate environment, strong institutional buying pressure and massive scale make this stock a stable investment that investors may want to look into.</p><p><blockquote>经分拆调整后，美国银行股价已回到 2008 年以来的最高水平，当时金融危机导致股价跌至个位数，并导致股息减少至每股仅 1 美分。利率上升的环境、强大的机构购买压力和巨大的规模相结合，使这只股票成为投资者可能想要研究的稳定投资。</blockquote></p><p> <b>Johnson & Johnson</b></p><p><blockquote><b>强生公司</b></blockquote></p><p> Another mega-cap stock that should be a familiar favorite of value investors, Johnson & Johnson stands out because of a combination of intrinsic value and specific factors that should help it thrive despite the challenges of 2021.</p><p><blockquote>强生是另一只应该是价值投资者熟悉的最爱的大盘股，它之所以脱颖而出，是因为它结合了内在价值和特定因素，这应该有助于它在 2021 年面临挑战的情况下蓬勃发展。</blockquote></p><p> J&J is one of only two S&P 500 companies (tech giant Microsoft is the other) with a perfect AAA credit rating. It’s also among the 10 largest U.S. companies by market cap, boasts $25 billion in cash and tallies more than $20 billion in annual operating cash flow. When it comes to stability and tangible value on the balance sheet, it’s hard to top this health-care giant.</p><p><blockquote>强生是仅有的两家拥有完美 AAA 信用评级的标普500公司之一（另一家是科技巨头微软）。按市值计算，它也是美国十大公司之一，拥有 250 亿美元现金，年运营现金流超过 200 亿美元。说到稳定性和资产负债表上的有形价值，很难超越这家医疗保健巨头。</blockquote></p><p> In 2021, there are also a few factors that should help J&J power even higher. While it is too big and stable to get quite the short-term momentum of a stock like Moderna or Novavax,J&J is set to benefit from a nice tailwind thanks to the fact its own single-dose coronavirus vaccine received Emergency Use Authorization from the U.S. Food and Drug Administration in late February.</p><p><blockquote>2021年，也有几个因素可以帮助强生电力更上一层楼。虽然它太大太稳定，无法获得 Moderna 或 Novavax 等股票的短期势头，但强生将受益于良好的顺风，这要归功于其自己的单剂量冠状病毒疫苗获得了美国的紧急使用授权。食品药品监督管理局在二月下旬。</blockquote></p><p> Johnson & Johnson has a tremendous portfolio of health-care products to fall back on beyond the vaccine, including over-the-counter medication like Tylenol and its eponymous baby-care products, prescription drugs and medical devices. If you want a “sure thing” stock in an uncertain market environment, it could be hard to find a better candidate than JNJ.</p><p><blockquote>除了疫苗之外，强生公司还拥有大量可供依赖的医疗保健产品组合，包括泰诺等非处方药及其同名婴儿护理产品、处方药和医疗设备。如果你想要一只在不确定的市场环境中 “稳操胜券 ”的股票，可能很难找到比 JNJ 更好的候选股票。</blockquote></p><p> <b>Walmart</b></p><p><blockquote><b>沃尔玛</b></blockquote></p><p> Keeping with the theme of tremendous scale, big box retailer Walmart is a $380 billion powerhouse that recorded more than $36 billion in operating cash flow last fiscal year. It’s up nearly 50% from its 2020 lows, outperforming the major stock market indexes in the same period, thanks in part to selling groceries and household goods that have remained in strong demand despite disruptions to other spending categories.</p><p><blockquote>秉承巨大规模的主题，大型零售商沃尔玛是一家价值 3800 亿美元的巨头，上一财年的运营现金流超过 360 亿美元。该指数比 2020 年的低点上涨了近 50%，跑赢了同期主要股市指数，部分原因是食品杂货和家庭用品的销售，尽管其他支出类别受到干扰，但这些商品的需求仍然强劲。</blockquote></p><p></p><p> This bodes well for the stability of Walmart going forward, as these categories should remain strong for the foreseeable future. Furthermore, the pandemic forced WMT to increase its already impressive digital penetration with customers and accelerated its membership platform Walmart+. This service, at $12 a month or $98 a year, allows for free next-day shipping with no minimum orders and free-from-store delivery for orders of at least $35. There’s even a 5-cent saving on gasoline for members, making this program seem like as good of a value as WMT stock itself.</p><p><blockquote>这对沃尔玛未来的稳定性来说是个好兆头，因为这些类别在可预见的未来应该会保持强劲。此外，疫情迫使 WMT 提高其与客户已经令人印象深刻的数字渗透率，并加速其会员平台 Walmart+。这项服务每月 12 美元或每年 98 美元，允许免费次日送货，无最低订单，订单金额至少为 35 美元，可免费从商店送货。会员的汽油费甚至可以节省 5 美分，这使得该计划看起来和 WMT 股票本身一样物有所值。</blockquote></p><p> The icing on the cake is an impressive track record of 48 years of consecutive dividend increase that proves Walmart isn’t just a reliable source of income but also a stock that’s committed to its shareholders. Dividends are a tangible sign of real value in a stock, as you have to have regular and material profits to back them up, and a long history of increase shows long-term value investors can depend on WMT regardless of short-term ups and downs for the U.S. economy.</p><p><blockquote>锦上添花的是连续 48 年增加股息的令人印象深刻的业绩记录，这证明沃尔玛不仅是一个可靠的收入来源，也是一只忠于股东的股票。股息是股票真实价值的切实标志，因为你必须有定期和重大的利润来支持它们，而长期的增长历史表明，长期价值投资者可以依赖 WMT，无论美国经济的短期起伏。</blockquote></p><p> <b>CVS</b></p><p><blockquote><b>简历</b></blockquote></p><p> Though you may think of CVS as simply a retailer of a different sort, the reality is that CVS has become much more than a drugstore in 2021. Over the past few years, an investment in acute care and vaccination services in-store has paid off big time as CVS is now a critical part of the vaccine rollout in the U.S. In fact, a recent Wall Street Journal report noted the company has delivered over 3 million vaccines.</p><p><blockquote>尽管您可能认为 CVS 只是一家不同类型的零售商，但现实是 CVS 在 2021 年已经不仅仅是一家药店。在过去的几年里，对店内急性护理和疫苗接种服务的投资已经获得了巨大的回报，因为CVS现在是美国疫苗推广的重要组成部分。事实上，《华尔街日报》最近的一篇报道指出，该公司已经交付了超过300万剂疫苗。</blockquote></p><p> That’s a short-term opportunity, to be sure. But more importantly, it has brought all those customers into its store and signed many of them up for marketing updates or its ExtraCare rewards program to keep them coming back over the long haul.</p><p><blockquote>可以肯定的是，这是一个短期的机会。但更重要的是，它将所有这些顾客带到了它的商店，并为他们中的许多人注册了营销更新或额外护理奖励计划，以让他们长期回来。</blockquote></p><p> Speaking of the long haul, investors should not be fooled into thinking this is just a vaccine play. CVS has been shrewd in recent years, growing into a dominant provider of pharmacy benefit management solutions and even acquiring primary care insurance provider Aetna in 2018. These operations ensure CVS thrives whether individual patients come in to their brick-and-mortar stores with a prescription or not. In fact, under the Global Industry Classification Standard the stock is grouped into “health-care plans” with other stocks like Cigna and UnitedHealthGroup and not with retailers.</p><p><blockquote>说到长期，投资者不应该被愚弄，认为这只是一场疫苗游戏。CVS近年来一直很精明，成长为药房福利管理解决方案的主导提供商，甚至在2018年收购了初级保健保险提供商Aetna。这些操作确保CVS蓬勃发展，无论个别患者是否带着处方来到他们的实体店。事实上，根据全球行业分类标准，该股与 Cigna 和 UnitedHealthGroup 等其他股票一起被归入 “医疗保健计划 ”，而不是与零售商一起。</blockquote></p><p> The kicker is that CVS has a forward price-to-earnings ratio of about 9 right now, less than half that of the S&P 500’s 22, and well below peers like UNH in its industry group that are around 20. With a health-care focus that insulates it from rates and an attractive valuation, CVS is worth a look.</p><p><blockquote>令人兴奋的是，CVS 目前的远期市盈率约为 9，不到标普500 22 倍的一半，也远低于 UNH 等同行的 20 倍左右。CVS 专注于医疗保健，使其免受费率和有吸引力的估值的影响，值得一看。</blockquote></p><p> <b>General Motors</b></p><p><blockquote><b>通用汽车</b></blockquote></p><p> I made the case for General Motors earlier this year in a MarketWatch column. And with shares up about 40% year-to-date, it’s worth repeating that call here as GM has a lot of intrinsic value and remains at an attractive price even after this run.</p><p><blockquote>今年早些时候，我在 MarketWatch 专栏中为通用汽车提出了理由。今年迄今为止，看涨期权的股价上涨了约 40%，值得重申的是，作为通用汽车，看涨期权拥有很大的内在价值，即使在这次上涨之后，其价格仍然很有吸引力。</blockquote></p><p> Case in point: GM is sitting on a forward P/E of less than 7, compared with 11 for Toyota and about 22 for the market at large.</p><p><blockquote>一个恰当的例子：通用汽车的远期市盈率不到7，而丰田为11，整个市场约为22。</blockquote></p><p> You might say that’s because the market is discounting GM’s stock for a lack of innovation in the age of electric vehicles. But the truth is that GM is actually running with the pack of EV manfucaturers quite well. Its new Ultium battery power system is modular, allowing it to grow quickly into the many vehicle lines offered by this legacy automaker, and its BrightDrop subsidiary continues to innovate with developments include a 250-mile range delivery van. GM has publicly pledged to have a 100% electric portfolio by 2035, and is well on its way to that long-term goal.</p><p><blockquote>你可能会说，这是因为市场认为通用汽车的股票在电动汽车时代缺乏创新。但事实是，通用汽车实际上与电动汽车制造商合作得很好。其新的 Ultium 电池动力系统是模块化的，使其能够快速发展到这家传统汽车制造商提供的众多车辆系列中，其 BrightDrop 子公司继续创新，开发了 250 英里续航里程的送货车。通用汽车已公开承诺到 2035 年拥有 100% 电动产品组合，并且正在朝着这一长期目标稳步前进。</blockquote></p><p> Now, you may write off this promise as the desperate public relations campaign of a company that has already been eclipsed by Tesla.But GM has one big thing Tesla doesn’t — a mature manufacturing operation that cranks out 7.7 million vehicles a year, and property and equipment valued at almost $80 billion, according to SEC filings.</p><p><blockquote>现在，你可能会把这个承诺一笔勾销，认为这是一家已经被特斯拉所掩盖的公司绝望的公关活动。但根据美国证券交易委员会的文件，通用汽车拥有特斯拉所没有的一件大事--一个成熟的制造业务，每年生产 770 万辆汽车，以及价值近 800 亿美元的财产和设备。</blockquote></p><p> Yes, the pandemic has created short-term disruptions for the automaker. And yes, there is long-term risk of missing out on the EV revolution. But GM has a ton of intrinsic value right now. And if rates are rising thanks to an economic recovery, you can expect folks to eagerly spend on GM vehicles rather than pay more in financing costs or sticker price later.</p><p><blockquote>是的，疫情给这家汽车制造商造成了短期干扰。是的，错过电动汽车革命存在长期风险。但通用汽车目前拥有巨大的内在价值。如果由于经济复苏而利率上升，你可以预期人们会急切地在通用汽车上花钱，而不是在以后支付更多的融资成本或标价。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/five-sturdy-value-stocks-to-protect-your-portfolio-from-rising-interest-rates-11615897033?mod=home-page\">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":{"BAC":"美国银行","WMT":"沃尔玛","GM":"通用汽车","CVS":"西维斯健康","JNJ":"强生"},"source_url":"https://www.marketwatch.com/story/five-sturdy-value-stocks-to-protect-your-portfolio-from-rising-interest-rates-11615897033?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/599a65733b8245fcf7868668ef9ad712","article_id":"1107740379","content_text":"Johnson & Johnson, General Motors and three other companies have high intrinsic value and catalysts that bode well for a post-pandemic world.\nIt’s hard to imagine that the benchmark Treasury bond yielding halfway between 1% and 2% would cause panic in the stock market, but that’s exactly what’s happened.\nU.S. Treasurys, which are used as a reference rate for all kinds of loans, stood at over 13% some 40 years ago and almost 5% in 2001.\nBut considering where Treasurys have been lately, it’s important to remember that low and high are relative terms. As recently as last summer, 10-year Treasurys commanded a 0.5% rate. That means interest rates have tripled in less than a year.\nRapid changes like that can have a real impact on your portfolio. Consider that the massive iShares Core U.S. Aggregate Bond ETF,which has $85 billion under management, has dipped 4% already this year even as the S&P 500 Index of the largest U.S. stocks has powered 5% higher.\nSome analysts predict rates are only getting started, thanks to stimulus checks, government spending and the long-shot chance of tighter policies from the Federal Reserve later this year.\nIf you want to insulate your portfolio from rising rates, here are five low-risk value stocks that could see you through any choppiness in the months ahead.\nBank of America\nHistorically, increases in interest rates mean expanding profit margins for the financial sector. And Bank of America, the second-largest U.S. bank by assets, has a massive scale that is sure to pay off as rates rise.\nThe stock isn’t just seeing momentum recently because of the prospect of higher rates. The shares are up almost 60% in the past 12 months since the COVID-19 lows of 2020, outperforming the S&P 500 in the same period. It’s also riding an impressive streak of earnings reports, topping Wall Street expectations in 15 of the last 16 quarters.\nAdding to the appeal is that at the end of 2020 iconic investor Warren Buffett and his Berkshire Hathaway investment company pumped more than $2 billioninto Bank of America’s stock to push the stake up to nearly 12% of the entire company. That puts BofA as the No. 2 position in Berkshire’s portfolio, behind only tech giant Apple,and giving the stock a huge vote of confidence. What’s more, Buffett & Co. sought approval from the Federal Reserve to double that already massive investment, up to a total of 24.9% of Bank of America’s outstanding shares.\nAdjusted for splits, BofA stock is back to levels not seen since 2008, before the financial crisis sent shares to low single digits and resulted in a dividend reduction to just a penny per share. The combination of a rising rate environment, strong institutional buying pressure and massive scale make this stock a stable investment that investors may want to look into.\nJohnson & Johnson\nAnother mega-cap stock that should be a familiar favorite of value investors, Johnson & Johnson stands out because of a combination of intrinsic value and specific factors that should help it thrive despite the challenges of 2021.\nJ&J is one of only two S&P 500 companies (tech giant Microsoft is the other) with a perfect AAA credit rating. It’s also among the 10 largest U.S. companies by market cap, boasts $25 billion in cash and tallies more than $20 billion in annual operating cash flow. When it comes to stability and tangible value on the balance sheet, it’s hard to top this health-care giant.\nIn 2021, there are also a few factors that should help J&J power even higher. While it is too big and stable to get quite the short-term momentum of a stock like Moderna or Novavax,J&J is set to benefit from a nice tailwind thanks to the fact its own single-dose coronavirus vaccine received Emergency Use Authorization from the U.S. Food and Drug Administration in late February.\nJohnson & Johnson has a tremendous portfolio of health-care products to fall back on beyond the vaccine, including over-the-counter medication like Tylenol and its eponymous baby-care products, prescription drugs and medical devices. If you want a “sure thing” stock in an uncertain market environment, it could be hard to find a better candidate than JNJ.\nWalmart\nKeeping with the theme of tremendous scale, big box retailer Walmart is a $380 billion powerhouse that recorded more than $36 billion in operating cash flow last fiscal year. It’s up nearly 50% from its 2020 lows, outperforming the major stock market indexes in the same period, thanks in part to selling groceries and household goods that have remained in strong demand despite disruptions to other spending categories.\nThis bodes well for the stability of Walmart going forward, as these categories should remain strong for the foreseeable future. Furthermore, the pandemic forced WMT to increase its already impressive digital penetration with customers and accelerated its membership platform Walmart+. This service, at $12 a month or $98 a year, allows for free next-day shipping with no minimum orders and free-from-store delivery for orders of at least $35. There’s even a 5-cent saving on gasoline for members, making this program seem like as good of a value as WMT stock itself.\nThe icing on the cake is an impressive track record of 48 years of consecutive dividend increase that proves Walmart isn’t just a reliable source of income but also a stock that’s committed to its shareholders. Dividends are a tangible sign of real value in a stock, as you have to have regular and material profits to back them up, and a long history of increase shows long-term value investors can depend on WMT regardless of short-term ups and downs for the U.S. economy.\nCVS\nThough you may think of CVS as simply a retailer of a different sort, the reality is that CVS has become much more than a drugstore in 2021. Over the past few years, an investment in acute care and vaccination services in-store has paid off big time as CVS is now a critical part of the vaccine rollout in the U.S. In fact, a recent Wall Street Journal report noted the company has delivered over 3 million vaccines.\nThat’s a short-term opportunity, to be sure. But more importantly, it has brought all those customers into its store and signed many of them up for marketing updates or its ExtraCare rewards program to keep them coming back over the long haul.\nSpeaking of the long haul, investors should not be fooled into thinking this is just a vaccine play. CVS has been shrewd in recent years, growing into a dominant provider of pharmacy benefit management solutions and even acquiring primary care insurance provider Aetna in 2018. These operations ensure CVS thrives whether individual patients come in to their brick-and-mortar stores with a prescription or not. In fact, under the Global Industry Classification Standard the stock is grouped into “health-care plans” with other stocks like Cigna and UnitedHealthGroup and not with retailers.\nThe kicker is that CVS has a forward price-to-earnings ratio of about 9 right now, less than half that of the S&P 500’s 22, and well below peers like UNH in its industry group that are around 20. With a health-care focus that insulates it from rates and an attractive valuation, CVS is worth a look.\nGeneral Motors\nI made the case for General Motors earlier this year in a MarketWatch column. And with shares up about 40% year-to-date, it’s worth repeating that call here as GM has a lot of intrinsic value and remains at an attractive price even after this run.\nCase in point: GM is sitting on a forward P/E of less than 7, compared with 11 for Toyota and about 22 for the market at large.\nYou might say that’s because the market is discounting GM’s stock for a lack of innovation in the age of electric vehicles. But the truth is that GM is actually running with the pack of EV manfucaturers quite well. Its new Ultium battery power system is modular, allowing it to grow quickly into the many vehicle lines offered by this legacy automaker, and its BrightDrop subsidiary continues to innovate with developments include a 250-mile range delivery van. GM has publicly pledged to have a 100% electric portfolio by 2035, and is well on its way to that long-term goal.\nNow, you may write off this promise as the desperate public relations campaign of a company that has already been eclipsed by Tesla.But GM has one big thing Tesla doesn’t — a mature manufacturing operation that cranks out 7.7 million vehicles a year, and property and equipment valued at almost $80 billion, according to SEC filings.\nYes, the pandemic has created short-term disruptions for the automaker. And yes, there is long-term risk of missing out on the EV revolution. But GM has a ton of intrinsic value right now. And if rates are rising thanks to an economic recovery, you can expect folks to eagerly spend on GM vehicles rather than pay more in financing costs or sticker price later.","news_type":1,"symbols_score_info":{"CVS":0.9,"WMT":0.9,"BAC":0.9,"GM":0.9,"JNJ":0.9}},"isVote":1,"tweetType":1,"viewCount":799,"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":30,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/324943035"}
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