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2021-04-26

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Warren Buffett Has Owned These Stocks Longer Than 112 Million Americans Have Been Alive<blockquote>沃伦·巴菲特持有这些股票的时间超过了1.12亿美国人在世的时间</blockquote>

Warren Buffett is an investing icon on Wall Street. Since taking the helm ofBerkshire Hathaway(NYSE:

Warren Buffett Has Owned These Stocks Longer Than 112 Million Americans Have Been Alive<blockquote>沃伦·巴菲特持有这些股票的时间超过了1.12亿美国人在世的时间</blockquote>

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{"i18n":{"language":"zh_CN"},"data":{"magic":2,"id":374854419,"tweetId":"374854419","gmtCreate":1619440500031,"gmtModify":1634273479373,"author":{"id":3574644652686832,"idStr":"3574644652686832","authorId":3574644652686832,"authorIdStr":"3574644652686832","name":"xxbrian","avatar":"https://static.tigerbbs.com/5d4b2fb466b0c8f60cad4aba9035028d","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":1,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body>Like and comment to my post thanks!</body></html>","htmlText":"<html><head></head><body>Like and comment to my post thanks!</body></html>","text":"Like and comment to my post thanks!","highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/374854419","repostId":1115628548,"repostType":4,"repost":{"id":"1115628548","kind":"news","pubTimestamp":1619435503,"share":"https://www.laohu8.com/m/news/1115628548?lang=zh_CN&edition=full","pubTime":"2021-04-26 19:11","market":"us","language":"en","title":"Warren Buffett Has Owned These Stocks Longer Than 112 Million Americans Have Been Alive<blockquote>沃伦·巴菲特持有这些股票的时间超过了1.12亿美国人在世的时间</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1115628548","media":"Motley Fool","summary":"Warren Buffett is an investing icon on Wall Street. Since taking the helm ofBerkshire Hathaway(NYSE:","content":"Warren Buffett is an investing icon on Wall Street. Since taking the helm ofBerkshire Hathaway(NYSE:BRK.A)(NYSE:BRK.B)in the mid-1960s, he's led his company's stock to an annualized return of 20%. That nearly doubles up the total annual return, including dividends, for theS&amp;P 500of 10.2% since 1965. In aggregate, Buffett's company has outperformed the widely followed S&amp;P 500 by almost 2,800,000% in 56 years.<blockquote>沃伦·巴菲特是华尔街的投资偶像。自掌舵以来伯克希尔哈撒韦(NYSE：BRK.A)(NYSE：BRK.B)20世纪60年代中期，他带领公司股票的年化回报率达到了20%。这几乎使包括股息在内的总年回报率翻了一番标普500自1965年以来增长了10.2%。总体而言，巴菲特的公司在56年里的表现比广受关注的标普500高出近2,800,000%。</blockquote> What's interesting aboutBuffett's investing strategyis that he's keeping things simple. He's focusing his research on a handful of sectors, buying companies that he believes offer sustainable competitive advantages, and, most importantly, hanging onto those businesses for long periods of time and allowing compounding to work its magic. Approximatelya fifth of the Oracle of Omaha's portfoliohas been held for 15 or more years.<blockquote>巴菲特投资策略的有趣之处在于他让事情变得简单。他将研究重点放在少数几个行业，收购他认为具有可持续竞争优势的公司，最重要的是，长期持有这些业务，并让复利发挥其魔力。奥马哈先知大约五分之一的投资组合已持有15年或更长时间。</blockquote> However, a trio of Buffett holdings really stand out for their tenure. After reviewing U.S. Census Bureau population estimates for December 2020, 112.3 million Americans weren't even alive the last time Berkshire Hathaway didn't own these three stocks.<blockquote>然而，巴菲特控股的三家公司在任期内确实脱颖而出。在审查了美国人口普查局对2020年12月的人口估计后，上次伯克希尔哈撒韦公司没有持有这三只股票时，有1.123亿美国人甚至已经不在人世。</blockquote> Coca-Cola<blockquote>可口可乐</blockquote> If you want to talk about the power of compounding and conviction, look no further than Warren Buffett's holding in beverage giantCoca-Cola(NYSE:KO). Berkshire Hathaway has been afaithful holder of Coca-Cola stock since 1988.<blockquote>如果你想谈论复利和信念的力量，看看沃伦·巴菲特对饮料巨头的持股就知道了可口可乐（纽约证券交易所代码：KO）。自1988年以来，伯克希尔哈撒韦公司一直是可口可乐股票的忠实持有者。</blockquote> Aside from an insanely low cost basis, one of the reasons Buffett sticks with Coca-Cola is the company'sgeographic reach. With the exception of North Korea and Cuba, Coke's products can be found in every other country around the world. This means the company benefits from the steady cash flow and its 20% share of cold beverages in developed markets, as well as its 10% share and the juicier growth prospects of emerging market countries. All told, Coke has more than 20 beverage brands generating at least $1 billion in annual sales.<blockquote>除了极低的成本基础之外，巴菲特坚持可口可乐的原因之一是该公司的地理覆盖范围。除了朝鲜和古巴，可口可乐的产品在世界其他所有国家都可以找到。这意味着该公司受益于稳定的现金流和在发达市场冷饮20%的份额，以及新兴市场国家10%的份额和更多的增长前景。总而言之，可口可乐拥有20多个饮料品牌，年销售额至少为10亿美元。</blockquote> Coca-Cola's success can be attributed to its excellent marketing campaigns, too. The company has clear holiday tie-ins, can reach consumers via point-of-sale advertising, is pushing into digital ads, and has an army of well-known ambassadors. Coke is possibly the most well-recognize consumer goods brand in existence today.<blockquote>可口可乐的成功也可以归功于其出色的营销活动。该公司有明确的节日搭配，可以通过销售点广告接触消费者，正在进军数字广告，并拥有一支知名大使大军。可口可乐可能是当今最知名的消费品品牌。</blockquote> For Berkshire Hathaway, it's also a big-time moneymaker. With a cost basis of about $3.25 a share and an annual dividend payout of $1.68, Warren Buffett's yield on cost for Coca-Cola is 52%! No joke: Buffettdoubles his initial investment every two yearsfrom the dividend alone.<blockquote>对于伯克希尔哈撒韦公司来说，这也是一个巨大的赚钱机器。基于每股约3.25美元的成本基础和1.68美元的年度股息支付，沃伦·巴菲特对可口可乐的成本收益率为52%！不是开玩笑：巴菲特每两年仅股息就会使他的初始投资翻倍。</blockquote> Wells Fargo<blockquote>富国银行</blockquote> Another holding that's been in Berkshire Hathaway's portfolio longer than 112 million Americans have been alive is money-center bankWells Fargo(NYSE:WFC). Even though the Oracle of Omaha and his teamhave dramatically reduced their company's stake in Wells Fargo, it's been a continuous holding since 1989.<blockquote>伯克希尔哈撒韦公司投资组合中另一家持有时间超过1.12亿美国人在世时间的持股是货币中心银行富国银行（纽约证券交易所代码：WFC）。尽管这位奥马哈先知和他的团队大幅减少了公司在富国银行的股份，但自1989年以来一直持续持有富国银行的股份。</blockquote> There's no sector that Buffett thinks more highly of than financials, and no industry that's sought after more than banking. In an expansionary economy,bank stocksare money machines. They're generally growing their loan and deposit portfolio, and in a growing economy can often return a healthy portion of capital to shareholders via dividends and buybacks.<blockquote>巴菲特最看重的行业莫过于金融业，也没有哪个行业比银行业更受追捧。在扩张性经济中，银行股是赚钱机器。他们通常会增加贷款和存款组合，在经济增长的情况下，他们通常可以通过股息和回购向股东返还大量资本。</blockquote> Wells Fargo's niche has always been its ability to attract affluent clientele. Wealthier clients are more likely to take advantage of multiple Wells Fargo services, and they're less likely to lapse on their loan obligations or shift their spending habits during minor economic disruptions. They've long been the company's bread-and-butter growth driver.<blockquote>富国银行的利基一直是其吸引富裕客户的能力。富裕的客户更有可能利用富国银行的多种服务，并且在轻微的经济混乱期间，他们不太可能履行贷款义务或改变消费习惯。他们长期以来一直是公司的主要增长动力。</blockquote> But as noted, Buffett and his team have reduced their stake in Wells Fargo by 427 million shares, or about 89%, over the past four years. This probably has to do with the company admitting that3.5 million unauthorized accountswere opened between 2009 and 2016 as part of an aggressive cross-selling push at the branch level. Buffett is a big believer in earning and holding the trust of consumers and shareholders. With that trust broken following this admission, Buffett appears to be looking for greener pastures for his company's capital.<blockquote>但如前所述，巴菲特及其团队在过去四年中已减持富国银行4.27亿股股份，即约89%。这可能与该公司承认2009年至2016年间开设了350万个未经授权的账户有关，这是分行层面积极交叉销售的一部分。巴菲特非常相信赢得并保持消费者和股东的信任。随着这种信任在这一承认后被打破，巴菲特似乎正在为他的公司资本寻找更好的牧场。</blockquote> American Express<blockquote>美国运通</blockquote> The third longest-tenured stock in Berkshire Hathaway's portfolio is financial services giantAmerican Express(NYSE:AXP), which has been a continuous holding since 1993. If you aren't at least 28 years old right now, you weren't alive the last time Buffett didn't own AmEx.<blockquote>伯克希尔哈撒韦公司投资组合中任期第三长的股票是金融服务巨头美国运通（纽约证券交易所代码：AXP），自1993年以来一直持续持有。如果你现在还不到28岁，那么上次巴菲特不拥有美国运通时你就不在人世了。</blockquote> Like most payment processors, American Express is part of a numbers game that's very much in its favor over the long run. Even though recessions and contractions are a normal part of the economic cycle, periods of expansion tend to be measured in years, whereas recessions typically last a few months to a couple of quarters.<blockquote>与大多数支付处理商一样，美国运通是数字游戏的一部分，从长远来看，这对其非常有利。尽管衰退和收缩是经济周期的正常部分，但扩张期往往以年为单位，而衰退通常持续几个月到几个季度。</blockquote> American Express is also what we can call a double-dipper. It generates revenue from merchants by processing transactions and also brings in a separate channel of revenue by issuing credit cards to consumers and businesses. This allows the company to collect fees and interest income, but can also expose it to credit delinquencies during contractions and recessions.<blockquote>美国运通也是我们可以看涨期权的双杓。它通过处理交易从商家那里产生收入，也通过向消费者和企业发行信用卡带来单独的收入渠道。这使得该公司能够收取费用和利息收入，但也可能使其在收缩和衰退期间面临信贷拖欠。</blockquote> Like Wells Fargo, AmEx's secret sauce has long been itsconnection to affluent cardholders. Well-to-do customers are less likely to change their spending habits when minor economic hiccups arise, meaning American Express's cash flow tends to be a bit more secure than other credit card issuers.<blockquote>与富国银行一样，美国运通的秘诀长期以来一直是其与富裕持卡人的联系。当出现轻微的经济问题时，富裕的客户不太可能改变他们的消费习惯，这意味着美国运通的现金流往往比其他信用卡发卡机构更安全。</blockquote> With a cost basis of only $8.49 and an annual base payout of $1.72, Berkshire Hathaway isnetting a hearty 20% yield on cost with AmEx.<blockquote>伯克希尔哈撒韦公司的成本基础仅为8.49美元，年基本派息为1.72美元，与美国运通的成本收益率高达20%。</blockquote>","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>Warren Buffett Has Owned These Stocks Longer Than 112 Million Americans Have Been Alive<blockquote>沃伦·巴菲特持有这些股票的时间超过了1.12亿美国人在世的时间</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\">\nWarren Buffett Has Owned These Stocks Longer Than 112 Million Americans Have Been Alive<blockquote>沃伦·巴菲特持有这些股票的时间超过了1.12亿美国人在世的时间</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nMotley Fool2021-04-26 19:11\n\n</h4>\n</header>\n<article>\nWarren Buffett is an investing icon on Wall Street. Since taking the helm ofBerkshire Hathaway(NYSE:BRK.A)(NYSE:BRK.B)in the mid-1960s, he's led his company's stock to an annualized return of 20%. That nearly doubles up the total annual return, including dividends, for theS&amp;P 500of 10.2% since 1965. In aggregate, Buffett's company has outperformed the widely followed S&amp;P 500 by almost 2,800,000% in 56 years.<blockquote>沃伦·巴菲特是华尔街的投资偶像。自掌舵以来伯克希尔哈撒韦(NYSE：BRK.A)(NYSE：BRK.B)20世纪60年代中期，他带领公司股票的年化回报率达到了20%。这几乎使包括股息在内的总年回报率翻了一番标普500自1965年以来增长了10.2%。总体而言，巴菲特的公司在56年里的表现比广受关注的标普500高出近2,800,000%。</blockquote> What's interesting aboutBuffett's investing strategyis that he's keeping things simple. He's focusing his research on a handful of sectors, buying companies that he believes offer sustainable competitive advantages, and, most importantly, hanging onto those businesses for long periods of time and allowing compounding to work its magic. Approximatelya fifth of the Oracle of Omaha's portfoliohas been held for 15 or more years.<blockquote>巴菲特投资策略的有趣之处在于他让事情变得简单。他将研究重点放在少数几个行业，收购他认为具有可持续竞争优势的公司，最重要的是，长期持有这些业务，并让复利发挥其魔力。奥马哈先知大约五分之一的投资组合已持有15年或更长时间。</blockquote> However, a trio of Buffett holdings really stand out for their tenure. After reviewing U.S. Census Bureau population estimates for December 2020, 112.3 million Americans weren't even alive the last time Berkshire Hathaway didn't own these three stocks.<blockquote>然而，巴菲特控股的三家公司在任期内确实脱颖而出。在审查了美国人口普查局对2020年12月的人口估计后，上次伯克希尔哈撒韦公司没有持有这三只股票时，有1.123亿美国人甚至已经不在人世。</blockquote> Coca-Cola<blockquote>可口可乐</blockquote> If you want to talk about the power of compounding and conviction, look no further than Warren Buffett's holding in beverage giantCoca-Cola(NYSE:KO). Berkshire Hathaway has been afaithful holder of Coca-Cola stock since 1988.<blockquote>如果你想谈论复利和信念的力量，看看沃伦·巴菲特对饮料巨头的持股就知道了可口可乐（纽约证券交易所代码：KO）。自1988年以来，伯克希尔哈撒韦公司一直是可口可乐股票的忠实持有者。</blockquote> Aside from an insanely low cost basis, one of the reasons Buffett sticks with Coca-Cola is the company'sgeographic reach. With the exception of North Korea and Cuba, Coke's products can be found in every other country around the world. This means the company benefits from the steady cash flow and its 20% share of cold beverages in developed markets, as well as its 10% share and the juicier growth prospects of emerging market countries. All told, Coke has more than 20 beverage brands generating at least $1 billion in annual sales.<blockquote>除了极低的成本基础之外，巴菲特坚持可口可乐的原因之一是该公司的地理覆盖范围。除了朝鲜和古巴，可口可乐的产品在世界其他所有国家都可以找到。这意味着该公司受益于稳定的现金流和在发达市场冷饮20%的份额，以及新兴市场国家10%的份额和更多的增长前景。总而言之，可口可乐拥有20多个饮料品牌，年销售额至少为10亿美元。</blockquote> Coca-Cola's success can be attributed to its excellent marketing campaigns, too. The company has clear holiday tie-ins, can reach consumers via point-of-sale advertising, is pushing into digital ads, and has an army of well-known ambassadors. Coke is possibly the most well-recognize consumer goods brand in existence today.<blockquote>可口可乐的成功也可以归功于其出色的营销活动。该公司有明确的节日搭配，可以通过销售点广告接触消费者，正在进军数字广告，并拥有一支知名大使大军。可口可乐可能是当今最知名的消费品品牌。</blockquote> For Berkshire Hathaway, it's also a big-time moneymaker. With a cost basis of about $3.25 a share and an annual dividend payout of $1.68, Warren Buffett's yield on cost for Coca-Cola is 52%! No joke: Buffettdoubles his initial investment every two yearsfrom the dividend alone.<blockquote>对于伯克希尔哈撒韦公司来说，这也是一个巨大的赚钱机器。基于每股约3.25美元的成本基础和1.68美元的年度股息支付，沃伦·巴菲特对可口可乐的成本收益率为52%！不是开玩笑：巴菲特每两年仅股息就会使他的初始投资翻倍。</blockquote> Wells Fargo<blockquote>富国银行</blockquote> Another holding that's been in Berkshire Hathaway's portfolio longer than 112 million Americans have been alive is money-center bankWells Fargo(NYSE:WFC). Even though the Oracle of Omaha and his teamhave dramatically reduced their company's stake in Wells Fargo, it's been a continuous holding since 1989.<blockquote>伯克希尔哈撒韦公司投资组合中另一家持有时间超过1.12亿美国人在世时间的持股是货币中心银行富国银行（纽约证券交易所代码：WFC）。尽管这位奥马哈先知和他的团队大幅减少了公司在富国银行的股份，但自1989年以来一直持续持有富国银行的股份。</blockquote> There's no sector that Buffett thinks more highly of than financials, and no industry that's sought after more than banking. In an expansionary economy,bank stocksare money machines. They're generally growing their loan and deposit portfolio, and in a growing economy can often return a healthy portion of capital to shareholders via dividends and buybacks.<blockquote>巴菲特最看重的行业莫过于金融业，也没有哪个行业比银行业更受追捧。在扩张性经济中，银行股是赚钱机器。他们通常会增加贷款和存款组合，在经济增长的情况下，他们通常可以通过股息和回购向股东返还大量资本。</blockquote> Wells Fargo's niche has always been its ability to attract affluent clientele. Wealthier clients are more likely to take advantage of multiple Wells Fargo services, and they're less likely to lapse on their loan obligations or shift their spending habits during minor economic disruptions. They've long been the company's bread-and-butter growth driver.<blockquote>富国银行的利基一直是其吸引富裕客户的能力。富裕的客户更有可能利用富国银行的多种服务，并且在轻微的经济混乱期间，他们不太可能履行贷款义务或改变消费习惯。他们长期以来一直是公司的主要增长动力。</blockquote> But as noted, Buffett and his team have reduced their stake in Wells Fargo by 427 million shares, or about 89%, over the past four years. This probably has to do with the company admitting that3.5 million unauthorized accountswere opened between 2009 and 2016 as part of an aggressive cross-selling push at the branch level. Buffett is a big believer in earning and holding the trust of consumers and shareholders. With that trust broken following this admission, Buffett appears to be looking for greener pastures for his company's capital.<blockquote>但如前所述，巴菲特及其团队在过去四年中已减持富国银行4.27亿股股份，即约89%。这可能与该公司承认2009年至2016年间开设了350万个未经授权的账户有关，这是分行层面积极交叉销售的一部分。巴菲特非常相信赢得并保持消费者和股东的信任。随着这种信任在这一承认后被打破，巴菲特似乎正在为他的公司资本寻找更好的牧场。</blockquote> American Express<blockquote>美国运通</blockquote> The third longest-tenured stock in Berkshire Hathaway's portfolio is financial services giantAmerican Express(NYSE:AXP), which has been a continuous holding since 1993. If you aren't at least 28 years old right now, you weren't alive the last time Buffett didn't own AmEx.<blockquote>伯克希尔哈撒韦公司投资组合中任期第三长的股票是金融服务巨头美国运通（纽约证券交易所代码：AXP），自1993年以来一直持续持有。如果你现在还不到28岁，那么上次巴菲特不拥有美国运通时你就不在人世了。</blockquote> Like most payment processors, American Express is part of a numbers game that's very much in its favor over the long run. Even though recessions and contractions are a normal part of the economic cycle, periods of expansion tend to be measured in years, whereas recessions typically last a few months to a couple of quarters.<blockquote>与大多数支付处理商一样，美国运通是数字游戏的一部分，从长远来看，这对其非常有利。尽管衰退和收缩是经济周期的正常部分，但扩张期往往以年为单位，而衰退通常持续几个月到几个季度。</blockquote> American Express is also what we can call a double-dipper. It generates revenue from merchants by processing transactions and also brings in a separate channel of revenue by issuing credit cards to consumers and businesses. This allows the company to collect fees and interest income, but can also expose it to credit delinquencies during contractions and recessions.<blockquote>美国运通也是我们可以看涨期权的双杓。它通过处理交易从商家那里产生收入，也通过向消费者和企业发行信用卡带来单独的收入渠道。这使得该公司能够收取费用和利息收入，但也可能使其在收缩和衰退期间面临信贷拖欠。</blockquote> Like Wells Fargo, AmEx's secret sauce has long been itsconnection to affluent cardholders. Well-to-do customers are less likely to change their spending habits when minor economic hiccups arise, meaning American Express's cash flow tends to be a bit more secure than other credit card issuers.<blockquote>与富国银行一样，美国运通的秘诀长期以来一直是其与富裕持卡人的联系。当出现轻微的经济问题时，富裕的客户不太可能改变他们的消费习惯，这意味着美国运通的现金流往往比其他信用卡发卡机构更安全。</blockquote> With a cost basis of only $8.49 and an annual base payout of $1.72, Berkshire Hathaway isnetting a hearty 20% yield on cost with AmEx.<blockquote>伯克希尔哈撒韦公司的成本基础仅为8.49美元，年基本派息为1.72美元，与美国运通的成本收益率高达20%。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.fool.com/investing/2021/04/26/warren-buffett-has-owned-these-stocks-longer/\">Motley Fool</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"KO":"可口可乐","WFC":"富国银行","AXP":"美国运通"},"source_url":"https://www.fool.com/investing/2021/04/26/warren-buffett-has-owned-these-stocks-longer/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1115628548","content_text":"Warren Buffett is an investing icon on Wall Street. Since taking the helm ofBerkshire Hathaway(NYSE:BRK.A)(NYSE:BRK.B)in the mid-1960s, he's led his company's stock to an annualized return of 20%. That nearly doubles up the total annual return, including dividends, for theS&P 500of 10.2% since 1965. In aggregate, Buffett's company has outperformed the widely followed S&P 500 by almost 2,800,000% in 56 years.\nWhat's interesting aboutBuffett's investing strategyis that he's keeping things simple. He's focusing his research on a handful of sectors, buying companies that he believes offer sustainable competitive advantages, and, most importantly, hanging onto those businesses for long periods of time and allowing compounding to work its magic. Approximatelya fifth of the Oracle of Omaha's portfoliohas been held for 15 or more years.\nHowever, a trio of Buffett holdings really stand out for their tenure. After reviewing U.S. Census Bureau population estimates for December 2020, 112.3 million Americans weren't even alive the last time Berkshire Hathaway didn't own these three stocks.\nCoca-Cola\nIf you want to talk about the power of compounding and conviction, look no further than Warren Buffett's holding in beverage giantCoca-Cola(NYSE:KO). Berkshire Hathaway has been afaithful holder of Coca-Cola stock since 1988.\nAside from an insanely low cost basis, one of the reasons Buffett sticks with Coca-Cola is the company'sgeographic reach. With the exception of North Korea and Cuba, Coke's products can be found in every other country around the world. This means the company benefits from the steady cash flow and its 20% share of cold beverages in developed markets, as well as its 10% share and the juicier growth prospects of emerging market countries. All told, Coke has more than 20 beverage brands generating at least $1 billion in annual sales.\nCoca-Cola's success can be attributed to its excellent marketing campaigns, too. The company has clear holiday tie-ins, can reach consumers via point-of-sale advertising, is pushing into digital ads, and has an army of well-known ambassadors. Coke is possibly the most well-recognize consumer goods brand in existence today.\nFor Berkshire Hathaway, it's also a big-time moneymaker. With a cost basis of about $3.25 a share and an annual dividend payout of $1.68, Warren Buffett's yield on cost for Coca-Cola is 52%! No joke: Buffettdoubles his initial investment every two yearsfrom the dividend alone.\nWells Fargo\nAnother holding that's been in Berkshire Hathaway's portfolio longer than 112 million Americans have been alive is money-center bankWells Fargo(NYSE:WFC). Even though the Oracle of Omaha and his teamhave dramatically reduced their company's stake in Wells Fargo, it's been a continuous holding since 1989.\nThere's no sector that Buffett thinks more highly of than financials, and no industry that's sought after more than banking. In an expansionary economy,bank stocksare money machines. They're generally growing their loan and deposit portfolio, and in a growing economy can often return a healthy portion of capital to shareholders via dividends and buybacks.\nWells Fargo's niche has always been its ability to attract affluent clientele. Wealthier clients are more likely to take advantage of multiple Wells Fargo services, and they're less likely to lapse on their loan obligations or shift their spending habits during minor economic disruptions. They've long been the company's bread-and-butter growth driver.\nBut as noted, Buffett and his team have reduced their stake in Wells Fargo by 427 million shares, or about 89%, over the past four years. This probably has to do with the company admitting that3.5 million unauthorized accountswere opened between 2009 and 2016 as part of an aggressive cross-selling push at the branch level. Buffett is a big believer in earning and holding the trust of consumers and shareholders. With that trust broken following this admission, Buffett appears to be looking for greener pastures for his company's capital.\nAmerican Express\nThe third longest-tenured stock in Berkshire Hathaway's portfolio is financial services giantAmerican Express(NYSE:AXP), which has been a continuous holding since 1993. If you aren't at least 28 years old right now, you weren't alive the last time Buffett didn't own AmEx.\nLike most payment processors, American Express is part of a numbers game that's very much in its favor over the long run. Even though recessions and contractions are a normal part of the economic cycle, periods of expansion tend to be measured in years, whereas recessions typically last a few months to a couple of quarters.\nAmerican Express is also what we can call a double-dipper. It generates revenue from merchants by processing transactions and also brings in a separate channel of revenue by issuing credit cards to consumers and businesses. This allows the company to collect fees and interest income, but can also expose it to credit delinquencies during contractions and recessions.\nLike Wells Fargo, AmEx's secret sauce has long been itsconnection to affluent cardholders. Well-to-do customers are less likely to change their spending habits when minor economic hiccups arise, meaning American Express's cash flow tends to be a bit more secure than other credit card issuers.\nWith a cost basis of only $8.49 and an annual base payout of $1.72, Berkshire Hathaway isnetting a hearty 20% yield on cost with AmEx.","news_type":1,"symbols_score_info":{"AXP":0.9,"KO":0.9,"WFC":0.9}},"isVote":1,"tweetType":1,"viewCount":1652,"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":29,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}

Warren Buffett Has Owned These Stocks Longer Than 112 Million Americans Have Been Alive<blockquote>沃伦·巴菲特持有这些股票的时间超过了1.12亿美国人在世的时间</blockquote>

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