美国运通
AXP · NYSE
美国运通的高消费会员、商户与闭环数据构成稀缺飞轮，但333.20美元/股的股价高于资本约束基准价值256.08美元/股，缺乏安全边际。
Updated through 2026-06-30
Quality businessRead report
Long term · Independent research
Research Businesses, Not Stock Prices.
看懂生意，不猜股价。
We study business models, moats, free cash flow and returns on capital to understand how exceptional companies create value over time.
Long-term lens
Focus on intrinsic value
Evidence-led
Financials with context
Independent analysis
Beyond market sentiment
Fully traceable
Sources, versions and risks
Latest company research
Start with the underlying business and its capacity to compound cash flow.
腾讯控股
00700 · HKEX
腾讯的社交网络、内容、支付与生态协同构成罕见护城河，但00700估值日收盘455.20港元/股，高于审慎基准价值363.94港元/股，需等待AI现金回报与投资变现证据。
Updated through 2026-06-30
Quality businessRead report
Research framework
One consistent lens, from business model to the stop-doing list.
- 1
Understand the business
- 2
Judge the moat
- 3
Examine free cash flow
- 4
Measure returns on capital
- 5
Study management and culture
- 6
Review capital allocation
- 7
Estimate intrinsic value
- 8
Demand a margin of safety
- 9
Stay within the circle
- 10
Keep a stop-doing list