《The S&P 500 Is a Momentum Trade — and Nobody Noticed》
ICE 是一项持仓；其估值低于 20 倍自由现金流，属资本轻资产模式，并受益于市场活动与通胀。
我们持有 CME，也持有 ICE，也就是洲际交易所。此外我还持有 OTC markets，也就是那家小型交易所。
we own CME, we own ICE, which is Intercontinental Exchange. And then I own as well the OTC markets, which is the the small exchange.
洲际交易所当时的交易价格，我认为现在仍然是，不到自由现金流的 20 倍。
Intercontinental Exchange was trading at and I think it still is trading at less than 20 times free cash flow.
这些业务一直保持轻资产。它们不必在 AI 上花钱，尽管我认为它们未来在某种程度上很可能会受益于 AI，但很难想象它们的利润率还能大幅提高。这些是利润率 60% 的业务。
And these businesses have remained capital light. They have not had to spend money on AI uh even though I think that they will probably be beneficiaries of AI going forward to some extent, but it's hard to imagine their profit margins getting much higher. These are 60% profit margin businesses.