매수후 20년 보유할 주식

Microsoft and Costco are beating the market so far this year, but even bigger returns could be in store for patient shareholders.

 https://youtu.be/kFNaywxE190

Both companies are poised to capitalize on the trend of more businesses migrating their digital operations onto the cloud over the next several decades. And thanks to switching costs and efficiencies of scale, this is an example of where winners like Microsoft can just keep on winning. Look for Azure contracts to keep growing in length and in the size of their annual revenue commitments. It's a highly profitable business, too, as you can tell from Microsoft's blazing 44% profit margin.
Wall Street is bullish about the company in the short term, with most Wall Street pros looking for sales to rise 15% when the software giant reports its fiscal 2024 Q3 earnings in late April. That would be a 15% increase for a company that already generated a record $227 billion in trailing-12-month revenues. More growth in cloud services, in addition to other areas like cybersecurity, video games, and consumer tech, will pave the way for Microsoft to set sales records well past 2030.
Joining the club
The retail world is a famously difficult industry if you're aiming for sustainable profit growth, but Costco isn't your average retailer. The warehouse giant earns most of its profits from membership fees rather than through volatile merchandise sales. Costco's membership income arrives with incredible regularity since a record 92% of its members are renewing their annual commitments these days. That success should make it easy for the chain to (potentially) raise its fees in the near future, which it hasn't done since 2017.
The chart of its earnings growth over the years shows off the power of its membership-centric selling approach. Costco has boosted its annual profits by 240% in the past decade, with no significant downturns. Contrast that with Walmart and Target, both of which have seen weaker growth and much more volatility over that time.
 
Costco's stock isn't cheap right now. Its premium is roughly double what you'd pay for either Walmart or Target, in fact. That's the advantage of looking out several decades for your investing thesis, though. In several years, you might not remember that you bought Costco or Microsoft at premium valuations compared to their less successful peers. But you'll likely be thrilled to have had these winners in your portfolio while they added to their already impressive market share positions.
Microsoft는 인공지능(AI) 기술에 대한 급증하는 수요를 활용하기 위한 노력을 이제 막 시작했습니다.
 
Costco 고객은 창고 소매업체가 제공하는 서비스에 여전히 만족하고 있으며 곧 멤버십 비용을 조금 더 지불하라는 요청을 받게 될 것입니다.
마이크로소프트와 코스트코는 올해 지금까지 시장을 이기고 있지만, 참을성 있는 주주들에게는 더 큰 수익을 안겨줄 수도 있습니다.

대부분의 투자자는 승리한 주식을 그대로 두면 잠재적인 이점을 알고 있습니다. 주식은 0으로 떨어질 수 있지만, 주식이 얼마나 오를 수 있는지에 대한 엄격한 상한선은 없습니다. 장기적인 승자의 성장은 종종 포트폴리오의 다른 부분에서 손실을 축소시킬 수 있습니다.

억만장자 투자자 워렌 버핏은 버크셔 해서웨이 주주들에게 보낸 서한에서 2023년에 대해 다음과 같이 잘 설명했습니다. "잡초는 꽃이 피면서 시들어 버립니다. 시간이 지남에 따라 몇 명의 승자가 있어야 놀라운 수익을 얻을 수 있습니다."

따라서 매우 성공적인 주식의 세계를 다음 주식 구매를 위한 비옥한 기반으로 보는 것이 합리적입니다. 실행 여지가 넉넉한 투자 집결지 중에서 Microsoft(MSFT -2.45%)와 Costco(COST -0.12%)가 관심 목록의 최상위에 속합니다.

소프트웨어가 왕이다
Microsoft는 이미 "Magnificent Seven" 주식 중 가장 큰 주식이자 세계 최대의 상장 기업이지만, 이 기술 대기업은 향후 수십 년 동안 놀라운 성장세를 이어갈 수 있습니다. Azure 플랫폼을 기반으로 하는 엔터프라이즈 소프트웨어 서비스 부문을 생각해 보세요. Microsoft는 가장 최근 분기에 매출이 28% 증가하는 등 이 틈새 시장에서 강력한 입지를 확보하고 있습니다. 이는 같은 기간 Amazon이 AWS 플랫폼으로 달성한 결과보다 나은 것입니다.

 

두 회사 모두 향후 수십 년 동안 디지털 운영을 클라우드로 마이그레이션하는 기업이 늘어나는 추세를 활용할 준비가 되어 있습니다. 그리고 전환 비용과 규모의 효율성 덕분에 이는 Microsoft와 같은 승자가 계속해서 승리할 수 있는 사례입니다. 연간 수익 약속의 기간과 규모가 계속 늘어나는 Azure 계약을 찾아보세요. 마이크로소프트의 44%라는 엄청난 이익률에서 알 수 있듯이 이 사업은 수익성도 매우 높은 사업입니다.

월스트리트는 단기적으로 회사에 대해 낙관적이며, 대부분의 월스트리트 전문가들은 소프트웨어 대기업이 4월 말에 회계연도 2024년 3분기 실적을 보고할 때 매출이 15% 증가할 것으로 기대하고 있습니다. 이는 이미 12개월간 매출 2,270억 달러라는 기록적인 수익을 창출한 회사의 경우 15% 증가한 수치입니다. 사이버 보안, 비디오 게임, 소비자 기술과 같은 다른 영역 외에도 클라우드 서비스의 더 많은 성장은 Microsoft가 2030년을 훨씬 넘어서 판매 기록을 세울 수 있는 길을 열어줄 것입니다.

클럽에 가입하기
지속 가능한 이익 성장을 목표로 한다면 소매업은 어려운 산업으로 유명하지만 코스트코는 평범한 소매업체가 아닙니다. 거대 창고 회사는 변동성이 큰 상품 판매보다는 회비로 수익의 대부분을 얻습니다. 요즘 코스트코 회원의 92%가 연간 약정을 갱신하고 있기 때문에 코스트코의 회원 수입은 놀라울 정도로 규칙적으로 발생합니다. 이러한 성공으로 인해 체인은 2017년 이후 한 번도 인상하지 않았던 가까운 미래에 (잠재적으로) 수수료를 쉽게 인상할 수 있게 될 것입니다.

수년간의 수익 성장 차트는 회원 중심 판매 접근 방식의 힘을 보여줍니다. 코스트코는 지난 10년간 큰 하락 없이 연간 이익을 240% 늘렸습니다. Walmart와 Target은 그 기간 동안 성장이 둔화되고 변동성이 훨씬 커졌습니다.

 

코스트코 재고는 지금 싸지 않습니다. 실제로 프리미엄은 Walmart나 Target에 지불하는 금액의 약 두 배입니다. 몇 년이 지나면 덜 성공적인 동료에 비해 프리미엄 가치로 Costco나 Microsoft를 구입했다는 사실을 기억하지 못할 수도 있습니다. 그러나 이러한 승자가 이미 인상적인 시장 점유율 위치에 추가되는 동안 귀하의 포트폴리오에 이러한 승자가 있다는 사실에 기뻐할 것입니다.
https://www.fool.com/investing/2024/04/25/2-roaring-growth-stocks-to-hold-for-the-next-20-ye/

2 Roaring Growth Stocks to Hold for the Next 20 Years | The Motley Fool