<p>股市既可以非常刺激，也可以非常无聊。然而，几乎可以肯定的是，长期投资者在股市历史上一直比短期投资者获得更高的回报。</p>
<p>乌龟通常会赢过兔子，购买无聊的股票通常是赢得长期比赛的方法。当然，追逐巨额的短期回报是令人兴奋的，但也很危险。长期策略稳定可预测的回报也是令人兴奋的，只是以不同的方式。</p>
<p>对于更喜欢可预测性而不是冒着巨大成功的机会以及巨大损失的风险的投资者（大多数投资者），长期投资是正确的选择。</p>
<h2>可口可乐（KO）</h2>
<p><img src="https://imageproxy.pbkrs.com/https://investorplace.com/wp-content/plugins/lazy-load/images/1x1.trans.gif?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://investorplace.com/wp-content/plugins/lazy-load/images/1x1.trans.gif"/></p>
<p>来源：Elvan / Shutterstock.com</p>
<p><strong>可口可乐</strong>（纽约证券交易所：<strong>KO</strong>）是沃伦·巴菲特最喜欢的股票之一，也是最明显的可靠长期投资。</p>
<p>沃伦·巴菲特喜欢可口可乐股票是因为它是稳定的。我不是指可口可乐拥有统一的产品，尽管它显然是这样的。相反，我指的是在财务表现方面的稳定。</p>
<p>这种稳定表现为一种被称为持久竞争优势的东西，这在可口可乐的毛利率百分比中是可以识别的。那些始终保持毛利率百分比在 40% 以上的公司被认为具有持久竞争优势。在过去十年中，可口可乐的平均毛利率一直在 60% 以上，波动很小。这意味着公司每卖出一单位就赚取很多钱，并且几乎没有额外开支。这使公司能够支付股息并进行股票回购，从而增加投资者的收益。这确实是可口可乐继续赢得长期比赛的原因，而这种情况短期内不会改变。</p>
<h2>英伟达（NVDA）</h2>
<p><img src="https://imageproxy.pbkrs.com/https://investorplace.com/wp-content/plugins/lazy-load/images/1x1.trans.gif?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://investorplace.com/wp-content/plugins/lazy-load/images/1x1.trans.gif"/></p>
<p>来源：Michael Vi / Shutterstock.com</p>
<p><strong>英伟达</strong>（纳斯达克证券交易所：<strong>NVDA</strong>）是与无聊股票完全相反的股票，这就是为什么我必须在此之后对我说的一切加以说明。然而，我选择讨论它是因为我认为它有很大机会赢得长期比赛。</p>
<p>英伟达也拥有巨大的竞争优势，尽管这种优势的持续时间不及可口可乐。至少目前还没有。这家领先的芯片制造商受益于巨大的毛利率，位居科技行业之首。对于任何留意英伟达近几年的人来说，这并不奇怪。半导体股受益于极高的定价优势，仅仅因为它生产最好的人工智能芯片。因此，该公司拥有极高的利润率。</p>
<p>这里的重要一点是：如果英伟达能够继续在这方面保持主导地位，那么它完全有机会赢得长期比赛。对于一家公司的长期成功，没有比高毛利率更好的预测指标了。因此，我们必须假设英伟达有机会取得令人难以置信的长期成功，尽管科技公司在历史上往往难以保持这种成功。</p>
<h2>泰勒科技（TYL）</h2>
<p><img src="https://imageproxy.pbkrs.com/https://investorplace.com/wp-content/plugins/lazy-load/images/1x1.trans.gif?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://investorplace.com/wp-content/plugins/lazy-load/images/1x1.trans.gif"/></p>
<p>来源：Casimiro PT/ Shutterstock.com</p>
<p><strong>泰勒科技</strong>（纽约证券交易所：<strong>TYL</strong>）为公共部门提供信息管理软件。毫无疑问，这是一家无聊的公司和一只无聊的股票。尽管如此，对于那些想赢得长期比赛的投资者来说，这是一个不错的投资。</p>
<p>与上述两只股票一样，泰勒科技受益于持久竞争优势。</p>
<p>在公司最近的财务报告中也可以找到许多积极因素。第一季度收入增长了 8.6%。特别重要的是，作为软件公司，该公司有相当大比例的收入是重复性的。整体收入中 84% 是重复性的，占销售额的 4.305 亿美元。出于这个原因，软件公司特别具有吸引力：销售团队基本上只需要做一次销售，然后就可以看到长期订阅收入的好处。这就是与硬件公司相比，软件公司如此具有吸引力的原因。</p>
<p>你我可能对公共部门软件毫无兴趣，但将其作为投资是非常明智的。</p>
<p>_在本文发布日期，Alex Sirois 在本文中提到的证券中没有（直接或间接）任何头寸。本文中表达的观点属于作者个人，遵守 InvestorPlace.com 的发布指南。</p>
<p>Alex Sirois 是 InvestorPlace 的自由撰稿人，他的个人股票投资风格侧重于长期持有、积累财富的股票选择。他曾在从电子商务到翻译再到教育等多个行业工作，并利用他在乔治华盛顿大学获得的工商管理硕士学位，通过这些技能过滤他的写作。</p>
<p>成长股</p>

可口可乐

<p>长期投资股市的投资者可能会获得更高的回报。可口可乐、英伟达和泰勒科技是三只具有长期成功潜力的股票。可口可乐在财务表现稳定且具有持久的竞争优势。英伟达受益于高毛利率和在人工智能芯片领域的主导地位。泰勒科技作为一家软件公司，产生了可观的循环收入。这些股票为投资者提供稳定且可预测的回报</p>

<p>The stock market can be both very exciting and very boring. However, it’s almost 100% certain that investors who play the long game have been rewarded with greater returns than short-term investors throughout the history of the stock market.</p>
<div class="lb-trans"><p>股市既可以非常刺激，也可以非常无聊。然而，几乎可以肯定的是，长期投资者在股市历史上一直比短期投资者获得更高的回报。</p>
</div><p>The tortoise usually beats the hare and buying boring stocks is often the way to win the long game. Sure, chasing massive overnight returns is exciting but it’s also dangerous. The steady predictable returns of a long-term strategy are also exciting, just in a different way.</p>
<div class="lb-trans"><p>乌龟通常会赢过兔子，购买无聊的股票通常是赢得长期比赛的方法。当然，追逐巨额的短期回报是令人兴奋的，但也很危险。长期策略稳定可预测的回报也是令人兴奋的，只是以不同的方式。</p>
</div><p>For investors who prefer predictability over the chance of huge success at the risk of massive losses — which is most investors — playing the long game is the way to go.</p>
<div class="lb-trans"><p>对于更喜欢可预测性而不是冒着巨大成功的机会以及巨大损失的风险的投资者（大多数投资者），长期投资是正确的选择。</p>
</div><h2>Coca-Cola (KO)</h2>
<div class="lb-trans"><h2>可口可乐（KO）</h2>
</div><p><img src="https://imageproxy.pbkrs.com/https://investorplace.com/wp-content/plugins/lazy-load/images/1x1.trans.gif" alt="" original-src="https://investorplace.com/wp-content/plugins/lazy-load/images/1x1.trans.gif"/></p>
<p>Source: Elvan / Shutterstock.com</p>
<div class="lb-trans"><p>来源：Elvan / Shutterstock.com</p>
</div><p><strong>Coca-Cola</strong> (NYSE:<strong>KO</strong>) is one of Warren Buffett’s favorite stocks and one of the most obvious investments for reliable long-term gains.</p>
<div class="lb-trans"><p><strong>可口可乐</strong>（纽约证券交易所：<strong>KO</strong>）是沃伦·巴菲特最喜欢的股票之一，也是最明显的可靠长期投资。</p>
</div><p>Warren Buffett loves Coca-Cola stock because it is consistent. I don’t mean consistent in terms of Coca-Cola having a uniform product, although it very clearly does. Instead, I mean in terms of financial performance.</p>
<div class="lb-trans"><p>沃伦·巴菲特喜欢可口可乐股票是因为它是稳定的。我不是指可口可乐拥有统一的产品，尽管它显然是这样的。相反，我指的是在财务表现方面的稳定。</p>
</div><p>That consistency manifests as something known as durable competitive advantage, which is identifiable in Coke’s gross margin percentages. Companies that consistently maintain gross margin percentages above 40% are said to have a durable competitive advantage. Coca-Cola has been above 60% on average over the last decade with little variance. What that means is the company makes a lot of money for every unit sold and has very little in the way of overhead. That allows the company to pay dividends and invest in share buybacks which increase earnings for investors. That’s really why Coca-Cola continues to win the long game and that isn’t going to change anytime soon.</p>
<div class="lb-trans"><p>这种稳定表现为一种被称为持久竞争优势的东西，这在可口可乐的毛利率百分比中是可以识别的。那些始终保持毛利率百分比在 40% 以上的公司被认为具有持久竞争优势。在过去十年中，可口可乐的平均毛利率一直在 60% 以上，波动很小。这意味着公司每卖出一单位就赚取很多钱，并且几乎没有额外开支。这使公司能够支付股息并进行股票回购，从而增加投资者的收益。这确实是可口可乐继续赢得长期比赛的原因，而这种情况短期内不会改变。</p>
</div><h2>Nvidia (NVDA)</h2>
<div class="lb-trans"><h2>英伟达（NVDA）</h2>
</div><p><img src="https://imageproxy.pbkrs.com/https://investorplace.com/wp-content/plugins/lazy-load/images/1x1.trans.gif" alt="" original-src="https://investorplace.com/wp-content/plugins/lazy-load/images/1x1.trans.gif"/></p>
<p>Source: Michael Vi / Shutterstock.com</p>
<div class="lb-trans"><p>来源：Michael Vi / Shutterstock.com</p>
</div><p><strong>Nvidia</strong> (NASDAQ:<strong>NVDA</strong>) is the very opposite of a boring stock, which is why I’ll have to caveat everything I say hereafter. However, I’ve chosen to discuss it because I think it has a very good chance of winning the long game.</p>
<div class="lb-trans"><p><strong>英伟达</strong>（纳斯达克证券交易所：<strong>NVDA</strong>）是与无聊股票完全相反的股票，这就是为什么我必须在此之后对我说的一切加以说明。然而，我选择讨论它是因为我认为它有很大机会赢得长期比赛。</p>
</div><p>Nvidia also possesses a massive competitive advantage although not one that has endured as long as Coca-Cola’s. At least not yet. The leading chip maker benefits from huge gross margins, among the very highest in the tech sector. That’s no surprise to anyone who’s paid any attention to Nvidia over the last few years. The semiconductor stock benefits from extreme pricing advantages simply because it produces the best AI chips. It follows then that the company has extremely high margins.</p>
<div class="lb-trans"><p>英伟达也拥有巨大的竞争优势，尽管这种优势的持续时间不及可口可乐。至少目前还没有。这家领先的芯片制造商受益于巨大的毛利率，位居科技行业之首。对于任何留意英伟达近几年的人来说，这并不奇怪。半导体股受益于极高的定价优势，仅仅因为它生产最好的人工智能芯片。因此，该公司拥有极高的利润率。</p>
</div><p>Here’s the important point: If Nvidia can continue its dominance in that regard then it has every chance of winning the long game. There’s no better predictor of long-term success for an individual company than high gross margins. For that reason we have to assume that Nvidia has a chance for incredible long-term success despite the fact that tech companies have historically struggled to maintain such success.</p>
<div class="lb-trans"><p>这里的重要一点是：如果英伟达能够继续在这方面保持主导地位，那么它完全有机会赢得长期比赛。对于一家公司的长期成功，没有比高毛利率更好的预测指标了。因此，我们必须假设英伟达有机会取得令人难以置信的长期成功，尽管科技公司在历史上往往难以保持这种成功。</p>
</div><h2>Tyler Technologies (TYL)</h2>
<div class="lb-trans"><h2>泰勒科技（TYL）</h2>
</div><p><img src="https://imageproxy.pbkrs.com/https://investorplace.com/wp-content/plugins/lazy-load/images/1x1.trans.gif" alt="" original-src="https://investorplace.com/wp-content/plugins/lazy-load/images/1x1.trans.gif"/></p>
<p>Source: Casimiro PT/ Shutterstock.com</p>
<div class="lb-trans"><p>来源：Casimiro PT/ Shutterstock.com</p>
</div><p><strong>Tyler Technologies</strong> (NYSE:<strong>TYL</strong>) provides information management software to the public sector. There is little arguing that it is a boring company and a boring stock. That said, it’s a good investment for those who want to win the long game.</p>
<div class="lb-trans"><p><strong>泰勒科技</strong>（纽约证券交易所：<strong>TYL</strong>）为公共部门提供信息管理软件。毫无疑问，这是一家无聊的公司和一只无聊的股票。尽管如此，对于那些想赢得长期比赛的投资者来说，这是一个不错的投资。</p>
</div><p>Like the other two stocks above, Tyler Technologies benefits from a durable competitive advantage.</p>
<div class="lb-trans"><p>与上述两只股票一样，泰勒科技受益于持久竞争优势。</p>
</div><p>There are also a lot of positives to be found within the company’s recent financial reports. Revenues grew by 8.6% during the first quarter. What’s particularly important to note is that the company generates a substantial percentage of revenues on a recurring basis as a software firm. 84% of overall revenues were recurring, accounting for $430.5 million of sales. Software firms are particularly attractive for that reason: the sales team essentially has to make one sale and then watch the benefits from a long stream of subscription revenue flow through. That’s what makes software firms so attractive in comparison to hardware firms.</p>
<div class="lb-trans"><p>在公司最近的财务报告中也可以找到许多积极因素。第一季度收入增长了 8.6%。特别重要的是，作为软件公司，该公司有相当大比例的收入是重复性的。整体收入中 84% 是重复性的，占销售额的 4.305 亿美元。出于这个原因，软件公司特别具有吸引力：销售团队基本上只需要做一次销售，然后就可以看到长期订阅收入的好处。这就是与硬件公司相比，软件公司如此具有吸引力的原因。</p>
</div><p>You and I may have zero interest in public sector software but it makes a lot of sense as an investment.</p>
<div class="lb-trans"><p>你我可能对公共部门软件毫无兴趣，但将其作为投资是非常明智的。</p>
</div><p><em>On the date of publication, Alex Sirois did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com</em> <em>Publishing Guidelines</em> <em>.</em></p>
<div class="lb-trans"><p>_在本文发布日期，Alex Sirois 在本文中提到的证券中没有（直接或间接）任何头寸。本文中表达的观点属于作者个人，遵守 InvestorPlace.com 的发布指南。</p>
</div><p>Alex Sirois is a freelance contributor to InvestorPlace whose personal stock investing style is focused on long-term, buy-and-hold, wealth-building stock picks. Having worked in several industries from e-commerce to translation to education and utilizing his MBA from George Washington University, he brings a diverse set of skills through which he filters his writing.</p>
<div class="lb-trans"><p>Alex Sirois 是 InvestorPlace 的自由撰稿人，他的个人股票投资风格侧重于长期持有、积累财富的股票选择。他曾在从电子商务到翻译再到教育等多个行业工作，并利用他在乔治华盛顿大学获得的工商管理硕士学位，通过这些技能过滤他的写作。</p>
</div><p>Growth Stocks</p>
<div class="lb-trans"><p>成长股</p>
</div>

如果你想在长期投资中获胜，可以购买的 3 只稳健股票