<p>巴菲特投资组合中有一家公司，很少有投资者听说过。这是巴菲特投资过的增长最快的企业之一，在未来几年，可以合理预期其规模将翻倍_多次_。</p>
<p>其他人可能会忽视这支股票。但你不应该。</p>
<h2>很少有公司能够以这样的速度持续增长</h2>
<p>你听说过 <strong>NU Holdings</strong>(NU 0.80%) 吗？很少有投资者听说过。这是因为该公司专门在拉丁美洲运营。而且也不是所有拉丁美洲地区都有。Nu 在大约十年前首次进入巴西市场，此后只进入了另外两个市场：墨西哥和哥伦比亚。</p>
<p>Nu 在这些终端市场做了什么？它正在颠覆整个银行业。&#34;从消除官僚效率和高费用的使命开始，Nu 已经发展成为拉丁美洲市值最高的公司之一，拥有约 1 亿客户，&#34;数据分析公司 Quartr 指出。&#34;Nubank 从一个颠覆性初创公司发展成为银行业巨头，展示了金融科技改变行业的潜力。</p>
<p>十年前，拉丁美洲的银行选择主要由守旧的实体银行主导，它们利用市场控制权对基本服务收取高额费用。Nu 以其直接通过用户智能手机提供服务而席卷市场。它比任何竞争对手都更简单、更快速、更实惠。而且 Nu 也能更快地创新。例如，当它推出加密货币交易平台 Nucripto 时，在运营的第一个月就获得了 100 多万用户。</p>
<p>Nu 的商业模式被证明几乎是理想的。在过去的十年里，该公司从零客户迅速增长到 1 亿多客户。而疯狂的增长率仍在持续。去年，Nu 增加了 2000 多万客户，收入同比增长 65%。现在，超过一半的巴西成年人是 Nu 的客户，超过 80% 的用户被认为是&#34;活跃的&#34;--意味着他们在过去一个月内使用过该服务。尽管 Nu 增加了数百万新客户，但这一活跃率实际上在过去一年里有所增长 -- 这证明了公司保持了高质量、备受需求的服务。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODg5NjYvc2NyZWVuc2hvdC0yMDI0LTA5LTA2LWF0LTEyNTI1NXBtLnBuZyZ3PTcwMA?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://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODg5NjYvc2NyZWVuc2hvdC0yMDI0LTA5LTA2LWF0LTEyNTI1NXBtLnBuZyZ3PTcwMA"/></p>
<p>图片来源：Nu 投资者介绍。</p>
<p>虽然 Nu 首先针对最有吸引力的国家，但拉丁美洲有超过 6.5 亿人口，该公司经过验证的商业模式和不断增强的声誉应有助于在未来几年保持增长率。即使在其现有客户群中，仍有大量增长空间。当客户开始注册 Nu 时，平均只使用了一个产品。而今，平均新客户从第一天开始使用 Nu 的三个产品。例如，一个新用户可能注册一个银行账户，但也注册了信用卡和加密货币交易账户。在当前和未来客户群中销售更多服务为 Nu 提供了增长的另一个支柱，除了增加总客户账户。</p>
<h2>但这支股票值得买吗？绝对值得。</h2>
<p>现在，<strong>伯克希尔·哈撒韦</strong> -- 即巴菲特的控股公司 -- 拥有将近 14 亿美元的 Nu 股票。自持有股份以来，它从未出售过一股。</p>
<p>表面上，Nu 股票并不便宜。它的销售额为销售额的 9.2 倍，市盈率为 44 倍。然而，增长速度如此之快，以至于这些数字很快会看起来相当合理。根据分析师们认为公司明年将赚取的利润，股票的前瞻性基础上，股价仅为销售额的 4.5 倍，市盈率为 33 倍。这仍然昂贵，但你可以开始看到几年后股票可能看起来像是一个便宜货。</p>
<p>像 Nu 这样的公司需要耐心。增长率很高，但高入场价格意味着投资者需要有多年的投资视野才能体验到大部分上行空间。巴菲特和伯克希尔显然愿意保持耐心。愿意为了可观的长期上行空间承担一些额外风险的投资者应考虑效仿。</p>

<p>沃伦·巴菲特对 NU Holdings（NU）的投资被视为未来几年显著增长的有前景的机会。Nu 在拉丁美洲，主要是巴西、墨西哥和哥伦比亚运营，通过颠覆传统银行业务，提供用户友好的移动服务，迅速获得了超过 1 亿用户。随着收入同比增长 65% 和成功的产品多元化，Nu 预计在扩大用户群的同时保持增长轨迹。尽管其估值指标较高，分析师们认为随着其增长的持续，该股可能变得更具吸引力</p>

<p>There's a company in Warren Buffett's portfolio that few investors have ever heard of. This is one of the fastest growing businesses that Buffett has ever put money into, and over the next few years, it's reasonable to expect it to double in size <em>several</em> times over.</p>
<div class="lb-trans"><p>巴菲特投资组合中有一家公司，很少有投资者听说过。这是巴菲特投资过的增长最快的企业之一，在未来几年，可以合理预期其规模将翻倍_多次_。</p>
</div><p>Others may ignore the stock. But you shouldn't.</p>
<div class="lb-trans"><p>其他人可能会忽视这支股票。但你不应该。</p>
</div><h2>Few companies can grow this quickly for this long</h2>
<div class="lb-trans"><h2>很少有公司能够以这样的速度持续增长</h2>
</div><p>Have you ever heard of <strong>Nu Holdings</strong>(NU 0.80%)? Few investors have. That's because the company operates exclusively in Latin America. And not all of Latin America, either. Nu first launched in Brazil around a decade ago, and has since entered only two other markets: Mexico and Colombia.</p>
<div class="lb-trans"><p>你听说过 <strong>NU Holdings</strong>(NU 0.80%) 吗？很少有投资者听说过。这是因为该公司专门在拉丁美洲运营。而且也不是所有拉丁美洲地区都有。Nu 在大约十年前首次进入巴西市场，此后只进入了另外两个市场：墨西哥和哥伦比亚。</p>
</div><p>What exactly is Nu doing in these end markets? It's disrupting the entire banking industry. &#34;What started as a mission to eliminate bureaucratic inefficiencies and high fees has transformed into one of the largest companies by market cap in Latin America with around 100 million customers,&#34; observes Quartr, a data analytics company. &#34;Nubank's journey from a disruptive start-up to a banking giant exemplifies the potential of fintech to transform industries.&#34;</p>
<div class="lb-trans"><p>Nu 在这些终端市场做了什么？它正在颠覆整个银行业。&#34;从消除官僚效率和高费用的使命开始，Nu 已经发展成为拉丁美洲市值最高的公司之一，拥有约 1 亿客户，&#34;数据分析公司 Quartr 指出。&#34;Nubank 从一个颠覆性初创公司发展成为银行业巨头，展示了金融科技改变行业的潜力。</p>
</div><p>A decade ago, the banking options in Latin America were dominated by stodgy brick-and-mortar incumbents, which used their market control to charge onerous fees for basic services. Nu took the market by storm, offering its services directly through a user's smartphone. It was easier, faster, and more affordable than any competitor. And Nu could innovate more quickly, too. When it launched its cryptocurrency trading platform, Nucripto, for example, it acquired more than 1 million users in its first month of operation.</p>
<div class="lb-trans"><p>十年前，拉丁美洲的银行选择主要由守旧的实体银行主导，它们利用市场控制权对基本服务收取高额费用。Nu 以其直接通过用户智能手机提供服务而席卷市场。它比任何竞争对手都更简单、更快速、更实惠。而且 Nu 也能更快地创新。例如，当它推出加密货币交易平台 Nucripto 时，在运营的第一个月就获得了 100 多万用户。</p>
</div><p>Nu's business model has proven just about ideal. Over the past decade, the company has zoomed from essentially zero customers to more than 100 million. And yet the crazy growth rates continue. Nu added more than 20 million customers last year, with revenue rising 65% year over year. More than half of all Brazilian adults are now Nu customers, and more than 80% of users are considered &#34;active&#34; -- meaning they've used the service sometime over the last month. This activity rate has actually grown over the past year even as Nu has added millions of new customers -- a testament to the company maintaining a high-quality offering of in-demand services.</p>
<div class="lb-trans"><p>Nu 的商业模式被证明几乎是理想的。在过去的十年里，该公司从零客户迅速增长到 1 亿多客户。而疯狂的增长率仍在持续。去年，Nu 增加了 2000 多万客户，收入同比增长 65%。现在，超过一半的巴西成年人是 Nu 的客户，超过 80% 的用户被认为是&#34;活跃的&#34;--意味着他们在过去一个月内使用过该服务。尽管 Nu 增加了数百万新客户，但这一活跃率实际上在过去一年里有所增长 -- 这证明了公司保持了高质量、备受需求的服务。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODg5NjYvc2NyZWVuc2hvdC0yMDI0LTA5LTA2LWF0LTEyNTI1NXBtLnBuZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F788966%2Fscreenshot-2024-09-06-at-125255pm.png&amp;op=resize&amp;w=700"/></p>
<p>Image source: Nu Investor Presentation.</p>
<div class="lb-trans"><p>图片来源：Nu 投资者介绍。</p>
</div><p>While Nu has targeted the most attractive countries first, there are more than 650 million people in Latin America, and the company's proven business model and growing reputation should help keep up growth rates for years to come. There's even plenty of growth left in its existing customer base. When customers first started signing up with Nu, they used, on average, just one of its products. Today, the average new customer starts using three of Nu's products from day one. For example, a new user might sign up for a bank account, but also a credit card and a crypto trading account. Selling more services across its current and future customer base adds another pillar of growth for Nu other than growing gross customer accounts.</p>
<div class="lb-trans"><p>虽然 Nu 首先针对最有吸引力的国家，但拉丁美洲有超过 6.5 亿人口，该公司经过验证的商业模式和不断增强的声誉应有助于在未来几年保持增长率。即使在其现有客户群中，仍有大量增长空间。当客户开始注册 Nu 时，平均只使用了一个产品。而今，平均新客户从第一天开始使用 Nu 的三个产品。例如，一个新用户可能注册一个银行账户，但也注册了信用卡和加密货币交易账户。在当前和未来客户群中销售更多服务为 Nu 提供了增长的另一个支柱，除了增加总客户账户。</p>
</div><h2>But is the stock a buy? Absolutely.</h2>
<div class="lb-trans"><h2>但这支股票值得买吗？绝对值得。</h2>
</div><p>Right now, <strong>Berkshire Hathaway</strong> -- Warren Buffett's holding company -- owns nearly $1.4 billion in Nu stock. It hasn't sold a single share since acquiring its stake.</p>
<div class="lb-trans"><p>现在，<strong>伯克希尔·哈撒韦</strong> -- 即巴菲特的控股公司 -- 拥有将近 14 亿美元的 Nu 股票。自持有股份以来，它从未出售过一股。</p>
</div><p>On the surface, Nu stock isn't cheap. It trades at 9.2 times sales and 44 times earnings. Yet growth is so rapid that these figures will soon look fairly reasonable. On a forward basis -- that is, based on what analysts believe the company will earn <em>next</em> year -- shares trade at just 4.5 times sales and 33 times earnings. That's still pricey, but you can start to see how shares may look like a bargain just a few years from now.</p>
<div class="lb-trans"><p>表面上，Nu 股票并不便宜。它的销售额为销售额的 9.2 倍，市盈率为 44 倍。然而，增长速度如此之快，以至于这些数字很快会看起来相当合理。根据分析师们认为公司明年将赚取的利润，股票的前瞻性基础上，股价仅为销售额的 4.5 倍，市盈率为 33 倍。这仍然昂贵，但你可以开始看到几年后股票可能看起来像是一个便宜货。</p>
</div><p>Companies like Nu take patience. Growth rates are high, but the high entry price means investors need to have a multiyear investment horizon to experience most of the upside. Buffett and Berkshire are clearly willing to remain patient. Investors willing to take some extra risk for sizable long-term upside should consider following suit.</p>
<div class="lb-trans"><p>像 Nu 这样的公司需要耐心。增长率很高，但高入场价格意味着投资者需要有多年的投资视野才能体验到大部分上行空间。巴菲特和伯克希尔显然愿意保持耐心。愿意为了可观的长期上行空间承担一些额外风险的投资者应考虑效仿。</p>
</div>

2024 年及以后可能呈现爆发性增长的一只沃伦·巴菲特股票