<p>威廉·亨特（William Hunt “Bill” Gross）是美国最杰出的投资者之一。他因在 1971 年共同创办太平洋投资管理公司（PIMCO）而闻名，成为历史上最顶尖的债券投资者之一，并在许多投资者心中继续保持这一地位。我就是其中一个继续密切关注格罗斯先生的工作（以及他的投资组合）的投资者。</p>
<p>格罗斯实施了一种投资策略，旨在利用市场低效。当然，许多经济学家和市场参与者支持有效市场假说，可能不同意低效既丰富又可以轻易利用。但如果没有像格罗斯这样的投资者，我们根本不会有这个假说。我想这又是一个关于鸡和蛋的讨论，留待下次再说。</p>
<p>话虽如此，对于那些想了解格罗斯过去披露的持股的投资者来说，这里有三只我认为现在值得考虑的顶级股票。</p>
<h2>本文的关键点：</h2>
<ul>
<li>格罗斯被广泛认为是历史上最伟大的债券投资者之一，但他过去也曾进入股票市场，并对某些股票发表过评论。</li>
<li>这里有三只我认为长期投资者在当前市场周期中可能想要考虑的股票。</li>
<li>如果你在寻找一些潜力巨大的股票，确保获取我们 <strong>全新的《下一个 NVIDIA》报告</strong> 的免费副本。报告中包含了一只我们相信具有 10 倍潜力的软件股票。</li>
</ul>
<h2>能源转移（Energy Transfer，ET）</h2>
<p><img src="https://imageproxy.pbkrs.com/https://247wallst.com/wp-content/uploads/2022/03/Pipeline.jpg?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://247wallst.com/wp-content/uploads/2022/03/Pipeline.jpg"/></p>
<p>格罗斯强调 <strong>能源转移</strong>（NYSE:ET）是他所做的一个关键投资，这有充分的理由。格罗斯欣赏主有限合伙企业（MLP）因其高股息收益潜力，这很有道理。作为一名债券投资者，格罗斯在股票市场上对股息收益的关注程度相对较高。像能源转移这样的公司将其利润的一定比例以股息形式分配给投资者，如果相信其净收入会随着时间的推移而增长，并能够将这些增加的收益传递给投资者，那么这类公司可能是不错的选择。</p>
<p>能源转移目前的股息收益率约为 7.6%，这显然远高于目前大多数债券收益率。此外，与其他主要管道运营商相比，后者的收益率通常在 4% 左右，这一相对差距被许多人（包括格罗斯）视为相对价值机会。确实，如果相信在非常长期内股息收益率可能会趋向于平均水平，那么这可能隐含着 ET 股票比其竞争对手有更大的上涨潜力。</p>
<p>这家管道巨头预计将能够超出其增长资本支出目标，整体资本支出将在未来一年达到 30 亿至 32 亿美元。这是由于公司意外的高回报扩张项目，但这些项目是许多投资者认为将提供稳定长期现金流的项目。目前的项目，包括终端和管道扩建，将推动现金流增长至 2026 年。在我看来，这是一个稳健的长期选择，正因如此我现在也在考虑投资。</p>
<h2>企业产品合伙公司（Enterprise Products Partners，EPD）</h2>
<p><img src="https://imageproxy.pbkrs.com/https://247wallst.com/wp-content/uploads/2022/06/imageForEntry17-eYi.jpg?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://247wallst.com/wp-content/uploads/2022/06/imageForEntry17-eYi.jpg"/></p>
<p>格罗斯继续对 <strong>企业产品合伙公司</strong>（NYSE:EPD）持有积极看法，强调该公司作为主有限合伙企业（MLP）的吸引力，提供高收益和税收优势。在最近的评论中，格罗斯指出，像 EPD 和能源转移这样的 MLP 与传统管道公司相比被低估，尽管这些合伙企业的吸引力收益率约为 7%，而像金德摩根和威廉斯公司这样的企业收益率较低。</p>
<p>企业产品合伙公司提供强劲的被动收入，收益率超过 7%，并且连续 26 年提高分红，得益于现金流的增长。在第三季度，该公司产生了 20 亿美元的可分配现金流。这个数字同比增长了 5%，得益于三座新的天然气处理厂。这些新增设施导致了创纪录的处理量，使 EPD 在过去一年中将分红提高了 5%。重要的是，该公司的股息支付比率得到了很好的覆盖，企业产品合伙公司的支付比率相对于同行保持在 56% 的低水平。通过再投资现金、偿还资产负债表上的债务，同时为增长投资分配资本的策略，这是一只我可以肯定在长期内会继续上涨的股票。</p>
<h2>西部中游合伙公司（Western Midstream Partners，WES）</h2>
<p><img src="https://imageproxy.pbkrs.com/https://247wallst.com/wp-content/uploads/2014/03/covepointlng.jpg?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://247wallst.com/wp-content/uploads/2014/03/covepointlng.jpg"/></p>
<p>目前，格罗斯据报道持有 <strong>西部中游</strong>（NYSE:WES）的股份，尽管可用来源中并未披露其持股的具体数量。他对 WES 的热情源于其强劲的财务表现和吸引人的股息收益，最近报告的收益率约为 9.3%，在经历了 52% 的大幅分红增长后。</p>
<p>这就是一些投资者可能会感到犹豫的股息收益。这是可以理解的，因为大多数提供接近两位数股息收益的公司通常有不可持续的分红。然而，在这种情况下，我认为格罗斯有理由相信该公司能够维持其分红，甚至随着时间的推移实现增长。</p>
<p>该公司被投资者广泛认为是顶级的 MLP 项目之一，原因有很多。首先，Western Midstream 强大的基于费用的收入模式降低了对商品价格波动的暴露。此外，该公司的现金流得到了与客户签订的长期合同的支持。这在市场周期中保持了相对稳定的现金流，并使公司能够随着合同的锁定逐渐交付更大的交易量。</p>
<p>在我看来，这无疑是我考虑作为投资组合一部分的高收益投资之一，但我确实认为股息存在风险（市场暗示）。这是我需要深入研究的一个项目，但我确实认为这是一家值得进一步探索的公司。</p>
<h2>提前退休的简单方法</h2>
<p>你可以通过彩票、运气或爱你的家庭成员留下的财富提前退休。</p>
<p>但对于我们其他人来说，股息是关键。虽然每个人都在追逐大名鼎鼎的股息之王，但他们却忽视了真正的王者：股息传奇。</p>
<p>这是一类被忽视的收入机器，你可以购买并持有——永远。</p>
<p>立即点击这里，查看两个可以帮助你提前退休的项目，无需任何运气。</p>
<p>这篇文章的标题是《比尔·格罗斯将资本投入到哪里》，首次发表于 24/7 Wall St..</p>

<p>比尔·格罗斯，PIMCO 的联合创始人和著名债券投资者，现在正专注于股票市场。他强调了能源转移（Energy Transfer，ET）和企业产品合伙公司（Enterprise Products Partners，EPD）作为关键投资，因为它们具有高股息收益率和增长潜力。ET 提供 7.6% 的收益率，显著高于传统债券，而 EPD 则以 7% 的收益率和强劲的派息增长历史而自豪。这两家公司都具备长期现金流增长的潜力，使其成为投资者的有吸引力的选择</p>

<p>William Hunt “Bill” Gross is among the most prominent American investors. Best known for co-founding Pacific Investment Management Company (PIMCO) in 1971, Bill Gross became among the top bond investors of all time, and continues to hold that mantle, at least in the minds of many investors. I’m one such investor who continues to follow Mr. Gross’ work (and his portfolio) closely.</p>
<div class="lb-trans"><p>威廉·亨特（William Hunt “Bill” Gross）是美国最杰出的投资者之一。他因在 1971 年共同创办太平洋投资管理公司（PIMCO）而闻名，成为历史上最顶尖的债券投资者之一，并在许多投资者心中继续保持这一地位。我就是其中一个继续密切关注格罗斯先生的工作（以及他的投资组合）的投资者。</p>
</div><p>Bill Gross has implemented an investment strategy which involves exploiting market inefficiencies. Of course, there are many economists and market participants who ascribe to the efficient market hypothesis that may disagree that inefficiencies are both abundant and can be readily exploited. But without investors like Bill Gross, we really wouldn’t have this hypothesis to begin with. I guess that’s a whole chicken and egg discussion for another time.</p>
<div class="lb-trans"><p>格罗斯实施了一种投资策略，旨在利用市场低效。当然，许多经济学家和市场参与者支持有效市场假说，可能不同意低效既丰富又可以轻易利用。但如果没有像格罗斯这样的投资者，我们根本不会有这个假说。我想这又是一个关于鸡和蛋的讨论，留待下次再说。</p>
</div><p>That said, for investors interested to learn which stocks Bill Gross has disclosed ownership of in the past, here are three of the top stocks he’s owned I think are worth considering right now.</p>
<div class="lb-trans"><p>话虽如此，对于那些想了解格罗斯过去披露的持股的投资者来说，这里有三只我认为现在值得考虑的顶级股票。</p>
</div><h2>Key Points About This Article:</h2>
<div class="lb-trans"><h2>本文的关键点：</h2>
</div><ul>
<li>Bill Gross is widely considered to be one of the greatest bond investors of all time, but he has stepped into the equity markets in the past and provided his commentary on certain stocks.</li>
<li>Here are three such positions I think long-term investors may want to consider at this current point in the market cycle.</li>
<li>If you’re looking for some stocks with huge potential, make sure to grab a free copy of our <strong>brand-new “The Next NVIDIA” report</strong>. It features a software stock we’re confident has 10X potential.</li>
</ul>
<div class="lb-trans"><ul>
<li>格罗斯被广泛认为是历史上最伟大的债券投资者之一，但他过去也曾进入股票市场，并对某些股票发表过评论。</li>
<li>这里有三只我认为长期投资者在当前市场周期中可能想要考虑的股票。</li>
<li>如果你在寻找一些潜力巨大的股票，确保获取我们 <strong>全新的《下一个 NVIDIA》报告</strong> 的免费副本。报告中包含了一只我们相信具有 10 倍潜力的软件股票。</li>
</ul>
</div><h2>Energy Transfer (ET)</h2>
<div class="lb-trans"><h2>能源转移（Energy Transfer，ET）</h2>
</div><p><img src="https://imageproxy.pbkrs.com/https://247wallst.com/wp-content/uploads/2022/03/Pipeline.jpg" alt="" original-src="https://247wallst.com/wp-content/uploads/2022/03/Pipeline.jpg"/></p>
<p>Gross highlights <strong>Energy Transfer</strong> (NYSE:ET) as a key investment he’s made, and there’s good reason for this. Gross appreciates master limited partnerships (MLPs) for their high dividend yield potential, which makes sense. As a bond investor, Gross focuses disproportionately on dividend yields in the equity markets. Companies like Energy Transfer that pay out a certain percentage of their profits to investors in the form of dividends can be good bets, if one believes their net income will grow over time and they’re able to pass these increased earnings onto investors.</p>
<div class="lb-trans"><p>格罗斯强调 <strong>能源转移</strong>（NYSE:ET）是他所做的一个关键投资，这有充分的理由。格罗斯欣赏主有限合伙企业（MLP）因其高股息收益潜力，这很有道理。作为一名债券投资者，格罗斯在股票市场上对股息收益的关注程度相对较高。像能源转移这样的公司将其利润的一定比例以股息形式分配给投资者，如果相信其净收入会随着时间的推移而增长，并能够将这些增加的收益传递给投资者，那么这类公司可能是不错的选择。</p>
</div><p>The current dividend yield for Energy Transfer sits around 7.6%. which is certainly far higher than where most bond yields trade at currently. Additionally, compared to other major pipeline operators which tend to yield around 4%, this relative spread is viewed by many (including Bill Gross) as a relative value opportunity. Indeed, if one believes that over the very long-term dividend yields will likely converge toward an average, that could implicitly mean ET stock has more upside potential than its rivals.</p>
<div class="lb-trans"><p>能源转移目前的股息收益率约为 7.6%，这显然远高于目前大多数债券收益率。此外，与其他主要管道运营商相比，后者的收益率通常在 4% 左右，这一相对差距被许多人（包括格罗斯）视为相对价值机会。确实，如果相信在非常长期内股息收益率可能会趋向于平均水平，那么这可能隐含着 ET 股票比其竞争对手有更大的上涨潜力。</p>
</div><p>The pipeline giant anticipates it will be able to exceed its growth capital spending target, with overall Capex reaching $3-$3.2 billion over the coming year. This is a result of the company’s unexpected high-return expansion projects, but these projects are ones many investors believe will provide steady long-term cash flows. Current projects, including terminal and pipeline expansions, will drive cash flow growth through 2026. In my view, this is a solid long-term pick, and it’s one I’m considering myself right now for these reasons.</p>
<div class="lb-trans"><p>这家管道巨头预计将能够超出其增长资本支出目标，整体资本支出将在未来一年达到 30 亿至 32 亿美元。这是由于公司意外的高回报扩张项目，但这些项目是许多投资者认为将提供稳定长期现金流的项目。目前的项目，包括终端和管道扩建，将推动现金流增长至 2026 年。在我看来，这是一个稳健的长期选择，正因如此我现在也在考虑投资。</p>
</div><h2>Enterprise Product Partners (EPD)</h2>
<div class="lb-trans"><h2>企业产品合伙公司（Enterprise Products Partners，EPD）</h2>
</div><p><img src="https://imageproxy.pbkrs.com/https://247wallst.com/wp-content/uploads/2022/06/imageForEntry17-eYi.jpg" alt="" original-src="https://247wallst.com/wp-content/uploads/2022/06/imageForEntry17-eYi.jpg"/></p>
<p>Bill Gross continues to hold a favorable view of <strong>Enterprise Products Partners</strong> (NYSE:EPD), emphasizing this company’s appeal as a master limited partnership (MLP) that offers high yields and tax advantages. In recent commentary, Gross highlighted that MLPs like EPD and Energy Transfer have been undervalued compared to traditional pipeline corporations, despite their attractive yield rates, which are around 7% for these partnerships compared to lower yields from corporate counterparts like Kinder Morgan and Williams Companies.</p>
<div class="lb-trans"><p>格罗斯继续对 <strong>企业产品合伙公司</strong>（NYSE:EPD）持有积极看法，强调该公司作为主有限合伙企业（MLP）的吸引力，提供高收益和税收优势。在最近的评论中，格罗斯指出，像 EPD 和能源转移这样的 MLP 与传统管道公司相比被低估，尽管这些合伙企业的吸引力收益率约为 7%，而像金德摩根和威廉斯公司这样的企业收益率较低。</p>
</div><p>Enterprise Products Partners provided strong passive income, yielding over 7%, with 26 consecutive years of payout increases driven by rising cash flow. In Q3, the company generated $2 billion in distributable cash flow. That number was up 5% year-over-year, aided by three new natural gas processing plants. These additions led to record processing volumes and enabled EPD to increase its distribution by 5% over the past year. Importantly, the company’s dividend payout ratio is well-covered, with Enterprise Products Partners maintaining a low 56% payout ratio relative to its peers. Using a strategy of reinvesting its cash and paying down debt on its balance sheet while allocating capital for growth investments, this is a stock with an improving balance sheet I can certainly see heading higher over the long-term.</p>
<div class="lb-trans"><p>企业产品合伙公司提供强劲的被动收入，收益率超过 7%，并且连续 26 年提高分红，得益于现金流的增长。在第三季度，该公司产生了 20 亿美元的可分配现金流。这个数字同比增长了 5%，得益于三座新的天然气处理厂。这些新增设施导致了创纪录的处理量，使 EPD 在过去一年中将分红提高了 5%。重要的是，该公司的股息支付比率得到了很好的覆盖，企业产品合伙公司的支付比率相对于同行保持在 56% 的低水平。通过再投资现金、偿还资产负债表上的债务，同时为增长投资分配资本的策略，这是一只我可以肯定在长期内会继续上涨的股票。</p>
</div><h2>Western Midstream Partners (WES)</h2>
<div class="lb-trans"><h2>西部中游合伙公司（Western Midstream Partners，WES）</h2>
</div><p><img src="https://imageproxy.pbkrs.com/https://247wallst.com/wp-content/uploads/2014/03/covepointlng.jpg" alt="" original-src="https://247wallst.com/wp-content/uploads/2014/03/covepointlng.jpg"/></p>
<p>Currently, Gross reportedly holds a stake in <strong>Western Midstream</strong> (NYSE:WES), though specific details regarding the exact amount of his holdings have not been disclosed in the available sources. His enthusiasm for WES stems from its robust financial performance and attractive dividend yield, which has recently been reported to be around 9.3% following a substantial distribution increase of 52%.</p>
<div class="lb-trans"><p>目前，格罗斯据报道持有 <strong>西部中游</strong>（NYSE:WES）的股份，尽管可用来源中并未披露其持股的具体数量。他对 WES 的热情源于其强劲的财务表现和吸引人的股息收益，最近报告的收益率约为 9.3%，在经历了 52% 的大幅分红增长后。</p>
</div><p>That’s the sort of dividend yield some investors may balk at. That makes sense, since most companies that provide near-double-digit dividend yields typically have distributions that are unsustainable. However, in this case, I think Gross has reason to believe the company can maintain its distribution or even see growth over time.</p>
<div class="lb-trans"><p>这就是一些投资者可能会感到犹豫的股息收益。这是可以理解的，因为大多数提供接近两位数股息收益的公司通常有不可持续的分红。然而，在这种情况下，我认为格罗斯有理由相信该公司能够维持其分红，甚至随着时间的推移实现增长。</p>
</div><p>The company has widely been considered one of the top MLP projects by investors such as Gross for a number of reasons. For one, Western Midstream’s strong fee-based revenue model mitigates exposure to commodity price fluctuations. Additionally, the company’s cash flows are supported by long-term contracts with its clients. This maintains rather steady cash flows through market cycles, and allows the company to deliver larger volumes over time with contracts locked in.</p>
<div class="lb-trans"><p>该公司被投资者广泛认为是顶级的 MLP 项目之一，原因有很多。首先，Western Midstream 强大的基于费用的收入模式降低了对商品价格波动的暴露。此外，该公司的现金流得到了与客户签订的长期合同的支持。这在市场周期中保持了相对稳定的现金流，并使公司能够随着合同的锁定逐渐交付更大的交易量。</p>
</div><p>In my view, this is certainly among the higher-yielding investments I’d consider as part of my portfolio, but I do think the dividend does carry risk (implied by the market). This is one I’m going to have to dive into deeper, but it’s a company that I certainly think warrants more exploration.</p>
<div class="lb-trans"><p>在我看来，这无疑是我考虑作为投资组合一部分的高收益投资之一，但我确实认为股息存在风险（市场暗示）。这是我需要深入研究的一个项目，但我确实认为这是一家值得进一步探索的公司。</p>
</div><h2>The Easy Way To Retire Early</h2>
<div class="lb-trans"><h2>提前退休的简单方法</h2>
</div><p>You can retire early from the lottery, luck, or loving family member who leaves you a fortune.</p>
<div class="lb-trans"><p>你可以通过彩票、运气或爱你的家庭成员留下的财富提前退休。</p>
</div><p>But for the rest of us, there are dividends. While everyone chases big name dividend kings, they’re missing the real royalty: dividend legends.</p>
<div class="lb-trans"><p>但对于我们其他人来说，股息是关键。虽然每个人都在追逐大名鼎鼎的股息之王，但他们却忽视了真正的王者：股息传奇。</p>
</div><p>It’s a rare class of overlooked income machines that you could buy and hold – forever.</p>
<div class="lb-trans"><p>这是一类被忽视的收入机器，你可以购买并持有——永远。</p>
</div><p>Click here now to see two that could help you retire early, without any luck required.</p>
<div class="lb-trans"><p>立即点击这里，查看两个可以帮助你提前退休的项目，无需任何运气。</p>
</div><p>The post Here’s Where Bill Gross Is Putting His Capital to Work appeared first on 24/7 Wall St..</p>
<div class="lb-trans"><p>这篇文章的标题是《比尔·格罗斯将资本投入到哪里》，首次发表于 24/7 Wall St..</p>
</div>

比尔·格罗斯正在将他的资本投入到哪些领域