<p>股市既可以非常刺激，也可以非常無聊。然而，幾乎可以肯定的是，長期投資者在股市歷史上一直比短期投資者獲得更高的回報。</p>
<p>烏龜通常會贏過兔子，購買無聊的股票通常是贏得長期比賽的方法。當然，追逐鉅額的短期回報是令人興奮的，但也很危險。長期策略穩定可預測的回報也是令人興奮的，只是以不同的方式。</p>
<p>對於更喜歡可預測性而不是冒着巨大成功的機會以及巨大損失的風險的投資者（大多數投資者），長期投資是正確的選擇。</p>
<h2>可口可樂（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>來源：Elvan / Shutterstock.com</p>
<p><strong>可口可樂</strong>（紐約證券交易所：<strong>KO</strong>）是沃倫·巴菲特最喜歡的股票之一，也是最明顯的可靠長期投資。</p>
<p>沃倫·巴菲特喜歡可口可樂股票是因為它是穩定的。我不是指可口可樂擁有統一的產品，儘管它顯然是這樣的。相反，我指的是在財務表現方面的穩定。</p>
<p>這種穩定表現為一種被稱為持久競爭優勢的東西，這在可口可樂的毛利率百分比中是可以識別的。那些始終保持毛利率百分比在 40% 以上的公司被認為具有持久競爭優勢。在過去十年中，可口可樂的平均毛利率一直在 60% 以上，波動很小。這意味着公司每賣出一單位就賺取很多錢，並且幾乎沒有額外開支。這使公司能夠支付股息並進行股票回購，從而增加投資者的收益。這確實是可口可樂繼續贏得長期比賽的原因，而這種情況短期內不會改變。</p>
<h2>英偉達（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>來源：Michael Vi / Shutterstock.com</p>
<p><strong>英偉達</strong>（納斯達克證券交易所：<strong>NVDA</strong>）是與無聊股票完全相反的股票，這就是為什麼我必須在此之後對我説的一切加以説明。然而，我選擇討論它是因為我認為它有很大機會贏得長期比賽。</p>
<p>英偉達也擁有巨大的競爭優勢，儘管這種優勢的持續時間不及可口可樂。至少目前還沒有。這家領先的芯片製造商受益於巨大的毛利率，位居科技行業之首。對於任何留意英偉達近幾年的人來説，這並不奇怪。半導體股受益於極高的定價優勢，僅僅因為它生產最好的人工智能芯片。因此，該公司擁有極高的利潤率。</p>
<p>這裏的重要一點是：如果英偉達能夠繼續在這方面保持主導地位，那麼它完全有機會贏得長期比賽。對於一家公司的長期成功，沒有比高毛利率更好的預測指標了。因此，我們必須假設英偉達有機會取得令人難以置信的長期成功，儘管科技公司在歷史上往往難以保持這種成功。</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>來源：Casimiro PT/ Shutterstock.com</p>
<p><strong>泰勒科技</strong>（紐約證券交易所：<strong>TYL</strong>）為公共部門提供信息管理軟件。毫無疑問，這是一家無聊的公司和一隻無聊的股票。儘管如此，對於那些想贏得長期比賽的投資者來説，這是一個不錯的投資。</p>
<p>與上述兩隻股票一樣，泰勒科技受益於持久競爭優勢。</p>
<p>在公司最近的財務報告中也可以找到許多積極因素。第一季度收入增長了 8.6%。特別重要的是，作為軟件公司，該公司有相當大比例的收入是重複性的。整體收入中 84% 是重複性的，佔銷售額的 4.305 億美元。出於這個原因，軟件公司特別具有吸引力：銷售團隊基本上只需要做一次銷售，然後就可以看到長期訂閲收入的好處。這就是與硬件公司相比，軟件公司如此具有吸引力的原因。</p>
<p>你我可能對公共部門軟件毫無興趣，但將其作為投資是非常明智的。</p>
<p>_在本文發佈日期，Alex Sirois 在本文中提到的證券中沒有（直接或間接）任何頭寸。本文中表達的觀點屬於作者個人，遵守 InvestorPlace.com 的發佈指南。</p>
<p>Alex Sirois 是 InvestorPlace 的自由撰稿人，他的個人股票投資風格側重於長期持有、積累財富的股票選擇。他曾在從電子商務到翻譯再到教育等多個行業工作，並利用他在喬治華盛頓大學獲得的工商管理碩士學位，通過這些技能過濾他的寫作。</p>
<p>成長股</p>

可口可樂

<p>長期投資股市的投資者可能會獲得更高的回報。可口可樂、英偉達和泰勒科技是三隻具有長期成功潛力的股票。可口可樂在財務表現穩定且具有持久的競爭優勢。英偉達受益於高毛利率和在人工智能芯片領域的主導地位。泰勒科技作為一家軟件公司，產生了可觀的循環收入。這些股票為投資者提供穩定且可預測的回報</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，也可以非常無聊。然而，幾乎可以肯定的是，長期投資者在股市歷史上一直比短期投資者獲得更高的回報。</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>烏龜通常會贏過兔子，購買無聊的股票通常是贏得長期比賽的方法。當然，追逐鉅額的短期回報是令人興奮的，但也很危險。長期策略穩定可預測的回報也是令人興奮的，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>對於更喜歡可預測性而不是冒着巨大成功的機會以及巨大損失的風險的投資者（大多數投資者），長期投資是正確的選擇。</p>
</div><h2>Coca-Cola (KO)</h2>
<div class="lb-trans"><h2>可口可樂（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>來源：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>可口可樂</strong>（紐約證券交易所：<strong>KO</strong>）是沃倫·巴菲特最喜歡的股票之一，也是最明顯的可靠長期投資。</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>沃倫·巴菲特喜歡可口可樂股票是因為它是穩定的。我不是指可口可樂擁有統一的產品，儘管它顯然是這樣的。相反，我指的是在財務表現方面的穩定。</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>這種穩定表現為一種被稱為持久競爭優勢的東西，這在可口可樂的毛利率百分比中是可以識別的。那些始終保持毛利率百分比在 40% 以上的公司被認為具有持久競爭優勢。在過去十年中，可口可樂的平均毛利率一直在 60% 以上，波動很小。這意味着公司每賣出一單位就賺取很多錢，並且幾乎沒有額外開支。這使公司能夠支付股息並進行股票回購，從而增加投資者的收益。這確實是可口可樂繼續贏得長期比賽的原因，而這種情況短期內不會改變。</p>
</div><h2>Nvidia (NVDA)</h2>
<div class="lb-trans"><h2>英偉達（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>來源：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>英偉達</strong>（納斯達克證券交易所：<strong>NVDA</strong>）是與無聊股票完全相反的股票，這就是為什麼我必須在此之後對我説的一切加以説明。然而，我選擇討論它是因為我認為它有很大機會贏得長期比賽。</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>英偉達也擁有巨大的競爭優勢，儘管這種優勢的持續時間不及可口可樂。至少目前還沒有。這家領先的芯片製造商受益於巨大的毛利率，位居科技行業之首。對於任何留意英偉達近幾年的人來説，這並不奇怪。半導體股受益於極高的定價優勢，僅僅因為它生產最好的人工智能芯片。因此，該公司擁有極高的利潤率。</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>這裏的重要一點是：如果英偉達能夠繼續在這方面保持主導地位，那麼它完全有機會贏得長期比賽。對於一家公司的長期成功，沒有比高毛利率更好的預測指標了。因此，我們必須假設英偉達有機會取得令人難以置信的長期成功，儘管科技公司在歷史上往往難以保持這種成功。</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>來源：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>（紐約證券交易所：<strong>TYL</strong>）為公共部門提供信息管理軟件。毫無疑問，這是一家無聊的公司和一隻無聊的股票。儘管如此，對於那些想贏得長期比賽的投資者來説，這是一個不錯的投資。</p>
</div><p>Like the other two stocks above, Tyler Technologies benefits from a durable competitive advantage.</p>
<div class="lb-trans"><p>與上述兩隻股票一樣，泰勒科技受益於持久競爭優勢。</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>在公司最近的財務報告中也可以找到許多積極因素。第一季度收入增長了 8.6%。特別重要的是，作為軟件公司，該公司有相當大比例的收入是重複性的。整體收入中 84% 是重複性的，佔銷售額的 4.305 億美元。出於這個原因，軟件公司特別具有吸引力：銷售團隊基本上只需要做一次銷售，然後就可以看到長期訂閲收入的好處。這就是與硬件公司相比，軟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>你我可能對公共部門軟件毫無興趣，但將其作為投資是非常明智的。</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>_在本文發佈日期，Alex Sirois 在本文中提到的證券中沒有（直接或間接）任何頭寸。本文中表達的觀點屬於作者個人，遵守 InvestorPlace.com 的發佈指南。</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，他的個人股票投資風格側重於長期持有、積累財富的股票選擇。他曾在從電子商務到翻譯再到教育等多個行業工作，並利用他在喬治華盛頓大學獲得的工商管理碩士學位，通過這些技能過濾他的寫作。</p>
</div><p>Growth Stocks</p>
<div class="lb-trans"><p>成長股</p>
</div>

如果你想在長期投資中獲勝，可以購買的 3 只穩健股票