<p>威廉·亨特（William Hunt “Bill” Gross）是美國最傑出的投資者之一。他因在 1971 年共同創辦太平洋投資管理公司（PIMCO）而聞名，成為歷史上最頂尖的債券投資者之一，並在許多投資者心中繼續保持這一地位。我就是其中一個繼續密切關注格羅斯先生的工作（以及他的投資組合）的投資者。</p>
<p>格羅斯實施了一種投資策略，旨在利用市場低效。當然，許多經濟學家和市場參與者支持有效市場假説，可能不同意低效既豐富又可以輕易利用。但如果沒有像格羅斯這樣的投資者，我們根本不會有這個假説。我想這又是一個關於雞和蛋的討論，留待下次再説。</p>
<p>話雖如此，對於那些想了解格羅斯過去披露的持股的投資者來説，這裏有三隻我認為現在值得考慮的頂級股票。</p>
<h2>本文的關鍵點：</h2>
<ul>
<li>格羅斯被廣泛認為是歷史上最偉大的債券投資者之一，但他過去也曾進入股票市場，並對某些股票發表過評論。</li>
<li>這裏有三隻我認為長期投資者在當前市場週期中可能想要考慮的股票。</li>
<li>如果你在尋找一些潛力巨大的股票，確保獲取我們 <strong>全新的《下一個 NVIDIA》報告</strong> 的免費副本。報告中包含了一隻我們相信具有 10 倍潛力的軟件股票。</li>
</ul>
<h2>能源轉移（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>格羅斯強調 <strong>能源轉移</strong>（NYSE:ET）是他所做的一個關鍵投資，這有充分的理由。格羅斯欣賞主有限合夥企業（MLP）因其高股息收益潛力，這很有道理。作為一名債券投資者，格羅斯在股票市場上對股息收益的關注程度相對較高。像能源轉移這樣的公司將其利潤的一定比例以股息形式分配給投資者，如果相信其淨收入會隨着時間的推移而增長，並能夠將這些增加的收益傳遞給投資者，那麼這類公司可能是不錯的選擇。</p>
<p>能源轉移目前的股息收益率約為 7.6%，這顯然遠高於目前大多數債券收益率。此外，與其他主要管道運營商相比，後者的收益率通常在 4% 左右，這一相對差距被許多人（包括格羅斯）視為相對價值機會。確實，如果相信在非常長期內股息收益率可能會趨向於平均水平，那麼這可能隱含着 ET 股票比其競爭對手有更大的上漲潛力。</p>
<p>這家管道巨頭預計將能夠超出其增長資本支出目標，整體資本支出將在未來一年達到 30 億至 32 億美元。這是由於公司意外的高回報擴張項目，但這些項目是許多投資者認為將提供穩定長期現金流的項目。目前的項目，包括終端和管道擴建，將推動現金流增長至 2026 年。在我看來，這是一個穩健的長期選擇，正因如此我現在也在考慮投資。</p>
<h2>企業產品合夥公司（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>格羅斯繼續對 <strong>企業產品合夥公司</strong>（NYSE:EPD）持有積極看法，強調該公司作為主有限合夥企業（MLP）的吸引力，提供高收益和税收優勢。在最近的評論中，格羅斯指出，像 EPD 和能源轉移這樣的 MLP 與傳統管道公司相比被低估，儘管這些合夥企業的吸引力收益率約為 7%，而像金德摩根和威廉斯公司這樣的企業收益率較低。</p>
<p>企業產品合夥公司提供強勁的被動收入，收益率超過 7%，並且連續 26 年提高分紅，得益於現金流的增長。在第三季度，該公司產生了 20 億美元的可分配現金流。這個數字同比增長了 5%，得益於三座新的天然氣處理廠。這些新增設施導致了創紀錄的處理量，使 EPD 在過去一年中將分紅提高了 5%。重要的是，該公司的股息支付比率得到了很好的覆蓋，企業產品合夥公司的支付比率相對於同行保持在 56% 的低水平。通過再投資現金、償還資產負債表上的債務，同時為增長投資分配資本的策略，這是一隻我可以肯定在長期內會繼續上漲的股票。</p>
<h2>西部中游合夥公司（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，格羅斯據報道持有 <strong>西部中游</strong>（NYSE:WES）的股份，儘管可用來源中並未披露其持股的具體數量。他對 WES 的熱情源於其強勁的財務表現和吸引人的股息收益，最近報告的收益率約為 9.3%，在經歷了 52% 的大幅分紅增長後。</p>
<p>這就是一些投資者可能會感到猶豫的股息收益。這是可以理解的，因為大多數提供接近兩位數股息收益的公司通常有不可持續的分紅。然而，在這種情況下，我認為格羅斯有理由相信該公司能夠維持其分紅，甚至隨着時間的推移實現增長。</p>
<p>該公司被投資者廣泛認為是頂級的 MLP 項目之一，原因有很多。首先，Western Midstream 強大的基於費用的收入模式降低了對商品價格波動的暴露。此外，該公司的現金流得到了與客户簽訂的長期合同的支持。這在市場週期中保持了相對穩定的現金流，並使公司能夠隨着合同的鎖定逐漸交付更大的交易量。</p>
<p>在我看來，這無疑是我考慮作為投資組合一部分的高收益投資之一，但我確實認為股息存在風險（市場暗示）。這是我需要深入研究的一個項目，但我確實認為這是一家值得進一步探索的公司。</p>
<h2>提前退休的簡單方法</h2>
<p>你可以通過彩票、運氣或愛你的家庭成員留下的財富提前退休。</p>
<p>但對於我們其他人來説，股息是關鍵。雖然每個人都在追逐大名鼎鼎的股息之王，但他們卻忽視了真正的王者：股息傳奇。</p>
<p>這是一類被忽視的收入機器，你可以購買並持有——永遠。</p>
<p>立即點擊這裏，查看兩個可以幫助你提前退休的項目，無需任何運氣。</p>
<p>這篇文章的標題是《比爾·格羅斯將資本投入到哪裏》，首次發表於 24/7 Wall St..</p>

<p>比爾·格羅斯，PIMCO 的聯合創始人和著名債券投資者，現在正專注於股票市場。他強調了能源轉移（Energy Transfer，ET）和企業產品合夥公司（Enterprise Products Partners，EPD）作為關鍵投資，因為它們具有高股息收益率和增長潛力。ET 提供 7.6% 的收益率，顯著高於傳統債券，而 EPD 則以 7% 的收益率和強勁的派息增長曆史而自豪。這兩家公司都具備長期現金流增長的潛力，使其成為投資者的有吸引力的選擇</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）是美國最傑出的投資者之一。他因在 1971 年共同創辦太平洋投資管理公司（PIMCO）而聞名，成為歷史上最頂尖的債券投資者之一，並在許多投資者心中繼續保持這一地位。我就是其中一個繼續密切關注格羅斯先生的工作（以及他的投資組合）的投資者。</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>格羅斯實施了一種投資策略，旨在利用市場低效。當然，許多經濟學家和市場參與者支持有效市場假説，可能不同意低效既豐富又可以輕易利用。但如果沒有像格羅斯這樣的投資者，我們根本不會有這個假説。我想這又是一個關於雞和蛋的討論，留待下次再説。</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>話雖如此，對於那些想了解格羅斯過去披露的持股的投資者來説，這裏有三隻我認為現在值得考慮的頂級股票。</p>
</div><h2>Key Points About This Article:</h2>
<div class="lb-trans"><h2>本文的關鍵點：</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>格羅斯被廣泛認為是歷史上最偉大的債券投資者之一，但他過去也曾進入股票市場，並對某些股票發表過評論。</li>
<li>這裏有三隻我認為長期投資者在當前市場週期中可能想要考慮的股票。</li>
<li>如果你在尋找一些潛力巨大的股票，確保獲取我們 <strong>全新的《下一個 NVIDIA》報告</strong> 的免費副本。報告中包含了一隻我們相信具有 10 倍潛力的軟件股票。</li>
</ul>
</div><h2>Energy Transfer (ET)</h2>
<div class="lb-trans"><h2>能源轉移（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>格羅斯強調 <strong>能源轉移</strong>（NYSE:ET）是他所做的一個關鍵投資，這有充分的理由。格羅斯欣賞主有限合夥企業（MLP）因其高股息收益潛力，這很有道理。作為一名債券投資者，格羅斯在股票市場上對股息收益的關注程度相對較高。像能源轉移這樣的公司將其利潤的一定比例以股息形式分配給投資者，如果相信其淨收入會隨着時間的推移而增長，並能夠將這些增加的收益傳遞給投資者，那麼這類公司可能是不錯的選擇。</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>能源轉移目前的股息收益率約為 7.6%，這顯然遠高於目前大多數債券收益率。此外，與其他主要管道運營商相比，後者的收益率通常在 4% 左右，這一相對差距被許多人（包括格羅斯）視為相對價值機會。確實，如果相信在非常長期內股息收益率可能會趨向於平均水平，那麼這可能隱含着 ET 股票比其競爭對手有更大的上漲潛力。</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>這家管道巨頭預計將能夠超出其增長資本支出目標，整體資本支出將在未來一年達到 30 億至 32 億美元。這是由於公司意外的高回報擴張項目，但這些項目是許多投資者認為將提供穩定長期現金流的項目。目前的項目，包括終端和管道擴建，將推動現金流增長至 2026 年。在我看來，這是一個穩健的長期選擇，正因如此我現在也在考慮投資。</p>
</div><h2>Enterprise Product Partners (EPD)</h2>
<div class="lb-trans"><h2>企業產品合夥公司（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>格羅斯繼續對 <strong>企業產品合夥公司</strong>（NYSE:EPD）持有積極看法，強調該公司作為主有限合夥企業（MLP）的吸引力，提供高收益和税收優勢。在最近的評論中，格羅斯指出，像 EPD 和能源轉移這樣的 MLP 與傳統管道公司相比被低估，儘管這些合夥企業的吸引力收益率約為 7%，而像金德摩根和威廉斯公司這樣的企業收益率較低。</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>企業產品合夥公司提供強勁的被動收入，收益率超過 7%，並且連續 26 年提高分紅，得益於現金流的增長。在第三季度，該公司產生了 20 億美元的可分配現金流。這個數字同比增長了 5%，得益於三座新的天然氣處理廠。這些新增設施導致了創紀錄的處理量，使 EPD 在過去一年中將分紅提高了 5%。重要的是，該公司的股息支付比率得到了很好的覆蓋，企業產品合夥公司的支付比率相對於同行保持在 56% 的低水平。通過再投資現金、償還資產負債表上的債務，同時為增長投資分配資本的策略，這是一隻我可以肯定在長期內會繼續上漲的股票。</p>
</div><h2>Western Midstream Partners (WES)</h2>
<div class="lb-trans"><h2>西部中游合夥公司（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，格羅斯據報道持有 <strong>西部中游</strong>（NYSE:WES）的股份，儘管可用來源中並未披露其持股的具體數量。他對 WES 的熱情源於其強勁的財務表現和吸引人的股息收益，最近報告的收益率約為 9.3%，在經歷了 52% 的大幅分紅增長後。</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>這就是一些投資者可能會感到猶豫的股息收益。這是可以理解的，因為大多數提供接近兩位數股息收益的公司通常有不可持續的分紅。然而，在這種情況下，我認為格羅斯有理由相信該公司能夠維持其分紅，甚至隨着時間的推移實現增長。</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>該公司被投資者廣泛認為是頂級的 MLP 項目之一，原因有很多。首先，Western Midstream 強大的基於費用的收入模式降低了對商品價格波動的暴露。此外，該公司的現金流得到了與客户簽訂的長期合同的支持。這在市場週期中保持了相對穩定的現金流，並使公司能夠隨着合同的鎖定逐漸交付更大的交易量。</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>在我看來，這無疑是我考慮作為投資組合一部分的高收益投資之一，但我確實認為股息存在風險（市場暗示）。這是我需要深入研究的一個項目，但我確實認為這是一家值得進一步探索的公司。</p>
</div><h2>The Easy Way To Retire Early</h2>
<div class="lb-trans"><h2>提前退休的簡單方法</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>你可以通過彩票、運氣或愛你的家庭成員留下的財富提前退休。</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>但對於我們其他人來説，股息是關鍵。雖然每個人都在追逐大名鼎鼎的股息之王，但他們卻忽視了真正的王者：股息傳奇。</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>這是一類被忽視的收入機器，你可以購買並持有——永遠。</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>立即點擊這裏，查看兩個可以幫助你提前退休的項目，無需任何運氣。</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>這篇文章的標題是《比爾·格羅斯將資本投入到哪裏》，首次發表於 24/7 Wall St..</p>
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比爾·格羅斯正在將他的資本投入到哪些領域