Long term investing can be life changing when you buy and hold the truly great businesses. While not every stock performs well, when investors win, they can win big. For example, the MSCI Inc. (NYSE:MSCI) share price is up a whopping 506% in the last half decade, a handsome return for long term holders. And this is just one example of the epic gains achieved by some long term investors. On top of that, the share price is up 19% in about a quarter. But this could be related to the strong market, which is up 21% in the last three months.
当你购买并持有真正伟大的企业时，长期投资可以改变你的生活。虽然不是每只股票都表现良好，但当投资者赢了，他们可以赢得很大。例如，摩根士丹利资本国际公司(MSCI Inc.，纽约证券交易所代码:MSCI)的股价在过去五年里上涨了惊人的506%，对长期持有者来说是一个可观的回报。而这只是一些长线投资者获得巨大收益的一个例子。除此之外，该公司股价在大约一个季度内上涨了19%。但这可能与强劲的市场有关，过去三个月中国股市上涨了21%。
We love happy stories like this one. The company should be really proud of that performance!
我们喜欢这样快乐的故事。公司应该为你的表现感到骄傲!
See our latest analysis for MSCI
参见我们对MSCI的最新分析
There is no denying that markets are sometimes efficient, but prices do not always reflect underlying business performance. One imperfect but simple way to consider how the market perception of a company has shifted is to compare the change in the earnings per share (EPS) with the share price movement.
不可否认，市场有时是有效的，但价格并不总是反映基本的企业业绩。考虑市场对一家公司的看法如何改变的一个不完美但简单的方法是，将每股收益(EPS)的变化与股价变动进行比较。
Over half a decade, MSCI managed to grow its earnings per share at 29% a year. This EPS growth is slower than the share price growth of 43% per year, over the same period. This suggests that market participants hold the company in higher regard, these days. That's not necessarily surprising considering the five-year track record of earnings growth. This favorable sentiment is reflected in its (fairly optimistic) P/E ratio of 59.96.
在过去的五年里，摩根士丹利资本国际公司的每股收益以每年29%的速度增长。这一每股收益增长率低于同期股价43%的年增长率。这表明，如今市场参与者对该公司的重视程度更高。考虑到过去5年的盈利增长记录，这一点也不奇怪。这种乐观情绪反映在市盈率(相当乐观)为59.96。
You can see below how EPS has changed over time (discover the exact values by clicking on the image).
你可以在下面看到EPS是如何随时间变化的(通过点击图片来发现准确的值)。
It might be well worthwhile taking a look at our freereport on MSCI's earnings, revenue and cash flow.What About Dividends?
我们关于MSCI的收益、收入和现金流的免费报告或许很值得一看。红利呢?
When looking at investment returns, it is important to consider the difference between total shareholder return (TSR) and share price return. Whereas the share price return only reflects the change in the share price, the TSR includes the value of dividends (assuming they were reinvested) and the benefit of any discounted capital raising or spin-off. It's fair to say that the TSR gives a more complete picture for stocks that pay a dividend. In the case of MSCI, it has a TSR of 542% for the last 5 years. That exceeds its share price return that we previously mentioned. This is largely a result of its dividend payments!
当考虑投资回报时，考虑股东总回报(TSR)和股价回报之间的差异是很重要的。尽管股价回报只反映股价的变化，TSR却包括股息的价值(假设它们被再投资)和任何贴现融资或分拆的收益。公平地说，TSR为分红股票提供了更完整的图景。以摩根士丹利资本国际为例，它过去5年的TSR为542%。这超过了我们之前提到的股价回报。这主要是股息支付的结果!
It's good to see that MSCI has rewarded shareholders with a total shareholder return of 47% in the last twelve months. Of course, that includes the dividend. Since the one-year TSR is better than the five-year TSR (the latter coming in at 45% per year), it would seem that the stock's performance has improved in recent times. In the best case scenario, this may hint at some real business momentum, implying that now could be a great time to delve deeper. While it is well worth considering the different impacts that market conditions can have on the share price, there are other factors that are even more important. For example, we've discovered 2 warning signs for MSCI that you should be aware of before investing here.
很高兴看到摩根士丹利资本国际在过去12个月里给股东带来了47%的总股东回报。当然，这包括红利。由于一年的TSR比五年的TSR好(五年的TSR是每年45%)，最近股票的表现似乎有所改善。在最好的情况下，这可能暗示了一些真正的商业势头，意味着现在是一个很好的时间去深入研究。虽然考虑市场状况对股价的不同影响是很值得的，但还有其他更重要的因素。例如，我们发现了MSCI的两个警告信号，你在投资之前应该注意。
Of course MSCI may not be the best stock to buy. So you may wish to see this freecollection of growth stocks.
当然，MSCI可能不是最好的股票。所以你可能希望看到这个免费的增长型股票集合。
