5.好時(shí)公司

????巧克力巨頭好時(shí)公司（Hershey，財(cái)富500強(qiáng)企業(yè)）擁有蘇姍?肯普勒所追求的領(lǐng)先市場(chǎng)地位、充裕現(xiàn)金流和可靠的管理層。她管理的TIAA-CREF增長(zhǎng)和收益基金（TIAA-CREF Growth and Income Fund）在過去十年內(nèi)的年化回報(bào)率為9.9%，而好時(shí)公司則是這支基金的一支重倉(cāng)股。由于好時(shí)在整個(gè)糖果業(yè)務(wù)方面幾乎沒有任何一般意義上的競(jìng)爭(zhēng)對(duì)手，因此，它有能力維持很高的利潤(rùn)率和定價(jià)能力。毋庸置疑，由此一來，好時(shí)公司每年產(chǎn)生約10億美元的凈現(xiàn)金流，用以增加派息、回購(gòu)股權(quán)及業(yè)務(wù)擴(kuò)張。肯普勒說，對(duì)于好時(shí)公司而言，在全球1,900億美元的糖果市場(chǎng)獲取成長(zhǎng)的空間還很大，尤其是在中國(guó)及墨西哥地區(qū)。好時(shí)公司目前的年銷售額為70億美元?？掀绽沼址Q，好時(shí)公司在打入新市場(chǎng)方面很講究策略，在致力于將糖果打造成日常小點(diǎn)心的同時(shí)，最初只推出少量的產(chǎn)品，跟它在美國(guó)國(guó)內(nèi)的做法如出一轍?？掀绽疹A(yù)計(jì)，好時(shí)公司未來三至五年的收益增速將保持在11%-16%這個(gè)大致范圍內(nèi)。（財(cái)富中文網(wǎng)）

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??? 譯者：默默

5. Hershey

????Chocolate powerhouse Hershey (HSY,Fortune 500) has the sort of leading position, strong cash flow, and dependable management that Susan Kempler seeks. Her TIAA-CREF Growth and Income Fund(TIIRX) has returned an annualized 9.9% over the past 10 years, and Hershey is a big holding. With virtually no generic competition in the candy business, Hershey is able to maintain high margins and pricing power. Little surprise, then, that Hershey generates about $1 billion in free cash flow a year, which it uses to increase its dividend, buy back stock, and fund expansion. There's plenty of room -- particularly in China and Mexico -- for the company, with $7 billion in sales, to grow within the $190 billion global confectionary market, says Kempler. She adds that Hershey has been smart about entering new markets, introducing only a few products while working to make candy an everyday snack, just as it is in the U.S. Kempler expects Hershey to maintain low- to mid-teen earnings growth for the next three to five years.

--K.B.