Moonbyul personal page - To The Moon

Moonbyul

Moonbyul

I have been a trader since 2007.

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11-03

I would love to see Harris to win the election 🗳️. She will lead the US economy and the country better then Trump.

09-25

Wow 😮 I think it will move even higher

Gold Rises to Record High as US Data Support Deeper Rate Cuts

04-13

$Apple(AAPL)$ Apple need to come out the iPhone 16 with AI 🤖 to boost their Apple stock price 👍🏻.

03-21

Can't wait to see if Apple will include AI 🤖 in IPhone 16 📱👍🏻

Apple: My Dark Horse Of The Magnificent 7 Could Lead The Pack In The Second Half

03-11

Hopefully the iphone 16 they will have AI install in it.

Apple: Losing Its Mojo?

2023-12-15

2023-12-15

2023-09-18

Apple stock for long term investment 👍🏻

Sorry, the original content has been removed

2023-03-28

A good article 👍🏻

Deutsche Bank $42 Trillion Derivatives Book: A Snowflake Away From Financial Meltdown?

2023-02-24

That is great for Apple to have another revenue for the company 👍🏻

Apple's Secret Plans to Dominate (Another) $16 Billion Market

2023-01-17

That is great news for apple New chips 👍🏻

Apple Announces New Macs With Its Most Powerful Chips yet

2023-01-11

If Apple stock drop to below $100 I will buy more of it 👍🏻

Is Apple Stock A Buy During The Dip?

2023-01-05

Yes agree that Apple is slowing down now. it will go back up 🆙 again 👍🏻🍎

Apple Price Target Cut At Wedbush But Firm Sees Resilient Demand

2022-12-20

Apple stocks is a long term investment 🍎👍🏻

Apple Investors’ Loyalty Is Rewarded With a $454 Billion Gift

2022-11-30

Yes Apple 🍎 stock long term investment 👍🏻

Is Apple a Must-Own Stock in 2023?

2022-11-29

Well done for Apple Pay 👍🏻

Apple Pay Is on Fire This Holiday Season

2022-11-23

A very good article 👍🏻

Apple: The Last FANG Standing

2022-11-23

Congratulations to Tiger 🐯. Keep up the good work 👍🏻

Sorry, the original content has been removed

2022-11-17

It about time they change it 👍🏻

Apple Analyst Sees All 2023 iPhones Switching To USB-C

2022-11-11

Looking forward to see Apple stock value at US$2.5 Trillion Company 🍎👍🏻

Apple’s $191 Billion Single-Day Surge Sets Stock-Market Record

Go to Tiger App to see more news

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She will lead the US economy and the country better then Trump.","listText":"I would love to see Harris to win the election 🗳️. She will lead the US economy and the country better then Trump.","text":"I would love to see Harris to win the election 🗳️. She will lead the US economy and the country better then Trump.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/366892765380848","isVote":1,"tweetType":1,"viewCount":98,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":353174695747616,"gmtCreate":1727233478438,"gmtModify":1727233482712,"author":{"id":"3577583677378683","authorId":"3577583677378683","name":"Moonbyul","avatar":"https://static.tigerbbs.com/c3393b4f329ea99dc510e630ecfecd61","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3577583677378683","authorIdStr":"3577583677378683"},"themes":[],"htmlText":"&nbsp;Wow 😮 I think it will move even higher&nbsp;","listText":"&nbsp;Wow 😮 I think it will move even higher&nbsp;","text":"Wow 😮 I think it will move even higher","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/353174695747616","repostId":"2470647473","repostType":2,"repost":{"id":"2470647473","pubTimestamp":1727235520,"share":"https://ttm.financial/m/news/2470647473?lang=&edition=fundamental","pubTime":"2024-09-25 11:38","market":"us","language":"en","title":"Gold Rises to Record High as US Data Support Deeper Rate Cuts","url":"https://stock-news.laohu8.com/highlight/detail?id=2470647473","media":"Bloomberg","summary":"Gold rose to a record high after jumping more than 1% in the previous session, as weak US data bolst","content":"<html><head></head><body><p>Gold rose to a record high after jumping more than 1% in the previous session, as weak US data bolstered the case for deeper rate cuts. Silver was near the highest in four months.</p><p>Prices of gold gained as much as 0.3% to above $2,665 an ounce, eclipsing its previous all-time high posted on Tuesday following a report showing US consumer confidence this month fell the most in three years. Silver surged 4.6% on Tuesday in its biggest daily gain in four months.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/2ff042b152943dbb54ac83686d056bcf\" tg-width=\"1200\" tg-height=\"675\"/></p><p style=\"text-align: start;\">Swaps traders increased bets for more than three-quarters of a point of easing by the Federal Reserve this year. Lower rates tend to benefit both gold and silver as they don’t offer interest, while a weaker dollar makes the metals cheaper for many buyers.</p><p style=\"text-align: start;\">Gold and silver tend to move largely in tandem as both offer similar macro- and currency-hedging properties. Still, the white metal is more exposed to the economic cycle as it’s also an industrial commodity used in clean-energy technologies, including solar panels.</p><p style=\"text-align: start;\">In a boost for industrial metals, Beijing announced a series of stimulus measures Tuesday to address the nation’s economic malaise and in particular targeting the real estate market.</p><p style=\"text-align: start;\">“The main driver for silver in the last few weeks has been the gold rally — which got another boost yesterday from higher rate-cut expectations following the weak consumer confidence report,” said Zhong Liang Han, an analyst at Standard Chartered Plc. However, the “rally in industrial metals following China’s broad stimulus package was the key driver behind the next leg of the up-move in silver.”</p><p>Gold has now surged almost 30% this year — while silver has risen 35% — with the rallies gaining momentum after the Fed’s half-point cut last week. The yellow metal has also been supported by strong central bank purchases and heightened geopolitical tensions driving haven demand. A too-close-to-call US presidential election that could be massively consequential for financial markets is now less than six weeks away.</p><p style=\"text-align: start;\">Spot gold reached a record high of $2,665.25 an ounce before being up 0.2% to $2,662.77 as of 10:34 a.m. in Singapore. The Bloomberg Dollar Spot Index was little changed following its 0.5% drop in the previous session.</p><p style=\"text-align: start;\">Silver is getting attention given the sharp rally in gold, especially as investors look for catch-up buying opportunities, said Joni Teves, a precious metals strategist at UBS Group AG.</p><p>“The move in industrial commodities is likely also providing an additional boost,” Teves said. “Our bullish outlook for silver is unchanged; we think it can outperform in this environment of rising gold prices, Fed easing and forecasted silver market deficits.”</p><p>Silver dipped 0.5% in Singapore to $31.9435 an ounce. Palladium and platinum declined.</p><p>Looking ahead, investors are waiting for more US data — including the personal consumption expenditures gauge and jobless claims — due later in the week, for additional indications on the Fed’s likely easing path.</p><p></p><p></p></body></html>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Gold Rises to Record High as US Data Support Deeper Rate Cuts</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGold Rises to Record High as US Data Support Deeper Rate Cuts\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-09-25 11:38 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2024-09-25/gold-xauusd-holds-near-record-high-as-us-data-supports-deeper-rate-cuts><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Gold rose to a record high after jumping more than 1% in the previous session, as weak US data bolstered the case for deeper rate cuts. Silver was near the highest in four months.Prices of gold gained...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2024-09-25/gold-xauusd-holds-near-record-high-as-us-data-supports-deeper-rate-cuts\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.bloomberg.com/news/articles/2024-09-25/gold-xauusd-holds-near-record-high-as-us-data-supports-deeper-rate-cuts","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2470647473","content_text":"Gold rose to a record high after jumping more than 1% in the previous session, as weak US data bolstered the case for deeper rate cuts. Silver was near the highest in four months.Prices of gold gained as much as 0.3% to above $2,665 an ounce, eclipsing its previous all-time high posted on Tuesday following a report showing US consumer confidence this month fell the most in three years. Silver surged 4.6% on Tuesday in its biggest daily gain in four months.Swaps traders increased bets for more than three-quarters of a point of easing by the Federal Reserve this year. Lower rates tend to benefit both gold and silver as they don’t offer interest, while a weaker dollar makes the metals cheaper for many buyers.Gold and silver tend to move largely in tandem as both offer similar macro- and currency-hedging properties. Still, the white metal is more exposed to the economic cycle as it’s also an industrial commodity used in clean-energy technologies, including solar panels.In a boost for industrial metals, Beijing announced a series of stimulus measures Tuesday to address the nation’s economic malaise and in particular targeting the real estate market.“The main driver for silver in the last few weeks has been the gold rally — which got another boost yesterday from higher rate-cut expectations following the weak consumer confidence report,” said Zhong Liang Han, an analyst at Standard Chartered Plc. However, the “rally in industrial metals following China’s broad stimulus package was the key driver behind the next leg of the up-move in silver.”Gold has now surged almost 30% this year — while silver has risen 35% — with the rallies gaining momentum after the Fed’s half-point cut last week. The yellow metal has also been supported by strong central bank purchases and heightened geopolitical tensions driving haven demand. A too-close-to-call US presidential election that could be massively consequential for financial markets is now less than six weeks away.Spot gold reached a record high of $2,665.25 an ounce before being up 0.2% to $2,662.77 as of 10:34 a.m. in Singapore. The Bloomberg Dollar Spot Index was little changed following its 0.5% drop in the previous session.Silver is getting attention given the sharp rally in gold, especially as investors look for catch-up buying opportunities, said Joni Teves, a precious metals strategist at UBS Group AG.“The move in industrial commodities is likely also providing an additional boost,” Teves said. “Our bullish outlook for silver is unchanged; we think it can outperform in this environment of rising gold prices, Fed easing and forecasted silver market deficits.”Silver dipped 0.5% in Singapore to $31.9435 an ounce. Palladium and platinum declined.Looking ahead, investors are waiting for more US data — including the personal consumption expenditures gauge and jobless claims — due later in the week, for additional indications on the Fed’s likely easing path.","news_type":1},"isVote":1,"tweetType":1,"viewCount":24,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":294719411408984,"gmtCreate":1712971319590,"gmtModify":1712971324322,"author":{"id":"3577583677378683","authorId":"3577583677378683","name":"Moonbyul","avatar":"https://static.tigerbbs.com/c3393b4f329ea99dc510e630ecfecd61","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3577583677378683","authorIdStr":"3577583677378683"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/AAPL\">$Apple(AAPL)$&nbsp;</a> Apple need to come out the iPhone 16 with AI 🤖 to boost their Apple stock price 👍🏻.&nbsp;","listText":"<a href=\"https://ttm.financial/S/AAPL\">$Apple(AAPL)$&nbsp;</a> Apple need to come out the iPhone 16 with AI 🤖 to boost their Apple stock price 👍🏻.&nbsp;","text":"$Apple(AAPL)$ Apple need to come out the iPhone 16 with AI 🤖 to boost their Apple stock price 👍🏻.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":26,"commentSize":2,"repostSize":6,"link":"https://ttm.financial/post/294719411408984","isVote":1,"tweetType":1,"viewCount":799,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3563421686188310","authorId":"3563421686188310","name":"Hopehope赋予希望","avatar":"https://community-static.tradeup.com/news/46495f44529967f5d3b4d03a47167f5b","crmLevel":9,"crmLevelSwitch":1,"idStr":"3563421686188310","authorIdStr":"3563421686188310"},"content":"stay out of apple for me and buy Xiaomi for me $XIAOMI-W(01810)$","text":"stay out of apple for me and buy Xiaomi for me $XIAOMI-W(01810)$","html":"stay out of apple for me and buy Xiaomi for me $XIAOMI-W(01810)$"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":286382620254368,"gmtCreate":1710952448420,"gmtModify":1710952452250,"author":{"id":"3577583677378683","authorId":"3577583677378683","name":"Moonbyul","avatar":"https://static.tigerbbs.com/c3393b4f329ea99dc510e630ecfecd61","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3577583677378683","authorIdStr":"3577583677378683"},"themes":[],"htmlText":"Can't wait to see if Apple will include AI 🤖 in IPhone 16 📱👍🏻","listText":"Can't wait to see if Apple will include AI 🤖 in IPhone 16 📱👍🏻","text":"Can't wait to see if Apple will include AI 🤖 in IPhone 16 📱👍🏻","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/286382620254368","repostId":"2420221833","repostType":2,"repost":{"id":"2420221833","pubTimestamp":1710862077,"share":"https://ttm.financial/m/news/2420221833?lang=&edition=fundamental","pubTime":"2024-03-19 23:27","market":"us","language":"en","title":"Apple: My Dark Horse Of The Magnificent 7 Could Lead The Pack In The Second Half","url":"https://stock-news.laohu8.com/highlight/detail?id=2420221833","media":"seekingalpha","summary":"Apple's stock has declined by 7.01% in 2024, while other tech giants have seen positive growth.Despite some risks and missed opportunities, Apple is starting 2024 with strong profitability and growth ","content":"<html><head></head><body><ul style=\"\"><li><p>Apple&#39;s stock has declined by 7.01% in 2024, while other tech giants have seen positive growth.</p></li><li><p>Despite some risks and missed opportunities, Apple is starting 2024 with strong profitability and growth potential.</p></li><li><p>Apple&#39;s innovation and focus on AI, combined with hardware sales and increased services subscriptions, could lead to future success and increased shareholder value.</p></li></ul><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/841d11cc18e9ecc18b74684b7b996ce8\" tg-width=\"750\" tg-height=\"481\"/></p><p>ozgurdonmaz</p><p>Some questions have been answered, while others remain unanswered about Apple (NASDAQ:AAPL) and the market. While AAPL was once the foundation that kept the market afloat, in 2024, we learned that the market could go higher without participation from AAPL. Some had wondered when an AAPL car would hit the market, and several weeks ago, AAPL announced that the electric vehicle project would be canceled and resources from Project Titan would be redirected to focus on artificial intelligence (AI) initiatives. </p><p>AAPL shares have declined by 7.01% in 2024 while 5 of the Magnificent 7 are in positive territory, and the SPDR S&amp;P 500 Trust (SPY) is up 7.87% this year. APPL shares are currently caught in a drawdown of -13.53% from their recent highs of $199.62. I think the current sell-off is an opportunity, and while shares could continue lower, I feel AAPL could be the Dark Horse that comes out of nowhere in the 2nd half of 2024 to lead the pack. AAPL is coming off its 2nd most profitable year, and the 2024 fiscal year is starting off stronger than 2023. I don’t believe AAPL’s best days are behind them, and I will be adding to my position as shares decline as I see a long-term opportunity in their ability to change the technology sector.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/0d66ea2e2c860d3bae2c1d9b89cb7b52\" alt=\"Seeking Alpha\" title=\"Seeking Alpha\" tg-width=\"640\" tg-height=\"333\"/><span>Seeking Alpha</span></p><h2 id=\"id_1915660148\">Following up on my previous Apple Article</h2><p>AAPL shares have cooled off since my last article was published on 11/6/23 (can be read here). Since then, shares have declined by -2.13%, which underperformed the market as the S&amp;P has appreciated by 17.25%. The total return after AAPL’s dividend in this period is -1.88%, as AAPL hasn’t participated in the recent leg of the rally. In that article, I discussed why the negative top-line growth wasn’t a problem for me, as I was more focused on AAPL’s profitability and the ability to grow its EPS. We have seen this before from AAPL as revenue declined YoY in 2019 before a massive 3-year spurt. I am not a short-term investor, and in many cases, my investment horizon is based on a 5–10-year outlook. I wanted to follow up with a new AAPL article because a lot of news has been released, AAPL is starting 2024 out in a stronger position than they did in 2023, and I think AAPL is setting up for another growth spurt over the next several years. Shares of AAPL could decline further, but ultimately, I believe AAPL could be a Dark Horse in the Magnificent 7, and the back half of the year may shock some investors.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/78a248c52a33a853a79d8f54426821fd\" tg-width=\"640\" tg-height=\"199\"/></p><p>Seeking Alpha</p><h2 id=\"id_646524490\">The risks to investing in Apple</h2><p>Risk and AAPL aren’t frequently used in the same sentence, but every investment comes with some type of risk, even the mighty AAPL. We have seen opportunity cost as a risk in recent months as investing in a standard S&amp;P 500 index fund has drastically outperformed individual shares of AAPL since November. There is also a different type of opportunity cost, which falls on the shoulders of Tim Cook and the executive leadership at AAPL. I don’t think anyone is going to complain about AAPL spending billions on Project Titan only to cancel the project, but this certainly diverted resources away from other areas, both monetary and in human capital. AAPL isn’t a player in the public cloud space, and while they have cloud storage for users, they don’t have an enterprise-level solution the way Microsoft (MSFT) has Azure or Amazon (AMZN) has AWS. AAPL also hasn’t allocated enough resources to date to be a frontrunner in AI, and the opportunity cost for AAPL is that a significant amount of time has been lost, and the competition is embedded throughout these markets. AAPL is also facing lawsuits, and depending on how things shape up with the AAPL store, we could see both AAPL and Alphabet (GOOGL) incur a loss of revenue from in-app purchases. The main risk now is that AAPL has hit its peak and is going to tread water to maintain its current position rather than replicating the innovation that made it the largest company in the world.</p><h2 id=\"id_1184640248\">Apple is setting the tone with the offence, and 2024 is starting off strong</h2><p>When you purchase a share of common stock, you’re an equity owner in a company. It doesn’t matter if you purchase a fractional share, a whole share, or 10,000 shares, the equity that you purchase represents a portion of the revenue and earnings the company purchases. At today’s prices, you’re paying $172.62 per share, which is the current value for all the future cash flow AAPL will generate. AAPL is the most profitable company in the market, followed by Berkshire Hathaway (BRK.B), and while it looks like a risk on the environment is emerging in anticipation of entering a lower-rate environment, AAPL is setting the tone for 2024 with immense profitability.</p><p>When I purchase shares in a company, I look at it as owning the underlying entity and the cash-producing operations as 2 separate aspects. When you purchase shares of AAPL, you’re buying in a company that has $40.76 billion in cash, and $32.34 billion in short-term marketable securities, which places their on-hand liquidity at $73.1 billion. Then there is another $99.48 billion in marketable securities under its long-term assets, which brings its total current and non-current cash position to $172.58 billion. There is another $180.94 billion in assets on the balance sheet, and when the liabilities are deducted, the amount of shareholder equity left is $74.1 billion. AAPL has $95.09 billion in term debt on its balance sheet, and while they could write a check and eliminate it tomorrow, its profitability allows them to pay it down as it matures and incur the interest as the cost of doing business due to their level of profitability.</p><p>After looking at the balance sheet, AAPL’s operating business generated $383.29 billion in revenue for the 2023 fiscal year. AAPL produced $169.15 billion in gross profit for a gross profit margin of 44.13%, and after their operating expenses are considered, AAPL is operating at a 29.82% operating margin as its operating income came in at $114.3 billion. The amount of debt on AAPL’s balance sheet doesn’t matter since they generated $125.82 billion in EBITDA, which works out to $2.42 billion in EBITDA per week. To put that into perspective, AAPL is generating more in EBITDA on a weekly basis than many companies produce in a quarter or in some cases, their entire fiscal year. After all the interest expenses and corporate taxes are factored in, AAPL generated $97 billion in net income for 2023, which is $1.87 billion per week in pure profitability. This is why I wish more investors would look past the headlines and look into the financial statements further. Unless you’re a trader or swing investor, selling off AAPL as a long-term investor doesn’t make a lot of sense.</p><p>I am still perplexed as to why investors are losing faith in AAPL after they set the tone with the offense for 2024. In the first quarter of the 2024 fiscal year, AAPL delivered growth across the board from the top line to the bottom line. AAPL generated $119.58 billion in revenue, which was a YoY increase of 2.07% ($2.42 billion). AAPL increased its gross profit by 8.99% ($4.52 billion) YoY to $54.86 billion, which put its gross profit margin at 45.87%. Looking at the bottom line, AAPL delivered a jump of 13.06% ($3.92 billion) in net income YoY to $33.92 billion. On a per-share basis, AAPL was able to grow its basic EPS by $0.30 or 15.87% YoY to $2.19 in Q1.</p><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/caef0da7ce44c74550760e2b02a8fb03\" tg-width=\"640\" tg-height=\"285\"/></p><p>Steven Fiorillo, Seeking Alpha</p><p></p><p>The combination of AAPL’s increased profitability and analyst forward estimates has put AAPL closer to a value play. AAPL is trading at 26.31 times their projected 2024 earnings, which is the 3rd lowest valuation in the Magnificent 7. The average forward multiple for the Magnificent 7’s 2024 forward earnings is 33.72 times, which is significantly under AAPL. Looking out to 2026, AAPL trades at 22.19 times their 2026 earnings. If shares of AAPL continue to decline in value and AAPL beats earnings estimates over the next several quarters, then shares could end up trading at less than 20 times their 2026 forward earnings. AAPL has roughly 18.6% of EPS growth on the horizon over the next 2 years, and after setting the tone with the offense in Q1, I think shares look very attractive.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/fc2a96ad2a482069a5918790c25d9a30\" tg-width=\"640\" tg-height=\"140\"/></p><p>Steven Fiorillo, Seeking Alpha</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/ec9138c3678137f56f1f0c4f0d5cf590\" tg-width=\"640\" tg-height=\"244\"/></p><p>Seeking Alpha</p><h2 id=\"id_2921352569\">Apple’s innovation isn’t over and I believe they will replicate what they did with Services through a combination of investments, AI, and the Apple Vision Pro</h2><p>I don’t feel that the Services business gets enough credit as AAPL has done a fantastic job at generating a reoccurring revenue stream that is on pace to generate $100 billion in 2025. Over the past 6 years, AAPL has increased its Q1 Services revenue by $13.99 billion (153.23%) as its increased from $9.13 billion to $23.12 billion. In 2023, the annualized services revenue increased by 9.05% or $7.07 billion YoY, and in 2024, AAPL is starting out the year by producing 27.13% of its 2023 services revenue in Q1. In the past 6 years, there has only been 1 time where Q4 revenue generated from Services didn’t exceed Q1. Services have become a critical component of AAPL’s revenue mix as it is helping diversify away from generating the majority of revenue from iPhone sales.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/77834e138b7790daf25ca7c327725464\" tg-width=\"640\" tg-height=\"358\"/></p><p>Steven Fiorillo, Apple</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/8340a6247701b7fcd5e3a1e96e9d6ba8\" tg-width=\"640\" tg-height=\"396\"/></p><p>Steven Fiorillo, Apple</p><p>AAPL delivered the Apple Vision Pro and recently acquired a Canadian startup company DarwinAI, after announcing it would redirect resources from Project Titan to their AI initiatives. AAPL’s upcoming WWDC conference in June is rumoured to focus on generative AI as AAPL could announce new AI tools as part of iOS 18 and a revamped version of SIRI. To think AAPL doesn’t have the ability to innovate the computing space further is a bit shortsighted, considering they have revolutionized the smartphone industry and mobile computing through their tablets. AAPL generates close to $100 billion in annualized profits and has more than $170 billion in liquidity on their balance sheet. AAPL has the means and the engineering proficiency to drive the narrative in future computing.</p><p>I believe the next leg of AAPL’s expansion will be through a combination of hardware sales and increased Services subscriptions. Over the next several years, I see the Apple Vision Pro becoming the size of a pair of Oakley or Ray-Ban sunglasses powered by the iPhone. I think AAPL may acquire brands such as <a href=\"https://laohu8.com/S/WBD\">Warner Bros. Discovery</a> (WBD) and the Madison Square Garden Sports Corp. (MSGS) for the content libraries and to take these pieces off the table. I think AAPL could get into live sports and expand their Apple TV offerings considerably with acquisitions such as these, as well as sell virtual season tickets to the Knicks and Rangers through Apple Vision Pro. In its current form, it’s just too big, but nobody has a problem wearing glasses for most of the day. I think that mixed reality and virtual computing will lead to increased hardware sales and recurring Services subscriptions for AAPL.</p><p>The next wave of computing could fuel a jump in revenue and profitability the way that we saw in AAPL’s 2021 fiscal year. This could lead to a larger return of capital and more acquisitions in AAPL’s future. Since the 2012 fiscal year, AAPL has returned $839.2 billion to shareholders, of which $651.4 billion was allocated toward buybacks. Over the past decade, AAPL has repurchased 34.1% of its shares outstanding as they decreased the float by 8 billion shares. I don’t think AAPL is going to sit out of the bull market much longer, but they will figure out a way to embed AI into their products and transcend screens in computing. When I think about all of the information that AAPL has on its consumers, I think we will see an evolution in SIRI that allows consumers to harness AI, and they may even create service packages for different types of assistant programs.</p><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/f5e7f34aac9a66a30a60dc9d71b19c77\" tg-width=\"640\" tg-height=\"363\"/></p><p>Apple</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/c4e29d7e752db2a4169c32b481244692\" tg-width=\"640\" tg-height=\"288\"/></p><p>Steven Fiorillo, Seeking Alpha</p><h2 id=\"id_2554963169\">Conclusion</h2><p>As investors have gravitated toward companies such as AMZN, Nvidia (NVDA), and <a href=\"https://laohu8.com/S/META\">Meta Platforms</a> (META), AAPL has been left out of the recent rally as shares are in the red to start 2024. While many are writing AAPL off, I think AAPL could be the Magnificent 7’s dark horse in 2024 that investors don’t see coming. Now that the aspirations of a self-driving EV are finished, AAPL can deploy its resources to the next generation of computing and AI. While shares could get cheaper, I think paying 26.31 times 2024 earnings and 22.19 times 2026 earnings for AAPL will prove to be a solid long-term investment. AAPL already has the consumer-level infrastructure for AI, and I think they will deliver in a big way over the next several years. AAPL will likely keep buying back tens of billions worth of shares each quarter, and as they increase their operational earnings, they will likely beat analyst estimates. Once again, the street could place AAPL on a pestle. I think we will see a second-half rally after the upcoming WWDC conference, and these prices will prove to be a gift over the long term.</p></body></html>","source":"seekingalpha","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple: My Dark Horse Of The Magnificent 7 Could Lead The Pack In The Second Half</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple: My Dark Horse Of The Magnificent 7 Could Lead The Pack In The Second Half\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-03-19 23:27 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4678794-apple-stock-dark-horse-magnificent-7-could-lead-pack-in-second-half><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Apple's stock has declined by 7.01% in 2024, while other tech giants have seen positive growth.Despite some risks and missed opportunities, Apple is starting 2024 with strong profitability and growth ...</p>\n\n<a href=\"https://seekingalpha.com/article/4678794-apple-stock-dark-horse-magnificent-7-could-lead-pack-in-second-half\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU0354030511.USD":"ALLSPRING  U.S. LARGE CAP GROWTH \"I\" (USD) ACC","BK4538":"云计算","LU0353189680.USD":"富国美国全盘成长基金Cl A Acc","LU0648001328.SGD":"Natixis Harris Associates US Equity RA SGD","IE0034235295.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"A\" (USD) ACC","LU0256863811.USD":"ALLIANZ US EQUITY \"A\" INC","AAPL":"苹果","LU0130103400.USD":"Natixis Harris Associates Global Equity RA USD","LU0211331839.USD":"FRANKLIN MUTUAL GLB DISCOVERY \"A\" (USD) ACC","GB00B4QBRK32.GBP":"FUNDSMITH EQUITY \"R\" (GBP) INC","IE00BJJMRX11.SGD":"Janus Henderson Balanced A Acc SGD","IE00BKDWB100.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5H\" (SGDHDG) ACC","LU0354030438.USD":"富国美国大盘成长基金Cl A Acc","GB00B4LPDJ14.GBP":"FUNDSMITH EQUITY \"R\" (GBP) ACC","LU1280957306.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQUITIES \"AUP\" (USD) INC","LU0528227936.USD":"富达环球人口趋势基金A-ACC","IE00BJTD4N35.SGD":"Neuberger Berman US Long Short Equity A1  Acc SGD-H","IE00B19Z9P08.USD":"LEGG MASON CLEARBRIDGE US AGGRESSIVE GROWTH \"A\" (USD) INC","IE00B19Z3B42.SGD":"Legg Mason ClearBridge - Value A Acc SGD","LU0494093205.USD":"贝莱德ESG灵活多元资产A2 USD-H","LU0211327993.USD":"TEMPLETON GLOBAL EQUITY INCOME \"A\" (USD) ACC","BK4532":"文艺复兴科技持仓","IE00B3S45H60.SGD":"Neuberger Berman US Multicap Opportunities A Acc SGD-H","BK4108":"电影和娱乐","IE0004445239.USD":"JANUS HENDERSON US FORTY \"A2\" (USD) ACC","BK4534":"瑞士信贷持仓","BK4533":"AQR资本管理(全球第二大对冲基金)","GB00BDT5M118.USD":"天利环球扩展Alpha基金A Acc","BK4535":"淡马锡持仓"},"source_url":"https://seekingalpha.com/article/4678794-apple-stock-dark-horse-magnificent-7-could-lead-pack-in-second-half","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"2420221833","content_text":"Apple's stock has declined by 7.01% in 2024, while other tech giants have seen positive growth.Despite some risks and missed opportunities, Apple is starting 2024 with strong profitability and growth potential.Apple's innovation and focus on AI, combined with hardware sales and increased services subscriptions, could lead to future success and increased shareholder value.ozgurdonmazSome questions have been answered, while others remain unanswered about Apple (NASDAQ:AAPL) and the market. While AAPL was once the foundation that kept the market afloat, in 2024, we learned that the market could go higher without participation from AAPL. Some had wondered when an AAPL car would hit the market, and several weeks ago, AAPL announced that the electric vehicle project would be canceled and resources from Project Titan would be redirected to focus on artificial intelligence (AI) initiatives. AAPL shares have declined by 7.01% in 2024 while 5 of the Magnificent 7 are in positive territory, and the SPDR S&P 500 Trust (SPY) is up 7.87% this year. APPL shares are currently caught in a drawdown of -13.53% from their recent highs of $199.62. I think the current sell-off is an opportunity, and while shares could continue lower, I feel AAPL could be the Dark Horse that comes out of nowhere in the 2nd half of 2024 to lead the pack. AAPL is coming off its 2nd most profitable year, and the 2024 fiscal year is starting off stronger than 2023. I don’t believe AAPL’s best days are behind them, and I will be adding to my position as shares decline as I see a long-term opportunity in their ability to change the technology sector.Seeking AlphaFollowing up on my previous Apple ArticleAAPL shares have cooled off since my last article was published on 11/6/23 (can be read here). Since then, shares have declined by -2.13%, which underperformed the market as the S&P has appreciated by 17.25%. The total return after AAPL’s dividend in this period is -1.88%, as AAPL hasn’t participated in the recent leg of the rally. In that article, I discussed why the negative top-line growth wasn’t a problem for me, as I was more focused on AAPL’s profitability and the ability to grow its EPS. We have seen this before from AAPL as revenue declined YoY in 2019 before a massive 3-year spurt. I am not a short-term investor, and in many cases, my investment horizon is based on a 5–10-year outlook. I wanted to follow up with a new AAPL article because a lot of news has been released, AAPL is starting 2024 out in a stronger position than they did in 2023, and I think AAPL is setting up for another growth spurt over the next several years. Shares of AAPL could decline further, but ultimately, I believe AAPL could be a Dark Horse in the Magnificent 7, and the back half of the year may shock some investors.Seeking AlphaThe risks to investing in AppleRisk and AAPL aren’t frequently used in the same sentence, but every investment comes with some type of risk, even the mighty AAPL. We have seen opportunity cost as a risk in recent months as investing in a standard S&P 500 index fund has drastically outperformed individual shares of AAPL since November. There is also a different type of opportunity cost, which falls on the shoulders of Tim Cook and the executive leadership at AAPL. I don’t think anyone is going to complain about AAPL spending billions on Project Titan only to cancel the project, but this certainly diverted resources away from other areas, both monetary and in human capital. AAPL isn’t a player in the public cloud space, and while they have cloud storage for users, they don’t have an enterprise-level solution the way Microsoft (MSFT) has Azure or Amazon (AMZN) has AWS. AAPL also hasn’t allocated enough resources to date to be a frontrunner in AI, and the opportunity cost for AAPL is that a significant amount of time has been lost, and the competition is embedded throughout these markets. AAPL is also facing lawsuits, and depending on how things shape up with the AAPL store, we could see both AAPL and Alphabet (GOOGL) incur a loss of revenue from in-app purchases. The main risk now is that AAPL has hit its peak and is going to tread water to maintain its current position rather than replicating the innovation that made it the largest company in the world.Apple is setting the tone with the offence, and 2024 is starting off strongWhen you purchase a share of common stock, you’re an equity owner in a company. It doesn’t matter if you purchase a fractional share, a whole share, or 10,000 shares, the equity that you purchase represents a portion of the revenue and earnings the company purchases. At today’s prices, you’re paying $172.62 per share, which is the current value for all the future cash flow AAPL will generate. AAPL is the most profitable company in the market, followed by Berkshire Hathaway (BRK.B), and while it looks like a risk on the environment is emerging in anticipation of entering a lower-rate environment, AAPL is setting the tone for 2024 with immense profitability.When I purchase shares in a company, I look at it as owning the underlying entity and the cash-producing operations as 2 separate aspects. When you purchase shares of AAPL, you’re buying in a company that has $40.76 billion in cash, and $32.34 billion in short-term marketable securities, which places their on-hand liquidity at $73.1 billion. Then there is another $99.48 billion in marketable securities under its long-term assets, which brings its total current and non-current cash position to $172.58 billion. There is another $180.94 billion in assets on the balance sheet, and when the liabilities are deducted, the amount of shareholder equity left is $74.1 billion. AAPL has $95.09 billion in term debt on its balance sheet, and while they could write a check and eliminate it tomorrow, its profitability allows them to pay it down as it matures and incur the interest as the cost of doing business due to their level of profitability.After looking at the balance sheet, AAPL’s operating business generated $383.29 billion in revenue for the 2023 fiscal year. AAPL produced $169.15 billion in gross profit for a gross profit margin of 44.13%, and after their operating expenses are considered, AAPL is operating at a 29.82% operating margin as its operating income came in at $114.3 billion. The amount of debt on AAPL’s balance sheet doesn’t matter since they generated $125.82 billion in EBITDA, which works out to $2.42 billion in EBITDA per week. To put that into perspective, AAPL is generating more in EBITDA on a weekly basis than many companies produce in a quarter or in some cases, their entire fiscal year. After all the interest expenses and corporate taxes are factored in, AAPL generated $97 billion in net income for 2023, which is $1.87 billion per week in pure profitability. This is why I wish more investors would look past the headlines and look into the financial statements further. Unless you’re a trader or swing investor, selling off AAPL as a long-term investor doesn’t make a lot of sense.I am still perplexed as to why investors are losing faith in AAPL after they set the tone with the offense for 2024. In the first quarter of the 2024 fiscal year, AAPL delivered growth across the board from the top line to the bottom line. AAPL generated $119.58 billion in revenue, which was a YoY increase of 2.07% ($2.42 billion). AAPL increased its gross profit by 8.99% ($4.52 billion) YoY to $54.86 billion, which put its gross profit margin at 45.87%. Looking at the bottom line, AAPL delivered a jump of 13.06% ($3.92 billion) in net income YoY to $33.92 billion. On a per-share basis, AAPL was able to grow its basic EPS by $0.30 or 15.87% YoY to $2.19 in Q1.Steven Fiorillo, Seeking AlphaThe combination of AAPL’s increased profitability and analyst forward estimates has put AAPL closer to a value play. AAPL is trading at 26.31 times their projected 2024 earnings, which is the 3rd lowest valuation in the Magnificent 7. The average forward multiple for the Magnificent 7’s 2024 forward earnings is 33.72 times, which is significantly under AAPL. Looking out to 2026, AAPL trades at 22.19 times their 2026 earnings. If shares of AAPL continue to decline in value and AAPL beats earnings estimates over the next several quarters, then shares could end up trading at less than 20 times their 2026 forward earnings. AAPL has roughly 18.6% of EPS growth on the horizon over the next 2 years, and after setting the tone with the offense in Q1, I think shares look very attractive.Steven Fiorillo, Seeking AlphaSeeking AlphaApple’s innovation isn’t over and I believe they will replicate what they did with Services through a combination of investments, AI, and the Apple Vision ProI don’t feel that the Services business gets enough credit as AAPL has done a fantastic job at generating a reoccurring revenue stream that is on pace to generate $100 billion in 2025. Over the past 6 years, AAPL has increased its Q1 Services revenue by $13.99 billion (153.23%) as its increased from $9.13 billion to $23.12 billion. In 2023, the annualized services revenue increased by 9.05% or $7.07 billion YoY, and in 2024, AAPL is starting out the year by producing 27.13% of its 2023 services revenue in Q1. In the past 6 years, there has only been 1 time where Q4 revenue generated from Services didn’t exceed Q1. Services have become a critical component of AAPL’s revenue mix as it is helping diversify away from generating the majority of revenue from iPhone sales.Steven Fiorillo, AppleSteven Fiorillo, AppleAAPL delivered the Apple Vision Pro and recently acquired a Canadian startup company DarwinAI, after announcing it would redirect resources from Project Titan to their AI initiatives. AAPL’s upcoming WWDC conference in June is rumoured to focus on generative AI as AAPL could announce new AI tools as part of iOS 18 and a revamped version of SIRI. To think AAPL doesn’t have the ability to innovate the computing space further is a bit shortsighted, considering they have revolutionized the smartphone industry and mobile computing through their tablets. AAPL generates close to $100 billion in annualized profits and has more than $170 billion in liquidity on their balance sheet. AAPL has the means and the engineering proficiency to drive the narrative in future computing.I believe the next leg of AAPL’s expansion will be through a combination of hardware sales and increased Services subscriptions. Over the next several years, I see the Apple Vision Pro becoming the size of a pair of Oakley or Ray-Ban sunglasses powered by the iPhone. I think AAPL may acquire brands such as Warner Bros. Discovery (WBD) and the Madison Square Garden Sports Corp. (MSGS) for the content libraries and to take these pieces off the table. I think AAPL could get into live sports and expand their Apple TV offerings considerably with acquisitions such as these, as well as sell virtual season tickets to the Knicks and Rangers through Apple Vision Pro. In its current form, it’s just too big, but nobody has a problem wearing glasses for most of the day. I think that mixed reality and virtual computing will lead to increased hardware sales and recurring Services subscriptions for AAPL.The next wave of computing could fuel a jump in revenue and profitability the way that we saw in AAPL’s 2021 fiscal year. This could lead to a larger return of capital and more acquisitions in AAPL’s future. Since the 2012 fiscal year, AAPL has returned $839.2 billion to shareholders, of which $651.4 billion was allocated toward buybacks. Over the past decade, AAPL has repurchased 34.1% of its shares outstanding as they decreased the float by 8 billion shares. I don’t think AAPL is going to sit out of the bull market much longer, but they will figure out a way to embed AI into their products and transcend screens in computing. When I think about all of the information that AAPL has on its consumers, I think we will see an evolution in SIRI that allows consumers to harness AI, and they may even create service packages for different types of assistant programs.AppleSteven Fiorillo, Seeking AlphaConclusionAs investors have gravitated toward companies such as AMZN, Nvidia (NVDA), and Meta Platforms (META), AAPL has been left out of the recent rally as shares are in the red to start 2024. While many are writing AAPL off, I think AAPL could be the Magnificent 7’s dark horse in 2024 that investors don’t see coming. Now that the aspirations of a self-driving EV are finished, AAPL can deploy its resources to the next generation of computing and AI. While shares could get cheaper, I think paying 26.31 times 2024 earnings and 22.19 times 2026 earnings for AAPL will prove to be a solid long-term investment. AAPL already has the consumer-level infrastructure for AI, and I think they will deliver in a big way over the next several years. AAPL will likely keep buying back tens of billions worth of shares each quarter, and as they increase their operational earnings, they will likely beat analyst estimates. Once again, the street could place AAPL on a pestle. I think we will see a second-half rally after the upcoming WWDC conference, and these prices will prove to be a gift over the long term.","news_type":1},"isVote":1,"tweetType":1,"viewCount":315,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":283031152611392,"gmtCreate":1710125344494,"gmtModify":1710125348079,"author":{"id":"3577583677378683","authorId":"3577583677378683","name":"Moonbyul","avatar":"https://static.tigerbbs.com/c3393b4f329ea99dc510e630ecfecd61","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3577583677378683","authorIdStr":"3577583677378683"},"themes":[],"htmlText":"Hopefully the iphone 16 they will have AI install in it.&nbsp;","listText":"Hopefully the iphone 16 they will have AI install in it.&nbsp;","text":"Hopefully the iphone 16 they will have AI install in it.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/283031152611392","repostId":"1125897893","repostType":2,"repost":{"id":"1125897893","pubTimestamp":1710039600,"share":"https://ttm.financial/m/news/1125897893?lang=&edition=fundamental","pubTime":"2024-03-10 11:00","market":"us","language":"en","title":"Apple: Losing Its Mojo?","url":"https://stock-news.laohu8.com/highlight/detail?id=1125897893","media":"Seeking Alpha","summary":"SummaryApple's growth performance has been disappointing recently, with revenues barely growing and operating income stagnating for two years.iPhone sales volume has been struggling in important marke","content":"<html><head></head><body><h2 id=\"id_2371991939\" style=\"text-align: left;\">Summary</h2><ul style=\"\"><li><p>Apple&#39;s growth performance has been disappointing recently, with revenues barely growing and operating income stagnating for two years.</p></li><li><p>iPhone sales volume has been struggling in important markets like China and the U.S. In China, iPhone sales are facing competition from local manufacturers.</p></li><li><p>Apple has been fined €1.8 billion by the EU for market abuse related to the distribution of music-streaming apps, signaling increased regulatory scrutiny.</p></li><li><p>Apple&#39;s current valuation at a 27x FWD P/E appears optimistic against the challenging commercial backdrop, suggesting a revaluation may be warranted.</p></li><li><p>I see Apple fairly valued at $139/ share.</p></li></ul><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/204988570070d185dbef1b8782c8a78e\" alt=\"Shubhashish5\" title=\"Shubhashish5\" tg-width=\"750\" tg-height=\"500\"/><span>Shubhashish5</span></p><p>I have previously voiced negative sentiment on Apple (NASDAQ:AAPL) stock, as I have been concerned about sluggish commercial momentum and lack of any upside catalysts. Today, reflecting on latest data points, I double down on my bearish assessment. Apple is increasingly looking like the weakling in the Magnificent 7 collection, together with Tesla. In fact, zooming in on the Magnificent 7 stocks, it is noteworthy to point out that in Q4 2023 the group achieved a market-weighted average of 60% YoY operating profit expansion, while Apple contributed an under-performing 11%:</p><ul style=\"\"><li><p>Tesla Q4: -47% YoY</p></li><li><p>Apple Q4: +11% YoY</p></li><li><p>Google Q4: +27% YoY</p></li><li><p>Microsoft Q4: +33% YoY</p></li><li><p>Meta Platforms Q4: +41% YoY</p></li><li><p>Amazon Q4: +388% YoY</p></li><li><p>Nvidia Q4: +980% YoY</p></li></ul><p>Unfortunately for investors, Apple has been delivering a disappointing growth performance for quite some time now: Apples top-line CAGR since December 2021 TTM through December 2023 TTM has been below 1%, while most recent data from China suggests that Apple is aggressively bleeding commercial momentum and market share. Adding to this, the recent heavy $2 billion fine imposed by the EU underscores the broader risk associated with Apple stock. All that said, I argue that Apple does not deserve its 27x FWD P/E multiple, which suggests a 3.7% earnings yield vs. a 4.3% implied yield on the 10 year, risk-free, Treasury. According to my estimates, which anchor on analyst consensus estimates through 2028 and a 8.5% cost of equity, Apple stock should be worth $139/ share.</p><p>For context, Apple stock has under-performed the broad equities market in 2023 and early 2024. For the trailing twelve months, AAPL shares are up about 14%, compared to a gain of approximately 27% for the S&amp;P 500 (SP500).</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/c445ee3d3a1ff535a8eb78637dfecf0d\" alt=\"Seeking Alpha\" title=\"Seeking Alpha\" tg-width=\"640\" tg-height=\"232\"/><span>Seeking Alpha</span></p><h2 id=\"id_213122000\">Apple&#39;s Growth Has Been Disappointing Lately</h2><p>At FWD 27x P/E, Apple stock clearly implies a growth premium compared to both the broader U.S. stock and Treasury market. However, this premium has not been justified by the iPhone makers performance. Referencing Apple&#39;s growth topline performance of over the past 2 years, it is noteworthy to point out that revenues have barely grown. Since TTM December 2021 vs. 2023, compounded annual sales growth was below 1%. And comparing Apple&#39;s TTM revenues for December 2023 with the respective reference in 2022, I highlight that sales have actually contracted by approximately $2 billion.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/d12bdcbda4d9eac18c261210b168fe42\" alt=\"Apple Financials; Author&#39;s Graph\" title=\"Apple Financials; Author&#39;s Graph\" tg-width=\"640\" tg-height=\"297\"/><span>Apple Financials; Author&#39;s Graph</span></p><p>A similarly negative growth narrative is reflected in Apple&#39;s profit growth: Apples operating income has been stagnating for about two years now.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/2a848b0540159f15c529d62b5fb6f074\" alt=\"Apple Financials; Author&#39;s Graph\" title=\"Apple Financials; Author&#39;s Graph\" tg-width=\"640\" tg-height=\"263\"/><span>Apple Financials; Author&#39;s Graph</span></p><h3 id=\"id_1004267895\">iPhone Sales Are Topping Out, If Not Contracting Already</h3><p>A key reason often cited for the stagnation in Apple&#39;s fundamentals is the perceived lack of innovation within its established product lines, including the iPhone, iPad, and Mac. This argument suggests that these products, which have historically been core to Apple&#39;s success, are reaching a maturity phase, where significant growth becomes more challenging due to a saturated market and reduced opportunities for groundbreaking advancements. Specifically relating to the iPhone business, which accounts for almost 60% of Apple&#39;s revenue, it is important to note that sales growth is topping out.</p><p>According to research conducted by Counterpoint Global, and data mapped by UBS, it is evident that iPhone sales volume has been struggling in the company&#39;s most important markets, China and the U.S., for quite some time now (<em>Source: UBS Research &amp; Evidence Lab, note on Apple dated 28 February 2024). </em>Specifically relating to China, it is noteworthy to point out an aggressive 24% YoY drop in iPhone sales since the start of 2024, despite reports of significant price reductions on iPhone 15 models by resellers.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/414c8ff09a5562af82bd6b6c850a500a\" alt=\"UBS Research &amp; Evidence Lab\" title=\"UBS Research &amp; Evidence Lab\" tg-width=\"640\" tg-height=\"260\"/><span>UBS Research &amp; Evidence Lab</span></p><p>Admittedly, the downturn in China reflects broader issues such as reduced consumer demand on the backdrop of a struggling macro economy. However, investors should also acknowledge that in China Apple is facing intensified competition from local manufacturers like Vivo, Huawei, and Honor. The competitive situation is compounded by Huawei&#39;s resurgence in popularity, attributed to nationalist purchasing behaviors and improved technology. This is reflected in market share trends, with Apple losing 24% share of volume, compared to a 64% gain for Huawei over the first six weeks of 2024. For context, China accounts for 19% of Apple&#39;s revenue, most of which is based on iPhone sales (although the exact number has not been disclosed).</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/ee5db3b83fb79e059c9c84187422c7d4\" alt=\"Counterpoint Global; Chart by Bloomberg\" title=\"Counterpoint Global; Chart by Bloomberg\" tg-width=\"608\" tg-height=\"225\"/><span>Counterpoint Global; Chart by Bloomberg</span></p><h3 id=\"id_1423576070\">It Is Too Early To Classify The Vision Pro As A Key Growth Driver</h3><p>I am well aware that Apple recently released the Vision Pro, the company&#39;s major new tech device since the Apple watch in 2012. However, as of today, I argue that betting on the Vision Pro as a key growth driver for Apple should be considered too speculative. In my view, it is important to consider that the Vision Pro represents a significant departure from Apple&#39;s established products like the iPhone, iPad, and Mac, which are known for their mass-market appeal and established consumer bases. The high price and niche appeal could limit its immediate market penetration. Moreover, while the first-generation Vision Pro may showcase Apple&#39;s ability to innovate, its success is crucial but not guaranteed.</p><h2 id=\"id_3171699619\">The EU Fine Is The Beginning Of A Broader Anti-Trust Battle, Not The End</h2><p>With momentum in the device business slowing, Apple&#39;s growth narrative is increasingly reliant on the company&#39;s Services business. On that note, it is encouraging to see that Apple&#39;s revenue from Services has grown at a 20-25% compounded annual growth rate over the past decade, while likely maintaining 25-35% operating margins.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/0f234953c41d3db149d974e766205145\" alt=\"Apple Financials; Author&#39;s Graph\" title=\"Apple Financials; Author&#39;s Graph\" tg-width=\"640\" tg-height=\"244\"/><span>Apple Financials; Author&#39;s Graph</span></p><p>However, while the commercial momentum in the Services business is encouraging, the regulatory risk is concerning, giving increasing scrutiny for potential monopolistic behavior. The core issue lies in Apple&#39;s exclusive control over app distribution for iOS devices, forcing developers to comply with its terms and fee structures (15-30% of app revenue). Moreover stringent app review processes and restrictive policies have recently raised concerns about stifling competition and innovation.</p><p>On Monday 4th March, Apple has been imposed with a substantial €1.8 billion fine by the European Union, following allegations of market abuse related to the distribution of music-streaming apps via its App Store. In a nutshell, the penalty stems from accusations by Spotify that Apple leveraged its App Store to unfairly restrict competition and elevate prices. And while similar fines have historically had limited impact on the share prices and operations of big tech companies, the recent €1.8 billion EU antitrust fine against Apple may be different, as the fine suggests the beginning of anti-trust scrutiny, rather than the end.</p><p>The EU&#39;s charge against Apple not only targets specific business practices deemed anti-competitive but also aligns with broader regulatory trends aiming to dismantle the monopolistic hold certain companies have within the tech industry. This is highlighted by ongoing investigations and the implementation of new regulations like the Digital Markets Act (DMA), which demands more open tech ecosystems and could significantly alter how companies operate within the EU. Furthermore, this fine arrives amid other antitrust charges against Apple in the EU, including issues surrounding mobile payments technology. This stacks up a scenario where Apple is not just facing a one-off penalty but rather entering a period of heightened regulatory oversight.</p><p>While the App Store business is still growing; in my opinion, the overall risk-reward relating to this business may have shifted to the downside.</p><h2 id=\"id_364079608\">Valuation: Set TP At $139/Share</h2><p>In line with my thesis that Apple is a &#34;mature&#34; business, I like to value the company&#39;s intrinsic worth through a residual earnings model, which anchors on the idea that a valuation should equal a business&#39; discounted future earnings after capital charge. As per the CFA Institute:</p><blockquote><p><em>Conceptually, residual income is net income less a charge (deduction) for common shareholders&#39; opportunity cost in generating net income. It is the residual or remaining income after considering the costs of all of a company&#39;s capital.</em></p></blockquote><p>With regard to my Apple stock valuation model, I make the following assumptions:</p><ul style=\"\"><li><p>To forecast EPS, I anchor on the consensus analyst forecast as available on the Bloomberg Terminal till 2028. I believe taking the consensus is appropriate, as Apple stock is widely followed by analysts (thus, lots of data and estimates available) and taking the consensus smooths out any biases (mine included)</p></li><li><p>To estimate the capital charge, I anchor on Apple&#39;s cost of equity at 8.5%, which is approximately in line with the CAPM framework.</p></li><li><p>For the terminal growth rate after 2025, I apply 3%, which is about 75-100 basis points above the estimated nominal global GDP growth. The growth premium should reflect the elevated potential for technology businesses in general.</p></li></ul><p>Given these assumptions, I calculate a base-case target price for Apple stock of about $139/share.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/da144b5f1617dfe85301e8109f398f0d\" alt=\"Refinitiv; Company Financials; Author&#39;s Calculations\" title=\"Refinitiv; Company Financials; Author&#39;s Calculations\" tg-width=\"640\" tg-height=\"232\"/><span>Refinitiv; Company Financials; Author&#39;s Calculations</span></p><p>As I argued that my estimates for growth and equity charges may be conservative, I acknowledge that investors may hold varying assumptions regarding these rates. Therefore, I&#39;ve included a sensitivity table to test different scenarios and assumptions. See below.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/c71230fb7a8a975380ece2313ac6c52f\" alt=\"Refinitiv; Company Financials; Author&#39;s Calculations\" title=\"Refinitiv; Company Financials; Author&#39;s Calculations\" tg-width=\"640\" tg-height=\"168\"/><span>Refinitiv; Company Financials; Author&#39;s Calculations</span></p><h2 id=\"id_464853349\">Investor Takeaway</h2><p>Apple, once a leader among the &#34;Magnificent 7&#34; tech giants, is currently facing growth challenges, reflected in its comparatively lower Q4 YoY operating profit expansion and stagnant top-line growth. Particularly concerning are its struggles in the crucial Chinese market, where it&#39;s losing both momentum and market share, notably impacted by local competitors and broader economic pressures. The introduction of the high-priced Vision Pro headset as a potential new growth avenue remains speculative. Adding to the complexity and risk profile, Apple is navigating a tightening regulatory landscape, particularly highlighted by the recent €1.8 billion EU antitrust fine, signaling potentially the start of increased scrutiny rather than an isolated incident. All this said, Apple&#39;s current valuation at a 27x FWD P/E appears optimistic against this backdrop, suggesting a revaluation may be warranted given the current earnings yield juxtaposition with risk-free Treasury rates. According to my estimates, which anchor on analyst consensus estimates through 2028 and a 8.5% cost of equity, Apple stock should be worth $139/ share.</p></body></html>","source":"seekingalpha","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple: Losing Its Mojo?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple: Losing Its Mojo?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-03-10 11:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4677116-apple-losing-its-mojo><strong>Seeking Alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryApple's growth performance has been disappointing recently, with revenues barely growing and operating income stagnating for two years.iPhone sales volume has been struggling in important ...</p>\n\n<a href=\"https://seekingalpha.com/article/4677116-apple-losing-its-mojo\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://seekingalpha.com/article/4677116-apple-losing-its-mojo","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1125897893","content_text":"SummaryApple's growth performance has been disappointing recently, with revenues barely growing and operating income stagnating for two years.iPhone sales volume has been struggling in important markets like China and the U.S. In China, iPhone sales are facing competition from local manufacturers.Apple has been fined €1.8 billion by the EU for market abuse related to the distribution of music-streaming apps, signaling increased regulatory scrutiny.Apple's current valuation at a 27x FWD P/E appears optimistic against the challenging commercial backdrop, suggesting a revaluation may be warranted.I see Apple fairly valued at $139/ share.Shubhashish5I have previously voiced negative sentiment on Apple (NASDAQ:AAPL) stock, as I have been concerned about sluggish commercial momentum and lack of any upside catalysts. Today, reflecting on latest data points, I double down on my bearish assessment. Apple is increasingly looking like the weakling in the Magnificent 7 collection, together with Tesla. In fact, zooming in on the Magnificent 7 stocks, it is noteworthy to point out that in Q4 2023 the group achieved a market-weighted average of 60% YoY operating profit expansion, while Apple contributed an under-performing 11%:Tesla Q4: -47% YoYApple Q4: +11% YoYGoogle Q4: +27% YoYMicrosoft Q4: +33% YoYMeta Platforms Q4: +41% YoYAmazon Q4: +388% YoYNvidia Q4: +980% YoYUnfortunately for investors, Apple has been delivering a disappointing growth performance for quite some time now: Apples top-line CAGR since December 2021 TTM through December 2023 TTM has been below 1%, while most recent data from China suggests that Apple is aggressively bleeding commercial momentum and market share. Adding to this, the recent heavy $2 billion fine imposed by the EU underscores the broader risk associated with Apple stock. All that said, I argue that Apple does not deserve its 27x FWD P/E multiple, which suggests a 3.7% earnings yield vs. a 4.3% implied yield on the 10 year, risk-free, Treasury. According to my estimates, which anchor on analyst consensus estimates through 2028 and a 8.5% cost of equity, Apple stock should be worth $139/ share.For context, Apple stock has under-performed the broad equities market in 2023 and early 2024. For the trailing twelve months, AAPL shares are up about 14%, compared to a gain of approximately 27% for the S&P 500 (SP500).Seeking AlphaApple's Growth Has Been Disappointing LatelyAt FWD 27x P/E, Apple stock clearly implies a growth premium compared to both the broader U.S. stock and Treasury market. However, this premium has not been justified by the iPhone makers performance. Referencing Apple's growth topline performance of over the past 2 years, it is noteworthy to point out that revenues have barely grown. Since TTM December 2021 vs. 2023, compounded annual sales growth was below 1%. And comparing Apple's TTM revenues for December 2023 with the respective reference in 2022, I highlight that sales have actually contracted by approximately $2 billion.Apple Financials; Author's GraphA similarly negative growth narrative is reflected in Apple's profit growth: Apples operating income has been stagnating for about two years now.Apple Financials; Author's GraphiPhone Sales Are Topping Out, If Not Contracting AlreadyA key reason often cited for the stagnation in Apple's fundamentals is the perceived lack of innovation within its established product lines, including the iPhone, iPad, and Mac. This argument suggests that these products, which have historically been core to Apple's success, are reaching a maturity phase, where significant growth becomes more challenging due to a saturated market and reduced opportunities for groundbreaking advancements. Specifically relating to the iPhone business, which accounts for almost 60% of Apple's revenue, it is important to note that sales growth is topping out.According to research conducted by Counterpoint Global, and data mapped by UBS, it is evident that iPhone sales volume has been struggling in the company's most important markets, China and the U.S., for quite some time now (Source: UBS Research & Evidence Lab, note on Apple dated 28 February 2024). Specifically relating to China, it is noteworthy to point out an aggressive 24% YoY drop in iPhone sales since the start of 2024, despite reports of significant price reductions on iPhone 15 models by resellers.UBS Research & Evidence LabAdmittedly, the downturn in China reflects broader issues such as reduced consumer demand on the backdrop of a struggling macro economy. However, investors should also acknowledge that in China Apple is facing intensified competition from local manufacturers like Vivo, Huawei, and Honor. The competitive situation is compounded by Huawei's resurgence in popularity, attributed to nationalist purchasing behaviors and improved technology. This is reflected in market share trends, with Apple losing 24% share of volume, compared to a 64% gain for Huawei over the first six weeks of 2024. For context, China accounts for 19% of Apple's revenue, most of which is based on iPhone sales (although the exact number has not been disclosed).Counterpoint Global; Chart by BloombergIt Is Too Early To Classify The Vision Pro As A Key Growth DriverI am well aware that Apple recently released the Vision Pro, the company's major new tech device since the Apple watch in 2012. However, as of today, I argue that betting on the Vision Pro as a key growth driver for Apple should be considered too speculative. In my view, it is important to consider that the Vision Pro represents a significant departure from Apple's established products like the iPhone, iPad, and Mac, which are known for their mass-market appeal and established consumer bases. The high price and niche appeal could limit its immediate market penetration. Moreover, while the first-generation Vision Pro may showcase Apple's ability to innovate, its success is crucial but not guaranteed.The EU Fine Is The Beginning Of A Broader Anti-Trust Battle, Not The EndWith momentum in the device business slowing, Apple's growth narrative is increasingly reliant on the company's Services business. On that note, it is encouraging to see that Apple's revenue from Services has grown at a 20-25% compounded annual growth rate over the past decade, while likely maintaining 25-35% operating margins.Apple Financials; Author's GraphHowever, while the commercial momentum in the Services business is encouraging, the regulatory risk is concerning, giving increasing scrutiny for potential monopolistic behavior. The core issue lies in Apple's exclusive control over app distribution for iOS devices, forcing developers to comply with its terms and fee structures (15-30% of app revenue). Moreover stringent app review processes and restrictive policies have recently raised concerns about stifling competition and innovation.On Monday 4th March, Apple has been imposed with a substantial €1.8 billion fine by the European Union, following allegations of market abuse related to the distribution of music-streaming apps via its App Store. In a nutshell, the penalty stems from accusations by Spotify that Apple leveraged its App Store to unfairly restrict competition and elevate prices. And while similar fines have historically had limited impact on the share prices and operations of big tech companies, the recent €1.8 billion EU antitrust fine against Apple may be different, as the fine suggests the beginning of anti-trust scrutiny, rather than the end.The EU's charge against Apple not only targets specific business practices deemed anti-competitive but also aligns with broader regulatory trends aiming to dismantle the monopolistic hold certain companies have within the tech industry. This is highlighted by ongoing investigations and the implementation of new regulations like the Digital Markets Act (DMA), which demands more open tech ecosystems and could significantly alter how companies operate within the EU. Furthermore, this fine arrives amid other antitrust charges against Apple in the EU, including issues surrounding mobile payments technology. This stacks up a scenario where Apple is not just facing a one-off penalty but rather entering a period of heightened regulatory oversight.While the App Store business is still growing; in my opinion, the overall risk-reward relating to this business may have shifted to the downside.Valuation: Set TP At $139/ShareIn line with my thesis that Apple is a \"mature\" business, I like to value the company's intrinsic worth through a residual earnings model, which anchors on the idea that a valuation should equal a business' discounted future earnings after capital charge. As per the CFA Institute:Conceptually, residual income is net income less a charge (deduction) for common shareholders' opportunity cost in generating net income. It is the residual or remaining income after considering the costs of all of a company's capital.With regard to my Apple stock valuation model, I make the following assumptions:To forecast EPS, I anchor on the consensus analyst forecast as available on the Bloomberg Terminal till 2028. I believe taking the consensus is appropriate, as Apple stock is widely followed by analysts (thus, lots of data and estimates available) and taking the consensus smooths out any biases (mine included)To estimate the capital charge, I anchor on Apple's cost of equity at 8.5%, which is approximately in line with the CAPM framework.For the terminal growth rate after 2025, I apply 3%, which is about 75-100 basis points above the estimated nominal global GDP growth. The growth premium should reflect the elevated potential for technology businesses in general.Given these assumptions, I calculate a base-case target price for Apple stock of about $139/share.Refinitiv; Company Financials; Author's CalculationsAs I argued that my estimates for growth and equity charges may be conservative, I acknowledge that investors may hold varying assumptions regarding these rates. Therefore, I've included a sensitivity table to test different scenarios and assumptions. See below.Refinitiv; Company Financials; Author's CalculationsInvestor TakeawayApple, once a leader among the \"Magnificent 7\" tech giants, is currently facing growth challenges, reflected in its comparatively lower Q4 YoY operating profit expansion and stagnant top-line growth. Particularly concerning are its struggles in the crucial Chinese market, where it's losing both momentum and market share, notably impacted by local competitors and broader economic pressures. The introduction of the high-priced Vision Pro headset as a potential new growth avenue remains speculative. Adding to the complexity and risk profile, Apple is navigating a tightening regulatory landscape, particularly highlighted by the recent €1.8 billion EU antitrust fine, signaling potentially the start of increased scrutiny rather than an isolated incident. All this said, Apple's current valuation at a 27x FWD P/E appears optimistic against this backdrop, suggesting a revaluation may be warranted given the current earnings yield juxtaposition with risk-free Treasury rates. According to my estimates, which anchor on analyst consensus estimates through 2028 and a 8.5% cost of equity, Apple stock should be worth $139/ share.","news_type":1},"isVote":1,"tweetType":1,"viewCount":454,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":252197480341800,"gmtCreate":1702605539106,"gmtModify":1702605543842,"author":{"id":"3577583677378683","authorId":"3577583677378683","name":"Moonbyul","avatar":"https://static.tigerbbs.com/c3393b4f329ea99dc510e630ecfecd61","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3577583677378683","authorIdStr":"3577583677378683"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/AAPL\">$Apple(AAPL)$&nbsp;</a>","listText":"<a href=\"https://ttm.financial/S/AAPL\">$Apple(AAPL)$&nbsp;</a>","text":"$Apple(AAPL)$","images":[{"img":"https://community-static.tradeup.com/news/ec18e7f1a0a15f9978f6c96b9c28d1a4","width":"696","height":"1122"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/252197480341800","isVote":1,"tweetType":1,"viewCount":421,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":252198036873424,"gmtCreate":1702605501143,"gmtModify":1702605503427,"author":{"id":"3577583677378683","authorId":"3577583677378683","name":"Moonbyul","avatar":"https://static.tigerbbs.com/c3393b4f329ea99dc510e630ecfecd61","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3577583677378683","authorIdStr":"3577583677378683"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/AAPL\">$Apple(AAPL)$&nbsp;</a>","listText":"<a href=\"https://ttm.financial/S/AAPL\">$Apple(AAPL)$&nbsp;</a>","text":"$Apple(AAPL)$","images":[{"img":"https://community-static.tradeup.com/news/ffb1da04f71ff1a1a6077ee652b3974c","width":"696","height":"1122"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/252198036873424","isVote":1,"tweetType":1,"viewCount":303,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":221185827459104,"gmtCreate":1695042631852,"gmtModify":1695042638931,"author":{"id":"3577583677378683","authorId":"3577583677378683","name":"Moonbyul","avatar":"https://static.tigerbbs.com/c3393b4f329ea99dc510e630ecfecd61","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3577583677378683","authorIdStr":"3577583677378683"},"themes":[],"htmlText":"Apple stock for long term investment 👍🏻","listText":"Apple stock for long term investment 👍🏻","text":"Apple stock for long term investment 👍🏻","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/221185827459104","repostId":"1173155077","repostType":2,"isVote":1,"tweetType":1,"viewCount":622,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"4111842224562182","authorId":"4111842224562182","name":"DailyTrader7","avatar":"https://community-static.tradeup.com/news/221e86f826e5d51d2c15d2af518a6f07","crmLevel":2,"crmLevelSwitch":0,"idStr":"4111842224562182","authorIdStr":"4111842224562182"},"content":"Totally agreed 👌🏼","text":"Totally agreed 👌🏼","html":"Totally agreed 👌🏼"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9941321198,"gmtCreate":1679993986014,"gmtModify":1679993990463,"author":{"id":"3577583677378683","authorId":"3577583677378683","name":"Moonbyul","avatar":"https://static.tigerbbs.com/c3393b4f329ea99dc510e630ecfecd61","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3577583677378683","authorIdStr":"3577583677378683"},"themes":[],"htmlText":"A good&nbsp;&nbsp;article 👍🏻","listText":"A good&nbsp;&nbsp;article 👍🏻","text":"A good article 👍🏻","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9941321198","repostId":"1181502388","repostType":2,"repost":{"id":"1181502388","pubTimestamp":1679961575,"share":"https://ttm.financial/m/news/1181502388?lang=&edition=fundamental","pubTime":"2023-03-28 07:59","market":"us","language":"en","title":"Deutsche Bank $42 Trillion Derivatives Book: A Snowflake Away From Financial Meltdown?","url":"https://stock-news.laohu8.com/highlight/detail?id=1181502388","media":"Seeking Alpha","summary":"SummaryInvestors are fearful Deutsche Bank is the next domino to fall.DB is a picture of rude health","content":"<html><head></head><body><h2>Summary</h2><ul><li>Investors are fearful Deutsche Bank is the next domino to fall.</li><li>DB is a picture of rude health coming into this banking crisis.</li><li>Some point to worries around its EUR42 trillion derivatives book.</li><li>I believe the fears over the derivatives exposures are way overblown.</li><li>However, loss of confidence may trigger a self-fulfilling prophecy.</li></ul><p><img src=\"https://static.tigerbbs.com/951f08647cf8299459183df05d33c7ee\" tg-width=\"750\" tg-height=\"513\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Deutsche Bank&#39;s (NYSE:DB) share price has fallen sharply in the last trading sessions as financial contagion fears continued in the wake of the collapse of Credit Suisse (CS). There is clearly a lot of nervousness in themarket and it seems that no one is really sure what is driving the fears surrounding Deutsche Bank specifically. Someattributethis to its legacy reputation as the sick bank of Europe; others are worried about concerns around its Commercial Real Estate portfolio in the United States.</p><p>Bloombergreportsthat Autonomous Research cited DB&#39;s large notional derivative book currently at EUR42 trillion as a key concern for investors.</p><p>As far as I know, DB is in a very healthy state, and on the face of it, these concerns are misplaced. This is very different from the death tailspin CS found itself in after slow death by athousand cuts over many years.</p><p>The risk, however, is that the unsubstantiated fears around DB become a self-fulfilling prophecy that could drive up its cost of funds in the Investment Bank. As a result of this, I took steps to manage the risk in my position even though I remain bullish when it comes to DB stock.</p><p>In this article, however, I would like to focus on the fears surrounding itslarge derivative bookand why the concerns are way overblown in this instance.</p><h2>DB Derivative Book</h2><p>DB discloses the details of its derivative book.</p><p><img src=\"https://static.tigerbbs.com/48e2d20ca82ad02703bee454bbdb723f\" tg-width=\"640\" tg-height=\"577\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>DB 2022 Annual Report</p><p>As you can see, the total notional derivative exposure of DB is a staggering EUR42 trillion. This is what some investors are concerned about, surely, DB is a snowflake away from a financial meltdown, right?</p><p>Well, not quite.</p><p>To start with the reported number is a notional amount of the derivative contract as opposed to actual exposure. This is best explained as an example.</p><p>Say one of DB&#39;s large corporate clients is requiring an interest rate swap (&#34;IRS&#34;) to protect themselves from rising interest rates on a $1 billion loan. The IRS terms reflect a swap of say LIBOR +100 basis points to a fixed rate of 6%. In such a scenario, DB would be purchasing an identical $1 billion IRS from another banking counterparty (say, JPMorgan).</p><p>So from DB&#39;s perspective, it likely earned a margin or fee on the transaction. It has no interest rate exposure or market risk either as it is fully hedged. However, for the purpose of calculating its gross derivative exposures (towards the 42 trillion figure), it would count as a $2 billion notional exposure.</p><p>This is the key reason why these notional derivatives exposures are so large. These are just notional contract figures and nowhere near the actual exposure. Furthermore, DB carefully manages its book which is mostly hedged for market risk (as well as counterparty risk).</p><p>On an overall portfolio basis, DB would not be 100% hedged of course. This could be due to other unrelated positions (for example, hedging its liquidity securities portfolio). As of 31st December, DB has total positive marks of EUR301 billion and total negative marks of EUR283 billion and therefore a total gain of ~EUR18 billion on its derivatives portfolio as of 31st December 2022.</p><p>Okay, so now we are clear that DB&#39;s market risk is predominantly hedged as described above - but what about counterparty default risk?</p><h2>Counterparty Default Risk</h2><p>The obvious next question is what happens if a large counterparty such as Credit Suisse or JPMorgan (JPM) defaults?</p><p>Firstly, it is important to note that any derivatives that are exchange-traded or cleared by a central party do not pose credit risks. However, as can be seen from above, most of DB&#39;s derivatives exposures are Over-The-Counter (&#34;OTC&#34;) derivatives and therefore exposed to counterparty default risk.</p><p>As such, the industry practice is to enter contracts based on master agreements for derivatives such asthe International Swaps and Derivatives Association, Inc. (&#34;ISDA&#34;) master agreement. The master agreement allows for close-out nettings of all rights and obligations with a counterparty upon the counterparty&#39;s default.</p><p>So as an example, if a counterparty (such as CS) defaults then all outstanding derivatives contracts with that counterparty are settled on a net basis on the default date. As such, banks like DB monitor specific counterparty risks daily and ensure that their total exposure (netting) to a particular counterparty is within predefined risk limits. This is a key reason why counterparties reduced their trading with CS prior to its being acquired by UBS (UBS) which contributed to its downfall.</p><p>Another common way for banks to reduce their counterparty risk is to enter into what is known as credit support annexes (CSAs) to master agreements. These are effectively a form of margin calls and require the counterparty to post collateral when there is an unrealized loss beyond a certain level.</p><p>The impact of nettings and collateral posted under ISDA is incorporated in the RWAs and capital allocated for counterparty risk across the bank as can be seen from the below disclosure in the 2022 annual report:</p><p><img src=\"https://static.tigerbbs.com/2c88ac7b683292fe59f704f6e7e27fad\" tg-width=\"640\" tg-height=\"191\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>DB 2022 Annual Report</p><p>So in summary, both market and counterparty risks arising from DB are well managed and an appropriate amount of capital is allocated for any residual risks.</p><h2>Final Thoughts</h2><p>Investors in banks are clearly very nervous given the crisis of confidence in the U.S. and European banking markets in recent weeks. In the wake of the collapse of CS, investors are looking for the next domino piece to fall. Given its chequered history and past reputation for being the sick bank of Europe, the focus has now quite naturally switched to DB. Mr. Market is shooting first and then asking questions. The risk remains, of course, that this becomes a self-fulfilling prophecy even though DB appears to be a picture of rude health coming into this crisis.</p><p>The EUR42 trillion derivative book notional exposure is certainly a very large number that perhaps scares some investors. My conclusion is clear, the actual market and/or counterparty risks are very limited and strictly managed. In my view, the risk of the derivatives book imploding is very low.</p><p>However, out of an abundance of caution, I have managed my risk exposure to DB stock in the short term. Although, I intend to put back the risk position once I am clear that the self-fulfilling prophecy scenario is unlikely to play out.</p></body></html>","source":"seekingalpha","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Deutsche Bank $42 Trillion Derivatives Book: A Snowflake Away From Financial Meltdown?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDeutsche Bank $42 Trillion Derivatives Book: A Snowflake Away From Financial Meltdown?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-03-28 07:59 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4590218-deutsche-bank-42-trillion-derivatives-fears-over-exposures-way-overblown><strong>Seeking Alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryInvestors are fearful Deutsche Bank is the next domino to fall.DB is a picture of rude health coming into this banking crisis.Some point to worries around its EUR42 trillion derivatives book.I ...</p>\n\n<a href=\"https://seekingalpha.com/article/4590218-deutsche-bank-42-trillion-derivatives-fears-over-exposures-way-overblown\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"DB":"德意志银行"},"source_url":"https://seekingalpha.com/article/4590218-deutsche-bank-42-trillion-derivatives-fears-over-exposures-way-overblown","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1181502388","content_text":"SummaryInvestors are fearful Deutsche Bank is the next domino to fall.DB is a picture of rude health coming into this banking crisis.Some point to worries around its EUR42 trillion derivatives book.I believe the fears over the derivatives exposures are way overblown.However, loss of confidence may trigger a self-fulfilling prophecy.Deutsche Bank's (NYSE:DB) share price has fallen sharply in the last trading sessions as financial contagion fears continued in the wake of the collapse of Credit Suisse (CS). There is clearly a lot of nervousness in themarket and it seems that no one is really sure what is driving the fears surrounding Deutsche Bank specifically. Someattributethis to its legacy reputation as the sick bank of Europe; others are worried about concerns around its Commercial Real Estate portfolio in the United States.Bloombergreportsthat Autonomous Research cited DB's large notional derivative book currently at EUR42 trillion as a key concern for investors.As far as I know, DB is in a very healthy state, and on the face of it, these concerns are misplaced. This is very different from the death tailspin CS found itself in after slow death by athousand cuts over many years.The risk, however, is that the unsubstantiated fears around DB become a self-fulfilling prophecy that could drive up its cost of funds in the Investment Bank. As a result of this, I took steps to manage the risk in my position even though I remain bullish when it comes to DB stock.In this article, however, I would like to focus on the fears surrounding itslarge derivative bookand why the concerns are way overblown in this instance.DB Derivative BookDB discloses the details of its derivative book.DB 2022 Annual ReportAs you can see, the total notional derivative exposure of DB is a staggering EUR42 trillion. This is what some investors are concerned about, surely, DB is a snowflake away from a financial meltdown, right?Well, not quite.To start with the reported number is a notional amount of the derivative contract as opposed to actual exposure. This is best explained as an example.Say one of DB's large corporate clients is requiring an interest rate swap (\"IRS\") to protect themselves from rising interest rates on a $1 billion loan. The IRS terms reflect a swap of say LIBOR +100 basis points to a fixed rate of 6%. In such a scenario, DB would be purchasing an identical $1 billion IRS from another banking counterparty (say, JPMorgan).So from DB's perspective, it likely earned a margin or fee on the transaction. It has no interest rate exposure or market risk either as it is fully hedged. However, for the purpose of calculating its gross derivative exposures (towards the 42 trillion figure), it would count as a $2 billion notional exposure.This is the key reason why these notional derivatives exposures are so large. These are just notional contract figures and nowhere near the actual exposure. Furthermore, DB carefully manages its book which is mostly hedged for market risk (as well as counterparty risk).On an overall portfolio basis, DB would not be 100% hedged of course. This could be due to other unrelated positions (for example, hedging its liquidity securities portfolio). As of 31st December, DB has total positive marks of EUR301 billion and total negative marks of EUR283 billion and therefore a total gain of ~EUR18 billion on its derivatives portfolio as of 31st December 2022.Okay, so now we are clear that DB's market risk is predominantly hedged as described above - but what about counterparty default risk?Counterparty Default RiskThe obvious next question is what happens if a large counterparty such as Credit Suisse or JPMorgan (JPM) defaults?Firstly, it is important to note that any derivatives that are exchange-traded or cleared by a central party do not pose credit risks. However, as can be seen from above, most of DB's derivatives exposures are Over-The-Counter (\"OTC\") derivatives and therefore exposed to counterparty default risk.As such, the industry practice is to enter contracts based on master agreements for derivatives such asthe International Swaps and Derivatives Association, Inc. (\"ISDA\") master agreement. The master agreement allows for close-out nettings of all rights and obligations with a counterparty upon the counterparty's default.So as an example, if a counterparty (such as CS) defaults then all outstanding derivatives contracts with that counterparty are settled on a net basis on the default date. As such, banks like DB monitor specific counterparty risks daily and ensure that their total exposure (netting) to a particular counterparty is within predefined risk limits. This is a key reason why counterparties reduced their trading with CS prior to its being acquired by UBS (UBS) which contributed to its downfall.Another common way for banks to reduce their counterparty risk is to enter into what is known as credit support annexes (CSAs) to master agreements. These are effectively a form of margin calls and require the counterparty to post collateral when there is an unrealized loss beyond a certain level.The impact of nettings and collateral posted under ISDA is incorporated in the RWAs and capital allocated for counterparty risk across the bank as can be seen from the below disclosure in the 2022 annual report:DB 2022 Annual ReportSo in summary, both market and counterparty risks arising from DB are well managed and an appropriate amount of capital is allocated for any residual risks.Final ThoughtsInvestors in banks are clearly very nervous given the crisis of confidence in the U.S. and European banking markets in recent weeks. In the wake of the collapse of CS, investors are looking for the next domino piece to fall. Given its chequered history and past reputation for being the sick bank of Europe, the focus has now quite naturally switched to DB. Mr. Market is shooting first and then asking questions. The risk remains, of course, that this becomes a self-fulfilling prophecy even though DB appears to be a picture of rude health coming into this crisis.The EUR42 trillion derivative book notional exposure is certainly a very large number that perhaps scares some investors. My conclusion is clear, the actual market and/or counterparty risks are very limited and strictly managed. In my view, the risk of the derivatives book imploding is very low.However, out of an abundance of caution, I have managed my risk exposure to DB stock in the short term. Although, I intend to put back the risk position once I am clear that the self-fulfilling prophecy scenario is unlikely to play out.","news_type":1},"isVote":1,"tweetType":1,"viewCount":495,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9957628568,"gmtCreate":1677228761054,"gmtModify":1677228765593,"author":{"id":"3577583677378683","authorId":"3577583677378683","name":"Moonbyul","avatar":"https://static.tigerbbs.com/c3393b4f329ea99dc510e630ecfecd61","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3577583677378683","authorIdStr":"3577583677378683"},"themes":[],"htmlText":"That is great for Apple to have another revenue for the company 👍🏻","listText":"That is great for Apple to have another revenue for the company 👍🏻","text":"That is great for Apple to have another revenue for the company 👍🏻","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9957628568","repostId":"2313616861","repostType":2,"repost":{"id":"2313616861","pubTimestamp":1677222201,"share":"https://ttm.financial/m/news/2313616861?lang=&edition=fundamental","pubTime":"2023-02-24 15:03","market":"us","language":"en","title":"Apple's Secret Plans to Dominate (Another) $16 Billion Market","url":"https://stock-news.laohu8.com/highlight/detail?id=2313616861","media":"Motley Fool","summary":"A covert project dating back to the Steve Jobs era may soon come to fruition.","content":"<html><head></head><body><p><b>Apple</b> has made no secret about its ambitions in the healthcare market. Over the past several years, the company has developed a custom chip to process data from the health and wellness sensors on the Apple Watch, partnered with the Department of Veterans Affairs to jump-start the Health Records feature on the iPhone, and debuted a heart rate monitor in the Apple Watch that can detect potentially life-threatening spikes in a user&#39;s heart rate.</p><p>Now, Apple has set its sights on helping those with diabetes.</p><h2>A secret project</h2><p>Apple is working on a top-secret project that will help the company make additional inroads into the healthcare field, according to a report by Bloomberg. This mission, which has been kept under wraps for more than a decade, involves measuring a diabetic&#39;s sugar levels without the need to draw blood -- one of the more painful aspects of a patient&#39;s ongoing disease-management regimen.</p><p>Apple has developed a non-invasive way to test blood glucose levels employing a specialized silicon photonics chip for use in a process known as optical absorption spectroscopy. While it sounds rather complicated, it&#39;s actually quite simple. The process uses a laser to shine a light, in a specific wavelength, into the skin. By measuring how much light is reflected back, the system can measure the amount of glucose -- or blood sugar -- present.</p><p>Apple has achieved major milestones recently, according to the report, and has reached the proof-of-concept stage, showing that the technology is feasible. Apple eventually plans to integrate the glucose monitoring technology into the Apple Watch.</p><h2>Solving a common complaint</h2><p>One of the biggest challenges for those who suffer from diabetes is keeping tabs on blood sugar levels. In most instances, this involves the patient pricking their finger and using a drop of blood to determine glucose levels by using an in-home testing kit. For the average diabetic, blood sugar testing is recommended between four and 10 times per day, resulting in a lot of finger sticks, which can quickly become a painful process.</p><p>There are other, less painful methods.</p><p>Several companies -- including <b>DexCom</b> and <b>Abbott Laboratories</b>, among others -- offer continuous glucose monitoring (CGM) solutions that measure glucose levels in real time, 24 hours per day, while allowing patients to track changes over time. These systems involve a wire or sensor inserted under the skin, which continuously detects and updates blood sugar levels, sending the information to a monitoring device worn by the patient. These systems also have limitations, as the sensor must be changed every seven to 14 days.</p><h2>A sizable market</h2><p>This could be big business for Apple. It&#39;s estimated that more than 10% of the U.S. population, or roughly 34 million people, have diabetes. Worldwide, about 537 million people suffer from the disease, but that number is expected to jump to 643 million by 2030 and 783 million by 2045.</p><p>If Apple is successful in its endeavor, the company could quickly make progress in the CGM market, which is expected to top $16 billion by 2030.</p><p>While this would no doubt be a positive development for Apple shareholders, it&#39;s also important to put it in context. In the company&#39;s fiscal 2022 (which ended Sept. 24, 2022), Apple generated revenue of nearly $394 billion, so even if the tech titan dominated the market, the new market would be a drop in the bucket compared to existing revenue.</p><p>That said, Apple never stops innovating, creating a sticky and ever-expanding ecosystem for its iPhone users, who now number more than 1.5 billion. That&#39;s just one of many reasons Apple stock is a buy.</p></body></html>","source":"fool_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple's Secret Plans to Dominate (Another) $16 Billion Market</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple's Secret Plans to Dominate (Another) $16 Billion Market\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-02-24 15:03 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2023/02/23/apples-secret-plans-to-dominate-a-16-billion-marke/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Apple has made no secret about its ambitions in the healthcare market. Over the past several years, the company has developed a custom chip to process data from the health and wellness sensors on the ...</p>\n\n<a href=\"https://www.fool.com/investing/2023/02/23/apples-secret-plans-to-dominate-a-16-billion-marke/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.fool.com/investing/2023/02/23/apples-secret-plans-to-dominate-a-16-billion-marke/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2313616861","content_text":"Apple has made no secret about its ambitions in the healthcare market. Over the past several years, the company has developed a custom chip to process data from the health and wellness sensors on the Apple Watch, partnered with the Department of Veterans Affairs to jump-start the Health Records feature on the iPhone, and debuted a heart rate monitor in the Apple Watch that can detect potentially life-threatening spikes in a user's heart rate.Now, Apple has set its sights on helping those with diabetes.A secret projectApple is working on a top-secret project that will help the company make additional inroads into the healthcare field, according to a report by Bloomberg. This mission, which has been kept under wraps for more than a decade, involves measuring a diabetic's sugar levels without the need to draw blood -- one of the more painful aspects of a patient's ongoing disease-management regimen.Apple has developed a non-invasive way to test blood glucose levels employing a specialized silicon photonics chip for use in a process known as optical absorption spectroscopy. While it sounds rather complicated, it's actually quite simple. The process uses a laser to shine a light, in a specific wavelength, into the skin. By measuring how much light is reflected back, the system can measure the amount of glucose -- or blood sugar -- present.Apple has achieved major milestones recently, according to the report, and has reached the proof-of-concept stage, showing that the technology is feasible. Apple eventually plans to integrate the glucose monitoring technology into the Apple Watch.Solving a common complaintOne of the biggest challenges for those who suffer from diabetes is keeping tabs on blood sugar levels. In most instances, this involves the patient pricking their finger and using a drop of blood to determine glucose levels by using an in-home testing kit. For the average diabetic, blood sugar testing is recommended between four and 10 times per day, resulting in a lot of finger sticks, which can quickly become a painful process.There are other, less painful methods.Several companies -- including DexCom and Abbott Laboratories, among others -- offer continuous glucose monitoring (CGM) solutions that measure glucose levels in real time, 24 hours per day, while allowing patients to track changes over time. These systems involve a wire or sensor inserted under the skin, which continuously detects and updates blood sugar levels, sending the information to a monitoring device worn by the patient. These systems also have limitations, as the sensor must be changed every seven to 14 days.A sizable marketThis could be big business for Apple. It's estimated that more than 10% of the U.S. population, or roughly 34 million people, have diabetes. Worldwide, about 537 million people suffer from the disease, but that number is expected to jump to 643 million by 2030 and 783 million by 2045.If Apple is successful in its endeavor, the company could quickly make progress in the CGM market, which is expected to top $16 billion by 2030.While this would no doubt be a positive development for Apple shareholders, it's also important to put it in context. In the company's fiscal 2022 (which ended Sept. 24, 2022), Apple generated revenue of nearly $394 billion, so even if the tech titan dominated the market, the new market would be a drop in the bucket compared to existing revenue.That said, Apple never stops innovating, creating a sticky and ever-expanding ecosystem for its iPhone users, who now number more than 1.5 billion. That's just one of many reasons Apple stock is a buy.","news_type":1},"isVote":1,"tweetType":1,"viewCount":384,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9956854309,"gmtCreate":1673969529302,"gmtModify":1676538910663,"author":{"id":"3577583677378683","authorId":"3577583677378683","name":"Moonbyul","avatar":"https://static.tigerbbs.com/c3393b4f329ea99dc510e630ecfecd61","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3577583677378683","authorIdStr":"3577583677378683"},"themes":[],"htmlText":"That is great news for apple New chips 👍🏻","listText":"That is great news for apple New chips 👍🏻","text":"That is great news for apple New chips 👍🏻","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9956854309","repostId":"1129692049","repostType":4,"repost":{"id":"1129692049","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1673964561,"share":"https://ttm.financial/m/news/1129692049?lang=&edition=fundamental","pubTime":"2023-01-17 22:09","market":"us","language":"en","title":"Apple Announces New Macs With Its Most Powerful Chips yet","url":"https://stock-news.laohu8.com/highlight/detail?id=1129692049","media":"Tiger Newspress","summary":"Apple announced new Macs on Tuesday that can be purchased with either M2 Pro or M2 Max chips, the mo","content":"<html><head></head><body><p>Apple announced new Macs on Tuesday that can be purchased with either M2 Pro or M2 Max chips, the most powerful Apple silicon yet.</p><p>The company unveiled refreshes to its 14-inch and 16-inch MacBook Pro laptops, both of which can now be configured with the latest processors. Apple also announced an update to its Mac mini computer with support for the M2 Pro or M2 Max. All will be available beginning Jan. 24, although customers can order the computers beginning Tuesday.</p><p>The Mac Mini starts at $599 while the new 14-inch MacBook Pro starts at $1,999. The $16-inch model will cost at least $2,499.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple Announces New Macs With Its Most Powerful Chips yet</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple Announces New Macs With Its Most Powerful Chips yet\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2023-01-17 22:09</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Apple announced new Macs on Tuesday that can be purchased with either M2 Pro or M2 Max chips, the most powerful Apple silicon yet.</p><p>The company unveiled refreshes to its 14-inch and 16-inch MacBook Pro laptops, both of which can now be configured with the latest processors. Apple also announced an update to its Mac mini computer with support for the M2 Pro or M2 Max. All will be available beginning Jan. 24, although customers can order the computers beginning Tuesday.</p><p>The Mac Mini starts at $599 while the new 14-inch MacBook Pro starts at $1,999. The $16-inch model will cost at least $2,499.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129692049","content_text":"Apple announced new Macs on Tuesday that can be purchased with either M2 Pro or M2 Max chips, the most powerful Apple silicon yet.The company unveiled refreshes to its 14-inch and 16-inch MacBook Pro laptops, both of which can now be configured with the latest processors. Apple also announced an update to its Mac mini computer with support for the M2 Pro or M2 Max. All will be available beginning Jan. 24, although customers can order the computers beginning Tuesday.The Mac Mini starts at $599 while the new 14-inch MacBook Pro starts at $1,999. The $16-inch model will cost at least $2,499.","news_type":1},"isVote":1,"tweetType":1,"viewCount":332,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9951180383,"gmtCreate":1673422063643,"gmtModify":1676538834120,"author":{"id":"3577583677378683","authorId":"3577583677378683","name":"Moonbyul","avatar":"https://static.tigerbbs.com/c3393b4f329ea99dc510e630ecfecd61","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3577583677378683","authorIdStr":"3577583677378683"},"themes":[],"htmlText":"If Apple stock drop to below $100&nbsp;I will buy more of it 👍🏻","listText":"If Apple stock drop to below $100&nbsp;I will buy more of it 👍🏻","text":"If Apple stock drop to below $100 I will buy more of it 👍🏻","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9951180383","repostId":"2302019578","repostType":2,"repost":{"id":"2302019578","pubTimestamp":1673420400,"share":"https://ttm.financial/m/news/2302019578?lang=&edition=fundamental","pubTime":"2023-01-11 15:00","market":"us","language":"en","title":"Is Apple Stock A Buy During The Dip?","url":"https://stock-news.laohu8.com/highlight/detail?id=2302019578","media":"Seeking Alpha","summary":"SummaryApple's stock price suffered from a dip due to investors' worries regarding the App Store's performance and iPhone production.AAPL's share price should see a recovery in the near future, as the market's concerns are overdone.I remain bullish on Apple, as I deem AAPL's shares to be a buy during the dip.chris-muellerElevator PitchMy Buy rating for Apple's  stock remains unchanged.In my prior November 9, 2022, write-up for Apple, I discussed how the increase in paid subscriptions will drive ","content":"<html><head></head><body><h2>Summary</h2><ul><li>Apple&#39;s stock price suffered from a dip due to investors&#39; worries regarding the App Store&#39;s performance and iPhone production.</li><li>AAPL&#39;s share price should see a recovery in the near future, as the market&#39;s concerns are overdone.</li><li>I remain bullish on Apple, as I deem AAPL&#39;s shares to be a buy during the dip.</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3f1fca7442e64a81cfd932604d5925aa\" tg-width=\"750\" tg-height=\"500\" referrerpolicy=\"no-referrer\"/><span>chris-mueller</span></p><h2>Elevator Pitch</h2><p>My Buy rating for Apple&#39;s (NASDAQ:AAPL) stock remains unchanged.</p><p>In my prior November 9, 2022, write-up for Apple, I discussed how the increase in paid subscriptions will drive the growth of AAPL&#39;s Services revenue in the future.</p><p>I turn my attention to the topic of why investors should take advantage of the recent dip in Apple&#39;s share price in the current update. AAPL&#39;s forward P/E multiple has fallen to -21% below its three-year mean, and recent worries relating to the company appear to be overblown. In that respect, I view Apple&#39;s shares as deserving of a Buy rating.</p><h2>Why Has Apple&#39;s Share Price Dipped?</h2><p>In the past month, AAPL&#39;s stock price pulled back by -9.3% as compared to a -1.2% marginal decline for the S&amp;P 500. Apple&#39;s last done share price of $129.62 as of January 6, 2023 is also -16.8% below its three-month high of $155.74 registered on October 28, 2022.</p><p>I think that Apple&#39;s share price dip is attributable to the market&#39;s concerns about the App Store and iPhone. In the subsequent section, I highlight specific metrics relating to the two products and services, which explains why they have drawn investor attention.</p><h2>AAPL Stock Key Metrics</h2><p>Investors are worried about the App Store&#39;s recent and future performance, and the risk of lower-than-expected iPhone production, and the metrics outlined below illustrate these issues.</p><p><i>BofA Securities</i> published a research report (not publicly available) titled &#34;App Store Revenue Declines Low Single Digit&#34; on December 1, 2022. As per <i>SensorTower</i> data cited in this report, revenue derived from the App Store decreased by -3.2% YoY for the period between October 1, 2022, and November 29, 2022. Specifically, a +2.6% increase in the number of App Store downloads was more than offset by a -5.7% drop in the App Store&#39;s Average Selling Price. These metrics seemed to confirm fears that consumers will reduce spending on the App Store and other Apple services in a weak economic environment.</p><p>Separately, a December 13, 2022, <i>Seeking Alpha News</i> article cited a <i>Bloomberg</i> report mentioning that AAPL &#34;may soon allow third-party app stores on its iconic iPhones and iPads&#34; so as &#34;to comply with regulations from the European Union.&#34; It is natural for investors to be concerned that the App Store&#39;s future revenue might potentially decline if a significant proportion of app developers choose to bypass the App Store and offer their users the option of downloading their apps on other app stores or websites.</p><p>Another key concern for investors is iPhone production. <i>Seeking Alpha News</i> reported on December 20, 2022, that J.P. Morgan&#39;s (JPM) sell-side analyst covering Apple&#39;s shares has reduced his or her Q1 FY 2023 (YE September 30) iPhone 14 shipment projections by four million units after considering supply chain disruptions in China due to the COVID-zero policy.</p><p>The majority of Wall Street analysts also have a bearish view of Apple&#39;s iPhone sales and overall revenue in the near term judging by the change in consensus financial figures for AAPL. In the last three months, Apple&#39;s consensus Q1 FY 2023 topline was cut by -3.4%. Also, 31 of the 45 sell-side analysts covering Apple&#39;s stock made the decision to lower their respective fiscal 2023 revenue estimates for AAPL in the same time frame. The key risk is that a larger-than-expected number of consumers chose to either give up on buying a new iPhone or switched to competitors, rather than wait for the new iPhone to be made available again when supply normalizes.</p><p>It is easy to understand why Apple&#39;s share price has dipped recently, after a review of the key metrics disclosed in this section of the article.</p><h2>Is It Fairly Valued Now?</h2><p>I am of the view that Apple&#39;s shares are undervalued, instead of being fairly valued, following the recent dip in its stock price.</p><p>AAPL trades at 21.0 times consensus forward next twelve months&#39; normalized P/E now, which is only slightly above its one-year forward P/E trough of 20.2 times as per <i>S&amp;P Capital IQ&#39;s</i> valuation data. Furthermore, Apple&#39;s current P/E valuation multiple is a significant -21% below its three-year average P/E ratio of 26.6 times.</p><p>I touch on the potential of a recovery in Apple&#39;s stock price in the next section.</p><h2>Will Apple Recover?</h2><p>I believe that AAPL&#39;s share price can recover from its recent dip, when investors realize that earlier concerns relating to the stock are overblown.</p><p>With regards to the App Store, its future performance might be better than what the market feared.</p><p>The App Store witnessed its first YoY revenue growth in six months, based on <i>Sensor <a href=\"https://laohu8.com/S/TWR.AU\">Tower</a>&#39;s</i> December 2022 data highlighted in this recent January 3, 2022, <i>Seeking Alpha News</i> article. This could mark an inflection point for App Store revenue, as we might have already seen the worst of App Store performance in 2H 2022 (calendar year). Given the bearish market expectations (as outlined in an earlier section of the article) for Apple&#39;s Q1 FY 2023 and full-year FY 2023 financial results, AAPL&#39;s actual Services revenue and overall top line might beat market expectations.</p><p>Also, fewer iPhone users might either switch to alternative app stores or download apps from developers&#39; websites than what investors anticipate. Based on a December 14, 2022, research report (not publicly available) titled &#34;App Store Competition? Bring It On&#34; published by <i>Morgan Stanley</i> (MS), slightly more than a quarter of iPhone users are &#34;extremely likely&#34; to switch away from the App Store for app downloads as per <i>MS&#39;</i> consumer survey which should translate into a -4% decrease in Apple&#39;s Services revenue (or -1% contraction in overall top line).</p><p>On the issue of supply chain disruptions affecting iPhone production, there are reasons to be optimistic considering short-term trends and long-term plans.</p><p>A January 3, 2023 <i>Seeking Alpha News</i> article highlighted that Apple&#39;s key iPhone production plant in China has recovered to run at &#34;90% capacity&#34; again. Also, an earlier December 27, 2022, report (not publicly available) titled &#34;Improving iPhone Lead Times&#34; issued by <i>Credit Suisse</i> (CS) noted that the lead times for the new iPhone 14 models have already declined from the &#34;20+ days&#34; for the December 19 week to &#34;10-17 days&#34; for the December 26 week. In other words, supply chain headwinds for Apple have already eased to a large extent.</p><p>In the long run, Apple has plans in place to further diversify its production away from China to other markets such as Vietnam and India. This should reduce AAPL&#39;s concentration risks relating to China production over time.</p><p>In a nutshell, there are positive signs which suggest that Apple&#39;s shares are due for a recovery.</p><h2>Is AAPL Stock A Buy During The Dip?</h2><p>Apple is a Buy during the dip, considering recent positive developments such as App Store&#39;s December 2022 data and declining lead times for the iPhone 14 models. Moreover, AAPL&#39;s valuations have become more attractive after the recent correction. As such, I make no changes to my current Buy rating for AAPL.</p><p><i>This article is written by The Value Pendulum for reference only. Please note the risks.</i></p></body></html>","source":"seekingalpha_fund","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Is Apple Stock A Buy During The Dip?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIs Apple Stock A Buy During The Dip?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-01-11 15:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4568979-is-apple-stock-buy-during-dip><strong>Seeking Alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryApple's stock price suffered from a dip due to investors' worries regarding the App Store's performance and iPhone production.AAPL's share price should see a recovery in the near future, as the...</p>\n\n<a href=\"https://seekingalpha.com/article/4568979-is-apple-stock-buy-during-dip\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"IE00BLSP4239.USD":"Legg Mason ClearBridge - Tactical Dividend Income A Mdis USD Plus","LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC","IE00B775SV38.USD":"NEUBERGER BERMAN US MULTICAP OPPORTUNITIES \"A\" (USD) ACC","IE00BLSP4452.SGD":"Legg Mason ClearBridge - Tactical Dividend Income A Mdis SGD-H Plus","BK4170":"电脑硬件、储存设备及电脑周边","AAPL":"苹果","IE00B3S45H60.SGD":"Neuberger Berman US Multicap Opportunities A Acc SGD-H","LU0238689110.USD":"贝莱德环球动力股票基金","LU0109391861.USD":"富兰克林美国机遇基金A Acc","BK4515":"5G概念","LU0170899867.USD":"EASTSPRING INVESTMENTS WORLD VALUE EQUITY  \"A\" (USD) ACC","BK4532":"文艺复兴科技持仓","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","LU0072462426.USD":"贝莱德全球配置 A2","LU0456855351.SGD":"JPMorgan Funds - Global Equity A (acc) SGD","LU0417517546.SGD":"Allianz US Equity Cl AT Acc SGD","IE00BJTD4V19.USD":"NEUBERGER BERMAN US LONG SHORT EQUITY \"A1\" (USD) ACC","BK4571":"数字音乐概念","LU0082616367.USD":"摩根大通美国科技A（dist）","LU0056508442.USD":"贝莱德世界科技基金A2","BK4507":"流媒体概念","BK4585":"ETF&股票定投概念","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","LU0640476718.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQ \"AU\" (USD) ACC","BK4533":"AQR资本管理(全球第二大对冲基金)","IE00B7KXQ091.USD":"Janus Henderson Balanced A Inc USD","IE00BJJMRY28.SGD":"Janus Henderson Balanced A Inc SGD","LU0308772762.SGD":"Blackrock Global Allocation A2 SGD-H","BK4566":"资本集团","LU0234572021.USD":"高盛美国核心股票组合Acc","LU0109392836.USD":"富兰克林科技股A","BK4527":"明星科技股","LU0353189763.USD":"ALLSPRING  US ALL CAP GROWTH FUND \"I\" (USD) ACC","IE00BZ1G4Q59.USD":"LEGG MASON CLEARBRIDGE US EQUITY SUSTAINABILITY LEADER \"A\"(USD) INC (A)","BK4579":"人工智能","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","LU0097036916.USD":"贝莱德美国增长A2 USD","LU0320765059.SGD":"FTIF - Franklin US Opportunities A Acc SGD","IE00B1BXHZ80.USD":"Legg Mason ClearBridge - US Appreciation A Acc USD","BK4573":"虚拟现实","LU0444971666.USD":"天利全球科技基金","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","BK4505":"高瓴资本持仓","BK4581":"高盛持仓","LU0289961442.SGD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"AX\" (SGD) ACC","BK4512":"苹果概念","LU0127658192.USD":"EASTSPRING INVESTMENTS GLOBAL TECHNOLOGY \"A\" (USD) ACC","IE00BKVL7J92.USD":"Legg Mason ClearBridge - US Equity Sustainability Leaders A Acc USD","IE0009356076.USD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A2\" (USD) ACC","LU0256863811.USD":"ALLIANZ US EQUITY \"A\" INC"},"source_url":"https://seekingalpha.com/article/4568979-is-apple-stock-buy-during-dip","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2302019578","content_text":"SummaryApple's stock price suffered from a dip due to investors' worries regarding the App Store's performance and iPhone production.AAPL's share price should see a recovery in the near future, as the market's concerns are overdone.I remain bullish on Apple, as I deem AAPL's shares to be a buy during the dip.chris-muellerElevator PitchMy Buy rating for Apple's (NASDAQ:AAPL) stock remains unchanged.In my prior November 9, 2022, write-up for Apple, I discussed how the increase in paid subscriptions will drive the growth of AAPL's Services revenue in the future.I turn my attention to the topic of why investors should take advantage of the recent dip in Apple's share price in the current update. AAPL's forward P/E multiple has fallen to -21% below its three-year mean, and recent worries relating to the company appear to be overblown. In that respect, I view Apple's shares as deserving of a Buy rating.Why Has Apple's Share Price Dipped?In the past month, AAPL's stock price pulled back by -9.3% as compared to a -1.2% marginal decline for the S&P 500. Apple's last done share price of $129.62 as of January 6, 2023 is also -16.8% below its three-month high of $155.74 registered on October 28, 2022.I think that Apple's share price dip is attributable to the market's concerns about the App Store and iPhone. In the subsequent section, I highlight specific metrics relating to the two products and services, which explains why they have drawn investor attention.AAPL Stock Key MetricsInvestors are worried about the App Store's recent and future performance, and the risk of lower-than-expected iPhone production, and the metrics outlined below illustrate these issues.BofA Securities published a research report (not publicly available) titled \"App Store Revenue Declines Low Single Digit\" on December 1, 2022. As per SensorTower data cited in this report, revenue derived from the App Store decreased by -3.2% YoY for the period between October 1, 2022, and November 29, 2022. Specifically, a +2.6% increase in the number of App Store downloads was more than offset by a -5.7% drop in the App Store's Average Selling Price. These metrics seemed to confirm fears that consumers will reduce spending on the App Store and other Apple services in a weak economic environment.Separately, a December 13, 2022, Seeking Alpha News article cited a Bloomberg report mentioning that AAPL \"may soon allow third-party app stores on its iconic iPhones and iPads\" so as \"to comply with regulations from the European Union.\" It is natural for investors to be concerned that the App Store's future revenue might potentially decline if a significant proportion of app developers choose to bypass the App Store and offer their users the option of downloading their apps on other app stores or websites.Another key concern for investors is iPhone production. Seeking Alpha News reported on December 20, 2022, that J.P. Morgan's (JPM) sell-side analyst covering Apple's shares has reduced his or her Q1 FY 2023 (YE September 30) iPhone 14 shipment projections by four million units after considering supply chain disruptions in China due to the COVID-zero policy.The majority of Wall Street analysts also have a bearish view of Apple's iPhone sales and overall revenue in the near term judging by the change in consensus financial figures for AAPL. In the last three months, Apple's consensus Q1 FY 2023 topline was cut by -3.4%. Also, 31 of the 45 sell-side analysts covering Apple's stock made the decision to lower their respective fiscal 2023 revenue estimates for AAPL in the same time frame. The key risk is that a larger-than-expected number of consumers chose to either give up on buying a new iPhone or switched to competitors, rather than wait for the new iPhone to be made available again when supply normalizes.It is easy to understand why Apple's share price has dipped recently, after a review of the key metrics disclosed in this section of the article.Is It Fairly Valued Now?I am of the view that Apple's shares are undervalued, instead of being fairly valued, following the recent dip in its stock price.AAPL trades at 21.0 times consensus forward next twelve months' normalized P/E now, which is only slightly above its one-year forward P/E trough of 20.2 times as per S&P Capital IQ's valuation data. Furthermore, Apple's current P/E valuation multiple is a significant -21% below its three-year average P/E ratio of 26.6 times.I touch on the potential of a recovery in Apple's stock price in the next section.Will Apple Recover?I believe that AAPL's share price can recover from its recent dip, when investors realize that earlier concerns relating to the stock are overblown.With regards to the App Store, its future performance might be better than what the market feared.The App Store witnessed its first YoY revenue growth in six months, based on Sensor Tower's December 2022 data highlighted in this recent January 3, 2022, Seeking Alpha News article. This could mark an inflection point for App Store revenue, as we might have already seen the worst of App Store performance in 2H 2022 (calendar year). Given the bearish market expectations (as outlined in an earlier section of the article) for Apple's Q1 FY 2023 and full-year FY 2023 financial results, AAPL's actual Services revenue and overall top line might beat market expectations.Also, fewer iPhone users might either switch to alternative app stores or download apps from developers' websites than what investors anticipate. Based on a December 14, 2022, research report (not publicly available) titled \"App Store Competition? Bring It On\" published by Morgan Stanley (MS), slightly more than a quarter of iPhone users are \"extremely likely\" to switch away from the App Store for app downloads as per MS' consumer survey which should translate into a -4% decrease in Apple's Services revenue (or -1% contraction in overall top line).On the issue of supply chain disruptions affecting iPhone production, there are reasons to be optimistic considering short-term trends and long-term plans.A January 3, 2023 Seeking Alpha News article highlighted that Apple's key iPhone production plant in China has recovered to run at \"90% capacity\" again. Also, an earlier December 27, 2022, report (not publicly available) titled \"Improving iPhone Lead Times\" issued by Credit Suisse (CS) noted that the lead times for the new iPhone 14 models have already declined from the \"20+ days\" for the December 19 week to \"10-17 days\" for the December 26 week. In other words, supply chain headwinds for Apple have already eased to a large extent.In the long run, Apple has plans in place to further diversify its production away from China to other markets such as Vietnam and India. This should reduce AAPL's concentration risks relating to China production over time.In a nutshell, there are positive signs which suggest that Apple's shares are due for a recovery.Is AAPL Stock A Buy During The Dip?Apple is a Buy during the dip, considering recent positive developments such as App Store's December 2022 data and declining lead times for the iPhone 14 models. Moreover, AAPL's valuations have become more attractive after the recent correction. As such, I make no changes to my current Buy rating for AAPL.This article is written by The Value Pendulum for reference only. Please note the risks.","news_type":1},"isVote":1,"tweetType":1,"viewCount":398,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9959328051,"gmtCreate":1672909039974,"gmtModify":1676538756968,"author":{"id":"3577583677378683","authorId":"3577583677378683","name":"Moonbyul","avatar":"https://static.tigerbbs.com/c3393b4f329ea99dc510e630ecfecd61","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3577583677378683","authorIdStr":"3577583677378683"},"themes":[],"htmlText":"Yes agree that Apple is slowing down now. it will go back up 🆙 again 👍🏻🍎","listText":"Yes agree that Apple is slowing down now. it will go back up 🆙 again 👍🏻🍎","text":"Yes agree that Apple is slowing down now. it will go back up 🆙 again 👍🏻🍎","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9959328051","repostId":"1158672379","repostType":4,"repost":{"id":"1158672379","pubTimestamp":1672887501,"share":"https://ttm.financial/m/news/1158672379?lang=&edition=fundamental","pubTime":"2023-01-05 10:58","market":"us","language":"en","title":"Apple Price Target Cut At Wedbush But Firm Sees Resilient Demand","url":"https://stock-news.laohu8.com/highlight/detail?id=1158672379","media":"Markets Insider","summary":"Apple's price target was cut by more than 12% to $175 at Wedbush Securities on Wednesday.Demand head","content":"<html><head></head><body><ul><li>Apple&#39;s price target was cut by more than 12% to $175 at Wedbush Securities on Wednesday.</li><li>Demand headwinds are creeping into Apple&#39;s growth story but the overall picture is more resilient than Wall Street is seeing, the firm said.</li><li>Analyst Dan Ives said Apple &#34;should remain a Rock of Gibraltar name into 2023.&#34;</li></ul><p>Apple&#39;s price target was yanked lower at Wedbush Securities on Wednesday, but upcoming iPhone sales are seen blunting demand worries that contributed to pulling the stock under a $2 trillion market valuation.</p><p>Shares of Apple tacked on about 2% on Wednesday following their 3.7% drop on Tuesday after a report from Nikkei said demand is weakening for MacBooks, AirPods, and Apple Watches. That fall wiped out more than $80 billion in market value and left Apple below a $2 trillion market cap, tough it&#39;s now back above that threshold.</p><p>Fears of a softer holiday December quarter on China supply shortages hurt shares as trading got underway in 2023, said Wedbush on Wednesday. It cut its price target on Apple by 12% to $175 from $200 and held onto its outperform rating.</p><p>Analysts said Asia supply chain checks &#34;are clearly mixed&#34; heading into the next few quarters and Apple appeared to be cutting back on some orders for Macs, iPads, and AirPods to reflect a softening consumer environment.</p><p>&#34;That said, the core iPhone 14 Pro demand appears to be more stable than feared and is still coming out of the supply chain abyss seen in November/December due to the zero-Covid lockdowns in China/Foxconn,&#34; wrote analyst Dan Ives. &#34;While March and June could see some cutting of iPhone orders (iPhone 14 Plus remains a major strikeout), we believe the overall demand environment is more resilient than the Street is anticipating and thus we believe baked into the stock is a massive amount of bad news ahead.&#34;</p><p>Wedbush said Apple remains its favorite tech name, and Apple&#39;s March quarter should benefit from demand for iPhones after roughly 8 million to 10 million units were pushed out of the December quarter because of supply chain issues.</p><p>Meanwhile, Apple&#39;s underlying demand story still has more than 200 million iPhone units that haven&#39;t been upgraded in about four years. Also, the upcoming iPhone 15 is expected to be released in the autumn alongside an augmented reality/virtual reality headset dubbed Apple Glasses.</p><p>The new $175 price target reflects a more base-case valuation in an uncertain environment with some demand headwinds starting to creep into Apple&#39;s growth story, said Ives. On a sum-of-the-parts valuation, however, Wedbush continues to believe $200 is the right valuation for Apple reflecting its core services business.</p><p>Apple stock slumped by 26% slump in 2022, hit in part by ongoing supply chain problems in China and a ramp-up in interest rates that hammered large-cap tech stocks as a whole. The Nasdaq Composite ended 2022 with a loss of 33%.</p><p>&#34;While tech stocks remain enemy #1 on the Street now in the rising rate environment/hawkish Fed, Apple remains the laser focus of the tech bears as this name has held up much better than the rest of the beaten down tech sector over the past year,&#34; said Ives.</p><p>&#34;To this point, we believe Apple has a unique installed base demand story that can withstand the Category 5 macro pressures around the corner better than its tech peers and should remain a Rock of Gibraltar name into 2023.&#34;</p></body></html>","source":"marketsinsider","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple Price Target Cut At Wedbush But Firm Sees Resilient Demand</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple Price Target Cut At Wedbush But Firm Sees Resilient Demand\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-01-05 10:58 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://markets.businessinsider.com/news/stocks/apple-stock-price-target-cut-175-china-demand-tech-wedbush-2023-1><strong>Markets Insider</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Apple's price target was cut by more than 12% to $175 at Wedbush Securities on Wednesday.Demand headwinds are creeping into Apple's growth story but the overall picture is more resilient than Wall ...</p>\n\n<a href=\"https://markets.businessinsider.com/news/stocks/apple-stock-price-target-cut-175-china-demand-tech-wedbush-2023-1\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://markets.businessinsider.com/news/stocks/apple-stock-price-target-cut-175-china-demand-tech-wedbush-2023-1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1158672379","content_text":"Apple's price target was cut by more than 12% to $175 at Wedbush Securities on Wednesday.Demand headwinds are creeping into Apple's growth story but the overall picture is more resilient than Wall Street is seeing, the firm said.Analyst Dan Ives said Apple \"should remain a Rock of Gibraltar name into 2023.\"Apple's price target was yanked lower at Wedbush Securities on Wednesday, but upcoming iPhone sales are seen blunting demand worries that contributed to pulling the stock under a $2 trillion market valuation.Shares of Apple tacked on about 2% on Wednesday following their 3.7% drop on Tuesday after a report from Nikkei said demand is weakening for MacBooks, AirPods, and Apple Watches. That fall wiped out more than $80 billion in market value and left Apple below a $2 trillion market cap, tough it's now back above that threshold.Fears of a softer holiday December quarter on China supply shortages hurt shares as trading got underway in 2023, said Wedbush on Wednesday. It cut its price target on Apple by 12% to $175 from $200 and held onto its outperform rating.Analysts said Asia supply chain checks \"are clearly mixed\" heading into the next few quarters and Apple appeared to be cutting back on some orders for Macs, iPads, and AirPods to reflect a softening consumer environment.\"That said, the core iPhone 14 Pro demand appears to be more stable than feared and is still coming out of the supply chain abyss seen in November/December due to the zero-Covid lockdowns in China/Foxconn,\" wrote analyst Dan Ives. \"While March and June could see some cutting of iPhone orders (iPhone 14 Plus remains a major strikeout), we believe the overall demand environment is more resilient than the Street is anticipating and thus we believe baked into the stock is a massive amount of bad news ahead.\"Wedbush said Apple remains its favorite tech name, and Apple's March quarter should benefit from demand for iPhones after roughly 8 million to 10 million units were pushed out of the December quarter because of supply chain issues.Meanwhile, Apple's underlying demand story still has more than 200 million iPhone units that haven't been upgraded in about four years. Also, the upcoming iPhone 15 is expected to be released in the autumn alongside an augmented reality/virtual reality headset dubbed Apple Glasses.The new $175 price target reflects a more base-case valuation in an uncertain environment with some demand headwinds starting to creep into Apple's growth story, said Ives. On a sum-of-the-parts valuation, however, Wedbush continues to believe $200 is the right valuation for Apple reflecting its core services business.Apple stock slumped by 26% slump in 2022, hit in part by ongoing supply chain problems in China and a ramp-up in interest rates that hammered large-cap tech stocks as a whole. The Nasdaq Composite ended 2022 with a loss of 33%.\"While tech stocks remain enemy #1 on the Street now in the rising rate environment/hawkish Fed, Apple remains the laser focus of the tech bears as this name has held up much better than the rest of the beaten down tech sector over the past year,\" said Ives.\"To this point, we believe Apple has a unique installed base demand story that can withstand the Category 5 macro pressures around the corner better than its tech peers and should remain a Rock of Gibraltar name into 2023.\"","news_type":1},"isVote":1,"tweetType":1,"viewCount":131,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9926635692,"gmtCreate":1671533563117,"gmtModify":1676538551428,"author":{"id":"3577583677378683","authorId":"3577583677378683","name":"Moonbyul","avatar":"https://static.tigerbbs.com/c3393b4f329ea99dc510e630ecfecd61","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3577583677378683","authorIdStr":"3577583677378683"},"themes":[],"htmlText":"Apple stocks is a long term investment 🍎👍🏻","listText":"Apple stocks is a long term investment 🍎👍🏻","text":"Apple stocks is a long term investment 🍎👍🏻","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9926635692","repostId":"1137007217","repostType":2,"repost":{"id":"1137007217","pubTimestamp":1671531956,"share":"https://ttm.financial/m/news/1137007217?lang=&edition=fundamental","pubTime":"2022-12-20 18:25","market":"us","language":"en","title":"Apple Investors’ Loyalty Is Rewarded With a $454 Billion Gift","url":"https://stock-news.laohu8.com/highlight/detail?id=1137007217","media":"Bloomberg","summary":"Shareholder payouts help explain why the iPhone maker’s stock is doing better than other tech compan","content":"<html><head></head><body><ul><li>Shareholder payouts help explain why the iPhone maker’s stock is doing better than other tech companies’.</li></ul><p>It’s been one blow after another for <a href=\"https://laohu8.com/S/AAPL\">Apple Inc.</a> in recent months. Labor unrest and production halts at Foxconn Technology Group’s massive iPhone plant in central China are expected to cause Apple to miss out on the sale of millions of the devices this holiday season, the company’s most important time of the year.</p><p>Most economists predict that a global recession will take hold next year, reducing consumer appetite for the expensive devices Apple sells. As central banks rapidly raise interest rates to bring inflation to heel, technology stocks have especially fallen out of favor. Apple stock this year has lost nearly $800 billion, or about a fourth of its market value.</p><p>At the same time, Apple is under increasing antitrust scrutiny for its App Store practices. In the European Union, the company is preparing to allow apps from other sources on its iPhones and iPads to comply with strict EU requirements coming in 2024, Bloomberg News has reported. That development could inspire the US and other countries to follow the EU’s lead, threatening to take a bite out of the $23 billion in revenue that analysts estimate the App Store will generate in the company’s current fiscal year, which ends in September.</p><p>That’s a lot of bad news. And yet, in the stock market as of Dec. 16, Apple is vastly outperforming other tech giants, whose shares have cratered this year. While Apple has declined 24%, Meta Platforms Inc. has lost 64% of its value and Amazon.com Inc. is down 47%.</p><p><img src=\"https://static.tigerbbs.com/afa0ec83f81a92ce4bdac28f83bdf672\" tg-width=\"625\" tg-height=\"336\" width=\"100%\" height=\"auto\"/>The explanation for Apple’s performance begins with its immense profits. Apple is the world’s most valuable company, sporting a $2.1 trillion market value, so it’s hardly a surprise that it churns out more profit than any other business in the S&amp;P 500. Where it really distinguishes itself in the minds of investors is what it does with those earnings.</p><p>In the past five years, the company has generated $454 billion in cash from operations. Rather than plow those profits into acquisitions of marquee companies, Apple has returned all that cash—and then some—to shareholders in the form of stock buybacks and dividends. That’s more than the market value of Exxon Mobil Corp. or JPMorgan Chase &amp; Co. Apple declined to comment.</p><p><img src=\"https://static.tigerbbs.com/195b2b1fa746b94454b3844d3151d6e0\" tg-width=\"653\" tg-height=\"359\" width=\"100%\" height=\"auto\"/>“Apple could have done all the things that the bankers wanted them to do—buy Netflix, buy Disney,” says Kimberly Forrest, founder and chief investment officer at Bokeh Capital Partners LLC, an asset management company that owns Apple shares. “Instead, they’ve been disciplined and returned shareholder capital, and they’ve been rewarded for it.”</p><p>Expectations for Apple’s future profits also help explain its relatively strong stock. Although 2023 earnings estimates for the tech sector have been dropping, Wall Street analysts project a 2% increase in Apple’s profit. Combined earnings for tech companies in the S&amp;P 500 are expected to fall almost 2%, according to Bloomberg Intelligence.</p><p>Apple’s loyal customer base is also a factor. There are more than a billion iPhone devices in use, with many customers owning other products in the Apple family including iPads, Mac computers and watches. When combined with an increasing number of services, such as cloud storage and apps tied to those devices, Apple has what’s known as a “sticky” platform.</p><p>“Once you’ve purchased a number of Apple products and services, and they all work together, it’s hard to unplug yourself,” says Jason Benowitz, senior portfolio manager at Roosevelt Investment Group LLC, which owns Apple shares. “People don’t switch to Android because they can’t get the iPhone this month. They’ll wait a month. That behavior isn’t going to change.” Apple has also benefited from expectations that its affluent customers are in a better position to continue paying for its products even during a recession, Benowitz says.</p><p>Those assumptions are being put to the test. Bloomberg News has reported that the labor unrest at Foxconn’s assembly plant in Zhengzhou is likely to result in a production shortfall of almost 6 million iPhone Pro units this year. Others are even more pessimistic, with Ming-Chi Kuo, an influential analyst at TF International Securities Group Ltd., predicting that Apple could face a shortfall of as many as 20 million iPhone 14 Pro and Pro Max devices in the holiday quarter. He also warned that demand for the devices, which can cost as much as $1,599, is at risk of disappearing in a slowing economy.</p><p>Foxconn said on Dec. 15 that it’s easing most anti-Covid-19 restrictions at its Zhengzhou factory, where most iPhone Pro devices are assembled. To squelch a Covid outbreak and keep production going, the company had forced workers to spend weeks living in isolation with only meager food rations, causing violent protests. Labor disruptions have been “brought under control,” and the plant is gradually moving toward restoring production capacity to normal, Foxconn has said. But the sudden reversal of China’s Covid Zero policies could cause yet more interruptions, with the number of cases and hospitalizations surging.</p><p>Apple has its skeptics. Michael Lippert, vice president and portfolio manager at the Baron Opportunity Fund, sees an overvalued tech giant whose days of rapid growth and groundbreaking innovations are past. “When was the last time, seriously, they’ve made an amazing innovation since the iPhone?” Lippert asks. “It just gets slightly better” with each new release, he says.</p><p>Apple’s performance this year shows that many investors disagree. They’re willing to pay more for a massive company whose profits are expected to be immune from an economic slowdown, says Sameer Bhasin, a principal at Value Point Capital. “They have a monopoly on 15% of the world’s richest population,” he says. “In this market where you have a lock on that customer base, I don’t know what other company has that.”</p></body></html>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple Investors’ Loyalty Is Rewarded With a $454 Billion Gift</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple Investors’ Loyalty Is Rewarded With a $454 Billion Gift\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-12-20 18:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2022-12-20/why-apple-stock-is-doing-better-than-amazon-meta-other-big-tech?srnd=premium-asia><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Shareholder payouts help explain why the iPhone maker’s stock is doing better than other tech companies’.It’s been one blow after another for Apple Inc. in recent months. Labor unrest and production ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2022-12-20/why-apple-stock-is-doing-better-than-amazon-meta-other-big-tech?srnd=premium-asia\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.bloomberg.com/news/articles/2022-12-20/why-apple-stock-is-doing-better-than-amazon-meta-other-big-tech?srnd=premium-asia","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1137007217","content_text":"Shareholder payouts help explain why the iPhone maker’s stock is doing better than other tech companies’.It’s been one blow after another for Apple Inc. in recent months. Labor unrest and production halts at Foxconn Technology Group’s massive iPhone plant in central China are expected to cause Apple to miss out on the sale of millions of the devices this holiday season, the company’s most important time of the year.Most economists predict that a global recession will take hold next year, reducing consumer appetite for the expensive devices Apple sells. As central banks rapidly raise interest rates to bring inflation to heel, technology stocks have especially fallen out of favor. Apple stock this year has lost nearly $800 billion, or about a fourth of its market value.At the same time, Apple is under increasing antitrust scrutiny for its App Store practices. In the European Union, the company is preparing to allow apps from other sources on its iPhones and iPads to comply with strict EU requirements coming in 2024, Bloomberg News has reported. That development could inspire the US and other countries to follow the EU’s lead, threatening to take a bite out of the $23 billion in revenue that analysts estimate the App Store will generate in the company’s current fiscal year, which ends in September.That’s a lot of bad news. And yet, in the stock market as of Dec. 16, Apple is vastly outperforming other tech giants, whose shares have cratered this year. While Apple has declined 24%, Meta Platforms Inc. has lost 64% of its value and Amazon.com Inc. is down 47%.The explanation for Apple’s performance begins with its immense profits. Apple is the world’s most valuable company, sporting a $2.1 trillion market value, so it’s hardly a surprise that it churns out more profit than any other business in the S&P 500. Where it really distinguishes itself in the minds of investors is what it does with those earnings.In the past five years, the company has generated $454 billion in cash from operations. Rather than plow those profits into acquisitions of marquee companies, Apple has returned all that cash—and then some—to shareholders in the form of stock buybacks and dividends. That’s more than the market value of Exxon Mobil Corp. or JPMorgan Chase & Co. Apple declined to comment.“Apple could have done all the things that the bankers wanted them to do—buy Netflix, buy Disney,” says Kimberly Forrest, founder and chief investment officer at Bokeh Capital Partners LLC, an asset management company that owns Apple shares. “Instead, they’ve been disciplined and returned shareholder capital, and they’ve been rewarded for it.”Expectations for Apple’s future profits also help explain its relatively strong stock. Although 2023 earnings estimates for the tech sector have been dropping, Wall Street analysts project a 2% increase in Apple’s profit. Combined earnings for tech companies in the S&P 500 are expected to fall almost 2%, according to Bloomberg Intelligence.Apple’s loyal customer base is also a factor. There are more than a billion iPhone devices in use, with many customers owning other products in the Apple family including iPads, Mac computers and watches. When combined with an increasing number of services, such as cloud storage and apps tied to those devices, Apple has what’s known as a “sticky” platform.“Once you’ve purchased a number of Apple products and services, and they all work together, it’s hard to unplug yourself,” says Jason Benowitz, senior portfolio manager at Roosevelt Investment Group LLC, which owns Apple shares. “People don’t switch to Android because they can’t get the iPhone this month. They’ll wait a month. That behavior isn’t going to change.” Apple has also benefited from expectations that its affluent customers are in a better position to continue paying for its products even during a recession, Benowitz says.Those assumptions are being put to the test. Bloomberg News has reported that the labor unrest at Foxconn’s assembly plant in Zhengzhou is likely to result in a production shortfall of almost 6 million iPhone Pro units this year. Others are even more pessimistic, with Ming-Chi Kuo, an influential analyst at TF International Securities Group Ltd., predicting that Apple could face a shortfall of as many as 20 million iPhone 14 Pro and Pro Max devices in the holiday quarter. He also warned that demand for the devices, which can cost as much as $1,599, is at risk of disappearing in a slowing economy.Foxconn said on Dec. 15 that it’s easing most anti-Covid-19 restrictions at its Zhengzhou factory, where most iPhone Pro devices are assembled. To squelch a Covid outbreak and keep production going, the company had forced workers to spend weeks living in isolation with only meager food rations, causing violent protests. Labor disruptions have been “brought under control,” and the plant is gradually moving toward restoring production capacity to normal, Foxconn has said. But the sudden reversal of China’s Covid Zero policies could cause yet more interruptions, with the number of cases and hospitalizations surging.Apple has its skeptics. Michael Lippert, vice president and portfolio manager at the Baron Opportunity Fund, sees an overvalued tech giant whose days of rapid growth and groundbreaking innovations are past. “When was the last time, seriously, they’ve made an amazing innovation since the iPhone?” Lippert asks. “It just gets slightly better” with each new release, he says.Apple’s performance this year shows that many investors disagree. They’re willing to pay more for a massive company whose profits are expected to be immune from an economic slowdown, says Sameer Bhasin, a principal at Value Point Capital. “They have a monopoly on 15% of the world’s richest population,” he says. “In this market where you have a lock on that customer base, I don’t know what other company has that.”","news_type":1},"isVote":1,"tweetType":1,"viewCount":247,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9962528328,"gmtCreate":1669811004064,"gmtModify":1676538247950,"author":{"id":"3577583677378683","authorId":"3577583677378683","name":"Moonbyul","avatar":"https://static.tigerbbs.com/c3393b4f329ea99dc510e630ecfecd61","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3577583677378683","authorIdStr":"3577583677378683"},"themes":[],"htmlText":"Yes Apple 🍎 stock long term investment 👍🏻","listText":"Yes Apple 🍎 stock long term investment 👍🏻","text":"Yes Apple 🍎 stock long term investment 👍🏻","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9962528328","repostId":"2287504938","repostType":2,"repost":{"id":"2287504938","pubTimestamp":1669779600,"share":"https://ttm.financial/m/news/2287504938?lang=&edition=fundamental","pubTime":"2022-11-30 11:40","market":"us","language":"en","title":"Is Apple a Must-Own Stock in 2023?","url":"https://stock-news.laohu8.com/highlight/detail?id=2287504938","media":"Motley Fool","summary":"There's still room for Apple to grow.","content":"<html><head></head><body><p>Every so often, a company comes along and has so much success that many investors end up retiring millionaires by simply going along for the ride. <b>Apple</b> is one of those companies. The tech giant has seen success matched by very few in history, and it has been rightfully earned. After all, it has world-class products, top-tier brand loyalty, and a bank account that other companies can only dream of having.</p><p>Past results are great, but a company&#39;s future outlook should be driving investing decisions. And although it&#39;s the largest public company in the world with a market cap of over $2.4 trillion -- more than <b>Amazon</b>, <b>Berkshire Hathaway</b> and <b>Tesla</b> combined -- there&#39;s still room for noticeable growth for Apple.</p><p>Here&#39;s why it&#39;s a must-own for 2023.</p><h2>Apple is just getting started in the finance industry</h2><p>Apple first began its journey into the financial services space in 2014 with the announcement of Apple Pay, which allowed people to pay from their iPhones. However, this move was seen as more about convenience than Apple making its way into the space. Then came 2019 and the announcement of the Apple Card -- a sign Apple was clearly taking a step in that direction.</p><p>With the Apple Card, Apple relied on <b>Goldman Sachs</b> to approve applications and fund the loans, which is why when they announced Apple Pay Later -- their move into the buy now, pay later space -- it was no longer a mystery whether Apple was serious about becoming a player in the financial services industry. Apple Pay Later is the first time Apple is underwriting and funding loans by itself.</p><p>Apple has an advantage that no other financial institution can duplicate: Its iPhone is in more than 100 million hands in the U.S. Between the iPhone&#39;s world-class technology and the convenience it can provide, the company&#39;s play into the financial services space is bound to test even the most formidable of financial technology (fintech) competitors.</p><h2>The iPhone still reigns supreme</h2><p>The iPhone is arguably the greatest consumer product ever made; it has quite literally changed the world. Apple reportedly spent over $150 million developing the original iPhone, and to say they&#39;ve reaped the returns on their investments would be the understatement of the century. In its 2022 fiscal year, Apple brought in $394.3 billion in revenue -- roughly $28.5 billion more than it did in 2021. The iPhone accounted for more than half of that, bringing in $205.4 billion.</p><p>The fact that the iPhone managed to increase its sales in a year defined by inflation not seen in decades is very telling of its power. In fact, this year was the first time ever that more people in the U.S. used an iPhone than an Android phone. That&#39;s a remarkable milestone when you consider the iPhone&#39;s market share growth and much higher price point.</p><p>As long as the iPhone is padding Apple&#39;s bottom line, there&#39;s no reason to believe it won&#39;t continue to be one of the biggest cash cows you&#39;ll see from any business in any industry.</p><h2>Apple is ramping up its research and development</h2><p>Apple has historically spent a smaller portion of its revenue on research and development (R&amp;D) than its other Big Tech competitors like Alphabet and Amazon. In 2020, here&#39;s how much the three companies spent on R&amp;D and the percentage that was of their net sales:</p><ul><li><b>Alphabet</b>: $27.6 billion (15%)</li><li><b>Amazon</b>: $42.7 billion (11%)</li><li><b>Apple</b>: $18.8 billion (7%)</li></ul><p>In 2021, Apple&#39;s R&amp;D budget increased to $21.9 billion, and in 2022, it jumped up to $26.2 billion -- a company record. Although this still represents a relatively low percentage of Apple&#39;s revenue, it&#39;s a sign the company isn&#39;t getting complacent and is putting more emphasis on taking advantage of potential growth opportunities.</p></body></html>","source":"fool_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Is Apple a Must-Own Stock in 2023?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIs Apple a Must-Own Stock in 2023?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-11-30 11:40 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2022/11/29/is-apple-a-must-own-stock-in-2023/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Every so often, a company comes along and has so much success that many investors end up retiring millionaires by simply going along for the ride. Apple is one of those companies. The tech giant has ...</p>\n\n<a href=\"https://www.fool.com/investing/2022/11/29/is-apple-a-must-own-stock-in-2023/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.fool.com/investing/2022/11/29/is-apple-a-must-own-stock-in-2023/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2287504938","content_text":"Every so often, a company comes along and has so much success that many investors end up retiring millionaires by simply going along for the ride. Apple is one of those companies. The tech giant has seen success matched by very few in history, and it has been rightfully earned. After all, it has world-class products, top-tier brand loyalty, and a bank account that other companies can only dream of having.Past results are great, but a company's future outlook should be driving investing decisions. And although it's the largest public company in the world with a market cap of over $2.4 trillion -- more than Amazon, Berkshire Hathaway and Tesla combined -- there's still room for noticeable growth for Apple.Here's why it's a must-own for 2023.Apple is just getting started in the finance industryApple first began its journey into the financial services space in 2014 with the announcement of Apple Pay, which allowed people to pay from their iPhones. However, this move was seen as more about convenience than Apple making its way into the space. Then came 2019 and the announcement of the Apple Card -- a sign Apple was clearly taking a step in that direction.With the Apple Card, Apple relied on Goldman Sachs to approve applications and fund the loans, which is why when they announced Apple Pay Later -- their move into the buy now, pay later space -- it was no longer a mystery whether Apple was serious about becoming a player in the financial services industry. Apple Pay Later is the first time Apple is underwriting and funding loans by itself.Apple has an advantage that no other financial institution can duplicate: Its iPhone is in more than 100 million hands in the U.S. Between the iPhone's world-class technology and the convenience it can provide, the company's play into the financial services space is bound to test even the most formidable of financial technology (fintech) competitors.The iPhone still reigns supremeThe iPhone is arguably the greatest consumer product ever made; it has quite literally changed the world. Apple reportedly spent over $150 million developing the original iPhone, and to say they've reaped the returns on their investments would be the understatement of the century. In its 2022 fiscal year, Apple brought in $394.3 billion in revenue -- roughly $28.5 billion more than it did in 2021. The iPhone accounted for more than half of that, bringing in $205.4 billion.The fact that the iPhone managed to increase its sales in a year defined by inflation not seen in decades is very telling of its power. In fact, this year was the first time ever that more people in the U.S. used an iPhone than an Android phone. That's a remarkable milestone when you consider the iPhone's market share growth and much higher price point.As long as the iPhone is padding Apple's bottom line, there's no reason to believe it won't continue to be one of the biggest cash cows you'll see from any business in any industry.Apple is ramping up its research and developmentApple has historically spent a smaller portion of its revenue on research and development (R&D) than its other Big Tech competitors like Alphabet and Amazon. In 2020, here's how much the three companies spent on R&D and the percentage that was of their net sales:Alphabet: $27.6 billion (15%)Amazon: $42.7 billion (11%)Apple: $18.8 billion (7%)In 2021, Apple's R&D budget increased to $21.9 billion, and in 2022, it jumped up to $26.2 billion -- a company record. Although this still represents a relatively low percentage of Apple's revenue, it's a sign the company isn't getting complacent and is putting more emphasis on taking advantage of potential growth opportunities.","news_type":1},"isVote":1,"tweetType":1,"viewCount":306,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9962163783,"gmtCreate":1669735858742,"gmtModify":1676538233059,"author":{"id":"3577583677378683","authorId":"3577583677378683","name":"Moonbyul","avatar":"https://static.tigerbbs.com/c3393b4f329ea99dc510e630ecfecd61","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3577583677378683","authorIdStr":"3577583677378683"},"themes":[],"htmlText":"Well done for Apple Pay 👍🏻","listText":"Well done for Apple Pay 👍🏻","text":"Well done for Apple Pay 👍🏻","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9962163783","repostId":"2287590574","repostType":4,"repost":{"id":"2287590574","pubTimestamp":1669727980,"share":"https://ttm.financial/m/news/2287590574?lang=&edition=fundamental","pubTime":"2022-11-29 21:19","market":"us","language":"en","title":"Apple Pay Is on Fire This Holiday Season","url":"https://stock-news.laohu8.com/highlight/detail?id=2287590574","media":"Yahoo Finance","summary":"Apple Pay is having a moment.In a new note Tuesday, Deutsche Bank analyst Bryan Keane wrote that hol","content":"<html><head></head><body><p>Apple Pay is having a moment.</p><p>In a new note Tuesday, Deutsche Bank analyst Bryan Keane wrote that holiday spending data out of Salesforce shows Apple Pay adoption is growing at an &#34;extremely rapid pace&#34; this holiday season with 52% year-over-year growth.</p><p><img src=\"https://static.tigerbbs.com/c1eb6db85271fef7b4eec6c9759db882\" tg-width=\"938\" tg-height=\"670\" referrerpolicy=\"no-referrer\"/>Apple Pay is having a moment. (Deutsche Bank)</p><p>Apple Pay&#39;s surge seems to be coming at the expense of long-time dominant player <a href=\"https://laohu8.com/S/PYPL\">PayPal</a>: Keane noted that PayPal adoption has fallen 8% year over globally.</p><p>Apple Pay and PayPal now make up about 5% and 16%, respectively of global e-commerce purchases.</p><p>The diverging paths of Apple Pay and PayPal come amid a broader mixed start to the holiday shopping season as shoppers balk at inflationary prices.</p><p>Consumers spent spent $6.3 billion online through 6PM ET on Cyber Monday, <a href=\"https://laohu8.com/S/ADBE\">Adobe</a> data showed. Adobe expects that when all the numbers are tallied, Cyber Monday will haul in a record $11.2 billion to $11.6 billion online as consumers sought out deep promotions (and got them).</p><p>&#34;Continuing our checks of the unofficial kick-off to holiday, Cyber Monday showed headline promotions that were largely Deeper year over year, inclusive of several connected fitness companies (Peloton, Mirror, Ergatta),&#34; BMO Capital Markets analyst Simeon Siegel wrote in a note.</p><p><img src=\"https://static.tigerbbs.com/951e2ec90bb5703b99d624a02edbdd51\" tg-width=\"3500\" tg-height=\"2282\" referrerpolicy=\"no-referrer\"/>A man uses an iPhone 7 smartphone to demonstrate the mobile payment service Apple Pay at a cafe in Moscow, Russia, on October 3, 2016. REUTERS/Maxim Zmeyev</p><p>Adobe said Black Friday weekend spending only rose 4.4% from the prior year to $9.5 billion. For the holiday season to date (Nov. 1 to Nov. 27), consumers have spent $96.42 billion online, up 2.1% year over year.</p><p>U.S. retail sales on Black Friday were up 12% year-over-year excluding automotive, according to Mastercard SpendingPulse data. That was below Mastercard&#39;s projection of 15% growth.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple Pay Is on Fire This Holiday Season</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple Pay Is on Fire This Holiday Season\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-11-29 21:19 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/apple-pay-is-on-fire-this-holiday-season-chart-115242855.html><strong>Yahoo Finance</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Apple Pay is having a moment.In a new note Tuesday, Deutsche Bank analyst Bryan Keane wrote that holiday spending data out of Salesforce shows Apple Pay adoption is growing at an \"extremely rapid pace...</p>\n\n<a href=\"https://finance.yahoo.com/news/apple-pay-is-on-fire-this-holiday-season-chart-115242855.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://finance.yahoo.com/news/apple-pay-is-on-fire-this-holiday-season-chart-115242855.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2287590574","content_text":"Apple Pay is having a moment.In a new note Tuesday, Deutsche Bank analyst Bryan Keane wrote that holiday spending data out of Salesforce shows Apple Pay adoption is growing at an \"extremely rapid pace\" this holiday season with 52% year-over-year growth.Apple Pay is having a moment. (Deutsche Bank)Apple Pay's surge seems to be coming at the expense of long-time dominant player PayPal: Keane noted that PayPal adoption has fallen 8% year over globally.Apple Pay and PayPal now make up about 5% and 16%, respectively of global e-commerce purchases.The diverging paths of Apple Pay and PayPal come amid a broader mixed start to the holiday shopping season as shoppers balk at inflationary prices.Consumers spent spent $6.3 billion online through 6PM ET on Cyber Monday, Adobe data showed. Adobe expects that when all the numbers are tallied, Cyber Monday will haul in a record $11.2 billion to $11.6 billion online as consumers sought out deep promotions (and got them).\"Continuing our checks of the unofficial kick-off to holiday, Cyber Monday showed headline promotions that were largely Deeper year over year, inclusive of several connected fitness companies (Peloton, Mirror, Ergatta),\" BMO Capital Markets analyst Simeon Siegel wrote in a note.A man uses an iPhone 7 smartphone to demonstrate the mobile payment service Apple Pay at a cafe in Moscow, Russia, on October 3, 2016. REUTERS/Maxim ZmeyevAdobe said Black Friday weekend spending only rose 4.4% from the prior year to $9.5 billion. For the holiday season to date (Nov. 1 to Nov. 27), consumers have spent $96.42 billion online, up 2.1% year over year.U.S. retail sales on Black Friday were up 12% year-over-year excluding automotive, according to Mastercard SpendingPulse data. That was below Mastercard's projection of 15% growth.","news_type":1},"isVote":1,"tweetType":1,"viewCount":370,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9968605056,"gmtCreate":1669196798375,"gmtModify":1676538165886,"author":{"id":"3577583677378683","authorId":"3577583677378683","name":"Moonbyul","avatar":"https://static.tigerbbs.com/c3393b4f329ea99dc510e630ecfecd61","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3577583677378683","authorIdStr":"3577583677378683"},"themes":[],"htmlText":"A very good article 👍🏻","listText":"A very good article 👍🏻","text":"A very good article 👍🏻","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9968605056","repostId":"2285863548","repostType":4,"repost":{"id":"2285863548","pubTimestamp":1669165202,"share":"https://ttm.financial/m/news/2285863548?lang=&edition=fundamental","pubTime":"2022-11-23 09:00","market":"us","language":"en","title":"Apple: The Last FANG Standing","url":"https://stock-news.laohu8.com/highlight/detail?id=2285863548","media":"Seekingalpha","summary":"The Fall From the TopTo this day, Apple (NASDAQ: AAPL) is an exciting company, and the giant tech st","content":"<html><head></head><body><h2>The Fall From the Top</h2><p>To this day, Apple (NASDAQ: AAPL) is an exciting company, and the giant tech stock has held up like no other major tech company during this downturn. I wrote about the epic drop coming for tech stocks in late November last year, right as the market peaked. Well, some of the declines surpassed even my expectations. So, let&#39;s look at how top-tech stocks have performed during this downturn.</p><h2><b>Bear Market Peak to Trough Declines</b></h2><ul><li><a href=\"https://laohu8.com/S/META\">Meta Platforms</a> (META): 74%</li><li>Amazon (AMZN): 55%</li><li>Netflix (NFLX): 75%</li><li>Alphabet (GOOG) (GOOGL): 45%</li><li>Nvidia (NVDA): 69%</li><li>Advanced Micro Devices (AMD): 67%</li><li>Tesla (TSLA): 58%</li><li>Microsoft (MSFT): 40%</li><li>Apple: 28%</li></ul><p>&#34;FANG&#34; stocks went through considerable declines ranging from 40-75% during the bear market phase. However, one giant tech stock stood out, declining by just 28% during the recent tech drop. I&#39;ve been a fan of Apple for many years, not just the stock but the company&#39;s products. I still have my iPhone 12 Pro Max, which I purchased for $1,300 last year. Moreover, I&#39;ve been shopping for a new notebook and decided to upgrade to the MacBook Pro 14 version. However, perhaps the best Apple purchase was investing in the company&#39;s stock in 2007 when the iPhone came out.</p><p><b>Apple 15-Year Chart</b></p><p></p><p><img src=\"https://static.tigerbbs.com/d2e40b56a7fcdf6e0d617ae9739bb504\" tg-width=\"640\" tg-height=\"417\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>AAPL (macrotrends.com)</p><p>Remarkably, the stock was only around $3 (split adjusted) back then. Apple&#39;s stock has been one of the top performers in this time frame, appreciating by approximately 6,000% (trough to peak). Apple is an excellent company with extraordinary earnings potential. The company also produces arguably the best products in the world, and the company&#39;s services business continues booming. Despite the likelihood of near-term volatility, Apple stock&#39;s downside is probably limited. Moreover, the company&#39;s growth prospects and profitability potential should improve, enabling Apple&#39;s stock price to appreciate considerably in the coming years.</p><h2>The Apple Advantage</h2><p>The iPhone accounts for a substantial portion of Apple&#39;s revenues. The iPhone segment raked in approximately $205.5 billion last year, accounting for roughly 52% of total sales. However, the iPhone remains hugely popular in the U.S. and globally and should continue increasing sales as the company moves forward.</p><p></p><p><img src=\"https://static.tigerbbs.com/c1febbb809434b24e3b45b9f69a098f6\" tg-width=\"640\" tg-height=\"427\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>U.S. smartphone market share (couterpointresearch.com)</p><p>The iPhone dominates in the U.S. with about a 50% smartphone market share. Many consumers consider Apple&#39;s products superior in quality, and once on an iPhone, many customers become lifelong users. This dynamic separates the iPhone from the Android market. Consumers have several producers to choose from in the Android market, but at the end of the day, there is only one iPhone producer, Apple. Therefore, we should continue seeing robust demand in the U.S., and iPhone sales should continue growing globally.</p><p></p><p><img src=\"https://static.tigerbbs.com/9991067830ed1a4a7ca2a503ce4501a8\" tg-width=\"640\" tg-height=\"457\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Global smartphone share (counterpointresearch.com)</p><p>Globally, Apple&#39;s smartphone market share is only about 16%, second to Samsung&#39;s 21% market share. Therefore, Apple has significant opportunities for growth outside of the U.S. market, and the company could expand its market share substantially in the coming years. While Samsung makes an excellent cellphone, Apple is still the Apple. The new S22 has fantastic features, but the iPhone 14 wins in many categories.</p><p>Also, there is just something about the iPhone that makes it a status symbol in many countries. I&#39;ve visited many countries, and in many places, there is nothing more prestigious than having the latest iPhone in your pocket. Therefore, we should continue to see iPhone sales increasing, especially as the downturn concludes, leading to substantially higher revenues for Apple.</p><p><b>Apple&#39;s Revenues</b></p><p></p><p><img src=\"https://static.tigerbbs.com/94e59aafd97a4c359527a3451375c13c\" tg-width=\"640\" tg-height=\"313\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Apple revenues (businessquant.com)</p><p>Apple&#39;s revenue has exploded, reaching nearly $400 billion last (fiscal) year. We&#39;ve seen a 73% revenue increase since 2013, and we should continue seeing revenue growth from here.</p><p><b>Revenue by Segment</b></p><p></p><p><img src=\"https://static.tigerbbs.com/c4bac139075d16dd164699c0b8cd7c6a\" tg-width=\"640\" tg-height=\"329\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Segment revenues (businessquant.com)</p><p><b>Revenue Breakdown</b></p><p></p><p><img src=\"https://static.tigerbbs.com/dafd49eca7cebc39c194cbd7524898ae\" tg-width=\"640\" tg-height=\"153\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Segment revenues (businessquant.com)</p><p>After being stagnant for several years, Mac revenues have shot up lately, increasing from around $25-26 billion in 2017-2019 to more than $40 billion last year, an increase of 60%. Therefore, the Mac business is working and should continue generating growth and profitability in future years. Services continue doing exceptionally well, growing revenues by a whopping 160% over the last five years. iPhone revenues have surged by 50% in just two years. Perhaps the most exciting segment, &#34;other&#34; revenues, have skyrocketed by 240% in the last five years. Total revenues have increased by 43% over the previous two years.</p><h2>What We Should See From Apple Moving Forward</h2><p><b>Revenue Estimates</b></p><p></p><p><img src=\"https://static.tigerbbs.com/cdbc2ac111d88928e53ea99d38968619\" tg-width=\"640\" tg-height=\"245\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Revenue estimates (seekingalpha.com)</p><p>Revenues should continue increasing from here. Consensus estimates are for around <i>$520 billion</i> in revenues in fiscal 2027, but Apple may do better. Apple is accustomed to surpassing analysts&#39; revenue and EPS estimates, and the company should continue outperforming expectations.</p><p><b>Recent Earnings</b></p><p>Recently, Apple reported revenues of $90.15 billion (8.1% YoY increase), exceeding expectations of $88.9 billion. Q4 EPS came in at $1.29, a beat by two cents. iPhone revenues increased by about 10% YoY, Mac revenues surged by 25% over last year, Other products increased by about 10%, and services came in 5% higher over last year. Despite a challenging economic landscape, Apple continues to perform exceptionally well, bringing in solid growth YoY. Once the downturn concludes, we should see more robust growth, leading to outperformance over current consensus analysts&#39; figures. Many analysts predict 3-7% revenue growth in the next few years, but we may see 5-10% growth, leading to substantially higher revenues and profitability potential as the company advances.</p><p><b>EPS Earnings Surprise</b></p><p></p><p><img src=\"https://static.tigerbbs.com/615154027ce88f0ba2e763c8a9f77c6e\" tg-width=\"640\" tg-height=\"180\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Earnings surprise (seekingalpha.com)</p><p>Apple has surprised higher in each of its last twelve earnings announcements, and this trend should continue as we advance. If the trend continues, we could see 5-10% EPS beats in future quarters.</p><p><b>EPS Expectations</b></p><p></p><p><img src=\"https://static.tigerbbs.com/bfec0d8d8ea7db5f8516043b74ffa83e\" tg-width=\"640\" tg-height=\"239\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>EPS growth (seekingalpha.com)</p><p>Due to the general pessimism surrounding the downturn, consensus EPS estimates are very modest here. We see expeditions of approximately 5% annual growth in the next few years. However, as economic conditions improve, we can see 10-15% EPS growth from Apple in future years.</p><h3><b>Here&#39;s what Apple&#39;s financials could look like moving forward:</b></h3><table><tbody><tr><td>Year (fiscal)</td><td>2022</td><td>2023</td><td>2024</td><td>2025</td><td>2026</td><td>2027</td><td>2028</td><td>2029</td></tr><tr><td>Revenue Bs</td><td>$394</td><td>$420</td><td>$450</td><td>$480</td><td>$520</td><td>$555</td><td>$595</td><td>$640</td></tr><tr><td>Revenue growth</td><td>8%</td><td>7%</td><td>7%</td><td>7%</td><td>8%</td><td>7%</td><td>7%</td><td>7%</td></tr><tr><td>EPS</td><td>$6.11</td><td>$6.80</td><td>$7.30</td><td>$8.10</td><td>$9</td><td>$10</td><td>$11.50</td><td>$13</td></tr><tr><td>Forward P/E</td><td>22</td><td>23</td><td>24</td><td>25</td><td>24</td><td>23</td><td>22</td><td>22</td></tr><tr><td>Stock price</td><td>$150</td><td>$170</td><td>$195</td><td>$225</td><td>$240</td><td>$265</td><td>$286</td><td>$330</td></tr></tbody></table><p>Source: The Financial Prophet</p><h2>What Price to Buy Apple</h2><p>Apple may be mildly expensive today at about 22 times forward earnings estimates, but we should see multiple expansion in future years. I have Apple&#39;s valuation peaking at about 25 in 2025, but that is a relatively modest forecast. We could see Apple&#39;s forward P/E ratio increase to 30 or higher when the economy rebounds, sentiment improves, and demand for high-quality stocks increases. However, as we are currently in a slowdown, I recommend stepping back into Apple at about an 18-20 forward P/E ratio, providing a target entry price of around <i>$120-135</i>. That is the price range I prefer to enter a long-term position, as Apple&#39;s stock price will likely appreciate considerably in future years.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple: The Last FANG Standing</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple: The Last FANG Standing\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-11-23 09:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4559954-apple-stock-the-last-fang-standing><strong>Seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The Fall From the TopTo this day, Apple (NASDAQ: AAPL) is an exciting company, and the giant tech stock has held up like no other major tech company during this downturn. I wrote about the epic drop ...</p>\n\n<a href=\"https://seekingalpha.com/article/4559954-apple-stock-the-last-fang-standing\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://seekingalpha.com/article/4559954-apple-stock-the-last-fang-standing","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2285863548","content_text":"The Fall From the TopTo this day, Apple (NASDAQ: AAPL) is an exciting company, and the giant tech stock has held up like no other major tech company during this downturn. I wrote about the epic drop coming for tech stocks in late November last year, right as the market peaked. Well, some of the declines surpassed even my expectations. So, let's look at how top-tech stocks have performed during this downturn.Bear Market Peak to Trough DeclinesMeta Platforms (META): 74%Amazon (AMZN): 55%Netflix (NFLX): 75%Alphabet (GOOG) (GOOGL): 45%Nvidia (NVDA): 69%Advanced Micro Devices (AMD): 67%Tesla (TSLA): 58%Microsoft (MSFT): 40%Apple: 28%\"FANG\" stocks went through considerable declines ranging from 40-75% during the bear market phase. However, one giant tech stock stood out, declining by just 28% during the recent tech drop. I've been a fan of Apple for many years, not just the stock but the company's products. I still have my iPhone 12 Pro Max, which I purchased for $1,300 last year. Moreover, I've been shopping for a new notebook and decided to upgrade to the MacBook Pro 14 version. However, perhaps the best Apple purchase was investing in the company's stock in 2007 when the iPhone came out.Apple 15-Year ChartAAPL (macrotrends.com)Remarkably, the stock was only around $3 (split adjusted) back then. Apple's stock has been one of the top performers in this time frame, appreciating by approximately 6,000% (trough to peak). Apple is an excellent company with extraordinary earnings potential. The company also produces arguably the best products in the world, and the company's services business continues booming. Despite the likelihood of near-term volatility, Apple stock's downside is probably limited. Moreover, the company's growth prospects and profitability potential should improve, enabling Apple's stock price to appreciate considerably in the coming years.The Apple AdvantageThe iPhone accounts for a substantial portion of Apple's revenues. The iPhone segment raked in approximately $205.5 billion last year, accounting for roughly 52% of total sales. However, the iPhone remains hugely popular in the U.S. and globally and should continue increasing sales as the company moves forward.U.S. smartphone market share (couterpointresearch.com)The iPhone dominates in the U.S. with about a 50% smartphone market share. Many consumers consider Apple's products superior in quality, and once on an iPhone, many customers become lifelong users. This dynamic separates the iPhone from the Android market. Consumers have several producers to choose from in the Android market, but at the end of the day, there is only one iPhone producer, Apple. Therefore, we should continue seeing robust demand in the U.S., and iPhone sales should continue growing globally.Global smartphone share (counterpointresearch.com)Globally, Apple's smartphone market share is only about 16%, second to Samsung's 21% market share. Therefore, Apple has significant opportunities for growth outside of the U.S. market, and the company could expand its market share substantially in the coming years. While Samsung makes an excellent cellphone, Apple is still the Apple. The new S22 has fantastic features, but the iPhone 14 wins in many categories.Also, there is just something about the iPhone that makes it a status symbol in many countries. I've visited many countries, and in many places, there is nothing more prestigious than having the latest iPhone in your pocket. Therefore, we should continue to see iPhone sales increasing, especially as the downturn concludes, leading to substantially higher revenues for Apple.Apple's RevenuesApple revenues (businessquant.com)Apple's revenue has exploded, reaching nearly $400 billion last (fiscal) year. We've seen a 73% revenue increase since 2013, and we should continue seeing revenue growth from here.Revenue by SegmentSegment revenues (businessquant.com)Revenue BreakdownSegment revenues (businessquant.com)After being stagnant for several years, Mac revenues have shot up lately, increasing from around $25-26 billion in 2017-2019 to more than $40 billion last year, an increase of 60%. Therefore, the Mac business is working and should continue generating growth and profitability in future years. Services continue doing exceptionally well, growing revenues by a whopping 160% over the last five years. iPhone revenues have surged by 50% in just two years. Perhaps the most exciting segment, \"other\" revenues, have skyrocketed by 240% in the last five years. Total revenues have increased by 43% over the previous two years.What We Should See From Apple Moving ForwardRevenue EstimatesRevenue estimates (seekingalpha.com)Revenues should continue increasing from here. Consensus estimates are for around $520 billion in revenues in fiscal 2027, but Apple may do better. Apple is accustomed to surpassing analysts' revenue and EPS estimates, and the company should continue outperforming expectations.Recent EarningsRecently, Apple reported revenues of $90.15 billion (8.1% YoY increase), exceeding expectations of $88.9 billion. Q4 EPS came in at $1.29, a beat by two cents. iPhone revenues increased by about 10% YoY, Mac revenues surged by 25% over last year, Other products increased by about 10%, and services came in 5% higher over last year. Despite a challenging economic landscape, Apple continues to perform exceptionally well, bringing in solid growth YoY. Once the downturn concludes, we should see more robust growth, leading to outperformance over current consensus analysts' figures. Many analysts predict 3-7% revenue growth in the next few years, but we may see 5-10% growth, leading to substantially higher revenues and profitability potential as the company advances.EPS Earnings SurpriseEarnings surprise (seekingalpha.com)Apple has surprised higher in each of its last twelve earnings announcements, and this trend should continue as we advance. If the trend continues, we could see 5-10% EPS beats in future quarters.EPS ExpectationsEPS growth (seekingalpha.com)Due to the general pessimism surrounding the downturn, consensus EPS estimates are very modest here. We see expeditions of approximately 5% annual growth in the next few years. However, as economic conditions improve, we can see 10-15% EPS growth from Apple in future years.Here's what Apple's financials could look like moving forward:Year (fiscal)20222023202420252026202720282029Revenue Bs$394$420$450$480$520$555$595$640Revenue growth8%7%7%7%8%7%7%7%EPS$6.11$6.80$7.30$8.10$9$10$11.50$13Forward P/E2223242524232222Stock price$150$170$195$225$240$265$286$330Source: The Financial ProphetWhat Price to Buy AppleApple may be mildly expensive today at about 22 times forward earnings estimates, but we should see multiple expansion in future years. I have Apple's valuation peaking at about 25 in 2025, but that is a relatively modest forecast. We could see Apple's forward P/E ratio increase to 30 or higher when the economy rebounds, sentiment improves, and demand for high-quality stocks increases. However, as we are currently in a slowdown, I recommend stepping back into Apple at about an 18-20 forward P/E ratio, providing a target entry price of around $120-135. That is the price range I prefer to enter a long-term position, as Apple's stock price will likely appreciate considerably in future years.","news_type":1},"isVote":1,"tweetType":1,"viewCount":224,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9968608477,"gmtCreate":1669195959799,"gmtModify":1676538165767,"author":{"id":"3577583677378683","authorId":"3577583677378683","name":"Moonbyul","avatar":"https://static.tigerbbs.com/c3393b4f329ea99dc510e630ecfecd61","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3577583677378683","authorIdStr":"3577583677378683"},"themes":[],"htmlText":"Congratulations to Tiger&nbsp;🐯. Keep up the good work 👍🏻","listText":"Congratulations to Tiger&nbsp;🐯. Keep up the good work 👍🏻","text":"Congratulations to Tiger 🐯. Keep up the good work 👍🏻","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/9968608477","repostId":"1146860364","repostType":4,"isVote":1,"tweetType":1,"viewCount":354,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9963678578,"gmtCreate":1668677264394,"gmtModify":1676538095649,"author":{"id":"3577583677378683","authorId":"3577583677378683","name":"Moonbyul","avatar":"https://static.tigerbbs.com/c3393b4f329ea99dc510e630ecfecd61","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3577583677378683","authorIdStr":"3577583677378683"},"themes":[],"htmlText":"It about time they change it 👍🏻","listText":"It about time they change it 👍🏻","text":"It about time they change it 👍🏻","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9963678578","repostId":"1182936035","repostType":2,"repost":{"id":"1182936035","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1668669495,"share":"https://ttm.financial/m/news/1182936035?lang=&edition=fundamental","pubTime":"2022-11-17 15:18","market":"us","language":"en","title":"Apple Analyst Sees All 2023 iPhones Switching To USB-C","url":"https://stock-news.laohu8.com/highlight/detail?id=1182936035","media":"Benzinga","summary":"Apple Inc.'s iPhone 15 lineup scheduled for release in 2023 might abandon the Lightning cable and ad","content":"<html><head></head><body><p>Apple Inc.&#39;s iPhone 15 lineup scheduled for release in 2023 might abandon the Lightning cable and adopt USB-C, but not every model will support wired high-speed transfer.</p><p>What Happened: Fresh details shared by Apple analyst Ming-Chi Kuo suggest that the Cupertino, California-based tech giant may abandon Lightning, but only iPhone 15 Pro and 15 Pro Max will support the wired high-speed transfer.</p><p>Kuo further predicted that new high-end Apple smartphone models would &#34;improve markedly&#34; with support of at least USB 3.2 or Thunderbolt 3. This upgrade will significantly improve users&#39; experience with wired transfer and video output.</p><p>The changes are in compliance with the EU regulations requiring electronic devices to have non-proprietary, standard charging methods.</p><p>Why It&#39;s Important: It is likely that the new upgrade will drive the Apple ecosystem&#39;s demand for high-speed transfer chips and competitors following suit. Almost every Android smartphone, the operating system developed by Alphabet Inc., currently supports only USB 2.0, stated Kuo.</p><p>USB 3.2 supports transfer speeds up to 20Gb/s, while USB 2.0 speeds are limited to 480Mb/s. Similarly, Thunderbolt 3 supports data transfer speeds up to 40Gb/s.</p><p>If Kuo&#39;s predictions are correct, there will be a considerable difference in wired data transfer speeds between iPhone 15 Pro models and standard ones, reported MacRumors.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple Analyst Sees All 2023 iPhones Switching To USB-C</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple Analyst Sees All 2023 iPhones Switching To USB-C\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga </p>\n<p class=\"h-time\">2022-11-17 15:18</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Apple Inc.&#39;s iPhone 15 lineup scheduled for release in 2023 might abandon the Lightning cable and adopt USB-C, but not every model will support wired high-speed transfer.</p><p>What Happened: Fresh details shared by Apple analyst Ming-Chi Kuo suggest that the Cupertino, California-based tech giant may abandon Lightning, but only iPhone 15 Pro and 15 Pro Max will support the wired high-speed transfer.</p><p>Kuo further predicted that new high-end Apple smartphone models would &#34;improve markedly&#34; with support of at least USB 3.2 or Thunderbolt 3. This upgrade will significantly improve users&#39; experience with wired transfer and video output.</p><p>The changes are in compliance with the EU regulations requiring electronic devices to have non-proprietary, standard charging methods.</p><p>Why It&#39;s Important: It is likely that the new upgrade will drive the Apple ecosystem&#39;s demand for high-speed transfer chips and competitors following suit. Almost every Android smartphone, the operating system developed by Alphabet Inc., currently supports only USB 2.0, stated Kuo.</p><p>USB 3.2 supports transfer speeds up to 20Gb/s, while USB 2.0 speeds are limited to 480Mb/s. Similarly, Thunderbolt 3 supports data transfer speeds up to 40Gb/s.</p><p>If Kuo&#39;s predictions are correct, there will be a considerable difference in wired data transfer speeds between iPhone 15 Pro models and standard ones, reported MacRumors.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1182936035","content_text":"Apple Inc.'s iPhone 15 lineup scheduled for release in 2023 might abandon the Lightning cable and adopt USB-C, but not every model will support wired high-speed transfer.What Happened: Fresh details shared by Apple analyst Ming-Chi Kuo suggest that the Cupertino, California-based tech giant may abandon Lightning, but only iPhone 15 Pro and 15 Pro Max will support the wired high-speed transfer.Kuo further predicted that new high-end Apple smartphone models would \"improve markedly\" with support of at least USB 3.2 or Thunderbolt 3. This upgrade will significantly improve users' experience with wired transfer and video output.The changes are in compliance with the EU regulations requiring electronic devices to have non-proprietary, standard charging methods.Why It's Important: It is likely that the new upgrade will drive the Apple ecosystem's demand for high-speed transfer chips and competitors following suit. Almost every Android smartphone, the operating system developed by Alphabet Inc., currently supports only USB 2.0, stated Kuo.USB 3.2 supports transfer speeds up to 20Gb/s, while USB 2.0 speeds are limited to 480Mb/s. Similarly, Thunderbolt 3 supports data transfer speeds up to 40Gb/s.If Kuo's predictions are correct, there will be a considerable difference in wired data transfer speeds between iPhone 15 Pro models and standard ones, reported MacRumors.","news_type":1},"isVote":1,"tweetType":1,"viewCount":138,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9960675865,"gmtCreate":1668155692857,"gmtModify":1676538021987,"author":{"id":"3577583677378683","authorId":"3577583677378683","name":"Moonbyul","avatar":"https://static.tigerbbs.com/c3393b4f329ea99dc510e630ecfecd61","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3577583677378683","authorIdStr":"3577583677378683"},"themes":[],"htmlText":"Looking forward to see Apple stock value at US$2.5 Trillion Company 🍎👍🏻","listText":"Looking forward to see Apple stock value at US$2.5 Trillion Company 🍎👍🏻","text":"Looking forward to see Apple stock value at US$2.5 Trillion Company 🍎👍🏻","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9960675865","repostId":"1155930233","repostType":4,"repost":{"id":"1155930233","pubTimestamp":1668121157,"share":"https://ttm.financial/m/news/1155930233?lang=&edition=fundamental","pubTime":"2022-11-11 06:59","market":"us","language":"en","title":"Apple’s $191 Billion Single-Day Surge Sets Stock-Market Record","url":"https://stock-news.laohu8.com/highlight/detail?id=1155930233","media":"Bloomberg","summary":"Apple Inc.’s surge Thursday was one for the record books.The world’s most valuable company added $19","content":"<html><head></head><body><p>Apple Inc.’s surge Thursday was one for the record books.</p><p>The world’s most valuable company added $190.9 billion in market value, the most ever by a US-listed company, as softer-than-expected inflation data buoyed equity markets across the board. The jump eclipsed Amazon.com Inc.’s $190.8 billion gain in February, according to data compiled by Bloomberg.</p><p><img src=\"https://static.tigerbbs.com/f85d84c368630362b5f8b8e4fc11d611\" tg-width=\"930\" tg-height=\"523\" width=\"100%\" height=\"auto\"/></p><p>Apple, which after Thursday’s 8.9% jump has a market capitalization of $2.34 trillion, now accounts for four out of the top five biggest daily gains. The stock remains down 17% this year.</p></body></html>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple’s $191 Billion Single-Day Surge Sets Stock-Market Record</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple’s $191 Billion Single-Day Surge Sets Stock-Market Record\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-11-11 06:59 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2022-11-10/apple-s-191-billion-single-day-surge-sets-stock-market-record?srnd=markets-vp><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Apple Inc.’s surge Thursday was one for the record books.The world’s most valuable company added $190.9 billion in market value, the most ever by a US-listed company, as softer-than-expected inflation...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2022-11-10/apple-s-191-billion-single-day-surge-sets-stock-market-record?srnd=markets-vp\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.bloomberg.com/news/articles/2022-11-10/apple-s-191-billion-single-day-surge-sets-stock-market-record?srnd=markets-vp","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1155930233","content_text":"Apple Inc.’s surge Thursday was one for the record books.The world’s most valuable company added $190.9 billion in market value, the most ever by a US-listed company, as softer-than-expected inflation data buoyed equity markets across the board. The jump eclipsed Amazon.com Inc.’s $190.8 billion gain in February, according to data compiled by Bloomberg.Apple, which after Thursday’s 8.9% jump has a market capitalization of $2.34 trillion, now accounts for four out of the top five biggest daily gains. The stock remains down 17% this year.","news_type":1},"isVote":1,"tweetType":1,"viewCount":234,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":294719411408984,"gmtCreate":1712971319590,"gmtModify":1712971324322,"author":{"id":"3577583677378683","authorId":"3577583677378683","name":"Moonbyul","avatar":"https://static.tigerbbs.com/c3393b4f329ea99dc510e630ecfecd61","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3577583677378683","authorIdStr":"3577583677378683"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/AAPL\">$Apple(AAPL)$&nbsp;</a> Apple need to come out the iPhone 16 with AI 🤖 to boost their Apple stock price 👍🏻.&nbsp;","listText":"<a href=\"https://ttm.financial/S/AAPL\">$Apple(AAPL)$&nbsp;</a> Apple need to come out the iPhone 16 with AI 🤖 to boost their Apple stock price 👍🏻.&nbsp;","text":"$Apple(AAPL)$ Apple need to come out the iPhone 16 with AI 🤖 to boost their Apple stock price 👍🏻.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":26,"commentSize":2,"repostSize":6,"link":"https://ttm.financial/post/294719411408984","isVote":1,"tweetType":1,"viewCount":799,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3563421686188310","authorId":"3563421686188310","name":"Hopehope赋予希望","avatar":"https://community-static.tradeup.com/news/46495f44529967f5d3b4d03a47167f5b","crmLevel":9,"crmLevelSwitch":1,"idStr":"3563421686188310","authorIdStr":"3563421686188310"},"content":"stay out of apple for me and buy Xiaomi for me $XIAOMI-W(01810)$","text":"stay out of apple for me and buy Xiaomi for me $XIAOMI-W(01810)$","html":"stay out of apple for me and buy Xiaomi for me $XIAOMI-W(01810)$"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9067188581,"gmtCreate":1652422836243,"gmtModify":1676535098220,"author":{"id":"3577583677378683","authorId":"3577583677378683","name":"Moonbyul","avatar":"https://static.tigerbbs.com/c3393b4f329ea99dc510e630ecfecd61","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3577583677378683","authorIdStr":"3577583677378683"},"themes":[],"htmlText":"If Apple drop more tonight, I will buy more 👍🏻","listText":"If Apple drop more tonight, I will buy more 👍🏻","text":"If Apple drop more tonight, I will buy more 👍🏻","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9067188581","repostId":"2235610902","repostType":4,"isVote":1,"tweetType":1,"viewCount":189,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9968608477,"gmtCreate":1669195959799,"gmtModify":1676538165767,"author":{"id":"3577583677378683","authorId":"3577583677378683","name":"Moonbyul","avatar":"https://static.tigerbbs.com/c3393b4f329ea99dc510e630ecfecd61","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3577583677378683","authorIdStr":"3577583677378683"},"themes":[],"htmlText":"Congratulations to Tiger&nbsp;🐯. Keep up the good work 👍🏻","listText":"Congratulations to Tiger&nbsp;🐯. Keep up the good work 👍🏻","text":"Congratulations to Tiger 🐯. Keep up the good work 👍🏻","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/9968608477","repostId":"1146860364","repostType":4,"repost":{"id":"1146860364","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1669190411,"share":"https://ttm.financial/m/news/1146860364?lang=&edition=fundamental","pubTime":"2022-11-23 16:00","market":"us","language":"en","title":"UP Fintech Posts US$55.41 Million for 2022 Q3 Revenue","url":"https://stock-news.laohu8.com/highlight/detail?id=1146860364","media":"Tiger Newspress","summary":"About one-fifth of new customers with deposits are from Australia and New Zealand, indicating growin","content":"<html><head></head><body><ul><li>About one-fifth of new customers with deposits are from Australia and New Zealand, indicating growing local recognition</li></ul><ul><li>Average net deposit of newly acquired clients surpasses US$11,000 in Singapore, a sign of deepening trust</li></ul><p><a href=\"https://ttm.financial/RN?name=RNLive&amp;rndata=%7B%22liveId%22:%2216690156664297%22,%22type%22:0%7D\" target=\"_blank\">Live: Tiger Brokers Q3 2022 Earnings Conference Call</a></p><p><b>Singapore and New York, November 23, 2022 — UP Fintech Holding Limited</b> (&#34;UP Fintech&#34; or the &#34;Company&#34;, Nasdaq: TIGR, and all its subsidiaries and consolidated entities), an online brokerage with a focus on redefining global investing with technologies for the next generation, announced its unaudited financial results for the three months ended September 30, 2022.</p><p>During the period, the company&#39;s revenue reached US$55.41 million, with the net income attributable to UP Fintech turning positive to US$3.34 million, and non-GAAP net income reaching US$6.63 million, up 91.3% quarter-over-quarter.</p><p>During the third quarter, the number of new customer accounts increased by 35,400, totaling 1.97 million globally, up 11.5% from the same quarter last year. The number of new customers with deposits rose by 22,700 to 754,100, up 23.2% from the same period last year.</p><p>The total trading volume from customers stood at US$78.2 billion on the company&#39;s platform, of which US$23.5 billion was on share trading, and 7.7 million options and futures contracts were made. Net asset inflow from customers exceeded US$700 million during the third quarter, and the company retained 98% of its customers with assets during the period.</p><p>Wu Tianhua, CEO and founder of UP Fintech, said, &#34;In the third quarter, the company witnessed steady sequential growth in key indicators. Our interest-related income was up by almost 70% quarter-over-quarter amid the Federal Reserve&#39;s interest rates hikes. While thanks to further improved operational efficiency, our non-GAAP net income nearly doubled, all the more showing our resilience to global macroeconomic uncertainties. Among our global markets, in Australia and New Zealand, the public recognition of our services rose significantly, with the number of new funded clients accounting for 19% of the total worldwide.&#34;</p><p>&#34;In this quarter, we brought to global investors a fractional share feature in our flagship app Tiger Trade, offering clients with limited deposits access to premium stocks at high prices, and expanding our potential user base. Nearly all US cash equity tradings were self-cleared by our proprietary infrastructure, boosting the overall clearing efficiency and lowering the costs,&#34; Wu Tianhua added.</p><p>Wu Tianhua also revealed, &#34;Looking ahead, in the fourth quarter, we will land our services in Hong Kong, where we are committed to providing investors in this global financial center with the best possible products and services. In addition, we are dedicated to allocating our global resources effectively to serve our worldwide client base well.&#34;</p><p><b>In Singapore, average net deposit of newly acquired clients up for the second consecutive quarter</b></p><p>UP Fintech&#39;s market position in Singapore continued to consolidate with consensual trust from high-worth customers. The average net deposit of newly acquired clients has grown for the second consecutive quarter, passing the US$11,000 threshold in the third quarter, while overtaking the US$9,000 one in the previous quarter.</p><p>In terms of the products we offer, the company upgraded all Singapore-registered accounts by merging share and fund trading operations, enabling the deposit in customers&#39; margin accounts for US stocks to be directed for fund trading to alleviate their liquidity restraint.</p><p>During the period, the company&#39;s cash management services in Singapore were strategically elevated to become Tiger Vault, where customers&#39; in-account deposits can be directly for shares, options, and fund trading, as well as for IPO subscriptions, a move that facilitates the asset management flow. The brand-new Tiger Vault has received positive feedback in Singapore, where the asset under management (AUM) in total was up 120.1% quarter-over-quarter, and the number of users increased by 61.3% quarter-over-quarter. These numbers underscore the diversification we strive to offer to clients against heightened volatility.</p><p>During the third quarter, by spearheading product and technological innovations, UP Fintech bagged the &#34;Fintech - Brokerage&#34; award at the SBR Technology Excellence Awards 2022 from the Singapore Business Review. In the city state&#39;s &#34;Best Customer Service 2022/23&#34; survey conducted jointly by The Straits Times and research firm Statista, the company&#39;s excellent customer service was recognized in the trading and brokerage services sub-category, under Real Estate and Banking. As of now, in Singapore, the company keeps 21.5 hours of customer care services on a daily basis, through a combination of channels including hotline, e-mail, social media platforms, and in-app chat. The company also received &#34;Investor&#39;s Choice Awards 2022: Best Retail Broker&#34; from the Securities Investors Association (Singapore).</p><p>In Southeast Asia, the company announced its Official Sponsor status for the ongoing AFF Mitsubishi Electric Cup 2022, the region&#39;s biennial football tournament contested by 10 national &#34;A&#34; teams, a move that seeks to highlight the company&#39;s continued commitment to becoming a global local company and letting everyone in the world enjoy efficient and smart investing.</p><p><b>Nearly 20% of global new customers with deposits from Australia and New Zealand</b></p><p>In Australia and New Zealand, the company continued to gain momentum. In the reporting period, client acquisition sped up, with nearly 20% of all global new funded customers from the two markets. In-app feature-wise, PayID was accepted to deposit Tiger accounts in Australia in an offering to shorten the processing time. The new feature allows customers to enjoy real-time deposits all year round.</p><p>During the two quarters since the company&#39;s entry into Australia, its flagship Tiger Trade app has been trusted by more local customers. In the third quarter, the company captured the winner position in three categories including &#34;Best for Australian investors&#34;, &#34;People&#39;s choice&#34;, and &#34;Best for ETFs&#34;, from the well-known investing media outlet WeMoney.</p><p><b>Global expansion never ceases</b></p><p>The company is also ready to announce its expansion into Hong Kong starting in December, bringing the best possible smart global investing experience to investors in this global financial center. UP Fintech&#39;s subsidiary in Hong Kong holds Type I, II, IV and V licenses from the Securities and Futures Commission, qualifying the company to deal in and advise on securities and futures contracts. In total, the company holds 11 licenses and qualifications in Hong Kong.</p><p><b>US fractional share trading function lowers investing threshold</b></p><p><b>Self-developed infrastructure bears fruit</b></p><p>In the third quarter, the company&#39;s gross commission income stood at US$24.5 million, along with the interest-related income up 68.8% quarter-over-quarter to US$26.9 million.</p><p>As the company&#39;s global expansion goes deep, we remain zoomed in on investing in research and development. During the period, nearly all US cash equity tradings were self-cleared.</p><p>During the reporting period, UP Fintech launched US fractional share trading, a new feature that now supports all S&amp;P 500 stocks, removes the 1 share minimum trading unit, and lowers the trading starting point to as little as US$5. While beginner-friendly, fractional share trading&#39;s low threshold also offers an engaging global investing experience to more investors by diversifying their portfolios in a more flexible way.</p><p>In the meantime, mobile app features such as options combination analysis tools, most sought-after industries, and lists of ETFs for major markets were put on live. Among new PC/desktop features, time-weighted average price (TWAP) and volume-weighted average price (VWAP) orders were presented. With attached order and conditional order functions available, investors are able to analyze and grasp the investing trends in a timely manner.</p><p>During the period, the demand for wealth management services continued to grow steadily. The number of customers increased by 37.7% quarter-over-quarter, and the asset under management (AUM) was up by 50.8% quarter-over-quarter. The number of Fund Mall users increased by 35% quarter-over-quarter, and AUM was up by 72.7% quarter-over-quarter. Cash management products saw the number of users up by 40.2% quarter-over-quarter, and AUM up by 35.8% quarter-over-quarter.</p><p>On the investor education side, UP Fintech relentlessly promoted financial knowledge in a move to help investors adjust themselves to the volatile investing environment. During the period, the company broadcast 112 live sessions, covering a wide range of content from diving into companies&#39; earnings results, to deep analysis of various industries and companies. Over 40% of the content was specially tailored for global investors in different markets.</p><p>As of September 30, in Singapore, UP Fintech held a series of joint live broadcasts online with the Singapore Exchange, and was participated by analysts from institutions such as Standard Chartered Bank and Société Générale for their market insights. These live sessions, which have become the platform&#39;s signature content, were widely accoladed by investors. In Australia, industry analysis covering the most sought-after industries including mining, pharmaceuticals, and technology was well received, helping more local investors make better informed financial decisions, and boosting the content penetration rate to 50%.</p><p><b>Investment banking services take the lead in US IPO underwriting</b></p><p><b>ESOP business spins off with strategic investors involved</b></p><p>During the reporting period, other revenues, including investment banking and employee stock ownership plan (ESOP), reached US$4 million. The company participated in 12 Hong Kong and US IPOs, served as an underwriter in 11 of these listings, and was the lead bank in 2 US IPOs.</p><p>In the first three quarters of this year, third-party data shows that UP Fintech ranked third among all global brokerages, with 18 US IPO underwriting, and fourth by the offering size. In terms of special purpose acquisition company (SPAC) underwriting, the company ranked second globally by the offering scale of projects underwritten.</p><p>The company also honed its research capabilities by issuing 19 research reports on various sectors including e-commerce, internet, entertainment, auto-making, and cryptocurrency, indicating its in-depth analysis expertise.</p><p>UP Fintech signed 29 ESOP clients during the period, with the number of total clients added up to 393, a year-over-year increase of 50%. The primary market also resonated with the ESOP business&#39;s stellar prospects. During the quarter, strategic investors were involved in completing ESOP&#39;s angel round financing. The business is scheduled to spin off under the new brand &#34;UponeShare&#34; in the fourth quarter, with a vision of promoting digital transformation in equity management.</p><p>In this quarter, dozens of companies including Tim Hortons, Leapmotor, AIM Vaccine, and Jenscare became part of the Tiger Community, and opened enterprise accounts.</p><p>On the corporate social responsibility front, the company collaborated with WWF-Singapore on International Tiger Day to raise awareness about wildlife conservation.</p><p><b>About UP Fintech</b></p><p>UP Fintech Holding Limited (Nasdaq: TIGR), also known as Tiger Brokers, is a leading online brokerage with a focus on redefining global investing with technology for the next generation.</p><p>Founded in 2014, we relentlessly offer a superior user experience in pursuit of becoming a world-leading online brokerage, to let everyone enjoy efficient and smart investing. Currently, we offer a multitude of quality financial products and services across brokerage, employee stock ownership plan (ESOP) management, investment banking, wealth management, investor community, and investor education.</p><p>We strive to elevate financial technology R&amp;D to a new level. While we inherit the best traditions from the financial sector and blend them with the best minds of tech experts, we develop our own technology infrastructure—an aggregation that enables multi-currency trading of various products across markets, guaranteeing our reliable, secure, and scalable services are accessible to all with low latency.</p><p>In March 2019, UP Fintech was listed on Nasdaq under the ticker TIGR. As of now, we serve over 9 million users and about 2 million account holders worldwide on our flagship platform &#34;Tiger Trade&#34;, own 63 licenses and qualifications in different markets, and have over 1,000 employees on the team in Singapore, New Zealand, the US, Hong Kong Australia, and China.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>UP Fintech Posts US$55.41 Million for 2022 Q3 Revenue</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nUP Fintech Posts US$55.41 Million for 2022 Q3 Revenue\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2022-11-23 16:00</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><ul><li>About one-fifth of new customers with deposits are from Australia and New Zealand, indicating growing local recognition</li></ul><ul><li>Average net deposit of newly acquired clients surpasses US$11,000 in Singapore, a sign of deepening trust</li></ul><p><a href=\"https://ttm.financial/RN?name=RNLive&amp;rndata=%7B%22liveId%22:%2216690156664297%22,%22type%22:0%7D\" target=\"_blank\">Live: Tiger Brokers Q3 2022 Earnings Conference Call</a></p><p><b>Singapore and New York, November 23, 2022 — UP Fintech Holding Limited</b> (&#34;UP Fintech&#34; or the &#34;Company&#34;, Nasdaq: TIGR, and all its subsidiaries and consolidated entities), an online brokerage with a focus on redefining global investing with technologies for the next generation, announced its unaudited financial results for the three months ended September 30, 2022.</p><p>During the period, the company&#39;s revenue reached US$55.41 million, with the net income attributable to UP Fintech turning positive to US$3.34 million, and non-GAAP net income reaching US$6.63 million, up 91.3% quarter-over-quarter.</p><p>During the third quarter, the number of new customer accounts increased by 35,400, totaling 1.97 million globally, up 11.5% from the same quarter last year. The number of new customers with deposits rose by 22,700 to 754,100, up 23.2% from the same period last year.</p><p>The total trading volume from customers stood at US$78.2 billion on the company&#39;s platform, of which US$23.5 billion was on share trading, and 7.7 million options and futures contracts were made. Net asset inflow from customers exceeded US$700 million during the third quarter, and the company retained 98% of its customers with assets during the period.</p><p>Wu Tianhua, CEO and founder of UP Fintech, said, &#34;In the third quarter, the company witnessed steady sequential growth in key indicators. Our interest-related income was up by almost 70% quarter-over-quarter amid the Federal Reserve&#39;s interest rates hikes. While thanks to further improved operational efficiency, our non-GAAP net income nearly doubled, all the more showing our resilience to global macroeconomic uncertainties. Among our global markets, in Australia and New Zealand, the public recognition of our services rose significantly, with the number of new funded clients accounting for 19% of the total worldwide.&#34;</p><p>&#34;In this quarter, we brought to global investors a fractional share feature in our flagship app Tiger Trade, offering clients with limited deposits access to premium stocks at high prices, and expanding our potential user base. Nearly all US cash equity tradings were self-cleared by our proprietary infrastructure, boosting the overall clearing efficiency and lowering the costs,&#34; Wu Tianhua added.</p><p>Wu Tianhua also revealed, &#34;Looking ahead, in the fourth quarter, we will land our services in Hong Kong, where we are committed to providing investors in this global financial center with the best possible products and services. In addition, we are dedicated to allocating our global resources effectively to serve our worldwide client base well.&#34;</p><p><b>In Singapore, average net deposit of newly acquired clients up for the second consecutive quarter</b></p><p>UP Fintech&#39;s market position in Singapore continued to consolidate with consensual trust from high-worth customers. The average net deposit of newly acquired clients has grown for the second consecutive quarter, passing the US$11,000 threshold in the third quarter, while overtaking the US$9,000 one in the previous quarter.</p><p>In terms of the products we offer, the company upgraded all Singapore-registered accounts by merging share and fund trading operations, enabling the deposit in customers&#39; margin accounts for US stocks to be directed for fund trading to alleviate their liquidity restraint.</p><p>During the period, the company&#39;s cash management services in Singapore were strategically elevated to become Tiger Vault, where customers&#39; in-account deposits can be directly for shares, options, and fund trading, as well as for IPO subscriptions, a move that facilitates the asset management flow. The brand-new Tiger Vault has received positive feedback in Singapore, where the asset under management (AUM) in total was up 120.1% quarter-over-quarter, and the number of users increased by 61.3% quarter-over-quarter. These numbers underscore the diversification we strive to offer to clients against heightened volatility.</p><p>During the third quarter, by spearheading product and technological innovations, UP Fintech bagged the &#34;Fintech - Brokerage&#34; award at the SBR Technology Excellence Awards 2022 from the Singapore Business Review. In the city state&#39;s &#34;Best Customer Service 2022/23&#34; survey conducted jointly by The Straits Times and research firm Statista, the company&#39;s excellent customer service was recognized in the trading and brokerage services sub-category, under Real Estate and Banking. As of now, in Singapore, the company keeps 21.5 hours of customer care services on a daily basis, through a combination of channels including hotline, e-mail, social media platforms, and in-app chat. The company also received &#34;Investor&#39;s Choice Awards 2022: Best Retail Broker&#34; from the Securities Investors Association (Singapore).</p><p>In Southeast Asia, the company announced its Official Sponsor status for the ongoing AFF Mitsubishi Electric Cup 2022, the region&#39;s biennial football tournament contested by 10 national &#34;A&#34; teams, a move that seeks to highlight the company&#39;s continued commitment to becoming a global local company and letting everyone in the world enjoy efficient and smart investing.</p><p><b>Nearly 20% of global new customers with deposits from Australia and New Zealand</b></p><p>In Australia and New Zealand, the company continued to gain momentum. In the reporting period, client acquisition sped up, with nearly 20% of all global new funded customers from the two markets. In-app feature-wise, PayID was accepted to deposit Tiger accounts in Australia in an offering to shorten the processing time. The new feature allows customers to enjoy real-time deposits all year round.</p><p>During the two quarters since the company&#39;s entry into Australia, its flagship Tiger Trade app has been trusted by more local customers. In the third quarter, the company captured the winner position in three categories including &#34;Best for Australian investors&#34;, &#34;People&#39;s choice&#34;, and &#34;Best for ETFs&#34;, from the well-known investing media outlet WeMoney.</p><p><b>Global expansion never ceases</b></p><p>The company is also ready to announce its expansion into Hong Kong starting in December, bringing the best possible smart global investing experience to investors in this global financial center. UP Fintech&#39;s subsidiary in Hong Kong holds Type I, II, IV and V licenses from the Securities and Futures Commission, qualifying the company to deal in and advise on securities and futures contracts. In total, the company holds 11 licenses and qualifications in Hong Kong.</p><p><b>US fractional share trading function lowers investing threshold</b></p><p><b>Self-developed infrastructure bears fruit</b></p><p>In the third quarter, the company&#39;s gross commission income stood at US$24.5 million, along with the interest-related income up 68.8% quarter-over-quarter to US$26.9 million.</p><p>As the company&#39;s global expansion goes deep, we remain zoomed in on investing in research and development. During the period, nearly all US cash equity tradings were self-cleared.</p><p>During the reporting period, UP Fintech launched US fractional share trading, a new feature that now supports all S&amp;P 500 stocks, removes the 1 share minimum trading unit, and lowers the trading starting point to as little as US$5. While beginner-friendly, fractional share trading&#39;s low threshold also offers an engaging global investing experience to more investors by diversifying their portfolios in a more flexible way.</p><p>In the meantime, mobile app features such as options combination analysis tools, most sought-after industries, and lists of ETFs for major markets were put on live. Among new PC/desktop features, time-weighted average price (TWAP) and volume-weighted average price (VWAP) orders were presented. With attached order and conditional order functions available, investors are able to analyze and grasp the investing trends in a timely manner.</p><p>During the period, the demand for wealth management services continued to grow steadily. The number of customers increased by 37.7% quarter-over-quarter, and the asset under management (AUM) was up by 50.8% quarter-over-quarter. The number of Fund Mall users increased by 35% quarter-over-quarter, and AUM was up by 72.7% quarter-over-quarter. Cash management products saw the number of users up by 40.2% quarter-over-quarter, and AUM up by 35.8% quarter-over-quarter.</p><p>On the investor education side, UP Fintech relentlessly promoted financial knowledge in a move to help investors adjust themselves to the volatile investing environment. During the period, the company broadcast 112 live sessions, covering a wide range of content from diving into companies&#39; earnings results, to deep analysis of various industries and companies. Over 40% of the content was specially tailored for global investors in different markets.</p><p>As of September 30, in Singapore, UP Fintech held a series of joint live broadcasts online with the Singapore Exchange, and was participated by analysts from institutions such as Standard Chartered Bank and Société Générale for their market insights. These live sessions, which have become the platform&#39;s signature content, were widely accoladed by investors. In Australia, industry analysis covering the most sought-after industries including mining, pharmaceuticals, and technology was well received, helping more local investors make better informed financial decisions, and boosting the content penetration rate to 50%.</p><p><b>Investment banking services take the lead in US IPO underwriting</b></p><p><b>ESOP business spins off with strategic investors involved</b></p><p>During the reporting period, other revenues, including investment banking and employee stock ownership plan (ESOP), reached US$4 million. The company participated in 12 Hong Kong and US IPOs, served as an underwriter in 11 of these listings, and was the lead bank in 2 US IPOs.</p><p>In the first three quarters of this year, third-party data shows that UP Fintech ranked third among all global brokerages, with 18 US IPO underwriting, and fourth by the offering size. In terms of special purpose acquisition company (SPAC) underwriting, the company ranked second globally by the offering scale of projects underwritten.</p><p>The company also honed its research capabilities by issuing 19 research reports on various sectors including e-commerce, internet, entertainment, auto-making, and cryptocurrency, indicating its in-depth analysis expertise.</p><p>UP Fintech signed 29 ESOP clients during the period, with the number of total clients added up to 393, a year-over-year increase of 50%. The primary market also resonated with the ESOP business&#39;s stellar prospects. During the quarter, strategic investors were involved in completing ESOP&#39;s angel round financing. The business is scheduled to spin off under the new brand &#34;UponeShare&#34; in the fourth quarter, with a vision of promoting digital transformation in equity management.</p><p>In this quarter, dozens of companies including Tim Hortons, Leapmotor, AIM Vaccine, and Jenscare became part of the Tiger Community, and opened enterprise accounts.</p><p>On the corporate social responsibility front, the company collaborated with WWF-Singapore on International Tiger Day to raise awareness about wildlife conservation.</p><p><b>About UP Fintech</b></p><p>UP Fintech Holding Limited (Nasdaq: TIGR), also known as Tiger Brokers, is a leading online brokerage with a focus on redefining global investing with technology for the next generation.</p><p>Founded in 2014, we relentlessly offer a superior user experience in pursuit of becoming a world-leading online brokerage, to let everyone enjoy efficient and smart investing. Currently, we offer a multitude of quality financial products and services across brokerage, employee stock ownership plan (ESOP) management, investment banking, wealth management, investor community, and investor education.</p><p>We strive to elevate financial technology R&amp;D to a new level. While we inherit the best traditions from the financial sector and blend them with the best minds of tech experts, we develop our own technology infrastructure—an aggregation that enables multi-currency trading of various products across markets, guaranteeing our reliable, secure, and scalable services are accessible to all with low latency.</p><p>In March 2019, UP Fintech was listed on Nasdaq under the ticker TIGR. As of now, we serve over 9 million users and about 2 million account holders worldwide on our flagship platform &#34;Tiger Trade&#34;, own 63 licenses and qualifications in different markets, and have over 1,000 employees on the team in Singapore, New Zealand, the US, Hong Kong Australia, and China.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TIGR":"老虎证券"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1146860364","content_text":"About one-fifth of new customers with deposits are from Australia and New Zealand, indicating growing local recognitionAverage net deposit of newly acquired clients surpasses US$11,000 in Singapore, a sign of deepening trustLive: Tiger Brokers Q3 2022 Earnings Conference CallSingapore and New York, November 23, 2022 — UP Fintech Holding Limited (\"UP Fintech\" or the \"Company\", Nasdaq: TIGR, and all its subsidiaries and consolidated entities), an online brokerage with a focus on redefining global investing with technologies for the next generation, announced its unaudited financial results for the three months ended September 30, 2022.During the period, the company's revenue reached US$55.41 million, with the net income attributable to UP Fintech turning positive to US$3.34 million, and non-GAAP net income reaching US$6.63 million, up 91.3% quarter-over-quarter.During the third quarter, the number of new customer accounts increased by 35,400, totaling 1.97 million globally, up 11.5% from the same quarter last year. The number of new customers with deposits rose by 22,700 to 754,100, up 23.2% from the same period last year.The total trading volume from customers stood at US$78.2 billion on the company's platform, of which US$23.5 billion was on share trading, and 7.7 million options and futures contracts were made. Net asset inflow from customers exceeded US$700 million during the third quarter, and the company retained 98% of its customers with assets during the period.Wu Tianhua, CEO and founder of UP Fintech, said, \"In the third quarter, the company witnessed steady sequential growth in key indicators. Our interest-related income was up by almost 70% quarter-over-quarter amid the Federal Reserve's interest rates hikes. While thanks to further improved operational efficiency, our non-GAAP net income nearly doubled, all the more showing our resilience to global macroeconomic uncertainties. Among our global markets, in Australia and New Zealand, the public recognition of our services rose significantly, with the number of new funded clients accounting for 19% of the total worldwide.\"\"In this quarter, we brought to global investors a fractional share feature in our flagship app Tiger Trade, offering clients with limited deposits access to premium stocks at high prices, and expanding our potential user base. Nearly all US cash equity tradings were self-cleared by our proprietary infrastructure, boosting the overall clearing efficiency and lowering the costs,\" Wu Tianhua added.Wu Tianhua also revealed, \"Looking ahead, in the fourth quarter, we will land our services in Hong Kong, where we are committed to providing investors in this global financial center with the best possible products and services. In addition, we are dedicated to allocating our global resources effectively to serve our worldwide client base well.\"In Singapore, average net deposit of newly acquired clients up for the second consecutive quarterUP Fintech's market position in Singapore continued to consolidate with consensual trust from high-worth customers. The average net deposit of newly acquired clients has grown for the second consecutive quarter, passing the US$11,000 threshold in the third quarter, while overtaking the US$9,000 one in the previous quarter.In terms of the products we offer, the company upgraded all Singapore-registered accounts by merging share and fund trading operations, enabling the deposit in customers' margin accounts for US stocks to be directed for fund trading to alleviate their liquidity restraint.During the period, the company's cash management services in Singapore were strategically elevated to become Tiger Vault, where customers' in-account deposits can be directly for shares, options, and fund trading, as well as for IPO subscriptions, a move that facilitates the asset management flow. The brand-new Tiger Vault has received positive feedback in Singapore, where the asset under management (AUM) in total was up 120.1% quarter-over-quarter, and the number of users increased by 61.3% quarter-over-quarter. These numbers underscore the diversification we strive to offer to clients against heightened volatility.During the third quarter, by spearheading product and technological innovations, UP Fintech bagged the \"Fintech - Brokerage\" award at the SBR Technology Excellence Awards 2022 from the Singapore Business Review. In the city state's \"Best Customer Service 2022/23\" survey conducted jointly by The Straits Times and research firm Statista, the company's excellent customer service was recognized in the trading and brokerage services sub-category, under Real Estate and Banking. As of now, in Singapore, the company keeps 21.5 hours of customer care services on a daily basis, through a combination of channels including hotline, e-mail, social media platforms, and in-app chat. The company also received \"Investor's Choice Awards 2022: Best Retail Broker\" from the Securities Investors Association (Singapore).In Southeast Asia, the company announced its Official Sponsor status for the ongoing AFF Mitsubishi Electric Cup 2022, the region's biennial football tournament contested by 10 national \"A\" teams, a move that seeks to highlight the company's continued commitment to becoming a global local company and letting everyone in the world enjoy efficient and smart investing.Nearly 20% of global new customers with deposits from Australia and New ZealandIn Australia and New Zealand, the company continued to gain momentum. In the reporting period, client acquisition sped up, with nearly 20% of all global new funded customers from the two markets. In-app feature-wise, PayID was accepted to deposit Tiger accounts in Australia in an offering to shorten the processing time. The new feature allows customers to enjoy real-time deposits all year round.During the two quarters since the company's entry into Australia, its flagship Tiger Trade app has been trusted by more local customers. In the third quarter, the company captured the winner position in three categories including \"Best for Australian investors\", \"People's choice\", and \"Best for ETFs\", from the well-known investing media outlet WeMoney.Global expansion never ceasesThe company is also ready to announce its expansion into Hong Kong starting in December, bringing the best possible smart global investing experience to investors in this global financial center. UP Fintech's subsidiary in Hong Kong holds Type I, II, IV and V licenses from the Securities and Futures Commission, qualifying the company to deal in and advise on securities and futures contracts. In total, the company holds 11 licenses and qualifications in Hong Kong.US fractional share trading function lowers investing thresholdSelf-developed infrastructure bears fruitIn the third quarter, the company's gross commission income stood at US$24.5 million, along with the interest-related income up 68.8% quarter-over-quarter to US$26.9 million.As the company's global expansion goes deep, we remain zoomed in on investing in research and development. During the period, nearly all US cash equity tradings were self-cleared.During the reporting period, UP Fintech launched US fractional share trading, a new feature that now supports all S&P 500 stocks, removes the 1 share minimum trading unit, and lowers the trading starting point to as little as US$5. While beginner-friendly, fractional share trading's low threshold also offers an engaging global investing experience to more investors by diversifying their portfolios in a more flexible way.In the meantime, mobile app features such as options combination analysis tools, most sought-after industries, and lists of ETFs for major markets were put on live. Among new PC/desktop features, time-weighted average price (TWAP) and volume-weighted average price (VWAP) orders were presented. With attached order and conditional order functions available, investors are able to analyze and grasp the investing trends in a timely manner.During the period, the demand for wealth management services continued to grow steadily. The number of customers increased by 37.7% quarter-over-quarter, and the asset under management (AUM) was up by 50.8% quarter-over-quarter. The number of Fund Mall users increased by 35% quarter-over-quarter, and AUM was up by 72.7% quarter-over-quarter. Cash management products saw the number of users up by 40.2% quarter-over-quarter, and AUM up by 35.8% quarter-over-quarter.On the investor education side, UP Fintech relentlessly promoted financial knowledge in a move to help investors adjust themselves to the volatile investing environment. During the period, the company broadcast 112 live sessions, covering a wide range of content from diving into companies' earnings results, to deep analysis of various industries and companies. Over 40% of the content was specially tailored for global investors in different markets.As of September 30, in Singapore, UP Fintech held a series of joint live broadcasts online with the Singapore Exchange, and was participated by analysts from institutions such as Standard Chartered Bank and Société Générale for their market insights. These live sessions, which have become the platform's signature content, were widely accoladed by investors. In Australia, industry analysis covering the most sought-after industries including mining, pharmaceuticals, and technology was well received, helping more local investors make better informed financial decisions, and boosting the content penetration rate to 50%.Investment banking services take the lead in US IPO underwritingESOP business spins off with strategic investors involvedDuring the reporting period, other revenues, including investment banking and employee stock ownership plan (ESOP), reached US$4 million. The company participated in 12 Hong Kong and US IPOs, served as an underwriter in 11 of these listings, and was the lead bank in 2 US IPOs.In the first three quarters of this year, third-party data shows that UP Fintech ranked third among all global brokerages, with 18 US IPO underwriting, and fourth by the offering size. In terms of special purpose acquisition company (SPAC) underwriting, the company ranked second globally by the offering scale of projects underwritten.The company also honed its research capabilities by issuing 19 research reports on various sectors including e-commerce, internet, entertainment, auto-making, and cryptocurrency, indicating its in-depth analysis expertise.UP Fintech signed 29 ESOP clients during the period, with the number of total clients added up to 393, a year-over-year increase of 50%. The primary market also resonated with the ESOP business's stellar prospects. During the quarter, strategic investors were involved in completing ESOP's angel round financing. The business is scheduled to spin off under the new brand \"UponeShare\" in the fourth quarter, with a vision of promoting digital transformation in equity management.In this quarter, dozens of companies including Tim Hortons, Leapmotor, AIM Vaccine, and Jenscare became part of the Tiger Community, and opened enterprise accounts.On the corporate social responsibility front, the company collaborated with WWF-Singapore on International Tiger Day to raise awareness about wildlife conservation.About UP FintechUP Fintech Holding Limited (Nasdaq: TIGR), also known as Tiger Brokers, is a leading online brokerage with a focus on redefining global investing with technology for the next generation.Founded in 2014, we relentlessly offer a superior user experience in pursuit of becoming a world-leading online brokerage, to let everyone enjoy efficient and smart investing. Currently, we offer a multitude of quality financial products and services across brokerage, employee stock ownership plan (ESOP) management, investment banking, wealth management, investor community, and investor education.We strive to elevate financial technology R&D to a new level. While we inherit the best traditions from the financial sector and blend them with the best minds of tech experts, we develop our own technology infrastructure—an aggregation that enables multi-currency trading of various products across markets, guaranteeing our reliable, secure, and scalable services are accessible to all with low latency.In March 2019, UP Fintech was listed on Nasdaq under the ticker TIGR. As of now, we serve over 9 million users and about 2 million account holders worldwide on our flagship platform \"Tiger Trade\", own 63 licenses and qualifications in different markets, and have over 1,000 employees on the team in Singapore, New Zealand, the US, Hong Kong Australia, and China.","news_type":1},"isVote":1,"tweetType":1,"viewCount":354,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":358696839,"gmtCreate":1616683136621,"gmtModify":1704797434284,"author":{"id":"3577583677378683","authorId":"3577583677378683","name":"Moonbyul","avatar":"https://static.tigerbbs.com/c3393b4f329ea99dc510e630ecfecd61","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3577583677378683","authorIdStr":"3577583677378683"},"themes":[],"htmlText":"If Apple drop to $100 I will buy it ??","listText":"If Apple drop to $100 I will buy it ??","text":"If Apple drop to $100 I will buy it ??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":5,"repostSize":0,"link":"https://ttm.financial/post/358696839","repostId":"1179353023","repostType":4,"repost":{"id":"1179353023","pubTimestamp":1616673145,"share":"https://ttm.financial/m/news/1179353023?lang=&edition=fundamental","pubTime":"2021-03-25 19:52","market":"us","language":"en","title":"Apple Stock: At What Price Should You Buy?","url":"https://stock-news.laohu8.com/highlight/detail?id=1179353023","media":"seekingalpha","summary":"Once my favorite stock, the current valuation for Apple doesn't make a whole lot of sense to me.However, Apple is a great business that remains on my radar. I share the price Apple would need to trade down to for me to expect above-average returns from the stock.An idea for how to get exposure to Apple Inc. without paying full price.Apple's net income has increased from $1.3 billion in FY 2005 to over $57 billion in FY 2020. As you can see from the graph below, the iPhone launch in 2007 was a ga","content":"<p><b>Summary</b></p>\n<ul>\n <li>Once my favorite stock, the current valuation for Apple doesn't make a whole lot of sense to me.</li>\n <li>However, Apple is a great business that remains on my radar. I share the price Apple would need to trade down to for me to expect above-average returns from the stock.</li>\n <li>An idea for how to get exposure to Apple Inc. without paying full price.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2759ebda380d31d3cb7409646e4e7d5f\" tg-width=\"537\" tg-height=\"322\"><span>Photo by Andrej Kalsin/iStock via Getty Images</span></p>\n<p>In a sign of the times, financial news networks now have minute-by-minute quotes on GameStop (GME) stock, right next to the Dow and S&amp;P 500. This is the part of the \"TikTokization\" of society, as real relationships and long-term thinking are increasingly replaced by smartphone apps that are engineered to trigger reward centers in the human brain, whether on Robinhood, TikTok, or Tinder. Somewhere along the way, the majority of investors stopped looking at fundamentals, swapping deep calculation and due diligence with mantras like \"stocks only go up,\" and \"hold the line.\" When stocks get disconnected from their business fundamentals, wealth typically ends up getting transferred. This clearly affects Apple (AAPL), the most popular stock in America. To this point, I have good news and bad news.</p>\n<p>First, the bad news. There are a lot of people who have no idea what they are doing who are being taken advantage of by Wall Street. They're rapid-fire day trading, getting&nbsp;fleeced in SPACs, buying options without knowing what implied volatility is, and loading their retirement accounts with AMC (AMC) and GameStop. The good news is that it's a tremendous advantage to be a long-term economic thinker when so few people are. This can help you make money not only in Apple but in the stock market in general.</p>\n<p><b>Apple Stock Price History</b></p>\n<p>Apple is up big over the last year off of the bear market low but is flat over the last six months. The obsession du-jour is the direction of Treasury yields. For the first time in my career, the Dow and Nasdaq, which are historically highly correlated, move opposite on most days based on how market participants feel about yields and whether the pandemic will last a few more months or not. This is more of the short-term thinking that won't make anyone money in the long run. But over the last year, you can see that Apple's fortunes have mirrored the US economy at large.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/807cda601ea1bc6be4a57a3b5182548d\" tg-width=\"635\" tg-height=\"435\"><span>Data by YCharts</span></p>\n<p>Over longer periods of time, Apple's stock price has reflected the actual business, which has been successful. The business results, along with the valuation you pay for Apple will determine your success as an investor in the stock.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a39d987338524b27749867cfac46f235\" tg-width=\"635\" tg-height=\"435\"><span>Data by YCharts</span></p>\n<p><b>Apple Growth Rate and Valuation</b></p>\n<p>Apple's net income has increased from $1.3 billion in FY 2005 to over $57 billion in FY 2020. As you can see from the graph below, the iPhone launch in 2007 was a game-changer for Apple. More recently, Apple's growth in net income has slowed, although they're running over $60 billion annually in net income. Net income is quoted after corporate taxes, so remember that Apple is getting the benefit of a roughly 20 percent increase in income from the Trump tax cuts of 2017.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5dbfd56479bd134400ea2dc32a079c08\" tg-width=\"640\" tg-height=\"406\"><span>Source: Statista</span></p>\n<p>You can compare Apple's net income against their market cap of around $2 trillion, and you see that Apple trades for over 35x what it made in FY 2020. There's nothing wrong with Apple, it's a great business, but that's generally pretty expensive for a company whose growth is leveling out. Apple has some positives working in its favor, most importantly that they're expected to earn about 30 percent more in FY 2021 than they did in FY 2020. This brings the valuation down to about 28x its expected earnings, which is still pretty high. Additionally, Apple bulls are quick to remind you that growth in Apple's all-important services segment is driving their earnings and that the&nbsp;new iPhone&nbsp;should sell like hotcakes. It might not be enough, however, to justify the valuation.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0005edbd4f616e1f2557865c40eb4383\" tg-width=\"640\" tg-height=\"346\"><span>Source: Macrotrends</span></p>\n<p>Apple trading for this kind of valuation it trades for is a recent development. For most of the 2010s, Apple traded closer to 10x earnings, reaching ~20x before the tech correction of 2018 took it back down. P/E ratios are based on earnings per share, which grew faster than pre-tax net income for two reasons.</p>\n<p>1. Trump's tax cuts in 2017. These increased corporate net income for S&amp;P 500 companies by around 20 percent, per my calculations. The tax cuts also unlocked money that had been trapped offshore, creating a large one-time earnings boost for corporations. Apple shows a clear benefit in its financial statements from the 2017 tax cuts. This is a one-time deal. I'll be blunt – I'm more likely to date a supermodel than corporate tax rates are to be cut further with the US fiscal situation being what it is.</p>\n<p>2. Tim Cook's buyback program. By my calculations, Apple was able to purchase a little over 36 percent of its shares outstanding between&nbsp;September 2012 and their last quarterly report. This was a huge win for Apple shareholders, as the company was able to buy tons of shares on the cheap. Apple earned $3.31 per share last year. If they hadn't bought back any shares, they only would have earned $2.21 per share. The buyback alone increased Apple's earnings per share by nearly 50 percent! And what gave the buyback oxygen was Apple's low valuation for most of the 2010s, allowing them to use cash flow and low-interest debt to cheaply accumulate shares and drive EPS growth.</p>\n<p>With the first tailwind being a one-time event and the second being largely ineffective with Apple's high valuation, if you're going to make a lot of money in Apple shares, you're either going to need to see Apple's net income itself grow, or its PE multiple to rise even higher. I think Apple can grow its net income by 4-5 percent annually over the next 10 years. This seems fair since net income has grown less than this since 2018. With the high valuation, the EPS isn't likely to grow much faster even with buybacks. Based on the business results of Apple and the valuation, I think you can expect a roughly 8 percent annual return by investing in Apple stock at current prices. This isn't enough for me to back up the truck on Apple, but since I've done very well in the past with Apple, the stock never really leaves my radar. What I need to buy Apple at is a price that's more agreeable to me.</p>\n<p><b>When to Buy Apple Stock</b></p>\n<p>My quick and dirty method for estimating stock returns is to take earnings yield plus normalized earnings growth. Historically analysts would use dividend yield instead of earnings yield, but now buybacks are much more common than they were in the past, so it doesn't bias the model in favor of dividends. For me to be interested in Apple, I'd like to see at least double-digit expected returns, and assuming 5 percent EPS growth, Apple would need to trade for 20x earnings or less (i.e. what it normally trades for historically). This implies a price of roughly $93 based on Apple's earnings estimates for next year. Apple trades for over $122 as of my writing this article, so we have a ways to go. Apple will need to trade sideways for a couple of years or see a 25-30 percent correction to hit where I'd like to start accumulating it.</p>\n<p>Given the bipolar history of Apple stock, I think that this is likely to happen at some point. After all, the stock didn't trade above $93 until July of 2020. $93 is just where I would start accumulating, by the way, I'd get more interested as the stock gets cheaper, assuming the fundamentals don't change too much.</p>\n<p>If you don't want to wait for a correction in Apple, I have another idea that I executed in my portfolio. Sometimes companies own large stakes in other companies, and this can present opportunities for patient investors. Michael Burry (of<i>The Big Short</i>fame) recently bought Porsche (OTCPK:POAHY) stock for this reason because they own part of Volkswagen and the sum of the parts is worth more than the whole. After he publicly shared the idea, people started pumping a bunch of money into Porsche stock, which may or may not have corrected the mispricing (you'd have to look at the financials to know for sure). In Apple's case, Berkshire Hathaway (BRK.B) owns a large minority stake in the company. If you pull Berkshire's 13-F, they own ~$117 billion in Apple stock as of the filing, which represents roughly 20 percent of Berkshire's market cap of ~$580 billion. Berkshire is cheaper than Apple and is tied to Apple stock by its ownership stake. I like the optionality of this trade because you get the Apple exposure essentially for free – the stake has little impact on Berkshire's EPS due to Apple's low dividend yield at the moment. If Apple goes down, I'd expect that Berkshire would be able to accumulate more stock which would help in the long run, and if Apple goes up, then it helps raise the floor on the price of Berkshire stock. There's no mechanism to force this unless Berkshire sells, but over the long run, I would expect that the economic link between the companies would be enough to create an advantage for me.</p>\n<p>I currently own Apple through index funds and Berkshire. If Apple and the NASDAQ continue to fall, I'll be interested in buying, but I'm watching and waiting for now.</p>","source":"seekingalpha","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple Stock: At What Price Should You Buy?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple Stock: At What Price Should You Buy?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-25 19:52 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4415785-apple-stock-what-price-buy><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nOnce my favorite stock, the current valuation for Apple doesn't make a whole lot of sense to me.\nHowever, Apple is a great business that remains on my radar. I share the price Apple would ...</p>\n\n<a href=\"https://seekingalpha.com/article/4415785-apple-stock-what-price-buy\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://seekingalpha.com/article/4415785-apple-stock-what-price-buy","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1179353023","content_text":"Summary\n\nOnce my favorite stock, the current valuation for Apple doesn't make a whole lot of sense to me.\nHowever, Apple is a great business that remains on my radar. I share the price Apple would need to trade down to for me to expect above-average returns from the stock.\nAn idea for how to get exposure to Apple Inc. without paying full price.\n\nPhoto by Andrej Kalsin/iStock via Getty Images\nIn a sign of the times, financial news networks now have minute-by-minute quotes on GameStop (GME) stock, right next to the Dow and S&P 500. This is the part of the \"TikTokization\" of society, as real relationships and long-term thinking are increasingly replaced by smartphone apps that are engineered to trigger reward centers in the human brain, whether on Robinhood, TikTok, or Tinder. Somewhere along the way, the majority of investors stopped looking at fundamentals, swapping deep calculation and due diligence with mantras like \"stocks only go up,\" and \"hold the line.\" When stocks get disconnected from their business fundamentals, wealth typically ends up getting transferred. This clearly affects Apple (AAPL), the most popular stock in America. To this point, I have good news and bad news.\nFirst, the bad news. There are a lot of people who have no idea what they are doing who are being taken advantage of by Wall Street. They're rapid-fire day trading, getting fleeced in SPACs, buying options without knowing what implied volatility is, and loading their retirement accounts with AMC (AMC) and GameStop. The good news is that it's a tremendous advantage to be a long-term economic thinker when so few people are. This can help you make money not only in Apple but in the stock market in general.\nApple Stock Price History\nApple is up big over the last year off of the bear market low but is flat over the last six months. The obsession du-jour is the direction of Treasury yields. For the first time in my career, the Dow and Nasdaq, which are historically highly correlated, move opposite on most days based on how market participants feel about yields and whether the pandemic will last a few more months or not. This is more of the short-term thinking that won't make anyone money in the long run. But over the last year, you can see that Apple's fortunes have mirrored the US economy at large.\nData by YCharts\nOver longer periods of time, Apple's stock price has reflected the actual business, which has been successful. The business results, along with the valuation you pay for Apple will determine your success as an investor in the stock.\nData by YCharts\nApple Growth Rate and Valuation\nApple's net income has increased from $1.3 billion in FY 2005 to over $57 billion in FY 2020. As you can see from the graph below, the iPhone launch in 2007 was a game-changer for Apple. More recently, Apple's growth in net income has slowed, although they're running over $60 billion annually in net income. Net income is quoted after corporate taxes, so remember that Apple is getting the benefit of a roughly 20 percent increase in income from the Trump tax cuts of 2017.\nSource: Statista\nYou can compare Apple's net income against their market cap of around $2 trillion, and you see that Apple trades for over 35x what it made in FY 2020. There's nothing wrong with Apple, it's a great business, but that's generally pretty expensive for a company whose growth is leveling out. Apple has some positives working in its favor, most importantly that they're expected to earn about 30 percent more in FY 2021 than they did in FY 2020. This brings the valuation down to about 28x its expected earnings, which is still pretty high. Additionally, Apple bulls are quick to remind you that growth in Apple's all-important services segment is driving their earnings and that the new iPhone should sell like hotcakes. It might not be enough, however, to justify the valuation.\nSource: Macrotrends\nApple trading for this kind of valuation it trades for is a recent development. For most of the 2010s, Apple traded closer to 10x earnings, reaching ~20x before the tech correction of 2018 took it back down. P/E ratios are based on earnings per share, which grew faster than pre-tax net income for two reasons.\n1. Trump's tax cuts in 2017. These increased corporate net income for S&P 500 companies by around 20 percent, per my calculations. The tax cuts also unlocked money that had been trapped offshore, creating a large one-time earnings boost for corporations. Apple shows a clear benefit in its financial statements from the 2017 tax cuts. This is a one-time deal. I'll be blunt – I'm more likely to date a supermodel than corporate tax rates are to be cut further with the US fiscal situation being what it is.\n2. Tim Cook's buyback program. By my calculations, Apple was able to purchase a little over 36 percent of its shares outstanding between September 2012 and their last quarterly report. This was a huge win for Apple shareholders, as the company was able to buy tons of shares on the cheap. Apple earned $3.31 per share last year. If they hadn't bought back any shares, they only would have earned $2.21 per share. The buyback alone increased Apple's earnings per share by nearly 50 percent! And what gave the buyback oxygen was Apple's low valuation for most of the 2010s, allowing them to use cash flow and low-interest debt to cheaply accumulate shares and drive EPS growth.\nWith the first tailwind being a one-time event and the second being largely ineffective with Apple's high valuation, if you're going to make a lot of money in Apple shares, you're either going to need to see Apple's net income itself grow, or its PE multiple to rise even higher. I think Apple can grow its net income by 4-5 percent annually over the next 10 years. This seems fair since net income has grown less than this since 2018. With the high valuation, the EPS isn't likely to grow much faster even with buybacks. Based on the business results of Apple and the valuation, I think you can expect a roughly 8 percent annual return by investing in Apple stock at current prices. This isn't enough for me to back up the truck on Apple, but since I've done very well in the past with Apple, the stock never really leaves my radar. What I need to buy Apple at is a price that's more agreeable to me.\nWhen to Buy Apple Stock\nMy quick and dirty method for estimating stock returns is to take earnings yield plus normalized earnings growth. Historically analysts would use dividend yield instead of earnings yield, but now buybacks are much more common than they were in the past, so it doesn't bias the model in favor of dividends. For me to be interested in Apple, I'd like to see at least double-digit expected returns, and assuming 5 percent EPS growth, Apple would need to trade for 20x earnings or less (i.e. what it normally trades for historically). This implies a price of roughly $93 based on Apple's earnings estimates for next year. Apple trades for over $122 as of my writing this article, so we have a ways to go. Apple will need to trade sideways for a couple of years or see a 25-30 percent correction to hit where I'd like to start accumulating it.\nGiven the bipolar history of Apple stock, I think that this is likely to happen at some point. After all, the stock didn't trade above $93 until July of 2020. $93 is just where I would start accumulating, by the way, I'd get more interested as the stock gets cheaper, assuming the fundamentals don't change too much.\nIf you don't want to wait for a correction in Apple, I have another idea that I executed in my portfolio. Sometimes companies own large stakes in other companies, and this can present opportunities for patient investors. Michael Burry (ofThe Big Shortfame) recently bought Porsche (OTCPK:POAHY) stock for this reason because they own part of Volkswagen and the sum of the parts is worth more than the whole. After he publicly shared the idea, people started pumping a bunch of money into Porsche stock, which may or may not have corrected the mispricing (you'd have to look at the financials to know for sure). In Apple's case, Berkshire Hathaway (BRK.B) owns a large minority stake in the company. If you pull Berkshire's 13-F, they own ~$117 billion in Apple stock as of the filing, which represents roughly 20 percent of Berkshire's market cap of ~$580 billion. Berkshire is cheaper than Apple and is tied to Apple stock by its ownership stake. I like the optionality of this trade because you get the Apple exposure essentially for free – the stake has little impact on Berkshire's EPS due to Apple's low dividend yield at the moment. If Apple goes down, I'd expect that Berkshire would be able to accumulate more stock which would help in the long run, and if Apple goes up, then it helps raise the floor on the price of Berkshire stock. There's no mechanism to force this unless Berkshire sells, but over the long run, I would expect that the economic link between the companies would be enough to create an advantage for me.\nI currently own Apple through index funds and Berkshire. If Apple and the NASDAQ continue to fall, I'll be interested in buying, but I'm watching and waiting for now.","news_type":1},"isVote":1,"tweetType":1,"viewCount":233,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3577917165320806","authorId":"3577917165320806","name":"KinKat","avatar":"https://community-static.tradeup.com/news/303a11363633244c53e6b67003899c74","crmLevel":4,"crmLevelSwitch":0,"idStr":"3577917165320806","authorIdStr":"3577917165320806"},"content":"It was below $100 before their 1-for-4 split a few mths back. If it does drop back to this level, very likely a mkt correction has come & most other stocks would also be similarly \"cheaper\".","text":"It was below $100 before their 1-for-4 split a few mths back. If it does drop back to this level, very likely a mkt correction has come & most other stocks would also be similarly \"cheaper\".","html":"It was below $100 before their 1-for-4 split a few mths back. If it does drop back to this level, very likely a mkt correction has come & most other stocks would also be similarly \"cheaper\"."}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9025639573,"gmtCreate":1653668234492,"gmtModify":1676535324436,"author":{"id":"3577583677378683","authorId":"3577583677378683","name":"Moonbyul","avatar":"https://static.tigerbbs.com/c3393b4f329ea99dc510e630ecfecd61","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3577583677378683","authorIdStr":"3577583677378683"},"themes":[],"htmlText":"Move up for Apple stocks 🍎👍🏻","listText":"Move up for Apple stocks 🍎👍🏻","text":"Move up for Apple stocks 🍎👍🏻","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9025639573","repostId":"1150622182","repostType":2,"repost":{"id":"1150622182","pubTimestamp":1653665090,"share":"https://ttm.financial/m/news/1150622182?lang=&edition=fundamental","pubTime":"2022-05-27 23:24","market":"us","language":"en","title":"Apple Rises Friday to Reclaim Most-Valuable Company Title","url":"https://stock-news.laohu8.com/highlight/detail?id=1150622182","media":"seekingalpha","summary":"Apple (NASDAQ:AAPL) shares rose more than 3%, Friday, as the iPhone maker continued to climb back fr","content":"<html><head></head><body><p>Apple (NASDAQ:AAPL) shares rose more than 3%, Friday, as the iPhone maker continued to climb back from its year-to-date low point, and also take back the title of world&#39;s most-valuable company.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8db39361b35d43fe2aaa49b11d47cf1e\" tg-width=\"1080\" tg-height=\"720\" width=\"100%\" height=\"auto\"/><span>Nikada/iStock Unreleased via Getty Images</span></p><p>Apple (AAPL) climbed to as high as $148.56 on the day, and has now risen 12% since touching a 2022 low of $132.61 a share on May 20. There was little major news involving Apple (AAPL) during the day&#39;s market session. On Thursday, Apple (AAPL) said it would boost the starting wage of its retail employees to $22 an hour.</p><p>With Friday&#39;s advance, Apple (AAPL) was able to edge past Saudi Aramco to become the most-valuable company in the world based on market capitalization. As trading progressed, Apple (AAPL) had a market cap of $2.39T, while Saudi Aramco was nipping at Apple&#39;s (AAPL) heels with its $2.38T market value.</p><p>On Thursday, influential Apple (AAPL) analyst Ming-Chi Kuo, of TF International Securities, said that channel checks suggest Apple (AAPL) is not making any changing in shipping plans for the eventual release of the iPhone 14 later this year. There had been some reports that Apple (AAPL) was experiencing production delays due to the impact of Covid-19 shutdowns in China.</p></body></html>","source":"seekingalpha","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple Rises Friday to Reclaim Most-Valuable Company Title</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple Rises Friday to Reclaim Most-Valuable Company Title\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-05-27 23:24 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/news/3843513-apple-rises-friday-to-reclaim-most-valuable-company-title><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Apple (NASDAQ:AAPL) shares rose more than 3%, Friday, as the iPhone maker continued to climb back from its year-to-date low point, and also take back the title of world's most-valuable company.Nikada/...</p>\n\n<a href=\"https://seekingalpha.com/news/3843513-apple-rises-friday-to-reclaim-most-valuable-company-title\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://seekingalpha.com/news/3843513-apple-rises-friday-to-reclaim-most-valuable-company-title","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1150622182","content_text":"Apple (NASDAQ:AAPL) shares rose more than 3%, Friday, as the iPhone maker continued to climb back from its year-to-date low point, and also take back the title of world's most-valuable company.Nikada/iStock Unreleased via Getty ImagesApple (AAPL) climbed to as high as $148.56 on the day, and has now risen 12% since touching a 2022 low of $132.61 a share on May 20. There was little major news involving Apple (AAPL) during the day's market session. On Thursday, Apple (AAPL) said it would boost the starting wage of its retail employees to $22 an hour.With Friday's advance, Apple (AAPL) was able to edge past Saudi Aramco to become the most-valuable company in the world based on market capitalization. As trading progressed, Apple (AAPL) had a market cap of $2.39T, while Saudi Aramco was nipping at Apple's (AAPL) heels with its $2.38T market value.On Thursday, influential Apple (AAPL) analyst Ming-Chi Kuo, of TF International Securities, said that channel checks suggest Apple (AAPL) is not making any changing in shipping plans for the eventual release of the iPhone 14 later this year. There had been some reports that Apple (AAPL) was experiencing production delays due to the impact of Covid-19 shutdowns in China.","news_type":1},"isVote":1,"tweetType":1,"viewCount":161,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9026013220,"gmtCreate":1653294971760,"gmtModify":1676535255223,"author":{"id":"3577583677378683","authorId":"3577583677378683","name":"Moonbyul","avatar":"https://static.tigerbbs.com/c3393b4f329ea99dc510e630ecfecd61","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3577583677378683","authorIdStr":"3577583677378683"},"themes":[],"htmlText":"Buying during the dip and hold it for long term investment 🍎👍🏻","listText":"Buying during the dip and hold it for long term investment 🍎👍🏻","text":"Buying during the dip and hold it for long term investment 🍎👍🏻","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9026013220","repostId":"1124669492","repostType":4,"repost":{"id":"1124669492","pubTimestamp":1653287557,"share":"https://ttm.financial/m/news/1124669492?lang=&edition=fundamental","pubTime":"2022-05-23 14:32","market":"us","language":"en","title":"Across the World, Apple Faces Macro Pressures","url":"https://stock-news.laohu8.com/highlight/detail?id=1124669492","media":"TipRanks","summary":"I am neutral on Apple as its strong recent performance momentum, overwhelming analyst bullishness, a","content":"<div>\n<p>I am neutral on Apple as its strong recent performance momentum, overwhelming analyst bullishness, and formidable competitive advantages are offset by its murky near-term growth outlook and valuation ...</p>\n\n<a href=\"https://www.tipranks.com/news/article/across-the-world-apple-faces-macro-pressures/\">Web Link</a>\n\n</div>\n","source":"lsy1606183248679","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Across the World, Apple Faces Macro Pressures</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAcross the World, Apple Faces Macro Pressures\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-05-23 14:32 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.tipranks.com/news/article/across-the-world-apple-faces-macro-pressures/><strong>TipRanks</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>I am neutral on Apple as its strong recent performance momentum, overwhelming analyst bullishness, and formidable competitive advantages are offset by its murky near-term growth outlook and valuation ...</p>\n\n<a href=\"https://www.tipranks.com/news/article/across-the-world-apple-faces-macro-pressures/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.tipranks.com/news/article/across-the-world-apple-faces-macro-pressures/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1124669492","content_text":"I am neutral on Apple as its strong recent performance momentum, overwhelming analyst bullishness, and formidable competitive advantages are offset by its murky near-term growth outlook and valuation multiples, which appear elevated relative to its historical averages.Apple is the leading global consumer electronics company and is in fact one of the largest companies in the world. In addition to its dominant computer and phone products, the company also has a thriving services business that consumers access through its variety of electronic devices. These services include Apple Music, iCloud, Apple Care, and Apple TV+. The company has also been reputed to be considering switching its iPhone business model to increase recurring revenues, and is also rumored to be working on developing an electric vehicle.In this article, I will lay out several reasons why I am neutral on AAPL stock at its current prices.Strong Q2 ResultsFiscal Q2 results for AAPL were quite strong, with revenue up 9% year-over-year, driven by 6% growth in the iPhone business, 15% growth in Mac sales, 17% growth in services, and the remainder of its business grew by 12%. Significantly notable was the continued strong growth momentum in the iPhone business, which reflects well on the company’s ability to innovate and create exciting new features while retaining substantial pricing power. The company also had a very successful launch of its new M1-powered MacBook Pro, and now boasts over 825 million paid members of its services business, representing 40 million in growth from just the previous quarter.Uncertain OutlookWhile Apple’s track record, formidable brand power, scale, and technological prowess boosting competitive advantages are all very impressive, its near term outlook is a bit less clear. The company is facing numerous headwinds to additional growth, including supply chain issues and a severe chip shortage. Additionally, Apple decided to pause sales in Russia following its invasion of Ukraine.While analysts still expect revenue, EBITDA, and earnings per share growth to continue over the next half decade, they are likely to be at a softer rate than was previously experienced by the company. Furthermore, the fact that the company’s base becomes increasingly massive, it is increasingly more difficult to drive revenues higher. With 7.3% expected annualized earnings per share growth, and 5.4% expected annualized revenue growth through 2026, AAPL looks like it will continue to do well, but is unlikely to crush the market like it has in the past.Stock Price Could be BetterAlthough the business is truly one of the finest in the world thanks to its competitive advantages, AAPL’s stock price – while not massively overvalued – looks less compelling than the underlying business.Despite decent but not great expectations for its growth over the next half decade, the forward dividend yield is only 0.7%. As a result, the earnings per share growth rate, plus current yield tallies to only 8%, with the vast majority of that sum coming from growth, making the total return proposition fairly muted here. On top of that, the price to normalized earnings ratio of 22.87x is well above its 10 year average of 16.91x and slightly above its five-year average of 21.25x, indicating that the stock could be currently overvalued.Wall Street analysts – on the other hand – appear to be quite bullish on the stock. According to Wall Street analysts, AAPL earns a Strong Buy analyst consensus based on 20 Buy ratings, six Hold Ratings and zero Sell ratings in the past three months. Additionally, the average analyst AAPL price target of $188.80 puts the upside potential at 37.22%.Summary & ConclusionsAAPL is a very impressive company that has generated fantastic returns for shareholders over the year, while revolutionizing communications technology and consumer electronics along the way. The stock has also proven to be an excellent dividend grower, and is also buying back shares hand over fist.While its services business is driving much of its growth right now, the numerous headwinds facing the business at the moment, combined with its stretched valuation multiple mean that total returns for the foreseeable future may be lackluster.Overall, the company remains one of the finest in the world and its stock is very tough to bet against. However, the valuation looks a bit stretched at the moment, so investors might want to wait for a pullback in the share price before adding shares.","news_type":1},"isVote":1,"tweetType":1,"viewCount":139,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9023578943,"gmtCreate":1652938081182,"gmtModify":1676535192991,"author":{"id":"3577583677378683","authorId":"3577583677378683","name":"Moonbyul","avatar":"https://static.tigerbbs.com/c3393b4f329ea99dc510e630ecfecd61","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3577583677378683","authorIdStr":"3577583677378683"},"themes":[],"htmlText":"Yes I agree Apple is a good company to invest. Ifthe price go down, it best to invest 🍎👍🏻. I will buy more of Apple stocks 👍🏻","listText":"Yes I agree Apple is a good company to invest. Ifthe price go down, it best to invest 🍎👍🏻. I will buy more of Apple stocks 👍🏻","text":"Yes I agree Apple is a good company to invest. Ifthe price go down, it best to invest 🍎👍🏻. I will buy more of Apple stocks 👍🏻","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9023578943","repostId":"2236375743","repostType":4,"repost":{"id":"2236375743","pubTimestamp":1652926173,"share":"https://ttm.financial/m/news/2236375743?lang=&edition=fundamental","pubTime":"2022-05-19 10:09","market":"us","language":"en","title":"Apple Stock: What Analysts Think Of This Market Correction","url":"https://stock-news.laohu8.com/highlight/detail?id=2236375743","media":"TheStreet","summary":"With Apple stock trading 18% lower in 2022 alone, Wall Street has weighed in on the pullback. Here i","content":"<html><head></head><body><p>With Apple stock trading 18% lower in 2022 alone, Wall Street has weighed in on the pullback. Here is what some analysts had to say about AAPL recently.</p><p><b>Apple</b> stock has been trading 18% lower since 2022 started, and the S&amp;P 500 is also flirting with bear territory. The marketwide decline has been generally driven by unfavorable macroeconomic forces and supply chain disruptions.</p><p>However, from a business perspective,Apple appears to be performing well, benefiting from solid demand for its products and services.</p><p>The current tone on Wall Street towards Apple is bullish — a “strong buy” rating and 27% upside potential, on average. Below is what some of the top analysts think about Apple&#39;s current correction, and where they see the key risks and opportunities.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d350d1310651bece5952b30ba048dc75\" tg-width=\"1240\" tg-height=\"827\" width=\"100%\" height=\"auto\"/><span>Figure 1: Apple Stock: What Analysts Think Of This Market Correction</span></p><p><b>Not A Dot-Com Bubble 2.0</b></p><p>According to Wedbush tech analyst Dan Ives, the correction seen in tech stocks is not a second version of the dot-com bubble. However, 2022 could separate the sector into two halves: &#34;clear haves and have nots.&#34;</p><p>The analyst said that the strongest tech companies will likely emerge from the current bearish scenario even stronger than before. Some of those candidates include big tech names like Apple, the top pick in Wedbush&#39;s playbook, followed by <b>Microsoft</b>, considered by the analyst one of &#34;the safest landing spots for investors&#34; at the moment.</p><p>Ives also said that cyber security, cloud, A.I. (artificial intelligence), and big data will continue to benefit from strong spending, despite the choppy markets and softer macro backdrop.</p><p>In an interview with Bloomberg, Dan Ives said that now is the time to look at the fundamentals and pick winners.</p><p><b>Concerns Over Regulatory And Macro Risks</b></p><p>Not so bullish is HSBC analyst Nicolas Cote-Colisson, who has a neutral position on Apple at the moment due to the company&#39;s stance on the macro and regulatory environment.</p><p>One reason for skepticism is the European agreement on the Digital Markets Act (DMA). The new European regulation could mean that Apple needs to allow users to install apps from outside the App Store. The analyst sees this headwind as possibly affecting the company&#39;s business model. The new regulation is not expected to be enforced until 2023.</p><p>In addition, Cote-Colisson sees high risks of a recession hurting consumer spending and, of course, demand for Apple devices.</p><p><b>Tough Economy, But No Need To Panic</b></p><p>Morgan Stanley analyst Katy Huberty trimmed her price target on Apple a few weeks ago. Causing her to de-risk her expectations are challenges in the June quarter, which include foreign exchange, the Russian sales ban, and the lockdowns in China due to COVID-19.</p><p>More recently, the analyst said that she was encouraged by the AppStore&#39;s performance during April, based on data provided by Sensor Tower. Huberty estimates accelerated revenue growth of 8% YoY in April over the March quarter, which grew 6% YoY. That said, the analyst has kept her forecast unchanged at 15% YoY growth for the June quarter.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple Stock: What Analysts Think Of This Market Correction</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple Stock: What Analysts Think Of This Market Correction\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-05-19 10:09 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.thestreet.com/apple/news/apple-stock-what-analysts-think-of-this-market-correction><strong>TheStreet</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>With Apple stock trading 18% lower in 2022 alone, Wall Street has weighed in on the pullback. Here is what some analysts had to say about AAPL recently.Apple stock has been trading 18% lower since ...</p>\n\n<a href=\"https://www.thestreet.com/apple/news/apple-stock-what-analysts-think-of-this-market-correction\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.thestreet.com/apple/news/apple-stock-what-analysts-think-of-this-market-correction","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2236375743","content_text":"With Apple stock trading 18% lower in 2022 alone, Wall Street has weighed in on the pullback. Here is what some analysts had to say about AAPL recently.Apple stock has been trading 18% lower since 2022 started, and the S&P 500 is also flirting with bear territory. The marketwide decline has been generally driven by unfavorable macroeconomic forces and supply chain disruptions.However, from a business perspective,Apple appears to be performing well, benefiting from solid demand for its products and services.The current tone on Wall Street towards Apple is bullish — a “strong buy” rating and 27% upside potential, on average. Below is what some of the top analysts think about Apple's current correction, and where they see the key risks and opportunities.Figure 1: Apple Stock: What Analysts Think Of This Market CorrectionNot A Dot-Com Bubble 2.0According to Wedbush tech analyst Dan Ives, the correction seen in tech stocks is not a second version of the dot-com bubble. However, 2022 could separate the sector into two halves: \"clear haves and have nots.\"The analyst said that the strongest tech companies will likely emerge from the current bearish scenario even stronger than before. Some of those candidates include big tech names like Apple, the top pick in Wedbush's playbook, followed by Microsoft, considered by the analyst one of \"the safest landing spots for investors\" at the moment.Ives also said that cyber security, cloud, A.I. (artificial intelligence), and big data will continue to benefit from strong spending, despite the choppy markets and softer macro backdrop.In an interview with Bloomberg, Dan Ives said that now is the time to look at the fundamentals and pick winners.Concerns Over Regulatory And Macro RisksNot so bullish is HSBC analyst Nicolas Cote-Colisson, who has a neutral position on Apple at the moment due to the company's stance on the macro and regulatory environment.One reason for skepticism is the European agreement on the Digital Markets Act (DMA). The new European regulation could mean that Apple needs to allow users to install apps from outside the App Store. The analyst sees this headwind as possibly affecting the company's business model. The new regulation is not expected to be enforced until 2023.In addition, Cote-Colisson sees high risks of a recession hurting consumer spending and, of course, demand for Apple devices.Tough Economy, But No Need To PanicMorgan Stanley analyst Katy Huberty trimmed her price target on Apple a few weeks ago. Causing her to de-risk her expectations are challenges in the June quarter, which include foreign exchange, the Russian sales ban, and the lockdowns in China due to COVID-19.More recently, the analyst said that she was encouraged by the AppStore's performance during April, based on data provided by Sensor Tower. Huberty estimates accelerated revenue growth of 8% YoY in April over the March quarter, which grew 6% YoY. That said, the analyst has kept her forecast unchanged at 15% YoY growth for the June quarter.","news_type":1},"isVote":1,"tweetType":1,"viewCount":166,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":221185827459104,"gmtCreate":1695042631852,"gmtModify":1695042638931,"author":{"id":"3577583677378683","authorId":"3577583677378683","name":"Moonbyul","avatar":"https://static.tigerbbs.com/c3393b4f329ea99dc510e630ecfecd61","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3577583677378683","authorIdStr":"3577583677378683"},"themes":[],"htmlText":"Apple stock for long term investment 👍🏻","listText":"Apple stock for long term investment 👍🏻","text":"Apple stock for long term investment 👍🏻","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/221185827459104","repostId":"1173155077","repostType":2,"repost":{"id":"1173155077","pubTimestamp":1695030900,"share":"https://ttm.financial/m/news/1173155077?lang=&edition=fundamental","pubTime":"2023-09-18 17:55","market":"us","language":"en","title":"Apple Stock To Climb 38%: The Ultra-Bullish Case Explained","url":"https://stock-news.laohu8.com/highlight/detail?id=1173155077","media":"The Street","summary":"Wedbush analyst Dan Ives predicts a 38% rise in Apple stock, driven by iPhone upgrades and services growth. Is this optimistic outlook realistic or just wishful thinking?","content":"<html><head></head><body><ul style=\"\"><li><p>Analyst Dan Ives predicts a 38% upside in Apple stock, citing 250 million iPhone users who haven&#39;t upgraded in over 4 years as potential buyers.</p></li></ul><ul style=\"\"><li><p>Ives believes iPhone 15 pricing and carrier promotions will boost sales by 8-10 million units, with a focus on higher-margin Pro models.</p></li><li><p>Beyond iPhones, Ives sees Apple&#39;s services segment returning to double-digit growth, valuing it at $1.5 trillion and contributing to an overall bullish outlook.</p></li></ul><p>As reported by the Apple Maven recently, <strong>Apple</strong> stock took a hit following the launch of the new iPhone 15. The “sticky point” for investors and traders seems to be pricing: the Cupertino company chose not to mark up its new smartphones, except for the Pro Max.</p><p style=\"text-align: start;\">Despite the recent events, one analyst chose to bump up his target price on AAPL. Wedbush’s Dan Ives now sees Apple stock climbing to $240, a Street-high, which represents an upside opportunity of 38% from current levels.</p><p style=\"text-align: start;\">Below, we talk about how the sell-side shop envisions this rally taking shape over the next several months.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f34425b15d880eea0685f57f1f6bec5f\" alt=\"Unsplash\" title=\"Unsplash\" tg-width=\"1200\" tg-height=\"674\"/><span>Unsplash</span></p><h2 id=\"apple-still-an-iphone-story\" style=\"text-align: start;\">Apple: Still An iPhone Story</h2><p style=\"text-align: start;\">At the core of Dan Ives’ outperform rating is his understanding that the iPhone 15 cycle will surprise analysts and investors to the upside.</p><p style=\"text-align: start;\">The analyst has been talking for a while about a substantial proportion of the current iPhone installed base that will need to upgrade its devices soon – “[approximately] 250 million+ of 1.2 billion iPhone users worldwide have not upgraded their phones in over 4 years”, to be precise.</p><p style=\"text-align: start;\">The icing on the cake was the launch of the iPhone 15, which Dan Ives called “an impressive event”. He believes that the lack of a price increase across all models except the Pro Max will help to sell an additional 8 to 10 million units worldwide, aided in part by carrier promotions.</p><p style=\"text-align: start;\">In addition, Wedbush believes that the mix of Pro models sold in fiscal 2024 will be heavier than the historical average to the tune of about 15 percentage points. If confirmed, this should be a positive to revenues, ASP (average selling price), and likely margins.</p><h2 id=\"but-it-s-not-all-about-the-iphone\" style=\"text-align: start;\">… But It’s Not All About The iPhone</h2><p style=\"text-align: start;\">Lastly, Dan Ives’ price target bump was also grounded on Apple’s services. He sees the segment returning to double-digit growth in a matter of quarters. The analyst values this corner of the business alone, which accounts for only about 20% of total sales, at about $1.5 trillion.</p><p style=\"text-align: start;\">Wedbush’s ultra-bullish case for 38% returns ahead is a combination of the services piece described above and the product portfolio that the analyst values at about $2 trillion.</p><h2 id=\"the-apple-maven-s-take\" style=\"text-align: start;\">The Apple Maven’s Take</h2><p style=\"text-align: start;\">I’ve always found the business of forecasting iPhone cycles a bit speculative. While it is true that Apple has made mistakes in the past (think iPhone 5c), the company has become better over time at anticipating demand and meeting it – that is, when the supply chain is not an issue.</p><p style=\"text-align: start;\">If Dan Ives is correct in his assessment of the upgrade cycle, the opportunity to upgrade 250 million devices at an assumed ASP of $900 suggests $225 billion in potential iPhone sales in fiscal 2024 from upgraders alone. For reference, Apple’s iPhone revenues in fiscal 2022 reached “only” $205 billion.</p><p>On the service side, I see Wedbush’s projection of double-digit growth and a $1.5 trillion valuation as fair and reasonable. In fact, I have explained why I believe that services alone could be worth $2 trillion, using a simple set of assumptions.</p><p style=\"text-align: start;\">For the reasons above, I think that Dan Ives’ price target of $240 for Apple shares is sensical. Nailing the timing of the potential 38% gain, however, is a bit trickier. The direction of economic growth, inflation, and interest rates can pose risks in the short-to-medium terms.</p></body></html>","source":"lsy1610613172068","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple Stock To Climb 38%: The Ultra-Bullish Case Explained</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple Stock To Climb 38%: The Ultra-Bullish Case Explained\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-09-18 17:55 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.thestreet.com/apple/stock/apple-stock-to-climb-38-the-ultra-bullish-case-explained><strong>The Street</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Analyst Dan Ives predicts a 38% upside in Apple stock, citing 250 million iPhone users who haven't upgraded in over 4 years as potential buyers.Ives believes iPhone 15 pricing and carrier promotions ...</p>\n\n<a href=\"https://www.thestreet.com/apple/stock/apple-stock-to-climb-38-the-ultra-bullish-case-explained\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.thestreet.com/apple/stock/apple-stock-to-climb-38-the-ultra-bullish-case-explained","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1173155077","content_text":"Analyst Dan Ives predicts a 38% upside in Apple stock, citing 250 million iPhone users who haven't upgraded in over 4 years as potential buyers.Ives believes iPhone 15 pricing and carrier promotions will boost sales by 8-10 million units, with a focus on higher-margin Pro models.Beyond iPhones, Ives sees Apple's services segment returning to double-digit growth, valuing it at $1.5 trillion and contributing to an overall bullish outlook.As reported by the Apple Maven recently, Apple stock took a hit following the launch of the new iPhone 15. The “sticky point” for investors and traders seems to be pricing: the Cupertino company chose not to mark up its new smartphones, except for the Pro Max.Despite the recent events, one analyst chose to bump up his target price on AAPL. Wedbush’s Dan Ives now sees Apple stock climbing to $240, a Street-high, which represents an upside opportunity of 38% from current levels.Below, we talk about how the sell-side shop envisions this rally taking shape over the next several months.UnsplashApple: Still An iPhone StoryAt the core of Dan Ives’ outperform rating is his understanding that the iPhone 15 cycle will surprise analysts and investors to the upside.The analyst has been talking for a while about a substantial proportion of the current iPhone installed base that will need to upgrade its devices soon – “[approximately] 250 million+ of 1.2 billion iPhone users worldwide have not upgraded their phones in over 4 years”, to be precise.The icing on the cake was the launch of the iPhone 15, which Dan Ives called “an impressive event”. He believes that the lack of a price increase across all models except the Pro Max will help to sell an additional 8 to 10 million units worldwide, aided in part by carrier promotions.In addition, Wedbush believes that the mix of Pro models sold in fiscal 2024 will be heavier than the historical average to the tune of about 15 percentage points. If confirmed, this should be a positive to revenues, ASP (average selling price), and likely margins.… But It’s Not All About The iPhoneLastly, Dan Ives’ price target bump was also grounded on Apple’s services. He sees the segment returning to double-digit growth in a matter of quarters. The analyst values this corner of the business alone, which accounts for only about 20% of total sales, at about $1.5 trillion.Wedbush’s ultra-bullish case for 38% returns ahead is a combination of the services piece described above and the product portfolio that the analyst values at about $2 trillion.The Apple Maven’s TakeI’ve always found the business of forecasting iPhone cycles a bit speculative. While it is true that Apple has made mistakes in the past (think iPhone 5c), the company has become better over time at anticipating demand and meeting it – that is, when the supply chain is not an issue.If Dan Ives is correct in his assessment of the upgrade cycle, the opportunity to upgrade 250 million devices at an assumed ASP of $900 suggests $225 billion in potential iPhone sales in fiscal 2024 from upgraders alone. For reference, Apple’s iPhone revenues in fiscal 2022 reached “only” $205 billion.On the service side, I see Wedbush’s projection of double-digit growth and a $1.5 trillion valuation as fair and reasonable. In fact, I have explained why I believe that services alone could be worth $2 trillion, using a simple set of assumptions.For the reasons above, I think that Dan Ives’ price target of $240 for Apple shares is sensical. Nailing the timing of the potential 38% gain, however, is a bit trickier. The direction of economic growth, inflation, and interest rates can pose risks in the short-to-medium terms.","news_type":1},"isVote":1,"tweetType":1,"viewCount":622,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"4111842224562182","authorId":"4111842224562182","name":"DailyTrader7","avatar":"https://community-static.tradeup.com/news/221e86f826e5d51d2c15d2af518a6f07","crmLevel":2,"crmLevelSwitch":0,"idStr":"4111842224562182","authorIdStr":"4111842224562182"},"content":"Totally agreed 👌🏼","text":"Totally agreed 👌🏼","html":"Totally agreed 👌🏼"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9033756422,"gmtCreate":1646363974436,"gmtModify":1676534122813,"author":{"id":"3577583677378683","authorId":"3577583677378683","name":"Moonbyul","avatar":"https://static.tigerbbs.com/c3393b4f329ea99dc510e630ecfecd61","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3577583677378683","authorIdStr":"3577583677378683"},"themes":[],"htmlText":"I can't wait to see the new launch product from Apple&nbsp;","listText":"I can't wait to see the new launch product from Apple&nbsp;","text":"I can't wait to see the new launch product from Apple","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9033756422","repostId":"1181626612","repostType":4,"repost":{"id":"1181626612","pubTimestamp":1646359577,"share":"https://ttm.financial/m/news/1181626612?lang=&edition=fundamental","pubTime":"2022-03-04 10:06","market":"us","language":"en","title":"Low-Priced iPhone Will Help AAPL Stock Heat Up After ‘Peak Performance’ Apple Event","url":"https://stock-news.laohu8.com/highlight/detail?id=1181626612","media":"InvestorPlace","summary":"For fans of Apple(NASDAQ:AAPL), the wait is finally over. The Silicon Valley innovator has announced","content":"<html><head></head><body><p>For fans of <b>Apple</b>(NASDAQ:<b><u>AAPL</u></b>), the wait is finally over. The Silicon Valley innovator has announced that it will be broadcasting its “Peak Performance” event on March 8. After weeks of rumors, the tech sector will see what Apple is planning on rolling out in the year ahead. According to some, this will mean updates on the new iPhone SE and iPad Air, among other products. AAPL stock is up slightly in aftermarket trading today on anticipation for the event.</p><p>Following its decline in February as negative momentum pushed down the tech sector, AAPL stock has rebounded nicely. If the stock continues to move upward, it will be back in the green for the month before the March 8 catalyst.</p><p>While the event in general promises to generate momentum for AAPL stock, there is a specific reason why. In particular, fans and investors are expecting to see the newest low-cost iPhone.<i>The Verge</i> reports the device is rumored to include 5G and “a faster A15 CPU chip” as well as higher-quality cameras.</p><p>What’s Happening with AAPL Stock</p><p>Ever since its iconic debut in 2007, the iPhone has been proving critics wrong. The device has gone from being a luxury item to a common device. Of course, a frequent complaint about Apple has always been its products are too expensive. However, the upcoming release could be a significant step forward in this regard. Mark Gurman of<i>Bloomberg</i>hassuggestedthat the release of the new low-cost iPhone could position Apple to lower its current SE model price to $199.</p><p>Apple is already the company that gave the world the smartphone. Some of its competitors, such as <b>Samsung</b> and <b>Motorola</b>(NYSE:<b><u>MSI</u></b>) have stayed competitive largely by offering more affordable alternatives. For Apple to lower its iPhone prices by this much could mean a difficult road ahead for these competitors. It would serve to boost sales for Apple considerably, though, sending AAPL stock up even further.</p><p>The smartphone market is already shifting in that direction. Earlier this year, tech review site <i>Tom’s Guide</i> ranked the iPhone SE second on a list of top smartphones under $400, ahead of models from Motorola, Samsung and others. It appears that the affordable smartphone market is truly the final frontier for Apple to conquer — and many signs indicate we are about to see the company do exactly that.</p><p>What It Means</p><p>Competing with a company like Apple wasn’t easy when the iPhone was too costly. After all, the company’s consumer base consists of a large, loyal and highly motivated group. Now that we are about to see the iPhone reach a new level of affordability, though, competitors may need to accept defeat.</p><p>Additionally, investors have plenty more reason to bet on AAPL stock, iPhone or not. As<i>InvestorPlace</i>contributor Thomas Niel notes, Apple’sexposure to the metaverse will help boost shares in 2022. Louis Navellier also notes that Warren Buffett has loyally maintained his position in AAPL, indicating the company likely still has growth potential.</p><p>Investors should watch the “Peak Performance” event closely. However, AAPL stock should still rise with or without low-cost iPhones.</p></body></html>","source":"lsy1606302653667","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Low-Priced iPhone Will Help AAPL Stock Heat Up After ‘Peak Performance’ Apple Event</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nLow-Priced iPhone Will Help AAPL Stock Heat Up After ‘Peak Performance’ Apple Event\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-03-04 10:06 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://investorplace.com/2022/03/low-priced-iphone-will-help-aapl-stock-heat-up-after-peak-performance-apple-event/><strong>InvestorPlace</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>For fans of Apple(NASDAQ:AAPL), the wait is finally over. The Silicon Valley innovator has announced that it will be broadcasting its “Peak Performance” event on March 8. After weeks of rumors, the ...</p>\n\n<a href=\"https://investorplace.com/2022/03/low-priced-iphone-will-help-aapl-stock-heat-up-after-peak-performance-apple-event/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://investorplace.com/2022/03/low-priced-iphone-will-help-aapl-stock-heat-up-after-peak-performance-apple-event/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1181626612","content_text":"For fans of Apple(NASDAQ:AAPL), the wait is finally over. The Silicon Valley innovator has announced that it will be broadcasting its “Peak Performance” event on March 8. After weeks of rumors, the tech sector will see what Apple is planning on rolling out in the year ahead. According to some, this will mean updates on the new iPhone SE and iPad Air, among other products. AAPL stock is up slightly in aftermarket trading today on anticipation for the event.Following its decline in February as negative momentum pushed down the tech sector, AAPL stock has rebounded nicely. If the stock continues to move upward, it will be back in the green for the month before the March 8 catalyst.While the event in general promises to generate momentum for AAPL stock, there is a specific reason why. In particular, fans and investors are expecting to see the newest low-cost iPhone.The Verge reports the device is rumored to include 5G and “a faster A15 CPU chip” as well as higher-quality cameras.What’s Happening with AAPL StockEver since its iconic debut in 2007, the iPhone has been proving critics wrong. The device has gone from being a luxury item to a common device. Of course, a frequent complaint about Apple has always been its products are too expensive. However, the upcoming release could be a significant step forward in this regard. Mark Gurman ofBloomberghassuggestedthat the release of the new low-cost iPhone could position Apple to lower its current SE model price to $199.Apple is already the company that gave the world the smartphone. Some of its competitors, such as Samsung and Motorola(NYSE:MSI) have stayed competitive largely by offering more affordable alternatives. For Apple to lower its iPhone prices by this much could mean a difficult road ahead for these competitors. It would serve to boost sales for Apple considerably, though, sending AAPL stock up even further.The smartphone market is already shifting in that direction. Earlier this year, tech review site Tom’s Guide ranked the iPhone SE second on a list of top smartphones under $400, ahead of models from Motorola, Samsung and others. It appears that the affordable smartphone market is truly the final frontier for Apple to conquer — and many signs indicate we are about to see the company do exactly that.What It MeansCompeting with a company like Apple wasn’t easy when the iPhone was too costly. After all, the company’s consumer base consists of a large, loyal and highly motivated group. Now that we are about to see the iPhone reach a new level of affordability, though, competitors may need to accept defeat.Additionally, investors have plenty more reason to bet on AAPL stock, iPhone or not. AsInvestorPlacecontributor Thomas Niel notes, Apple’sexposure to the metaverse will help boost shares in 2022. Louis Navellier also notes that Warren Buffett has loyally maintained his position in AAPL, indicating the company likely still has growth potential.Investors should watch the “Peak Performance” event closely. However, AAPL stock should still rise with or without low-cost iPhones.","news_type":1},"isVote":1,"tweetType":1,"viewCount":174,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":359384795,"gmtCreate":1616346630617,"gmtModify":1704793026809,"author":{"id":"3577583677378683","authorId":"3577583677378683","name":"Moonbyul","avatar":"https://static.tigerbbs.com/c3393b4f329ea99dc510e630ecfecd61","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3577583677378683","authorIdStr":"3577583677378683"},"themes":[],"htmlText":"Apple is still a good buy ??","listText":"Apple is still a good buy ??","text":"Apple is still a good buy ??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":4,"repostSize":0,"link":"https://ttm.financial/post/359384795","repostId":"1103756496","repostType":4,"repost":{"id":"1103756496","pubTimestamp":1616163949,"share":"https://ttm.financial/m/news/1103756496?lang=&edition=fundamental","pubTime":"2021-03-19 22:25","market":"us","language":"en","title":"Apple Stock Is Going Down, One Analyst Says. Here’s Why","url":"https://stock-news.laohu8.com/highlight/detail?id=1103756496","media":"The Street","summary":"Recently, I laid out the arguments supporting Wall Street’s most bullish of theses on Apple stock. Some of the highlights included the doubling of services and wearables revenues in five years, the 5G super cycle, the greenfield Apple Car opportunity, and an acceleration in share repurchases.Now, I look at the flip side of the coin. How would one support the most bearish argument on Apple shares?At least one analyst has compiled a laundry list of items that makes him fear for a 35% drop in the s","content":"<p>Recently, I laid out the arguments supporting Wall Street’s most bullish of theses on Apple stock. Some of the highlights included the doubling of services and wearables revenues in five years, the 5G super cycle, the greenfield Apple Car opportunity, and an acceleration in share repurchases.</p>\n<p>Now, I look at the flip side of the coin. How would one support the most bearish argument on Apple shares? At least one analyst has compiled a laundry list of items that makes him fear for a 35% drop in the stock price from current levels.</p>\n<p><b>Apple might be too hyped</b></p>\n<p>Goldman Sach’s Rod Hall is one of those very rare Apple analysts that maintain a sell rating on the stock. While I have not come across research from him that is more recent thanlate January, most of his bearish points still seem relevant today.</p>\n<p>For starters, Goldman does not seem impressed with the near-term smartphone opportunity. According to the research shop, the iPhone 12 resembles a “redesign cycle” rather thana more meaningful “5G super cycle”. As a result, iPhone replacement rates should be low in 2021.</p>\n<p>Still on the same subject, Goldman projects ASP (average selling price) to come down this year, as buyers shift to cheaper models like the iPhone 12 mini and the iPhone 11. Here,recent data points have been suggesting the opposite: the mini seems to be the biggest loser within the product portfolio, while the Pro and Pro Max have been performing above expectations.</p>\n<p>Also, Mr. Hall does not seethe Apple Car opportunityas a profitable initiative.Accordingto him:</p>\n<blockquote>\n “The auto industry has generally lower gross margins than Apple's own current businesses. Tesla's gross margins are about 20%, compared to Apple's 40%. Operating margins are even lower, typically in the high single digits. Even in optimistic scenarios, the release of a production Apple Car is likely to have only a minor impact on Apple's bottom line.”\n</blockquote>\n<p>Lastly, the analyst believes that the end of the COVID-19 crisis will trigger a discretionary spending shift from tech devices (iPhones, Macs) to away-from-home services (travel and leisure). This could be a negative catalyst for the stock in 2021.</p>\n<p><b>The Apple Maven’s take</b></p>\n<p>In my opinion, the market is not the place to cheer for or against a stock. This is what sports arenas are for (after the pandemic is over, of course). So, I think that even the most confident of Apple investors should pay attention to the bearish case on the stock, and think through the arguments critically.</p>\n<p>I think Goldman raises good points about the hype around the 5G super cycle and the Apple Car. Whether either can push Apple’s financial results significantly above current consensus remains to be seen. Meanwhile, the stockseems to have already priced some of the upside.</p>\n<p>I also understand the risk in discretionary spending migrating away from tech hardware, software and services. Just as an example,air travel bookings for the summer seasonhave already started to climb fast. Where will the money to cover these costs come from? A brand-new iPad could be one answer.</p>\n<p>Still, the Apple Maven sees more upside to investing in Apple at current levels than downside risk. In addition to the bullish points on the business fundamentals,the valuation floor and dip-buying opportunityincreases the probability that an investment in Apple today will pay off in the long term.</p>\n<p><b>Twitter speaks</b></p>\n<p>The most bullish analysts say that Apple could head to $225 per share, under the rosiest scenario. The most bearish of them says “not so fast”, and sees 35% downside risk. Who will be proven right?</p>\n<p><img src=\"https://static.tigerbbs.com/416292f8a70685b7612b592d29c72df6\" tg-width=\"589\" tg-height=\"454\"><img src=\"https://static.tigerbbs.com/4e715d243108042b76de007cc2748aed\" tg-width=\"678\" tg-height=\"520\"></p>","source":"lsy1610613172068","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple Stock Is Going Down, One Analyst Says. Here’s Why</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple Stock Is Going Down, One Analyst Says. Here’s Why\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-19 22:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.thestreet.com/apple/news/apple-stock-is-going-down-one-analyst-says-heres-why><strong>The Street</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Recently, I laid out the arguments supporting Wall Street’s most bullish of theses on Apple stock. Some of the highlights included the doubling of services and wearables revenues in five years, the 5G...</p>\n\n<a href=\"https://www.thestreet.com/apple/news/apple-stock-is-going-down-one-analyst-says-heres-why\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.thestreet.com/apple/news/apple-stock-is-going-down-one-analyst-says-heres-why","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1103756496","content_text":"Recently, I laid out the arguments supporting Wall Street’s most bullish of theses on Apple stock. Some of the highlights included the doubling of services and wearables revenues in five years, the 5G super cycle, the greenfield Apple Car opportunity, and an acceleration in share repurchases.\nNow, I look at the flip side of the coin. How would one support the most bearish argument on Apple shares? At least one analyst has compiled a laundry list of items that makes him fear for a 35% drop in the stock price from current levels.\nApple might be too hyped\nGoldman Sach’s Rod Hall is one of those very rare Apple analysts that maintain a sell rating on the stock. While I have not come across research from him that is more recent thanlate January, most of his bearish points still seem relevant today.\nFor starters, Goldman does not seem impressed with the near-term smartphone opportunity. According to the research shop, the iPhone 12 resembles a “redesign cycle” rather thana more meaningful “5G super cycle”. As a result, iPhone replacement rates should be low in 2021.\nStill on the same subject, Goldman projects ASP (average selling price) to come down this year, as buyers shift to cheaper models like the iPhone 12 mini and the iPhone 11. Here,recent data points have been suggesting the opposite: the mini seems to be the biggest loser within the product portfolio, while the Pro and Pro Max have been performing above expectations.\nAlso, Mr. Hall does not seethe Apple Car opportunityas a profitable initiative.Accordingto him:\n\n “The auto industry has generally lower gross margins than Apple's own current businesses. Tesla's gross margins are about 20%, compared to Apple's 40%. Operating margins are even lower, typically in the high single digits. Even in optimistic scenarios, the release of a production Apple Car is likely to have only a minor impact on Apple's bottom line.”\n\nLastly, the analyst believes that the end of the COVID-19 crisis will trigger a discretionary spending shift from tech devices (iPhones, Macs) to away-from-home services (travel and leisure). This could be a negative catalyst for the stock in 2021.\nThe Apple Maven’s take\nIn my opinion, the market is not the place to cheer for or against a stock. This is what sports arenas are for (after the pandemic is over, of course). So, I think that even the most confident of Apple investors should pay attention to the bearish case on the stock, and think through the arguments critically.\nI think Goldman raises good points about the hype around the 5G super cycle and the Apple Car. Whether either can push Apple’s financial results significantly above current consensus remains to be seen. Meanwhile, the stockseems to have already priced some of the upside.\nI also understand the risk in discretionary spending migrating away from tech hardware, software and services. Just as an example,air travel bookings for the summer seasonhave already started to climb fast. Where will the money to cover these costs come from? A brand-new iPad could be one answer.\nStill, the Apple Maven sees more upside to investing in Apple at current levels than downside risk. In addition to the bullish points on the business fundamentals,the valuation floor and dip-buying opportunityincreases the probability that an investment in Apple today will pay off in the long term.\nTwitter speaks\nThe most bullish analysts say that Apple could head to $225 per share, under the rosiest scenario. The most bearish of them says “not so fast”, and sees 35% downside risk. Who will be proven right?","news_type":1},"isVote":1,"tweetType":1,"viewCount":120,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3577583677378683","authorId":"3577583677378683","name":"Moonbyul","avatar":"https://static.tigerbbs.com/c3393b4f329ea99dc510e630ecfecd61","crmLevel":2,"crmLevelSwitch":1,"idStr":"3577583677378683","authorIdStr":"3577583677378683"},"content":"I am looking at if it drop to US$100 per share. it a good buy.","text":"I am looking at if it drop to US$100 per share. it a good buy.","html":"I am looking at if it drop to US$100 per share. it a good buy."}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9913180521,"gmtCreate":1663937222363,"gmtModify":1676537366463,"author":{"id":"3577583677378683","authorId":"3577583677378683","name":"Moonbyul","avatar":"https://static.tigerbbs.com/c3393b4f329ea99dc510e630ecfecd61","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3577583677378683","authorIdStr":"3577583677378683"},"themes":[],"htmlText":"If Apple Stock go down to $128 I will buy more toinvest.&nbsp;","listText":"If Apple Stock go down to $128 I will buy more toinvest.&nbsp;","text":"If Apple Stock go down to $128 I will buy more toinvest.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/9913180521","repostId":"1143184962","repostType":2,"repost":{"id":"1143184962","pubTimestamp":1663946413,"share":"https://ttm.financial/m/news/1143184962?lang=&edition=fundamental","pubTime":"2022-09-23 23:20","market":"us","language":"en","title":"Apple: A Word Of Caution From Tim Cook And iPhone 14 Pre-Orders","url":"https://stock-news.laohu8.com/highlight/detail?id=1143184962","media":"Seeking Alpha","summary":"SummaryA revenue beat from 3Q22 results came from better than expected supply side factors rather th","content":"<html><head></head><body><p><b>Summary</b></p><ul><li>A revenue beat from 3Q22 results came from better than expected supply side factors rather than from the demand side.</li><li>Tim Cook did not see any impact on demand for iPhones so far, although there were pockets of weakness in other parts of the business due to macroeconomic impacts.</li><li>There were incremental improvements made for the iPhone, AirPods and Apple Watch in the September 7 event.</li><li>Early data from pre-orders of the new iPhone 14 shows weakness in some models while the iPhone 14 Pro Max demand was strong.</li><li>My 1 year target price for Apple is $128, implying a 17% downside from current levels.</li></ul><p>Apple (NASDAQ:AAPL)has held the status as the most valuable company in the world for some time now and for good reasons. I have written about the positives as well as the negatives for the investment case for and against Apple in my previous article. In this article, I look for early warning signs that demand for Apple products may be less than expected as the global economy starts to weaken.</p><p><b>Investment thesis</b></p><p>While I continue to see Apple as an excellent company with great products and a strong brand with strong competitive moats, I do think that the current price levels are not the right levels for investors to add to Apple. The premium multiple it is commanding today comes with a high level of risk as the market is pricing in mid single digit EPS growth in the next 2 years. With the heightened risk of slowing of the macroeconomic environment and potentially a recession, demand for Apple&#39;s products could start to wane as consumers become more sensitive in their spending.</p><p>As such, I think that the current premium multiple is not warranted given the possibility of further downward revisions to the mid single digit EPS that is priced in today. Even with the competitive moat that Apple has today, with a hefty price tag of 24x 2023 P/E with 6% EPS growth from 2023 to 2024, I think that there could be more downside to come for Apple.</p><p><b>3Q22 revenue beat came from supply side</b></p><p>In the current 3Q22 quarter, the company posted a revenue beat of $2.8 billion. Given that management guided that they expect a supply chain impact of about $4 billion to $8 billion for the current quarter, the approximately $3.5 billion in supply chain impact brought a positive impact of about $2.5 billion to the average of $6 billion supply chain impacts that would be expected for the quarter. As a result, the revenue beat did come from better than expected supply side factors, which is of course, positive news given that supply chain issues have been a major constraint for some of its products.</p><p>That said, I take a more cautious view on the demand side of things for Apple until I start to see demand driving the beat. I would look at the sales of the newest iPhone 14 models to gauge for demand since, as highlighted in my previous article, the iPhone takes up more than50%of Apple&#39;s total revenues.</p><p><b>Weak guidance</b></p><p>Although Apple does not usually give a specific numeric guidance, the fourth quarter guidance was less clear than normally provided. In terms of how the macroeconomic environment and higher inflation is affecting the business, I think that it is encouraging that management cleared the air that for the iPhone in particular, there were no obvious signs that macroeconomic factors were affecting the business.</p><p>However, it is also worth pointing out that CEO Tim Cook did acknowledge pockets of weakness in Wearables and Services as these businesses seem to be experiencing the impacts of weakening macroeconomic environment. Mac and iPad were constrained by supply which were not enough to test the demand. Also, there are headwinds coming from the foreign exchange as there were 300 basis points that had an impact on growth rates in the current quarter coming from these FX headwinds.</p><p>All in all, while there are pockets of weakness, I think that it is not all doom for Apple as consumer demand for the iPhone still looks to be holding up. Should there be any signs of weakness in demand for the iPhone 14, I think that this may spell near-term trouble for the company. However, I think management is currently being cautious about expectations rather than management signaling that consumer demand is waning. Furthermore, I think that the uncertain global environment does make it relatively more difficult for a clearer guidance.</p><p><b>Apple&#39;s 7 Sept event</b></p><p>As usual, Apple&#39;s biggest event of the calendar year was met with much enthusiasm. It was great to see incremental improvements, in my view, for their launches of the new iPhone, Watch and AirPods during the 7 September event.</p><p>Firstly, I would highlight the pricing for all models of its iPhones remain unchanged. In my view, this is necessary given that Apple could see a shift in demand from iPhone Pro to its non-Pro models if there were a price increase. Apple&#39;s iPhone Pro mix was abnormally higher during the pandemic and an increase in prices for the iPhone 14 Pro might have risked a more drastic normalization of the iPhone mix.</p><p>Apple did release other features like the Emergency SOS service that uses satellite connectivity which will be free for 2 years for all the new phones that allow for the service, as well as the Dynamic Island that is meant as a clever use of the cutout in the iPhone Pro model for showing alerts. The iPhone Pro model also has an updated 48MP quad-pixel sensor and up from the previous model&#39;s 12MP. Action mode was also launched for videos to look more smooth in videos with significant motion.</p><p>Targeting the fitness and outdoor enthusiasts that currently use watches from companies like Garmin, Apple launched the Apple Ultra Watch. It is a new premium watch with a 49mm titanium case and the watch has improved multi band GPS and the new L5frequency, with a pricing of $799. Furthermore, the company eliminated the Apple Watch Series 3 while reducing the price of the Apple Watch SE by $30 to $249. This means that the most affordable Apple Watch is now the Apple Watch SE.</p><p>Other upgrades include an upgrade to the AirPods Pro, with a new H2 chip that is said to have better sound quality, almost 2x better noise cancellation as well as a longer battery life of6 hours compared to the 4.5 hours in the previous version. Also, the pricing of the new AirPods Pro remains unchanged at $249.</p><p>All in all, while there were incremental improvements during the event for the new iPhone, Watch and AirPods, I take the view that these will not make meaningful improvements to the company&#39;s business or growth. With the event now behind us, this also leaves one less catalyst for the Apple stock in the near term and since this event does not move the needle much, most of the upside or downside in the near term will still come from the higher or lower demand for Apple&#39;s products in the current uncertain economic environment.</p><p><b>Early signs of demand from iPhone 14 launch</b></p><p>While it may be premature to gauge how the sales of the newest iPhone 14 will be in the next year, the data from the launch can be a good leading indicator of what we can expect moving forward. Furthermore, typically the more loyal Apple fans will be the ones buying the latest model near launch date and may not be a good representation of what the true demand is going forward.</p><p>An analyst from TF Securities has done the good work of analyzing and providing data on the pre-orders of Apple&#39;s newest iPhone 14 models. What he found was that for the top end model, iPhone 14 Pro Max, this surpassed the demand that was seen in the same period last year, for which the analyst rated good. The iPhone 14 Pro saw the same demand as the iPhone 13 Pro one year before and thus, was labeled as neutral. The iPhone 14 and iPhone 14 plus were rated a bad rating.</p><p>I think what this means is that we will see a shift in the mix towards the higher end model and thus a higher average selling price given the strong numbers for the iPhone 14 Pro Max. Furthermore, it does imply that the higher end consumers continue to be willing to spend and that iPhone 14 Pro Max&#39;s features and upgrades are the most attractive relative to the other 3 models.</p><p>The iPhone 14 plus had a weaker demand than that of the iPhone 13 mini launched last year, and the two models of iPhone 14 and iPhone 14 plus made up 45% of total shipments.</p><p>It remains to be seen whether the relatively stronger demand for the iPhone 14 Pro Max will be sustained past the early pre-order phase as we might see demand wane if the less loyal Apple consumers may not have the same enthusiasm for the iPhone 14 Pro Max as those who made the pre-order.</p><p><b>Valuation</b></p><p>Apple is currently trading at 24x 2023 P/E and 23x 2024 P/E. Embedded in this P/E is the pricing in of 6% growth on average in these 2 years. Even though I acknowledge Apple has one of the best businesses and competitive moats, I think that Apple still looks expensive to me at current levels.</p><p>I think that Apple&#39;s premium multiple makes it difficult for me to justify investment into the company at current levels because of the risks of macro economy weakening going into 2023, bringing downside to the current 6% average growth expected over the next 2 years. Furthermore, paying 24x 2023 P/E for 6% growth rate does not make sense to me as I see better opportunities out there.</p><p>I apply a 20x P/E multiple to my 2023F EPS estimate of $6.40. As such, my 1 year target price for Apple is $128, implying 17% downside from current levels. While I have not priced in a recession scenario in my EPS estimates for 2023F, I think that my estimates are relatively de-risked from that of Wall Street and my lower P/E multiple takes into account the higher risk we are seeing today with regard to the weakening macro situation.</p><p><b>Risks</b></p><p>Macroeconomic environment</p><p>While it can be argued that Apple has the most loyal fans, the uncertainty around the global macroeconomic environment now means that there are heightened risks that demand could fade if the economy makes a turn for the worse. I think that the main risk for Apple right now both for the upside and the downside is how demand plays out in the near-term. If demand holds up better than expected, we could see further upside in the stock price. However, if the recession scenario does occur and demand falls, there could be substantial downside to come.</p><p>Market share loss in high end smartphone markets</p><p>While Apple has one of the best competitive moats in the world, sometimes, the bigger they come, the harder they may fall. As such, I think it is crucial Apple maintains this competitive advantage. If Apple is unable to maintain its competitive advantage as an ecosystem leader, other high end smartphone players may take up market share and this will negatively affect share price.</p><p><b>Conclusion</b></p><p>Although Apple&#39;s strong platform creates optionality longer term we see this as offset by a premium multiple and both macro and normalization risks to numbers heading into 2023. We believe there are better options for investors wishing to weather deteriorating macro elsewhere in our coverage.</p><p>I prefer to be on the sidelines with Apple at the current levels, and maintain my neutral rating. There are warning signs for the business appearing as Tim Cook has mentioned some pockets of weakness in the business in the 2Q22 call, supply side factors driving the revenue beat in 2Q22, and iPhone 14 and iPhone 14 plus models not being well received in the pre-order stage. That said, I continue to like Apple as a business for the long-term with a great management running the show with best-in-class products and strong brand reputation. The premium valuation is not justified with the heightened risks that we are seeing going into 2023 with risks of weakening of consumer sentiment and potentially a recession. As such, I think that market has not yet priced in these risks for Apple. My 1 year target price for Apple is $128, implying 17% downside from current levels.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple: A Word Of Caution From Tim Cook And iPhone 14 Pre-Orders</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple: A Word Of Caution From Tim Cook And iPhone 14 Pre-Orders\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-09-23 23:20 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4542569-apple-a-word-of-caution-from-tim-cook-and-iphone-14-pre-orders?source=content_type%3Areact%7Cfirst_level_url%3Ahome%7Csection%3Aportfolio%7Csection_asset%3Aheadlines%7Cline%3A7><strong>Seeking Alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryA revenue beat from 3Q22 results came from better than expected supply side factors rather than from the demand side.Tim Cook did not see any impact on demand for iPhones so far, although there...</p>\n\n<a href=\"https://seekingalpha.com/article/4542569-apple-a-word-of-caution-from-tim-cook-and-iphone-14-pre-orders?source=content_type%3Areact%7Cfirst_level_url%3Ahome%7Csection%3Aportfolio%7Csection_asset%3Aheadlines%7Cline%3A7\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://seekingalpha.com/article/4542569-apple-a-word-of-caution-from-tim-cook-and-iphone-14-pre-orders?source=content_type%3Areact%7Cfirst_level_url%3Ahome%7Csection%3Aportfolio%7Csection_asset%3Aheadlines%7Cline%3A7","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1143184962","content_text":"SummaryA revenue beat from 3Q22 results came from better than expected supply side factors rather than from the demand side.Tim Cook did not see any impact on demand for iPhones so far, although there were pockets of weakness in other parts of the business due to macroeconomic impacts.There were incremental improvements made for the iPhone, AirPods and Apple Watch in the September 7 event.Early data from pre-orders of the new iPhone 14 shows weakness in some models while the iPhone 14 Pro Max demand was strong.My 1 year target price for Apple is $128, implying a 17% downside from current levels.Apple (NASDAQ:AAPL)has held the status as the most valuable company in the world for some time now and for good reasons. I have written about the positives as well as the negatives for the investment case for and against Apple in my previous article. In this article, I look for early warning signs that demand for Apple products may be less than expected as the global economy starts to weaken.Investment thesisWhile I continue to see Apple as an excellent company with great products and a strong brand with strong competitive moats, I do think that the current price levels are not the right levels for investors to add to Apple. The premium multiple it is commanding today comes with a high level of risk as the market is pricing in mid single digit EPS growth in the next 2 years. With the heightened risk of slowing of the macroeconomic environment and potentially a recession, demand for Apple's products could start to wane as consumers become more sensitive in their spending.As such, I think that the current premium multiple is not warranted given the possibility of further downward revisions to the mid single digit EPS that is priced in today. Even with the competitive moat that Apple has today, with a hefty price tag of 24x 2023 P/E with 6% EPS growth from 2023 to 2024, I think that there could be more downside to come for Apple.3Q22 revenue beat came from supply sideIn the current 3Q22 quarter, the company posted a revenue beat of $2.8 billion. Given that management guided that they expect a supply chain impact of about $4 billion to $8 billion for the current quarter, the approximately $3.5 billion in supply chain impact brought a positive impact of about $2.5 billion to the average of $6 billion supply chain impacts that would be expected for the quarter. As a result, the revenue beat did come from better than expected supply side factors, which is of course, positive news given that supply chain issues have been a major constraint for some of its products.That said, I take a more cautious view on the demand side of things for Apple until I start to see demand driving the beat. I would look at the sales of the newest iPhone 14 models to gauge for demand since, as highlighted in my previous article, the iPhone takes up more than50%of Apple's total revenues.Weak guidanceAlthough Apple does not usually give a specific numeric guidance, the fourth quarter guidance was less clear than normally provided. In terms of how the macroeconomic environment and higher inflation is affecting the business, I think that it is encouraging that management cleared the air that for the iPhone in particular, there were no obvious signs that macroeconomic factors were affecting the business.However, it is also worth pointing out that CEO Tim Cook did acknowledge pockets of weakness in Wearables and Services as these businesses seem to be experiencing the impacts of weakening macroeconomic environment. Mac and iPad were constrained by supply which were not enough to test the demand. Also, there are headwinds coming from the foreign exchange as there were 300 basis points that had an impact on growth rates in the current quarter coming from these FX headwinds.All in all, while there are pockets of weakness, I think that it is not all doom for Apple as consumer demand for the iPhone still looks to be holding up. Should there be any signs of weakness in demand for the iPhone 14, I think that this may spell near-term trouble for the company. However, I think management is currently being cautious about expectations rather than management signaling that consumer demand is waning. Furthermore, I think that the uncertain global environment does make it relatively more difficult for a clearer guidance.Apple's 7 Sept eventAs usual, Apple's biggest event of the calendar year was met with much enthusiasm. It was great to see incremental improvements, in my view, for their launches of the new iPhone, Watch and AirPods during the 7 September event.Firstly, I would highlight the pricing for all models of its iPhones remain unchanged. In my view, this is necessary given that Apple could see a shift in demand from iPhone Pro to its non-Pro models if there were a price increase. Apple's iPhone Pro mix was abnormally higher during the pandemic and an increase in prices for the iPhone 14 Pro might have risked a more drastic normalization of the iPhone mix.Apple did release other features like the Emergency SOS service that uses satellite connectivity which will be free for 2 years for all the new phones that allow for the service, as well as the Dynamic Island that is meant as a clever use of the cutout in the iPhone Pro model for showing alerts. The iPhone Pro model also has an updated 48MP quad-pixel sensor and up from the previous model's 12MP. Action mode was also launched for videos to look more smooth in videos with significant motion.Targeting the fitness and outdoor enthusiasts that currently use watches from companies like Garmin, Apple launched the Apple Ultra Watch. It is a new premium watch with a 49mm titanium case and the watch has improved multi band GPS and the new L5frequency, with a pricing of $799. Furthermore, the company eliminated the Apple Watch Series 3 while reducing the price of the Apple Watch SE by $30 to $249. This means that the most affordable Apple Watch is now the Apple Watch SE.Other upgrades include an upgrade to the AirPods Pro, with a new H2 chip that is said to have better sound quality, almost 2x better noise cancellation as well as a longer battery life of6 hours compared to the 4.5 hours in the previous version. Also, the pricing of the new AirPods Pro remains unchanged at $249.All in all, while there were incremental improvements during the event for the new iPhone, Watch and AirPods, I take the view that these will not make meaningful improvements to the company's business or growth. With the event now behind us, this also leaves one less catalyst for the Apple stock in the near term and since this event does not move the needle much, most of the upside or downside in the near term will still come from the higher or lower demand for Apple's products in the current uncertain economic environment.Early signs of demand from iPhone 14 launchWhile it may be premature to gauge how the sales of the newest iPhone 14 will be in the next year, the data from the launch can be a good leading indicator of what we can expect moving forward. Furthermore, typically the more loyal Apple fans will be the ones buying the latest model near launch date and may not be a good representation of what the true demand is going forward.An analyst from TF Securities has done the good work of analyzing and providing data on the pre-orders of Apple's newest iPhone 14 models. What he found was that for the top end model, iPhone 14 Pro Max, this surpassed the demand that was seen in the same period last year, for which the analyst rated good. The iPhone 14 Pro saw the same demand as the iPhone 13 Pro one year before and thus, was labeled as neutral. The iPhone 14 and iPhone 14 plus were rated a bad rating.I think what this means is that we will see a shift in the mix towards the higher end model and thus a higher average selling price given the strong numbers for the iPhone 14 Pro Max. Furthermore, it does imply that the higher end consumers continue to be willing to spend and that iPhone 14 Pro Max's features and upgrades are the most attractive relative to the other 3 models.The iPhone 14 plus had a weaker demand than that of the iPhone 13 mini launched last year, and the two models of iPhone 14 and iPhone 14 plus made up 45% of total shipments.It remains to be seen whether the relatively stronger demand for the iPhone 14 Pro Max will be sustained past the early pre-order phase as we might see demand wane if the less loyal Apple consumers may not have the same enthusiasm for the iPhone 14 Pro Max as those who made the pre-order.ValuationApple is currently trading at 24x 2023 P/E and 23x 2024 P/E. Embedded in this P/E is the pricing in of 6% growth on average in these 2 years. Even though I acknowledge Apple has one of the best businesses and competitive moats, I think that Apple still looks expensive to me at current levels.I think that Apple's premium multiple makes it difficult for me to justify investment into the company at current levels because of the risks of macro economy weakening going into 2023, bringing downside to the current 6% average growth expected over the next 2 years. Furthermore, paying 24x 2023 P/E for 6% growth rate does not make sense to me as I see better opportunities out there.I apply a 20x P/E multiple to my 2023F EPS estimate of $6.40. As such, my 1 year target price for Apple is $128, implying 17% downside from current levels. While I have not priced in a recession scenario in my EPS estimates for 2023F, I think that my estimates are relatively de-risked from that of Wall Street and my lower P/E multiple takes into account the higher risk we are seeing today with regard to the weakening macro situation.RisksMacroeconomic environmentWhile it can be argued that Apple has the most loyal fans, the uncertainty around the global macroeconomic environment now means that there are heightened risks that demand could fade if the economy makes a turn for the worse. I think that the main risk for Apple right now both for the upside and the downside is how demand plays out in the near-term. If demand holds up better than expected, we could see further upside in the stock price. However, if the recession scenario does occur and demand falls, there could be substantial downside to come.Market share loss in high end smartphone marketsWhile Apple has one of the best competitive moats in the world, sometimes, the bigger they come, the harder they may fall. As such, I think it is crucial Apple maintains this competitive advantage. If Apple is unable to maintain its competitive advantage as an ecosystem leader, other high end smartphone players may take up market share and this will negatively affect share price.ConclusionAlthough Apple's strong platform creates optionality longer term we see this as offset by a premium multiple and both macro and normalization risks to numbers heading into 2023. We believe there are better options for investors wishing to weather deteriorating macro elsewhere in our coverage.I prefer to be on the sidelines with Apple at the current levels, and maintain my neutral rating. There are warning signs for the business appearing as Tim Cook has mentioned some pockets of weakness in the business in the 2Q22 call, supply side factors driving the revenue beat in 2Q22, and iPhone 14 and iPhone 14 plus models not being well received in the pre-order stage. That said, I continue to like Apple as a business for the long-term with a great management running the show with best-in-class products and strong brand reputation. The premium valuation is not justified with the heightened risks that we are seeing going into 2023 with risks of weakening of consumer sentiment and potentially a recession. As such, I think that market has not yet priced in these risks for Apple. My 1 year target price for Apple is $128, implying 17% downside from current levels.","news_type":1},"isVote":1,"tweetType":1,"viewCount":104,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3586752204475642","authorId":"3586752204475642","name":"Kelvink73","avatar":"https://static.tigerbbs.com/8c719c2e9dfb696800beef6e2afa018a","crmLevel":3,"crmLevelSwitch":0,"idStr":"3586752204475642","authorIdStr":"3586752204475642"},"content":"looks like a good deal","text":"looks like a good deal","html":"looks like a good deal"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9934775863,"gmtCreate":1663310216253,"gmtModify":1676537250048,"author":{"id":"3577583677378683","authorId":"3577583677378683","name":"Moonbyul","avatar":"https://static.tigerbbs.com/c3393b4f329ea99dc510e630ecfecd61","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3577583677378683","authorIdStr":"3577583677378683"},"themes":[],"htmlText":"Apple stock is good for long term investment 👍🏻","listText":"Apple stock is good for long term investment 👍🏻","text":"Apple stock is good for long term investment 👍🏻","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/9934775863","repostId":"2267966380","repostType":4,"repost":{"id":"2267966380","pubTimestamp":1663305445,"share":"https://ttm.financial/m/news/2267966380?lang=&edition=fundamental","pubTime":"2022-09-16 13:17","market":"us","language":"en","title":"Apple Counts on Upscale Shoppers to Turn Latest iPhone Into Hit","url":"https://stock-news.laohu8.com/highlight/detail?id=2267966380","media":"Bloomberg","summary":"Preorders show that costliest iPhone 14 is most popular modelEven without price hike, Apple benefits","content":"<html><head></head><body><ul><li>Preorders show that costliest iPhone 14 is most popular model</li><li>Even without price hike, Apple benefits from shift to high end</li></ul><p>(Bloomberg) -- The latest iPhone hits stores Friday, and <a href=\"https://laohu8.com/S/AAPL\">Apple Inc.</a> is counting on well-heeled shoppers to make the device a hit during a year of roaring inflation and shaky technology spending.</p><p>The iPhone 14 lineup reserves the best features for the high-end Pro models costing at least $1,000. And based on preorder data, the strategy is already working with consumers, who have turned the most expensive new iPhone into the most popular version.</p><p>Though overall spending on mobile devices and computers is slowing this year, there’s still an appetite for top-tier smartphones -- Apple’s strength. That’s allowed the company to hold production steady at a time when much of the industry is scaling back plans.</p><p><img src=\"https://static.tigerbbs.com/a00e84f7c54805eccf0a90b39a215b1b\" tg-width=\"617\" tg-height=\"387\" width=\"100%\" height=\"auto\"/></p><p>“The data continues to point to robust demand for the iPhone 14 Pro and Pro Max, which could have a materially positive impact for both mix and margins,” Amit Daryanani, an analyst at Evercore ISI, said in a report this week.</p><p>The iPhone 14 line was unveiled earlier this month alongside new Apple Watches and AirPods. The company didn’t raise prices, a surprise to analysts who thought inflationary pressure would force the move. But Apple is still attempting to upsell consumers more than ever before.</p><p>The standard iPhone, which starts at $799, doesn’t even run Apple’s latest processor, the A16. Instead, it uses the same A15 chip as last year, with the A16 going into the Pro models. The Pro phones also get significant camera improvements and a new interface called the Dynamic Island.</p><p>That’s left users with less reason to upgrade to a basic iPhone 14, but plenty of incentive to pay a little more for the Pro. A flurry of carrier promotions and trade-in offers also may coax consumers into buying a glitzier model.</p><p>Apple reshuffled its display configurations this year as well. Gone is the mini version of the iPhone. Instead, the company is betting that consumers want more screen real estate. The non-Pro iPhone 14 will come in a 6.1-inch model and a 6.7-inch Plus version that won’t be available until Oct. 7.</p><p>The preorder data suggests the iPhone 14 Pro Max is more in demand than the same model was last year, part of the shift upscale, according to a report by KGI Securities.</p><p><img src=\"https://static.tigerbbs.com/b4c47fc64354deb7f33b8ec3a931731f\" tg-width=\"659\" tg-height=\"384\" width=\"100%\" height=\"auto\"/></p><p>The question now is whether that momentum is strong enough for Apple to overcome a broader slump. Worldwide the smartphone market is expected to decline 3.5% to 1.31 billion units this year, according to market research firm IDC.</p><p>In China, both a manufacturing hub for Apple and a key market, smartphone sales have tumbled this year. But Apple shipments are up 5% compared with an overall decline of 23%, according to Evercore ISI’s Daryanani.</p><p>“Apple continues to gain significant share in China and we expect the share gains to continue,” he said.</p><p>A successful iPhone 14 launch could help ease investor jitters after a roller coaster of a month. The stock has whipsawed between gains and losses in recent trading sessions, with the shares suffering their worst single-day rout since 2020 on Tuesday. A higher-than-expected inflation report and concerns about interest rate hikes have hit tech stocks especially hard.</p><p>Apple shares are down 14% for the year, though that’s a bit better than the S&amp;P 500, which has fallen 18%. The tech-heavy Nasdaq Composite Index has tumbled 26%.</p><p>Analysts expect Apple sales to tick up 6% this quarter, a deceleration from the 29% gain it saw a year earlier -- when pandemic-bound consumers were still snapping up technology. The iPhone 14 is coming out a couple weeks earlier in the year than usual, which should help shore up Apple’s revenue in the September quarter. The company’s biggest sales period of the year is usually the December quarter, lifted by holiday spending. Sales in that period are expected to gain 3%, according to analysts’ estimates.</p><p>The iPhone is unrivaled among Apple’s products in its importance. It provides about half of the company’s total revenue and helps spur sales of other devices, including the Apple Watch and AirPods. Both of those categories got makeovers during the recent launch, further spotlighting the company’s high-end focus.</p><p>The company unveiled a update of the AirPods Pro and a first-ever Apple Watch Ultra model, which -- like the Pro iPhones -- is designed to be both bigger and better. And, of course, it will cost a bit more.</p></body></html>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple Counts on Upscale Shoppers to Turn Latest iPhone Into Hit</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple Counts on Upscale Shoppers to Turn Latest iPhone Into Hit\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-09-16 13:17 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/apple-counts-upscale-shoppers-turn-040100442.html><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Preorders show that costliest iPhone 14 is most popular modelEven without price hike, Apple benefits from shift to high end(Bloomberg) -- The latest iPhone hits stores Friday, and Apple Inc. is ...</p>\n\n<a href=\"https://finance.yahoo.com/news/apple-counts-upscale-shoppers-turn-040100442.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://finance.yahoo.com/news/apple-counts-upscale-shoppers-turn-040100442.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2267966380","content_text":"Preorders show that costliest iPhone 14 is most popular modelEven without price hike, Apple benefits from shift to high end(Bloomberg) -- The latest iPhone hits stores Friday, and Apple Inc. is counting on well-heeled shoppers to make the device a hit during a year of roaring inflation and shaky technology spending.The iPhone 14 lineup reserves the best features for the high-end Pro models costing at least $1,000. And based on preorder data, the strategy is already working with consumers, who have turned the most expensive new iPhone into the most popular version.Though overall spending on mobile devices and computers is slowing this year, there’s still an appetite for top-tier smartphones -- Apple’s strength. That’s allowed the company to hold production steady at a time when much of the industry is scaling back plans.“The data continues to point to robust demand for the iPhone 14 Pro and Pro Max, which could have a materially positive impact for both mix and margins,” Amit Daryanani, an analyst at Evercore ISI, said in a report this week.The iPhone 14 line was unveiled earlier this month alongside new Apple Watches and AirPods. The company didn’t raise prices, a surprise to analysts who thought inflationary pressure would force the move. But Apple is still attempting to upsell consumers more than ever before.The standard iPhone, which starts at $799, doesn’t even run Apple’s latest processor, the A16. Instead, it uses the same A15 chip as last year, with the A16 going into the Pro models. The Pro phones also get significant camera improvements and a new interface called the Dynamic Island.That’s left users with less reason to upgrade to a basic iPhone 14, but plenty of incentive to pay a little more for the Pro. A flurry of carrier promotions and trade-in offers also may coax consumers into buying a glitzier model.Apple reshuffled its display configurations this year as well. Gone is the mini version of the iPhone. Instead, the company is betting that consumers want more screen real estate. The non-Pro iPhone 14 will come in a 6.1-inch model and a 6.7-inch Plus version that won’t be available until Oct. 7.The preorder data suggests the iPhone 14 Pro Max is more in demand than the same model was last year, part of the shift upscale, according to a report by KGI Securities.The question now is whether that momentum is strong enough for Apple to overcome a broader slump. Worldwide the smartphone market is expected to decline 3.5% to 1.31 billion units this year, according to market research firm IDC.In China, both a manufacturing hub for Apple and a key market, smartphone sales have tumbled this year. But Apple shipments are up 5% compared with an overall decline of 23%, according to Evercore ISI’s Daryanani.“Apple continues to gain significant share in China and we expect the share gains to continue,” he said.A successful iPhone 14 launch could help ease investor jitters after a roller coaster of a month. The stock has whipsawed between gains and losses in recent trading sessions, with the shares suffering their worst single-day rout since 2020 on Tuesday. A higher-than-expected inflation report and concerns about interest rate hikes have hit tech stocks especially hard.Apple shares are down 14% for the year, though that’s a bit better than the S&P 500, which has fallen 18%. The tech-heavy Nasdaq Composite Index has tumbled 26%.Analysts expect Apple sales to tick up 6% this quarter, a deceleration from the 29% gain it saw a year earlier -- when pandemic-bound consumers were still snapping up technology. The iPhone 14 is coming out a couple weeks earlier in the year than usual, which should help shore up Apple’s revenue in the September quarter. The company’s biggest sales period of the year is usually the December quarter, lifted by holiday spending. Sales in that period are expected to gain 3%, according to analysts’ estimates.The iPhone is unrivaled among Apple’s products in its importance. It provides about half of the company’s total revenue and helps spur sales of other devices, including the Apple Watch and AirPods. Both of those categories got makeovers during the recent launch, further spotlighting the company’s high-end focus.The company unveiled a update of the AirPods Pro and a first-ever Apple Watch Ultra model, which -- like the Pro iPhones -- is designed to be both bigger and better. And, of course, it will cost a bit more.","news_type":1},"isVote":1,"tweetType":1,"viewCount":255,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9991868734,"gmtCreate":1660807997232,"gmtModify":1676536403442,"author":{"id":"3577583677378683","authorId":"3577583677378683","name":"Moonbyul","avatar":"https://static.tigerbbs.com/c3393b4f329ea99dc510e630ecfecd61","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3577583677378683","authorIdStr":"3577583677378683"},"themes":[],"htmlText":"Great company to invest in 👍🏻","listText":"Great company to invest in 👍🏻","text":"Great company to invest in 👍🏻","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9991868734","repostId":"1139363176","repostType":4,"repost":{"id":"1139363176","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1660804222,"share":"https://ttm.financial/m/news/1139363176?lang=&edition=fundamental","pubTime":"2022-08-18 14:30","market":"us","language":"en","title":"Is Apple \"The Perfect Stock To Own In An Economic Downturn\"?","url":"https://stock-news.laohu8.com/highlight/detail?id=1139363176","media":"Benzinga","summary":"ZINGER KEY POINTSJoe Terranova says Apple's financial metrics set it up for success amid current mar","content":"<html><head></head><body><p><b>ZINGER KEY POINTS</b></p><ul><li>Joe Terranova says Apple&#39;s financial metrics set it up for success amid current market conditions.</li><li>&#34;It&#39;s an unbelievable company. Oh, and by the way, they&#39;re buying back their shares,&#34; Terranova says.</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/815df67692da99c4a64b6fb3705b12a4\" tg-width=\"864\" tg-height=\"575\" width=\"100%\" height=\"auto\"/><span>Photo: courtesy of Apple.</span></p><p><b>Apple Inc</b> shares are on the move Wednesday following a pair of upgrades from analysts who see strong demand trends in the hardware side of the business.</p><p>Virtus Investment Partners&#39; <b>Joe Terranova</b> backed up the bullish analyst calls Wednesday on CNBC&#39;s &#34;Fast Money Halftime Report.&#34;</p><p>He might have even one-upped the analysts when he said Apple is &#34;the perfect stock to own in an economic downturn.&#34;</p><p><b>What To Know:</b> Apple began the year trading at $177.57, Terranova said.</p><p>&#34;That&#39;s where Apple is going to trade above in the next several weeks, if not the next several days,&#34; he said.</p><p>He suggested that Apple stock will be able to hold its gains through the end of the year — and those who remain long the name will be rewarded.</p><p>&#34;It will be higher on the year because all of the financial metrics of this company align itself with the environment in which the economic contraction that is unfolding allows for resiliency and allows for investors to be rewarded staying patient and invested in this name,&#34; he said.</p><p>&#34;It&#39;s an unbelievable company. Oh, and by the way, they&#39;re buying back their shares.&#34;</p><p>During the company&#39;s March quarter, Apple announced that its board authorized an increase of $90 billion to its existing share repurchase program. At that time, the company reported $43.11 billion in buybacks through the second quarter of its fiscal year.</p><p>In the company&#39;s most recent earnings report from the end of July, Apple reported total fiscal year buybacks of $64.97 billion, which shows that Apple repurchased $21.865 billion of its stock last quarter.</p><p><b>AAPL Price Action:</b> Apple has a 52-week high of $182.94 and a 52-week low of $129.04.</p><p>The stock gained 0.88% Wednesday, closing at $174.55, according to Benzinga Pro.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Is Apple \"The Perfect Stock To Own In An Economic Downturn\"? </title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIs Apple \"The Perfect Stock To Own In An Economic Downturn\"? \n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga </p>\n<p class=\"h-time\">2022-08-18 14:30</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p><b>ZINGER KEY POINTS</b></p><ul><li>Joe Terranova says Apple&#39;s financial metrics set it up for success amid current market conditions.</li><li>&#34;It&#39;s an unbelievable company. Oh, and by the way, they&#39;re buying back their shares,&#34; Terranova says.</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/815df67692da99c4a64b6fb3705b12a4\" tg-width=\"864\" tg-height=\"575\" width=\"100%\" height=\"auto\"/><span>Photo: courtesy of Apple.</span></p><p><b>Apple Inc</b> shares are on the move Wednesday following a pair of upgrades from analysts who see strong demand trends in the hardware side of the business.</p><p>Virtus Investment Partners&#39; <b>Joe Terranova</b> backed up the bullish analyst calls Wednesday on CNBC&#39;s &#34;Fast Money Halftime Report.&#34;</p><p>He might have even one-upped the analysts when he said Apple is &#34;the perfect stock to own in an economic downturn.&#34;</p><p><b>What To Know:</b> Apple began the year trading at $177.57, Terranova said.</p><p>&#34;That&#39;s where Apple is going to trade above in the next several weeks, if not the next several days,&#34; he said.</p><p>He suggested that Apple stock will be able to hold its gains through the end of the year — and those who remain long the name will be rewarded.</p><p>&#34;It will be higher on the year because all of the financial metrics of this company align itself with the environment in which the economic contraction that is unfolding allows for resiliency and allows for investors to be rewarded staying patient and invested in this name,&#34; he said.</p><p>&#34;It&#39;s an unbelievable company. Oh, and by the way, they&#39;re buying back their shares.&#34;</p><p>During the company&#39;s March quarter, Apple announced that its board authorized an increase of $90 billion to its existing share repurchase program. At that time, the company reported $43.11 billion in buybacks through the second quarter of its fiscal year.</p><p>In the company&#39;s most recent earnings report from the end of July, Apple reported total fiscal year buybacks of $64.97 billion, which shows that Apple repurchased $21.865 billion of its stock last quarter.</p><p><b>AAPL Price Action:</b> Apple has a 52-week high of $182.94 and a 52-week low of $129.04.</p><p>The stock gained 0.88% Wednesday, closing at $174.55, according to Benzinga Pro.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1139363176","content_text":"ZINGER KEY POINTSJoe Terranova says Apple's financial metrics set it up for success amid current market conditions.\"It's an unbelievable company. Oh, and by the way, they're buying back their shares,\" Terranova says.Photo: courtesy of Apple.Apple Inc shares are on the move Wednesday following a pair of upgrades from analysts who see strong demand trends in the hardware side of the business.Virtus Investment Partners' Joe Terranova backed up the bullish analyst calls Wednesday on CNBC's \"Fast Money Halftime Report.\"He might have even one-upped the analysts when he said Apple is \"the perfect stock to own in an economic downturn.\"What To Know: Apple began the year trading at $177.57, Terranova said.\"That's where Apple is going to trade above in the next several weeks, if not the next several days,\" he said.He suggested that Apple stock will be able to hold its gains through the end of the year — and those who remain long the name will be rewarded.\"It will be higher on the year because all of the financial metrics of this company align itself with the environment in which the economic contraction that is unfolding allows for resiliency and allows for investors to be rewarded staying patient and invested in this name,\" he said.\"It's an unbelievable company. Oh, and by the way, they're buying back their shares.\"During the company's March quarter, Apple announced that its board authorized an increase of $90 billion to its existing share repurchase program. At that time, the company reported $43.11 billion in buybacks through the second quarter of its fiscal year.In the company's most recent earnings report from the end of July, Apple reported total fiscal year buybacks of $64.97 billion, which shows that Apple repurchased $21.865 billion of its stock last quarter.AAPL Price Action: Apple has a 52-week high of $182.94 and a 52-week low of $129.04.The stock gained 0.88% Wednesday, closing at $174.55, according to Benzinga Pro.","news_type":1},"isVote":1,"tweetType":1,"viewCount":157,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9934876392,"gmtCreate":1663227757516,"gmtModify":1676537232365,"author":{"id":"3577583677378683","authorId":"3577583677378683","name":"Moonbyul","avatar":"https://static.tigerbbs.com/c3393b4f329ea99dc510e630ecfecd61","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3577583677378683","authorIdStr":"3577583677378683"},"themes":[],"htmlText":"Yay agree Apple is a stock to buy 👍🏻","listText":"Yay agree Apple is a stock to buy 👍🏻","text":"Yay agree Apple is a stock to buy 👍🏻","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/9934876392","repostId":"1151661642","repostType":2,"repost":{"id":"1151661642","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":1,"media_name":"Dow Jones","id":"1012688067","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1663222690,"share":"https://ttm.financial/m/news/1151661642?lang=&edition=fundamental","pubTime":"2022-09-15 14:18","market":"us","language":"en","title":"Why One Top Advisor Is Still Buying Apple and Microsoft Stock","url":"https://stock-news.laohu8.com/highlight/detail?id=1151661642","media":"Dow Jones","summary":"Technology stocks like Apple and Microsoft have gotten pummeled this week as key inflation data came","content":"<html><head></head><body><p>Technology stocks like Apple and Microsoft have gotten pummeled this week as key inflation data came in hotter than expected. Despite the selloff, one top financial advisor remains positive on large-cap tech stocks.</p><p>The August inflation report was a shock to the market. The consumer price index rose more than expected, leaving investors more concerned than before over how aggressive the Federal Reserve will be in its fight to cool off still too high prices. That was reflected in the yield of the 2-year Treasury note, which climbed to 3.8% on Wednesday, up from 3.57% this past Friday.</p><p>Higher rates are rarely good for the stock market, and Tuesday was no exception, as all three major indexes suffered their worst losses since June 2020. The Dow Jones Industrial Average dropped 3.9% and the S&amp;P 500 was down 4.3%, but the real damage was in the tech-heavy Nasdaq Composite, which declined 5.2% as Apple (ticker: AAPL) and Google parent Alphabet (GOOGL) shares slumped around 6%, while Microsoft (MSFT) fell 5.5%. Shares of Meta Platforms (META) sank 9.4% for the company’s worst day since Feb. 3.</p><p>That makes sense given that growth stocks are particularly sensitive to higher rates. Growth companies, like those in big tech, generate a lot of their cash flow in the future and higher interest rates mean future cash is less valuable than it was when rates were lower.</p><p>But Richard Saperstein, CIO for Treasury Partners and the number seven ranked financial advisor in 2022 according to Barron’s, says that he remains overweight on some of the world’s largest tech stocks.</p><p>“We want to have companies that are noncyclical, have high free cash flows, structural tailwinds, strong balance sheets, and can sustain a slowing economy,” Saperstein says.</p><p>Specifically, Saperstein said he is overweight Apple, Microsoft, and Alphabet, and sees days that stocks are down as much as they were on Tuesday as “an opportunity” for investors that are underweight the stocks to add them to their portfolios.</p><p>Saperstein calls Microsoft “one of the most critical and indispensable IT vendors.” He also likes that Microsoft has “low levels of regulatory risk,” especially compared with companies like Google and Meta, which are “using your data to generate sales of advertising.”</p><p>Saperstein is a fan of Apple’s “ecosystem,” and believes new products like the iPhone 14 and Apple Watch Series 8 could be potential catalysts for the stock, along with the continued improvement of its products.</p><p>“They’re adding value to new products, they’re not just regurgitating the same product with a larger screen, but they are adding value along the way,” Saperstein. “We’re seeing increased sales, an embedded base of phones that are going to be sold again to people who have older phones, service revenues are approaching 23% of sales…there’s a tremendous amount of buybacks and a very strong balance sheet.”</p><p>Even when it’s out of favor.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why One Top Advisor Is Still Buying Apple and Microsoft Stock</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy One Top Advisor Is Still Buying Apple and Microsoft Stock\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1012688067\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2022-09-15 14:18</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Technology stocks like Apple and Microsoft have gotten pummeled this week as key inflation data came in hotter than expected. Despite the selloff, one top financial advisor remains positive on large-cap tech stocks.</p><p>The August inflation report was a shock to the market. The consumer price index rose more than expected, leaving investors more concerned than before over how aggressive the Federal Reserve will be in its fight to cool off still too high prices. That was reflected in the yield of the 2-year Treasury note, which climbed to 3.8% on Wednesday, up from 3.57% this past Friday.</p><p>Higher rates are rarely good for the stock market, and Tuesday was no exception, as all three major indexes suffered their worst losses since June 2020. The Dow Jones Industrial Average dropped 3.9% and the S&amp;P 500 was down 4.3%, but the real damage was in the tech-heavy Nasdaq Composite, which declined 5.2% as Apple (ticker: AAPL) and Google parent Alphabet (GOOGL) shares slumped around 6%, while Microsoft (MSFT) fell 5.5%. Shares of Meta Platforms (META) sank 9.4% for the company’s worst day since Feb. 3.</p><p>That makes sense given that growth stocks are particularly sensitive to higher rates. Growth companies, like those in big tech, generate a lot of their cash flow in the future and higher interest rates mean future cash is less valuable than it was when rates were lower.</p><p>But Richard Saperstein, CIO for Treasury Partners and the number seven ranked financial advisor in 2022 according to Barron’s, says that he remains overweight on some of the world’s largest tech stocks.</p><p>“We want to have companies that are noncyclical, have high free cash flows, structural tailwinds, strong balance sheets, and can sustain a slowing economy,” Saperstein says.</p><p>Specifically, Saperstein said he is overweight Apple, Microsoft, and Alphabet, and sees days that stocks are down as much as they were on Tuesday as “an opportunity” for investors that are underweight the stocks to add them to their portfolios.</p><p>Saperstein calls Microsoft “one of the most critical and indispensable IT vendors.” He also likes that Microsoft has “low levels of regulatory risk,” especially compared with companies like Google and Meta, which are “using your data to generate sales of advertising.”</p><p>Saperstein is a fan of Apple’s “ecosystem,” and believes new products like the iPhone 14 and Apple Watch Series 8 could be potential catalysts for the stock, along with the continued improvement of its products.</p><p>“They’re adding value to new products, they’re not just regurgitating the same product with a larger screen, but they are adding value along the way,” Saperstein. “We’re seeing increased sales, an embedded base of phones that are going to be sold again to people who have older phones, service revenues are approaching 23% of sales…there’s a tremendous amount of buybacks and a very strong balance sheet.”</p><p>Even when it’s out of favor.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MSFT":"微软","AAPL":"苹果"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1151661642","content_text":"Technology stocks like Apple and Microsoft have gotten pummeled this week as key inflation data came in hotter than expected. Despite the selloff, one top financial advisor remains positive on large-cap tech stocks.The August inflation report was a shock to the market. The consumer price index rose more than expected, leaving investors more concerned than before over how aggressive the Federal Reserve will be in its fight to cool off still too high prices. That was reflected in the yield of the 2-year Treasury note, which climbed to 3.8% on Wednesday, up from 3.57% this past Friday.Higher rates are rarely good for the stock market, and Tuesday was no exception, as all three major indexes suffered their worst losses since June 2020. The Dow Jones Industrial Average dropped 3.9% and the S&P 500 was down 4.3%, but the real damage was in the tech-heavy Nasdaq Composite, which declined 5.2% as Apple (ticker: AAPL) and Google parent Alphabet (GOOGL) shares slumped around 6%, while Microsoft (MSFT) fell 5.5%. Shares of Meta Platforms (META) sank 9.4% for the company’s worst day since Feb. 3.That makes sense given that growth stocks are particularly sensitive to higher rates. Growth companies, like those in big tech, generate a lot of their cash flow in the future and higher interest rates mean future cash is less valuable than it was when rates were lower.But Richard Saperstein, CIO for Treasury Partners and the number seven ranked financial advisor in 2022 according to Barron’s, says that he remains overweight on some of the world’s largest tech stocks.“We want to have companies that are noncyclical, have high free cash flows, structural tailwinds, strong balance sheets, and can sustain a slowing economy,” Saperstein says.Specifically, Saperstein said he is overweight Apple, Microsoft, and Alphabet, and sees days that stocks are down as much as they were on Tuesday as “an opportunity” for investors that are underweight the stocks to add them to their portfolios.Saperstein calls Microsoft “one of the most critical and indispensable IT vendors.” He also likes that Microsoft has “low levels of regulatory risk,” especially compared with companies like Google and Meta, which are “using your data to generate sales of advertising.”Saperstein is a fan of Apple’s “ecosystem,” and believes new products like the iPhone 14 and Apple Watch Series 8 could be potential catalysts for the stock, along with the continued improvement of its products.“They’re adding value to new products, they’re not just regurgitating the same product with a larger screen, but they are adding value along the way,” Saperstein. “We’re seeing increased sales, an embedded base of phones that are going to be sold again to people who have older phones, service revenues are approaching 23% of sales…there’s a tremendous amount of buybacks and a very strong balance sheet.”Even when it’s out of favor.","news_type":1},"isVote":1,"tweetType":1,"viewCount":89,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9908805129,"gmtCreate":1659351241661,"gmtModify":1705979384313,"author":{"id":"3577583677378683","authorId":"3577583677378683","name":"Moonbyul","avatar":"https://static.tigerbbs.com/c3393b4f329ea99dc510e630ecfecd61","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3577583677378683","authorIdStr":"3577583677378683"},"themes":[],"htmlText":"Yes when Apple stock was going down I buy it. Good company to invest in👍🏻","listText":"Yes when Apple stock was going down I buy it. Good company to invest in👍🏻","text":"Yes when Apple stock was going down I buy it. Good company to invest in👍🏻","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9908805129","repostId":"1136914958","repostType":4,"repost":{"id":"1136914958","pubTimestamp":1659362449,"share":"https://ttm.financial/m/news/1136914958?lang=&edition=fundamental","pubTime":"2022-08-01 22:00","market":"us","language":"en","title":"Apple: Why Bears Should Give In And Own This Stock","url":"https://stock-news.laohu8.com/highlight/detail?id=1136914958","media":"Seeking Alpha","summary":"SummaryMany continue to be skeptical of a richly valued stock like Apple in the face of macroeconomi","content":"<html><head></head><body><p>Summary</p><ul><li>Many continue to be skeptical of a richly valued stock like Apple in the face of macroeconomic challenges. But I think the fears are overblown.</li><li>Quality trumps risk during periods of uncertainty. AAPL checks many of the boxes that earn it the status of very high-quality stock.</li><li>In this article, I touch on Apple&#39;s consistent execution of the C-suite; cash generation; working capital and inventory management.</li></ul><p>One day after <a href=\"https://laohu8.com/S/AAPL\">Apple</a> delivered yet another consensus-beating set of results, one CNBC poll caught my attention. When asked which July winner investors might want to &#34;fade&#34;, nearly one in four Twitter respondents suggestedthat Apple stock should be the one sold into strength. Mind you, skepticism towards shares of the Cupertino company is nothing new.</p><p>Despite the stock being richly valued relative to the broad market and its own history, which may explain why some may fear that the recent rally could be short-lived, I believe that many continue to underestimate the appeal of AAPL amid a deteriorating macroeconomic environment. Below, I explain why.</p><h3>Apple&#39;s earnings beats are not a coincidence</h3><p>According to Seeking Alpha, Apple has met or topped EPS consensus in each of the past 20 quarters, if not longer. The average beat has been 15 cents per quarter since the start of the COVID-19 crisis, compared to only 3 cents per quarter in the previous ten periods.</p><p>To be clear, part of the reason why Apple has managed to impress Wall Street as much as it has lately is the lack of full guidance, coupled with high levels of uncertainty that probably caused analysts to be overly conservative at projecting financial results. Still, I think it would be a mistake to discount Apple&#39;s pristine execution during this very challenging COVID-19 period.</p><p>Since 2019, the company&#39;s revenues have grown by an annualized 19% through the end of last year (see chart below), while operating margin has expanded by a whopping 600 bps over the period ⁠- partly due to operating leverage, but also as a result of much better gross margin. Mere industry-wide tailwinds driven by the stay-at-home and work-from-home phenomena are not enough to explain such strong results, in my opinion.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/afb2742fd8ae8e5a411958ec5fc95545\" tg-width=\"1280\" tg-height=\"826\" referrerpolicy=\"no-referrer\"/><span>AAPL Revenue(TTM) data by YCharts</span></p><p>In my view, it is about time that Apple&#39;s management team be credited for the stock&#39;s resilient valuations. If 25 times 2022 earnings may seem rich for a moderate growth stock like AAPL when the S&amp;P 500trades at only 17 timesinstead, maybe the premium is properly justified by Tim Cook and the team&#39;s ability to pull rabbits out of a hat when few other companies seem capable of doing so in 2022.</p><h3>Now is the time for quality</h3><p>It has become somewhat of a consensus view that investing in high-quality companies in the face of macroeconomic uncertainty may be the best strategy today. The graph below seems to support the idea.</p><p>Notice the price behavior of the iShares MSCI USA Quality Factor ETF (QUAL), whichleans toward companieswith &#34;high return on equity, stable year-over-year earnings growth, and low financial leverage&#34;, compared to the Invesco S&amp;P 500 High Beta ETF (SPHB) composed of stocks that are most sensitive to market-wide movements. The former did particularly well relative to the latter in 2015-2016 (the start of the US Presidential election cycle), late 2018 (the quasi-bear of Q4 driven by monetary policy jitters), and the start of the pandemic. The reverse was true during the late 2020 recovery that was unleashed by the release of the first COVID-19 vaccines and the end of the election period in the US. In other words: quality tends to trump risk in times of distress.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/01f3c87901c47437471d368f12649ed6\" tg-width=\"1280\" tg-height=\"826\" referrerpolicy=\"no-referrer\"/><span>QUAL data by YCharts</span></p><p>Those that fear stock market softness in the face of high inflation, rising interest rates, and the first signs ofan economic slowdownmight be better served by holding Apple. In addition to the competence of the management team mentioned above, the following points suggest to me that the Cupertino company checks the &#34;high quality&#34; boxes better than most other companies and stocks in the market:</p><ul><li>The Apple brand, as qualitative a measure as it may be, continues to be a great asset for the company. During a time when established consumer companies have struggled to sell inventory and meet expectations on financial results - think Walmart (WMT) and Target (TGT) in thepast couple of months- CEO Tim Cook said, during Apple&#39;smost recent earnings call, that &#34;there was no obvious evidence of macroeconomic impact during the June quarter besides FX&#34; within the iPhone and possibly Mac and iPad segments. A weakening economy, so far, has not meant soft demand for Apple&#39;s core products.</li><li>Cash is a desirable asset during tough times, and Apple has proven to be very effective at producing and keeping it. Despite a still aggressive cash return program (see historical share repurchases and dividends below, the latter represented as a negative), Apple continues to hold over $70 billion in cash net of debt. This is more than 20% of total assets due, in part, to very tight working capital management helping to produce $93 billion in free cash flow last fiscal year, or about 25% of total revenues. On the point of working capital dynamics, Apple&#39;s negativenet operating cycle(i.e., working capital liabilities like payables are larger than working capital assets) is a rare and impressive feat that effectively means that the company&#39;s operations are financed mostly by its suppliers.</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/837ee02ac7376cb964a3f8038fd5393b\" tg-width=\"1280\" tg-height=\"840\" referrerpolicy=\"no-referrer\"/><span>AAPL Stock Buybacks (Quarterly)data by YCharts</span></p><ul><li>When supply chains are as constrained as they have been, it helps to be theking of inventory management. Apple has substantial control over its suppliers, allowing the company to operate a very lean business model.In fiscal 2021, the total inventory balance amounted to an astonishingly low 3.4% of annual COGS. This is impressive for a consumer company that is still heavily dependent on the sale of physical products - 81% of the top line last year.</li></ul><h3>AAPL is a buy and hold stock</h3><p>Make no mistake: Apple is an expensive stock by almost any measure. But because of the quality of the business and the management team, I believe that shares of the Cupertino-based company can both (1) continue to rise in the foreseeable future and (2) weather the deterioration of the global economies better than most of its peers.</p><p>Being an Apple bear has never been too easy. More so now, I believe that skeptics might want to rethink their stance towards this stock and consider owning it for the long haul.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple: Why Bears Should Give In And Own This Stock</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple: Why Bears Should Give In And Own This Stock\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-08-01 22:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4528106-apple-bears-rethink-stance-own-aapl-stock><strong>Seeking Alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryMany continue to be skeptical of a richly valued stock like Apple in the face of macroeconomic challenges. But I think the fears are overblown.Quality trumps risk during periods of uncertainty....</p>\n\n<a href=\"https://seekingalpha.com/article/4528106-apple-bears-rethink-stance-own-aapl-stock\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://seekingalpha.com/article/4528106-apple-bears-rethink-stance-own-aapl-stock","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1136914958","content_text":"SummaryMany continue to be skeptical of a richly valued stock like Apple in the face of macroeconomic challenges. But I think the fears are overblown.Quality trumps risk during periods of uncertainty. AAPL checks many of the boxes that earn it the status of very high-quality stock.In this article, I touch on Apple's consistent execution of the C-suite; cash generation; working capital and inventory management.One day after Apple delivered yet another consensus-beating set of results, one CNBC poll caught my attention. When asked which July winner investors might want to \"fade\", nearly one in four Twitter respondents suggestedthat Apple stock should be the one sold into strength. Mind you, skepticism towards shares of the Cupertino company is nothing new.Despite the stock being richly valued relative to the broad market and its own history, which may explain why some may fear that the recent rally could be short-lived, I believe that many continue to underestimate the appeal of AAPL amid a deteriorating macroeconomic environment. Below, I explain why.Apple's earnings beats are not a coincidenceAccording to Seeking Alpha, Apple has met or topped EPS consensus in each of the past 20 quarters, if not longer. The average beat has been 15 cents per quarter since the start of the COVID-19 crisis, compared to only 3 cents per quarter in the previous ten periods.To be clear, part of the reason why Apple has managed to impress Wall Street as much as it has lately is the lack of full guidance, coupled with high levels of uncertainty that probably caused analysts to be overly conservative at projecting financial results. Still, I think it would be a mistake to discount Apple's pristine execution during this very challenging COVID-19 period.Since 2019, the company's revenues have grown by an annualized 19% through the end of last year (see chart below), while operating margin has expanded by a whopping 600 bps over the period ⁠- partly due to operating leverage, but also as a result of much better gross margin. Mere industry-wide tailwinds driven by the stay-at-home and work-from-home phenomena are not enough to explain such strong results, in my opinion.AAPL Revenue(TTM) data by YChartsIn my view, it is about time that Apple's management team be credited for the stock's resilient valuations. If 25 times 2022 earnings may seem rich for a moderate growth stock like AAPL when the S&P 500trades at only 17 timesinstead, maybe the premium is properly justified by Tim Cook and the team's ability to pull rabbits out of a hat when few other companies seem capable of doing so in 2022.Now is the time for qualityIt has become somewhat of a consensus view that investing in high-quality companies in the face of macroeconomic uncertainty may be the best strategy today. The graph below seems to support the idea.Notice the price behavior of the iShares MSCI USA Quality Factor ETF (QUAL), whichleans toward companieswith \"high return on equity, stable year-over-year earnings growth, and low financial leverage\", compared to the Invesco S&P 500 High Beta ETF (SPHB) composed of stocks that are most sensitive to market-wide movements. The former did particularly well relative to the latter in 2015-2016 (the start of the US Presidential election cycle), late 2018 (the quasi-bear of Q4 driven by monetary policy jitters), and the start of the pandemic. The reverse was true during the late 2020 recovery that was unleashed by the release of the first COVID-19 vaccines and the end of the election period in the US. In other words: quality tends to trump risk in times of distress.QUAL data by YChartsThose that fear stock market softness in the face of high inflation, rising interest rates, and the first signs ofan economic slowdownmight be better served by holding Apple. In addition to the competence of the management team mentioned above, the following points suggest to me that the Cupertino company checks the \"high quality\" boxes better than most other companies and stocks in the market:The Apple brand, as qualitative a measure as it may be, continues to be a great asset for the company. During a time when established consumer companies have struggled to sell inventory and meet expectations on financial results - think Walmart (WMT) and Target (TGT) in thepast couple of months- CEO Tim Cook said, during Apple'smost recent earnings call, that \"there was no obvious evidence of macroeconomic impact during the June quarter besides FX\" within the iPhone and possibly Mac and iPad segments. A weakening economy, so far, has not meant soft demand for Apple's core products.Cash is a desirable asset during tough times, and Apple has proven to be very effective at producing and keeping it. Despite a still aggressive cash return program (see historical share repurchases and dividends below, the latter represented as a negative), Apple continues to hold over $70 billion in cash net of debt. This is more than 20% of total assets due, in part, to very tight working capital management helping to produce $93 billion in free cash flow last fiscal year, or about 25% of total revenues. On the point of working capital dynamics, Apple's negativenet operating cycle(i.e., working capital liabilities like payables are larger than working capital assets) is a rare and impressive feat that effectively means that the company's operations are financed mostly by its suppliers.AAPL Stock Buybacks (Quarterly)data by YChartsWhen supply chains are as constrained as they have been, it helps to be theking of inventory management. Apple has substantial control over its suppliers, allowing the company to operate a very lean business model.In fiscal 2021, the total inventory balance amounted to an astonishingly low 3.4% of annual COGS. This is impressive for a consumer company that is still heavily dependent on the sale of physical products - 81% of the top line last year.AAPL is a buy and hold stockMake no mistake: Apple is an expensive stock by almost any measure. But because of the quality of the business and the management team, I believe that shares of the Cupertino-based company can both (1) continue to rise in the foreseeable future and (2) weather the deterioration of the global economies better than most of its peers.Being an Apple bear has never been too easy. More so now, I believe that skeptics might want to rethink their stance towards this stock and consider owning it for the long haul.","news_type":1},"isVote":1,"tweetType":1,"viewCount":231,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"4101545765383330","authorId":"4101545765383330","name":"Azerone.Kee","avatar":"https://community-static.tradeup.com/news/d39387dc5f4bc64e4716bd64e398a9e2","crmLevel":2,"crmLevelSwitch":0,"idStr":"4101545765383330","authorIdStr":"4101545765383330"},"content":"yes, good companies are worthy for investment.","text":"yes, good companies are worthy for investment.","html":"yes, good companies are worthy for investment."}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9075258438,"gmtCreate":1658209403824,"gmtModify":1676536122843,"author":{"id":"3577583677378683","authorId":"3577583677378683","name":"Moonbyul","avatar":"https://static.tigerbbs.com/c3393b4f329ea99dc510e630ecfecd61","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3577583677378683","authorIdStr":"3577583677378683"},"themes":[],"htmlText":"Yes Apple is a great company 👍🏻","listText":"Yes Apple is a great company 👍🏻","text":"Yes Apple is a great company 👍🏻","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9075258438","repostId":"1141191666","repostType":4,"repost":{"id":"1141191666","pubTimestamp":1658199313,"share":"https://ttm.financial/m/news/1141191666?lang=&edition=fundamental","pubTime":"2022-07-19 10:55","market":"us","language":"en","title":"Apple: A Wonderful Business At A Fair Price, Assuming Growth Continues","url":"https://stock-news.laohu8.com/highlight/detail?id=1141191666","media":"Seeking Alpha","summary":"SummaryWith an ever-growing services component representing 20% of Apple's revenue at a 72.6% gross ","content":"<html><head></head><body><p><b>Summary</b></p><ul><li>With an ever-growing services component representing 20% of Apple&#39;s revenue at a 72.6% gross margin, growth is coming in at high margin.</li><li>$86 billion of Apple shares repurchased in the last 12 months, coupled with a $15 billion dividend, makes up the lion&#39;s share of a record $105.8 billion of free cash flow.</li><li>Valuation is at a fair middle ground of 23.16x free cash flow - a fair price for a wonderful business securing good, not great returns over 5 years.</li></ul><p><b>Fundamental 10-Step Analysis Of Apple Health &amp; Valuation</b></p><p>It&#39;s been a wild ride of a year for Apple Inc. (NASDAQ:AAPL) - just twelve months ago the company was generating $90B in free cash flow &amp; $76B in earnings, then fluctuated between $130 and $180 per share from the exuberance of the market to the decline of all things tech, and now has settled at...almost precisely where it was on a share price basis one year ago.</p><p>But wait...with a nearly 5% decline in shares outstanding the market cap actually sits slightly lower now than one year ago. And now Apple is generating nearly $106B in free cash flow and almost $102B in earnings. Clearly, the valuation has dropped while the fundamental performance has continued progressing forward at rates almost unheard of for a $2.45T (with a T) market cap company. As you will see based on the fundamentals, this is clearly a wonderful business that has continued to outperform its competitors and almost every other business with its reach, moat, and financial performance. The analysis shows this with ease, but with each step, we must ask and assess - can this continue?</p><p>Let&#39;s take a look at the current share price&#39;s justification by valuation metrics and the fundamentals over the past 5 years.</p><p><img src=\"https://static.tigerbbs.com/86eaf0d782cee5325b02b022bb623280\" tg-width=\"635\" tg-height=\"417\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>Data by YCharts</p><p>Using the $2.451T market cap as of July 18, 2022, Apple is the world&#39;s most valuable company and has grown over 5 years at compounded annual growth rates that astound: 12% revenue CAGR, 17.5% earnings CAGR, and over 14% free cash flow CAGR - all while decreasing share count at 5% compounded annually. The margins continue expanding as the services component of the business continues growing, now making up 20% of total revenue at 72.6% gross margin - the second largest category of revenue Apple breaks out.</p><p><img src=\"https://static.tigerbbs.com/39d0b86012afe08f5c49e3373d6b6147\" tg-width=\"635\" tg-height=\"433\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>Data by YCharts</p><p>Just look at this return from 10 years showing the price growth of $10,000. Apple, through high return on invested capital, earnings growth, and recent share buybacks, was able to more than double the S&amp;P 500 return. But it wasn&#39;t always the case - the outperformance has occurred almost exclusively since the end of 2019 as the valuation metric went from 10-12x earnings to nearly 30 in the most exuberant parts of late 2021. All of this sets the stage for some introspection from an investor&#39;s standpoint: clearly, the company operated in the doldrums compared to the S&amp;P 500 return for many years, can this pattern return? Or should investors take solace in what has been a steady improvement in the business fundamentals and management&#39;s experience in continuing this growth?</p><p>Using a 10-Step Fundamental Analysis detailed further here, I will examine 10 important components of Apple and how the company measures up on each metric, either assigning a 1/1, 0.5/1, or a 0/1 for each of the 10 components.</p><p><b>Incredible Revenue &amp; Income Growth Almost Defies the &#34;Law of Large Numbers&#34;</b><img src=\"https://static.tigerbbs.com/19dccc1a6b99630c7e38aed07199e02b\" tg-width=\"635\" tg-height=\"433\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Data by YCharts</p><p>Looking at trailing 12-month numbers as of March 31, 2022 for operating revenue over the past 5 years, Apple has increased revenue from $220.46B in 2017 to $386.02B in 2022. Revenue increase has come from a combination of extreme digital services growth, Mac outperformance in the market, the emergence of a &#34;wearables&#34; market with Apple Watch, and of course, iPhone strength and pricing power during the 5-year period. With consumers comfortable paying well over $1,000 for iPhone in 2022 as the center of their digital lifestyle, revenue has increased significantly as compared to the $699 starting price for an iPhone 8 in 2017. (Source)</p><p>This is an example of what Warren Buffett refers to as a &#34;moat&#34; or durable competitive advantage. As services grow and the ecosystem continues expanding and becoming more indispensable to the consumer, the &#34;stickiness&#34; factor of the iPhone means pricing power can continue to rise. Where upgrades every two years used to be entirely or partially subsidized by the wireless carriers just 5 years ago, now it is completely common practice to have monthly payments for the iPhone on your wireless bill monthly, as high as $50 per month!</p><p>Not only that, but here is the brilliance of this model - the carrier pays Apple and you pay the carrier so the cost on a monthly basis feels minimal - every $100 in pricing power the iPhone achieves is barely over $4 per month over 24 months for the consumer - and the consumer isn&#39;t even paying Apple directly most of the time. All of this along with the services ecosystem is a tremendous tailwind for the company. This revenue growth has grown at an 11.9% CAGR over the past 5 years, but taking into account the share buybacks creates an even more enhanced piece of data: per share revenue - which grew from $10.57/share in 2017 to $23.85/share in 2022 or a 17.7% CAGR.</p><p>This is the effect of share buybacks and how they can even further enhance growth for the investor. The compounding machine continues forward at rates that are incredible for a company generating well over a third of a trillion dollars in annual revenue.</p><table><tbody><tr><td><b>Revenue Growth: $220.46B -&gt; $386.02B over 5 years, 11.9% CAGR // 17.7% per share CAGR with buybacks</b></td></tr></tbody></table><p>Incredible revenue growth at this large of a scale over 5 years enhanced by share buybacks, and continuing to grow at over a 9% rate quarter over quarter even with a strong dollar.<b><i>Score: 1/1</i></b></p><p><img src=\"https://static.tigerbbs.com/7075033a3a59fc5462732332d483c4f7\" tg-width=\"635\" tg-height=\"433\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>Data by YCharts</p><p>Although net income is not quite as insightful of a valuation metric compared to free cash flow, Apple&#39;s sensible and consistent investments, coupled with heavy research and development (versus property plant &amp; equipment) leads to a very similar net income or earnings figure to free cash flow - one that is growing at a rapid rate. Using trailing twelve-month figures as of March 31, 2022 - Apple&#39;s net income has more than doubled over the past 5 years from $45.73B to $101.94B representing a massive 17.4% CAGR. These figures are further enhanced as shown in the chart when seen through a per share basis to account for the buybacks: $2.19/share in earnings in 2017 growing to $6.30/share in earnings over 5 years or a 23.5% CAGR. (Note the chart doesn&#39;t accurately show the most up-to-date and ever decreasing share count).</p><p>These types of growth rates in a mature business are incredible and highlight the power of the internal compound with minimal capital expenditures required compared to operational free cash flow (but a high rate of return achieved on those expenditures to enhance the compounding). These rates of earnings compounded growth and per share growth even outpace those of AutoZone (AZO), which has experienced enormous industry tailwinds, minimal capital expenditures, and transformational share buybacks -- and all at about 50 times the scale! (Source) But...now is a good time for an investor to ask the obvious...can this continue or has this simply just been a very good run?</p><p>Looking to the future, there are two major questions regarding headwinds that Apple will face in terms of their financial performance: 1) Will the law of big numbers eventually catch up to Apple?; and 2) Just how much more innovation is left and how long can the brand stay dominant in an industry notorious for systemic shifts? There are obviously no easy or resolute answers to be had to either question, but what we do know at present should alleviate major concerns, though leave smaller ones behind of course.</p><p>First, there is no doubt that the law of big numbers has and will continue in larger scale to drag performance. 10% growth on $38B in revenue is $3.8B or roughly 4-6 weeks of iPad sales - but 10% growth on $386.02B is $38.6B or roughly the entire Mac market for an entire year. This requires continual disrupting, innovating, market share growth, and pricing power. Luckily, I see all of these things continuing to happen with Apple: one example is the Watch is becoming a health device with so many paths forward towards not only usability but also revenue growth through services.</p><p>Then there&#39;s the Arcade, the Apple TV service, the Fitness service, the iCloud storage service, and so much more. What was once a one-time buy now is a very strong and sticky ecosystem with continual opportunities for revenue as highlighted by the 20% revenue that is services at an incredible 72.6% gross margin.</p><p>Will Apple stay dominant? All signs point to yes. The iPhone at the center of the digital world of so many consumers, especially young consumers, means they have and will continue building the Apple ecosystem around them in growing numbers.</p><table><tbody><tr><td><b>Income Growth: $45.73B -&gt; $101.94B over 5 years, 17.4% CAGR // 23.5% per share CAGR - Incredible!</b></td></tr></tbody></table><p>Very consistent &amp; robust income growth over 5 years significantly enhanced on a per share basis by share buybacks and a growing emphasis on very high margin services like subscriptions, storage, content, and the toll booth that is the App Store. <b><i>Score: 1/1</i></b></p><p><b>Strong Balance Sheet And Debt Ratios Do Not Detract From The Stability</b><img src=\"https://static.tigerbbs.com/f61d2e4dd1b3d9116c338518ea3a97b8\" tg-width=\"635\" tg-height=\"433\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>Data by YCharts</p><p>Due to the liquidity of current retail assets being sold and the amount of inventory required, retailers and grocers traditionally do not hold current assets greater than current liabilities. This is magnified by such a large and growing mix of products, including the transition to Apple silicon from Intel, amongst other changes. It is also rumored to be an especially full and busy season for introducing new products, meaning that current liabilities at present could be higher than assets due to the supply chain timing.</p><p>Based on this and the established industry norms, while liquidity in terms of the company&#39;s ability to pay off all current liabilities with current assets is definitely ideal, it is rarely expected in a retail setting such as this due to sell-through rates. I will note, however, that this is the first time in the 5-year chart that this situation has occurred, which does give me pause and concern should it become a long-term trend as this would represent a reversion from historical norms for Apple.</p><table><tbody><tr><td><b>Assets vs. Liabilities: $118.18B current assets vs.$127.51B current liabilities / negative, but retail</b></td></tr></tbody></table><p>While common for retailers, current assets do fall short of current liabilities, representing less than ideal liquidity. Due to the norms of the industry practice, this being the first time it has happened in over 5 years, and the likelihood of correction in the future, we will deduct half a point instead of a full point. <b><i>Score: 0.5/1</i></b></p><p><img src=\"https://static.tigerbbs.com/31f8905f21e0a4c844a2187cb8a2b8e5\" tg-width=\"635\" tg-height=\"433\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>Data by YCharts</p><p>Apple management has kept long-term debt of just over 1x annual free cash flow, which represents an extremely conservative and reasonable figure for management to keep within. The debt expansion did concern me at first glance, just looking at the chart above, but management noted in the Q2-2022 conference call:</p><blockquote>Let me now turn to our cash position. As we continue to generate very strong cash flow, we ended the quarter with $193 billion in cash and marketable securities. We repaid $3.8 billion in maturing debt while increasing commercial paper by $2 billion, leaving us with total debt of $120 billion. As a result, net cash was $73 billion at the end of the quarter. (Source)</blockquote><p>While $120 billion of total debt seems startlingly high, it could all be paid off immediately with the cash and marketable securities and still have $73 billion left over, not even mentioning the roughly $28 billion in free cash flow quarterly! Simply put, debt is so reasonably constrained at Apple that it represents a non-issue.</p><table><tbody><tr><td><b>Long Term Debt: Slight Growth, But At Just Over 1x Annual Free Cash Flow, It is a Non-Issue</b></td></tr></tbody></table><p>Management is prudently using debt, interest is a small portion of cash flow, and overall is just over 1x Free Cash Flow. <b><i>Score: 1/1</i></b></p><p><b>The Compounding Secret: Incredible Return on Invested Capital &amp; Vigorous Share Buybacks</b><img src=\"https://static.tigerbbs.com/d9c1583d3a1994afb1a94fd08a91d877\" tg-width=\"635\" tg-height=\"417\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>Data by YCharts</p><p>After examining the long-term debt situation on the balance sheet, it appears an ideal time to examine management&#39;s returns from the capital invested back into the business. Return on invested capital is perhaps one of the most apparent indicators of a competent and innovative management team focused on shareholder return - how capital is invested and allocated back into the business. The average of S&amp;P 500 companies is approximately 7%. Looking at improving upon than average and towards companies deploying their money in a high quality manner, I look for businesses earning more than 10% return on invested capital.</p><p>Return on invested capital is a financial metric favored by Charlie Munger, stating<i>“It’s obvious that if a company generates high returns on capital and reinvests at high returns, it will do well.&#34; (Source)</i>With an average ROIC of 32% over the past 5 years, Apple management is doing a first-class job of using shareholder money in the most efficient and productive manner possible. Investors can feel confident whatever free cash flow is not being returned to shareholders in the form of buybacks and dividends is being very wisely used to internally compound growth within the company. In fact, current ROIC shows returns at 53.8% which is a massive surprise considering the capital being deployed by Apple, and the 10-year chart above represents just how consistently Apple has produced outsized returns.</p><p>To outpace the average S&amp;P in this regard by 4.5 times over 5 years and 7.5 times at present truly shows the magnitude by which Apple makes incredible investments within their company, generating substantial returns for shareholders. I consider this a major sign that services, with their high margins, are playing an outsized role in Apple&#39;s future growth as a business.</p><table><tbody><tr><td><b>Invested Capital &amp; Equity Returns: 32% ROIC avg 5 years &amp; currently 53.8% - Incredible Numbers</b></td></tr></tbody></table><p>ROIC is well above 10% at 32% average and 53.8% at present and continuing to grow quarter over quarter. Since shareholder equity is so strongly affected by aggressive buybacks, the return on equity percentage tops 150% at present. <b><i>Score: 1/1</i></b></p><p><img src=\"https://static.tigerbbs.com/b7fbd40abf39f361b8fec68fa5562112\" tg-width=\"635\" tg-height=\"450\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>Data by YCharts</p><p>Apple has a share buyback program that is unrivaled in terms of sheer scale: in the last 12 months, nearly $86 billion of shares have been repurchased alone. Let&#39;s look at the chart above for a simple example: as shares (orange line) go down by 22.4% during 5 years, earnings per share (light blue line) go up by over 187% during the 5 years - so it is no surprise that the share price (purple line) also goes up, in this case, by some 275%.</p><p>The number of shares of the company and the way management either enhances shareholder value or dilutes it through buybacks or share issuances is a very meaningful metric for overall investor return. While some companies will buy back 1% of shares annually and have a very good buyback program at that, others will dilute and raise capital through issuing new shares.</p><p>With Apple, the magnitude of the buyback is truly impressive. In 5 years, the shares outstanding have decreased (taking into account the stock split) from 20,855,360,000 shares to 16,185,181,000 shares, representing a 22.4% decrease in shares and investors having a 5.23% CAGR just from buybacks alone! As demonstrated by Berkshire Hathaway&#39;s (BRK.A) (BRK.B) long-term buying back of shares, Apple management is showing that buybacks are one of the best ways to enhance shareholder return in a tax-efficient manner in the long term. The growth of the earnings power is magnified by the decrease in the share count, creating a compounding machine.</p><p><img src=\"https://static.tigerbbs.com/5cf260b00d80774c3c41bfabcefd94c6\" tg-width=\"635\" tg-height=\"417\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>Data by YCharts</p><p>Take a look at one more chart just to really enhance the magnitude of this: from July 2012 to now, Apple decreased their share count by 38.5% - representing investors increasing their ownership stake in the company by 62%. It&#39;s good to be patient and let compounding do its job!</p><table><tbody><tr><td><b>Buybacks: 20.855B -&gt; 16.185B shares over 5 years, 22.4% decrease in shares - A+ and</b>At Huge Scale!</td></tr></tbody></table><p>Share count has decreased over past 5 years &amp; that is the gold standard. <b><i>Score: 1/1</i></b></p><p><b>Modestly Growing, Well-Covered Dividend Offers Little To Excite Investors</b><img src=\"https://static.tigerbbs.com/b06f4af0ed1745f8f7b58959f9ab3c1b\" tg-width=\"635\" tg-height=\"447\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>Data by YCharts</p><p>Having increased the dividend at an 8% CAGR during the past 5 years from a split-adjusted $0.1575/share to the present $0.23/share annually, Apple represents just a 0.6% yield at the current valuation. However, because of the size of the business, this modest yield represents a total payout of $14.89B annually or 14% payout on total annual free cash flow. The growth has been modest when viewed against the power and size of the share buyback program, which is clearly Apple&#39;s preferred mechanism of shareholder return for the past 10 years.</p><p>Overall, this is a very minor footnote to the overall Apple investor story, albeit one that takes up nearly $15 billion in free cash flow resources annually. Based on present valuations as compared to past valuations, I would rather see even further enhanced share buybacks taking place - although having a dividend does create some semblance of cash flow for passive investors. At 911 million shares, Berkshire Hathaway&#39;s stake in Apple alone represents over $838 million annually in dividend payments.</p><table><tbody><tr><td><b>Dividend: $14.89B dividend annual, 0.60% yield / 14% payout of free cash flow / Modest Yet Covered</b></td></tr></tbody></table><p>With a well-covered, modest dividend, Apple offers stability and consistency for investors, though not even close to being the primary means of shareholder return compared to the buyback program. <b>Score: 1/1</b></p><p><b>Massive Free Cash Flow Generation and Growth... At A Fair Valuation</b><img src=\"https://static.tigerbbs.com/28bed29cf8f20a9b7c6fbc9bd649bdf8\" tg-width=\"635\" tg-height=\"433\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>Data by YCharts</p><p>From the standpoint of a company&#39;s operational strength and stability, free cash flow represents a very meaningful metric and the primary factor I look towards when creating a valuation metric and measuring long-term stability and growth. Apple again produces characteristically strong outperformance with regards to free cash flow over 5 years - going from $54.53B to $105.8B representing a 14.2% CAGR and a near double during the time period. Where the numbers really become affected greatly though, is on a per share basis thanks to the buybacks - approximately $2.61/share in free cash flow 5 years ago has turned into approximately $6.53/share in free cash flow now - a 2.5x increase representing a staggering 20% CAGR.</p><p>The fact that this is cash flow being measured in the hundreds of billions annually growing at these elevated rates makes the growth even more compelling. Like the other fundamental metrics of the company that we have reviewed, this is a remarkable display of management over-performance. Only Saudi Aramco (Source) is generating stronger cash flows at present ($30 billion per quarter) and that is on the back of an unbelievably hot and cyclical oil market.</p><p>Having this level of free cash flow allows for five primary uses of the capital: 1) share buybacks; 2) dividends; 3) acquisitions; 4) investment in itself; and 5) debt repayment. All of these, with the exception of some acquisitions, grow shareholder value over time when handled properly by management.</p><table><tbody><tr><td><b>Free Cash Flow: $54.53B -&gt; $105.8B in 5 yr (14.2% CAGR increase) or $2.61/sh -&gt; $6.53/sh (20% CAGR)</b></td></tr></tbody></table><p>Free cash growth over the past five years is consistent and compounding at very high rates for an incredible result that directly has benefited shareholders significantly. <b><i>Score: 1/1</i></b></p><p>Now for the component of valuation with regards to Apple: let&#39;s look at two methods: free cash flow, and earnings.</p><p><i>Apple, based on the $2.451 trillion market cap, is selling for 23.16 times free cash flow for the trailing twelve months - representing a 4.32% initial rate of return based on free cash flow with a 14.2% CAGR free cash flow growth over the past 5 years.</i></p><p><i>Apple, based on the $42.26B market cap, is selling for 24.04 times earnings for the trailing twelve months - representing a 4.16% initial rate of return based on earnings with a 17.4% CAGR earnings growth over the past 5 years.</i></p><p>By my standard metrics of looking for growth companies selling for under 20 times free cash flow, the valuation of Apple is stretched from both aspects noted above, though the double-digit growth in particular with earnings does give me pause. This recent pullback in valuation as shown in the chart above does give me confidence, but the chart also shows years very recently where Apple was selling at just 12 times free cash flow. Essentially the positive is: I am buying a compounding company with strong free cash flow growth and an incredible durable competitive advantage. The negative: I am only getting a fair value at present. It&#39;s the classic wonderful business at a fair price.</p><table><tbody><tr><td><b>Valuation: 23.16x FCF; 24x EPS; 4.16-4.32% implied initial return w/14% CAGR FCF &amp; 17% CAGR Earnings</b></td></tr></tbody></table><p>There is so much to like about Apple from a fundamental business standpoint: the dynamic growth, management&#39;s incredible capital allocation strategies, and the shareholder-friendly buyback policy - but the valuation comes at just a fair price. <b><i>Score: 0.5/1</i></b></p><p><b>Overall Apple Recap &amp; Valuation</b></p><p>Looking at all of these metrics and making assumptions based on the future is the key to creating assumptions on future returns and growth. We know that Tim Cook and Apple management are committed to returning incredible amounts of ever-growing capital back to shareholders primary through share buybacks and dividends, all while ensuring the business has everything it needs to grow effectively through research &amp; development, along with accretive acquisitions. Frankly, when management allocates capital at a 50%+ return on invested capital, you can trust the expertise in the marketplace to make and commit to the right decisions with regards to internal investment and compounding.</p><p>As services continue to grow rapidly at high margins, iPad supply chain restraints eventually subside, the Apple Watch grows into a stronger franchise, and iPhone pricing power is further stretched even higher, I believe a runway for Apple exists even without highly innovative products in the future. However, I do believe those &#34;X-Factors&#34; do exist and will continue to push the company forward.</p><p>Let&#39;s take a series of assumptions based on free cash flow over a five-year period:</p><blockquote>- 10% annual compounded free cash flow increases (well below the present 5-year growth of 14.2%)</blockquote><blockquote>- 5% annual share count reduction (exactly at the same pace as the present share count reduction rates over the past 5 years - management has shown this is their primary way of creating value and I don&#39;t see this changing)</blockquote><blockquote>- 20 times free cash flow terminal multiple (Below the 23.16x free cash flow valuation the business has right now)</blockquote><p><i>What does this give investors in terms of returns over the next 5 years?</i> <b><i>Roughly a 12.5% annual return for Apple based on the present share price.</i></b></p><p>How about for earnings?</p><blockquote>- 10% annual compounded earnings increases (well below the present 5-year growth of 17.4%)</blockquote><blockquote>- 5% annual share count reduction (exactly at the same pace as the present share count reduction rates over the past 5 years - management has shown this is their primary way of creating value and I don&#39;t see this changing)</blockquote><blockquote>- 20 times earnings multiple (Below the 24x earnings valuation the business has right now)</blockquote><p><i>What does this give investors in terms of returns over the next 5 years?</i> <b><i>Roughly a 12% annual return for Apple based on the present share price.</i></b></p><p>I strongly believe management will continue growth, continue buying back shares with vigor, and deliver internally compounding results to shareholders generously over the next five years. These numbers may look conservative at a glance - the earnings growth of 10% vs. the present 5-year growth of 17.4% for example - but the law of big numbers will begin to become a drag on performance over time and 10% of $102B is over $10 billion annually in increases every single year for 5 years.</p><p>This is not an easy task, but I do believe management can achieve it. The growth assumptions take into account a margin of safety since they are well below the present growth rates. In five years, Apple should be somewhere around $260 per share with these assumptions. If 12-12.5% annual return seems a fair reward for the risk you are taking on with Apple based on those assumptions, then this is the right timing. If those assumptions seem too bold, then you should wait for either more information in the form of Q3 earnings to be released at the end of July, or for a more attractive entry point.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple: A Wonderful Business At A Fair Price, Assuming Growth Continues</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple: A Wonderful Business At A Fair Price, Assuming Growth Continues\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-07-19 10:55 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4524057-apple-a-wonderful-business-at-a-fair-price-assuming-growth-continues?source=content_type%3Aall%7Cfirst_level_url%3Aportfolio%7Csection%3Aportfolio_content_unit%7Csection_asset%3Alatest%7Cline%3A6><strong>Seeking Alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryWith an ever-growing services component representing 20% of Apple's revenue at a 72.6% gross margin, growth is coming in at high margin.$86 billion of Apple shares repurchased in the last 12 ...</p>\n\n<a href=\"https://seekingalpha.com/article/4524057-apple-a-wonderful-business-at-a-fair-price-assuming-growth-continues?source=content_type%3Aall%7Cfirst_level_url%3Aportfolio%7Csection%3Aportfolio_content_unit%7Csection_asset%3Alatest%7Cline%3A6\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://seekingalpha.com/article/4524057-apple-a-wonderful-business-at-a-fair-price-assuming-growth-continues?source=content_type%3Aall%7Cfirst_level_url%3Aportfolio%7Csection%3Aportfolio_content_unit%7Csection_asset%3Alatest%7Cline%3A6","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1141191666","content_text":"SummaryWith an ever-growing services component representing 20% of Apple's revenue at a 72.6% gross margin, growth is coming in at high margin.$86 billion of Apple shares repurchased in the last 12 months, coupled with a $15 billion dividend, makes up the lion's share of a record $105.8 billion of free cash flow.Valuation is at a fair middle ground of 23.16x free cash flow - a fair price for a wonderful business securing good, not great returns over 5 years.Fundamental 10-Step Analysis Of Apple Health & ValuationIt's been a wild ride of a year for Apple Inc. (NASDAQ:AAPL) - just twelve months ago the company was generating $90B in free cash flow & $76B in earnings, then fluctuated between $130 and $180 per share from the exuberance of the market to the decline of all things tech, and now has settled at...almost precisely where it was on a share price basis one year ago.But wait...with a nearly 5% decline in shares outstanding the market cap actually sits slightly lower now than one year ago. And now Apple is generating nearly $106B in free cash flow and almost $102B in earnings. Clearly, the valuation has dropped while the fundamental performance has continued progressing forward at rates almost unheard of for a $2.45T (with a T) market cap company. As you will see based on the fundamentals, this is clearly a wonderful business that has continued to outperform its competitors and almost every other business with its reach, moat, and financial performance. The analysis shows this with ease, but with each step, we must ask and assess - can this continue?Let's take a look at the current share price's justification by valuation metrics and the fundamentals over the past 5 years.Data by YChartsUsing the $2.451T market cap as of July 18, 2022, Apple is the world's most valuable company and has grown over 5 years at compounded annual growth rates that astound: 12% revenue CAGR, 17.5% earnings CAGR, and over 14% free cash flow CAGR - all while decreasing share count at 5% compounded annually. The margins continue expanding as the services component of the business continues growing, now making up 20% of total revenue at 72.6% gross margin - the second largest category of revenue Apple breaks out.Data by YChartsJust look at this return from 10 years showing the price growth of $10,000. Apple, through high return on invested capital, earnings growth, and recent share buybacks, was able to more than double the S&P 500 return. But it wasn't always the case - the outperformance has occurred almost exclusively since the end of 2019 as the valuation metric went from 10-12x earnings to nearly 30 in the most exuberant parts of late 2021. All of this sets the stage for some introspection from an investor's standpoint: clearly, the company operated in the doldrums compared to the S&P 500 return for many years, can this pattern return? Or should investors take solace in what has been a steady improvement in the business fundamentals and management's experience in continuing this growth?Using a 10-Step Fundamental Analysis detailed further here, I will examine 10 important components of Apple and how the company measures up on each metric, either assigning a 1/1, 0.5/1, or a 0/1 for each of the 10 components.Incredible Revenue & Income Growth Almost Defies the \"Law of Large Numbers\"Data by YChartsLooking at trailing 12-month numbers as of March 31, 2022 for operating revenue over the past 5 years, Apple has increased revenue from $220.46B in 2017 to $386.02B in 2022. Revenue increase has come from a combination of extreme digital services growth, Mac outperformance in the market, the emergence of a \"wearables\" market with Apple Watch, and of course, iPhone strength and pricing power during the 5-year period. With consumers comfortable paying well over $1,000 for iPhone in 2022 as the center of their digital lifestyle, revenue has increased significantly as compared to the $699 starting price for an iPhone 8 in 2017. (Source)This is an example of what Warren Buffett refers to as a \"moat\" or durable competitive advantage. As services grow and the ecosystem continues expanding and becoming more indispensable to the consumer, the \"stickiness\" factor of the iPhone means pricing power can continue to rise. Where upgrades every two years used to be entirely or partially subsidized by the wireless carriers just 5 years ago, now it is completely common practice to have monthly payments for the iPhone on your wireless bill monthly, as high as $50 per month!Not only that, but here is the brilliance of this model - the carrier pays Apple and you pay the carrier so the cost on a monthly basis feels minimal - every $100 in pricing power the iPhone achieves is barely over $4 per month over 24 months for the consumer - and the consumer isn't even paying Apple directly most of the time. All of this along with the services ecosystem is a tremendous tailwind for the company. This revenue growth has grown at an 11.9% CAGR over the past 5 years, but taking into account the share buybacks creates an even more enhanced piece of data: per share revenue - which grew from $10.57/share in 2017 to $23.85/share in 2022 or a 17.7% CAGR.This is the effect of share buybacks and how they can even further enhance growth for the investor. The compounding machine continues forward at rates that are incredible for a company generating well over a third of a trillion dollars in annual revenue.Revenue Growth: $220.46B -> $386.02B over 5 years, 11.9% CAGR // 17.7% per share CAGR with buybacksIncredible revenue growth at this large of a scale over 5 years enhanced by share buybacks, and continuing to grow at over a 9% rate quarter over quarter even with a strong dollar.Score: 1/1Data by YChartsAlthough net income is not quite as insightful of a valuation metric compared to free cash flow, Apple's sensible and consistent investments, coupled with heavy research and development (versus property plant & equipment) leads to a very similar net income or earnings figure to free cash flow - one that is growing at a rapid rate. Using trailing twelve-month figures as of March 31, 2022 - Apple's net income has more than doubled over the past 5 years from $45.73B to $101.94B representing a massive 17.4% CAGR. These figures are further enhanced as shown in the chart when seen through a per share basis to account for the buybacks: $2.19/share in earnings in 2017 growing to $6.30/share in earnings over 5 years or a 23.5% CAGR. (Note the chart doesn't accurately show the most up-to-date and ever decreasing share count).These types of growth rates in a mature business are incredible and highlight the power of the internal compound with minimal capital expenditures required compared to operational free cash flow (but a high rate of return achieved on those expenditures to enhance the compounding). These rates of earnings compounded growth and per share growth even outpace those of AutoZone (AZO), which has experienced enormous industry tailwinds, minimal capital expenditures, and transformational share buybacks -- and all at about 50 times the scale! (Source) But...now is a good time for an investor to ask the obvious...can this continue or has this simply just been a very good run?Looking to the future, there are two major questions regarding headwinds that Apple will face in terms of their financial performance: 1) Will the law of big numbers eventually catch up to Apple?; and 2) Just how much more innovation is left and how long can the brand stay dominant in an industry notorious for systemic shifts? There are obviously no easy or resolute answers to be had to either question, but what we do know at present should alleviate major concerns, though leave smaller ones behind of course.First, there is no doubt that the law of big numbers has and will continue in larger scale to drag performance. 10% growth on $38B in revenue is $3.8B or roughly 4-6 weeks of iPad sales - but 10% growth on $386.02B is $38.6B or roughly the entire Mac market for an entire year. This requires continual disrupting, innovating, market share growth, and pricing power. Luckily, I see all of these things continuing to happen with Apple: one example is the Watch is becoming a health device with so many paths forward towards not only usability but also revenue growth through services.Then there's the Arcade, the Apple TV service, the Fitness service, the iCloud storage service, and so much more. What was once a one-time buy now is a very strong and sticky ecosystem with continual opportunities for revenue as highlighted by the 20% revenue that is services at an incredible 72.6% gross margin.Will Apple stay dominant? All signs point to yes. The iPhone at the center of the digital world of so many consumers, especially young consumers, means they have and will continue building the Apple ecosystem around them in growing numbers.Income Growth: $45.73B -> $101.94B over 5 years, 17.4% CAGR // 23.5% per share CAGR - Incredible!Very consistent & robust income growth over 5 years significantly enhanced on a per share basis by share buybacks and a growing emphasis on very high margin services like subscriptions, storage, content, and the toll booth that is the App Store. Score: 1/1Strong Balance Sheet And Debt Ratios Do Not Detract From The StabilityData by YChartsDue to the liquidity of current retail assets being sold and the amount of inventory required, retailers and grocers traditionally do not hold current assets greater than current liabilities. This is magnified by such a large and growing mix of products, including the transition to Apple silicon from Intel, amongst other changes. It is also rumored to be an especially full and busy season for introducing new products, meaning that current liabilities at present could be higher than assets due to the supply chain timing.Based on this and the established industry norms, while liquidity in terms of the company's ability to pay off all current liabilities with current assets is definitely ideal, it is rarely expected in a retail setting such as this due to sell-through rates. I will note, however, that this is the first time in the 5-year chart that this situation has occurred, which does give me pause and concern should it become a long-term trend as this would represent a reversion from historical norms for Apple.Assets vs. Liabilities: $118.18B current assets vs.$127.51B current liabilities / negative, but retailWhile common for retailers, current assets do fall short of current liabilities, representing less than ideal liquidity. Due to the norms of the industry practice, this being the first time it has happened in over 5 years, and the likelihood of correction in the future, we will deduct half a point instead of a full point. Score: 0.5/1Data by YChartsApple management has kept long-term debt of just over 1x annual free cash flow, which represents an extremely conservative and reasonable figure for management to keep within. The debt expansion did concern me at first glance, just looking at the chart above, but management noted in the Q2-2022 conference call:Let me now turn to our cash position. As we continue to generate very strong cash flow, we ended the quarter with $193 billion in cash and marketable securities. We repaid $3.8 billion in maturing debt while increasing commercial paper by $2 billion, leaving us with total debt of $120 billion. As a result, net cash was $73 billion at the end of the quarter. (Source)While $120 billion of total debt seems startlingly high, it could all be paid off immediately with the cash and marketable securities and still have $73 billion left over, not even mentioning the roughly $28 billion in free cash flow quarterly! Simply put, debt is so reasonably constrained at Apple that it represents a non-issue.Long Term Debt: Slight Growth, But At Just Over 1x Annual Free Cash Flow, It is a Non-IssueManagement is prudently using debt, interest is a small portion of cash flow, and overall is just over 1x Free Cash Flow. Score: 1/1The Compounding Secret: Incredible Return on Invested Capital & Vigorous Share BuybacksData by YChartsAfter examining the long-term debt situation on the balance sheet, it appears an ideal time to examine management's returns from the capital invested back into the business. Return on invested capital is perhaps one of the most apparent indicators of a competent and innovative management team focused on shareholder return - how capital is invested and allocated back into the business. The average of S&P 500 companies is approximately 7%. Looking at improving upon than average and towards companies deploying their money in a high quality manner, I look for businesses earning more than 10% return on invested capital.Return on invested capital is a financial metric favored by Charlie Munger, stating“It’s obvious that if a company generates high returns on capital and reinvests at high returns, it will do well.\" (Source)With an average ROIC of 32% over the past 5 years, Apple management is doing a first-class job of using shareholder money in the most efficient and productive manner possible. Investors can feel confident whatever free cash flow is not being returned to shareholders in the form of buybacks and dividends is being very wisely used to internally compound growth within the company. In fact, current ROIC shows returns at 53.8% which is a massive surprise considering the capital being deployed by Apple, and the 10-year chart above represents just how consistently Apple has produced outsized returns.To outpace the average S&P in this regard by 4.5 times over 5 years and 7.5 times at present truly shows the magnitude by which Apple makes incredible investments within their company, generating substantial returns for shareholders. I consider this a major sign that services, with their high margins, are playing an outsized role in Apple's future growth as a business.Invested Capital & Equity Returns: 32% ROIC avg 5 years & currently 53.8% - Incredible NumbersROIC is well above 10% at 32% average and 53.8% at present and continuing to grow quarter over quarter. Since shareholder equity is so strongly affected by aggressive buybacks, the return on equity percentage tops 150% at present. Score: 1/1Data by YChartsApple has a share buyback program that is unrivaled in terms of sheer scale: in the last 12 months, nearly $86 billion of shares have been repurchased alone. Let's look at the chart above for a simple example: as shares (orange line) go down by 22.4% during 5 years, earnings per share (light blue line) go up by over 187% during the 5 years - so it is no surprise that the share price (purple line) also goes up, in this case, by some 275%.The number of shares of the company and the way management either enhances shareholder value or dilutes it through buybacks or share issuances is a very meaningful metric for overall investor return. While some companies will buy back 1% of shares annually and have a very good buyback program at that, others will dilute and raise capital through issuing new shares.With Apple, the magnitude of the buyback is truly impressive. In 5 years, the shares outstanding have decreased (taking into account the stock split) from 20,855,360,000 shares to 16,185,181,000 shares, representing a 22.4% decrease in shares and investors having a 5.23% CAGR just from buybacks alone! As demonstrated by Berkshire Hathaway's (BRK.A) (BRK.B) long-term buying back of shares, Apple management is showing that buybacks are one of the best ways to enhance shareholder return in a tax-efficient manner in the long term. The growth of the earnings power is magnified by the decrease in the share count, creating a compounding machine.Data by YChartsTake a look at one more chart just to really enhance the magnitude of this: from July 2012 to now, Apple decreased their share count by 38.5% - representing investors increasing their ownership stake in the company by 62%. It's good to be patient and let compounding do its job!Buybacks: 20.855B -> 16.185B shares over 5 years, 22.4% decrease in shares - A+ andAt Huge Scale!Share count has decreased over past 5 years & that is the gold standard. Score: 1/1Modestly Growing, Well-Covered Dividend Offers Little To Excite InvestorsData by YChartsHaving increased the dividend at an 8% CAGR during the past 5 years from a split-adjusted $0.1575/share to the present $0.23/share annually, Apple represents just a 0.6% yield at the current valuation. However, because of the size of the business, this modest yield represents a total payout of $14.89B annually or 14% payout on total annual free cash flow. The growth has been modest when viewed against the power and size of the share buyback program, which is clearly Apple's preferred mechanism of shareholder return for the past 10 years.Overall, this is a very minor footnote to the overall Apple investor story, albeit one that takes up nearly $15 billion in free cash flow resources annually. Based on present valuations as compared to past valuations, I would rather see even further enhanced share buybacks taking place - although having a dividend does create some semblance of cash flow for passive investors. At 911 million shares, Berkshire Hathaway's stake in Apple alone represents over $838 million annually in dividend payments.Dividend: $14.89B dividend annual, 0.60% yield / 14% payout of free cash flow / Modest Yet CoveredWith a well-covered, modest dividend, Apple offers stability and consistency for investors, though not even close to being the primary means of shareholder return compared to the buyback program. Score: 1/1Massive Free Cash Flow Generation and Growth... At A Fair ValuationData by YChartsFrom the standpoint of a company's operational strength and stability, free cash flow represents a very meaningful metric and the primary factor I look towards when creating a valuation metric and measuring long-term stability and growth. Apple again produces characteristically strong outperformance with regards to free cash flow over 5 years - going from $54.53B to $105.8B representing a 14.2% CAGR and a near double during the time period. Where the numbers really become affected greatly though, is on a per share basis thanks to the buybacks - approximately $2.61/share in free cash flow 5 years ago has turned into approximately $6.53/share in free cash flow now - a 2.5x increase representing a staggering 20% CAGR.The fact that this is cash flow being measured in the hundreds of billions annually growing at these elevated rates makes the growth even more compelling. Like the other fundamental metrics of the company that we have reviewed, this is a remarkable display of management over-performance. Only Saudi Aramco (Source) is generating stronger cash flows at present ($30 billion per quarter) and that is on the back of an unbelievably hot and cyclical oil market.Having this level of free cash flow allows for five primary uses of the capital: 1) share buybacks; 2) dividends; 3) acquisitions; 4) investment in itself; and 5) debt repayment. All of these, with the exception of some acquisitions, grow shareholder value over time when handled properly by management.Free Cash Flow: $54.53B -> $105.8B in 5 yr (14.2% CAGR increase) or $2.61/sh -> $6.53/sh (20% CAGR)Free cash growth over the past five years is consistent and compounding at very high rates for an incredible result that directly has benefited shareholders significantly. Score: 1/1Now for the component of valuation with regards to Apple: let's look at two methods: free cash flow, and earnings.Apple, based on the $2.451 trillion market cap, is selling for 23.16 times free cash flow for the trailing twelve months - representing a 4.32% initial rate of return based on free cash flow with a 14.2% CAGR free cash flow growth over the past 5 years.Apple, based on the $42.26B market cap, is selling for 24.04 times earnings for the trailing twelve months - representing a 4.16% initial rate of return based on earnings with a 17.4% CAGR earnings growth over the past 5 years.By my standard metrics of looking for growth companies selling for under 20 times free cash flow, the valuation of Apple is stretched from both aspects noted above, though the double-digit growth in particular with earnings does give me pause. This recent pullback in valuation as shown in the chart above does give me confidence, but the chart also shows years very recently where Apple was selling at just 12 times free cash flow. Essentially the positive is: I am buying a compounding company with strong free cash flow growth and an incredible durable competitive advantage. The negative: I am only getting a fair value at present. It's the classic wonderful business at a fair price.Valuation: 23.16x FCF; 24x EPS; 4.16-4.32% implied initial return w/14% CAGR FCF & 17% CAGR EarningsThere is so much to like about Apple from a fundamental business standpoint: the dynamic growth, management's incredible capital allocation strategies, and the shareholder-friendly buyback policy - but the valuation comes at just a fair price. Score: 0.5/1Overall Apple Recap & ValuationLooking at all of these metrics and making assumptions based on the future is the key to creating assumptions on future returns and growth. We know that Tim Cook and Apple management are committed to returning incredible amounts of ever-growing capital back to shareholders primary through share buybacks and dividends, all while ensuring the business has everything it needs to grow effectively through research & development, along with accretive acquisitions. Frankly, when management allocates capital at a 50%+ return on invested capital, you can trust the expertise in the marketplace to make and commit to the right decisions with regards to internal investment and compounding.As services continue to grow rapidly at high margins, iPad supply chain restraints eventually subside, the Apple Watch grows into a stronger franchise, and iPhone pricing power is further stretched even higher, I believe a runway for Apple exists even without highly innovative products in the future. However, I do believe those \"X-Factors\" do exist and will continue to push the company forward.Let's take a series of assumptions based on free cash flow over a five-year period:- 10% annual compounded free cash flow increases (well below the present 5-year growth of 14.2%)- 5% annual share count reduction (exactly at the same pace as the present share count reduction rates over the past 5 years - management has shown this is their primary way of creating value and I don't see this changing)- 20 times free cash flow terminal multiple (Below the 23.16x free cash flow valuation the business has right now)What does this give investors in terms of returns over the next 5 years? Roughly a 12.5% annual return for Apple based on the present share price.How about for earnings?- 10% annual compounded earnings increases (well below the present 5-year growth of 17.4%)- 5% annual share count reduction (exactly at the same pace as the present share count reduction rates over the past 5 years - management has shown this is their primary way of creating value and I don't see this changing)- 20 times earnings multiple (Below the 24x earnings valuation the business has right now)What does this give investors in terms of returns over the next 5 years? Roughly a 12% annual return for Apple based on the present share price.I strongly believe management will continue growth, continue buying back shares with vigor, and deliver internally compounding results to shareholders generously over the next five years. These numbers may look conservative at a glance - the earnings growth of 10% vs. the present 5-year growth of 17.4% for example - but the law of big numbers will begin to become a drag on performance over time and 10% of $102B is over $10 billion annually in increases every single year for 5 years.This is not an easy task, but I do believe management can achieve it. The growth assumptions take into account a margin of safety since they are well below the present growth rates. In five years, Apple should be somewhere around $260 per share with these assumptions. If 12-12.5% annual return seems a fair reward for the risk you are taking on with Apple based on those assumptions, then this is the right timing. If those assumptions seem too bold, then you should wait for either more information in the form of Q3 earnings to be released at the end of July, or for a more attractive entry point.","news_type":1},"isVote":1,"tweetType":1,"viewCount":264,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"4103864033944460","authorId":"4103864033944460","name":"PaperPlay","avatar":"https://community-static.tradeup.com/news/f9bd8cbd182d6cb24667a31115671409","crmLevel":4,"crmLevelSwitch":0,"idStr":"4103864033944460","authorIdStr":"4103864033944460"},"content":"Moonbyul is an awesome rapper","text":"Moonbyul is an awesome rapper","html":"Moonbyul is an awesome rapper"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9075132274,"gmtCreate":1658159281998,"gmtModify":1676536114435,"author":{"id":"3577583677378683","authorId":"3577583677378683","name":"Moonbyul","avatar":"https://static.tigerbbs.com/c3393b4f329ea99dc510e630ecfecd61","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3577583677378683","authorIdStr":"3577583677378683"},"themes":[],"htmlText":"Apple stocks up 🆙👍🏻","listText":"Apple stocks up 🆙👍🏻","text":"Apple stocks up 🆙👍🏻","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9075132274","repostId":"1183726040","repostType":4,"repost":{"id":"1183726040","pubTimestamp":1658158355,"share":"https://ttm.financial/m/news/1183726040?lang=&edition=fundamental","pubTime":"2022-07-18 23:32","market":"us","language":"en","title":"Bernstein Raises Apple Q3 Estimates, Citing Strong Supply, \"Healthy\" Chinese Demand","url":"https://stock-news.laohu8.com/highlight/detail?id=1183726040","media":"seekingalpha","summary":"Apple (NASDAQ:AAPL) shares rose on Monday as investment firm Bernstein raised its estimates for the ","content":"<html><head></head><body><p>Apple (NASDAQ:AAPL) shares rose on Monday as investment firm Bernstein raised its estimates for the fiscal third quarter, citing better-than-expected supply and strong demand in China.</p><p><img src=\"https://static.tigerbbs.com/7b51f55b271ac6ca23d944262daff72b\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"/></p><p>Analyst Toni Sacconaghi raised his earnings per share estimates to $1.19 andrevenue forecast to $84B, compared to the consensus of $1.15 and $82.5B, noting Apple (AAPL) likely grew Services 12% year-over-year, even when accounting for a tough comparison.</p><p>Looking ahead, Sacconaghi said there are &#34;conflicting forces&#34; for Apple&#39;s (AAPL) fourth quarter, as it could deliver &#34;above sequential growth&#34; that is also aided by inventory replenishment, but additional consumer weakness and currency headwinds could negatively impact results.</p><p>Apple (AAPL) shares rose slightly less than 1% to $151.27 in morning trading.</p><p><img src=\"https://static.tigerbbs.com/0c9343d6925c5e24718aa8bbe5d9f14d\" tg-width=\"856\" tg-height=\"620\" referrerpolicy=\"no-referrer\"/></p><p>The analyst added that Apple&#39;s (AAPL) commentary could point to &#34;at least&#34; high single-digit year-over-year growth for the fourth quarter, which could be viewed as a &#34;positive.&#34;</p><p>Last week, an influential analyst said that the demand for Apple&#39;s (AAPL) iPhone 14 is &#34;continuing to increase&#34; among distributors, retailers and scalpers in China, despite the fact it is not out yet.</p></body></html>","source":"seekingalpha","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Bernstein Raises Apple Q3 Estimates, Citing Strong Supply, \"Healthy\" Chinese Demand</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBernstein Raises Apple Q3 Estimates, Citing Strong Supply, \"Healthy\" Chinese Demand\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-07-18 23:32 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/news/3857501-apple-rises-as-bernstein-raises-q3-estimates-citing-strong-supply-healthy-chinese-demand?source=content_type%3Areact%7Cfirst_level_url%3Ahome%7Csection%3Aportfolio%7Csection_asset%3Aheadlines%7Cline%3A8><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Apple (NASDAQ:AAPL) shares rose on Monday as investment firm Bernstein raised its estimates for the fiscal third quarter, citing better-than-expected supply and strong demand in China.Analyst Toni ...</p>\n\n<a href=\"https://seekingalpha.com/news/3857501-apple-rises-as-bernstein-raises-q3-estimates-citing-strong-supply-healthy-chinese-demand?source=content_type%3Areact%7Cfirst_level_url%3Ahome%7Csection%3Aportfolio%7Csection_asset%3Aheadlines%7Cline%3A8\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://seekingalpha.com/news/3857501-apple-rises-as-bernstein-raises-q3-estimates-citing-strong-supply-healthy-chinese-demand?source=content_type%3Areact%7Cfirst_level_url%3Ahome%7Csection%3Aportfolio%7Csection_asset%3Aheadlines%7Cline%3A8","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1183726040","content_text":"Apple (NASDAQ:AAPL) shares rose on Monday as investment firm Bernstein raised its estimates for the fiscal third quarter, citing better-than-expected supply and strong demand in China.Analyst Toni Sacconaghi raised his earnings per share estimates to $1.19 andrevenue forecast to $84B, compared to the consensus of $1.15 and $82.5B, noting Apple (AAPL) likely grew Services 12% year-over-year, even when accounting for a tough comparison.Looking ahead, Sacconaghi said there are \"conflicting forces\" for Apple's (AAPL) fourth quarter, as it could deliver \"above sequential growth\" that is also aided by inventory replenishment, but additional consumer weakness and currency headwinds could negatively impact results.Apple (AAPL) shares rose slightly less than 1% to $151.27 in morning trading.The analyst added that Apple's (AAPL) commentary could point to \"at least\" high single-digit year-over-year growth for the fourth quarter, which could be viewed as a \"positive.\"Last week, an influential analyst said that the demand for Apple's (AAPL) iPhone 14 is \"continuing to increase\" among distributors, retailers and scalpers in China, despite the fact it is not out yet.","news_type":1},"isVote":1,"tweetType":1,"viewCount":229,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9039346478,"gmtCreate":1645932830298,"gmtModify":1676534075995,"author":{"id":"3577583677378683","authorId":"3577583677378683","name":"Moonbyul","avatar":"https://static.tigerbbs.com/c3393b4f329ea99dc510e630ecfecd61","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3577583677378683","authorIdStr":"3577583677378683"},"themes":[],"htmlText":"Great article 👍🏻","listText":"Great article 👍🏻","text":"Great article 👍🏻","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9039346478","repostId":"1125580913","repostType":4,"repost":{"id":"1125580913","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1645926503,"share":"https://ttm.financial/m/news/1125580913?lang=&edition=fundamental","pubTime":"2022-02-27 09:48","market":"us","language":"en","title":"Buffett Full Annual Letter：Apple is One of ‘Four Giants’ Driving the Conglomerate’s Value","url":"https://stock-news.laohu8.com/highlight/detail?id=1125580913","media":"Tiger Newspress","summary":"Warren Buffett released his annual letter to Berkshire Hathaway shareholders on Saturday. The 91-yea","content":"<html><head></head><body><p>Warren Buffett released his annual letter to Berkshire Hathaway shareholders on Saturday. The 91-year-old investing legend has been publishing the letter for over six decades and it has become required reading for investors around the world.</p><p>Warren Buffett said he now considers tech giant Apple as one of the four pillars driving Berkshire Hathaway, the conglomerate of mostly old-economy businesses he’s assembled over the last five decades.</p><p>In his annual letter to shareholders released on Saturday, the 91-year-old investing legend listed Apple under the heading “Our Four Giants” and even called the company the second-most important after Berkshire’s cluster of insurers, thanks to its chief executive.</p><p>“Tim Cook, Apple’s brilliant CEO, quite properly regards users of Apple products as his first love, but all of his other constituencies benefit from Tim’s managerial touch as well,” the letter stated.</p><p>Buffett made clear he is a fan of Cook’s stock repurchase strategy, and how it gives the conglomerate increased ownership of each dollar of the iPhone maker’s earnings without the investor having to lift a finger.</p><p>“Apple – our runner-up Giant as measured by its yearend market value – is a different sort of holding. Here, our ownership is a mere 5.55%, up from 5.39% a year earlier,” Buffett said in the letter. “That increase sounds like small potatoes. But consider that each 0.1% of Apple’s 2021 earnings amounted to $100 million. We spent no Berkshire funds to gain our accretion. Apple’s repurchases did the job.”</p><p>Berkshire began buying Apple stock in 2016 under the influence of Buffett’s investing deputies Todd Combs and Ted Weschler. By mid-2018, the conglomerate accumulated 5% ownership of the iPhone maker, a stake that cost $36 billion. Today, the Apple investment is now worth more than $160 billion, taking up 40% of Berkshire’s equity portfolio.</p><p>“It’s important to understand that only dividends from Apple are counted in the GAAP earnings Berkshire reports – and last year, Apple paid us $785 million of those. Yet our ‘share’ of Apple’s earnings amounted to a staggering $5.6 billion. Much of what the company retained was used to repurchase Apple shares, an act we applaud,” Buffett said.</p><p>Berkshire is Apple’s largest shareholder, outside of index and exchange-traded fund providers.</p><p>Buffett also credited his railroad business BNSF and energy segment BHE as two other giants of the conglomerate, which both registered record earnings in 2021.</p><p>“BNSF, our third Giant, continues to be the number one artery of American commerce, which makes it an indispensable asset for America as well as for Berkshire,” Buffett said. “BHE has become a utility powerhouse and a leading force in wind, solar and transmission throughout much of the United States.”</p><p><b>Read the full letter here：</b></p><p>To the Shareholders of Berkshire Hathaway Inc.:</p><p>Charlie Munger, my long-time partner, and I have the job of managing a portion of your savings. We are honored by your trust.</p><p>Our position carries with it the responsibility to report to you what we would like to know if we were the absentee owner and you were the manager. We enjoy communicating directly with you through this annual letter, and through the annual meeting as well.</p><p>Our policy is to treat all shareholders equally. Therefore, we do not hold discussions with analysts nor large institutions. Whenever possible, also, we release important communications on Saturday mornings in order to maximize the time for shareholders and the media to absorb the news before markets open on Monday.</p><p>A wealth of Berkshire facts and figures are set forth in the annual 10-K that the company regularly files with the S.E.C. and that we reproduce on pages K-1 – K-119. Some shareholders will find this detail engrossing; others will simply prefer to learn what Charlie and I believe is new or interesting at Berkshire.</p><p>Alas, there was little action of that sort in 2021. We did, though, make reasonable progress in increasing the intrinsic value of your shares. That task has been my primary duty for 57 years. And it will continue to be.</p><p><b>What You Own</b></p><p>Berkshire owns a wide variety of businesses, some in their entirety, some only in part. The second group largely consists of marketable common stocks of major American companies. Additionally, we own a few non-U.S. equities and participate in several joint ventures or other collaborative activities.</p><p>Whatever our form of ownership, our goal is to have meaningful investments in businesses with both durable economic advantages and a first-class CEO. Please note particularly that we own stocks based upon our expectations about their long-term business performance and not because we view them as vehicles for timely market moves. That point is crucial: Charlie and I are not stock-pickers; we are business-pickers.</p><p>I make many mistakes. Consequently, our extensive collection of businesses includes some enterprises that have truly extraordinary economics, many others that enjoy good economic characteristics, and a few that are marginal. One advantage of our common-stock segment is that – on occasion – it becomes easy to buy pieces of wonderful businesses at wonderful prices. That shooting-fish-in-a-barrel experience is very rare in negotiated transactions and never occurs en masse. It is also far easier to exit from a mistake when it has been made in the marketable arena.</p><h2><b>Surprise, Surprise</b></h2><p>Here are a few items about your company that often surprise even seasoned investors:</p><p>• Many people perceive Berkshire as a large and somewhat strange collection of financial assets. In truth, Berkshire owns and operates more U.S.-based “infrastructure” assets – classified on our balance sheet as property, plant and equipment – than are owned and operated by any other American corporation. That supremacy has never been our goal. It has, however, become a fact.</p><p>At yearend, those domestic infrastructure assets were carried on Berkshire’s balance sheet at $158 billion. That number increased last year and will continue to increase. Berkshire always will be building.</p><p>• Every year, your company makes substantial federal income tax payments. In 2021, for example, we paid</p><p>$3.3 billion while the U.S. Treasury reported total corporate income-tax receipts of $402 billion. Additionally, Berkshire pays substantial state and foreign taxes. “I gave at the office” is an unassailable assertion when made by Berkshire shareholders.</p><p>Berkshire’s history vividly illustrates the invisible and often unrecognized financial partnership between  government and American businesses. Our tale begins early in 1955, when Berkshire Fine Spinning and Hathaway Manufacturing agreed to merge their businesses. In their requests for shareholder approval, these venerable New England textile companies expressed high hopes for the combination.</p><p></p><p>The Hathaway solicitation, for example, assured its shareholders that “The combination of the resources and managements will result in one of the strongest and most efficient organizations in the textile industry.” That upbeat view was endorsed by the company’s advisor, Lehman Brothers (yes, that Lehman Brothers).</p><p>I’m sure it was a joyous day in both Fall River (Berkshire) and New Bedford (Hathaway) when the union was consummated. After the bands stopped playing and the bankers went home, however, the shareholders reaped a disaster.</p><p>In the nine years following the merger, Berkshire’s owners watched the company’s net worth crater from</p><p>$51.4 million to $22.1 million. In part, this decline was caused by stock repurchases, ill-advised dividends and plant shutdowns. But nine years of effort by many thousands of employees delivered an operating loss as well. Berkshire’s struggles were not unusual: The New England textile industry had silently entered an extended and non-reversible death march.</p><p>During the nine post-merger years, the U.S. Treasury suffered as well from Berkshire’s troubles. All told, the company paid the government only $337,359 in income tax during that period – a pathetic $100 per day.</p><p>Early in 1965, things changed. Berkshire installed new management that redeployed available cash and steered essentially all earnings into a variety of good businesses, most of which remained good through the years. Coupling reinvestment of earnings with the power of compounding worked its magic, and shareholders prospered.</p><p>Berkshire’s owners, it should be noted, were not the only beneficiary of that course correction. Their “silent partner,” the U.S. Treasury, proceeded to collect many tens of billions of dollars from the company in income tax payments. Remember the $100 daily? Now, Berkshire pays roughly $9 million daily to the Treasury.</p><p>In fairness to our governmental partner, our shareholders should acknowledge – indeed trumpet – the fact that Berkshire’s prosperity has been fostered mightily because the company has operated in America. Our country would have done splendidly in the years since 1965 without Berkshire. Absent our American home, however, Berkshire would never have come close to becoming what it is today. When you see the flag, say thanks.</p><p>• From an $8.6 million purchase of National Indemnity in 1967, Berkshire has become the world leader in insurance “float” – money we hold and can invest but that does not belong to us. Including a relatively small sum derived from life insurance, Berkshire’s total float has grown from $19 million when we entered the insurance business to $147 billion.</p><p>So far, this float has cost us less than nothing. Though we have experienced a number of years when insurance losses combined with operating expenses exceeded premiums, overall we have earned a modest 55-year profit from the underwriting activities that generated our float.</p><p>Of equal importance, float is very sticky. Funds attributable to our insurance operations come and go daily, but their aggregate total is immune from precipitous decline. When it comes to investing float, we can therefore think long-term.</p><p>If you are not already familiar with the concept of float, I refer you to a long explanation on page A-5. To my surprise, our float increased $9 billion last year, a buildup of value that is important to Berkshire owners though is not reflected in our GAAP (“generally-accepted accounting principles”) presentation of earnings and net worth.</p><p>Much of our huge value creation in insurance is attributable to Berkshire’s good luck in my 1986 hiring of Ajit Jain. We first met on a Saturday morning, and I quickly asked Ajit what his insurance experience had been. He replied, “None.”</p><p>I said, “Nobody’s perfect,” and hired him. That was my lucky day: Ajit actually was as perfect a choice as could have been made. Better yet, he continues to be – 35 years later.</p><p>One final thought about insurance: I believe that it is likely – but far from assured – that Berkshire’s float can be maintained without our incurring a long-term underwriting loss. I am certain, however, that there will be some years when we experience such losses, perhaps involving very large sums.</p><p>Berkshire is constructed to handle catastrophic events as no other insurer – and that priority will remain long after Charlie and I are gone.</p><h2>Our Four Giants</h2><p>Through Berkshire, our shareholders own many dozens of businesses. Some of these, in turn, have a collection of subsidiaries of their own. For example, Marmon has more than 100 individual business operations, ranging from the leasing of railroad cars to the manufacture of medical devices.</p><p>• Nevertheless, operations of our “Big Four” companies account for a very large chunk of Berkshire’s value. Leading this list is our cluster of insurers. Berkshire effectively owns 100% of this group, whose massive float value we earlier described. The invested assets of these insurers are further enlarged by the extraordinary amount of capital we invest to back up their promises.</p><p>The insurance business is made to order for Berkshire. The product will never be obsolete, and sales volume will generally increase along with both economic growth and inflation. Also, integrity and capital will forever be important. Our company can and will behave well.</p><p>There are, of course, other insurers with excellent business models and prospects. Replication of Berkshire’s operation, however, would be almost impossible.</p><p>• Apple – our runner-up Giant as measured by its yearend market value – is a different sort of holding. Here, our ownership is a mere 5.55%, up from 5.39% a year earlier. That increase sounds like small potatoes. But consider that each 0.1% of Apple’s 2021 earnings amounted to $100 million. We spent no Berkshire funds to gain our accretion. Apple’s repurchases did the job.</p><p>It’s important to understand that only dividends from Apple are counted in the GAAP earnings Berkshire reports – and last year, Apple paid us $785 million of those. Yet our “share” of Apple’s earnings amounted to a staggering $5.6 billion. Much of what the company retained was used to repurchase Apple shares, an act we applaud. Tim Cook, Apple’s brilliant CEO, quite properly regards users of Apple products as his first love, but all of his other constituencies benefit from Tim’s managerial touch as well.</p><p>• BNSF, our third Giant, continues to be the number one artery of American commerce, which makes it an indispensable asset for America as well as for Berkshire. If the many essential products BNSF carries were instead hauled by truck, America’s carbon emissions would soar.</p><p>Your railroad had record earnings of $6 billion in 2021. Here, it should be noted, we are talking about the old-fashioned sort of earnings that we favor: a figure calculated after interest, taxes, depreciation, amortization and all forms of compensation. (Our definition suggests a warning: Deceptive “adjustments” to earnings – to use a polite description – have become both more frequent and more fanciful as stocks have risen. Speaking less politely, I would say that bull markets breed bloviated bull )</p><p>BNSF trains traveled 143 million miles last year and carried 535 million tons of cargo. Both accomplishments far exceed those of any other American carrier. You can be proud of your railroad.</p><p>• BHE, our final Giant, earned a record $4 billion in 2021. That’s up more than 30-fold from the $122 million earned in 2000, the year that Berkshire first purchased a BHE stake. Now, Berkshire owns 91.1% of the company.</p><p>BHE’s record of societal accomplishment is as remarkable as its financial performance. The company had no wind or solar generation in 2000. It was then regarded simply as a relatively new and minor participant in the huge electric utility industry. Subsequently, under David Sokol’s and Greg Abel’s leadership, BHE has become a utility powerhouse (no groaning, please) and a leading force in wind, solar and transmission throughout much of the United States.</p><p>Greg’s report on these accomplishments appears on pages A-3 and A-4. The profile you will find there is not in any way one of those currently-fashionable “green-washing” stories. BHE has been faithfully detailing its plans and performance in renewables and transmissions every year since 2007.</p><p>To further review this information, visit BHE’s website at brkenergy.com. There, you will see that the company has long been making climate-conscious moves that soak up all of its earnings. More opportunities lie ahead. BHE has the management, the experience, the capital and the appetite for the huge power projects that our country needs.</p><h2>Investments</h2><p>Now let’s talk about companies we don’t control, a list that again references Apple. Below we list our fifteen largest equity holdings, several of which are selections of Berkshire’s two long-time investment managers, Todd Combs and Ted Weschler. At yearend, this valued pair had total authority in respect to $34 billion of investments, many of which do not meet the threshold value we use in the table. Also, a significant portion of the dollars that Todd and Ted manage are lodged in various pension plans of Berkshire-owned businesses, with the assets of these plans not included in this table.</p><p><img src=\"https://static.tigerbbs.com/d43587e9f59c0ff76e6c04c6bf9af324\" tg-width=\"1047\" tg-height=\"530\" referrerpolicy=\"no-referrer\"/>* This is our actual purchase price and also our tax basis.</p><p>** Held by BHE; consequently, Berkshire shareholders have only a 91.1% interest in this position.</p><p>*** Includes a $10 billion investment in Occidental Petroleum, consisting of preferred stock and warrants to buy common stock, a combination now being valued at $10.7 billion.</p><p>In addition to the footnoted Occidental holding and our various common-stock positions, Berkshire also owns a 26.6% interest in Kraft Heinz (accounted for on the “equity” method, not market value, and carried at $13.1 billion) and 38.6% of Pilot Corp., a leader in travel centers that had revenues last year of $45 billion.</p><p>Since we purchased our Pilot stake in 2017, this holding has warranted “equity” accounting treatment. Early in 2023, Berkshire will purchase an additional interest in Pilot that will raise our ownership to 80% and lead to our fully consolidating Pilot’s earnings, assets and liabilities in our financial statements.</p><h2>U.S. Treasury Bills</h2><p>Berkshire’s balance sheet includes $144 billion of cash and cash equivalents (excluding the holdings of BNSF and BHE). Of this sum, $120 billion is held in U.S. Treasury bills, all maturing in less than a year. That stake leaves Berkshire financing about 12 of 1% of the publicly-held national debt.</p><p>Charlie and I have pledged that Berkshire (along with our subsidiaries other than BNSF and BHE) will always hold more than $30 billion of cash and equivalents. We want your company to be financially impregnable and never dependent on the kindness of strangers (or even that of friends). Both of us like to sleep soundly, and we want our creditors, insurance claimants and you to do so as well.</p><h2>But $144 billion?</h2><p>That imposing sum, I assure you, is not some deranged expression of patriotism. Nor have Charlie and I lost our overwhelming preference for business ownership. Indeed, I first manifested my enthusiasm for that 80 years ago, on March 11, 1942, when I purchased three shares of Cities Services preferred stock. Their cost was $114.75 and required all of my savings. (The Dow Jones Industrial Average that day closed at 99, a fact that should scream to you: Never bet against America.)</p><p>After my initial plunge, I always kept at least 80% of my net worth in equities. My favored status throughout that period was 100% – and still is. Berkshire’s current 80%-or-so position in businesses is a consequence of my failure to find entire companies or small portions thereof (that is, marketable stocks) which meet our criteria for long- term holding.</p><p>Charlie and I have endured similar cash-heavy positions from time to time in the past. These periods are never pleasant; they are also never permanent. And, fortunately, we have had a mildly attractive alternative during 2020 and 2021 for deploying capital. Read on.</p><h2>Share Repurchases</h2><p>There are three ways that we can increase the value of your investment. The first is always front and center in our minds: Increase the long-term earning power of Berkshire’s controlled businesses through internal growth or by making acquisitions. Today, internal opportunities deliver far better returns than acquisitions. The size of those opportunities, however, is small compared to Berkshire’s resources.</p><p>Our second choice is to buy non-controlling part-interests in the many good or great businesses that are publicly traded. From time to time, such possibilities are both numerous and blatantly attractive. Today, though, we find little that excites us.</p><p>That’s largely because of a truism: Long-term interest rates that are low push the prices of all productive investments upward, whether these are stocks, apartments, farms, oil wells, whatever. Other factors influence valuations as well, but interest rates will always be important.</p><p>Our final path to value creation is to repurchase Berkshire shares. Through that simple act, we increase your share of the many controlled and non-controlled businesses Berkshire owns. When the price/value equation is right, this path is the easiest and most certain way for us to increase your wealth. (Alongside the accretion of value to continuing shareholders, a couple of other parties gain: Repurchases are modestly beneficial to the seller of the repurchased shares and to society as well.)</p><p>Periodically, as alternative paths become unattractive, repurchases make good sense for Berkshire’s owners. During the past two years, we therefore repurchased 9% of the shares that were outstanding at yearend 2019 for a total cost of $51.7 billion. That expenditure left our continuing shareholders owning about 10% more of all Berkshire businesses, whether these are wholly-owned (such as BNSF and GEICO) or partly-owned (such as Coca-Cola and Moody’s).</p><p>I want to underscore that for Berkshire repurchases to make sense, our shares must offer appropriate value. We don’t want to overpay for the shares of other companies, and it would be value-destroying if we were to overpay when we are buying Berkshire. As of February 23, 2022, since yearend we repurchased additional shares at a cost of $1.2 billion. Our appetite remains large but will always remain price-dependent.</p><p>It should be noted that Berkshire’s buyback opportunities are limited because of its high-class investor base. If our shares were heavily held by short-term speculators, both price volatility and transaction volumes would materially increase. That kind of reshaping would offer us far greater opportunities for creating value by making repurchases. Nevertheless, Charlie and I far prefer the owners we have, even though their admirable buy-and-keep attitudes limit the extent to which long-term shareholders can profit from opportunistic repurchases.</p><p>Finally, one easily-overlooked value calculation specific to Berkshire: As we’ve discussed, insurance “float” of the right sort is of great value to us. As it happens, repurchases automatically increase the amount of “float” per share. That figure has increased during the past two years by 25% – going from $79,387 per “A” share to $99,497, a meaningful gain that, as noted, owes some thanks to repurchases.</p><h2>A Wonderful Man and a Wonderful Business</h2><p>Last year, Paul Andrews died. Paul was the founder and CEO of TTI, a Fort Worth-based subsidiary of Berkshire. Throughout his life – in both his business and his personal pursuits – Paul quietly displayed all the qualities that Charlie and I admire. His story should be told.</p><p>In 1971, Paul was working as a purchasing agent for General Dynamics when the roof fell in. After losing a huge defense contract, the company fired thousands of employees, including Paul.</p><p>With his first child due soon, Paul decided to bet on himself, using $500 of his savings to found Tex-Tronics (later renamed TTI). The company set itself up to distribute small electronic components, and first-year sales totaled $112,000. Today, TTI markets more than one million different items with annual volume of $7.7 billion.</p><p>But back to 2006: Paul, at 63, then found himself happy with his family, his job, and his associates. But he had one nagging worry, heightened because he had recently witnessed a friend’s early death and the disastrous results that followed for that man’s family and business. What, Paul asked himself in 2006, would happen to the many people depending on him if he should unexpectedly die?</p><p>For a year, Paul wrestled with his options. Sell to a competitor? From a strictly economic viewpoint, that course made the most sense. After all, competitors could envision lucrative “synergies” – savings that would be achieved as the acquiror slashed duplicated functions at TTI.</p><p>But . . . Such a purchaser would most certainly also retain its CFO, its legal counsel, its HR unit. Their TTI counterparts would therefore be sent packing. And ugh! If a new distribution center were to be needed, the acquirer’s home city would certainly be favored over Fort Worth.</p><p>Whatever the financial benefits, Paul quickly concluded that selling to a competitor was not for him. He next considered seeking a financial buyer, a species once labeled – aptly so – a leveraged buyout firm. Paul knew, however, that such a purchaser would be focused on an “exit strategy.” And who could know what that would be? Brooding over it all, Paul found himself having no interest in handing his 35-year-old creation over to a reseller.</p><p>When Paul met me, he explained why he had eliminated these two alternatives as buyers. He then summed up his dilemma by saying – in far more tactful phrasing than this – “After a year of pondering the alternatives, I want to sell to Berkshire because you are the only guy left.” So, I made an offer and Paul said “Yes.” One meeting; one lunch; one deal.</p><p>To say we both lived happily ever after is an understatement. When Berkshire purchased TTI, the company employed 2,387. Now the number is 8,043. A large percentage of that growth took place in Fort Worth and environs. Earnings have increased 673%.</p><p>Annually, I would call Paul and tell him his salary should be substantially increased. Annually, he would tell me, “We can talk about that next year, Warren; I’m too busy now.”</p><p>When Greg Abel and I attended Paul’s memorial service, we met children, grandchildren, long-time associates (including TTI’s first employee) and John Roach, the former CEO of a Fort Worth company Berkshire had purchased in 2000. John had steered his friend Paul to Omaha, instinctively knowing we would be a match.</p><p>At the service, Greg and I heard about the multitudes of people and organizations that Paul had silently supported. The breadth of his generosity was extraordinary – geared always to improving the lives of others, particularly those in Fort Worth.</p><p>In all ways, Paul was a class act.</p><p>* * * * * * * * * * * *</p><p>Good luck – occasionally extraordinary luck – has played its part at Berkshire. If Paul and I had not enjoyed a mutual friend – John Roach – TTI would not have found its home with us. But that ample serving of luck was only the beginning. TTI was soon to lead Berkshire to its most important acquisition.</p><p>Every fall, Berkshire directors gather for a presentation by a few of our executives. We sometimes choose the site based upon the location of a recent acquisition, by that means allowing directors to meet the new subsidiary’s CEO and learn more about the acquiree’s activities.</p><p>In the fall of 2009, we consequently selected Fort Worth so that we could visit TTI. At that time, BNSF, which also had Fort Worth as its hometown, was the third-largest holding among our marketable equities. Despite that large stake, I had never visited the railroad’s headquarters.</p><p>Deb Bosanek, my assistant, scheduled our board’s opening dinner for October 22. Meanwhile, I arranged to arrive earlier that day to meet with Matt Rose, CEO of BNSF, whose accomplishments I had long admired. When I made the date, I had no idea that our get-together would coincide with BNSF’s third-quarter earnings report, which was released late on the 22nd.</p><p>The market reacted badly to the railroad’s results. The Great Recession was in full force in the third quarter, and BNSF’s earnings reflected that slump. The economic outlook was also bleak, and Wall Street wasn’t feeling friendly to railroads – or much else.</p><p>On the following day, I again got together with Matt and suggested that Berkshire would offer the railroad a better long-term home than it could expect as a public company. I also told him the maximum price that Berkshire would pay.</p><p>Matt relayed the offer to his directors and advisors. Eleven busy days later, Berkshire and BNSF announced a firm deal. And here I’ll venture a rare prediction: BNSF will be a key asset for Berkshire and our country a century from now.</p><p>The BNSF acquisition would never have happened if Paul Andrews hadn’t sized up Berkshire as the right home for TTI.</p><h2>Thanks</h2><p>I taught my first investing class 70 years ago. Since then, I have enjoyed working almost every year with students of all ages, finally “retiring” from that pursuit in 2018.</p><p>Along the way, my toughest audience was my grandson’s fifth-grade class. The 11-year-olds were squirming in their seats and giving me blank stares until I mentioned Coca-Cola and its famous secret formula. Instantly, every hand went up, and I learned that “secrets” are catnip to kids.</p><p>Teaching, like writing, has helped me develop and clarify my own thoughts. Charlie calls this phenomenon the orangutan effect: If you sit down with an orangutan and carefully explain to it one of your cherished ideas, you may leave behind a puzzled primate, but will yourself exit thinking more clearly.</p><p>Talking to university students is far superior. I have urged that they seek employment in (1) the field and (2) with the kind of people they would select, if they had no need for money. Economic realities, I acknowledge, may interfere with that kind of search. Even so, I urge the students never to give up the quest, for when they find that sort of job, they will no longer be “working.”</p><p>Charlie and I, ourselves, followed that liberating course after a few early stumbles. We both started as part- timers at my grandfather’s grocery store, Charlie in 1940 and I in 1942. We were each assigned boring tasks and paid little, definitely not what we had in mind. Charlie later took up law, and I tried selling securities. Job satisfaction continued to elude us.</p><p>Finally, at Berkshire, we found what we love to do. With very few exceptions, we have now “worked” for many decades with people whom we like and trust. It’s a joy in life to join with managers such as Paul Andrews or the Berkshire families I told you about last year. In our home office, we employ decent and talented people – no jerks. Turnover averages, perhaps, one person per year.</p><p>I would like, however, to emphasize a further item that turns our jobs into fun and satisfaction working</p><p>for you. There is nothing more rewarding to Charlie and me than enjoying the trust of individual long-term shareholders who, for many decades, have joined us with the expectation that we would be a reliable custodian of their funds.</p><p>Obviously, we can’t select our owners, as we could do if our form of operation were a partnership. Anyone can buy shares of Berkshire today with the intention of soon reselling them. For sure, we get a few of that type of shareholder, just as we get index funds that own huge amounts of Berkshire simply because they are required to do so.</p><p>To a truly unusual degree, however, Berkshire has as owners a very large corps of individuals and families that have elected to join us with an intent approaching “til death do us part.” Often, they have trusted us with a large – some might say excessive – portion of their savings.</p><p>Berkshire, these shareholders would sometimes acknowledge, might be far from the best selection they could have made. But they would add that Berkshire would rank high among those with which they would be most comfortable. And people who are comfortable with their investments will, on average, achieve better results than those who are motivated by ever-changing headlines, chatter and promises.</p><p>Long-term individual owners are both the “partners” Charlie and I have always sought and the ones we constantly have in mind as we make decisions at Berkshire. To them we say, “It feels good to ‘work’ for you, and you have our thanks for your trust.”</p><h2>The Annual Meeting</h2><p>Clear your calendar! Berkshire will have its annual gathering of capitalists in Omaha on Friday, April 29th through Sunday, May 1st. The details regarding the weekend are laid out on pages A-1 and A-2. Omaha eagerly awaits you, as do I.</p><p>I will end this letter with a sales pitch. “Cousin” Jimmy Buffett has designed a pontoon “party” boat that is now being manufactured by Forest River, a Berkshire subsidiary. The boat will be introduced on April 29 at our Berkshire Bazaar of Bargains. And, for two days only, shareholders will be able to purchase Jimmy’s masterpiece at a 10% discount. Your bargain-hunting chairman will be buying a boat for his family’s use. Join me.</p><p>February 26, 2022</p><p>Warren E. Buffett Chairman of the Board</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Buffett Full Annual Letter：Apple is One of ‘Four Giants’ Driving the Conglomerate’s Value</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBuffett Full Annual Letter：Apple is One of ‘Four Giants’ Driving the Conglomerate’s Value\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2022-02-27 09:48</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Warren Buffett released his annual letter to Berkshire Hathaway shareholders on Saturday. The 91-year-old investing legend has been publishing the letter for over six decades and it has become required reading for investors around the world.</p><p>Warren Buffett said he now considers tech giant Apple as one of the four pillars driving Berkshire Hathaway, the conglomerate of mostly old-economy businesses he’s assembled over the last five decades.</p><p>In his annual letter to shareholders released on Saturday, the 91-year-old investing legend listed Apple under the heading “Our Four Giants” and even called the company the second-most important after Berkshire’s cluster of insurers, thanks to its chief executive.</p><p>“Tim Cook, Apple’s brilliant CEO, quite properly regards users of Apple products as his first love, but all of his other constituencies benefit from Tim’s managerial touch as well,” the letter stated.</p><p>Buffett made clear he is a fan of Cook’s stock repurchase strategy, and how it gives the conglomerate increased ownership of each dollar of the iPhone maker’s earnings without the investor having to lift a finger.</p><p>“Apple – our runner-up Giant as measured by its yearend market value – is a different sort of holding. Here, our ownership is a mere 5.55%, up from 5.39% a year earlier,” Buffett said in the letter. “That increase sounds like small potatoes. But consider that each 0.1% of Apple’s 2021 earnings amounted to $100 million. We spent no Berkshire funds to gain our accretion. Apple’s repurchases did the job.”</p><p>Berkshire began buying Apple stock in 2016 under the influence of Buffett’s investing deputies Todd Combs and Ted Weschler. By mid-2018, the conglomerate accumulated 5% ownership of the iPhone maker, a stake that cost $36 billion. Today, the Apple investment is now worth more than $160 billion, taking up 40% of Berkshire’s equity portfolio.</p><p>“It’s important to understand that only dividends from Apple are counted in the GAAP earnings Berkshire reports – and last year, Apple paid us $785 million of those. Yet our ‘share’ of Apple’s earnings amounted to a staggering $5.6 billion. Much of what the company retained was used to repurchase Apple shares, an act we applaud,” Buffett said.</p><p>Berkshire is Apple’s largest shareholder, outside of index and exchange-traded fund providers.</p><p>Buffett also credited his railroad business BNSF and energy segment BHE as two other giants of the conglomerate, which both registered record earnings in 2021.</p><p>“BNSF, our third Giant, continues to be the number one artery of American commerce, which makes it an indispensable asset for America as well as for Berkshire,” Buffett said. “BHE has become a utility powerhouse and a leading force in wind, solar and transmission throughout much of the United States.”</p><p><b>Read the full letter here：</b></p><p>To the Shareholders of Berkshire Hathaway Inc.:</p><p>Charlie Munger, my long-time partner, and I have the job of managing a portion of your savings. We are honored by your trust.</p><p>Our position carries with it the responsibility to report to you what we would like to know if we were the absentee owner and you were the manager. We enjoy communicating directly with you through this annual letter, and through the annual meeting as well.</p><p>Our policy is to treat all shareholders equally. Therefore, we do not hold discussions with analysts nor large institutions. Whenever possible, also, we release important communications on Saturday mornings in order to maximize the time for shareholders and the media to absorb the news before markets open on Monday.</p><p>A wealth of Berkshire facts and figures are set forth in the annual 10-K that the company regularly files with the S.E.C. and that we reproduce on pages K-1 – K-119. Some shareholders will find this detail engrossing; others will simply prefer to learn what Charlie and I believe is new or interesting at Berkshire.</p><p>Alas, there was little action of that sort in 2021. We did, though, make reasonable progress in increasing the intrinsic value of your shares. That task has been my primary duty for 57 years. And it will continue to be.</p><p><b>What You Own</b></p><p>Berkshire owns a wide variety of businesses, some in their entirety, some only in part. The second group largely consists of marketable common stocks of major American companies. Additionally, we own a few non-U.S. equities and participate in several joint ventures or other collaborative activities.</p><p>Whatever our form of ownership, our goal is to have meaningful investments in businesses with both durable economic advantages and a first-class CEO. Please note particularly that we own stocks based upon our expectations about their long-term business performance and not because we view them as vehicles for timely market moves. That point is crucial: Charlie and I are not stock-pickers; we are business-pickers.</p><p>I make many mistakes. Consequently, our extensive collection of businesses includes some enterprises that have truly extraordinary economics, many others that enjoy good economic characteristics, and a few that are marginal. One advantage of our common-stock segment is that – on occasion – it becomes easy to buy pieces of wonderful businesses at wonderful prices. That shooting-fish-in-a-barrel experience is very rare in negotiated transactions and never occurs en masse. It is also far easier to exit from a mistake when it has been made in the marketable arena.</p><h2><b>Surprise, Surprise</b></h2><p>Here are a few items about your company that often surprise even seasoned investors:</p><p>• Many people perceive Berkshire as a large and somewhat strange collection of financial assets. In truth, Berkshire owns and operates more U.S.-based “infrastructure” assets – classified on our balance sheet as property, plant and equipment – than are owned and operated by any other American corporation. That supremacy has never been our goal. It has, however, become a fact.</p><p>At yearend, those domestic infrastructure assets were carried on Berkshire’s balance sheet at $158 billion. That number increased last year and will continue to increase. Berkshire always will be building.</p><p>• Every year, your company makes substantial federal income tax payments. In 2021, for example, we paid</p><p>$3.3 billion while the U.S. Treasury reported total corporate income-tax receipts of $402 billion. Additionally, Berkshire pays substantial state and foreign taxes. “I gave at the office” is an unassailable assertion when made by Berkshire shareholders.</p><p>Berkshire’s history vividly illustrates the invisible and often unrecognized financial partnership between  government and American businesses. Our tale begins early in 1955, when Berkshire Fine Spinning and Hathaway Manufacturing agreed to merge their businesses. In their requests for shareholder approval, these venerable New England textile companies expressed high hopes for the combination.</p><p></p><p>The Hathaway solicitation, for example, assured its shareholders that “The combination of the resources and managements will result in one of the strongest and most efficient organizations in the textile industry.” That upbeat view was endorsed by the company’s advisor, Lehman Brothers (yes, that Lehman Brothers).</p><p>I’m sure it was a joyous day in both Fall River (Berkshire) and New Bedford (Hathaway) when the union was consummated. After the bands stopped playing and the bankers went home, however, the shareholders reaped a disaster.</p><p>In the nine years following the merger, Berkshire’s owners watched the company’s net worth crater from</p><p>$51.4 million to $22.1 million. In part, this decline was caused by stock repurchases, ill-advised dividends and plant shutdowns. But nine years of effort by many thousands of employees delivered an operating loss as well. Berkshire’s struggles were not unusual: The New England textile industry had silently entered an extended and non-reversible death march.</p><p>During the nine post-merger years, the U.S. Treasury suffered as well from Berkshire’s troubles. All told, the company paid the government only $337,359 in income tax during that period – a pathetic $100 per day.</p><p>Early in 1965, things changed. Berkshire installed new management that redeployed available cash and steered essentially all earnings into a variety of good businesses, most of which remained good through the years. Coupling reinvestment of earnings with the power of compounding worked its magic, and shareholders prospered.</p><p>Berkshire’s owners, it should be noted, were not the only beneficiary of that course correction. Their “silent partner,” the U.S. Treasury, proceeded to collect many tens of billions of dollars from the company in income tax payments. Remember the $100 daily? Now, Berkshire pays roughly $9 million daily to the Treasury.</p><p>In fairness to our governmental partner, our shareholders should acknowledge – indeed trumpet – the fact that Berkshire’s prosperity has been fostered mightily because the company has operated in America. Our country would have done splendidly in the years since 1965 without Berkshire. Absent our American home, however, Berkshire would never have come close to becoming what it is today. When you see the flag, say thanks.</p><p>• From an $8.6 million purchase of National Indemnity in 1967, Berkshire has become the world leader in insurance “float” – money we hold and can invest but that does not belong to us. Including a relatively small sum derived from life insurance, Berkshire’s total float has grown from $19 million when we entered the insurance business to $147 billion.</p><p>So far, this float has cost us less than nothing. Though we have experienced a number of years when insurance losses combined with operating expenses exceeded premiums, overall we have earned a modest 55-year profit from the underwriting activities that generated our float.</p><p>Of equal importance, float is very sticky. Funds attributable to our insurance operations come and go daily, but their aggregate total is immune from precipitous decline. When it comes to investing float, we can therefore think long-term.</p><p>If you are not already familiar with the concept of float, I refer you to a long explanation on page A-5. To my surprise, our float increased $9 billion last year, a buildup of value that is important to Berkshire owners though is not reflected in our GAAP (“generally-accepted accounting principles”) presentation of earnings and net worth.</p><p>Much of our huge value creation in insurance is attributable to Berkshire’s good luck in my 1986 hiring of Ajit Jain. We first met on a Saturday morning, and I quickly asked Ajit what his insurance experience had been. He replied, “None.”</p><p>I said, “Nobody’s perfect,” and hired him. That was my lucky day: Ajit actually was as perfect a choice as could have been made. Better yet, he continues to be – 35 years later.</p><p>One final thought about insurance: I believe that it is likely – but far from assured – that Berkshire’s float can be maintained without our incurring a long-term underwriting loss. I am certain, however, that there will be some years when we experience such losses, perhaps involving very large sums.</p><p>Berkshire is constructed to handle catastrophic events as no other insurer – and that priority will remain long after Charlie and I are gone.</p><h2>Our Four Giants</h2><p>Through Berkshire, our shareholders own many dozens of businesses. Some of these, in turn, have a collection of subsidiaries of their own. For example, Marmon has more than 100 individual business operations, ranging from the leasing of railroad cars to the manufacture of medical devices.</p><p>• Nevertheless, operations of our “Big Four” companies account for a very large chunk of Berkshire’s value. Leading this list is our cluster of insurers. Berkshire effectively owns 100% of this group, whose massive float value we earlier described. The invested assets of these insurers are further enlarged by the extraordinary amount of capital we invest to back up their promises.</p><p>The insurance business is made to order for Berkshire. The product will never be obsolete, and sales volume will generally increase along with both economic growth and inflation. Also, integrity and capital will forever be important. Our company can and will behave well.</p><p>There are, of course, other insurers with excellent business models and prospects. Replication of Berkshire’s operation, however, would be almost impossible.</p><p>• Apple – our runner-up Giant as measured by its yearend market value – is a different sort of holding. Here, our ownership is a mere 5.55%, up from 5.39% a year earlier. That increase sounds like small potatoes. But consider that each 0.1% of Apple’s 2021 earnings amounted to $100 million. We spent no Berkshire funds to gain our accretion. Apple’s repurchases did the job.</p><p>It’s important to understand that only dividends from Apple are counted in the GAAP earnings Berkshire reports – and last year, Apple paid us $785 million of those. Yet our “share” of Apple’s earnings amounted to a staggering $5.6 billion. Much of what the company retained was used to repurchase Apple shares, an act we applaud. Tim Cook, Apple’s brilliant CEO, quite properly regards users of Apple products as his first love, but all of his other constituencies benefit from Tim’s managerial touch as well.</p><p>• BNSF, our third Giant, continues to be the number one artery of American commerce, which makes it an indispensable asset for America as well as for Berkshire. If the many essential products BNSF carries were instead hauled by truck, America’s carbon emissions would soar.</p><p>Your railroad had record earnings of $6 billion in 2021. Here, it should be noted, we are talking about the old-fashioned sort of earnings that we favor: a figure calculated after interest, taxes, depreciation, amortization and all forms of compensation. (Our definition suggests a warning: Deceptive “adjustments” to earnings – to use a polite description – have become both more frequent and more fanciful as stocks have risen. Speaking less politely, I would say that bull markets breed bloviated bull )</p><p>BNSF trains traveled 143 million miles last year and carried 535 million tons of cargo. Both accomplishments far exceed those of any other American carrier. You can be proud of your railroad.</p><p>• BHE, our final Giant, earned a record $4 billion in 2021. That’s up more than 30-fold from the $122 million earned in 2000, the year that Berkshire first purchased a BHE stake. Now, Berkshire owns 91.1% of the company.</p><p>BHE’s record of societal accomplishment is as remarkable as its financial performance. The company had no wind or solar generation in 2000. It was then regarded simply as a relatively new and minor participant in the huge electric utility industry. Subsequently, under David Sokol’s and Greg Abel’s leadership, BHE has become a utility powerhouse (no groaning, please) and a leading force in wind, solar and transmission throughout much of the United States.</p><p>Greg’s report on these accomplishments appears on pages A-3 and A-4. The profile you will find there is not in any way one of those currently-fashionable “green-washing” stories. BHE has been faithfully detailing its plans and performance in renewables and transmissions every year since 2007.</p><p>To further review this information, visit BHE’s website at brkenergy.com. There, you will see that the company has long been making climate-conscious moves that soak up all of its earnings. More opportunities lie ahead. BHE has the management, the experience, the capital and the appetite for the huge power projects that our country needs.</p><h2>Investments</h2><p>Now let’s talk about companies we don’t control, a list that again references Apple. Below we list our fifteen largest equity holdings, several of which are selections of Berkshire’s two long-time investment managers, Todd Combs and Ted Weschler. At yearend, this valued pair had total authority in respect to $34 billion of investments, many of which do not meet the threshold value we use in the table. Also, a significant portion of the dollars that Todd and Ted manage are lodged in various pension plans of Berkshire-owned businesses, with the assets of these plans not included in this table.</p><p><img src=\"https://static.tigerbbs.com/d43587e9f59c0ff76e6c04c6bf9af324\" tg-width=\"1047\" tg-height=\"530\" referrerpolicy=\"no-referrer\"/>* This is our actual purchase price and also our tax basis.</p><p>** Held by BHE; consequently, Berkshire shareholders have only a 91.1% interest in this position.</p><p>*** Includes a $10 billion investment in Occidental Petroleum, consisting of preferred stock and warrants to buy common stock, a combination now being valued at $10.7 billion.</p><p>In addition to the footnoted Occidental holding and our various common-stock positions, Berkshire also owns a 26.6% interest in Kraft Heinz (accounted for on the “equity” method, not market value, and carried at $13.1 billion) and 38.6% of Pilot Corp., a leader in travel centers that had revenues last year of $45 billion.</p><p>Since we purchased our Pilot stake in 2017, this holding has warranted “equity” accounting treatment. Early in 2023, Berkshire will purchase an additional interest in Pilot that will raise our ownership to 80% and lead to our fully consolidating Pilot’s earnings, assets and liabilities in our financial statements.</p><h2>U.S. Treasury Bills</h2><p>Berkshire’s balance sheet includes $144 billion of cash and cash equivalents (excluding the holdings of BNSF and BHE). Of this sum, $120 billion is held in U.S. Treasury bills, all maturing in less than a year. That stake leaves Berkshire financing about 12 of 1% of the publicly-held national debt.</p><p>Charlie and I have pledged that Berkshire (along with our subsidiaries other than BNSF and BHE) will always hold more than $30 billion of cash and equivalents. We want your company to be financially impregnable and never dependent on the kindness of strangers (or even that of friends). Both of us like to sleep soundly, and we want our creditors, insurance claimants and you to do so as well.</p><h2>But $144 billion?</h2><p>That imposing sum, I assure you, is not some deranged expression of patriotism. Nor have Charlie and I lost our overwhelming preference for business ownership. Indeed, I first manifested my enthusiasm for that 80 years ago, on March 11, 1942, when I purchased three shares of Cities Services preferred stock. Their cost was $114.75 and required all of my savings. (The Dow Jones Industrial Average that day closed at 99, a fact that should scream to you: Never bet against America.)</p><p>After my initial plunge, I always kept at least 80% of my net worth in equities. My favored status throughout that period was 100% – and still is. Berkshire’s current 80%-or-so position in businesses is a consequence of my failure to find entire companies or small portions thereof (that is, marketable stocks) which meet our criteria for long- term holding.</p><p>Charlie and I have endured similar cash-heavy positions from time to time in the past. These periods are never pleasant; they are also never permanent. And, fortunately, we have had a mildly attractive alternative during 2020 and 2021 for deploying capital. Read on.</p><h2>Share Repurchases</h2><p>There are three ways that we can increase the value of your investment. The first is always front and center in our minds: Increase the long-term earning power of Berkshire’s controlled businesses through internal growth or by making acquisitions. Today, internal opportunities deliver far better returns than acquisitions. The size of those opportunities, however, is small compared to Berkshire’s resources.</p><p>Our second choice is to buy non-controlling part-interests in the many good or great businesses that are publicly traded. From time to time, such possibilities are both numerous and blatantly attractive. Today, though, we find little that excites us.</p><p>That’s largely because of a truism: Long-term interest rates that are low push the prices of all productive investments upward, whether these are stocks, apartments, farms, oil wells, whatever. Other factors influence valuations as well, but interest rates will always be important.</p><p>Our final path to value creation is to repurchase Berkshire shares. Through that simple act, we increase your share of the many controlled and non-controlled businesses Berkshire owns. When the price/value equation is right, this path is the easiest and most certain way for us to increase your wealth. (Alongside the accretion of value to continuing shareholders, a couple of other parties gain: Repurchases are modestly beneficial to the seller of the repurchased shares and to society as well.)</p><p>Periodically, as alternative paths become unattractive, repurchases make good sense for Berkshire’s owners. During the past two years, we therefore repurchased 9% of the shares that were outstanding at yearend 2019 for a total cost of $51.7 billion. That expenditure left our continuing shareholders owning about 10% more of all Berkshire businesses, whether these are wholly-owned (such as BNSF and GEICO) or partly-owned (such as Coca-Cola and Moody’s).</p><p>I want to underscore that for Berkshire repurchases to make sense, our shares must offer appropriate value. We don’t want to overpay for the shares of other companies, and it would be value-destroying if we were to overpay when we are buying Berkshire. As of February 23, 2022, since yearend we repurchased additional shares at a cost of $1.2 billion. Our appetite remains large but will always remain price-dependent.</p><p>It should be noted that Berkshire’s buyback opportunities are limited because of its high-class investor base. If our shares were heavily held by short-term speculators, both price volatility and transaction volumes would materially increase. That kind of reshaping would offer us far greater opportunities for creating value by making repurchases. Nevertheless, Charlie and I far prefer the owners we have, even though their admirable buy-and-keep attitudes limit the extent to which long-term shareholders can profit from opportunistic repurchases.</p><p>Finally, one easily-overlooked value calculation specific to Berkshire: As we’ve discussed, insurance “float” of the right sort is of great value to us. As it happens, repurchases automatically increase the amount of “float” per share. That figure has increased during the past two years by 25% – going from $79,387 per “A” share to $99,497, a meaningful gain that, as noted, owes some thanks to repurchases.</p><h2>A Wonderful Man and a Wonderful Business</h2><p>Last year, Paul Andrews died. Paul was the founder and CEO of TTI, a Fort Worth-based subsidiary of Berkshire. Throughout his life – in both his business and his personal pursuits – Paul quietly displayed all the qualities that Charlie and I admire. His story should be told.</p><p>In 1971, Paul was working as a purchasing agent for General Dynamics when the roof fell in. After losing a huge defense contract, the company fired thousands of employees, including Paul.</p><p>With his first child due soon, Paul decided to bet on himself, using $500 of his savings to found Tex-Tronics (later renamed TTI). The company set itself up to distribute small electronic components, and first-year sales totaled $112,000. Today, TTI markets more than one million different items with annual volume of $7.7 billion.</p><p>But back to 2006: Paul, at 63, then found himself happy with his family, his job, and his associates. But he had one nagging worry, heightened because he had recently witnessed a friend’s early death and the disastrous results that followed for that man’s family and business. What, Paul asked himself in 2006, would happen to the many people depending on him if he should unexpectedly die?</p><p>For a year, Paul wrestled with his options. Sell to a competitor? From a strictly economic viewpoint, that course made the most sense. After all, competitors could envision lucrative “synergies” – savings that would be achieved as the acquiror slashed duplicated functions at TTI.</p><p>But . . . Such a purchaser would most certainly also retain its CFO, its legal counsel, its HR unit. Their TTI counterparts would therefore be sent packing. And ugh! If a new distribution center were to be needed, the acquirer’s home city would certainly be favored over Fort Worth.</p><p>Whatever the financial benefits, Paul quickly concluded that selling to a competitor was not for him. He next considered seeking a financial buyer, a species once labeled – aptly so – a leveraged buyout firm. Paul knew, however, that such a purchaser would be focused on an “exit strategy.” And who could know what that would be? Brooding over it all, Paul found himself having no interest in handing his 35-year-old creation over to a reseller.</p><p>When Paul met me, he explained why he had eliminated these two alternatives as buyers. He then summed up his dilemma by saying – in far more tactful phrasing than this – “After a year of pondering the alternatives, I want to sell to Berkshire because you are the only guy left.” So, I made an offer and Paul said “Yes.” One meeting; one lunch; one deal.</p><p>To say we both lived happily ever after is an understatement. When Berkshire purchased TTI, the company employed 2,387. Now the number is 8,043. A large percentage of that growth took place in Fort Worth and environs. Earnings have increased 673%.</p><p>Annually, I would call Paul and tell him his salary should be substantially increased. Annually, he would tell me, “We can talk about that next year, Warren; I’m too busy now.”</p><p>When Greg Abel and I attended Paul’s memorial service, we met children, grandchildren, long-time associates (including TTI’s first employee) and John Roach, the former CEO of a Fort Worth company Berkshire had purchased in 2000. John had steered his friend Paul to Omaha, instinctively knowing we would be a match.</p><p>At the service, Greg and I heard about the multitudes of people and organizations that Paul had silently supported. The breadth of his generosity was extraordinary – geared always to improving the lives of others, particularly those in Fort Worth.</p><p>In all ways, Paul was a class act.</p><p>* * * * * * * * * * * *</p><p>Good luck – occasionally extraordinary luck – has played its part at Berkshire. If Paul and I had not enjoyed a mutual friend – John Roach – TTI would not have found its home with us. But that ample serving of luck was only the beginning. TTI was soon to lead Berkshire to its most important acquisition.</p><p>Every fall, Berkshire directors gather for a presentation by a few of our executives. We sometimes choose the site based upon the location of a recent acquisition, by that means allowing directors to meet the new subsidiary’s CEO and learn more about the acquiree’s activities.</p><p>In the fall of 2009, we consequently selected Fort Worth so that we could visit TTI. At that time, BNSF, which also had Fort Worth as its hometown, was the third-largest holding among our marketable equities. Despite that large stake, I had never visited the railroad’s headquarters.</p><p>Deb Bosanek, my assistant, scheduled our board’s opening dinner for October 22. Meanwhile, I arranged to arrive earlier that day to meet with Matt Rose, CEO of BNSF, whose accomplishments I had long admired. When I made the date, I had no idea that our get-together would coincide with BNSF’s third-quarter earnings report, which was released late on the 22nd.</p><p>The market reacted badly to the railroad’s results. The Great Recession was in full force in the third quarter, and BNSF’s earnings reflected that slump. The economic outlook was also bleak, and Wall Street wasn’t feeling friendly to railroads – or much else.</p><p>On the following day, I again got together with Matt and suggested that Berkshire would offer the railroad a better long-term home than it could expect as a public company. I also told him the maximum price that Berkshire would pay.</p><p>Matt relayed the offer to his directors and advisors. Eleven busy days later, Berkshire and BNSF announced a firm deal. And here I’ll venture a rare prediction: BNSF will be a key asset for Berkshire and our country a century from now.</p><p>The BNSF acquisition would never have happened if Paul Andrews hadn’t sized up Berkshire as the right home for TTI.</p><h2>Thanks</h2><p>I taught my first investing class 70 years ago. Since then, I have enjoyed working almost every year with students of all ages, finally “retiring” from that pursuit in 2018.</p><p>Along the way, my toughest audience was my grandson’s fifth-grade class. The 11-year-olds were squirming in their seats and giving me blank stares until I mentioned Coca-Cola and its famous secret formula. Instantly, every hand went up, and I learned that “secrets” are catnip to kids.</p><p>Teaching, like writing, has helped me develop and clarify my own thoughts. Charlie calls this phenomenon the orangutan effect: If you sit down with an orangutan and carefully explain to it one of your cherished ideas, you may leave behind a puzzled primate, but will yourself exit thinking more clearly.</p><p>Talking to university students is far superior. I have urged that they seek employment in (1) the field and (2) with the kind of people they would select, if they had no need for money. Economic realities, I acknowledge, may interfere with that kind of search. Even so, I urge the students never to give up the quest, for when they find that sort of job, they will no longer be “working.”</p><p>Charlie and I, ourselves, followed that liberating course after a few early stumbles. We both started as part- timers at my grandfather’s grocery store, Charlie in 1940 and I in 1942. We were each assigned boring tasks and paid little, definitely not what we had in mind. Charlie later took up law, and I tried selling securities. Job satisfaction continued to elude us.</p><p>Finally, at Berkshire, we found what we love to do. With very few exceptions, we have now “worked” for many decades with people whom we like and trust. It’s a joy in life to join with managers such as Paul Andrews or the Berkshire families I told you about last year. In our home office, we employ decent and talented people – no jerks. Turnover averages, perhaps, one person per year.</p><p>I would like, however, to emphasize a further item that turns our jobs into fun and satisfaction working</p><p>for you. There is nothing more rewarding to Charlie and me than enjoying the trust of individual long-term shareholders who, for many decades, have joined us with the expectation that we would be a reliable custodian of their funds.</p><p>Obviously, we can’t select our owners, as we could do if our form of operation were a partnership. Anyone can buy shares of Berkshire today with the intention of soon reselling them. For sure, we get a few of that type of shareholder, just as we get index funds that own huge amounts of Berkshire simply because they are required to do so.</p><p>To a truly unusual degree, however, Berkshire has as owners a very large corps of individuals and families that have elected to join us with an intent approaching “til death do us part.” Often, they have trusted us with a large – some might say excessive – portion of their savings.</p><p>Berkshire, these shareholders would sometimes acknowledge, might be far from the best selection they could have made. But they would add that Berkshire would rank high among those with which they would be most comfortable. And people who are comfortable with their investments will, on average, achieve better results than those who are motivated by ever-changing headlines, chatter and promises.</p><p>Long-term individual owners are both the “partners” Charlie and I have always sought and the ones we constantly have in mind as we make decisions at Berkshire. To them we say, “It feels good to ‘work’ for you, and you have our thanks for your trust.”</p><h2>The Annual Meeting</h2><p>Clear your calendar! Berkshire will have its annual gathering of capitalists in Omaha on Friday, April 29th through Sunday, May 1st. The details regarding the weekend are laid out on pages A-1 and A-2. Omaha eagerly awaits you, as do I.</p><p>I will end this letter with a sales pitch. “Cousin” Jimmy Buffett has designed a pontoon “party” boat that is now being manufactured by Forest River, a Berkshire subsidiary. The boat will be introduced on April 29 at our Berkshire Bazaar of Bargains. And, for two days only, shareholders will be able to purchase Jimmy’s masterpiece at a 10% discount. Your bargain-hunting chairman will be buying a boat for his family’s use. Join me.</p><p>February 26, 2022</p><p>Warren E. Buffett Chairman of the Board</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BRK.B":"伯克希尔B","BRK.A":"伯克希尔"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1125580913","content_text":"Warren Buffett released his annual letter to Berkshire Hathaway shareholders on Saturday. The 91-year-old investing legend has been publishing the letter for over six decades and it has become required reading for investors around the world.Warren Buffett said he now considers tech giant Apple as one of the four pillars driving Berkshire Hathaway, the conglomerate of mostly old-economy businesses he’s assembled over the last five decades.In his annual letter to shareholders released on Saturday, the 91-year-old investing legend listed Apple under the heading “Our Four Giants” and even called the company the second-most important after Berkshire’s cluster of insurers, thanks to its chief executive.“Tim Cook, Apple’s brilliant CEO, quite properly regards users of Apple products as his first love, but all of his other constituencies benefit from Tim’s managerial touch as well,” the letter stated.Buffett made clear he is a fan of Cook’s stock repurchase strategy, and how it gives the conglomerate increased ownership of each dollar of the iPhone maker’s earnings without the investor having to lift a finger.“Apple – our runner-up Giant as measured by its yearend market value – is a different sort of holding. Here, our ownership is a mere 5.55%, up from 5.39% a year earlier,” Buffett said in the letter. “That increase sounds like small potatoes. But consider that each 0.1% of Apple’s 2021 earnings amounted to $100 million. We spent no Berkshire funds to gain our accretion. Apple’s repurchases did the job.”Berkshire began buying Apple stock in 2016 under the influence of Buffett’s investing deputies Todd Combs and Ted Weschler. By mid-2018, the conglomerate accumulated 5% ownership of the iPhone maker, a stake that cost $36 billion. Today, the Apple investment is now worth more than $160 billion, taking up 40% of Berkshire’s equity portfolio.“It’s important to understand that only dividends from Apple are counted in the GAAP earnings Berkshire reports – and last year, Apple paid us $785 million of those. Yet our ‘share’ of Apple’s earnings amounted to a staggering $5.6 billion. Much of what the company retained was used to repurchase Apple shares, an act we applaud,” Buffett said.Berkshire is Apple’s largest shareholder, outside of index and exchange-traded fund providers.Buffett also credited his railroad business BNSF and energy segment BHE as two other giants of the conglomerate, which both registered record earnings in 2021.“BNSF, our third Giant, continues to be the number one artery of American commerce, which makes it an indispensable asset for America as well as for Berkshire,” Buffett said. “BHE has become a utility powerhouse and a leading force in wind, solar and transmission throughout much of the United States.”Read the full letter here：To the Shareholders of Berkshire Hathaway Inc.:Charlie Munger, my long-time partner, and I have the job of managing a portion of your savings. We are honored by your trust.Our position carries with it the responsibility to report to you what we would like to know if we were the absentee owner and you were the manager. We enjoy communicating directly with you through this annual letter, and through the annual meeting as well.Our policy is to treat all shareholders equally. Therefore, we do not hold discussions with analysts nor large institutions. Whenever possible, also, we release important communications on Saturday mornings in order to maximize the time for shareholders and the media to absorb the news before markets open on Monday.A wealth of Berkshire facts and figures are set forth in the annual 10-K that the company regularly files with the S.E.C. and that we reproduce on pages K-1 – K-119. Some shareholders will find this detail engrossing; others will simply prefer to learn what Charlie and I believe is new or interesting at Berkshire.Alas, there was little action of that sort in 2021. We did, though, make reasonable progress in increasing the intrinsic value of your shares. That task has been my primary duty for 57 years. And it will continue to be.What You OwnBerkshire owns a wide variety of businesses, some in their entirety, some only in part. The second group largely consists of marketable common stocks of major American companies. Additionally, we own a few non-U.S. equities and participate in several joint ventures or other collaborative activities.Whatever our form of ownership, our goal is to have meaningful investments in businesses with both durable economic advantages and a first-class CEO. Please note particularly that we own stocks based upon our expectations about their long-term business performance and not because we view them as vehicles for timely market moves. That point is crucial: Charlie and I are not stock-pickers; we are business-pickers.I make many mistakes. Consequently, our extensive collection of businesses includes some enterprises that have truly extraordinary economics, many others that enjoy good economic characteristics, and a few that are marginal. One advantage of our common-stock segment is that – on occasion – it becomes easy to buy pieces of wonderful businesses at wonderful prices. That shooting-fish-in-a-barrel experience is very rare in negotiated transactions and never occurs en masse. It is also far easier to exit from a mistake when it has been made in the marketable arena.Surprise, SurpriseHere are a few items about your company that often surprise even seasoned investors:• Many people perceive Berkshire as a large and somewhat strange collection of financial assets. In truth, Berkshire owns and operates more U.S.-based “infrastructure” assets – classified on our balance sheet as property, plant and equipment – than are owned and operated by any other American corporation. That supremacy has never been our goal. It has, however, become a fact.At yearend, those domestic infrastructure assets were carried on Berkshire’s balance sheet at $158 billion. That number increased last year and will continue to increase. Berkshire always will be building.• Every year, your company makes substantial federal income tax payments. In 2021, for example, we paid$3.3 billion while the U.S. Treasury reported total corporate income-tax receipts of $402 billion. Additionally, Berkshire pays substantial state and foreign taxes. “I gave at the office” is an unassailable assertion when made by Berkshire shareholders.Berkshire’s history vividly illustrates the invisible and often unrecognized financial partnership between  government and American businesses. Our tale begins early in 1955, when Berkshire Fine Spinning and Hathaway Manufacturing agreed to merge their businesses. In their requests for shareholder approval, these venerable New England textile companies expressed high hopes for the combination.The Hathaway solicitation, for example, assured its shareholders that “The combination of the resources and managements will result in one of the strongest and most efficient organizations in the textile industry.” That upbeat view was endorsed by the company’s advisor, Lehman Brothers (yes, that Lehman Brothers).I’m sure it was a joyous day in both Fall River (Berkshire) and New Bedford (Hathaway) when the union was consummated. After the bands stopped playing and the bankers went home, however, the shareholders reaped a disaster.In the nine years following the merger, Berkshire’s owners watched the company’s net worth crater from$51.4 million to $22.1 million. In part, this decline was caused by stock repurchases, ill-advised dividends and plant shutdowns. But nine years of effort by many thousands of employees delivered an operating loss as well. Berkshire’s struggles were not unusual: The New England textile industry had silently entered an extended and non-reversible death march.During the nine post-merger years, the U.S. Treasury suffered as well from Berkshire’s troubles. All told, the company paid the government only $337,359 in income tax during that period – a pathetic $100 per day.Early in 1965, things changed. Berkshire installed new management that redeployed available cash and steered essentially all earnings into a variety of good businesses, most of which remained good through the years. Coupling reinvestment of earnings with the power of compounding worked its magic, and shareholders prospered.Berkshire’s owners, it should be noted, were not the only beneficiary of that course correction. Their “silent partner,” the U.S. Treasury, proceeded to collect many tens of billions of dollars from the company in income tax payments. Remember the $100 daily? Now, Berkshire pays roughly $9 million daily to the Treasury.In fairness to our governmental partner, our shareholders should acknowledge – indeed trumpet – the fact that Berkshire’s prosperity has been fostered mightily because the company has operated in America. Our country would have done splendidly in the years since 1965 without Berkshire. Absent our American home, however, Berkshire would never have come close to becoming what it is today. When you see the flag, say thanks.• From an $8.6 million purchase of National Indemnity in 1967, Berkshire has become the world leader in insurance “float” – money we hold and can invest but that does not belong to us. Including a relatively small sum derived from life insurance, Berkshire’s total float has grown from $19 million when we entered the insurance business to $147 billion.So far, this float has cost us less than nothing. Though we have experienced a number of years when insurance losses combined with operating expenses exceeded premiums, overall we have earned a modest 55-year profit from the underwriting activities that generated our float.Of equal importance, float is very sticky. Funds attributable to our insurance operations come and go daily, but their aggregate total is immune from precipitous decline. When it comes to investing float, we can therefore think long-term.If you are not already familiar with the concept of float, I refer you to a long explanation on page A-5. To my surprise, our float increased $9 billion last year, a buildup of value that is important to Berkshire owners though is not reflected in our GAAP (“generally-accepted accounting principles”) presentation of earnings and net worth.Much of our huge value creation in insurance is attributable to Berkshire’s good luck in my 1986 hiring of Ajit Jain. We first met on a Saturday morning, and I quickly asked Ajit what his insurance experience had been. He replied, “None.”I said, “Nobody’s perfect,” and hired him. That was my lucky day: Ajit actually was as perfect a choice as could have been made. Better yet, he continues to be – 35 years later.One final thought about insurance: I believe that it is likely – but far from assured – that Berkshire’s float can be maintained without our incurring a long-term underwriting loss. I am certain, however, that there will be some years when we experience such losses, perhaps involving very large sums.Berkshire is constructed to handle catastrophic events as no other insurer – and that priority will remain long after Charlie and I are gone.Our Four GiantsThrough Berkshire, our shareholders own many dozens of businesses. Some of these, in turn, have a collection of subsidiaries of their own. For example, Marmon has more than 100 individual business operations, ranging from the leasing of railroad cars to the manufacture of medical devices.• Nevertheless, operations of our “Big Four” companies account for a very large chunk of Berkshire’s value. Leading this list is our cluster of insurers. Berkshire effectively owns 100% of this group, whose massive float value we earlier described. The invested assets of these insurers are further enlarged by the extraordinary amount of capital we invest to back up their promises.The insurance business is made to order for Berkshire. The product will never be obsolete, and sales volume will generally increase along with both economic growth and inflation. Also, integrity and capital will forever be important. Our company can and will behave well.There are, of course, other insurers with excellent business models and prospects. Replication of Berkshire’s operation, however, would be almost impossible.• Apple – our runner-up Giant as measured by its yearend market value – is a different sort of holding. Here, our ownership is a mere 5.55%, up from 5.39% a year earlier. That increase sounds like small potatoes. But consider that each 0.1% of Apple’s 2021 earnings amounted to $100 million. We spent no Berkshire funds to gain our accretion. Apple’s repurchases did the job.It’s important to understand that only dividends from Apple are counted in the GAAP earnings Berkshire reports – and last year, Apple paid us $785 million of those. Yet our “share” of Apple’s earnings amounted to a staggering $5.6 billion. Much of what the company retained was used to repurchase Apple shares, an act we applaud. Tim Cook, Apple’s brilliant CEO, quite properly regards users of Apple products as his first love, but all of his other constituencies benefit from Tim’s managerial touch as well.• BNSF, our third Giant, continues to be the number one artery of American commerce, which makes it an indispensable asset for America as well as for Berkshire. If the many essential products BNSF carries were instead hauled by truck, America’s carbon emissions would soar.Your railroad had record earnings of $6 billion in 2021. Here, it should be noted, we are talking about the old-fashioned sort of earnings that we favor: a figure calculated after interest, taxes, depreciation, amortization and all forms of compensation. (Our definition suggests a warning: Deceptive “adjustments” to earnings – to use a polite description – have become both more frequent and more fanciful as stocks have risen. Speaking less politely, I would say that bull markets breed bloviated bull )BNSF trains traveled 143 million miles last year and carried 535 million tons of cargo. Both accomplishments far exceed those of any other American carrier. You can be proud of your railroad.• BHE, our final Giant, earned a record $4 billion in 2021. That’s up more than 30-fold from the $122 million earned in 2000, the year that Berkshire first purchased a BHE stake. Now, Berkshire owns 91.1% of the company.BHE’s record of societal accomplishment is as remarkable as its financial performance. The company had no wind or solar generation in 2000. It was then regarded simply as a relatively new and minor participant in the huge electric utility industry. Subsequently, under David Sokol’s and Greg Abel’s leadership, BHE has become a utility powerhouse (no groaning, please) and a leading force in wind, solar and transmission throughout much of the United States.Greg’s report on these accomplishments appears on pages A-3 and A-4. The profile you will find there is not in any way one of those currently-fashionable “green-washing” stories. BHE has been faithfully detailing its plans and performance in renewables and transmissions every year since 2007.To further review this information, visit BHE’s website at brkenergy.com. There, you will see that the company has long been making climate-conscious moves that soak up all of its earnings. More opportunities lie ahead. BHE has the management, the experience, the capital and the appetite for the huge power projects that our country needs.InvestmentsNow let’s talk about companies we don’t control, a list that again references Apple. Below we list our fifteen largest equity holdings, several of which are selections of Berkshire’s two long-time investment managers, Todd Combs and Ted Weschler. At yearend, this valued pair had total authority in respect to $34 billion of investments, many of which do not meet the threshold value we use in the table. Also, a significant portion of the dollars that Todd and Ted manage are lodged in various pension plans of Berkshire-owned businesses, with the assets of these plans not included in this table.* This is our actual purchase price and also our tax basis.** Held by BHE; consequently, Berkshire shareholders have only a 91.1% interest in this position.*** Includes a $10 billion investment in Occidental Petroleum, consisting of preferred stock and warrants to buy common stock, a combination now being valued at $10.7 billion.In addition to the footnoted Occidental holding and our various common-stock positions, Berkshire also owns a 26.6% interest in Kraft Heinz (accounted for on the “equity” method, not market value, and carried at $13.1 billion) and 38.6% of Pilot Corp., a leader in travel centers that had revenues last year of $45 billion.Since we purchased our Pilot stake in 2017, this holding has warranted “equity” accounting treatment. Early in 2023, Berkshire will purchase an additional interest in Pilot that will raise our ownership to 80% and lead to our fully consolidating Pilot’s earnings, assets and liabilities in our financial statements.U.S. Treasury BillsBerkshire’s balance sheet includes $144 billion of cash and cash equivalents (excluding the holdings of BNSF and BHE). Of this sum, $120 billion is held in U.S. Treasury bills, all maturing in less than a year. That stake leaves Berkshire financing about 12 of 1% of the publicly-held national debt.Charlie and I have pledged that Berkshire (along with our subsidiaries other than BNSF and BHE) will always hold more than $30 billion of cash and equivalents. We want your company to be financially impregnable and never dependent on the kindness of strangers (or even that of friends). Both of us like to sleep soundly, and we want our creditors, insurance claimants and you to do so as well.But $144 billion?That imposing sum, I assure you, is not some deranged expression of patriotism. Nor have Charlie and I lost our overwhelming preference for business ownership. Indeed, I first manifested my enthusiasm for that 80 years ago, on March 11, 1942, when I purchased three shares of Cities Services preferred stock. Their cost was $114.75 and required all of my savings. (The Dow Jones Industrial Average that day closed at 99, a fact that should scream to you: Never bet against America.)After my initial plunge, I always kept at least 80% of my net worth in equities. My favored status throughout that period was 100% – and still is. Berkshire’s current 80%-or-so position in businesses is a consequence of my failure to find entire companies or small portions thereof (that is, marketable stocks) which meet our criteria for long- term holding.Charlie and I have endured similar cash-heavy positions from time to time in the past. These periods are never pleasant; they are also never permanent. And, fortunately, we have had a mildly attractive alternative during 2020 and 2021 for deploying capital. Read on.Share RepurchasesThere are three ways that we can increase the value of your investment. The first is always front and center in our minds: Increase the long-term earning power of Berkshire’s controlled businesses through internal growth or by making acquisitions. Today, internal opportunities deliver far better returns than acquisitions. The size of those opportunities, however, is small compared to Berkshire’s resources.Our second choice is to buy non-controlling part-interests in the many good or great businesses that are publicly traded. From time to time, such possibilities are both numerous and blatantly attractive. Today, though, we find little that excites us.That’s largely because of a truism: Long-term interest rates that are low push the prices of all productive investments upward, whether these are stocks, apartments, farms, oil wells, whatever. Other factors influence valuations as well, but interest rates will always be important.Our final path to value creation is to repurchase Berkshire shares. Through that simple act, we increase your share of the many controlled and non-controlled businesses Berkshire owns. When the price/value equation is right, this path is the easiest and most certain way for us to increase your wealth. (Alongside the accretion of value to continuing shareholders, a couple of other parties gain: Repurchases are modestly beneficial to the seller of the repurchased shares and to society as well.)Periodically, as alternative paths become unattractive, repurchases make good sense for Berkshire’s owners. During the past two years, we therefore repurchased 9% of the shares that were outstanding at yearend 2019 for a total cost of $51.7 billion. That expenditure left our continuing shareholders owning about 10% more of all Berkshire businesses, whether these are wholly-owned (such as BNSF and GEICO) or partly-owned (such as Coca-Cola and Moody’s).I want to underscore that for Berkshire repurchases to make sense, our shares must offer appropriate value. We don’t want to overpay for the shares of other companies, and it would be value-destroying if we were to overpay when we are buying Berkshire. As of February 23, 2022, since yearend we repurchased additional shares at a cost of $1.2 billion. Our appetite remains large but will always remain price-dependent.It should be noted that Berkshire’s buyback opportunities are limited because of its high-class investor base. If our shares were heavily held by short-term speculators, both price volatility and transaction volumes would materially increase. That kind of reshaping would offer us far greater opportunities for creating value by making repurchases. Nevertheless, Charlie and I far prefer the owners we have, even though their admirable buy-and-keep attitudes limit the extent to which long-term shareholders can profit from opportunistic repurchases.Finally, one easily-overlooked value calculation specific to Berkshire: As we’ve discussed, insurance “float” of the right sort is of great value to us. As it happens, repurchases automatically increase the amount of “float” per share. That figure has increased during the past two years by 25% – going from $79,387 per “A” share to $99,497, a meaningful gain that, as noted, owes some thanks to repurchases.A Wonderful Man and a Wonderful BusinessLast year, Paul Andrews died. Paul was the founder and CEO of TTI, a Fort Worth-based subsidiary of Berkshire. Throughout his life – in both his business and his personal pursuits – Paul quietly displayed all the qualities that Charlie and I admire. His story should be told.In 1971, Paul was working as a purchasing agent for General Dynamics when the roof fell in. After losing a huge defense contract, the company fired thousands of employees, including Paul.With his first child due soon, Paul decided to bet on himself, using $500 of his savings to found Tex-Tronics (later renamed TTI). The company set itself up to distribute small electronic components, and first-year sales totaled $112,000. Today, TTI markets more than one million different items with annual volume of $7.7 billion.But back to 2006: Paul, at 63, then found himself happy with his family, his job, and his associates. But he had one nagging worry, heightened because he had recently witnessed a friend’s early death and the disastrous results that followed for that man’s family and business. What, Paul asked himself in 2006, would happen to the many people depending on him if he should unexpectedly die?For a year, Paul wrestled with his options. Sell to a competitor? From a strictly economic viewpoint, that course made the most sense. After all, competitors could envision lucrative “synergies” – savings that would be achieved as the acquiror slashed duplicated functions at TTI.But . . . Such a purchaser would most certainly also retain its CFO, its legal counsel, its HR unit. Their TTI counterparts would therefore be sent packing. And ugh! If a new distribution center were to be needed, the acquirer’s home city would certainly be favored over Fort Worth.Whatever the financial benefits, Paul quickly concluded that selling to a competitor was not for him. He next considered seeking a financial buyer, a species once labeled – aptly so – a leveraged buyout firm. Paul knew, however, that such a purchaser would be focused on an “exit strategy.” And who could know what that would be? Brooding over it all, Paul found himself having no interest in handing his 35-year-old creation over to a reseller.When Paul met me, he explained why he had eliminated these two alternatives as buyers. He then summed up his dilemma by saying – in far more tactful phrasing than this – “After a year of pondering the alternatives, I want to sell to Berkshire because you are the only guy left.” So, I made an offer and Paul said “Yes.” One meeting; one lunch; one deal.To say we both lived happily ever after is an understatement. When Berkshire purchased TTI, the company employed 2,387. Now the number is 8,043. A large percentage of that growth took place in Fort Worth and environs. Earnings have increased 673%.Annually, I would call Paul and tell him his salary should be substantially increased. Annually, he would tell me, “We can talk about that next year, Warren; I’m too busy now.”When Greg Abel and I attended Paul’s memorial service, we met children, grandchildren, long-time associates (including TTI’s first employee) and John Roach, the former CEO of a Fort Worth company Berkshire had purchased in 2000. John had steered his friend Paul to Omaha, instinctively knowing we would be a match.At the service, Greg and I heard about the multitudes of people and organizations that Paul had silently supported. The breadth of his generosity was extraordinary – geared always to improving the lives of others, particularly those in Fort Worth.In all ways, Paul was a class act.* * * * * * * * * * * *Good luck – occasionally extraordinary luck – has played its part at Berkshire. If Paul and I had not enjoyed a mutual friend – John Roach – TTI would not have found its home with us. But that ample serving of luck was only the beginning. TTI was soon to lead Berkshire to its most important acquisition.Every fall, Berkshire directors gather for a presentation by a few of our executives. We sometimes choose the site based upon the location of a recent acquisition, by that means allowing directors to meet the new subsidiary’s CEO and learn more about the acquiree’s activities.In the fall of 2009, we consequently selected Fort Worth so that we could visit TTI. At that time, BNSF, which also had Fort Worth as its hometown, was the third-largest holding among our marketable equities. Despite that large stake, I had never visited the railroad’s headquarters.Deb Bosanek, my assistant, scheduled our board’s opening dinner for October 22. Meanwhile, I arranged to arrive earlier that day to meet with Matt Rose, CEO of BNSF, whose accomplishments I had long admired. When I made the date, I had no idea that our get-together would coincide with BNSF’s third-quarter earnings report, which was released late on the 22nd.The market reacted badly to the railroad’s results. The Great Recession was in full force in the third quarter, and BNSF’s earnings reflected that slump. The economic outlook was also bleak, and Wall Street wasn’t feeling friendly to railroads – or much else.On the following day, I again got together with Matt and suggested that Berkshire would offer the railroad a better long-term home than it could expect as a public company. I also told him the maximum price that Berkshire would pay.Matt relayed the offer to his directors and advisors. Eleven busy days later, Berkshire and BNSF announced a firm deal. And here I’ll venture a rare prediction: BNSF will be a key asset for Berkshire and our country a century from now.The BNSF acquisition would never have happened if Paul Andrews hadn’t sized up Berkshire as the right home for TTI.ThanksI taught my first investing class 70 years ago. Since then, I have enjoyed working almost every year with students of all ages, finally “retiring” from that pursuit in 2018.Along the way, my toughest audience was my grandson’s fifth-grade class. The 11-year-olds were squirming in their seats and giving me blank stares until I mentioned Coca-Cola and its famous secret formula. Instantly, every hand went up, and I learned that “secrets” are catnip to kids.Teaching, like writing, has helped me develop and clarify my own thoughts. Charlie calls this phenomenon the orangutan effect: If you sit down with an orangutan and carefully explain to it one of your cherished ideas, you may leave behind a puzzled primate, but will yourself exit thinking more clearly.Talking to university students is far superior. I have urged that they seek employment in (1) the field and (2) with the kind of people they would select, if they had no need for money. Economic realities, I acknowledge, may interfere with that kind of search. Even so, I urge the students never to give up the quest, for when they find that sort of job, they will no longer be “working.”Charlie and I, ourselves, followed that liberating course after a few early stumbles. We both started as part- timers at my grandfather’s grocery store, Charlie in 1940 and I in 1942. We were each assigned boring tasks and paid little, definitely not what we had in mind. Charlie later took up law, and I tried selling securities. Job satisfaction continued to elude us.Finally, at Berkshire, we found what we love to do. With very few exceptions, we have now “worked” for many decades with people whom we like and trust. It’s a joy in life to join with managers such as Paul Andrews or the Berkshire families I told you about last year. In our home office, we employ decent and talented people – no jerks. Turnover averages, perhaps, one person per year.I would like, however, to emphasize a further item that turns our jobs into fun and satisfaction workingfor you. There is nothing more rewarding to Charlie and me than enjoying the trust of individual long-term shareholders who, for many decades, have joined us with the expectation that we would be a reliable custodian of their funds.Obviously, we can’t select our owners, as we could do if our form of operation were a partnership. Anyone can buy shares of Berkshire today with the intention of soon reselling them. For sure, we get a few of that type of shareholder, just as we get index funds that own huge amounts of Berkshire simply because they are required to do so.To a truly unusual degree, however, Berkshire has as owners a very large corps of individuals and families that have elected to join us with an intent approaching “til death do us part.” Often, they have trusted us with a large – some might say excessive – portion of their savings.Berkshire, these shareholders would sometimes acknowledge, might be far from the best selection they could have made. But they would add that Berkshire would rank high among those with which they would be most comfortable. And people who are comfortable with their investments will, on average, achieve better results than those who are motivated by ever-changing headlines, chatter and promises.Long-term individual owners are both the “partners” Charlie and I have always sought and the ones we constantly have in mind as we make decisions at Berkshire. To them we say, “It feels good to ‘work’ for you, and you have our thanks for your trust.”The Annual MeetingClear your calendar! Berkshire will have its annual gathering of capitalists in Omaha on Friday, April 29th through Sunday, May 1st. The details regarding the weekend are laid out on pages A-1 and A-2. Omaha eagerly awaits you, as do I.I will end this letter with a sales pitch. “Cousin” Jimmy Buffett has designed a pontoon “party” boat that is now being manufactured by Forest River, a Berkshire subsidiary. The boat will be introduced on April 29 at our Berkshire Bazaar of Bargains. And, for two days only, shareholders will be able to purchase Jimmy’s masterpiece at a 10% discount. Your bargain-hunting chairman will be buying a boat for his family’s use. Join me.February 26, 2022Warren E. Buffett Chairman of the Board","news_type":1},"isVote":1,"tweetType":1,"viewCount":249,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}