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Damien111

Damien111

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2023-12-23

Nice to have such event

2023-12-23

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@TigerEvents:🐅🌟 TIGER TYCOON CHALLENGE IS ON! 🌟🐅

2023-12-13

$Palantir Technologies Inc.(PLTR)$

2023-08-02

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@WallStreet_Tiger:🎁Top Movers | NKLA Jumps 20% on Another Order; ANET Beats Outlook

2023-05-21

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@谋定后动:【美股週記】2023年第20周——債務上限的談判會破局嗎？

2023-03-27

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2023-03-15

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Wall Street Ends Green As Inflation Cools, Bank Jitters Ebb

2023-03-14

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U.S. Stocks-Sliding Bank Shares Drag Wall Street Down In Choppy Trade

2023-03-13

Oh My oh my

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2023-03-12

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20 Banks That Are Sitting on Huge Potential Securities Losses--As Was SVB

2023-03-10

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10 Banks That May Face Trouble in the Wake of the SVB Financial Group Debacle

2023-03-06

Lot

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2023-03-04

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SGX Weekly Review: China’s Factory Activity, UOB, Meta Platforms and Raffles Medical Group

2023-03-02

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S&P, Nasdaq Weak As Manufacturing Stokes Fed Concerns

2023-03-01

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Global Dividends Hit New Heights: Companies Paid Their Shareholders $1.56 Trillion in Dividends Last Year

2023-02-28

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Back on Top: Musk Becomes World’s Richest Person Again

2023-02-27

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Elon Musk Wants Warren Buffett as a Tesla Shareholder

2023-02-26

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Buffett’s Annual Letter: Berkshire Will Always Hold a Boatload of Cash and U.S. Treasury Bills

2023-02-26

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Buffett’s Annual Letter: Berkshire Will Always Hold a Boatload of Cash and U.S. Treasury Bills

2023-02-25

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Wall St Ends Sharply Down, Posts Biggest Weekly Drop of 2023

Go to Tiger App to see more news

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TIGER TYCOON CHALLENGE IS ON! 🌟🐅","htmlText":"Hey Tycoons! 🎩💼 Ready to embark on the adventure of a lifetime? Introducing the Tiger Tycoon Challenge – where fortunes are made, and USD 888 worth of prizes await the boldest players! 🏰🌈🎯 Objective: Build your empire, score big points, and unlock fabulous rewards!💰 Gold Rush: Grab those shiny gold coins every time you pass by it! Cha-ching! 💰💵🏠 Construct &amp; Conquer: Step on an empty tile to construct a building to gain points! 🏰🏆 Prizes Galore: Hit the prize tile to claim your treasure – it could be anything! 🎁✨🔄 Lucky Draw: Land on the draw tile and brace yourself! You might move forward, backward, or even unlock a secret power! 🔄🔮🚀 Airdrop Alert: Keep your eyes on the sky! Periodically, the Tiger Tycoon map will rain down special rewards like stocks, vouchers, and more. Fastest finge","listText":"Hey Tycoons! 🎩💼 Ready to embark on the adventure of a lifetime? Introducing the Tiger Tycoon Challenge – where fortunes are made, and USD 888 worth of prizes await the boldest players! 🏰🌈🎯 Objective: Build your empire, score big points, and unlock fabulous rewards!💰 Gold Rush: Grab those shiny gold coins every time you pass by it! Cha-ching! 💰💵🏠 Construct &amp; Conquer: Step on an empty tile to construct a building to gain points! 🏰🏆 Prizes Galore: Hit the prize tile to claim your treasure – it could be anything! 🎁✨🔄 Lucky Draw: Land on the draw tile and brace yourself! You might move forward, backward, or even unlock a secret power! 🔄🔮🚀 Airdrop Alert: Keep your eyes on the sky! Periodically, the Tiger Tycoon map will rain down special rewards like stocks, vouchers, and more. Fastest finge","text":"Hey Tycoons! 🎩💼 Ready to embark on the adventure of a lifetime? Introducing the Tiger Tycoon Challenge – where fortunes are made, and USD 888 worth of prizes await the boldest players! 🏰🌈🎯 Objective: Build your empire, score big points, and unlock fabulous rewards!💰 Gold Rush: Grab those shiny gold coins every time you pass by it! Cha-ching! 💰💵🏠 Construct & Conquer: Step on an empty tile to construct a building to gain points! 🏰🏆 Prizes Galore: Hit the prize tile to claim your treasure – it could be anything! 🎁✨🔄 Lucky Draw: Land on the draw tile and brace yourself! You might move forward, backward, or even unlock a secret power! 🔄🔮🚀 Airdrop Alert: Keep your eyes on the sky! Periodically, the Tiger Tycoon map will rain down special rewards like stocks, vouchers, and more. Fastest finge","images":[],"top":1,"highlighted":1,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/248312805347464","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":166,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":251635025899736,"gmtCreate":1702477761607,"gmtModify":1702477766969,"author":{"id":"3581590268956264","authorId":"3581590268956264","name":"Damien111","avatar":"https://community-static.tradeup.com/news/79328dd256df8bc25949678982e26fc3","crmLevel":7,"crmLevelSwitch":1},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/PLTR\">$Palantir Technologies Inc.(PLTR)$&nbsp;</a>","listText":"<a href=\"https://ttm.financial/S/PLTR\">$Palantir Technologies Inc.(PLTR)$&nbsp;</a>","text":"$Palantir Technologies Inc.(PLTR)$","images":[{"img":"https://community-static.tradeup.com/news/266c7d9fdb3541ae2a4bbcd0b0870061","width":"1086","height":"1713"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/251635025899736","isVote":1,"tweetType":1,"viewCount":258,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":204404720775304,"gmtCreate":1690936818157,"gmtModify":1690936822929,"author":{"id":"3581590268956264","authorId":"3581590268956264","name":"Damien111","avatar":"https://community-static.tradeup.com/news/79328dd256df8bc25949678982e26fc3","crmLevel":7,"crmLevelSwitch":1},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/204404720775304","repostId":"204365388783848","repostType":1,"repost":{"id":204365388783848,"gmtCreate":1690899029764,"gmtModify":1690899190900,"author":{"id":"9000000000000419","authorId":"9000000000000419","name":"WallStreet_Tiger","avatar":"https://community-static.tradeup.com/news/1fdbba25bcf5dea3f281241ba1320d10","crmLevel":1,"crmLevelSwitch":0},"themes":[],"title":"🎁Top Movers | NKLA Jumps 20% on Another Order; ANET Beats Outlook","htmlText":"1. <a href=\"https://ttm.financial/S/NKLA\">$Nikola Corporation(NKLA)$</a> +22.91%&nbsp;climbing alongside a truck orderNikola stock is experiencing a rise in value following a new truck order from <a href=\"https://ttm.financial/S/JBHT\">$JB Hunt Transport(JBHT)$</a> . J.B. Hunt is purchasing 13 trucks from Nikola, which includes 10 electric trucks and three hydrogen fuel cell trucks.These trucks are expected to be delivered in August and will be utilized on key routes near Los Angeles and Phoenix. In addition to providing the trucks, Nikola will also supply hydrogen and fueling infrastructure for the vehicles.The announcement of this order has positively impacted NKLA stock, with a notable increase in trading volume.&nbsp;&nbsp;2. <a href=\"https://ttm.financial/S/FUBO\">$fuboTV Inc.(FUBO)$</a>","listText":"1. <a href=\"https://ttm.financial/S/NKLA\">$Nikola Corporation(NKLA)$</a> +22.91%&nbsp;climbing alongside a truck orderNikola stock is experiencing a rise in value following a new truck order from <a href=\"https://ttm.financial/S/JBHT\">$JB Hunt Transport(JBHT)$</a> . J.B. Hunt is purchasing 13 trucks from Nikola, which includes 10 electric trucks and three hydrogen fuel cell trucks.These trucks are expected to be delivered in August and will be utilized on key routes near Los Angeles and Phoenix. In addition to providing the trucks, Nikola will also supply hydrogen and fueling infrastructure for the vehicles.The announcement of this order has positively impacted NKLA stock, with a notable increase in trading volume.&nbsp;&nbsp;2. <a href=\"https://ttm.financial/S/FUBO\">$fuboTV Inc.(FUBO)$</a>","text":"1. $Nikola Corporation(NKLA)$ +22.91% climbing alongside a truck orderNikola stock is experiencing a rise in value following a new truck order from $JB Hunt Transport(JBHT)$ . J.B. Hunt is purchasing 13 trucks from Nikola, which includes 10 electric trucks and three hydrogen fuel cell trucks.These trucks are expected to be delivered in August and will be utilized on key routes near Los Angeles and Phoenix. In addition to providing the trucks, Nikola will also supply hydrogen and fueling infrastructure for the vehicles.The announcement of this order has positively impacted NKLA stock, with a notable increase in trading volume. 2. $fuboTV Inc.(FUBO)$","images":[{"img":"https://community-static.tradeup.com/news/04b8fcdc5c91d8eb3ce62125d4f6bd9c","width":"1080","height":"540"},{"img":"https://community-static.tradeup.com/news/4b79ce1bf83aa8e930676a29b2c5adff","width":"560","height":"240"},{"img":"https://community-static.tradeup.com/news/96bf5389f63087c50f0eac0e55e458ae","width":"560","height":"240"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/204365388783848","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":5,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":320,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9970539767,"gmtCreate":1684631655660,"gmtModify":1684631659360,"author":{"id":"3581590268956264","authorId":"3581590268956264","name":"Damien111","avatar":"https://community-static.tradeup.com/news/79328dd256df8bc25949678982e26fc3","crmLevel":7,"crmLevelSwitch":1},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9970539767","repostId":"652235577","repostType":1,"repost":{"id":652235577,"gmtCreate":1684596395201,"gmtModify":1684596585777,"author":{"id":"3556673506813374","authorId":"3556673506813374","name":"谋定后动","avatar":"https://static.tigerbbs.com/865a6ec8ea0c03d186fb7dab736911ae","crmLevel":8,"crmLevelSwitch":1},"themes":[],"title":"【美股週記】2023年第20周——債務上限的談判會破局嗎？","htmlText":"【本期導讀】圍繞債務上限的兩黨爭鬥成了這個星期市場的焦點，甚至都搶了美聯儲主席鮑威爾講話的風頭。一個million dollar question來了：債務上限的談判會破局，從而引發美債違約嗎？ 我的看法是：不會！ 從現實分析：雙方都無法承受一拍兩散的結局。 債務上限的談判如果破局，將引發一場金融災難，從而重創美國的國家信用，動搖整個世界金融體系的根基，這樣的事情要是真的發生了，拜登和麥卡錫都會成爲罪人而被載入史冊的，拜登和麥卡錫都是要競選下一屆美國總統的，如果談判破局而引發金融災難，無異於自己政治前途的自殺。債務上限的本質是控制國會的共和黨想借着債務上限談判的機會改一改拜登政府花錢大手大腳的壞毛病；拜登政府的態度是談可以，但是別拿這個來要挾。 這是一個膽小鬼博弈，就像兩人開着車在一條路上踩滿油門相對而行，誰先膽怯先把車子閃在路邊誰就是膽小鬼，而不閃的那個就是贏家。如果雙方都不動方向盤的話，就是同歸於盡的結局。這個博弈的規律是雙方都會堅持到最後一刻，誰也不肯提前認熊，但是他們會在一頓咋呼之後在最後關頭達成協議。 事實上，自60年代以來，美國的債務上限被提高了78次，平均一年一次。 從歷史分析：妥協是刻在美國政治的基因裏的。 得到創始人羅胖羅振宇在一次做節目中說，多年前有一次他和易中天吃飯，那時的他還未成名而易中天正是百家講壇當紅之時，席間羅胖告訴易中天說，他覺得易老師寫得最好的一本書就是《費城風雲》，此言一畢，易中天竟然離席走過去握住羅胖的手，視爲知己。 這部讓易老師引以爲豪的《費城風雲》講述了美國獨立以後制定《聯邦憲法》全過程的歷史，整個《聯邦憲法》的制定過程就是各方利益妥協的過程，這種妥協不是簡單的和稀泥，而是建立在一個創造性的制度之上各方面利益的協調。正如18世紀英國著名的政治學家埃德蒙·伯克曾經一針見血地指出那樣，“所有的政府，都建立在妥協和交換的基礎之上，人類的所","listText":"【本期導讀】圍繞債務上限的兩黨爭鬥成了這個星期市場的焦點，甚至都搶了美聯儲主席鮑威爾講話的風頭。一個million dollar question來了：債務上限的談判會破局，從而引發美債違約嗎？ 我的看法是：不會！ 從現實分析：雙方都無法承受一拍兩散的結局。 債務上限的談判如果破局，將引發一場金融災難，從而重創美國的國家信用，動搖整個世界金融體系的根基，這樣的事情要是真的發生了，拜登和麥卡錫都會成爲罪人而被載入史冊的，拜登和麥卡錫都是要競選下一屆美國總統的，如果談判破局而引發金融災難，無異於自己政治前途的自殺。債務上限的本質是控制國會的共和黨想借着債務上限談判的機會改一改拜登政府花錢大手大腳的壞毛病；拜登政府的態度是談可以，但是別拿這個來要挾。 這是一個膽小鬼博弈，就像兩人開着車在一條路上踩滿油門相對而行，誰先膽怯先把車子閃在路邊誰就是膽小鬼，而不閃的那個就是贏家。如果雙方都不動方向盤的話，就是同歸於盡的結局。這個博弈的規律是雙方都會堅持到最後一刻，誰也不肯提前認熊，但是他們會在一頓咋呼之後在最後關頭達成協議。 事實上，自60年代以來，美國的債務上限被提高了78次，平均一年一次。 從歷史分析：妥協是刻在美國政治的基因裏的。 得到創始人羅胖羅振宇在一次做節目中說，多年前有一次他和易中天吃飯，那時的他還未成名而易中天正是百家講壇當紅之時，席間羅胖告訴易中天說，他覺得易老師寫得最好的一本書就是《費城風雲》，此言一畢，易中天竟然離席走過去握住羅胖的手，視爲知己。 這部讓易老師引以爲豪的《費城風雲》講述了美國獨立以後制定《聯邦憲法》全過程的歷史，整個《聯邦憲法》的制定過程就是各方利益妥協的過程，這種妥協不是簡單的和稀泥，而是建立在一個創造性的制度之上各方面利益的協調。正如18世紀英國著名的政治學家埃德蒙·伯克曾經一針見血地指出那樣，“所有的政府，都建立在妥協和交換的基礎之上，人類的所","text":"【本期導讀】圍繞債務上限的兩黨爭鬥成了這個星期市場的焦點，甚至都搶了美聯儲主席鮑威爾講話的風頭。一個million dollar question來了：債務上限的談判會破局，從而引發美債違約嗎？ 我的看法是：不會！ 從現實分析：雙方都無法承受一拍兩散的結局。 債務上限的談判如果破局，將引發一場金融災難，從而重創美國的國家信用，動搖整個世界金融體系的根基，這樣的事情要是真的發生了，拜登和麥卡錫都會成爲罪人而被載入史冊的，拜登和麥卡錫都是要競選下一屆美國總統的，如果談判破局而引發金融災難，無異於自己政治前途的自殺。債務上限的本質是控制國會的共和黨想借着債務上限談判的機會改一改拜登政府花錢大手大腳的壞毛病；拜登政府的態度是談可以，但是別拿這個來要挾。 這是一個膽小鬼博弈，就像兩人開着車在一條路上踩滿油門相對而行，誰先膽怯先把車子閃在路邊誰就是膽小鬼，而不閃的那個就是贏家。如果雙方都不動方向盤的話，就是同歸於盡的結局。這個博弈的規律是雙方都會堅持到最後一刻，誰也不肯提前認熊，但是他們會在一頓咋呼之後在最後關頭達成協議。 事實上，自60年代以來，美國的債務上限被提高了78次，平均一年一次。 從歷史分析：妥協是刻在美國政治的基因裏的。 得到創始人羅胖羅振宇在一次做節目中說，多年前有一次他和易中天吃飯，那時的他還未成名而易中天正是百家講壇當紅之時，席間羅胖告訴易中天說，他覺得易老師寫得最好的一本書就是《費城風雲》，此言一畢，易中天竟然離席走過去握住羅胖的手，視爲知己。 這部讓易老師引以爲豪的《費城風雲》講述了美國獨立以後制定《聯邦憲法》全過程的歷史，整個《聯邦憲法》的制定過程就是各方利益妥協的過程，這種妥協不是簡單的和稀泥，而是建立在一個創造性的制度之上各方面利益的協調。正如18世紀英國著名的政治學家埃德蒙·伯克曾經一針見血地指出那樣，“所有的政府，都建立在妥協和交換的基礎之上，人類的所","images":[{"img":"https://static.tigerbbs.com/385f7dde11b574764f8ce64230aa8db5","width":"1981","height":"1389"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/652235577","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":19,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":134,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9941082333,"gmtCreate":1679873639123,"gmtModify":1679873642913,"author":{"id":"3581590268956264","authorId":"3581590268956264","name":"Damien111","avatar":"https://community-static.tradeup.com/news/79328dd256df8bc25949678982e26fc3","crmLevel":7,"crmLevelSwitch":1},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":18,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9941082333","repostId":"2322046383","repostType":2,"isVote":1,"tweetType":1,"viewCount":176,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9949421875,"gmtCreate":1678840113197,"gmtModify":1678840117037,"author":{"id":"3581590268956264","authorId":"3581590268956264","name":"Damien111","avatar":"https://community-static.tradeup.com/news/79328dd256df8bc25949678982e26fc3","crmLevel":7,"crmLevelSwitch":1},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":15,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9949421875","repostId":"1109251500","repostType":2,"repost":{"id":"1109251500","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1678835043,"share":"https://www.laohu8.com/m/news/1109251500?lang=&edition=full","pubTime":"2023-03-15 07:04","market":"us","language":"en","title":"Wall Street Ends Green As Inflation Cools, Bank Jitters Ebb","url":"https://stock-news.laohu8.com/highlight/detail?id=1109251500","media":"Reuters","summary":"(Reuters) - U.S. stocks bounced back on Tuesday as largely on-target inflation data and easing jitte","content":"<html><head></head><body><p>(Reuters) - U.S. stocks bounced back on Tuesday as largely on-target inflation data and easing jitters over contagion in the banking sector cooled expectations regarding the size of the rate hike at the Federal Reserve&#39;s policy meeting next week.</p><p>All three major U.S. stock indexes closed sharply higher, with the S&amp;P 500 and the Dow gaining more than 1% and the tech-heavy Nasdaq surging more than 2%, after several sessions of risk-off turmoil driven by the fallout surrounding the implosion of Silicon Valley Bank and Signature Bank.</p><p>Financial stocks clawed back some losses, with the S&amp;P 500 Banks index coming back from its steepest one-day sell-off since June 2020.</p><p>The KBW Regional Banking index rose 2.1%.</p><p>Bank contagion fears were allayed on Tuesday as U.S. President Joe Biden and other global policymakers vowed the crisis would be contained.</p><p>&#34;The market is having an opportunity to digest some of the news over the last couple of days,&#34; said Matthew Keator, managing partner in the Keator Group, a wealth management firm in Lenox, Massachusetts. &#34;(Investors) are seeing a coordinated effort with various government agencies, and with hindsight, they’re feeling as if things have contained themselves a bit.&#34;</p><p>The Labor Department&#39;s CPI report showed consumer prices cooled in February, largely in line with market expectations, with headline and core measures notching welcome annual declines.</p><p>Even so, inflation has a considerable way to go before approaching the central bank&#39;s average annual 2% target.</p><p>But signs of economic softness, combined with the regional banking scare, have increased the odds that the Federal Reserve will implement a modest, 25 basis-point hike to its key interest rate at the conclusion of its two-day policy meeting on March 22.</p><p>Financial markets have now priced in a 74.5% likelihood that the central bank will raise the Fed funds target rate by an additional 25 basis points at the conclusion of its two-day monetary meeting later this month, with a growing minority - 25.5% - seeing the potential of no rate hike at all, according to CME&#39;s FedWatch tool.</p><p>&#34;Part of the stabilization today is folks feeling as if the Fed might back off from some of the hawkish expectations that followed Chairman Powell&#39;s comments last week,&#34; Keator added.</p><p>&#34;If the Fed isn&#39;t careful, they could create some unintended shocks to the system,&#34; he said.</p><p>Shock waves following the closure of Silicon Valley Bank and Signature Bank, which prompted Biden to vow he would contain the crisis and ensure the safety of the U.S. banking system, continued to reverberate throughout the sector.</p><p>The S&amp;P 500 banking index reclaimed territory, rising 2.6% after Monday&#39;s plunge, its biggest one-day drop since June 2020.</p><p>The Dow Jones Industrial Average rose 336.26 points, or 1.06%, to 32,155.4, the S&amp;P 500 gained 64.8 points, or 1.68%, to 3,920.56 and the Nasdaq Composite added 239.31 points, or 2.14%, to 11,428.15.</p><p>All 11 major sectors in the S&amp;P 500 ended the trading day higher, with communication services enjoying the largest percentage advance.</p><p>Shares of First Republic Bank and Western Alliance Bancorp surged by 27.0% and 14.4%, respectively, in a reversal of the previous session&#39;s rout.</p><p>Meta Platforms Inc announced 10,000 job cuts in its second round of layoffs. Its stock advanced 7.3%.</p><p>Ride-hailing app rivals Uber Technologies Inc and Lyft Inc rose 5.0% and 0.6%, respectively, after a California state court revived a ballot measure allowing the companies to treat drivers as independent contractors rather than employees.</p><p>United Airlines Holdings Inc fell 5.4% after the commercial carrier unexpectedly forecast a current quarter loss.</p><p>AMC Entertainment Holdings slid 15.0% between multiple trading halts after its shareholders voted in favor of converting preferred stock into common shares.</p><p>Advancing issues outnumbered declining ones on the NYSE by a 2.60-to-1 ratio; on Nasdaq, a 1.83-to-1 ratio favored advancers.</p><p>The S&amp;P 500 posted 3 new 52-week highs and 15 new lows; the Nasdaq Composite recorded 23 new highs and 195 new lows.</p><p>Volume on U.S. exchanges was 13.84 billion shares, compared with the 11.64 billion average over the last 20 trading days.</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>Wall Street Ends Green As Inflation Cools, Bank Jitters Ebb</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; 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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\">\nWall Street Ends Green As Inflation Cools, Bank Jitters Ebb\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2023-03-15 07:04</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>(Reuters) - U.S. stocks bounced back on Tuesday as largely on-target inflation data and easing jitters over contagion in the banking sector cooled expectations regarding the size of the rate hike at the Federal Reserve&#39;s policy meeting next week.</p><p>All three major U.S. stock indexes closed sharply higher, with the S&amp;P 500 and the Dow gaining more than 1% and the tech-heavy Nasdaq surging more than 2%, after several sessions of risk-off turmoil driven by the fallout surrounding the implosion of Silicon Valley Bank and Signature Bank.</p><p>Financial stocks clawed back some losses, with the S&amp;P 500 Banks index coming back from its steepest one-day sell-off since June 2020.</p><p>The KBW Regional Banking index rose 2.1%.</p><p>Bank contagion fears were allayed on Tuesday as U.S. President Joe Biden and other global policymakers vowed the crisis would be contained.</p><p>&#34;The market is having an opportunity to digest some of the news over the last couple of days,&#34; said Matthew Keator, managing partner in the Keator Group, a wealth management firm in Lenox, Massachusetts. &#34;(Investors) are seeing a coordinated effort with various government agencies, and with hindsight, they’re feeling as if things have contained themselves a bit.&#34;</p><p>The Labor Department&#39;s CPI report showed consumer prices cooled in February, largely in line with market expectations, with headline and core measures notching welcome annual declines.</p><p>Even so, inflation has a considerable way to go before approaching the central bank&#39;s average annual 2% target.</p><p>But signs of economic softness, combined with the regional banking scare, have increased the odds that the Federal Reserve will implement a modest, 25 basis-point hike to its key interest rate at the conclusion of its two-day policy meeting on March 22.</p><p>Financial markets have now priced in a 74.5% likelihood that the central bank will raise the Fed funds target rate by an additional 25 basis points at the conclusion of its two-day monetary meeting later this month, with a growing minority - 25.5% - seeing the potential of no rate hike at all, according to CME&#39;s FedWatch tool.</p><p>&#34;Part of the stabilization today is folks feeling as if the Fed might back off from some of the hawkish expectations that followed Chairman Powell&#39;s comments last week,&#34; Keator added.</p><p>&#34;If the Fed isn&#39;t careful, they could create some unintended shocks to the system,&#34; he said.</p><p>Shock waves following the closure of Silicon Valley Bank and Signature Bank, which prompted Biden to vow he would contain the crisis and ensure the safety of the U.S. banking system, continued to reverberate throughout the sector.</p><p>The S&amp;P 500 banking index reclaimed territory, rising 2.6% after Monday&#39;s plunge, its biggest one-day drop since June 2020.</p><p>The Dow Jones Industrial Average rose 336.26 points, or 1.06%, to 32,155.4, the S&amp;P 500 gained 64.8 points, or 1.68%, to 3,920.56 and the Nasdaq Composite added 239.31 points, or 2.14%, to 11,428.15.</p><p>All 11 major sectors in the S&amp;P 500 ended the trading day higher, with communication services enjoying the largest percentage advance.</p><p>Shares of First Republic Bank and Western Alliance Bancorp surged by 27.0% and 14.4%, respectively, in a reversal of the previous session&#39;s rout.</p><p>Meta Platforms Inc announced 10,000 job cuts in its second round of layoffs. Its stock advanced 7.3%.</p><p>Ride-hailing app rivals Uber Technologies Inc and Lyft Inc rose 5.0% and 0.6%, respectively, after a California state court revived a ballot measure allowing the companies to treat drivers as independent contractors rather than employees.</p><p>United Airlines Holdings Inc fell 5.4% after the commercial carrier unexpectedly forecast a current quarter loss.</p><p>AMC Entertainment Holdings slid 15.0% between multiple trading halts after its shareholders voted in favor of converting preferred stock into common shares.</p><p>Advancing issues outnumbered declining ones on the NYSE by a 2.60-to-1 ratio; on Nasdaq, a 1.83-to-1 ratio favored advancers.</p><p>The S&amp;P 500 posted 3 new 52-week highs and 15 new lows; the Nasdaq Composite recorded 23 new highs and 195 new lows.</p><p>Volume on U.S. exchanges was 13.84 billion shares, compared with the 11.64 billion average over the last 20 trading days.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1109251500","content_text":"(Reuters) - U.S. stocks bounced back on Tuesday as largely on-target inflation data and easing jitters over contagion in the banking sector cooled expectations regarding the size of the rate hike at the Federal Reserve's policy meeting next week.All three major U.S. stock indexes closed sharply higher, with the S&P 500 and the Dow gaining more than 1% and the tech-heavy Nasdaq surging more than 2%, after several sessions of risk-off turmoil driven by the fallout surrounding the implosion of Silicon Valley Bank and Signature Bank.Financial stocks clawed back some losses, with the S&P 500 Banks index coming back from its steepest one-day sell-off since June 2020.The KBW Regional Banking index rose 2.1%.Bank contagion fears were allayed on Tuesday as U.S. President Joe Biden and other global policymakers vowed the crisis would be contained.\"The market is having an opportunity to digest some of the news over the last couple of days,\" said Matthew Keator, managing partner in the Keator Group, a wealth management firm in Lenox, Massachusetts. \"(Investors) are seeing a coordinated effort with various government agencies, and with hindsight, they’re feeling as if things have contained themselves a bit.\"The Labor Department's CPI report showed consumer prices cooled in February, largely in line with market expectations, with headline and core measures notching welcome annual declines.Even so, inflation has a considerable way to go before approaching the central bank's average annual 2% target.But signs of economic softness, combined with the regional banking scare, have increased the odds that the Federal Reserve will implement a modest, 25 basis-point hike to its key interest rate at the conclusion of its two-day policy meeting on March 22.Financial markets have now priced in a 74.5% likelihood that the central bank will raise the Fed funds target rate by an additional 25 basis points at the conclusion of its two-day monetary meeting later this month, with a growing minority - 25.5% - seeing the potential of no rate hike at all, according to CME's FedWatch tool.\"Part of the stabilization today is folks feeling as if the Fed might back off from some of the hawkish expectations that followed Chairman Powell's comments last week,\" Keator added.\"If the Fed isn't careful, they could create some unintended shocks to the system,\" he said.Shock waves following the closure of Silicon Valley Bank and Signature Bank, which prompted Biden to vow he would contain the crisis and ensure the safety of the U.S. banking system, continued to reverberate throughout the sector.The S&P 500 banking index reclaimed territory, rising 2.6% after Monday's plunge, its biggest one-day drop since June 2020.The Dow Jones Industrial Average rose 336.26 points, or 1.06%, to 32,155.4, the S&P 500 gained 64.8 points, or 1.68%, to 3,920.56 and the Nasdaq Composite added 239.31 points, or 2.14%, to 11,428.15.All 11 major sectors in the S&P 500 ended the trading day higher, with communication services enjoying the largest percentage advance.Shares of First Republic Bank and Western Alliance Bancorp surged by 27.0% and 14.4%, respectively, in a reversal of the previous session's rout.Meta Platforms Inc announced 10,000 job cuts in its second round of layoffs. Its stock advanced 7.3%.Ride-hailing app rivals Uber Technologies Inc and Lyft Inc rose 5.0% and 0.6%, respectively, after a California state court revived a ballot measure allowing the companies to treat drivers as independent contractors rather than employees.United Airlines Holdings Inc fell 5.4% after the commercial carrier unexpectedly forecast a current quarter loss.AMC Entertainment Holdings slid 15.0% between multiple trading halts after its shareholders voted in favor of converting preferred stock into common shares.Advancing issues outnumbered declining ones on the NYSE by a 2.60-to-1 ratio; on Nasdaq, a 1.83-to-1 ratio favored advancers.The S&P 500 posted 3 new 52-week highs and 15 new lows; the Nasdaq Composite recorded 23 new highs and 195 new lows.Volume on U.S. exchanges was 13.84 billion shares, compared with the 11.64 billion average over the last 20 trading days.","news_type":1},"isVote":1,"tweetType":1,"viewCount":289,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9949511203,"gmtCreate":1678749979303,"gmtModify":1678749982222,"author":{"id":"3581590268956264","authorId":"3581590268956264","name":"Damien111","avatar":"https://community-static.tradeup.com/news/79328dd256df8bc25949678982e26fc3","crmLevel":7,"crmLevelSwitch":1},"themes":[],"htmlText":"Low","listText":"Low","text":"Low","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9949511203","repostId":"2319011971","repostType":4,"repost":{"id":"2319011971","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1678744912,"share":"https://www.laohu8.com/m/news/2319011971?lang=&edition=full","pubTime":"2023-03-14 06:01","market":"us","language":"en","title":"U.S. Stocks-Sliding Bank Shares Drag Wall Street Down In Choppy Trade","url":"https://stock-news.laohu8.com/highlight/detail?id=2319011971","media":"Reuters","summary":"(Reuters) - Sliding bank shares dragged Wall Street down on Monday with investors worried about cont","content":"<html><head></head><body><p>(Reuters) - Sliding bank shares dragged Wall Street down on Monday with investors worried about contagion from the Silicon Valley Bank collapse, but trade was choppy and the Nasdaq composite actually ended higher as some sectors benefited from hopes the Federal Reserve could ease up on interest rates hikes.</p><p>SVB Financial&#39;s sudden shutdown on Friday after a failed capital raise had investors worried about risks to other banks from the Fed&#39;s sharp rate hikes over the last year. But many speculated the central bank could now become less hawkish, and the yield on the 2-year Treasury tumbled.</p><p>Regulators over the weekend stepped in to restore investor confidence in the banking system, saying SVB&#39;s depositors will have access to their funds on Monday.</p><p>To some investors, the Fed&#39;s decision next week will also hinge on inflation data due this week.</p><p>&#34;If we get shockingly bad Consumer Price Index and Producer Price Index, the Fed is going to find itself in a tough spot or a much tougher spot that it even finds itself in ahead of those prints,&#34; said Orion Advisor Solutions CIO Timothy Holland.</p><p>The Dow Jones Industrial Average fell 90.5 points, or 0.28%, to 31,819.14, the S&amp;P 500 lost 5.83 points, or 0.15%, to 3,855.76 and the Nasdaq Composite added 49.96 points, or 0.45%, to 11,188.84.</p><p><img src=\"https://static.tigerbbs.com/cc6adfe7f7e1fedf366a82da5c6d4490\" tg-width=\"1080\" tg-height=\"1920\" width=\"100%\" height=\"auto\"/></p><p>The CPI data is due on Tuesday and PPI on Wednesday.</p><p>The defensive utilities rose 1.54% as one the best performing of the 11 major S&amp;P sectors while interest rate sensitive groups such as real estate and technology also climbed.</p><p>&#34;The market is now expecting that the Fed is likely to not raise rates this month and so they may enter a pause period,&#34; said Peter Cardillo, chief market economist at Spartan Capital Securities.</p><p>Shares of SVB&#39;s peer <a href=\"https://laohu8.com/S/SBNY\">Signature Bank</a>, which was also shut down by regulators, were halted. Nasdaq said they would remain so until the exchange&#39;s request for additional information was &#34;fully satisfied.&#34;</p><p>President Joe Biden vowed to do whatever was needed to address the threat to the banking system.</p><p>$First Republic Bank(FRC-N)$ dropped 61.83% as news of fresh financing failed to reassure investors, while Western Alliance Bancorp and <a href=\"https://laohu8.com/S/PACW\">PacWest Bancorp</a> fell 47.06% and 21.05%, respectively. Trading in the stocks was halted several times.</p><p>Weighing on the S&amp;P 500, Charles Schwab tumbled 11.56% upon resuming trade after the financial services company reported a 28% decline in average margin balances and a 4% fall in total client assets for February.</p><p>Shares of big U.S. banks, including JPMorgan Chase &amp; Co , Citigroup, and Wells Fargo all lost ground. The S&amp;P Banking Index fell 7%, its largest one-day percentage drop since June 11, 2020.</p><p>The CBOE Volatility Index, known as Wall Street&#39;s fear gauge, rose 1.72 points to 26.52 after earlier hitting 30.81, its highest since late October.</p><p>Traders are now largely pricing in a 25 basis point rate hike from the Fed in March, with bets that the central bank will hold interest rates at their current level standing at 44.4%.</p><p>Among individual stocks, Pfizer Inc was up 1.19% after the drugmaker said it would buy <a href=\"https://laohu8.com/S/SGEN\">Seagen</a> Inc for nearly $43 billion.</p><p>Declining issues outnumbered advancing ones on the NYSE by a 2.31-to-1 ratio; on Nasdaq, a 1.63-to-1 ratio favored decliners.</p><p>The S&amp;P 500 posted 1 new 52-week highs and 48 new lows; the Nasdaq Composite recorded 29 new highs and 526 new lows.</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>U.S. Stocks-Sliding Bank Shares Drag Wall Street Down In Choppy Trade</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\">\nU.S. Stocks-Sliding Bank Shares Drag Wall Street Down In Choppy Trade\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2023-03-14 06:01</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>(Reuters) - Sliding bank shares dragged Wall Street down on Monday with investors worried about contagion from the Silicon Valley Bank collapse, but trade was choppy and the Nasdaq composite actually ended higher as some sectors benefited from hopes the Federal Reserve could ease up on interest rates hikes.</p><p>SVB Financial&#39;s sudden shutdown on Friday after a failed capital raise had investors worried about risks to other banks from the Fed&#39;s sharp rate hikes over the last year. But many speculated the central bank could now become less hawkish, and the yield on the 2-year Treasury tumbled.</p><p>Regulators over the weekend stepped in to restore investor confidence in the banking system, saying SVB&#39;s depositors will have access to their funds on Monday.</p><p>To some investors, the Fed&#39;s decision next week will also hinge on inflation data due this week.</p><p>&#34;If we get shockingly bad Consumer Price Index and Producer Price Index, the Fed is going to find itself in a tough spot or a much tougher spot that it even finds itself in ahead of those prints,&#34; said Orion Advisor Solutions CIO Timothy Holland.</p><p>The Dow Jones Industrial Average fell 90.5 points, or 0.28%, to 31,819.14, the S&amp;P 500 lost 5.83 points, or 0.15%, to 3,855.76 and the Nasdaq Composite added 49.96 points, or 0.45%, to 11,188.84.</p><p><img src=\"https://static.tigerbbs.com/cc6adfe7f7e1fedf366a82da5c6d4490\" tg-width=\"1080\" tg-height=\"1920\" width=\"100%\" height=\"auto\"/></p><p>The CPI data is due on Tuesday and PPI on Wednesday.</p><p>The defensive utilities rose 1.54% as one the best performing of the 11 major S&amp;P sectors while interest rate sensitive groups such as real estate and technology also climbed.</p><p>&#34;The market is now expecting that the Fed is likely to not raise rates this month and so they may enter a pause period,&#34; said Peter Cardillo, chief market economist at Spartan Capital Securities.</p><p>Shares of SVB&#39;s peer <a href=\"https://laohu8.com/S/SBNY\">Signature Bank</a>, which was also shut down by regulators, were halted. Nasdaq said they would remain so until the exchange&#39;s request for additional information was &#34;fully satisfied.&#34;</p><p>President Joe Biden vowed to do whatever was needed to address the threat to the banking system.</p><p>$First Republic Bank(FRC-N)$ dropped 61.83% as news of fresh financing failed to reassure investors, while Western Alliance Bancorp and <a href=\"https://laohu8.com/S/PACW\">PacWest Bancorp</a> fell 47.06% and 21.05%, respectively. Trading in the stocks was halted several times.</p><p>Weighing on the S&amp;P 500, Charles Schwab tumbled 11.56% upon resuming trade after the financial services company reported a 28% decline in average margin balances and a 4% fall in total client assets for February.</p><p>Shares of big U.S. banks, including JPMorgan Chase &amp; Co , Citigroup, and Wells Fargo all lost ground. The S&amp;P Banking Index fell 7%, its largest one-day percentage drop since June 11, 2020.</p><p>The CBOE Volatility Index, known as Wall Street&#39;s fear gauge, rose 1.72 points to 26.52 after earlier hitting 30.81, its highest since late October.</p><p>Traders are now largely pricing in a 25 basis point rate hike from the Fed in March, with bets that the central bank will hold interest rates at their current level standing at 44.4%.</p><p>Among individual stocks, Pfizer Inc was up 1.19% after the drugmaker said it would buy <a href=\"https://laohu8.com/S/SGEN\">Seagen</a> Inc for nearly $43 billion.</p><p>Declining issues outnumbered advancing ones on the NYSE by a 2.31-to-1 ratio; on Nasdaq, a 1.63-to-1 ratio favored decliners.</p><p>The S&amp;P 500 posted 1 new 52-week highs and 48 new lows; the Nasdaq Composite recorded 29 new highs and 526 new lows.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2319011971","content_text":"(Reuters) - Sliding bank shares dragged Wall Street down on Monday with investors worried about contagion from the Silicon Valley Bank collapse, but trade was choppy and the Nasdaq composite actually ended higher as some sectors benefited from hopes the Federal Reserve could ease up on interest rates hikes.SVB Financial's sudden shutdown on Friday after a failed capital raise had investors worried about risks to other banks from the Fed's sharp rate hikes over the last year. But many speculated the central bank could now become less hawkish, and the yield on the 2-year Treasury tumbled.Regulators over the weekend stepped in to restore investor confidence in the banking system, saying SVB's depositors will have access to their funds on Monday.To some investors, the Fed's decision next week will also hinge on inflation data due this week.\"If we get shockingly bad Consumer Price Index and Producer Price Index, the Fed is going to find itself in a tough spot or a much tougher spot that it even finds itself in ahead of those prints,\" said Orion Advisor Solutions CIO Timothy Holland.The Dow Jones Industrial Average fell 90.5 points, or 0.28%, to 31,819.14, the S&P 500 lost 5.83 points, or 0.15%, to 3,855.76 and the Nasdaq Composite added 49.96 points, or 0.45%, to 11,188.84.The CPI data is due on Tuesday and PPI on Wednesday.The defensive utilities rose 1.54% as one the best performing of the 11 major S&P sectors while interest rate sensitive groups such as real estate and technology also climbed.\"The market is now expecting that the Fed is likely to not raise rates this month and so they may enter a pause period,\" said Peter Cardillo, chief market economist at Spartan Capital Securities.Shares of SVB's peer Signature Bank, which was also shut down by regulators, were halted. Nasdaq said they would remain so until the exchange's request for additional information was \"fully satisfied.\"President Joe Biden vowed to do whatever was needed to address the threat to the banking system.$First Republic Bank(FRC-N)$ dropped 61.83% as news of fresh financing failed to reassure investors, while Western Alliance Bancorp and PacWest Bancorp fell 47.06% and 21.05%, respectively. Trading in the stocks was halted several times.Weighing on the S&P 500, Charles Schwab tumbled 11.56% upon resuming trade after the financial services company reported a 28% decline in average margin balances and a 4% fall in total client assets for February.Shares of big U.S. banks, including JPMorgan Chase & Co , Citigroup, and Wells Fargo all lost ground. The S&P Banking Index fell 7%, its largest one-day percentage drop since June 11, 2020.The CBOE Volatility Index, known as Wall Street's fear gauge, rose 1.72 points to 26.52 after earlier hitting 30.81, its highest since late October.Traders are now largely pricing in a 25 basis point rate hike from the Fed in March, with bets that the central bank will hold interest rates at their current level standing at 44.4%.Among individual stocks, Pfizer Inc was up 1.19% after the drugmaker said it would buy Seagen Inc for nearly $43 billion.Declining issues outnumbered advancing ones on the NYSE by a 2.31-to-1 ratio; on Nasdaq, a 1.63-to-1 ratio favored decliners.The S&P 500 posted 1 new 52-week highs and 48 new lows; the Nasdaq Composite recorded 29 new highs and 526 new lows.","news_type":1},"isVote":1,"tweetType":1,"viewCount":185,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9949670156,"gmtCreate":1678664521675,"gmtModify":1678664525915,"author":{"id":"3581590268956264","authorId":"3581590268956264","name":"Damien111","avatar":"https://community-static.tradeup.com/news/79328dd256df8bc25949678982e26fc3","crmLevel":7,"crmLevelSwitch":1},"themes":[],"htmlText":"Oh My oh my","listText":"Oh My oh my","text":"Oh My oh my","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":21,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9949670156","repostId":"1119712805","repostType":4,"isVote":1,"tweetType":1,"viewCount":265,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9949668854,"gmtCreate":1678602710279,"gmtModify":1678602713925,"author":{"id":"3581590268956264","authorId":"3581590268956264","name":"Damien111","avatar":"https://community-static.tradeup.com/news/79328dd256df8bc25949678982e26fc3","crmLevel":7,"crmLevelSwitch":1},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":22,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9949668854","repostId":"2318857796","repostType":4,"repost":{"id":"2318857796","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1678601805,"share":"https://www.laohu8.com/m/news/2318857796?lang=&edition=full","pubTime":"2023-03-12 14:16","market":"us","language":"en","title":"20 Banks That Are Sitting on Huge Potential Securities Losses--As Was SVB","url":"https://stock-news.laohu8.com/highlight/detail?id=2318857796","media":"Dow Jones","summary":"SVB Financial Group faced a perfect storm, but there are plenty of other banks that would face big l","content":"<html><head></head><body><p><a href=\"https://laohu8.com/S/SIVBO\">SVB Financial Group</a> faced a perfect storm, but there are plenty of other banks that would face big losses if they were forced to dump securities to raise cash</p><p>Silicon Valley Bank has failed following a run on deposits, after its parent company&#39;s share price crashed a record 60% on Thursday.</p><p>Trading of <a href=\"https://laohu8.com/S/SIVBP\">SVB Financial Group</a>&#39;s <a href=\"https://laohu8.com/S/SIVB\">$(SIVB)$</a> stock was halted early Friday, after the shares plunged again in premarket trading. Treasury Secretary Janet Yellen said SVB was one of a few banks she was &#34;monitoring very carefully.&#34; Reaction poured in from several analysts who discussed the bank&#39;s liquidity risk.</p><p>California regulators closed Silicon Valley Bank and handed the wreckage over to the Federal Deposit Insurance Administration later on Friday.</p><p>Below is the same list of 10 banks we highlighted on Thursday that showed similar red flags to those shown by SVB Financial through the fourth quarter. This time, we will show how much they reported in unrealized losses on securities -- an item that played an important role in SVB&#39;s crisis.</p><p>Below that is a screen of U.S. banks with at least $10 billion in total assets, showing those that appeared to have the greatest exposure to unrealized securities losses, as a percentage of total capital, as of Dec. 31.</p><h3>First, a quick look at SVB</h3><p>Some media reports have referred to SVB of Santa Clara, Calif., as a small bank, but it had $212 billion in total assets as of Dec. 31, making it the 17th largest bank in the Russell 3000 Index  as of Dec. 31. That makes it the largest U.S. bank failure since Washington Mutual in 2008.</p><p>One unique aspect of SVB was its decades-long focus on the venture capital industry. The bank&#39;s loan growth had been slowing as interest rates rose. Meanwhile, when announcing its $21 billion dollars in securities sales on Thursday, SVB said it had taken the action not only to lower its interest-rate risk, but because &#34;client cash burn has remained elevated and increased further in February, resulting in lower deposits than forecasted.&#34;</p><p>SVB estimated it would book a $1.8 billion loss on the securities sale and said it would raise $2.25 billion in capital through two offerings of new shares and a convertible bond offering. That offering wasn&#39;t completed.</p><p>So this appears to be an example of what can go wrong with a bank focused on a particular industry. The combination of a balance sheet heavy with securities and relatively light on loans, in a rising-rate environment in which bond prices have declined and in which depositors specific to that industry are themselves suffering from a decline in cash, led to a liquidity problem.</p><h3>Unrealized losses on securities</h3><p>Banks leverage their capital by gathering deposits or borrowing money either to lend the money out or purchase securities. They earn the spread between their average yield on loans and investments and their average cost for funds.</p><p>The securities investments are held in two buckets:</p><p>In its regulatory Consolidated Financial Statements for Holding Companies--FR Y-9C, filed with the Federal Reserve, SVB Financial, reported a negative $1.911 billion in accumulated other comprehensive income as of Dec. 31. That is line 26.b on Schedule HC of the report, for those keeping score at home. You can look up regulatory reports for any U.S. bank holding company, savings and loan holding company or subsidiary institution at the Federal Financial Institution Examination Council&#39;s National Information Center. Be sure to get the name of the company or institution right -- or you may be looking at the wrong entity.</p><p>Here&#39;s how accumulated other comprehensive income (AOCI) is defined in the report: &#34;Includes, but is not limited to, net unrealized holding gains (losses) on available-for-sale securities, accumulated net gains (losses) on cash flow hedges, cumulative foreign currency translation adjustments, and accumulated defined benefit pension and other postretirement plan adjustments.&#34;</p><p>In other words, it was mostly unrealized losses on SVB&#39;s available-for-sale securities. The bank booked an estimated $1.8 billion loss when selling &#34;substantially all&#34; of these securities on March 8.</p><p>The list of 10 banks with unfavorable interest margin trends</p><p>On the regulatory call reports, AOCI is added to regulatory capital. Since SVB&#39;s AOCI was negative (because of its unrealized losses on AFS securities) as of Dec. 31, it lowered the company&#39;s total equity capital. So a fair way to gauge the negative AOCI to the bank&#39;s total equity capital would be to divide the negative AOCI by total equity capital less AOCI -- effectively adding the unrealized losses back to total equity capital for the calculation.</p><p>Getting back to our list of 10 banks that raised similar red margin flags to those of SVB, here&#39;s the same group, in the same order, showing negative AOCI as a percentage of total equity capital as of Dec. 31. We have added SVB to the bottom of the list. The data was provided by FactSet:</p><p><img src=\"https://static.tigerbbs.com/12eb7c2420e69b60c526a6b6ef79626d\" tg-width=\"887\" tg-height=\"715\" width=\"100%\" height=\"auto\"/></p><p>Ally Financial Inc. (ALLY) -- the third largest bank on the list by Dec. 31 total assets -- stands out as having the largest percentage of negative accumulated comprehensive income relative to total equity capital as of Dec. 31.</p><p>To be sure, these numbers don&#39;t mean that a bank is in trouble, or that it will be forced to sell securities for big losses. But SVB had both a troubling pattern for its interest margins and what appeared to be a relatively high percentage of securities losses relative to capital as of Dec. 31.</p><h3>Banks with the highest percentage of negative AOCI to capital</h3><p>There are 108 banks in the Russell 3000 Index  that had total assets of at least $10.0 billion as of Dec. 31. FactSet provided AOCI and total equity capital data for 105 of them. Here are the 20 which had the highest ratios of negative AOCI to total equity capital less AOCI (as explained above) as of Dec. 31:</p><p><img src=\"https://static.tigerbbs.com/8c786a5e88cfaa8510ac5458b4a31b86\" tg-width=\"884\" tg-height=\"618\" width=\"100%\" height=\"auto\"/><img src=\"https://static.tigerbbs.com/6bbd38b51d92ae37f23e7fbff46e9c08\" tg-width=\"879\" tg-height=\"668\" width=\"100%\" height=\"auto\"/>Again, this is not to suggest that any particular bank on this list based on Dec. 31 data is facing the type of perfect storm that has hurt SVB Financial. A bank sitting on large paper losses on its AFS securities may not need to sell them. In fact <a href=\"https://laohu8.com/S/CMA\">Comerica Inc.</a>, which tops the list, also improved its interest margin the most over the past four quarters, as shown here.</p><p>But it is interesting to note that <a href=\"https://laohu8.com/S/SI\">Silvergate Capital Corp.</a>, which focused on serving clients in the virtual currency industry, made the list. It is shuttering its bank subsidiary voluntarily.</p><p>Another bank on the list facing concern among depositors is <a href=\"https://laohu8.com/S/SBNY\">Signature Bank</a> of New York, which has a diverse business model, but has also faced a backlash related to the services it provides to the virtual currency industry. The bank’s shares fell 12% on Thursday and were down another 24% in afternoon trading on Friday.</p><p>Signature Bank said in a statement that it was in a “strong, well-diversified financial position.”</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>20 Banks That Are Sitting on Huge Potential Securities Losses--As Was SVB</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\">\n20 Banks That Are Sitting on Huge Potential Securities Losses--As Was SVB\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/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2023-03-12 14:16</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p><a href=\"https://laohu8.com/S/SIVBO\">SVB Financial Group</a> faced a perfect storm, but there are plenty of other banks that would face big losses if they were forced to dump securities to raise cash</p><p>Silicon Valley Bank has failed following a run on deposits, after its parent company&#39;s share price crashed a record 60% on Thursday.</p><p>Trading of <a href=\"https://laohu8.com/S/SIVBP\">SVB Financial Group</a>&#39;s <a href=\"https://laohu8.com/S/SIVB\">$(SIVB)$</a> stock was halted early Friday, after the shares plunged again in premarket trading. Treasury Secretary Janet Yellen said SVB was one of a few banks she was &#34;monitoring very carefully.&#34; Reaction poured in from several analysts who discussed the bank&#39;s liquidity risk.</p><p>California regulators closed Silicon Valley Bank and handed the wreckage over to the Federal Deposit Insurance Administration later on Friday.</p><p>Below is the same list of 10 banks we highlighted on Thursday that showed similar red flags to those shown by SVB Financial through the fourth quarter. This time, we will show how much they reported in unrealized losses on securities -- an item that played an important role in SVB&#39;s crisis.</p><p>Below that is a screen of U.S. banks with at least $10 billion in total assets, showing those that appeared to have the greatest exposure to unrealized securities losses, as a percentage of total capital, as of Dec. 31.</p><h3>First, a quick look at SVB</h3><p>Some media reports have referred to SVB of Santa Clara, Calif., as a small bank, but it had $212 billion in total assets as of Dec. 31, making it the 17th largest bank in the Russell 3000 Index  as of Dec. 31. That makes it the largest U.S. bank failure since Washington Mutual in 2008.</p><p>One unique aspect of SVB was its decades-long focus on the venture capital industry. The bank&#39;s loan growth had been slowing as interest rates rose. Meanwhile, when announcing its $21 billion dollars in securities sales on Thursday, SVB said it had taken the action not only to lower its interest-rate risk, but because &#34;client cash burn has remained elevated and increased further in February, resulting in lower deposits than forecasted.&#34;</p><p>SVB estimated it would book a $1.8 billion loss on the securities sale and said it would raise $2.25 billion in capital through two offerings of new shares and a convertible bond offering. That offering wasn&#39;t completed.</p><p>So this appears to be an example of what can go wrong with a bank focused on a particular industry. The combination of a balance sheet heavy with securities and relatively light on loans, in a rising-rate environment in which bond prices have declined and in which depositors specific to that industry are themselves suffering from a decline in cash, led to a liquidity problem.</p><h3>Unrealized losses on securities</h3><p>Banks leverage their capital by gathering deposits or borrowing money either to lend the money out or purchase securities. They earn the spread between their average yield on loans and investments and their average cost for funds.</p><p>The securities investments are held in two buckets:</p><p>In its regulatory Consolidated Financial Statements for Holding Companies--FR Y-9C, filed with the Federal Reserve, SVB Financial, reported a negative $1.911 billion in accumulated other comprehensive income as of Dec. 31. That is line 26.b on Schedule HC of the report, for those keeping score at home. You can look up regulatory reports for any U.S. bank holding company, savings and loan holding company or subsidiary institution at the Federal Financial Institution Examination Council&#39;s National Information Center. Be sure to get the name of the company or institution right -- or you may be looking at the wrong entity.</p><p>Here&#39;s how accumulated other comprehensive income (AOCI) is defined in the report: &#34;Includes, but is not limited to, net unrealized holding gains (losses) on available-for-sale securities, accumulated net gains (losses) on cash flow hedges, cumulative foreign currency translation adjustments, and accumulated defined benefit pension and other postretirement plan adjustments.&#34;</p><p>In other words, it was mostly unrealized losses on SVB&#39;s available-for-sale securities. The bank booked an estimated $1.8 billion loss when selling &#34;substantially all&#34; of these securities on March 8.</p><p>The list of 10 banks with unfavorable interest margin trends</p><p>On the regulatory call reports, AOCI is added to regulatory capital. Since SVB&#39;s AOCI was negative (because of its unrealized losses on AFS securities) as of Dec. 31, it lowered the company&#39;s total equity capital. So a fair way to gauge the negative AOCI to the bank&#39;s total equity capital would be to divide the negative AOCI by total equity capital less AOCI -- effectively adding the unrealized losses back to total equity capital for the calculation.</p><p>Getting back to our list of 10 banks that raised similar red margin flags to those of SVB, here&#39;s the same group, in the same order, showing negative AOCI as a percentage of total equity capital as of Dec. 31. We have added SVB to the bottom of the list. The data was provided by FactSet:</p><p><img src=\"https://static.tigerbbs.com/12eb7c2420e69b60c526a6b6ef79626d\" tg-width=\"887\" tg-height=\"715\" width=\"100%\" height=\"auto\"/></p><p>Ally Financial Inc. (ALLY) -- the third largest bank on the list by Dec. 31 total assets -- stands out as having the largest percentage of negative accumulated comprehensive income relative to total equity capital as of Dec. 31.</p><p>To be sure, these numbers don&#39;t mean that a bank is in trouble, or that it will be forced to sell securities for big losses. But SVB had both a troubling pattern for its interest margins and what appeared to be a relatively high percentage of securities losses relative to capital as of Dec. 31.</p><h3>Banks with the highest percentage of negative AOCI to capital</h3><p>There are 108 banks in the Russell 3000 Index  that had total assets of at least $10.0 billion as of Dec. 31. FactSet provided AOCI and total equity capital data for 105 of them. Here are the 20 which had the highest ratios of negative AOCI to total equity capital less AOCI (as explained above) as of Dec. 31:</p><p><img src=\"https://static.tigerbbs.com/8c786a5e88cfaa8510ac5458b4a31b86\" tg-width=\"884\" tg-height=\"618\" width=\"100%\" height=\"auto\"/><img src=\"https://static.tigerbbs.com/6bbd38b51d92ae37f23e7fbff46e9c08\" tg-width=\"879\" tg-height=\"668\" width=\"100%\" height=\"auto\"/>Again, this is not to suggest that any particular bank on this list based on Dec. 31 data is facing the type of perfect storm that has hurt SVB Financial. A bank sitting on large paper losses on its AFS securities may not need to sell them. In fact <a href=\"https://laohu8.com/S/CMA\">Comerica Inc.</a>, which tops the list, also improved its interest margin the most over the past four quarters, as shown here.</p><p>But it is interesting to note that <a href=\"https://laohu8.com/S/SI\">Silvergate Capital Corp.</a>, which focused on serving clients in the virtual currency industry, made the list. It is shuttering its bank subsidiary voluntarily.</p><p>Another bank on the list facing concern among depositors is <a href=\"https://laohu8.com/S/SBNY\">Signature Bank</a> of New York, which has a diverse business model, but has also faced a backlash related to the services it provides to the virtual currency industry. The bank’s shares fell 12% on Thursday and were down another 24% in afternoon trading on Friday.</p><p>Signature Bank said in a statement that it was in a “strong, well-diversified financial position.”</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4561":"索罗斯持仓","LU1861217088.USD":"贝莱德金融科技A2","BK4548":"巴美列捷福持仓","LU1861220207.SGD":"Blackrock FinTech A2 SGD-H","ALLY":"Ally Financial Inc.","CRCT":"Cricut, Inc.","BK4539":"次新股","KEY":"KeyCorp","BK4191":"家用电器","BK4585":"ETF&股票定投概念","BK4139":"生物科技","BK4007":"制药","BK4211":"区域性银行","TERN":"Terns Pharmaceuticals, Inc.","SBNY":"签字银行","BK4166":"消费信贷","BOLT":"Bolt Biotherapeutics, Inc.","BK4588":"碎股","LU0266013472.USD":"AXA WF - Framlington Longevity Economy A Cap USD","LU0390134368.USD":"FRANKLIN GLOBAL GROWTH \"A\" (USD) ACC"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2318857796","content_text":"SVB Financial Group faced a perfect storm, but there are plenty of other banks that would face big losses if they were forced to dump securities to raise cashSilicon Valley Bank has failed following a run on deposits, after its parent company's share price crashed a record 60% on Thursday.Trading of SVB Financial Group's $(SIVB)$ stock was halted early Friday, after the shares plunged again in premarket trading. Treasury Secretary Janet Yellen said SVB was one of a few banks she was \"monitoring very carefully.\" Reaction poured in from several analysts who discussed the bank's liquidity risk.California regulators closed Silicon Valley Bank and handed the wreckage over to the Federal Deposit Insurance Administration later on Friday.Below is the same list of 10 banks we highlighted on Thursday that showed similar red flags to those shown by SVB Financial through the fourth quarter. This time, we will show how much they reported in unrealized losses on securities -- an item that played an important role in SVB's crisis.Below that is a screen of U.S. banks with at least $10 billion in total assets, showing those that appeared to have the greatest exposure to unrealized securities losses, as a percentage of total capital, as of Dec. 31.First, a quick look at SVBSome media reports have referred to SVB of Santa Clara, Calif., as a small bank, but it had $212 billion in total assets as of Dec. 31, making it the 17th largest bank in the Russell 3000 Index  as of Dec. 31. That makes it the largest U.S. bank failure since Washington Mutual in 2008.One unique aspect of SVB was its decades-long focus on the venture capital industry. The bank's loan growth had been slowing as interest rates rose. Meanwhile, when announcing its $21 billion dollars in securities sales on Thursday, SVB said it had taken the action not only to lower its interest-rate risk, but because \"client cash burn has remained elevated and increased further in February, resulting in lower deposits than forecasted.\"SVB estimated it would book a $1.8 billion loss on the securities sale and said it would raise $2.25 billion in capital through two offerings of new shares and a convertible bond offering. That offering wasn't completed.So this appears to be an example of what can go wrong with a bank focused on a particular industry. The combination of a balance sheet heavy with securities and relatively light on loans, in a rising-rate environment in which bond prices have declined and in which depositors specific to that industry are themselves suffering from a decline in cash, led to a liquidity problem.Unrealized losses on securitiesBanks leverage their capital by gathering deposits or borrowing money either to lend the money out or purchase securities. They earn the spread between their average yield on loans and investments and their average cost for funds.The securities investments are held in two buckets:In its regulatory Consolidated Financial Statements for Holding Companies--FR Y-9C, filed with the Federal Reserve, SVB Financial, reported a negative $1.911 billion in accumulated other comprehensive income as of Dec. 31. That is line 26.b on Schedule HC of the report, for those keeping score at home. You can look up regulatory reports for any U.S. bank holding company, savings and loan holding company or subsidiary institution at the Federal Financial Institution Examination Council's National Information Center. Be sure to get the name of the company or institution right -- or you may be looking at the wrong entity.Here's how accumulated other comprehensive income (AOCI) is defined in the report: \"Includes, but is not limited to, net unrealized holding gains (losses) on available-for-sale securities, accumulated net gains (losses) on cash flow hedges, cumulative foreign currency translation adjustments, and accumulated defined benefit pension and other postretirement plan adjustments.\"In other words, it was mostly unrealized losses on SVB's available-for-sale securities. The bank booked an estimated $1.8 billion loss when selling \"substantially all\" of these securities on March 8.The list of 10 banks with unfavorable interest margin trendsOn the regulatory call reports, AOCI is added to regulatory capital. Since SVB's AOCI was negative (because of its unrealized losses on AFS securities) as of Dec. 31, it lowered the company's total equity capital. So a fair way to gauge the negative AOCI to the bank's total equity capital would be to divide the negative AOCI by total equity capital less AOCI -- effectively adding the unrealized losses back to total equity capital for the calculation.Getting back to our list of 10 banks that raised similar red margin flags to those of SVB, here's the same group, in the same order, showing negative AOCI as a percentage of total equity capital as of Dec. 31. We have added SVB to the bottom of the list. The data was provided by FactSet:Ally Financial Inc. (ALLY) -- the third largest bank on the list by Dec. 31 total assets -- stands out as having the largest percentage of negative accumulated comprehensive income relative to total equity capital as of Dec. 31.To be sure, these numbers don't mean that a bank is in trouble, or that it will be forced to sell securities for big losses. But SVB had both a troubling pattern for its interest margins and what appeared to be a relatively high percentage of securities losses relative to capital as of Dec. 31.Banks with the highest percentage of negative AOCI to capitalThere are 108 banks in the Russell 3000 Index  that had total assets of at least $10.0 billion as of Dec. 31. FactSet provided AOCI and total equity capital data for 105 of them. Here are the 20 which had the highest ratios of negative AOCI to total equity capital less AOCI (as explained above) as of Dec. 31:Again, this is not to suggest that any particular bank on this list based on Dec. 31 data is facing the type of perfect storm that has hurt SVB Financial. A bank sitting on large paper losses on its AFS securities may not need to sell them. In fact Comerica Inc., which tops the list, also improved its interest margin the most over the past four quarters, as shown here.But it is interesting to note that Silvergate Capital Corp., which focused on serving clients in the virtual currency industry, made the list. It is shuttering its bank subsidiary voluntarily.Another bank on the list facing concern among depositors is Signature Bank of New York, which has a diverse business model, but has also faced a backlash related to the services it provides to the virtual currency industry. The bank’s shares fell 12% on Thursday and were down another 24% in afternoon trading on Friday.Signature Bank said in a statement that it was in a “strong, well-diversified financial position.”","news_type":1},"isVote":1,"tweetType":1,"viewCount":138,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9949372066,"gmtCreate":1678406280855,"gmtModify":1678406285050,"author":{"id":"3581590268956264","authorId":"3581590268956264","name":"Damien111","avatar":"https://community-static.tradeup.com/news/79328dd256df8bc25949678982e26fc3","crmLevel":7,"crmLevelSwitch":1},"themes":[],"htmlText":"lol like","listText":"lol like","text":"lol like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":14,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9949372066","repostId":"2318144672","repostType":4,"repost":{"id":"2318144672","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1678405175,"share":"https://www.laohu8.com/m/news/2318144672?lang=&edition=full","pubTime":"2023-03-10 07:39","market":"us","language":"en","title":"10 Banks That May Face Trouble in the Wake of the SVB Financial Group Debacle","url":"https://stock-news.laohu8.com/highlight/detail?id=2318144672","media":"Dow Jones","summary":"Silicon Valley Bank wasn't well positioned for rising interest rates, leading to losses and a diluti","content":"<html><head></head><body><p>Silicon Valley Bank wasn&#39;t well positioned for rising interest rates, leading to losses and a dilutive capital raise. Other banks show similar red flags.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1f5e8ba412e8cbf1ba4fa5109b40f669\" tg-width=\"700\" tg-height=\"487\" width=\"100%\" height=\"auto\"/><span>The entire banking industry seemed to take it on the chin on March 9, with the KBW Nasdaq Bank Index sinking 7.5%.</span></p><p>As interest rates have risen, many banks have become more profitable because the spreads between what they earn on loans and investments and what they pay for funding has widened. But there are always exceptions.</p><p>Below is a screen of banks that are bucking the industry trend of expanding net interest margins, followed by another list of banks whose margins have widened the most over the past year.</p><p>On March 8, <a href=\"https://laohu8.com/S/SIVB\">SVB Financial Group</a> (SIVB) sold $21 billion in securities for a loss of $1.8 billion. SVB is the holding company for Silicon Valley Bank of Santa Clara, Calif. It had $212 billion in assets as of Dec. 31.</p><p>The bank said it was repositioning to &#34;increase asset sensitivity, to take advantage of the potential for higher short-term rates, partially lock-in funding costs, better protect net interest income (NII) and net interest margin <a href=\"https://laohu8.com/S/NIM\">$(NIM)$</a>, and enhance profitability.&#34;</p><p>In light of the loss on the securities sales, SVB will raise $2.25 billion in new capital through two offerings and a private placement. The prospect of dilution to shareholders&#39; ownership positions resulted in the company&#39;s shares sliding as much as 62% on March 9.</p><p>The entire banking industry seemed to take it on the chin on March 9, with the KBW Nasdaq Bank Index  sinking 7.5%.</p><p>See Tomi Kilgore&#39;s coverage for more details on SVB&#39;s offerings, the securities sale and reaction.</p><h2>Red margin flags</h2><p>Before SVB Financial decided to take such a dramatic step, the movement of its net interest margin was signaling that the bank wasn&#39;t well positioned for the combination of rising interest rates and slowing loan growth in the venture capital space.</p><p>A bank&#39;s net interest margin is the spread between its average yield on loans and investments and its average cost for deposits and borrowings.  This is an annualized calculation. Here&#39;s how the NIM moved for SVB Financial over the past year:</p><p><img src=\"https://static.tigerbbs.com/d98943297b9bd5d67486342b1fd3756e\" tg-width=\"934\" tg-height=\"206\" width=\"100%\" height=\"auto\"/></p><p>SVB&#39;s net interest margin narrowed considerably during the fourth quarter, and it widened only slightly from the year-earlier quarter.</p><p>So now the question is which other banks might face pressure because their net interest margins have contracted, or because their margins have only expanded slighlty?</p><p>Starting with a list of U.S. banks with total assets of at least $10 billion, and removing purer investment banks, such as Goldman Sachs Group Inc. (GS) and Morgan Stanley (MS), we looked at 108 banks.</p><p>A uniform set of net interest margins for the past five quarters isn&#39;t available from FactSet for the full group -- it is only available for 56 of the banks. So instead, we screened for net interest income (total interest income less total interest expense) divided by average total assets.</p><p>By this screen, 102 of 108 banks showed expanding margins for the fourth quarter from a year earlier.</p><p>Here are the 10 showing contracting margins over the past year, or the smallest expansions of margins:</p><p><img src=\"https://static.tigerbbs.com/3100df6ee948e46a01606312ff8c7fcd\" tg-width=\"998\" tg-height=\"817\" width=\"100%\" height=\"auto\"/></p><p>SVB Financial ranked 11th worst in the screen, with net interest income/average assets of 1.93% in the fourth quarter, up from 1.83% in the year-earlier quarter.</p><h2>Most margin improvement</h2><p>To end on a positive note, these banks showed the widest expansion of margins, based on net interest income divided by average assets:</p><p><img src=\"https://static.tigerbbs.com/ca6f326e40edb3a68736ec79fd442099\" tg-width=\"999\" tg-height=\"819\" width=\"100%\" height=\"auto\"/></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>10 Banks That May Face Trouble in the Wake of the SVB Financial Group Debacle</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\">\n10 Banks That May Face Trouble in the Wake of the SVB Financial Group Debacle\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/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2023-03-10 07:39</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Silicon Valley Bank wasn&#39;t well positioned for rising interest rates, leading to losses and a dilutive capital raise. Other banks show similar red flags.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1f5e8ba412e8cbf1ba4fa5109b40f669\" tg-width=\"700\" tg-height=\"487\" width=\"100%\" height=\"auto\"/><span>The entire banking industry seemed to take it on the chin on March 9, with the KBW Nasdaq Bank Index sinking 7.5%.</span></p><p>As interest rates have risen, many banks have become more profitable because the spreads between what they earn on loans and investments and what they pay for funding has widened. But there are always exceptions.</p><p>Below is a screen of banks that are bucking the industry trend of expanding net interest margins, followed by another list of banks whose margins have widened the most over the past year.</p><p>On March 8, <a href=\"https://laohu8.com/S/SIVB\">SVB Financial Group</a> (SIVB) sold $21 billion in securities for a loss of $1.8 billion. SVB is the holding company for Silicon Valley Bank of Santa Clara, Calif. It had $212 billion in assets as of Dec. 31.</p><p>The bank said it was repositioning to &#34;increase asset sensitivity, to take advantage of the potential for higher short-term rates, partially lock-in funding costs, better protect net interest income (NII) and net interest margin <a href=\"https://laohu8.com/S/NIM\">$(NIM)$</a>, and enhance profitability.&#34;</p><p>In light of the loss on the securities sales, SVB will raise $2.25 billion in new capital through two offerings and a private placement. The prospect of dilution to shareholders&#39; ownership positions resulted in the company&#39;s shares sliding as much as 62% on March 9.</p><p>The entire banking industry seemed to take it on the chin on March 9, with the KBW Nasdaq Bank Index  sinking 7.5%.</p><p>See Tomi Kilgore&#39;s coverage for more details on SVB&#39;s offerings, the securities sale and reaction.</p><h2>Red margin flags</h2><p>Before SVB Financial decided to take such a dramatic step, the movement of its net interest margin was signaling that the bank wasn&#39;t well positioned for the combination of rising interest rates and slowing loan growth in the venture capital space.</p><p>A bank&#39;s net interest margin is the spread between its average yield on loans and investments and its average cost for deposits and borrowings.  This is an annualized calculation. Here&#39;s how the NIM moved for SVB Financial over the past year:</p><p><img src=\"https://static.tigerbbs.com/d98943297b9bd5d67486342b1fd3756e\" tg-width=\"934\" tg-height=\"206\" width=\"100%\" height=\"auto\"/></p><p>SVB&#39;s net interest margin narrowed considerably during the fourth quarter, and it widened only slightly from the year-earlier quarter.</p><p>So now the question is which other banks might face pressure because their net interest margins have contracted, or because their margins have only expanded slighlty?</p><p>Starting with a list of U.S. banks with total assets of at least $10 billion, and removing purer investment banks, such as Goldman Sachs Group Inc. (GS) and Morgan Stanley (MS), we looked at 108 banks.</p><p>A uniform set of net interest margins for the past five quarters isn&#39;t available from FactSet for the full group -- it is only available for 56 of the banks. So instead, we screened for net interest income (total interest income less total interest expense) divided by average total assets.</p><p>By this screen, 102 of 108 banks showed expanding margins for the fourth quarter from a year earlier.</p><p>Here are the 10 showing contracting margins over the past year, or the smallest expansions of margins:</p><p><img src=\"https://static.tigerbbs.com/3100df6ee948e46a01606312ff8c7fcd\" tg-width=\"998\" tg-height=\"817\" width=\"100%\" height=\"auto\"/></p><p>SVB Financial ranked 11th worst in the screen, with net interest income/average assets of 1.93% in the fourth quarter, up from 1.83% in the year-earlier quarter.</p><h2>Most margin improvement</h2><p>To end on a positive note, these banks showed the widest expansion of margins, based on net interest income divided by average assets:</p><p><img src=\"https://static.tigerbbs.com/ca6f326e40edb3a68736ec79fd442099\" tg-width=\"999\" tg-height=\"819\" width=\"100%\" height=\"auto\"/></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4561":"索罗斯持仓","BK4211":"区域性银行","BK4195":"互助储蓄与抵押信贷金融服务","JPM":"摩根大通","BK4166":"消费信贷","LU0390134368.USD":"FRANKLIN GLOBAL GROWTH \"A\" (USD) ACC","NYCB":"纽约社区银行","BK4588":"碎股","GS":"高盛","ALLY":"Ally Financial Inc.","LU0266013472.USD":"AXA WF - Framlington Longevity Economy A Cap USD","LU1861217088.USD":"贝莱德金融科技A2","CMA":"联信银行","BK4548":"巴美列捷福持仓","BK4585":"ETF&股票定投概念","CUBI":"Customers Bancorp Inc.","LU1861220207.SGD":"Blackrock FinTech A2 SGD-H"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2318144672","content_text":"Silicon Valley Bank wasn't well positioned for rising interest rates, leading to losses and a dilutive capital raise. Other banks show similar red flags.The entire banking industry seemed to take it on the chin on March 9, with the KBW Nasdaq Bank Index sinking 7.5%.As interest rates have risen, many banks have become more profitable because the spreads between what they earn on loans and investments and what they pay for funding has widened. But there are always exceptions.Below is a screen of banks that are bucking the industry trend of expanding net interest margins, followed by another list of banks whose margins have widened the most over the past year.On March 8, SVB Financial Group (SIVB) sold $21 billion in securities for a loss of $1.8 billion. SVB is the holding company for Silicon Valley Bank of Santa Clara, Calif. It had $212 billion in assets as of Dec. 31.The bank said it was repositioning to \"increase asset sensitivity, to take advantage of the potential for higher short-term rates, partially lock-in funding costs, better protect net interest income (NII) and net interest margin $(NIM)$, and enhance profitability.\"In light of the loss on the securities sales, SVB will raise $2.25 billion in new capital through two offerings and a private placement. The prospect of dilution to shareholders' ownership positions resulted in the company's shares sliding as much as 62% on March 9.The entire banking industry seemed to take it on the chin on March 9, with the KBW Nasdaq Bank Index  sinking 7.5%.See Tomi Kilgore's coverage for more details on SVB's offerings, the securities sale and reaction.Red margin flagsBefore SVB Financial decided to take such a dramatic step, the movement of its net interest margin was signaling that the bank wasn't well positioned for the combination of rising interest rates and slowing loan growth in the venture capital space.A bank's net interest margin is the spread between its average yield on loans and investments and its average cost for deposits and borrowings.  This is an annualized calculation. Here's how the NIM moved for SVB Financial over the past year:SVB's net interest margin narrowed considerably during the fourth quarter, and it widened only slightly from the year-earlier quarter.So now the question is which other banks might face pressure because their net interest margins have contracted, or because their margins have only expanded slighlty?Starting with a list of U.S. banks with total assets of at least $10 billion, and removing purer investment banks, such as Goldman Sachs Group Inc. (GS) and Morgan Stanley (MS), we looked at 108 banks.A uniform set of net interest margins for the past five quarters isn't available from FactSet for the full group -- it is only available for 56 of the banks. So instead, we screened for net interest income (total interest income less total interest expense) divided by average total assets.By this screen, 102 of 108 banks showed expanding margins for the fourth quarter from a year earlier.Here are the 10 showing contracting margins over the past year, or the smallest expansions of margins:SVB Financial ranked 11th worst in the screen, with net interest income/average assets of 1.93% in the fourth quarter, up from 1.83% in the year-earlier quarter.Most margin improvementTo end on a positive note, these banks showed the widest expansion of margins, based on net interest income divided by average assets:","news_type":1},"isVote":1,"tweetType":1,"viewCount":179,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9940564271,"gmtCreate":1678057448793,"gmtModify":1678057452836,"author":{"id":"3581590268956264","authorId":"3581590268956264","name":"Damien111","avatar":"https://community-static.tradeup.com/news/79328dd256df8bc25949678982e26fc3","crmLevel":7,"crmLevelSwitch":1},"themes":[],"htmlText":"Lot","listText":"Lot","text":"Lot","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":24,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9940564271","repostId":"2317160870","repostType":4,"isVote":1,"tweetType":1,"viewCount":147,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9940671618,"gmtCreate":1677900070635,"gmtModify":1677900073955,"author":{"id":"3581590268956264","authorId":"3581590268956264","name":"Damien111","avatar":"https://community-static.tradeup.com/news/79328dd256df8bc25949678982e26fc3","crmLevel":7,"crmLevelSwitch":1},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9940671618","repostId":"1124571052","repostType":4,"repost":{"id":"1124571052","pubTimestamp":1677890899,"share":"https://www.laohu8.com/m/news/1124571052?lang=&edition=full","pubTime":"2023-03-04 08:48","market":"sg","language":"en","title":"SGX Weekly Review: China’s Factory Activity, UOB, Meta Platforms and Raffles Medical Group","url":"https://stock-news.laohu8.com/highlight/detail?id=1124571052","media":"The Smart Investor","summary":"Welcome to this week’s edition of top stock market highlights.China’s factory activityManufacturers ","content":"<html><head></head><body><p>Welcome to this week’s edition of top stock market highlights.</p><p><b>China’s factory activity</b></p><p>Manufacturers in China must have breathed a collective sigh of relief as the country ended its draconian COVID-zero policy.</p><p>China’s National Bureau of Statistics reported that the country’s manufacturing purchasing manager’s index (PMI) rose to 52.6 in February, up from 50.1 in January.</p><p>Not only did the PMI for February beat the median economists’ estimate of 50.6 by a long shot, but it was also the highest reading since April 2012.</p><p>This near decade-high reading signalled a strong economic recovery for the Middle Kingdom as people returned to work after the Lunar New Year break and normalcy returned.</p><p>Road congestion in major cities has increased as more people go about their business, while restaurant and mall spending both rose.</p><p>This is good news for companies that have suffered from snarled supply chains as China remained shut off from the world for most of last year.</p><p>The reopening and increase in factory activity should also benefit China-based REITs such as <b>CapitaLand China Trust</b>(SGX: AU8U).</p><p>Meanwhile, companies such as <b>Nike</b>(NYSE: NKE) and <b>Starbucks</b>(NASDAQ: SBUX) that earn a chunk of their revenue from China should also be rejoicing.</p><p><b>United Overseas Bank Ltd (SGX: U11)</b></p><p>United Overseas Bank, or UOB, announced that it has completed the acquisition of <b>Citigroup’s</b>(NYSE: C) consumer banking business in Vietnam on 1 March.</p><p>It is yet another milestone for the bank after the announcement of this nearly S$5 billion acquisition to accelerate its retail banking business growth in the ASEAN region.</p><p>The acquisition covered four countries – Malaysia, Indonesia, Thailand, and Vietnam.</p><p>UOB had already announced the completion of its acquisition in both Malaysia and Thailand on 1 November last year.</p><p>The bank had originally planned for the acquisitions of Vietnam and Indonesia to be completed by the end of 2023.</p><p>Around 575 Citigroup-related staff were also transferred to UOB Vietnam, and the consumer business comprises the American bank’s unsecured and secured lending portfolios, wealth management, and retail deposit businesses.</p><p>With the addition of both Malaysia and Thailand, UOB has expanded its retail customer base to almost seven million within the ASEAN region.</p><p>Once all the acquisitions are completed, the lender expects to double its existing retail base and add 5,000 staff to its team.</p><p>In line with the completion of the Vietnamese acquisition, UOB has also announced senior appointments to drive its business there.</p><p>Mr Fred Lim will head the retail transformation, channels and digitalisation division along with business banking in UOB Vietnam while Mr Paul Kim will serve as the head of personal financial services.</p><p><b>Meta Platforms (NASDAQ: META)</b></p><p>Meta Platforms is moving away from being a pure social media and communications company.</p><p>The company announced that it will create a new product group focused on generative artificial intelligence (AI).</p><p>Generative AI comprises a set of machine learning techniques that will allow computers to generate text, pictures or other media that resembles human output.</p><p>This new unit will combine several teams across Meta Platforms and be headed by current Chief Product Officer Chris Cox.</p><p>CEO Mark Zuckerberg sounded excited when he touted the promise of generative AI as he is confident that this new team can build “creative and expressive” tools to be used in Meta’s products WhatsApp, Facebook, and Instagram.</p><p>This announcement came after Meta Platforms announced that it had developed its in-house large language model called LLaMA.</p><p>Technology companies have been racing with one another to come up with new AI models after the success of ChatGPT, a product of OpenAI in which <b>Microsoft</b>(NASDAQ: MSFT) took a stake.</p><p>Meanwhile, <b>Alphabet’s</b>(NASDAQ: GOOGL) Google is also working on a chatbox named Bard, while <b>Snap</b>(NYSE: SNAP) has incorporated a ChatGPT bot into its Snapchat app.</p><p><b>Raffles Medical Group (SGX: BSL)</b></p><p>Raffles Medical Group, or RMG, has announced an impressive set of earnings for 2022.</p><p>The integrated healthcare player saw its revenue inch up by 5.9% year on year to S$766.5 million.</p><p>Operating profit shot up 61.4% year on year to S$195.8 million while net profit surged by 70.5% year on year to S$143.5 million.</p><p>On top of this good result, the group also generated a positive free cash flow of S$170.9 million, 59.3% higher than the prior year’s S$107.3 million.</p><p>In line with the robust results, RMG has declared a first and final dividend of S$0.038, 35% higher than the S$0.028 paid out in 2021.</p><p>The better performance came about as borders reopened and the group saw a return of foreign patients seeking medical treatment in Singapore.</p><p>RMG’s three China hospitals also supported the Chinese government in COVID-19 initiatives during China’s strict COVID-zero period.</p><p>Revenue from RMG’s healthcare division rose 8.6% year on year to S$498.3 million, reflecting the return of patients to the group’s clinics.</p><p>However, the increase was offset by an 8.6% year on year decline in the Hospital Services division’s revenue to S$316.3 million as the group wound down its COVID-19 PCR tests.</p></body></html>","source":"lsy1602567310727","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>SGX Weekly Review: China’s Factory Activity, UOB, Meta Platforms and Raffles Medical Group</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\">\nSGX Weekly Review: China’s Factory Activity, UOB, Meta Platforms and Raffles Medical Group\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-03-04 08:48 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://thesmartinvestor.com.sg/top-stock-market-highlights-of-the-week-chinas-factory-activity-uob-meta-platforms-and-raffles-medical-group/><strong>The Smart Investor</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Welcome to this week’s edition of top stock market highlights.China’s factory activityManufacturers in China must have breathed a collective sigh of relief as the country ended its draconian COVID-...</p>\n\n<a href=\"https://thesmartinvestor.com.sg/top-stock-market-highlights-of-the-week-chinas-factory-activity-uob-meta-platforms-and-raffles-medical-group/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BSL.SI":"莱佛士医疗","U11.SI":"大华银行","META":"Meta Platforms"},"source_url":"https://thesmartinvestor.com.sg/top-stock-market-highlights-of-the-week-chinas-factory-activity-uob-meta-platforms-and-raffles-medical-group/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1124571052","content_text":"Welcome to this week’s edition of top stock market highlights.China’s factory activityManufacturers in China must have breathed a collective sigh of relief as the country ended its draconian COVID-zero policy.China’s National Bureau of Statistics reported that the country’s manufacturing purchasing manager’s index (PMI) rose to 52.6 in February, up from 50.1 in January.Not only did the PMI for February beat the median economists’ estimate of 50.6 by a long shot, but it was also the highest reading since April 2012.This near decade-high reading signalled a strong economic recovery for the Middle Kingdom as people returned to work after the Lunar New Year break and normalcy returned.Road congestion in major cities has increased as more people go about their business, while restaurant and mall spending both rose.This is good news for companies that have suffered from snarled supply chains as China remained shut off from the world for most of last year.The reopening and increase in factory activity should also benefit China-based REITs such as CapitaLand China Trust(SGX: AU8U).Meanwhile, companies such as Nike(NYSE: NKE) and Starbucks(NASDAQ: SBUX) that earn a chunk of their revenue from China should also be rejoicing.United Overseas Bank Ltd (SGX: U11)United Overseas Bank, or UOB, announced that it has completed the acquisition of Citigroup’s(NYSE: C) consumer banking business in Vietnam on 1 March.It is yet another milestone for the bank after the announcement of this nearly S$5 billion acquisition to accelerate its retail banking business growth in the ASEAN region.The acquisition covered four countries – Malaysia, Indonesia, Thailand, and Vietnam.UOB had already announced the completion of its acquisition in both Malaysia and Thailand on 1 November last year.The bank had originally planned for the acquisitions of Vietnam and Indonesia to be completed by the end of 2023.Around 575 Citigroup-related staff were also transferred to UOB Vietnam, and the consumer business comprises the American bank’s unsecured and secured lending portfolios, wealth management, and retail deposit businesses.With the addition of both Malaysia and Thailand, UOB has expanded its retail customer base to almost seven million within the ASEAN region.Once all the acquisitions are completed, the lender expects to double its existing retail base and add 5,000 staff to its team.In line with the completion of the Vietnamese acquisition, UOB has also announced senior appointments to drive its business there.Mr Fred Lim will head the retail transformation, channels and digitalisation division along with business banking in UOB Vietnam while Mr Paul Kim will serve as the head of personal financial services.Meta Platforms (NASDAQ: META)Meta Platforms is moving away from being a pure social media and communications company.The company announced that it will create a new product group focused on generative artificial intelligence (AI).Generative AI comprises a set of machine learning techniques that will allow computers to generate text, pictures or other media that resembles human output.This new unit will combine several teams across Meta Platforms and be headed by current Chief Product Officer Chris Cox.CEO Mark Zuckerberg sounded excited when he touted the promise of generative AI as he is confident that this new team can build “creative and expressive” tools to be used in Meta’s products WhatsApp, Facebook, and Instagram.This announcement came after Meta Platforms announced that it had developed its in-house large language model called LLaMA.Technology companies have been racing with one another to come up with new AI models after the success of ChatGPT, a product of OpenAI in which Microsoft(NASDAQ: MSFT) took a stake.Meanwhile, Alphabet’s(NASDAQ: GOOGL) Google is also working on a chatbox named Bard, while Snap(NYSE: SNAP) has incorporated a ChatGPT bot into its Snapchat app.Raffles Medical Group (SGX: BSL)Raffles Medical Group, or RMG, has announced an impressive set of earnings for 2022.The integrated healthcare player saw its revenue inch up by 5.9% year on year to S$766.5 million.Operating profit shot up 61.4% year on year to S$195.8 million while net profit surged by 70.5% year on year to S$143.5 million.On top of this good result, the group also generated a positive free cash flow of S$170.9 million, 59.3% higher than the prior year’s S$107.3 million.In line with the robust results, RMG has declared a first and final dividend of S$0.038, 35% higher than the S$0.028 paid out in 2021.The better performance came about as borders reopened and the group saw a return of foreign patients seeking medical treatment in Singapore.RMG’s three China hospitals also supported the Chinese government in COVID-19 initiatives during China’s strict COVID-zero period.Revenue from RMG’s healthcare division rose 8.6% year on year to S$498.3 million, reflecting the return of patients to the group’s clinics.However, the increase was offset by an 8.6% year on year decline in the Hospital Services division’s revenue to S$316.3 million as the group wound down its COVID-19 PCR tests.","news_type":1},"isVote":1,"tweetType":1,"viewCount":173,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9940356414,"gmtCreate":1677717236138,"gmtModify":1677717241119,"author":{"id":"3581590268956264","authorId":"3581590268956264","name":"Damien111","avatar":"https://community-static.tradeup.com/news/79328dd256df8bc25949678982e26fc3","crmLevel":7,"crmLevelSwitch":1},"themes":[],"htmlText":"L lei","listText":"L lei","text":"L lei","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":19,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9940356414","repostId":"2316241106","repostType":4,"repost":{"id":"2316241106","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1677711956,"share":"https://www.laohu8.com/m/news/2316241106?lang=&edition=full","pubTime":"2023-03-02 07:05","market":"us","language":"en","title":"S&P, Nasdaq Weak As Manufacturing Stokes Fed Concerns","url":"https://stock-news.laohu8.com/highlight/detail?id=2316241106","media":"Reuters","summary":"Two-year Treasury yield jumps to 2007 highNovavax slumps on going concern worriesTesla slips ahead o","content":"<html><head></head><body><ul><li>Two-year Treasury yield jumps to 2007 high</li><li>Novavax slumps on going concern worries</li><li>Tesla slips ahead of investor day</li></ul><p><img src=\"https://static.tigerbbs.com/ded13391d1772e0ac524b6ef82aaf772\" tg-width=\"1080\" tg-height=\"1920\" width=\"100%\" height=\"auto\"/></p><p>NEW YORK, March 1 (Reuters) - The S&amp;P 500 and Nasdaq fell for a second straight session on Wednesday as Treasury yields jumped after manufacturing data indicated inflation is likely to remain stubbornly high, while comments from Federal Reserve policymakers supported a hawkish policy stance.</p><p>The yield on 10-year notes topped 4% for the first time since November, reaching a high of 4.01%, after the Institute for Supply Management&#39;s <a href=\"https://laohu8.com/S/ISM\">$(ISM)$</a> survey showed U.S. manufacturing contracted in February and prices for raw materials increased last month.</p><p>After the data was released, the two-year    U.S. Treasury yield, which typically moves in step with interest rate expectations, gained on the day after reaching 4.904%, its highest since 2007. It was last up 8.4 basis points at 4.881%.</p><p>&#34;You could see the market kind of deteriorated a little bit, yields started climbing after that February ISM manufacturing report. Prices paid component, that really jumped, broke a four-month streak of price declines,&#34; said Anthony Saglimbene, chief market strategist at Ameriprise Financial in Troy, Michigan, referring to the ISM Manufacturing Prices Paid Index which is seen as an inflation indicator.</p><p>&#34;That is just another piece of evidence we have seen over the past couple of weeks that inflation is remaining stickier than what most people thought in January,&#34; he said, adding it was likely the Fed is going to move rates higher.</p><p>Saglimbene added the bond market has recently been indicating there is a greater chance the Fed could move the terminal rate somewhere close to 6%.</p><p>The Dow Jones Industrial Average rose 5.14 points, or 0.02%, to 32,661.84, the S&amp;P 500 lost 18.76 points, or 0.47%, to 3,951.39 and the Nasdaq Composite    dropped 76.06 points, or 0.66%, to 11,379.48.</p><p>The Dow held near the unchanged mark as Caterpillar    shares rose 3.81% after the construction equipment maker said it had reached a tentative deal with a union that represents workers at four of its facilities.</p><p>Fed funds futures showed traders added to bets the U.S. central bank will raise its benchmark rate to a range of 5.5%-5.75% by September, from the current range of 4.5%-4.75%.</p><p>Further fueling concerns about central bank aggressiveness, Minneapolis Fed President Neel Kashkari, a voter in the rate-setting committee in 2023, said he is &#34;open-minded&#34; on either a 25 basis point or a 50 basis point rate hike in March. Atlanta Fed President Raphael Bostic said in an essay that while a federal funds rate between 5% to 5.25% would be adequate, the policy would have to remain tight &#34;well into 2024&#34; until inflation is clearly subsiding.</p><p>After a strong January, the main U.S. benchmarks stumbled in February on growing expectations the Fed will increase rates more than initially thought as segments of the economy such as the labor market remain tight, while inflation has not ebbed as quickly as anticipated.</p><p>U.S. monthly payrolls and consumer prices data in the coming days will further help investors gauge the path of rates ahead of the March 21-22 meeting, when the Fed is largely seen hiking rates by 25 basis points.</p><p>Energy    and materials    sectors were among the few winners in the session as commodity prices gained after data showed China&#39;s manufacturing activity expanded at the fastest pace in more than a decade as the country continues to leave its COVID-19 restrictions behind.</p><p>Tesla Inc    slipped 1.43% ahead of its investor day event. The electric automaker is readying a production revamp of its top-selling Model Y, Reuters reported, citing people familiar with the plan.</p><p>Novavax Inc    plunged 25.92% after the COVID-19 vaccine maker raised doubts about its ability to remain in business and announced plans to slash spending as it prepares for a fall vaccination campaign.</p><p>Volume on U.S. exchanges was 11.00 billion shares, compared with the 11.39 billion average for the full session over the last 20 trading days.</p><p>Declining issues outnumbered advancing ones on the NYSE by a 1.32-to-1 ratio; on Nasdaq, a 1.29-to-1 ratio favored decliners.</p><p>The S&amp;P 500 posted 9 new 52-week highs and 13 new lows; the Nasdaq Composite recorded 79 new highs and 114 new lows.</p><p>(Reporting by Chuck Mikolajczak; Editing by Aurora Ellis)</p><p>((charles.mikolajczak@tr.com; @ChuckMik;))</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>S&P, Nasdaq Weak As Manufacturing Stokes Fed Concerns</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\">\nS&P, Nasdaq Weak As Manufacturing Stokes Fed Concerns\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2023-03-02 07:05</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><ul><li>Two-year Treasury yield jumps to 2007 high</li><li>Novavax slumps on going concern worries</li><li>Tesla slips ahead of investor day</li></ul><p><img src=\"https://static.tigerbbs.com/ded13391d1772e0ac524b6ef82aaf772\" tg-width=\"1080\" tg-height=\"1920\" width=\"100%\" height=\"auto\"/></p><p>NEW YORK, March 1 (Reuters) - The S&amp;P 500 and Nasdaq fell for a second straight session on Wednesday as Treasury yields jumped after manufacturing data indicated inflation is likely to remain stubbornly high, while comments from Federal Reserve policymakers supported a hawkish policy stance.</p><p>The yield on 10-year notes topped 4% for the first time since November, reaching a high of 4.01%, after the Institute for Supply Management&#39;s <a href=\"https://laohu8.com/S/ISM\">$(ISM)$</a> survey showed U.S. manufacturing contracted in February and prices for raw materials increased last month.</p><p>After the data was released, the two-year    U.S. Treasury yield, which typically moves in step with interest rate expectations, gained on the day after reaching 4.904%, its highest since 2007. It was last up 8.4 basis points at 4.881%.</p><p>&#34;You could see the market kind of deteriorated a little bit, yields started climbing after that February ISM manufacturing report. Prices paid component, that really jumped, broke a four-month streak of price declines,&#34; said Anthony Saglimbene, chief market strategist at Ameriprise Financial in Troy, Michigan, referring to the ISM Manufacturing Prices Paid Index which is seen as an inflation indicator.</p><p>&#34;That is just another piece of evidence we have seen over the past couple of weeks that inflation is remaining stickier than what most people thought in January,&#34; he said, adding it was likely the Fed is going to move rates higher.</p><p>Saglimbene added the bond market has recently been indicating there is a greater chance the Fed could move the terminal rate somewhere close to 6%.</p><p>The Dow Jones Industrial Average rose 5.14 points, or 0.02%, to 32,661.84, the S&amp;P 500 lost 18.76 points, or 0.47%, to 3,951.39 and the Nasdaq Composite    dropped 76.06 points, or 0.66%, to 11,379.48.</p><p>The Dow held near the unchanged mark as Caterpillar    shares rose 3.81% after the construction equipment maker said it had reached a tentative deal with a union that represents workers at four of its facilities.</p><p>Fed funds futures showed traders added to bets the U.S. central bank will raise its benchmark rate to a range of 5.5%-5.75% by September, from the current range of 4.5%-4.75%.</p><p>Further fueling concerns about central bank aggressiveness, Minneapolis Fed President Neel Kashkari, a voter in the rate-setting committee in 2023, said he is &#34;open-minded&#34; on either a 25 basis point or a 50 basis point rate hike in March. Atlanta Fed President Raphael Bostic said in an essay that while a federal funds rate between 5% to 5.25% would be adequate, the policy would have to remain tight &#34;well into 2024&#34; until inflation is clearly subsiding.</p><p>After a strong January, the main U.S. benchmarks stumbled in February on growing expectations the Fed will increase rates more than initially thought as segments of the economy such as the labor market remain tight, while inflation has not ebbed as quickly as anticipated.</p><p>U.S. monthly payrolls and consumer prices data in the coming days will further help investors gauge the path of rates ahead of the March 21-22 meeting, when the Fed is largely seen hiking rates by 25 basis points.</p><p>Energy    and materials    sectors were among the few winners in the session as commodity prices gained after data showed China&#39;s manufacturing activity expanded at the fastest pace in more than a decade as the country continues to leave its COVID-19 restrictions behind.</p><p>Tesla Inc    slipped 1.43% ahead of its investor day event. The electric automaker is readying a production revamp of its top-selling Model Y, Reuters reported, citing people familiar with the plan.</p><p>Novavax Inc    plunged 25.92% after the COVID-19 vaccine maker raised doubts about its ability to remain in business and announced plans to slash spending as it prepares for a fall vaccination campaign.</p><p>Volume on U.S. exchanges was 11.00 billion shares, compared with the 11.39 billion average for the full session over the last 20 trading days.</p><p>Declining issues outnumbered advancing ones on the NYSE by a 1.32-to-1 ratio; on Nasdaq, a 1.29-to-1 ratio favored decliners.</p><p>The S&amp;P 500 posted 9 new 52-week highs and 13 new lows; the Nasdaq Composite recorded 79 new highs and 114 new lows.</p><p>(Reporting by Chuck Mikolajczak; Editing by Aurora Ellis)</p><p>((charles.mikolajczak@tr.com; @ChuckMik;))</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"161125":"标普500","513500":"标普500ETF","DXD":"道指两倍做空ETF","IVV":"标普500指数ETF","BK4581":"高盛持仓","BK4504":"桥水持仓",".DJI":"道琼斯","SSO":"两倍做多标普500ETF","SDOW":"道指三倍做空ETF-ProShares",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index","OEX":"标普100","SDS":"两倍做空标普500ETF","SH":"标普500反向ETF","BK4585":"ETF&股票定投概念","BK4534":"瑞士信贷持仓","BK4139":"生物科技","TSLA":"特斯拉","OEF":"标普100指数ETF-iShares","NVAX":"诺瓦瓦克斯医药","SPXU":"三倍做空标普500ETF","DDM":"道指两倍做多ETF","BK4559":"巴菲特持仓","UDOW":"道指三倍做多ETF-ProShares","DJX":"1/100道琼斯","UPRO":"三倍做多标普500ETF","DOG":"道指反向ETF","BK4568":"美国抗疫概念","BK4588":"碎股","BK4550":"红杉资本持仓","SPY":"标普500ETF"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2316241106","content_text":"Two-year Treasury yield jumps to 2007 highNovavax slumps on going concern worriesTesla slips ahead of investor dayNEW YORK, March 1 (Reuters) - The S&P 500 and Nasdaq fell for a second straight session on Wednesday as Treasury yields jumped after manufacturing data indicated inflation is likely to remain stubbornly high, while comments from Federal Reserve policymakers supported a hawkish policy stance.The yield on 10-year notes topped 4% for the first time since November, reaching a high of 4.01%, after the Institute for Supply Management's $(ISM)$ survey showed U.S. manufacturing contracted in February and prices for raw materials increased last month.After the data was released, the two-year    U.S. Treasury yield, which typically moves in step with interest rate expectations, gained on the day after reaching 4.904%, its highest since 2007. It was last up 8.4 basis points at 4.881%.\"You could see the market kind of deteriorated a little bit, yields started climbing after that February ISM manufacturing report. Prices paid component, that really jumped, broke a four-month streak of price declines,\" said Anthony Saglimbene, chief market strategist at Ameriprise Financial in Troy, Michigan, referring to the ISM Manufacturing Prices Paid Index which is seen as an inflation indicator.\"That is just another piece of evidence we have seen over the past couple of weeks that inflation is remaining stickier than what most people thought in January,\" he said, adding it was likely the Fed is going to move rates higher.Saglimbene added the bond market has recently been indicating there is a greater chance the Fed could move the terminal rate somewhere close to 6%.The Dow Jones Industrial Average rose 5.14 points, or 0.02%, to 32,661.84, the S&P 500 lost 18.76 points, or 0.47%, to 3,951.39 and the Nasdaq Composite    dropped 76.06 points, or 0.66%, to 11,379.48.The Dow held near the unchanged mark as Caterpillar    shares rose 3.81% after the construction equipment maker said it had reached a tentative deal with a union that represents workers at four of its facilities.Fed funds futures showed traders added to bets the U.S. central bank will raise its benchmark rate to a range of 5.5%-5.75% by September, from the current range of 4.5%-4.75%.Further fueling concerns about central bank aggressiveness, Minneapolis Fed President Neel Kashkari, a voter in the rate-setting committee in 2023, said he is \"open-minded\" on either a 25 basis point or a 50 basis point rate hike in March. Atlanta Fed President Raphael Bostic said in an essay that while a federal funds rate between 5% to 5.25% would be adequate, the policy would have to remain tight \"well into 2024\" until inflation is clearly subsiding.After a strong January, the main U.S. benchmarks stumbled in February on growing expectations the Fed will increase rates more than initially thought as segments of the economy such as the labor market remain tight, while inflation has not ebbed as quickly as anticipated.U.S. monthly payrolls and consumer prices data in the coming days will further help investors gauge the path of rates ahead of the March 21-22 meeting, when the Fed is largely seen hiking rates by 25 basis points.Energy    and materials    sectors were among the few winners in the session as commodity prices gained after data showed China's manufacturing activity expanded at the fastest pace in more than a decade as the country continues to leave its COVID-19 restrictions behind.Tesla Inc    slipped 1.43% ahead of its investor day event. The electric automaker is readying a production revamp of its top-selling Model Y, Reuters reported, citing people familiar with the plan.Novavax Inc    plunged 25.92% after the COVID-19 vaccine maker raised doubts about its ability to remain in business and announced plans to slash spending as it prepares for a fall vaccination campaign.Volume on U.S. exchanges was 11.00 billion shares, compared with the 11.39 billion average for the full session over the last 20 trading days.Declining issues outnumbered advancing ones on the NYSE by a 1.32-to-1 ratio; on Nasdaq, a 1.29-to-1 ratio favored decliners.The S&P 500 posted 9 new 52-week highs and 13 new lows; the Nasdaq Composite recorded 79 new highs and 114 new lows.(Reporting by Chuck Mikolajczak; Editing by Aurora Ellis)((charles.mikolajczak@tr.com; @ChuckMik;))","news_type":1},"isVote":1,"tweetType":1,"viewCount":125,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9940902993,"gmtCreate":1677632006813,"gmtModify":1677632010262,"author":{"id":"3581590268956264","authorId":"3581590268956264","name":"Damien111","avatar":"https://community-static.tradeup.com/news/79328dd256df8bc25949678982e26fc3","crmLevel":7,"crmLevelSwitch":1},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":19,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9940902993","repostId":"1144210806","repostType":4,"repost":{"id":"1144210806","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1677631017,"share":"https://www.laohu8.com/m/news/1144210806?lang=&edition=full","pubTime":"2023-03-01 08:36","market":"us","language":"en","title":"Global Dividends Hit New Heights: Companies Paid Their Shareholders $1.56 Trillion in Dividends Last Year","url":"https://stock-news.laohu8.com/highlight/detail?id=1144210806","media":"Reuters","summary":"Companies around the world paid their shareholders US$1.56 trillion in dividends last year, accordin","content":"<html><head></head><body><p>Companies around the world paid their shareholders US$1.56 trillion in dividends last year, according to a study published on Wednesday.</p><p>The total is up 8.4 per cent from 2021, the previous record year, after rebounding from the Covid-19 pandemic, according to a report by asset manager Janus Henderson.</p><p>Oil and gas producers and financial firms accounted for half of that growth, according to its Global Dividend Index, which tracks the 1,200 biggest firms by market capitalisation.</p><p>As skyrocketing energy prices boosted profits, oil and gas producers increased their payouts by more than 66 per cent in the form of ordinary or extraordinary dividends, the asset manager said.</p><p>It said 88 per cent of companies increased or held their dividends steady in 2022.</p><p>Eurozone banks used their renewed ability to pay dividends, after the European Central Bank froze them at the start of the pandemic.</p><p>Banks and other financial firms contributed to a quarter of last year’s dividend growth, the report said.</p><p>Soaring freight costs gave a boost to the transport and shipping sectors, but lower commodity prices meant mining dividends fell from their record 2021 high.</p><p>As the global economy struggles and inflation puts a strain on households around the world, the news of huge corporate profits and payouts has reignited debate about windfall taxes.</p><p>“For the year ahead, there is more uncertainty over the prospects for dividends,” said Jane Shoemake, portfolio manager at Janus Henderson.</p><p>It still expects a record US$1.6 trillion in dividends paid out, but with a slower growth rate of 2.3 per cent.</p><p>“Inflation, the extent of further rate hikes, and geopolitical risks all cloud the horizon,” Shoemake said.</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>Global Dividends Hit New Heights: Companies Paid Their Shareholders $1.56 Trillion in Dividends Last Year</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\">\nGlobal Dividends Hit New Heights: Companies Paid Their Shareholders $1.56 Trillion in Dividends Last Year\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2023-03-01 08:36</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Companies around the world paid their shareholders US$1.56 trillion in dividends last year, according to a study published on Wednesday.</p><p>The total is up 8.4 per cent from 2021, the previous record year, after rebounding from the Covid-19 pandemic, according to a report by asset manager Janus Henderson.</p><p>Oil and gas producers and financial firms accounted for half of that growth, according to its Global Dividend Index, which tracks the 1,200 biggest firms by market capitalisation.</p><p>As skyrocketing energy prices boosted profits, oil and gas producers increased their payouts by more than 66 per cent in the form of ordinary or extraordinary dividends, the asset manager said.</p><p>It said 88 per cent of companies increased or held their dividends steady in 2022.</p><p>Eurozone banks used their renewed ability to pay dividends, after the European Central Bank froze them at the start of the pandemic.</p><p>Banks and other financial firms contributed to a quarter of last year’s dividend growth, the report said.</p><p>Soaring freight costs gave a boost to the transport and shipping sectors, but lower commodity prices meant mining dividends fell from their record 2021 high.</p><p>As the global economy struggles and inflation puts a strain on households around the world, the news of huge corporate profits and payouts has reignited debate about windfall taxes.</p><p>“For the year ahead, there is more uncertainty over the prospects for dividends,” said Jane Shoemake, portfolio manager at Janus Henderson.</p><p>It still expects a record US$1.6 trillion in dividends paid out, but with a slower growth rate of 2.3 per cent.</p><p>“Inflation, the extent of further rate hikes, and geopolitical risks all cloud the horizon,” Shoemake said.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1144210806","content_text":"Companies around the world paid their shareholders US$1.56 trillion in dividends last year, according to a study published on Wednesday.The total is up 8.4 per cent from 2021, the previous record year, after rebounding from the Covid-19 pandemic, according to a report by asset manager Janus Henderson.Oil and gas producers and financial firms accounted for half of that growth, according to its Global Dividend Index, which tracks the 1,200 biggest firms by market capitalisation.As skyrocketing energy prices boosted profits, oil and gas producers increased their payouts by more than 66 per cent in the form of ordinary or extraordinary dividends, the asset manager said.It said 88 per cent of companies increased or held their dividends steady in 2022.Eurozone banks used their renewed ability to pay dividends, after the European Central Bank froze them at the start of the pandemic.Banks and other financial firms contributed to a quarter of last year’s dividend growth, the report said.Soaring freight costs gave a boost to the transport and shipping sectors, but lower commodity prices meant mining dividends fell from their record 2021 high.As the global economy struggles and inflation puts a strain on households around the world, the news of huge corporate profits and payouts has reignited debate about windfall taxes.“For the year ahead, there is more uncertainty over the prospects for dividends,” said Jane Shoemake, portfolio manager at Janus Henderson.It still expects a record US$1.6 trillion in dividends paid out, but with a slower growth rate of 2.3 per cent.“Inflation, the extent of further rate hikes, and geopolitical risks all cloud the horizon,” Shoemake said.","news_type":1},"isVote":1,"tweetType":1,"viewCount":46,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9957786977,"gmtCreate":1677552232899,"gmtModify":1677552237008,"author":{"id":"3581590268956264","authorId":"3581590268956264","name":"Damien111","avatar":"https://community-static.tradeup.com/news/79328dd256df8bc25949678982e26fc3","crmLevel":7,"crmLevelSwitch":1},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9957786977","repostId":"2314592524","repostType":4,"repost":{"id":"2314592524","pubTimestamp":1677538652,"share":"https://www.laohu8.com/m/news/2314592524?lang=&edition=full","pubTime":"2023-02-28 06:57","market":"us","language":"en","title":"Back on Top: Musk Becomes World’s Richest Person Again","url":"https://stock-news.laohu8.com/highlight/detail?id=2314592524","media":"The Australian Financial Review","summary":"New York | Elon Musk has regained his spot as the world’s richest person, after briefly losing the t","content":"<html><head></head><body><p><i>New York</i> | Elon Musk has regained his spot as the world’s richest person, after briefly losing the title to France’s Bernard Arnault.</p><p>Mr Musk’s wealth has been buoyed by a nearly 70 per cent surge in Tesla’s stock price this year. It’s up about 100 per cent from its intraday low on January 6 as investors pile back into bets on riskier growth stocks amid signs of economic strength and a slower pace of Federal Reserve interest-rate increases.</p><p><img src=\"https://static.ffx.io/images/$zoom_0.314%2C$multiply_3%2C$ratio_1.5%2C$width_756%2C$x_0%2C$y_0/t_crop_custom/c_scale%2Cw_620%2Cq_88%2Cf_auto/64e84d0aae7467865c3a66b1df115a022692b459\" tg-width=\"620\" tg-height=\"413\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>The company has also benefited from more demand for its electric vehicles after cutting prices on several models.</p><p>Tesla shares rose 5.5 per cent in New York, boosting Mr Musk’s net worth to $US187.1 billion ($277 billion), according to the Bloomberg Billionaires Index. That exceeds the $US185.3 billion personal fortune of Mr Arnault, the 73-year-old French tycoon behind luxury-goods powerhouse LVMH.</p><p>Mr Musk, 51, entered 2023 with a net worth of $US137 billion, becoming the first person ever to lose $US200 billion from their fortune and raising the prospect that he might struggle to reclaim his title as the world’s richest individual. He was displaced atop Bloomberg’s wealth index for more than two months after a steep slide in Tesla, where he’s chief executive.</p><p>Donations Mr Musk made late last year didn’t make much of a dent in his net worth. He gave 11.6 million Tesla shares to unnamed charitable causes between August and December, according to a disclosure in February. The stock was worth about $US1.9 billion, based on closing prices on the days it was donated.</p><p>Tesla investors had been concerned that he was devoting too much of his attention to Twitter, which he acquired in October, at the same time that his electric carmaker was facing heightened competition across the industry. Mr Musk said in December he plans to resign from his post at the social-media platform once he finds someone “foolish” enough to take the job.</p><p>He said this month that he may need until the end of the year to stabilise Twitter’s finances before handing off to a new CEO.</p><p>Tom Narayan, an analyst with RBC Capital Markets, said in a February report that Tesla’s price cuts had spurred demand for vehicles, and that the company is the “poster child” of electric cars.</p><p>“We believe there is strong demand for Tesla product even in the face of more EV competition,” Mr Narayan wrote.</p><p>Tesla is hosting its 2023 investor day on Wednesday (Thursday AEDT), with the company’s leaders set to discuss long-term expansion plans.</p><p>Tesla’s gains have far outpaced the rally in the tech-heavy Nasdaq 100 Index, which is up about 10 per cent in 2023. This year has included occasional bursts of speculative trading manias among retail traders — and Tesla is a favourite among that group.</p></body></html>","source":"afr_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>Back on Top: Musk Becomes World’s Richest Person Again</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\">\nBack on Top: Musk Becomes World’s Richest Person Again\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-02-28 06:57 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.afr.com/wealth/people/back-on-top-musk-becomes-world-s-richest-person-again-20230228-p5co43><strong>The Australian Financial Review</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>New York | Elon Musk has regained his spot as the world’s richest person, after briefly losing the title to France’s Bernard Arnault.Mr Musk’s wealth has been buoyed by a nearly 70 per cent surge in ...</p>\n\n<a href=\"https://www.afr.com/wealth/people/back-on-top-musk-becomes-world-s-richest-person-again-20230228-p5co43\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU1551013342.USD":"Allianz Income and Growth Cl AMg2 DIS USD","LU0082616367.USD":"摩根大通美国科技A（dist）","LU0056508442.USD":"贝莱德世界科技基金A2","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","IE00BSNM7G36.USD":"NEUBERGER BERMAN SYSTEMATIC GLOBAL SUSTAINABLE VALUE \"A\" (USD) ACC","LU0820561909.HKD":"ALLIANZ INCOME AND GROWTH \"AM\" (HKD) INC","BK4534":"瑞士信贷持仓","BK4585":"ETF&股票定投概念","LU2249611893.SGD":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (SGD) ACC","LU0234572021.USD":"高盛美国核心股票组合Acc","BK4555":"新能源车","BK4533":"AQR资本管理(全球第二大对冲基金)","LU2063271972.USD":"富兰克林创新领域基金","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","LU0823414478.USD":"法巴经典能源转换基金","LU0097036916.USD":"贝莱德美国增长A2 USD","BK4527":"明星科技股","LU2087621335.USD":"ALLSPRING GLOBAL FACTOR ENHANCED EQUITY \"A\" (USD) ACC","LU0689472784.USD":"安联收益及增长基金Cl AM AT Acc","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","BK4550":"红杉资本持仓","BK4588":"碎股","LU1861215975.USD":"贝莱德新一代科技基金 A2","LU0316494557.USD":"FRANKLIN GLOBAL FUNDAMENTAL STRATEGIES \"A\" ACC","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","LU1548497426.USD":"安联环球人工智能AT Acc","BK4574":"无人驾驶","LU1861220033.SGD":"Blackrock Next Generation Technology A2 SGD-H","LU0820561818.USD":"安联收益及增长平衡基金Cl AM DIS","LU1861558580.USD":"日兴方舟颠覆性创新基金B","BK4551":"寇图资本持仓","TSLA":"特斯拉","LU1551013425.SGD":"Allianz Income and Growth Cl AMg2 DIS H2-SGD","BK4581":"高盛持仓","LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC","BK4511":"特斯拉概念","BK4099":"汽车制造商","LU0943347566.SGD":"安联收益及增长平衡基金AM H2-SGD","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","BK4548":"巴美列捷福持仓","LU0234570918.USD":"高盛全球核心股票组合Acc Close","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","LU1861559042.SGD":"日兴方舟颠覆性创新基金B SGD","LU1839511570.USD":"WELLS FARGO GLOBAL FACTOR ENHANCED EQUITY \"I\" (USD) ACC","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","LU0823411888.USD":"法巴消费创新基金 Cap"},"source_url":"https://www.afr.com/wealth/people/back-on-top-musk-becomes-world-s-richest-person-again-20230228-p5co43","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2314592524","content_text":"New York | Elon Musk has regained his spot as the world’s richest person, after briefly losing the title to France’s Bernard Arnault.Mr Musk’s wealth has been buoyed by a nearly 70 per cent surge in Tesla’s stock price this year. It’s up about 100 per cent from its intraday low on January 6 as investors pile back into bets on riskier growth stocks amid signs of economic strength and a slower pace of Federal Reserve interest-rate increases.The company has also benefited from more demand for its electric vehicles after cutting prices on several models.Tesla shares rose 5.5 per cent in New York, boosting Mr Musk’s net worth to $US187.1 billion ($277 billion), according to the Bloomberg Billionaires Index. That exceeds the $US185.3 billion personal fortune of Mr Arnault, the 73-year-old French tycoon behind luxury-goods powerhouse LVMH.Mr Musk, 51, entered 2023 with a net worth of $US137 billion, becoming the first person ever to lose $US200 billion from their fortune and raising the prospect that he might struggle to reclaim his title as the world’s richest individual. He was displaced atop Bloomberg’s wealth index for more than two months after a steep slide in Tesla, where he’s chief executive.Donations Mr Musk made late last year didn’t make much of a dent in his net worth. He gave 11.6 million Tesla shares to unnamed charitable causes between August and December, according to a disclosure in February. The stock was worth about $US1.9 billion, based on closing prices on the days it was donated.Tesla investors had been concerned that he was devoting too much of his attention to Twitter, which he acquired in October, at the same time that his electric carmaker was facing heightened competition across the industry. Mr Musk said in December he plans to resign from his post at the social-media platform once he finds someone “foolish” enough to take the job.He said this month that he may need until the end of the year to stabilise Twitter’s finances before handing off to a new CEO.Tom Narayan, an analyst with RBC Capital Markets, said in a February report that Tesla’s price cuts had spurred demand for vehicles, and that the company is the “poster child” of electric cars.“We believe there is strong demand for Tesla product even in the face of more EV competition,” Mr Narayan wrote.Tesla is hosting its 2023 investor day on Wednesday (Thursday AEDT), with the company’s leaders set to discuss long-term expansion plans.Tesla’s gains have far outpaced the rally in the tech-heavy Nasdaq 100 Index, which is up about 10 per cent in 2023. This year has included occasional bursts of speculative trading manias among retail traders — and Tesla is a favourite among that group.","news_type":1},"isVote":1,"tweetType":1,"viewCount":40,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9957407520,"gmtCreate":1677466760960,"gmtModify":1677466765016,"author":{"id":"3581590268956264","authorId":"3581590268956264","name":"Damien111","avatar":"https://community-static.tradeup.com/news/79328dd256df8bc25949678982e26fc3","crmLevel":7,"crmLevelSwitch":1},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":13,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9957407520","repostId":"1155369686","repostType":4,"repost":{"id":"1155369686","pubTimestamp":1677457200,"share":"https://www.laohu8.com/m/news/1155369686?lang=&edition=full","pubTime":"2023-02-27 08:20","market":"us","language":"en","title":"Elon Musk Wants Warren Buffett as a Tesla Shareholder","url":"https://stock-news.laohu8.com/highlight/detail?id=1155369686","media":"The Street","summary":"Elon Musk has become the most influential CEO in the world in recent months.His popularity continues","content":"<html><head></head><body><p>Elon Musk has become the most influential CEO in the world in recent months.</p><p>His popularity continues to climb day by day.</p><p>He has nearly 130 million followers on Twitter. Each of his tweets and messages is seen by millions of the social network&#39;s users and covered by the media.</p><p>The personality of the billionaire, and his promises to change the modes of transport of today and the future, have enabled Tesla (<b>TSLA</b>) - the manufacturer of electric vehicles of which he is the CEO and co-founder, to experience an unprecedented stock market rise for an automotive group.</p><p>Tesla&#39;s market valuation is currently at $622 billion. It is more than $400 billion than Toyota Motor (<b>TOYOF</b>), the worlds&#39; largest carmaker in terms of sales last year. The Japanese group currently has a market value of $188 billion. Musk inspires investors with enormous confidence, which justifies this valuation of Tesla, which is not viewed the same way as its rivals. The automaker is seen more as a tech group than a car manufacturer.</p><p>Basically, the billionaire does not need anyone else to establish the power and notoriety of Tesla. He embodies the brand, and as long as he is in charge, investors should continue to push the company&#39;s stock to the top.</p><h2>Buffett Is a Shareholder of a Chinese Rival of Musk</h2><p>While he has the confidence of many investors, there is one who is missing. This is the legendary investor Warren Buffett, whose philosophy is to understand a company&#39;s business before investing in it.</p><p>But the Oracle of Omaha, as Buffett is nicknamed, invested in BYD, Tesla&#39;s big Chinese competitor. BYD sold more clean vehicles than Musk&#39;s company last year. But Tesla remains the world leader when only electric vehicles are taken into account, because BYD also sells hybrid vehicles -- gasoline + electric motorization.</p><p>Buffett, via his holding Berkshire Hathaway (<b>BRK.A</b>), invested in BYD in 2008, by acquiring 225 million shares, equivalent to about $232 million. Since then, the investment has grown substantially, with BYD&#39;s stock price rising significantly over the years.</p><p>For several months, however, the billionaire has started to reduce his stake in BYD. Berkshire has sold nearly 95 million of its original 225 million shares of the company, after selling another 4.235 million shares, worth nearly $140 million last month, the firm announced in a regulatory filing early this month.</p><p>The holding remains one of the company&#39;s biggest shareholders with 130.3 million shares, representing about a 12% stake in the Chinese group.</p><p>It was in this context that a Twitter user asked which company Buffett should invest in, given that Berkshire Hathaway ended 2022 with a big war chest. Indeed, the holding&#39;s cash mountain amounted to $128.65 billion in the fourth quarter of 2022, up from nearly $109 billion in the third quarter.</p><p>&#34;Warren Buffet&#39;s Berkshire Hathaway now has over $128 billion dollars in cash, what stocks should they buy?&#34; the Twitter user asked.</p><p>Musk immediately replied that the holding company should invest in Tesla.</p><p>&#34;Starts with a T …&#34; the billionaire said.</p><h2>Lunch with Charlie Munger</h2><p>He then explained that if Berkshire Hathaway had seized the opportunity to invest in Tesla in 2008, the company would have made a huge profit today, because Tesla was then valued at $200 million. Its market value is now more than $600 billion. Tesla&#39;s market value had even reached $1 trillion in October 2021 and also last March.</p><p>&#34;Munger could’ve invested in Tesla at ~$200M valuation when I had lunch with him in late 2008,&#34; Musk added.</p><p>Charlie Munger is Buffett&#39;s right-hand man and vice-chairman of Berkshire Hathaway. This is not the first time that Musk has mentioned what he considers a missed opportunity for Berkshire Hathaway. Last year, he said that Munger told him that Tesla would fail, going back to 2009.</p><p>&#34;I was at a lunch with Munger in 2009 where he told the whole table all the ways Tesla would fail,&#34; the tech mogul posted on Feb.16, 2022. &#34;Made me quite sad, but I told him I agreed with all those reasons &amp; that we would probably die, but it was worth trying anyway.&#34;</p><p>Musk does not seem to have held a grudge against Munger and Berkshire Hathaway. An investment by the holding company in Tesla would be a huge victory for Musk, because it would send a strong and reassuring message about Tesla both to the traditional financial establishment and to retail investors, who admire Buffett&#39;s strokes of financial genius.</p><p>But Munger recently reiterated that BYD is way ahead of Tesla.</p><p>When asked recently whether he prefers BYD over Tesla, Munger&#39;s response was emphatic. He pointed out that last year, while Musk&#39;s company lowered its vehicle prices in China, BYD was actually able to charge more.</p><p>&#34;That&#39;s easy, Tesla last year reduced its prices in China twice while BYD increased its prices. BYD is so ahead of Tesla in China it&#39;s almost ridiculous. If you count all the manufacturing space BYD has in China to make cars, it would amount to a big percentage of all the land in Manhattan Island,&#34; Munger said.</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>Elon Musk Wants Warren Buffett as a Tesla Shareholder</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\">\nElon Musk Wants Warren Buffett as a Tesla Shareholder\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-02-27 08:20 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.thestreet.com/technology/elon-musk-wants-warren-buffett-as-a-tesla-shareholder><strong>The Street</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Elon Musk has become the most influential CEO in the world in recent months.His popularity continues to climb day by day.He has nearly 130 million followers on Twitter. Each of his tweets and messages...</p>\n\n<a href=\"https://www.thestreet.com/technology/elon-musk-wants-warren-buffett-as-a-tesla-shareholder\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉","BRK.A":"伯克希尔","BRK.B":"伯克希尔B"},"source_url":"https://www.thestreet.com/technology/elon-musk-wants-warren-buffett-as-a-tesla-shareholder","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1155369686","content_text":"Elon Musk has become the most influential CEO in the world in recent months.His popularity continues to climb day by day.He has nearly 130 million followers on Twitter. Each of his tweets and messages is seen by millions of the social network's users and covered by the media.The personality of the billionaire, and his promises to change the modes of transport of today and the future, have enabled Tesla (TSLA) - the manufacturer of electric vehicles of which he is the CEO and co-founder, to experience an unprecedented stock market rise for an automotive group.Tesla's market valuation is currently at $622 billion. It is more than $400 billion than Toyota Motor (TOYOF), the worlds' largest carmaker in terms of sales last year. The Japanese group currently has a market value of $188 billion. Musk inspires investors with enormous confidence, which justifies this valuation of Tesla, which is not viewed the same way as its rivals. The automaker is seen more as a tech group than a car manufacturer.Basically, the billionaire does not need anyone else to establish the power and notoriety of Tesla. He embodies the brand, and as long as he is in charge, investors should continue to push the company's stock to the top.Buffett Is a Shareholder of a Chinese Rival of MuskWhile he has the confidence of many investors, there is one who is missing. This is the legendary investor Warren Buffett, whose philosophy is to understand a company's business before investing in it.But the Oracle of Omaha, as Buffett is nicknamed, invested in BYD, Tesla's big Chinese competitor. BYD sold more clean vehicles than Musk's company last year. But Tesla remains the world leader when only electric vehicles are taken into account, because BYD also sells hybrid vehicles -- gasoline + electric motorization.Buffett, via his holding Berkshire Hathaway (BRK.A), invested in BYD in 2008, by acquiring 225 million shares, equivalent to about $232 million. Since then, the investment has grown substantially, with BYD's stock price rising significantly over the years.For several months, however, the billionaire has started to reduce his stake in BYD. Berkshire has sold nearly 95 million of its original 225 million shares of the company, after selling another 4.235 million shares, worth nearly $140 million last month, the firm announced in a regulatory filing early this month.The holding remains one of the company's biggest shareholders with 130.3 million shares, representing about a 12% stake in the Chinese group.It was in this context that a Twitter user asked which company Buffett should invest in, given that Berkshire Hathaway ended 2022 with a big war chest. Indeed, the holding's cash mountain amounted to $128.65 billion in the fourth quarter of 2022, up from nearly $109 billion in the third quarter.\"Warren Buffet's Berkshire Hathaway now has over $128 billion dollars in cash, what stocks should they buy?\" the Twitter user asked.Musk immediately replied that the holding company should invest in Tesla.\"Starts with a T …\" the billionaire said.Lunch with Charlie MungerHe then explained that if Berkshire Hathaway had seized the opportunity to invest in Tesla in 2008, the company would have made a huge profit today, because Tesla was then valued at $200 million. Its market value is now more than $600 billion. Tesla's market value had even reached $1 trillion in October 2021 and also last March.\"Munger could’ve invested in Tesla at ~$200M valuation when I had lunch with him in late 2008,\" Musk added.Charlie Munger is Buffett's right-hand man and vice-chairman of Berkshire Hathaway. This is not the first time that Musk has mentioned what he considers a missed opportunity for Berkshire Hathaway. Last year, he said that Munger told him that Tesla would fail, going back to 2009.\"I was at a lunch with Munger in 2009 where he told the whole table all the ways Tesla would fail,\" the tech mogul posted on Feb.16, 2022. \"Made me quite sad, but I told him I agreed with all those reasons & that we would probably die, but it was worth trying anyway.\"Musk does not seem to have held a grudge against Munger and Berkshire Hathaway. An investment by the holding company in Tesla would be a huge victory for Musk, because it would send a strong and reassuring message about Tesla both to the traditional financial establishment and to retail investors, who admire Buffett's strokes of financial genius.But Munger recently reiterated that BYD is way ahead of Tesla.When asked recently whether he prefers BYD over Tesla, Munger's response was emphatic. He pointed out that last year, while Musk's company lowered its vehicle prices in China, BYD was actually able to charge more.\"That's easy, Tesla last year reduced its prices in China twice while BYD increased its prices. BYD is so ahead of Tesla in China it's almost ridiculous. If you count all the manufacturing space BYD has in China to make cars, it would amount to a big percentage of all the land in Manhattan Island,\" Munger said.","news_type":1},"isVote":1,"tweetType":1,"viewCount":63,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9957597965,"gmtCreate":1677374843457,"gmtModify":1677374847508,"author":{"id":"3581590268956264","authorId":"3581590268956264","name":"Damien111","avatar":"https://community-static.tradeup.com/news/79328dd256df8bc25949678982e26fc3","crmLevel":7,"crmLevelSwitch":1},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":18,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9957597965","repostId":"1117520516","repostType":4,"repost":{"id":"1117520516","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":1677334099,"share":"https://www.laohu8.com/m/news/1117520516?lang=&edition=full","pubTime":"2023-02-25 22:08","market":"us","language":"en","title":"Buffett’s Annual Letter: Berkshire Will Always Hold a Boatload of Cash and U.S. Treasury Bills","url":"https://stock-news.laohu8.com/highlight/detail?id=1117520516","media":"Tiger Newspress","summary":"Warren Buffett is still betting on America.Stocks and bonds slumped in 2022 after central banks rais","content":"<html><head></head><body><p>Warren Buffett is still betting on America.</p><p>Stocks and bonds slumped in 2022 after central banks raised interest rates at a rapid pace to try to rein in inflation. But Mr. Buffett retained his sense of optimism in his annual letter to investors Saturday, saying he attributes much of his success over the years to the resilience of the U.S. economy.</p><p>“I have been investing for 80 years—more than one-third of our country’s lifetime. Despite our citizens’ penchant—almost enthusiasm—for self-criticism and self-doubt, I have yet to see a time when it made sense to make a long-term bet against America,” Mr. Buffett said in the letter.</p><p>Mr. Buffett, widely regarded as one of the world’s top investors, has been publishing the letters for more than half a century. Over that time, he hasn’t just reflected on the past year for his company, Berkshire Hathaway Inc., but also shared his thoughts on everything from esoteric accounting rules to his aversion to excessive risk-taking.</p><p>Saturday’s letter offered readers a glimpse into how Mr. Buffett, 92, viewed what wound up being a shaky stretch for markets.</p><p>The volatility offered Berkshire an opportunity to jump in and buy stocks. While Berkshire largely bought back its own shares in 2021, it focused more in 2022 on investing in other companies—opening up new positions in media company Paramount Global and building-materials manufacturer Louisiana-Pacific Corp., among other businesses, and swiftly becoming Occidental Petroleum Corp.’s single biggest shareholder.</p><p>As of the end of 2022, Berkshire was the largest shareholder of eight companies—American Express Co., Bank of America Corp., Chevron Corp., Coca-Cola Co., HP Inc., Moody’s Corp., Occidental and Paramount Global.</p><p>“America would have done fine without Berkshire. The reverse is not true,” Mr. Buffett said.</p><p>Berkshire also released its results for 2022 on Saturday.</p><p>The Omaha, Neb., company, which owns businesses including insurer Geico, railroad BNSF Railway and chocolate maker See’s Candies, posted a loss of $22.82 billion for the year, stung by $67.9 billion in investment and derivative contract losses. In 2021, Berkshire posted a profit of $90.8 billion.</p><p>Total revenue rose 9.4% to $302.1 billion.</p><p>Berkshire’s operating earnings, which exclude some investment results, rose to a record $30.8 billion.</p><p>Mr. Buffett, Berkshire’s chief executive, has long held that operating earnings are a better reflection of how Berkshire is doing, since accounting rules require the company to include unrealized gains and losses from its massive investment portfolio in its net income. Volatile markets can make Berkshire’s net income change substantially from quarter to quarter, regardless of how its underlying businesses are doing.</p><p>“Capital gains, to be sure, have been hugely important to Berkshire over past decades, and we expect them to be meaningfully positive in future decades,” Mr. Buffett said in his letter. “But their quarter-by-quarter gyrations, regularly and mindlessly headlined by media, totally misinform investors,” he said, adding that he and his right-hand man Charlie Munger urged shareholders to focus instead on Berkshire’s operating earnings, which rose to a record for the full year in 2022.</p><h2>Read the full letter here:</h2><p>To the Shareholders of Berkshire Hathaway Inc.:</p><p>Charlie Munger, my long-time partner, and I have the job of managing the savings of a great number of individuals. We are grateful for their enduring trust, a relationship that often spans much of their adult lifetime. It is those dedicated savers that are forefront in my mind as I write this letter.</p><p>A common belief is that people choose to save when young, expecting thereby to maintain their living standards after retirement. Any assets that remain at death, this theory says, will usually be left to their families or, possibly, to friends and philanthropy.</p><p>Our experience has differed. We believe Berkshire’s individual holders largely to be of the once-a-saver, always-a-saver variety. Though these people live well, they eventually dispense most of their funds to philanthropic organizations. These, in turn, redistribute the funds by expenditures intended to improve the lives of a great many people who are unrelated to the original benefactor. Sometimes, the results have been spectacular.</p><p>The disposition of money unmasks humans. Charlie and I watch with pleasure the vast flow of Berkshire-generated funds to public needs and, alongside, the infrequency with which our shareholders opt for look-at-me assets and dynasty-building.</p><p>Who wouldn’t enjoy working for shareholders like ours?</p><h2>What We Do</h2><p>Charlie and I allocate your savings at Berkshire between two related forms of ownership. First, we invest in businesses that we control, usually buying 100% of each. Berkshire directs capital allocation at these subsidiaries and selects the CEOs who make day-by-day operating decisions. When large enterprises are being managed, both trust and rules are essential. Berkshire emphasizes the former to an unusual – some would say extreme – degree. Disappointments are inevitable. We are understanding about business mistakes; our tolerance for personal misconduct is zero.</p><p>In our second category of ownership, we buy publicly-traded stocks through which we passively own pieces of businesses. Holding these investments, we have no say in management.</p><p>Our goal in both forms of ownership is to make meaningful investments in businesses with both long-lasting favorable economic characteristics and trustworthy managers. Please note particularly that we own publicly-traded stocks based on our expectations about their long-term business performance, not because we view them as vehicles for adroit purchases and sales. That point is crucial: Charlie and I are not stock-pickers; we are business-pickers.</p><p>Over the years, I have made many mistakes. Consequently, our extensive collection of businesses currently consists of a few enterprises that have truly extraordinary economics, many that enjoy very good economic characteristics, and a large group that are marginal. Along the way, other businesses in which I have invested have died, their products unwanted by the public. Capitalism has two sides: The system creates an ever-growing pile of losers while concurrently delivering a gusher of improved goods and services. Schumpeter called this phenomenon “creative destruction.”</p><p>One advantage of our publicly-traded segment is that – episodically – it becomes easy to buy pieces of wonderful businesses at wonderful prices. It’s crucial to understand that stocks often trade at truly foolish prices, both high and low. “Efficient” markets exist only in textbooks. In truth, marketable stocks and bonds are baffling, their behavior usually understandable only in retrospect.</p><p>Controlled businesses are a different breed. They sometimes command ridiculously higher prices than justified but are almost never available at bargain valuations. Unless under duress, the owner of a controlled business gives no thought to selling at a panic-type valuation.</p><p>* * * * * * * * * * * *</p><p>At this point, a report card from me is appropriate: In 58 years of Berkshire management, most of my capital-allocation decisions have been no better than so-so. In some cases, also, bad moves by me have been rescued by very large doses of luck. (Remember our escapes from near-disasters at USAir and Salomon? I certainly do.)</p><p>Our satisfactory results have been the product of about a dozen truly good decisions – that would be about one every five years – and a sometimes-forgotten advantage that favors long-term investors such as Berkshire. Let’s take a peek behind the curtain.</p><h2>The Secret Sauce</h2><p>In August 1994 – yes, 1994 – Berkshire completed its seven-year purchase of the 400 million shares of Coca-Cola we now own. The total cost was $1.3 billion – then a very meaningful sum at Berkshire.</p><p>The cash dividend we received from Coke in 1994 was $75 million. By 2022, the dividend had increased to $704 million. Growth occurred every year, just as certain as birthdays. All Charlie and I were required to do was cash Coke’s quarterly dividend checks. We expect that those checks are highly likely to grow.</p><p>American Express is much the same story. Berkshire’s purchases of Amex were essentially completed in 1995 and, coincidentally, also cost $1.3 billion. Annual dividends received from this investment have grown from $41 million to $302 million. Those checks, too, seem highly likely to increase.</p><p>These dividend gains, though pleasing, are far from spectacular. But they bring with them important gains in stock prices. At yearend, our Coke investment was valued at $25 billion while Amex was recorded at $22 billion. Each holding now accounts for roughly 5% of Berkshire’s net worth, akin to its weighting long ago.</p><p>Assume, for a moment, I had made a similarly-sized investment mistake in the 1990s, one that flat-lined and simply retained its $1.3 billion value in 2022. (An example would be a high-grade 30-year bond.) That disappointing investment would now represent an insignificant 0.3% of Berkshire’s net worth and would be delivering to us an unchanged $80 million or so of annual income.</p><p>The lesson for investors: The weeds wither away in significance as the flowers bloom. Over time, it takes just a few winners to work wonders. And, yes, it helps to start early and live into your 90s as well.</p><h2>The Past Year in Brief</h2><p>Berkshire had a good year in 2022. The company’s operating earnings – our term for income calculated using Generally Accepted Accounting Principles (“GAAP”), exclusive of capital gains or losses from equity holdings – set a record at $30.8 billion. Charlie and I focus on this operational figure and urge you to do so as well. The GAAP figure, absent our adjustment, fluctuates wildly and capriciously at every reporting date. Note its acrobatic behavior in 2022, which is in no way unusual:</p><p><img src=\"https://static.tigerbbs.com/69e74650656620f9fa3f1e55c15a90e5\" tg-width=\"797\" tg-height=\"207\" width=\"100%\" height=\"auto\"/></p><p>The GAAP earnings are 100% misleading when viewed quarterly or even annually. Capital gains, to be sure, have been hugely important to Berkshire over past decades, and we expect them to be meaningfully positive in future decades. But their quarter-by-quarter gyrations, regularly and mindlessly headlined by media, totally misinform investors.</p><p>A second positive development for Berkshire last year was our purchase of Alleghany Corporation, a property-casualty insurer captained by Joe Brandon. I’ve worked with Joe in the past, and he understands both Berkshire  and insurance. Alleghany delivers special value to us because Berkshire’s unmatched financial strength allows its insurance subsidiaries to follow valuable and enduring investment strategies unavailable to virtually all competitors.</p><p>Aided by Alleghany, our insurance float increased during 2022 from $147 billion to $164 billion. With disciplined underwriting, these funds have a decent chance of being cost-free over time. Since purchasing our first property-casualty insurer in 1967, Berkshire’s float has increased 8,000-fold through acquisitions, operations and innovations. Though not recognized in our financial statements, this float has been an extraordinary asset for Berkshire. New shareholders can get an understanding of its value by reading our annually updated explanation of float on page A-2.</p><p>* * * * * * * * * * * *</p><p>A very minor gain in per-share intrinsic value took place in 2022 through Berkshire share repurchases as well as similar moves at Apple and American Express, both significant investees of ours. At Berkshire, we directly increased your interest in our unique collection of businesses by repurchasing 1.2% of the company’s outstanding shares. At Apple and Amex, repurchases increased Berkshire’s ownership a bit without any cost to us.</p><p>The math isn’t complicated: When the share count goes down, your interest in our many businesses goes up. Every small bit helps if repurchases are made at value-accretive prices. Just as surely, when a company overpays for repurchases, the continuing shareholders lose. At such times, gains flow only to the selling shareholders and to the friendly, but expensive, investment banker who recommended the foolish purchases.</p><p>Gains from value-accretive repurchases, it should be emphasized, benefit all owners – in every respect. Imagine, if you will, three fully-informed shareholders of a local auto dealership, one of whom manages the business. Imagine, further, that one of the passive owners wishes to sell his interest back to the company at a price attractive to the two continuing shareholders. When completed, has this transaction harmed anyone? Is the manager somehow favored over the continuing passive owners? Has the public been hurt?</p><p>When you are told that all repurchases are harmful to shareholders or to the country, or particularly beneficial to CEOs, you are listening to either an economic illiterate or a silver-tongued demagogue (characters that are not mutually exclusive).</p><p>Almost endless details of Berkshire’s 2022 operations are laid out on pages K-33 – K-66. Charlie and I, along with many Berkshire shareholders, enjoy poring over the many facts and figures laid out in that section. These pages are not, however, required reading. There are many Berkshire centimillionaires and, yes, billionaires who have never studied our financial figures. They simply know that Charlie and I – along with our families and close friends – continue to have very significant investments in Berkshire, and they trust us to treat their money as we do our own.</p><p>And that is a promise we can make.</p><p>* * * * * * * * * * * *</p><p>Finally, an important warning: Even the operating earnings figure that we favor can easily be manipulated by managers who wish to do so. Such tampering is often thought of as sophisticated by CEOs, directors and their advisors. Reporters and analysts embrace its existence as well. Beating “expectations” is heralded as a managerial triumph.</p><p>That activity is disgusting. It requires no talent to manipulate numbers: Only a deep desire to deceive is required. “Bold imaginative accounting,” as a CEO once described his deception to me, has become one of the shames of capitalism.</p><h2>58 Years – and a Few Figures</h2><p>In 1965, Berkshire was a one-trick pony, the owner of a venerable – but doomed – New England textile operation. With that business on a death march, Berkshire needed an immediate fresh start. Looking back, I was slow to recognize the severity of its problems.</p><p>And then came a stroke of good luck: National Indemnity became available in 1967, and we shifted our resources toward insurance and other non-textile operations.</p><p>Thus began our journey to 2023, a bumpy road involving a combination of continuous savings by our owners (that is, by their retaining earnings), the power of compounding, our avoidance of major mistakes and – most important of all – the American Tailwind. America would have done fine without Berkshire. The reverse is not true.</p><p>Berkshire now enjoys major ownership in an unmatched collection of huge and diversified businesses. Let’s first look at the 5,000 or so publicly-held companies that trade daily on NASDAQ, the NYSE and related venues. Within this group is housed the members of the S&amp;P 500 Index, an elite collection of large and well-known American companies.</p><p>In aggregate, the 500 earned $1.8 trillion in 2021. I don’t yet have the final results for 2022. Using, therefore, the 2021 figures, only 128 of the 500 (including Berkshire itself) earned $3 billion or more. Indeed, 23 lost money.</p><p>At yearend 2022, Berkshire was the largest owner of eight of these giants: American Express, Bank of America, Chevron, Coca-Cola, HP Inc., Moody’s, Occidental Petroleum and Paramount Global.</p><p>In addition to those eight investees, Berkshire owns 100% of BNSF and 92% of BH Energy, each with earnings that exceed the $3 billion mark noted above ($5.9 billion at BNSF and</p><p>$4.3 billion at BHE). Were these companies publicly-owned, they would replace two present members of the 500. All told, our ten controlled and non-controlled behemoths leave Berkshire more broadly aligned with the country’s economic future than is the case at any other U.S. company. (This calculation leaves aside “fiduciary” operations such as pension funds and investment companies.) In addition, Berkshire’s insurance operation, though conducted through many individually-managed subsidiaries, has a value comparable to BNSF or BHE.</p><p>As for the future, Berkshire will always hold a boatload of cash and U.S. Treasury bills along with a wide array of businesses. We will also avoid behavior that could result in any uncomfortable cash needs at inconvenient times, including financial panics and unprecedented insurance losses. Our CEO will always be the Chief Risk Officer – a task it is irresponsible to delegate. Additionally, our future CEOs will have a significant part of their net worth in Berkshire shares, bought with their own money. And yes, our shareholders will continue to save and prosper by retaining earnings.</p><p>At Berkshire, there will be no finish line.</p><h2>Some Surprising Facts About Federal Taxes</h2><p>During the decade ending in 2021, the United States Treasury received about $32.3 trillion in taxes while it spent $43.9 trillion.</p><p>Though economists, politicians and many of the public have opinions about the consequences of that huge imbalance, Charlie and I plead ignorance and firmly believe that near-term economic and market forecasts are worse than useless. Our job is to manage Berkshire’s operations and finances in a manner that will achieve an acceptable result over time and that will preserve the company’s unmatched staying power when financial panics or severe worldwide recessions occur. Berkshire also offers some modest protection from runaway inflation, but this attribute is far from perfect. Huge and entrenched fiscal deficits have consequences.</p><p>The $32 trillion of revenue was garnered by the Treasury through individual income taxes (48%), social security and related receipts (3412%), corporate income tax payments (812%) and a wide variety of lesser levies. Berkshire’s contribution via the corporate income tax was $32 billion during the decade, almost exactly a tenth of 1% of all money that the Treasury collected.</p><p>And that means – brace yourself – had there been roughly 1,000 taxpayers in the U.S. matching Berkshire’s payments, no other businesses nor any of the country’s 131 million households would have needed to pay any taxes to the federal government. Not a dime.</p><p>* * * * * * * * * * * *</p><p>Millions, billions, trillions – we all know the words, but the sums involved are almost impossible to comprehend. Let’s put physical dimensions to the numbers:</p><p>- If you convert $1 million into newly-printed $100 bills, you will have a stack that reaches your chest.</p><p>- Perform the same exercise with $1 billion – this is getting exciting! – and the stack reaches about 34 of a mile into the sky.</p><p>- Finally, imagine piling up $32 billion, the total of Berkshire’s 2012-21 federal income tax payments. Now the stack grows to more than 21 miles in height, about three times the level at which commercial airplanes usually cruise.</p><p>When it comes to federal taxes, individuals who own Berkshire can unequivocally state “I gave at the office.”</p><p>* * * * * * * * * * * *</p><p>At Berkshire we hope and expect to pay much more in taxes during the next decade. We owe the country no less: America’s dynamism has made a huge contribution to whatever success Berkshire has achieved – a contribution Berkshire will always need. We count on the American Tailwind and, though it has been becalmed from time to time, its propelling force has always returned.</p><p>I have been investing for 80 years – more than one-third of our country’s lifetime. Despite our citizens’ penchant – almost enthusiasm – for self-criticism and self-doubt, I have yet to see a time when it made sense to make a long-term bet against America. And I doubt very much that any reader of this letter will have a different experience in the future.</p><h2>Nothing Beats Having a Great Partner</h2><p>Charlie and I think pretty much alike. But what it takes me a page to explain, he sums up in a sentence. His version, moreover, is always more clearly reasoned and also more artfully – some might add bluntly – stated.</p><p>Here are a few of his thoughts, many lifted from a very recent podcast:</p><p>- The world is full of foolish gamblers, and they will not do as well as the patient investor.</p><p>- If you don’t see the world the way it is, it’s like judging something through a distorted lens.</p><p>- All I want to know is where I’m going to die, so I’ll never go there. And a related thought: Early on, write your desired obituary – and then behave accordingly.</p><p>- If you don’t care whether you are rational or not, you won’t work on it. Then you will stay irrational and get lousy results.</p><p>- Patience can be learned. Having a long attention span and the ability to concentrate on one thing for a long time is a huge advantage.</p><p>- You can learn a lot from dead people. Read of the deceased you admire and detest.</p><p>- Don’t bail away in a sinking boat if you can swim to one that is seaworthy.</p><p>- A great company keeps working after you are not; a mediocre company won’t do that.</p><p>- Warren and I don’t focus on the froth of the market. We seek out good long-term investments and stubbornly hold them for a long time.</p><p>- Ben Graham said, “Day to day, the stock market is a voting machine; in the long term it’s a weighing machine.” If you keep making something more valuable, then some wise person is going to notice it and start buying.</p><p>- There is no such thing as a 100% sure thing when investing. Thus, the use of leverage is dangerous. A string of wonderful numbers times zero will always equal zero. Don’t count on getting rich twice.</p><p>- You don’t, however, need to own a lot of things in order to get rich.</p><p>- You have to keep learning if you want to become a great investor. When the world changes, you must change.</p><p>- Warren and I hated railroad stocks for decades, but the world changed and finally the country had four huge railroads of vital importance to the American economy. We were slow to recognize the change, but better late than never.</p><p>- Finally, I will add two short sentences by Charlie that have been his decision-clinchers for decades: “Warren, think more about it. You’re smart and I’m right.”</p><p>And so it goes. I never have a phone call with Charlie without learning something. And, while he makes me think, he also makes me laugh.</p><p>* * * * * * * * * * * *</p><p>I will add to Charlie’s list a rule of my own:   Find   a   very   smart   high-grade partner – preferably slightly older than you – and then listen very carefully to what he says.</p><h2>A Family Gathering in Omaha</h2><p>Charlie and I are shameless. Last year, at our first shareholder get-together in three years, we greeted you with our usual commercial hustle.</p><p>From the opening bell, we went straight for your wallet. In short order, our See’s kiosk sold you eleven tons of nourishing peanut brittle and chocolates. In our P.T. Barnum pitch, we promised you longevity. After all, what else but candy from See’s could account for Charlie and me making it to 99 and 92?</p><p>I know you can’t wait to hear the specifics of last year’s hustle.</p><p>On Friday, the doors were open from noon until 5 p.m., and our candy counters rang up 2,690 individual sales. On Saturday, See’s registered an additional 3,931 transactions between 7 a.m. and 4:30 p.m., despite the fact that 612 of the 912 operating hours occurred while our movie and the question-and-answer session were limiting commercial traffic.</p><p>Do the math: See’s rang up about 10 sales per minute during its prime operating time (racking up $400,309 of volume during the two days), with all the goods purchased at a single location selling products that haven’t been materially altered in 101 years. What worked for See’s in the days of Henry Ford’s model T works now.</p><p>* * * * * * * * * * * *</p><p>Charlie, I, and the entire Berkshire bunch look forward to seeing you in Omaha on May 5-6. We will have a good time and so will you.</p><p>February 25, 2023 Warren E. Buffett </p><p>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’s Annual Letter: Berkshire Will Always Hold a Boatload of Cash and U.S. Treasury Bills</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’s Annual Letter: Berkshire Will Always Hold a Boatload of Cash and U.S. Treasury Bills\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\">2023-02-25 22:08</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Warren Buffett is still betting on America.</p><p>Stocks and bonds slumped in 2022 after central banks raised interest rates at a rapid pace to try to rein in inflation. But Mr. Buffett retained his sense of optimism in his annual letter to investors Saturday, saying he attributes much of his success over the years to the resilience of the U.S. economy.</p><p>“I have been investing for 80 years—more than one-third of our country’s lifetime. Despite our citizens’ penchant—almost enthusiasm—for self-criticism and self-doubt, I have yet to see a time when it made sense to make a long-term bet against America,” Mr. Buffett said in the letter.</p><p>Mr. Buffett, widely regarded as one of the world’s top investors, has been publishing the letters for more than half a century. Over that time, he hasn’t just reflected on the past year for his company, Berkshire Hathaway Inc., but also shared his thoughts on everything from esoteric accounting rules to his aversion to excessive risk-taking.</p><p>Saturday’s letter offered readers a glimpse into how Mr. Buffett, 92, viewed what wound up being a shaky stretch for markets.</p><p>The volatility offered Berkshire an opportunity to jump in and buy stocks. While Berkshire largely bought back its own shares in 2021, it focused more in 2022 on investing in other companies—opening up new positions in media company Paramount Global and building-materials manufacturer Louisiana-Pacific Corp., among other businesses, and swiftly becoming Occidental Petroleum Corp.’s single biggest shareholder.</p><p>As of the end of 2022, Berkshire was the largest shareholder of eight companies—American Express Co., Bank of America Corp., Chevron Corp., Coca-Cola Co., HP Inc., Moody’s Corp., Occidental and Paramount Global.</p><p>“America would have done fine without Berkshire. The reverse is not true,” Mr. Buffett said.</p><p>Berkshire also released its results for 2022 on Saturday.</p><p>The Omaha, Neb., company, which owns businesses including insurer Geico, railroad BNSF Railway and chocolate maker See’s Candies, posted a loss of $22.82 billion for the year, stung by $67.9 billion in investment and derivative contract losses. In 2021, Berkshire posted a profit of $90.8 billion.</p><p>Total revenue rose 9.4% to $302.1 billion.</p><p>Berkshire’s operating earnings, which exclude some investment results, rose to a record $30.8 billion.</p><p>Mr. Buffett, Berkshire’s chief executive, has long held that operating earnings are a better reflection of how Berkshire is doing, since accounting rules require the company to include unrealized gains and losses from its massive investment portfolio in its net income. Volatile markets can make Berkshire’s net income change substantially from quarter to quarter, regardless of how its underlying businesses are doing.</p><p>“Capital gains, to be sure, have been hugely important to Berkshire over past decades, and we expect them to be meaningfully positive in future decades,” Mr. Buffett said in his letter. “But their quarter-by-quarter gyrations, regularly and mindlessly headlined by media, totally misinform investors,” he said, adding that he and his right-hand man Charlie Munger urged shareholders to focus instead on Berkshire’s operating earnings, which rose to a record for the full year in 2022.</p><h2>Read the full letter here:</h2><p>To the Shareholders of Berkshire Hathaway Inc.:</p><p>Charlie Munger, my long-time partner, and I have the job of managing the savings of a great number of individuals. We are grateful for their enduring trust, a relationship that often spans much of their adult lifetime. It is those dedicated savers that are forefront in my mind as I write this letter.</p><p>A common belief is that people choose to save when young, expecting thereby to maintain their living standards after retirement. Any assets that remain at death, this theory says, will usually be left to their families or, possibly, to friends and philanthropy.</p><p>Our experience has differed. We believe Berkshire’s individual holders largely to be of the once-a-saver, always-a-saver variety. Though these people live well, they eventually dispense most of their funds to philanthropic organizations. These, in turn, redistribute the funds by expenditures intended to improve the lives of a great many people who are unrelated to the original benefactor. Sometimes, the results have been spectacular.</p><p>The disposition of money unmasks humans. Charlie and I watch with pleasure the vast flow of Berkshire-generated funds to public needs and, alongside, the infrequency with which our shareholders opt for look-at-me assets and dynasty-building.</p><p>Who wouldn’t enjoy working for shareholders like ours?</p><h2>What We Do</h2><p>Charlie and I allocate your savings at Berkshire between two related forms of ownership. First, we invest in businesses that we control, usually buying 100% of each. Berkshire directs capital allocation at these subsidiaries and selects the CEOs who make day-by-day operating decisions. When large enterprises are being managed, both trust and rules are essential. Berkshire emphasizes the former to an unusual – some would say extreme – degree. Disappointments are inevitable. We are understanding about business mistakes; our tolerance for personal misconduct is zero.</p><p>In our second category of ownership, we buy publicly-traded stocks through which we passively own pieces of businesses. Holding these investments, we have no say in management.</p><p>Our goal in both forms of ownership is to make meaningful investments in businesses with both long-lasting favorable economic characteristics and trustworthy managers. Please note particularly that we own publicly-traded stocks based on our expectations about their long-term business performance, not because we view them as vehicles for adroit purchases and sales. That point is crucial: Charlie and I are not stock-pickers; we are business-pickers.</p><p>Over the years, I have made many mistakes. Consequently, our extensive collection of businesses currently consists of a few enterprises that have truly extraordinary economics, many that enjoy very good economic characteristics, and a large group that are marginal. Along the way, other businesses in which I have invested have died, their products unwanted by the public. Capitalism has two sides: The system creates an ever-growing pile of losers while concurrently delivering a gusher of improved goods and services. Schumpeter called this phenomenon “creative destruction.”</p><p>One advantage of our publicly-traded segment is that – episodically – it becomes easy to buy pieces of wonderful businesses at wonderful prices. It’s crucial to understand that stocks often trade at truly foolish prices, both high and low. “Efficient” markets exist only in textbooks. In truth, marketable stocks and bonds are baffling, their behavior usually understandable only in retrospect.</p><p>Controlled businesses are a different breed. They sometimes command ridiculously higher prices than justified but are almost never available at bargain valuations. Unless under duress, the owner of a controlled business gives no thought to selling at a panic-type valuation.</p><p>* * * * * * * * * * * *</p><p>At this point, a report card from me is appropriate: In 58 years of Berkshire management, most of my capital-allocation decisions have been no better than so-so. In some cases, also, bad moves by me have been rescued by very large doses of luck. (Remember our escapes from near-disasters at USAir and Salomon? I certainly do.)</p><p>Our satisfactory results have been the product of about a dozen truly good decisions – that would be about one every five years – and a sometimes-forgotten advantage that favors long-term investors such as Berkshire. Let’s take a peek behind the curtain.</p><h2>The Secret Sauce</h2><p>In August 1994 – yes, 1994 – Berkshire completed its seven-year purchase of the 400 million shares of Coca-Cola we now own. The total cost was $1.3 billion – then a very meaningful sum at Berkshire.</p><p>The cash dividend we received from Coke in 1994 was $75 million. By 2022, the dividend had increased to $704 million. Growth occurred every year, just as certain as birthdays. All Charlie and I were required to do was cash Coke’s quarterly dividend checks. We expect that those checks are highly likely to grow.</p><p>American Express is much the same story. Berkshire’s purchases of Amex were essentially completed in 1995 and, coincidentally, also cost $1.3 billion. Annual dividends received from this investment have grown from $41 million to $302 million. Those checks, too, seem highly likely to increase.</p><p>These dividend gains, though pleasing, are far from spectacular. But they bring with them important gains in stock prices. At yearend, our Coke investment was valued at $25 billion while Amex was recorded at $22 billion. Each holding now accounts for roughly 5% of Berkshire’s net worth, akin to its weighting long ago.</p><p>Assume, for a moment, I had made a similarly-sized investment mistake in the 1990s, one that flat-lined and simply retained its $1.3 billion value in 2022. (An example would be a high-grade 30-year bond.) That disappointing investment would now represent an insignificant 0.3% of Berkshire’s net worth and would be delivering to us an unchanged $80 million or so of annual income.</p><p>The lesson for investors: The weeds wither away in significance as the flowers bloom. Over time, it takes just a few winners to work wonders. And, yes, it helps to start early and live into your 90s as well.</p><h2>The Past Year in Brief</h2><p>Berkshire had a good year in 2022. The company’s operating earnings – our term for income calculated using Generally Accepted Accounting Principles (“GAAP”), exclusive of capital gains or losses from equity holdings – set a record at $30.8 billion. Charlie and I focus on this operational figure and urge you to do so as well. The GAAP figure, absent our adjustment, fluctuates wildly and capriciously at every reporting date. Note its acrobatic behavior in 2022, which is in no way unusual:</p><p><img src=\"https://static.tigerbbs.com/69e74650656620f9fa3f1e55c15a90e5\" tg-width=\"797\" tg-height=\"207\" width=\"100%\" height=\"auto\"/></p><p>The GAAP earnings are 100% misleading when viewed quarterly or even annually. Capital gains, to be sure, have been hugely important to Berkshire over past decades, and we expect them to be meaningfully positive in future decades. But their quarter-by-quarter gyrations, regularly and mindlessly headlined by media, totally misinform investors.</p><p>A second positive development for Berkshire last year was our purchase of Alleghany Corporation, a property-casualty insurer captained by Joe Brandon. I’ve worked with Joe in the past, and he understands both Berkshire  and insurance. Alleghany delivers special value to us because Berkshire’s unmatched financial strength allows its insurance subsidiaries to follow valuable and enduring investment strategies unavailable to virtually all competitors.</p><p>Aided by Alleghany, our insurance float increased during 2022 from $147 billion to $164 billion. With disciplined underwriting, these funds have a decent chance of being cost-free over time. Since purchasing our first property-casualty insurer in 1967, Berkshire’s float has increased 8,000-fold through acquisitions, operations and innovations. Though not recognized in our financial statements, this float has been an extraordinary asset for Berkshire. New shareholders can get an understanding of its value by reading our annually updated explanation of float on page A-2.</p><p>* * * * * * * * * * * *</p><p>A very minor gain in per-share intrinsic value took place in 2022 through Berkshire share repurchases as well as similar moves at Apple and American Express, both significant investees of ours. At Berkshire, we directly increased your interest in our unique collection of businesses by repurchasing 1.2% of the company’s outstanding shares. At Apple and Amex, repurchases increased Berkshire’s ownership a bit without any cost to us.</p><p>The math isn’t complicated: When the share count goes down, your interest in our many businesses goes up. Every small bit helps if repurchases are made at value-accretive prices. Just as surely, when a company overpays for repurchases, the continuing shareholders lose. At such times, gains flow only to the selling shareholders and to the friendly, but expensive, investment banker who recommended the foolish purchases.</p><p>Gains from value-accretive repurchases, it should be emphasized, benefit all owners – in every respect. Imagine, if you will, three fully-informed shareholders of a local auto dealership, one of whom manages the business. Imagine, further, that one of the passive owners wishes to sell his interest back to the company at a price attractive to the two continuing shareholders. When completed, has this transaction harmed anyone? Is the manager somehow favored over the continuing passive owners? Has the public been hurt?</p><p>When you are told that all repurchases are harmful to shareholders or to the country, or particularly beneficial to CEOs, you are listening to either an economic illiterate or a silver-tongued demagogue (characters that are not mutually exclusive).</p><p>Almost endless details of Berkshire’s 2022 operations are laid out on pages K-33 – K-66. Charlie and I, along with many Berkshire shareholders, enjoy poring over the many facts and figures laid out in that section. These pages are not, however, required reading. There are many Berkshire centimillionaires and, yes, billionaires who have never studied our financial figures. They simply know that Charlie and I – along with our families and close friends – continue to have very significant investments in Berkshire, and they trust us to treat their money as we do our own.</p><p>And that is a promise we can make.</p><p>* * * * * * * * * * * *</p><p>Finally, an important warning: Even the operating earnings figure that we favor can easily be manipulated by managers who wish to do so. Such tampering is often thought of as sophisticated by CEOs, directors and their advisors. Reporters and analysts embrace its existence as well. Beating “expectations” is heralded as a managerial triumph.</p><p>That activity is disgusting. It requires no talent to manipulate numbers: Only a deep desire to deceive is required. “Bold imaginative accounting,” as a CEO once described his deception to me, has become one of the shames of capitalism.</p><h2>58 Years – and a Few Figures</h2><p>In 1965, Berkshire was a one-trick pony, the owner of a venerable – but doomed – New England textile operation. With that business on a death march, Berkshire needed an immediate fresh start. Looking back, I was slow to recognize the severity of its problems.</p><p>And then came a stroke of good luck: National Indemnity became available in 1967, and we shifted our resources toward insurance and other non-textile operations.</p><p>Thus began our journey to 2023, a bumpy road involving a combination of continuous savings by our owners (that is, by their retaining earnings), the power of compounding, our avoidance of major mistakes and – most important of all – the American Tailwind. America would have done fine without Berkshire. The reverse is not true.</p><p>Berkshire now enjoys major ownership in an unmatched collection of huge and diversified businesses. Let’s first look at the 5,000 or so publicly-held companies that trade daily on NASDAQ, the NYSE and related venues. Within this group is housed the members of the S&amp;P 500 Index, an elite collection of large and well-known American companies.</p><p>In aggregate, the 500 earned $1.8 trillion in 2021. I don’t yet have the final results for 2022. Using, therefore, the 2021 figures, only 128 of the 500 (including Berkshire itself) earned $3 billion or more. Indeed, 23 lost money.</p><p>At yearend 2022, Berkshire was the largest owner of eight of these giants: American Express, Bank of America, Chevron, Coca-Cola, HP Inc., Moody’s, Occidental Petroleum and Paramount Global.</p><p>In addition to those eight investees, Berkshire owns 100% of BNSF and 92% of BH Energy, each with earnings that exceed the $3 billion mark noted above ($5.9 billion at BNSF and</p><p>$4.3 billion at BHE). Were these companies publicly-owned, they would replace two present members of the 500. All told, our ten controlled and non-controlled behemoths leave Berkshire more broadly aligned with the country’s economic future than is the case at any other U.S. company. (This calculation leaves aside “fiduciary” operations such as pension funds and investment companies.) In addition, Berkshire’s insurance operation, though conducted through many individually-managed subsidiaries, has a value comparable to BNSF or BHE.</p><p>As for the future, Berkshire will always hold a boatload of cash and U.S. Treasury bills along with a wide array of businesses. We will also avoid behavior that could result in any uncomfortable cash needs at inconvenient times, including financial panics and unprecedented insurance losses. Our CEO will always be the Chief Risk Officer – a task it is irresponsible to delegate. Additionally, our future CEOs will have a significant part of their net worth in Berkshire shares, bought with their own money. And yes, our shareholders will continue to save and prosper by retaining earnings.</p><p>At Berkshire, there will be no finish line.</p><h2>Some Surprising Facts About Federal Taxes</h2><p>During the decade ending in 2021, the United States Treasury received about $32.3 trillion in taxes while it spent $43.9 trillion.</p><p>Though economists, politicians and many of the public have opinions about the consequences of that huge imbalance, Charlie and I plead ignorance and firmly believe that near-term economic and market forecasts are worse than useless. Our job is to manage Berkshire’s operations and finances in a manner that will achieve an acceptable result over time and that will preserve the company’s unmatched staying power when financial panics or severe worldwide recessions occur. Berkshire also offers some modest protection from runaway inflation, but this attribute is far from perfect. Huge and entrenched fiscal deficits have consequences.</p><p>The $32 trillion of revenue was garnered by the Treasury through individual income taxes (48%), social security and related receipts (3412%), corporate income tax payments (812%) and a wide variety of lesser levies. Berkshire’s contribution via the corporate income tax was $32 billion during the decade, almost exactly a tenth of 1% of all money that the Treasury collected.</p><p>And that means – brace yourself – had there been roughly 1,000 taxpayers in the U.S. matching Berkshire’s payments, no other businesses nor any of the country’s 131 million households would have needed to pay any taxes to the federal government. Not a dime.</p><p>* * * * * * * * * * * *</p><p>Millions, billions, trillions – we all know the words, but the sums involved are almost impossible to comprehend. Let’s put physical dimensions to the numbers:</p><p>- If you convert $1 million into newly-printed $100 bills, you will have a stack that reaches your chest.</p><p>- Perform the same exercise with $1 billion – this is getting exciting! – and the stack reaches about 34 of a mile into the sky.</p><p>- Finally, imagine piling up $32 billion, the total of Berkshire’s 2012-21 federal income tax payments. Now the stack grows to more than 21 miles in height, about three times the level at which commercial airplanes usually cruise.</p><p>When it comes to federal taxes, individuals who own Berkshire can unequivocally state “I gave at the office.”</p><p>* * * * * * * * * * * *</p><p>At Berkshire we hope and expect to pay much more in taxes during the next decade. We owe the country no less: America’s dynamism has made a huge contribution to whatever success Berkshire has achieved – a contribution Berkshire will always need. We count on the American Tailwind and, though it has been becalmed from time to time, its propelling force has always returned.</p><p>I have been investing for 80 years – more than one-third of our country’s lifetime. Despite our citizens’ penchant – almost enthusiasm – for self-criticism and self-doubt, I have yet to see a time when it made sense to make a long-term bet against America. And I doubt very much that any reader of this letter will have a different experience in the future.</p><h2>Nothing Beats Having a Great Partner</h2><p>Charlie and I think pretty much alike. But what it takes me a page to explain, he sums up in a sentence. His version, moreover, is always more clearly reasoned and also more artfully – some might add bluntly – stated.</p><p>Here are a few of his thoughts, many lifted from a very recent podcast:</p><p>- The world is full of foolish gamblers, and they will not do as well as the patient investor.</p><p>- If you don’t see the world the way it is, it’s like judging something through a distorted lens.</p><p>- All I want to know is where I’m going to die, so I’ll never go there. And a related thought: Early on, write your desired obituary – and then behave accordingly.</p><p>- If you don’t care whether you are rational or not, you won’t work on it. Then you will stay irrational and get lousy results.</p><p>- Patience can be learned. Having a long attention span and the ability to concentrate on one thing for a long time is a huge advantage.</p><p>- You can learn a lot from dead people. Read of the deceased you admire and detest.</p><p>- Don’t bail away in a sinking boat if you can swim to one that is seaworthy.</p><p>- A great company keeps working after you are not; a mediocre company won’t do that.</p><p>- Warren and I don’t focus on the froth of the market. We seek out good long-term investments and stubbornly hold them for a long time.</p><p>- Ben Graham said, “Day to day, the stock market is a voting machine; in the long term it’s a weighing machine.” If you keep making something more valuable, then some wise person is going to notice it and start buying.</p><p>- There is no such thing as a 100% sure thing when investing. Thus, the use of leverage is dangerous. A string of wonderful numbers times zero will always equal zero. Don’t count on getting rich twice.</p><p>- You don’t, however, need to own a lot of things in order to get rich.</p><p>- You have to keep learning if you want to become a great investor. When the world changes, you must change.</p><p>- Warren and I hated railroad stocks for decades, but the world changed and finally the country had four huge railroads of vital importance to the American economy. We were slow to recognize the change, but better late than never.</p><p>- Finally, I will add two short sentences by Charlie that have been his decision-clinchers for decades: “Warren, think more about it. You’re smart and I’m right.”</p><p>And so it goes. I never have a phone call with Charlie without learning something. And, while he makes me think, he also makes me laugh.</p><p>* * * * * * * * * * * *</p><p>I will add to Charlie’s list a rule of my own:   Find   a   very   smart   high-grade partner – preferably slightly older than you – and then listen very carefully to what he says.</p><h2>A Family Gathering in Omaha</h2><p>Charlie and I are shameless. Last year, at our first shareholder get-together in three years, we greeted you with our usual commercial hustle.</p><p>From the opening bell, we went straight for your wallet. In short order, our See’s kiosk sold you eleven tons of nourishing peanut brittle and chocolates. In our P.T. Barnum pitch, we promised you longevity. After all, what else but candy from See’s could account for Charlie and me making it to 99 and 92?</p><p>I know you can’t wait to hear the specifics of last year’s hustle.</p><p>On Friday, the doors were open from noon until 5 p.m., and our candy counters rang up 2,690 individual sales. On Saturday, See’s registered an additional 3,931 transactions between 7 a.m. and 4:30 p.m., despite the fact that 612 of the 912 operating hours occurred while our movie and the question-and-answer session were limiting commercial traffic.</p><p>Do the math: See’s rang up about 10 sales per minute during its prime operating time (racking up $400,309 of volume during the two days), with all the goods purchased at a single location selling products that haven’t been materially altered in 101 years. What worked for See’s in the days of Henry Ford’s model T works now.</p><p>* * * * * * * * * * * *</p><p>Charlie, I, and the entire Berkshire bunch look forward to seeing you in Omaha on May 5-6. We will have a good time and so will you.</p><p>February 25, 2023 Warren E. Buffett </p><p>Chairman of the Board</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BRK.A":"伯克希尔","BRK.B":"伯克希尔B"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1117520516","content_text":"Warren Buffett is still betting on America.Stocks and bonds slumped in 2022 after central banks raised interest rates at a rapid pace to try to rein in inflation. But Mr. Buffett retained his sense of optimism in his annual letter to investors Saturday, saying he attributes much of his success over the years to the resilience of the U.S. economy.“I have been investing for 80 years—more than one-third of our country’s lifetime. Despite our citizens’ penchant—almost enthusiasm—for self-criticism and self-doubt, I have yet to see a time when it made sense to make a long-term bet against America,” Mr. Buffett said in the letter.Mr. Buffett, widely regarded as one of the world’s top investors, has been publishing the letters for more than half a century. Over that time, he hasn’t just reflected on the past year for his company, Berkshire Hathaway Inc., but also shared his thoughts on everything from esoteric accounting rules to his aversion to excessive risk-taking.Saturday’s letter offered readers a glimpse into how Mr. Buffett, 92, viewed what wound up being a shaky stretch for markets.The volatility offered Berkshire an opportunity to jump in and buy stocks. While Berkshire largely bought back its own shares in 2021, it focused more in 2022 on investing in other companies—opening up new positions in media company Paramount Global and building-materials manufacturer Louisiana-Pacific Corp., among other businesses, and swiftly becoming Occidental Petroleum Corp.’s single biggest shareholder.As of the end of 2022, Berkshire was the largest shareholder of eight companies—American Express Co., Bank of America Corp., Chevron Corp., Coca-Cola Co., HP Inc., Moody’s Corp., Occidental and Paramount Global.“America would have done fine without Berkshire. The reverse is not true,” Mr. Buffett said.Berkshire also released its results for 2022 on Saturday.The Omaha, Neb., company, which owns businesses including insurer Geico, railroad BNSF Railway and chocolate maker See’s Candies, posted a loss of $22.82 billion for the year, stung by $67.9 billion in investment and derivative contract losses. In 2021, Berkshire posted a profit of $90.8 billion.Total revenue rose 9.4% to $302.1 billion.Berkshire’s operating earnings, which exclude some investment results, rose to a record $30.8 billion.Mr. Buffett, Berkshire’s chief executive, has long held that operating earnings are a better reflection of how Berkshire is doing, since accounting rules require the company to include unrealized gains and losses from its massive investment portfolio in its net income. Volatile markets can make Berkshire’s net income change substantially from quarter to quarter, regardless of how its underlying businesses are doing.“Capital gains, to be sure, have been hugely important to Berkshire over past decades, and we expect them to be meaningfully positive in future decades,” Mr. Buffett said in his letter. “But their quarter-by-quarter gyrations, regularly and mindlessly headlined by media, totally misinform investors,” he said, adding that he and his right-hand man Charlie Munger urged shareholders to focus instead on Berkshire’s operating earnings, which rose to a record for the full year in 2022.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 the savings of a great number of individuals. We are grateful for their enduring trust, a relationship that often spans much of their adult lifetime. It is those dedicated savers that are forefront in my mind as I write this letter.A common belief is that people choose to save when young, expecting thereby to maintain their living standards after retirement. Any assets that remain at death, this theory says, will usually be left to their families or, possibly, to friends and philanthropy.Our experience has differed. We believe Berkshire’s individual holders largely to be of the once-a-saver, always-a-saver variety. Though these people live well, they eventually dispense most of their funds to philanthropic organizations. These, in turn, redistribute the funds by expenditures intended to improve the lives of a great many people who are unrelated to the original benefactor. Sometimes, the results have been spectacular.The disposition of money unmasks humans. Charlie and I watch with pleasure the vast flow of Berkshire-generated funds to public needs and, alongside, the infrequency with which our shareholders opt for look-at-me assets and dynasty-building.Who wouldn’t enjoy working for shareholders like ours?What We DoCharlie and I allocate your savings at Berkshire between two related forms of ownership. First, we invest in businesses that we control, usually buying 100% of each. Berkshire directs capital allocation at these subsidiaries and selects the CEOs who make day-by-day operating decisions. When large enterprises are being managed, both trust and rules are essential. Berkshire emphasizes the former to an unusual – some would say extreme – degree. Disappointments are inevitable. We are understanding about business mistakes; our tolerance for personal misconduct is zero.In our second category of ownership, we buy publicly-traded stocks through which we passively own pieces of businesses. Holding these investments, we have no say in management.Our goal in both forms of ownership is to make meaningful investments in businesses with both long-lasting favorable economic characteristics and trustworthy managers. Please note particularly that we own publicly-traded stocks based on our expectations about their long-term business performance, not because we view them as vehicles for adroit purchases and sales. That point is crucial: Charlie and I are not stock-pickers; we are business-pickers.Over the years, I have made many mistakes. Consequently, our extensive collection of businesses currently consists of a few enterprises that have truly extraordinary economics, many that enjoy very good economic characteristics, and a large group that are marginal. Along the way, other businesses in which I have invested have died, their products unwanted by the public. Capitalism has two sides: The system creates an ever-growing pile of losers while concurrently delivering a gusher of improved goods and services. Schumpeter called this phenomenon “creative destruction.”One advantage of our publicly-traded segment is that – episodically – it becomes easy to buy pieces of wonderful businesses at wonderful prices. It’s crucial to understand that stocks often trade at truly foolish prices, both high and low. “Efficient” markets exist only in textbooks. In truth, marketable stocks and bonds are baffling, their behavior usually understandable only in retrospect.Controlled businesses are a different breed. They sometimes command ridiculously higher prices than justified but are almost never available at bargain valuations. Unless under duress, the owner of a controlled business gives no thought to selling at a panic-type valuation.* * * * * * * * * * * *At this point, a report card from me is appropriate: In 58 years of Berkshire management, most of my capital-allocation decisions have been no better than so-so. In some cases, also, bad moves by me have been rescued by very large doses of luck. (Remember our escapes from near-disasters at USAir and Salomon? I certainly do.)Our satisfactory results have been the product of about a dozen truly good decisions – that would be about one every five years – and a sometimes-forgotten advantage that favors long-term investors such as Berkshire. Let’s take a peek behind the curtain.The Secret SauceIn August 1994 – yes, 1994 – Berkshire completed its seven-year purchase of the 400 million shares of Coca-Cola we now own. The total cost was $1.3 billion – then a very meaningful sum at Berkshire.The cash dividend we received from Coke in 1994 was $75 million. By 2022, the dividend had increased to $704 million. Growth occurred every year, just as certain as birthdays. All Charlie and I were required to do was cash Coke’s quarterly dividend checks. We expect that those checks are highly likely to grow.American Express is much the same story. Berkshire’s purchases of Amex were essentially completed in 1995 and, coincidentally, also cost $1.3 billion. Annual dividends received from this investment have grown from $41 million to $302 million. Those checks, too, seem highly likely to increase.These dividend gains, though pleasing, are far from spectacular. But they bring with them important gains in stock prices. At yearend, our Coke investment was valued at $25 billion while Amex was recorded at $22 billion. Each holding now accounts for roughly 5% of Berkshire’s net worth, akin to its weighting long ago.Assume, for a moment, I had made a similarly-sized investment mistake in the 1990s, one that flat-lined and simply retained its $1.3 billion value in 2022. (An example would be a high-grade 30-year bond.) That disappointing investment would now represent an insignificant 0.3% of Berkshire’s net worth and would be delivering to us an unchanged $80 million or so of annual income.The lesson for investors: The weeds wither away in significance as the flowers bloom. Over time, it takes just a few winners to work wonders. And, yes, it helps to start early and live into your 90s as well.The Past Year in BriefBerkshire had a good year in 2022. The company’s operating earnings – our term for income calculated using Generally Accepted Accounting Principles (“GAAP”), exclusive of capital gains or losses from equity holdings – set a record at $30.8 billion. Charlie and I focus on this operational figure and urge you to do so as well. The GAAP figure, absent our adjustment, fluctuates wildly and capriciously at every reporting date. Note its acrobatic behavior in 2022, which is in no way unusual:The GAAP earnings are 100% misleading when viewed quarterly or even annually. Capital gains, to be sure, have been hugely important to Berkshire over past decades, and we expect them to be meaningfully positive in future decades. But their quarter-by-quarter gyrations, regularly and mindlessly headlined by media, totally misinform investors.A second positive development for Berkshire last year was our purchase of Alleghany Corporation, a property-casualty insurer captained by Joe Brandon. I’ve worked with Joe in the past, and he understands both Berkshire  and insurance. Alleghany delivers special value to us because Berkshire’s unmatched financial strength allows its insurance subsidiaries to follow valuable and enduring investment strategies unavailable to virtually all competitors.Aided by Alleghany, our insurance float increased during 2022 from $147 billion to $164 billion. With disciplined underwriting, these funds have a decent chance of being cost-free over time. Since purchasing our first property-casualty insurer in 1967, Berkshire’s float has increased 8,000-fold through acquisitions, operations and innovations. Though not recognized in our financial statements, this float has been an extraordinary asset for Berkshire. New shareholders can get an understanding of its value by reading our annually updated explanation of float on page A-2.* * * * * * * * * * * *A very minor gain in per-share intrinsic value took place in 2022 through Berkshire share repurchases as well as similar moves at Apple and American Express, both significant investees of ours. At Berkshire, we directly increased your interest in our unique collection of businesses by repurchasing 1.2% of the company’s outstanding shares. At Apple and Amex, repurchases increased Berkshire’s ownership a bit without any cost to us.The math isn’t complicated: When the share count goes down, your interest in our many businesses goes up. Every small bit helps if repurchases are made at value-accretive prices. Just as surely, when a company overpays for repurchases, the continuing shareholders lose. At such times, gains flow only to the selling shareholders and to the friendly, but expensive, investment banker who recommended the foolish purchases.Gains from value-accretive repurchases, it should be emphasized, benefit all owners – in every respect. Imagine, if you will, three fully-informed shareholders of a local auto dealership, one of whom manages the business. Imagine, further, that one of the passive owners wishes to sell his interest back to the company at a price attractive to the two continuing shareholders. When completed, has this transaction harmed anyone? Is the manager somehow favored over the continuing passive owners? Has the public been hurt?When you are told that all repurchases are harmful to shareholders or to the country, or particularly beneficial to CEOs, you are listening to either an economic illiterate or a silver-tongued demagogue (characters that are not mutually exclusive).Almost endless details of Berkshire’s 2022 operations are laid out on pages K-33 – K-66. Charlie and I, along with many Berkshire shareholders, enjoy poring over the many facts and figures laid out in that section. These pages are not, however, required reading. There are many Berkshire centimillionaires and, yes, billionaires who have never studied our financial figures. They simply know that Charlie and I – along with our families and close friends – continue to have very significant investments in Berkshire, and they trust us to treat their money as we do our own.And that is a promise we can make.* * * * * * * * * * * *Finally, an important warning: Even the operating earnings figure that we favor can easily be manipulated by managers who wish to do so. Such tampering is often thought of as sophisticated by CEOs, directors and their advisors. Reporters and analysts embrace its existence as well. Beating “expectations” is heralded as a managerial triumph.That activity is disgusting. It requires no talent to manipulate numbers: Only a deep desire to deceive is required. “Bold imaginative accounting,” as a CEO once described his deception to me, has become one of the shames of capitalism.58 Years – and a Few FiguresIn 1965, Berkshire was a one-trick pony, the owner of a venerable – but doomed – New England textile operation. With that business on a death march, Berkshire needed an immediate fresh start. Looking back, I was slow to recognize the severity of its problems.And then came a stroke of good luck: National Indemnity became available in 1967, and we shifted our resources toward insurance and other non-textile operations.Thus began our journey to 2023, a bumpy road involving a combination of continuous savings by our owners (that is, by their retaining earnings), the power of compounding, our avoidance of major mistakes and – most important of all – the American Tailwind. America would have done fine without Berkshire. The reverse is not true.Berkshire now enjoys major ownership in an unmatched collection of huge and diversified businesses. Let’s first look at the 5,000 or so publicly-held companies that trade daily on NASDAQ, the NYSE and related venues. Within this group is housed the members of the S&P 500 Index, an elite collection of large and well-known American companies.In aggregate, the 500 earned $1.8 trillion in 2021. I don’t yet have the final results for 2022. Using, therefore, the 2021 figures, only 128 of the 500 (including Berkshire itself) earned $3 billion or more. Indeed, 23 lost money.At yearend 2022, Berkshire was the largest owner of eight of these giants: American Express, Bank of America, Chevron, Coca-Cola, HP Inc., Moody’s, Occidental Petroleum and Paramount Global.In addition to those eight investees, Berkshire owns 100% of BNSF and 92% of BH Energy, each with earnings that exceed the $3 billion mark noted above ($5.9 billion at BNSF and$4.3 billion at BHE). Were these companies publicly-owned, they would replace two present members of the 500. All told, our ten controlled and non-controlled behemoths leave Berkshire more broadly aligned with the country’s economic future than is the case at any other U.S. company. (This calculation leaves aside “fiduciary” operations such as pension funds and investment companies.) In addition, Berkshire’s insurance operation, though conducted through many individually-managed subsidiaries, has a value comparable to BNSF or BHE.As for the future, Berkshire will always hold a boatload of cash and U.S. Treasury bills along with a wide array of businesses. We will also avoid behavior that could result in any uncomfortable cash needs at inconvenient times, including financial panics and unprecedented insurance losses. Our CEO will always be the Chief Risk Officer – a task it is irresponsible to delegate. Additionally, our future CEOs will have a significant part of their net worth in Berkshire shares, bought with their own money. And yes, our shareholders will continue to save and prosper by retaining earnings.At Berkshire, there will be no finish line.Some Surprising Facts About Federal TaxesDuring the decade ending in 2021, the United States Treasury received about $32.3 trillion in taxes while it spent $43.9 trillion.Though economists, politicians and many of the public have opinions about the consequences of that huge imbalance, Charlie and I plead ignorance and firmly believe that near-term economic and market forecasts are worse than useless. Our job is to manage Berkshire’s operations and finances in a manner that will achieve an acceptable result over time and that will preserve the company’s unmatched staying power when financial panics or severe worldwide recessions occur. Berkshire also offers some modest protection from runaway inflation, but this attribute is far from perfect. Huge and entrenched fiscal deficits have consequences.The $32 trillion of revenue was garnered by the Treasury through individual income taxes (48%), social security and related receipts (3412%), corporate income tax payments (812%) and a wide variety of lesser levies. Berkshire’s contribution via the corporate income tax was $32 billion during the decade, almost exactly a tenth of 1% of all money that the Treasury collected.And that means – brace yourself – had there been roughly 1,000 taxpayers in the U.S. matching Berkshire’s payments, no other businesses nor any of the country’s 131 million households would have needed to pay any taxes to the federal government. Not a dime.* * * * * * * * * * * *Millions, billions, trillions – we all know the words, but the sums involved are almost impossible to comprehend. Let’s put physical dimensions to the numbers:- If you convert $1 million into newly-printed $100 bills, you will have a stack that reaches your chest.- Perform the same exercise with $1 billion – this is getting exciting! – and the stack reaches about 34 of a mile into the sky.- Finally, imagine piling up $32 billion, the total of Berkshire’s 2012-21 federal income tax payments. Now the stack grows to more than 21 miles in height, about three times the level at which commercial airplanes usually cruise.When it comes to federal taxes, individuals who own Berkshire can unequivocally state “I gave at the office.”* * * * * * * * * * * *At Berkshire we hope and expect to pay much more in taxes during the next decade. We owe the country no less: America’s dynamism has made a huge contribution to whatever success Berkshire has achieved – a contribution Berkshire will always need. We count on the American Tailwind and, though it has been becalmed from time to time, its propelling force has always returned.I have been investing for 80 years – more than one-third of our country’s lifetime. Despite our citizens’ penchant – almost enthusiasm – for self-criticism and self-doubt, I have yet to see a time when it made sense to make a long-term bet against America. And I doubt very much that any reader of this letter will have a different experience in the future.Nothing Beats Having a Great PartnerCharlie and I think pretty much alike. But what it takes me a page to explain, he sums up in a sentence. His version, moreover, is always more clearly reasoned and also more artfully – some might add bluntly – stated.Here are a few of his thoughts, many lifted from a very recent podcast:- The world is full of foolish gamblers, and they will not do as well as the patient investor.- If you don’t see the world the way it is, it’s like judging something through a distorted lens.- All I want to know is where I’m going to die, so I’ll never go there. And a related thought: Early on, write your desired obituary – and then behave accordingly.- If you don’t care whether you are rational or not, you won’t work on it. Then you will stay irrational and get lousy results.- Patience can be learned. Having a long attention span and the ability to concentrate on one thing for a long time is a huge advantage.- You can learn a lot from dead people. Read of the deceased you admire and detest.- Don’t bail away in a sinking boat if you can swim to one that is seaworthy.- A great company keeps working after you are not; a mediocre company won’t do that.- Warren and I don’t focus on the froth of the market. We seek out good long-term investments and stubbornly hold them for a long time.- Ben Graham said, “Day to day, the stock market is a voting machine; in the long term it’s a weighing machine.” If you keep making something more valuable, then some wise person is going to notice it and start buying.- There is no such thing as a 100% sure thing when investing. Thus, the use of leverage is dangerous. A string of wonderful numbers times zero will always equal zero. Don’t count on getting rich twice.- You don’t, however, need to own a lot of things in order to get rich.- You have to keep learning if you want to become a great investor. When the world changes, you must change.- Warren and I hated railroad stocks for decades, but the world changed and finally the country had four huge railroads of vital importance to the American economy. We were slow to recognize the change, but better late than never.- Finally, I will add two short sentences by Charlie that have been his decision-clinchers for decades: “Warren, think more about it. You’re smart and I’m right.”And so it goes. I never have a phone call with Charlie without learning something. And, while he makes me think, he also makes me laugh.* * * * * * * * * * * *I will add to Charlie’s list a rule of my own:   Find   a   very   smart   high-grade partner – preferably slightly older than you – and then listen very carefully to what he says.A Family Gathering in OmahaCharlie and I are shameless. Last year, at our first shareholder get-together in three years, we greeted you with our usual commercial hustle.From the opening bell, we went straight for your wallet. In short order, our See’s kiosk sold you eleven tons of nourishing peanut brittle and chocolates. In our P.T. Barnum pitch, we promised you longevity. After all, what else but candy from See’s could account for Charlie and me making it to 99 and 92?I know you can’t wait to hear the specifics of last year’s hustle.On Friday, the doors were open from noon until 5 p.m., and our candy counters rang up 2,690 individual sales. On Saturday, See’s registered an additional 3,931 transactions between 7 a.m. and 4:30 p.m., despite the fact that 612 of the 912 operating hours occurred while our movie and the question-and-answer session were limiting commercial traffic.Do the math: See’s rang up about 10 sales per minute during its prime operating time (racking up $400,309 of volume during the two days), with all the goods purchased at a single location selling products that haven’t been materially altered in 101 years. What worked for See’s in the days of Henry Ford’s model T works now.* * * * * * * * * * * *Charlie, I, and the entire Berkshire bunch look forward to seeing you in Omaha on May 5-6. We will have a good time and so will you.February 25, 2023 Warren E. Buffett Chairman of the Board","news_type":1},"isVote":1,"tweetType":1,"viewCount":102,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9957595242,"gmtCreate":1677373903387,"gmtModify":1677373906789,"author":{"id":"3581590268956264","authorId":"3581590268956264","name":"Damien111","avatar":"https://community-static.tradeup.com/news/79328dd256df8bc25949678982e26fc3","crmLevel":7,"crmLevelSwitch":1},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":20,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/9957595242","repostId":"1117520516","repostType":4,"repost":{"id":"1117520516","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":1677334099,"share":"https://www.laohu8.com/m/news/1117520516?lang=&edition=full","pubTime":"2023-02-25 22:08","market":"us","language":"en","title":"Buffett’s Annual Letter: Berkshire Will Always Hold a Boatload of Cash and U.S. Treasury Bills","url":"https://stock-news.laohu8.com/highlight/detail?id=1117520516","media":"Tiger Newspress","summary":"Warren Buffett is still betting on America.Stocks and bonds slumped in 2022 after central banks rais","content":"<html><head></head><body><p>Warren Buffett is still betting on America.</p><p>Stocks and bonds slumped in 2022 after central banks raised interest rates at a rapid pace to try to rein in inflation. But Mr. Buffett retained his sense of optimism in his annual letter to investors Saturday, saying he attributes much of his success over the years to the resilience of the U.S. economy.</p><p>“I have been investing for 80 years—more than one-third of our country’s lifetime. Despite our citizens’ penchant—almost enthusiasm—for self-criticism and self-doubt, I have yet to see a time when it made sense to make a long-term bet against America,” Mr. Buffett said in the letter.</p><p>Mr. Buffett, widely regarded as one of the world’s top investors, has been publishing the letters for more than half a century. Over that time, he hasn’t just reflected on the past year for his company, Berkshire Hathaway Inc., but also shared his thoughts on everything from esoteric accounting rules to his aversion to excessive risk-taking.</p><p>Saturday’s letter offered readers a glimpse into how Mr. Buffett, 92, viewed what wound up being a shaky stretch for markets.</p><p>The volatility offered Berkshire an opportunity to jump in and buy stocks. While Berkshire largely bought back its own shares in 2021, it focused more in 2022 on investing in other companies—opening up new positions in media company Paramount Global and building-materials manufacturer Louisiana-Pacific Corp., among other businesses, and swiftly becoming Occidental Petroleum Corp.’s single biggest shareholder.</p><p>As of the end of 2022, Berkshire was the largest shareholder of eight companies—American Express Co., Bank of America Corp., Chevron Corp., Coca-Cola Co., HP Inc., Moody’s Corp., Occidental and Paramount Global.</p><p>“America would have done fine without Berkshire. The reverse is not true,” Mr. Buffett said.</p><p>Berkshire also released its results for 2022 on Saturday.</p><p>The Omaha, Neb., company, which owns businesses including insurer Geico, railroad BNSF Railway and chocolate maker See’s Candies, posted a loss of $22.82 billion for the year, stung by $67.9 billion in investment and derivative contract losses. In 2021, Berkshire posted a profit of $90.8 billion.</p><p>Total revenue rose 9.4% to $302.1 billion.</p><p>Berkshire’s operating earnings, which exclude some investment results, rose to a record $30.8 billion.</p><p>Mr. Buffett, Berkshire’s chief executive, has long held that operating earnings are a better reflection of how Berkshire is doing, since accounting rules require the company to include unrealized gains and losses from its massive investment portfolio in its net income. Volatile markets can make Berkshire’s net income change substantially from quarter to quarter, regardless of how its underlying businesses are doing.</p><p>“Capital gains, to be sure, have been hugely important to Berkshire over past decades, and we expect them to be meaningfully positive in future decades,” Mr. Buffett said in his letter. “But their quarter-by-quarter gyrations, regularly and mindlessly headlined by media, totally misinform investors,” he said, adding that he and his right-hand man Charlie Munger urged shareholders to focus instead on Berkshire’s operating earnings, which rose to a record for the full year in 2022.</p><h2>Read the full letter here:</h2><p>To the Shareholders of Berkshire Hathaway Inc.:</p><p>Charlie Munger, my long-time partner, and I have the job of managing the savings of a great number of individuals. We are grateful for their enduring trust, a relationship that often spans much of their adult lifetime. It is those dedicated savers that are forefront in my mind as I write this letter.</p><p>A common belief is that people choose to save when young, expecting thereby to maintain their living standards after retirement. Any assets that remain at death, this theory says, will usually be left to their families or, possibly, to friends and philanthropy.</p><p>Our experience has differed. We believe Berkshire’s individual holders largely to be of the once-a-saver, always-a-saver variety. Though these people live well, they eventually dispense most of their funds to philanthropic organizations. These, in turn, redistribute the funds by expenditures intended to improve the lives of a great many people who are unrelated to the original benefactor. Sometimes, the results have been spectacular.</p><p>The disposition of money unmasks humans. Charlie and I watch with pleasure the vast flow of Berkshire-generated funds to public needs and, alongside, the infrequency with which our shareholders opt for look-at-me assets and dynasty-building.</p><p>Who wouldn’t enjoy working for shareholders like ours?</p><h2>What We Do</h2><p>Charlie and I allocate your savings at Berkshire between two related forms of ownership. First, we invest in businesses that we control, usually buying 100% of each. Berkshire directs capital allocation at these subsidiaries and selects the CEOs who make day-by-day operating decisions. When large enterprises are being managed, both trust and rules are essential. Berkshire emphasizes the former to an unusual – some would say extreme – degree. Disappointments are inevitable. We are understanding about business mistakes; our tolerance for personal misconduct is zero.</p><p>In our second category of ownership, we buy publicly-traded stocks through which we passively own pieces of businesses. Holding these investments, we have no say in management.</p><p>Our goal in both forms of ownership is to make meaningful investments in businesses with both long-lasting favorable economic characteristics and trustworthy managers. Please note particularly that we own publicly-traded stocks based on our expectations about their long-term business performance, not because we view them as vehicles for adroit purchases and sales. That point is crucial: Charlie and I are not stock-pickers; we are business-pickers.</p><p>Over the years, I have made many mistakes. Consequently, our extensive collection of businesses currently consists of a few enterprises that have truly extraordinary economics, many that enjoy very good economic characteristics, and a large group that are marginal. Along the way, other businesses in which I have invested have died, their products unwanted by the public. Capitalism has two sides: The system creates an ever-growing pile of losers while concurrently delivering a gusher of improved goods and services. Schumpeter called this phenomenon “creative destruction.”</p><p>One advantage of our publicly-traded segment is that – episodically – it becomes easy to buy pieces of wonderful businesses at wonderful prices. It’s crucial to understand that stocks often trade at truly foolish prices, both high and low. “Efficient” markets exist only in textbooks. In truth, marketable stocks and bonds are baffling, their behavior usually understandable only in retrospect.</p><p>Controlled businesses are a different breed. They sometimes command ridiculously higher prices than justified but are almost never available at bargain valuations. Unless under duress, the owner of a controlled business gives no thought to selling at a panic-type valuation.</p><p>* * * * * * * * * * * *</p><p>At this point, a report card from me is appropriate: In 58 years of Berkshire management, most of my capital-allocation decisions have been no better than so-so. In some cases, also, bad moves by me have been rescued by very large doses of luck. (Remember our escapes from near-disasters at USAir and Salomon? I certainly do.)</p><p>Our satisfactory results have been the product of about a dozen truly good decisions – that would be about one every five years – and a sometimes-forgotten advantage that favors long-term investors such as Berkshire. Let’s take a peek behind the curtain.</p><h2>The Secret Sauce</h2><p>In August 1994 – yes, 1994 – Berkshire completed its seven-year purchase of the 400 million shares of Coca-Cola we now own. The total cost was $1.3 billion – then a very meaningful sum at Berkshire.</p><p>The cash dividend we received from Coke in 1994 was $75 million. By 2022, the dividend had increased to $704 million. Growth occurred every year, just as certain as birthdays. All Charlie and I were required to do was cash Coke’s quarterly dividend checks. We expect that those checks are highly likely to grow.</p><p>American Express is much the same story. Berkshire’s purchases of Amex were essentially completed in 1995 and, coincidentally, also cost $1.3 billion. Annual dividends received from this investment have grown from $41 million to $302 million. Those checks, too, seem highly likely to increase.</p><p>These dividend gains, though pleasing, are far from spectacular. But they bring with them important gains in stock prices. At yearend, our Coke investment was valued at $25 billion while Amex was recorded at $22 billion. Each holding now accounts for roughly 5% of Berkshire’s net worth, akin to its weighting long ago.</p><p>Assume, for a moment, I had made a similarly-sized investment mistake in the 1990s, one that flat-lined and simply retained its $1.3 billion value in 2022. (An example would be a high-grade 30-year bond.) That disappointing investment would now represent an insignificant 0.3% of Berkshire’s net worth and would be delivering to us an unchanged $80 million or so of annual income.</p><p>The lesson for investors: The weeds wither away in significance as the flowers bloom. Over time, it takes just a few winners to work wonders. And, yes, it helps to start early and live into your 90s as well.</p><h2>The Past Year in Brief</h2><p>Berkshire had a good year in 2022. The company’s operating earnings – our term for income calculated using Generally Accepted Accounting Principles (“GAAP”), exclusive of capital gains or losses from equity holdings – set a record at $30.8 billion. Charlie and I focus on this operational figure and urge you to do so as well. The GAAP figure, absent our adjustment, fluctuates wildly and capriciously at every reporting date. Note its acrobatic behavior in 2022, which is in no way unusual:</p><p><img src=\"https://static.tigerbbs.com/69e74650656620f9fa3f1e55c15a90e5\" tg-width=\"797\" tg-height=\"207\" width=\"100%\" height=\"auto\"/></p><p>The GAAP earnings are 100% misleading when viewed quarterly or even annually. Capital gains, to be sure, have been hugely important to Berkshire over past decades, and we expect them to be meaningfully positive in future decades. But their quarter-by-quarter gyrations, regularly and mindlessly headlined by media, totally misinform investors.</p><p>A second positive development for Berkshire last year was our purchase of Alleghany Corporation, a property-casualty insurer captained by Joe Brandon. I’ve worked with Joe in the past, and he understands both Berkshire  and insurance. Alleghany delivers special value to us because Berkshire’s unmatched financial strength allows its insurance subsidiaries to follow valuable and enduring investment strategies unavailable to virtually all competitors.</p><p>Aided by Alleghany, our insurance float increased during 2022 from $147 billion to $164 billion. With disciplined underwriting, these funds have a decent chance of being cost-free over time. Since purchasing our first property-casualty insurer in 1967, Berkshire’s float has increased 8,000-fold through acquisitions, operations and innovations. Though not recognized in our financial statements, this float has been an extraordinary asset for Berkshire. New shareholders can get an understanding of its value by reading our annually updated explanation of float on page A-2.</p><p>* * * * * * * * * * * *</p><p>A very minor gain in per-share intrinsic value took place in 2022 through Berkshire share repurchases as well as similar moves at Apple and American Express, both significant investees of ours. At Berkshire, we directly increased your interest in our unique collection of businesses by repurchasing 1.2% of the company’s outstanding shares. At Apple and Amex, repurchases increased Berkshire’s ownership a bit without any cost to us.</p><p>The math isn’t complicated: When the share count goes down, your interest in our many businesses goes up. Every small bit helps if repurchases are made at value-accretive prices. Just as surely, when a company overpays for repurchases, the continuing shareholders lose. At such times, gains flow only to the selling shareholders and to the friendly, but expensive, investment banker who recommended the foolish purchases.</p><p>Gains from value-accretive repurchases, it should be emphasized, benefit all owners – in every respect. Imagine, if you will, three fully-informed shareholders of a local auto dealership, one of whom manages the business. Imagine, further, that one of the passive owners wishes to sell his interest back to the company at a price attractive to the two continuing shareholders. When completed, has this transaction harmed anyone? Is the manager somehow favored over the continuing passive owners? Has the public been hurt?</p><p>When you are told that all repurchases are harmful to shareholders or to the country, or particularly beneficial to CEOs, you are listening to either an economic illiterate or a silver-tongued demagogue (characters that are not mutually exclusive).</p><p>Almost endless details of Berkshire’s 2022 operations are laid out on pages K-33 – K-66. Charlie and I, along with many Berkshire shareholders, enjoy poring over the many facts and figures laid out in that section. These pages are not, however, required reading. There are many Berkshire centimillionaires and, yes, billionaires who have never studied our financial figures. They simply know that Charlie and I – along with our families and close friends – continue to have very significant investments in Berkshire, and they trust us to treat their money as we do our own.</p><p>And that is a promise we can make.</p><p>* * * * * * * * * * * *</p><p>Finally, an important warning: Even the operating earnings figure that we favor can easily be manipulated by managers who wish to do so. Such tampering is often thought of as sophisticated by CEOs, directors and their advisors. Reporters and analysts embrace its existence as well. Beating “expectations” is heralded as a managerial triumph.</p><p>That activity is disgusting. It requires no talent to manipulate numbers: Only a deep desire to deceive is required. “Bold imaginative accounting,” as a CEO once described his deception to me, has become one of the shames of capitalism.</p><h2>58 Years – and a Few Figures</h2><p>In 1965, Berkshire was a one-trick pony, the owner of a venerable – but doomed – New England textile operation. With that business on a death march, Berkshire needed an immediate fresh start. Looking back, I was slow to recognize the severity of its problems.</p><p>And then came a stroke of good luck: National Indemnity became available in 1967, and we shifted our resources toward insurance and other non-textile operations.</p><p>Thus began our journey to 2023, a bumpy road involving a combination of continuous savings by our owners (that is, by their retaining earnings), the power of compounding, our avoidance of major mistakes and – most important of all – the American Tailwind. America would have done fine without Berkshire. The reverse is not true.</p><p>Berkshire now enjoys major ownership in an unmatched collection of huge and diversified businesses. Let’s first look at the 5,000 or so publicly-held companies that trade daily on NASDAQ, the NYSE and related venues. Within this group is housed the members of the S&amp;P 500 Index, an elite collection of large and well-known American companies.</p><p>In aggregate, the 500 earned $1.8 trillion in 2021. I don’t yet have the final results for 2022. Using, therefore, the 2021 figures, only 128 of the 500 (including Berkshire itself) earned $3 billion or more. Indeed, 23 lost money.</p><p>At yearend 2022, Berkshire was the largest owner of eight of these giants: American Express, Bank of America, Chevron, Coca-Cola, HP Inc., Moody’s, Occidental Petroleum and Paramount Global.</p><p>In addition to those eight investees, Berkshire owns 100% of BNSF and 92% of BH Energy, each with earnings that exceed the $3 billion mark noted above ($5.9 billion at BNSF and</p><p>$4.3 billion at BHE). Were these companies publicly-owned, they would replace two present members of the 500. All told, our ten controlled and non-controlled behemoths leave Berkshire more broadly aligned with the country’s economic future than is the case at any other U.S. company. (This calculation leaves aside “fiduciary” operations such as pension funds and investment companies.) In addition, Berkshire’s insurance operation, though conducted through many individually-managed subsidiaries, has a value comparable to BNSF or BHE.</p><p>As for the future, Berkshire will always hold a boatload of cash and U.S. Treasury bills along with a wide array of businesses. We will also avoid behavior that could result in any uncomfortable cash needs at inconvenient times, including financial panics and unprecedented insurance losses. Our CEO will always be the Chief Risk Officer – a task it is irresponsible to delegate. Additionally, our future CEOs will have a significant part of their net worth in Berkshire shares, bought with their own money. And yes, our shareholders will continue to save and prosper by retaining earnings.</p><p>At Berkshire, there will be no finish line.</p><h2>Some Surprising Facts About Federal Taxes</h2><p>During the decade ending in 2021, the United States Treasury received about $32.3 trillion in taxes while it spent $43.9 trillion.</p><p>Though economists, politicians and many of the public have opinions about the consequences of that huge imbalance, Charlie and I plead ignorance and firmly believe that near-term economic and market forecasts are worse than useless. Our job is to manage Berkshire’s operations and finances in a manner that will achieve an acceptable result over time and that will preserve the company’s unmatched staying power when financial panics or severe worldwide recessions occur. Berkshire also offers some modest protection from runaway inflation, but this attribute is far from perfect. Huge and entrenched fiscal deficits have consequences.</p><p>The $32 trillion of revenue was garnered by the Treasury through individual income taxes (48%), social security and related receipts (3412%), corporate income tax payments (812%) and a wide variety of lesser levies. Berkshire’s contribution via the corporate income tax was $32 billion during the decade, almost exactly a tenth of 1% of all money that the Treasury collected.</p><p>And that means – brace yourself – had there been roughly 1,000 taxpayers in the U.S. matching Berkshire’s payments, no other businesses nor any of the country’s 131 million households would have needed to pay any taxes to the federal government. Not a dime.</p><p>* * * * * * * * * * * *</p><p>Millions, billions, trillions – we all know the words, but the sums involved are almost impossible to comprehend. Let’s put physical dimensions to the numbers:</p><p>- If you convert $1 million into newly-printed $100 bills, you will have a stack that reaches your chest.</p><p>- Perform the same exercise with $1 billion – this is getting exciting! – and the stack reaches about 34 of a mile into the sky.</p><p>- Finally, imagine piling up $32 billion, the total of Berkshire’s 2012-21 federal income tax payments. Now the stack grows to more than 21 miles in height, about three times the level at which commercial airplanes usually cruise.</p><p>When it comes to federal taxes, individuals who own Berkshire can unequivocally state “I gave at the office.”</p><p>* * * * * * * * * * * *</p><p>At Berkshire we hope and expect to pay much more in taxes during the next decade. We owe the country no less: America’s dynamism has made a huge contribution to whatever success Berkshire has achieved – a contribution Berkshire will always need. We count on the American Tailwind and, though it has been becalmed from time to time, its propelling force has always returned.</p><p>I have been investing for 80 years – more than one-third of our country’s lifetime. Despite our citizens’ penchant – almost enthusiasm – for self-criticism and self-doubt, I have yet to see a time when it made sense to make a long-term bet against America. And I doubt very much that any reader of this letter will have a different experience in the future.</p><h2>Nothing Beats Having a Great Partner</h2><p>Charlie and I think pretty much alike. But what it takes me a page to explain, he sums up in a sentence. His version, moreover, is always more clearly reasoned and also more artfully – some might add bluntly – stated.</p><p>Here are a few of his thoughts, many lifted from a very recent podcast:</p><p>- The world is full of foolish gamblers, and they will not do as well as the patient investor.</p><p>- If you don’t see the world the way it is, it’s like judging something through a distorted lens.</p><p>- All I want to know is where I’m going to die, so I’ll never go there. And a related thought: Early on, write your desired obituary – and then behave accordingly.</p><p>- If you don’t care whether you are rational or not, you won’t work on it. Then you will stay irrational and get lousy results.</p><p>- Patience can be learned. Having a long attention span and the ability to concentrate on one thing for a long time is a huge advantage.</p><p>- You can learn a lot from dead people. Read of the deceased you admire and detest.</p><p>- Don’t bail away in a sinking boat if you can swim to one that is seaworthy.</p><p>- A great company keeps working after you are not; a mediocre company won’t do that.</p><p>- Warren and I don’t focus on the froth of the market. We seek out good long-term investments and stubbornly hold them for a long time.</p><p>- Ben Graham said, “Day to day, the stock market is a voting machine; in the long term it’s a weighing machine.” If you keep making something more valuable, then some wise person is going to notice it and start buying.</p><p>- There is no such thing as a 100% sure thing when investing. Thus, the use of leverage is dangerous. A string of wonderful numbers times zero will always equal zero. Don’t count on getting rich twice.</p><p>- You don’t, however, need to own a lot of things in order to get rich.</p><p>- You have to keep learning if you want to become a great investor. When the world changes, you must change.</p><p>- Warren and I hated railroad stocks for decades, but the world changed and finally the country had four huge railroads of vital importance to the American economy. We were slow to recognize the change, but better late than never.</p><p>- Finally, I will add two short sentences by Charlie that have been his decision-clinchers for decades: “Warren, think more about it. You’re smart and I’m right.”</p><p>And so it goes. I never have a phone call with Charlie without learning something. And, while he makes me think, he also makes me laugh.</p><p>* * * * * * * * * * * *</p><p>I will add to Charlie’s list a rule of my own:   Find   a   very   smart   high-grade partner – preferably slightly older than you – and then listen very carefully to what he says.</p><h2>A Family Gathering in Omaha</h2><p>Charlie and I are shameless. Last year, at our first shareholder get-together in three years, we greeted you with our usual commercial hustle.</p><p>From the opening bell, we went straight for your wallet. In short order, our See’s kiosk sold you eleven tons of nourishing peanut brittle and chocolates. In our P.T. Barnum pitch, we promised you longevity. After all, what else but candy from See’s could account for Charlie and me making it to 99 and 92?</p><p>I know you can’t wait to hear the specifics of last year’s hustle.</p><p>On Friday, the doors were open from noon until 5 p.m., and our candy counters rang up 2,690 individual sales. On Saturday, See’s registered an additional 3,931 transactions between 7 a.m. and 4:30 p.m., despite the fact that 612 of the 912 operating hours occurred while our movie and the question-and-answer session were limiting commercial traffic.</p><p>Do the math: See’s rang up about 10 sales per minute during its prime operating time (racking up $400,309 of volume during the two days), with all the goods purchased at a single location selling products that haven’t been materially altered in 101 years. What worked for See’s in the days of Henry Ford’s model T works now.</p><p>* * * * * * * * * * * *</p><p>Charlie, I, and the entire Berkshire bunch look forward to seeing you in Omaha on May 5-6. We will have a good time and so will you.</p><p>February 25, 2023 Warren E. Buffett </p><p>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’s Annual Letter: Berkshire Will Always Hold a Boatload of Cash and U.S. Treasury Bills</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’s Annual Letter: Berkshire Will Always Hold a Boatload of Cash and U.S. Treasury Bills\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\">2023-02-25 22:08</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Warren Buffett is still betting on America.</p><p>Stocks and bonds slumped in 2022 after central banks raised interest rates at a rapid pace to try to rein in inflation. But Mr. Buffett retained his sense of optimism in his annual letter to investors Saturday, saying he attributes much of his success over the years to the resilience of the U.S. economy.</p><p>“I have been investing for 80 years—more than one-third of our country’s lifetime. Despite our citizens’ penchant—almost enthusiasm—for self-criticism and self-doubt, I have yet to see a time when it made sense to make a long-term bet against America,” Mr. Buffett said in the letter.</p><p>Mr. Buffett, widely regarded as one of the world’s top investors, has been publishing the letters for more than half a century. Over that time, he hasn’t just reflected on the past year for his company, Berkshire Hathaway Inc., but also shared his thoughts on everything from esoteric accounting rules to his aversion to excessive risk-taking.</p><p>Saturday’s letter offered readers a glimpse into how Mr. Buffett, 92, viewed what wound up being a shaky stretch for markets.</p><p>The volatility offered Berkshire an opportunity to jump in and buy stocks. While Berkshire largely bought back its own shares in 2021, it focused more in 2022 on investing in other companies—opening up new positions in media company Paramount Global and building-materials manufacturer Louisiana-Pacific Corp., among other businesses, and swiftly becoming Occidental Petroleum Corp.’s single biggest shareholder.</p><p>As of the end of 2022, Berkshire was the largest shareholder of eight companies—American Express Co., Bank of America Corp., Chevron Corp., Coca-Cola Co., HP Inc., Moody’s Corp., Occidental and Paramount Global.</p><p>“America would have done fine without Berkshire. The reverse is not true,” Mr. Buffett said.</p><p>Berkshire also released its results for 2022 on Saturday.</p><p>The Omaha, Neb., company, which owns businesses including insurer Geico, railroad BNSF Railway and chocolate maker See’s Candies, posted a loss of $22.82 billion for the year, stung by $67.9 billion in investment and derivative contract losses. In 2021, Berkshire posted a profit of $90.8 billion.</p><p>Total revenue rose 9.4% to $302.1 billion.</p><p>Berkshire’s operating earnings, which exclude some investment results, rose to a record $30.8 billion.</p><p>Mr. Buffett, Berkshire’s chief executive, has long held that operating earnings are a better reflection of how Berkshire is doing, since accounting rules require the company to include unrealized gains and losses from its massive investment portfolio in its net income. Volatile markets can make Berkshire’s net income change substantially from quarter to quarter, regardless of how its underlying businesses are doing.</p><p>“Capital gains, to be sure, have been hugely important to Berkshire over past decades, and we expect them to be meaningfully positive in future decades,” Mr. Buffett said in his letter. “But their quarter-by-quarter gyrations, regularly and mindlessly headlined by media, totally misinform investors,” he said, adding that he and his right-hand man Charlie Munger urged shareholders to focus instead on Berkshire’s operating earnings, which rose to a record for the full year in 2022.</p><h2>Read the full letter here:</h2><p>To the Shareholders of Berkshire Hathaway Inc.:</p><p>Charlie Munger, my long-time partner, and I have the job of managing the savings of a great number of individuals. We are grateful for their enduring trust, a relationship that often spans much of their adult lifetime. It is those dedicated savers that are forefront in my mind as I write this letter.</p><p>A common belief is that people choose to save when young, expecting thereby to maintain their living standards after retirement. Any assets that remain at death, this theory says, will usually be left to their families or, possibly, to friends and philanthropy.</p><p>Our experience has differed. We believe Berkshire’s individual holders largely to be of the once-a-saver, always-a-saver variety. Though these people live well, they eventually dispense most of their funds to philanthropic organizations. These, in turn, redistribute the funds by expenditures intended to improve the lives of a great many people who are unrelated to the original benefactor. Sometimes, the results have been spectacular.</p><p>The disposition of money unmasks humans. Charlie and I watch with pleasure the vast flow of Berkshire-generated funds to public needs and, alongside, the infrequency with which our shareholders opt for look-at-me assets and dynasty-building.</p><p>Who wouldn’t enjoy working for shareholders like ours?</p><h2>What We Do</h2><p>Charlie and I allocate your savings at Berkshire between two related forms of ownership. First, we invest in businesses that we control, usually buying 100% of each. Berkshire directs capital allocation at these subsidiaries and selects the CEOs who make day-by-day operating decisions. When large enterprises are being managed, both trust and rules are essential. Berkshire emphasizes the former to an unusual – some would say extreme – degree. Disappointments are inevitable. We are understanding about business mistakes; our tolerance for personal misconduct is zero.</p><p>In our second category of ownership, we buy publicly-traded stocks through which we passively own pieces of businesses. Holding these investments, we have no say in management.</p><p>Our goal in both forms of ownership is to make meaningful investments in businesses with both long-lasting favorable economic characteristics and trustworthy managers. Please note particularly that we own publicly-traded stocks based on our expectations about their long-term business performance, not because we view them as vehicles for adroit purchases and sales. That point is crucial: Charlie and I are not stock-pickers; we are business-pickers.</p><p>Over the years, I have made many mistakes. Consequently, our extensive collection of businesses currently consists of a few enterprises that have truly extraordinary economics, many that enjoy very good economic characteristics, and a large group that are marginal. Along the way, other businesses in which I have invested have died, their products unwanted by the public. Capitalism has two sides: The system creates an ever-growing pile of losers while concurrently delivering a gusher of improved goods and services. Schumpeter called this phenomenon “creative destruction.”</p><p>One advantage of our publicly-traded segment is that – episodically – it becomes easy to buy pieces of wonderful businesses at wonderful prices. It’s crucial to understand that stocks often trade at truly foolish prices, both high and low. “Efficient” markets exist only in textbooks. In truth, marketable stocks and bonds are baffling, their behavior usually understandable only in retrospect.</p><p>Controlled businesses are a different breed. They sometimes command ridiculously higher prices than justified but are almost never available at bargain valuations. Unless under duress, the owner of a controlled business gives no thought to selling at a panic-type valuation.</p><p>* * * * * * * * * * * *</p><p>At this point, a report card from me is appropriate: In 58 years of Berkshire management, most of my capital-allocation decisions have been no better than so-so. In some cases, also, bad moves by me have been rescued by very large doses of luck. (Remember our escapes from near-disasters at USAir and Salomon? I certainly do.)</p><p>Our satisfactory results have been the product of about a dozen truly good decisions – that would be about one every five years – and a sometimes-forgotten advantage that favors long-term investors such as Berkshire. Let’s take a peek behind the curtain.</p><h2>The Secret Sauce</h2><p>In August 1994 – yes, 1994 – Berkshire completed its seven-year purchase of the 400 million shares of Coca-Cola we now own. The total cost was $1.3 billion – then a very meaningful sum at Berkshire.</p><p>The cash dividend we received from Coke in 1994 was $75 million. By 2022, the dividend had increased to $704 million. Growth occurred every year, just as certain as birthdays. All Charlie and I were required to do was cash Coke’s quarterly dividend checks. We expect that those checks are highly likely to grow.</p><p>American Express is much the same story. Berkshire’s purchases of Amex were essentially completed in 1995 and, coincidentally, also cost $1.3 billion. Annual dividends received from this investment have grown from $41 million to $302 million. Those checks, too, seem highly likely to increase.</p><p>These dividend gains, though pleasing, are far from spectacular. But they bring with them important gains in stock prices. At yearend, our Coke investment was valued at $25 billion while Amex was recorded at $22 billion. Each holding now accounts for roughly 5% of Berkshire’s net worth, akin to its weighting long ago.</p><p>Assume, for a moment, I had made a similarly-sized investment mistake in the 1990s, one that flat-lined and simply retained its $1.3 billion value in 2022. (An example would be a high-grade 30-year bond.) That disappointing investment would now represent an insignificant 0.3% of Berkshire’s net worth and would be delivering to us an unchanged $80 million or so of annual income.</p><p>The lesson for investors: The weeds wither away in significance as the flowers bloom. Over time, it takes just a few winners to work wonders. And, yes, it helps to start early and live into your 90s as well.</p><h2>The Past Year in Brief</h2><p>Berkshire had a good year in 2022. The company’s operating earnings – our term for income calculated using Generally Accepted Accounting Principles (“GAAP”), exclusive of capital gains or losses from equity holdings – set a record at $30.8 billion. Charlie and I focus on this operational figure and urge you to do so as well. The GAAP figure, absent our adjustment, fluctuates wildly and capriciously at every reporting date. Note its acrobatic behavior in 2022, which is in no way unusual:</p><p><img src=\"https://static.tigerbbs.com/69e74650656620f9fa3f1e55c15a90e5\" tg-width=\"797\" tg-height=\"207\" width=\"100%\" height=\"auto\"/></p><p>The GAAP earnings are 100% misleading when viewed quarterly or even annually. Capital gains, to be sure, have been hugely important to Berkshire over past decades, and we expect them to be meaningfully positive in future decades. But their quarter-by-quarter gyrations, regularly and mindlessly headlined by media, totally misinform investors.</p><p>A second positive development for Berkshire last year was our purchase of Alleghany Corporation, a property-casualty insurer captained by Joe Brandon. I’ve worked with Joe in the past, and he understands both Berkshire  and insurance. Alleghany delivers special value to us because Berkshire’s unmatched financial strength allows its insurance subsidiaries to follow valuable and enduring investment strategies unavailable to virtually all competitors.</p><p>Aided by Alleghany, our insurance float increased during 2022 from $147 billion to $164 billion. With disciplined underwriting, these funds have a decent chance of being cost-free over time. Since purchasing our first property-casualty insurer in 1967, Berkshire’s float has increased 8,000-fold through acquisitions, operations and innovations. Though not recognized in our financial statements, this float has been an extraordinary asset for Berkshire. New shareholders can get an understanding of its value by reading our annually updated explanation of float on page A-2.</p><p>* * * * * * * * * * * *</p><p>A very minor gain in per-share intrinsic value took place in 2022 through Berkshire share repurchases as well as similar moves at Apple and American Express, both significant investees of ours. At Berkshire, we directly increased your interest in our unique collection of businesses by repurchasing 1.2% of the company’s outstanding shares. At Apple and Amex, repurchases increased Berkshire’s ownership a bit without any cost to us.</p><p>The math isn’t complicated: When the share count goes down, your interest in our many businesses goes up. Every small bit helps if repurchases are made at value-accretive prices. Just as surely, when a company overpays for repurchases, the continuing shareholders lose. At such times, gains flow only to the selling shareholders and to the friendly, but expensive, investment banker who recommended the foolish purchases.</p><p>Gains from value-accretive repurchases, it should be emphasized, benefit all owners – in every respect. Imagine, if you will, three fully-informed shareholders of a local auto dealership, one of whom manages the business. Imagine, further, that one of the passive owners wishes to sell his interest back to the company at a price attractive to the two continuing shareholders. When completed, has this transaction harmed anyone? Is the manager somehow favored over the continuing passive owners? Has the public been hurt?</p><p>When you are told that all repurchases are harmful to shareholders or to the country, or particularly beneficial to CEOs, you are listening to either an economic illiterate or a silver-tongued demagogue (characters that are not mutually exclusive).</p><p>Almost endless details of Berkshire’s 2022 operations are laid out on pages K-33 – K-66. Charlie and I, along with many Berkshire shareholders, enjoy poring over the many facts and figures laid out in that section. These pages are not, however, required reading. There are many Berkshire centimillionaires and, yes, billionaires who have never studied our financial figures. They simply know that Charlie and I – along with our families and close friends – continue to have very significant investments in Berkshire, and they trust us to treat their money as we do our own.</p><p>And that is a promise we can make.</p><p>* * * * * * * * * * * *</p><p>Finally, an important warning: Even the operating earnings figure that we favor can easily be manipulated by managers who wish to do so. Such tampering is often thought of as sophisticated by CEOs, directors and their advisors. Reporters and analysts embrace its existence as well. Beating “expectations” is heralded as a managerial triumph.</p><p>That activity is disgusting. It requires no talent to manipulate numbers: Only a deep desire to deceive is required. “Bold imaginative accounting,” as a CEO once described his deception to me, has become one of the shames of capitalism.</p><h2>58 Years – and a Few Figures</h2><p>In 1965, Berkshire was a one-trick pony, the owner of a venerable – but doomed – New England textile operation. With that business on a death march, Berkshire needed an immediate fresh start. Looking back, I was slow to recognize the severity of its problems.</p><p>And then came a stroke of good luck: National Indemnity became available in 1967, and we shifted our resources toward insurance and other non-textile operations.</p><p>Thus began our journey to 2023, a bumpy road involving a combination of continuous savings by our owners (that is, by their retaining earnings), the power of compounding, our avoidance of major mistakes and – most important of all – the American Tailwind. America would have done fine without Berkshire. The reverse is not true.</p><p>Berkshire now enjoys major ownership in an unmatched collection of huge and diversified businesses. Let’s first look at the 5,000 or so publicly-held companies that trade daily on NASDAQ, the NYSE and related venues. Within this group is housed the members of the S&amp;P 500 Index, an elite collection of large and well-known American companies.</p><p>In aggregate, the 500 earned $1.8 trillion in 2021. I don’t yet have the final results for 2022. Using, therefore, the 2021 figures, only 128 of the 500 (including Berkshire itself) earned $3 billion or more. Indeed, 23 lost money.</p><p>At yearend 2022, Berkshire was the largest owner of eight of these giants: American Express, Bank of America, Chevron, Coca-Cola, HP Inc., Moody’s, Occidental Petroleum and Paramount Global.</p><p>In addition to those eight investees, Berkshire owns 100% of BNSF and 92% of BH Energy, each with earnings that exceed the $3 billion mark noted above ($5.9 billion at BNSF and</p><p>$4.3 billion at BHE). Were these companies publicly-owned, they would replace two present members of the 500. All told, our ten controlled and non-controlled behemoths leave Berkshire more broadly aligned with the country’s economic future than is the case at any other U.S. company. (This calculation leaves aside “fiduciary” operations such as pension funds and investment companies.) In addition, Berkshire’s insurance operation, though conducted through many individually-managed subsidiaries, has a value comparable to BNSF or BHE.</p><p>As for the future, Berkshire will always hold a boatload of cash and U.S. Treasury bills along with a wide array of businesses. We will also avoid behavior that could result in any uncomfortable cash needs at inconvenient times, including financial panics and unprecedented insurance losses. Our CEO will always be the Chief Risk Officer – a task it is irresponsible to delegate. Additionally, our future CEOs will have a significant part of their net worth in Berkshire shares, bought with their own money. And yes, our shareholders will continue to save and prosper by retaining earnings.</p><p>At Berkshire, there will be no finish line.</p><h2>Some Surprising Facts About Federal Taxes</h2><p>During the decade ending in 2021, the United States Treasury received about $32.3 trillion in taxes while it spent $43.9 trillion.</p><p>Though economists, politicians and many of the public have opinions about the consequences of that huge imbalance, Charlie and I plead ignorance and firmly believe that near-term economic and market forecasts are worse than useless. Our job is to manage Berkshire’s operations and finances in a manner that will achieve an acceptable result over time and that will preserve the company’s unmatched staying power when financial panics or severe worldwide recessions occur. Berkshire also offers some modest protection from runaway inflation, but this attribute is far from perfect. Huge and entrenched fiscal deficits have consequences.</p><p>The $32 trillion of revenue was garnered by the Treasury through individual income taxes (48%), social security and related receipts (3412%), corporate income tax payments (812%) and a wide variety of lesser levies. Berkshire’s contribution via the corporate income tax was $32 billion during the decade, almost exactly a tenth of 1% of all money that the Treasury collected.</p><p>And that means – brace yourself – had there been roughly 1,000 taxpayers in the U.S. matching Berkshire’s payments, no other businesses nor any of the country’s 131 million households would have needed to pay any taxes to the federal government. Not a dime.</p><p>* * * * * * * * * * * *</p><p>Millions, billions, trillions – we all know the words, but the sums involved are almost impossible to comprehend. Let’s put physical dimensions to the numbers:</p><p>- If you convert $1 million into newly-printed $100 bills, you will have a stack that reaches your chest.</p><p>- Perform the same exercise with $1 billion – this is getting exciting! – and the stack reaches about 34 of a mile into the sky.</p><p>- Finally, imagine piling up $32 billion, the total of Berkshire’s 2012-21 federal income tax payments. Now the stack grows to more than 21 miles in height, about three times the level at which commercial airplanes usually cruise.</p><p>When it comes to federal taxes, individuals who own Berkshire can unequivocally state “I gave at the office.”</p><p>* * * * * * * * * * * *</p><p>At Berkshire we hope and expect to pay much more in taxes during the next decade. We owe the country no less: America’s dynamism has made a huge contribution to whatever success Berkshire has achieved – a contribution Berkshire will always need. We count on the American Tailwind and, though it has been becalmed from time to time, its propelling force has always returned.</p><p>I have been investing for 80 years – more than one-third of our country’s lifetime. Despite our citizens’ penchant – almost enthusiasm – for self-criticism and self-doubt, I have yet to see a time when it made sense to make a long-term bet against America. And I doubt very much that any reader of this letter will have a different experience in the future.</p><h2>Nothing Beats Having a Great Partner</h2><p>Charlie and I think pretty much alike. But what it takes me a page to explain, he sums up in a sentence. His version, moreover, is always more clearly reasoned and also more artfully – some might add bluntly – stated.</p><p>Here are a few of his thoughts, many lifted from a very recent podcast:</p><p>- The world is full of foolish gamblers, and they will not do as well as the patient investor.</p><p>- If you don’t see the world the way it is, it’s like judging something through a distorted lens.</p><p>- All I want to know is where I’m going to die, so I’ll never go there. And a related thought: Early on, write your desired obituary – and then behave accordingly.</p><p>- If you don’t care whether you are rational or not, you won’t work on it. Then you will stay irrational and get lousy results.</p><p>- Patience can be learned. Having a long attention span and the ability to concentrate on one thing for a long time is a huge advantage.</p><p>- You can learn a lot from dead people. Read of the deceased you admire and detest.</p><p>- Don’t bail away in a sinking boat if you can swim to one that is seaworthy.</p><p>- A great company keeps working after you are not; a mediocre company won’t do that.</p><p>- Warren and I don’t focus on the froth of the market. We seek out good long-term investments and stubbornly hold them for a long time.</p><p>- Ben Graham said, “Day to day, the stock market is a voting machine; in the long term it’s a weighing machine.” If you keep making something more valuable, then some wise person is going to notice it and start buying.</p><p>- There is no such thing as a 100% sure thing when investing. Thus, the use of leverage is dangerous. A string of wonderful numbers times zero will always equal zero. Don’t count on getting rich twice.</p><p>- You don’t, however, need to own a lot of things in order to get rich.</p><p>- You have to keep learning if you want to become a great investor. When the world changes, you must change.</p><p>- Warren and I hated railroad stocks for decades, but the world changed and finally the country had four huge railroads of vital importance to the American economy. We were slow to recognize the change, but better late than never.</p><p>- Finally, I will add two short sentences by Charlie that have been his decision-clinchers for decades: “Warren, think more about it. You’re smart and I’m right.”</p><p>And so it goes. I never have a phone call with Charlie without learning something. And, while he makes me think, he also makes me laugh.</p><p>* * * * * * * * * * * *</p><p>I will add to Charlie’s list a rule of my own:   Find   a   very   smart   high-grade partner – preferably slightly older than you – and then listen very carefully to what he says.</p><h2>A Family Gathering in Omaha</h2><p>Charlie and I are shameless. Last year, at our first shareholder get-together in three years, we greeted you with our usual commercial hustle.</p><p>From the opening bell, we went straight for your wallet. In short order, our See’s kiosk sold you eleven tons of nourishing peanut brittle and chocolates. In our P.T. Barnum pitch, we promised you longevity. After all, what else but candy from See’s could account for Charlie and me making it to 99 and 92?</p><p>I know you can’t wait to hear the specifics of last year’s hustle.</p><p>On Friday, the doors were open from noon until 5 p.m., and our candy counters rang up 2,690 individual sales. On Saturday, See’s registered an additional 3,931 transactions between 7 a.m. and 4:30 p.m., despite the fact that 612 of the 912 operating hours occurred while our movie and the question-and-answer session were limiting commercial traffic.</p><p>Do the math: See’s rang up about 10 sales per minute during its prime operating time (racking up $400,309 of volume during the two days), with all the goods purchased at a single location selling products that haven’t been materially altered in 101 years. What worked for See’s in the days of Henry Ford’s model T works now.</p><p>* * * * * * * * * * * *</p><p>Charlie, I, and the entire Berkshire bunch look forward to seeing you in Omaha on May 5-6. We will have a good time and so will you.</p><p>February 25, 2023 Warren E. Buffett </p><p>Chairman of the Board</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BRK.A":"伯克希尔","BRK.B":"伯克希尔B"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1117520516","content_text":"Warren Buffett is still betting on America.Stocks and bonds slumped in 2022 after central banks raised interest rates at a rapid pace to try to rein in inflation. But Mr. Buffett retained his sense of optimism in his annual letter to investors Saturday, saying he attributes much of his success over the years to the resilience of the U.S. economy.“I have been investing for 80 years—more than one-third of our country’s lifetime. Despite our citizens’ penchant—almost enthusiasm—for self-criticism and self-doubt, I have yet to see a time when it made sense to make a long-term bet against America,” Mr. Buffett said in the letter.Mr. Buffett, widely regarded as one of the world’s top investors, has been publishing the letters for more than half a century. Over that time, he hasn’t just reflected on the past year for his company, Berkshire Hathaway Inc., but also shared his thoughts on everything from esoteric accounting rules to his aversion to excessive risk-taking.Saturday’s letter offered readers a glimpse into how Mr. Buffett, 92, viewed what wound up being a shaky stretch for markets.The volatility offered Berkshire an opportunity to jump in and buy stocks. While Berkshire largely bought back its own shares in 2021, it focused more in 2022 on investing in other companies—opening up new positions in media company Paramount Global and building-materials manufacturer Louisiana-Pacific Corp., among other businesses, and swiftly becoming Occidental Petroleum Corp.’s single biggest shareholder.As of the end of 2022, Berkshire was the largest shareholder of eight companies—American Express Co., Bank of America Corp., Chevron Corp., Coca-Cola Co., HP Inc., Moody’s Corp., Occidental and Paramount Global.“America would have done fine without Berkshire. The reverse is not true,” Mr. Buffett said.Berkshire also released its results for 2022 on Saturday.The Omaha, Neb., company, which owns businesses including insurer Geico, railroad BNSF Railway and chocolate maker See’s Candies, posted a loss of $22.82 billion for the year, stung by $67.9 billion in investment and derivative contract losses. In 2021, Berkshire posted a profit of $90.8 billion.Total revenue rose 9.4% to $302.1 billion.Berkshire’s operating earnings, which exclude some investment results, rose to a record $30.8 billion.Mr. Buffett, Berkshire’s chief executive, has long held that operating earnings are a better reflection of how Berkshire is doing, since accounting rules require the company to include unrealized gains and losses from its massive investment portfolio in its net income. Volatile markets can make Berkshire’s net income change substantially from quarter to quarter, regardless of how its underlying businesses are doing.“Capital gains, to be sure, have been hugely important to Berkshire over past decades, and we expect them to be meaningfully positive in future decades,” Mr. Buffett said in his letter. “But their quarter-by-quarter gyrations, regularly and mindlessly headlined by media, totally misinform investors,” he said, adding that he and his right-hand man Charlie Munger urged shareholders to focus instead on Berkshire’s operating earnings, which rose to a record for the full year in 2022.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 the savings of a great number of individuals. We are grateful for their enduring trust, a relationship that often spans much of their adult lifetime. It is those dedicated savers that are forefront in my mind as I write this letter.A common belief is that people choose to save when young, expecting thereby to maintain their living standards after retirement. Any assets that remain at death, this theory says, will usually be left to their families or, possibly, to friends and philanthropy.Our experience has differed. We believe Berkshire’s individual holders largely to be of the once-a-saver, always-a-saver variety. Though these people live well, they eventually dispense most of their funds to philanthropic organizations. These, in turn, redistribute the funds by expenditures intended to improve the lives of a great many people who are unrelated to the original benefactor. Sometimes, the results have been spectacular.The disposition of money unmasks humans. Charlie and I watch with pleasure the vast flow of Berkshire-generated funds to public needs and, alongside, the infrequency with which our shareholders opt for look-at-me assets and dynasty-building.Who wouldn’t enjoy working for shareholders like ours?What We DoCharlie and I allocate your savings at Berkshire between two related forms of ownership. First, we invest in businesses that we control, usually buying 100% of each. Berkshire directs capital allocation at these subsidiaries and selects the CEOs who make day-by-day operating decisions. When large enterprises are being managed, both trust and rules are essential. Berkshire emphasizes the former to an unusual – some would say extreme – degree. Disappointments are inevitable. We are understanding about business mistakes; our tolerance for personal misconduct is zero.In our second category of ownership, we buy publicly-traded stocks through which we passively own pieces of businesses. Holding these investments, we have no say in management.Our goal in both forms of ownership is to make meaningful investments in businesses with both long-lasting favorable economic characteristics and trustworthy managers. Please note particularly that we own publicly-traded stocks based on our expectations about their long-term business performance, not because we view them as vehicles for adroit purchases and sales. That point is crucial: Charlie and I are not stock-pickers; we are business-pickers.Over the years, I have made many mistakes. Consequently, our extensive collection of businesses currently consists of a few enterprises that have truly extraordinary economics, many that enjoy very good economic characteristics, and a large group that are marginal. Along the way, other businesses in which I have invested have died, their products unwanted by the public. Capitalism has two sides: The system creates an ever-growing pile of losers while concurrently delivering a gusher of improved goods and services. Schumpeter called this phenomenon “creative destruction.”One advantage of our publicly-traded segment is that – episodically – it becomes easy to buy pieces of wonderful businesses at wonderful prices. It’s crucial to understand that stocks often trade at truly foolish prices, both high and low. “Efficient” markets exist only in textbooks. In truth, marketable stocks and bonds are baffling, their behavior usually understandable only in retrospect.Controlled businesses are a different breed. They sometimes command ridiculously higher prices than justified but are almost never available at bargain valuations. Unless under duress, the owner of a controlled business gives no thought to selling at a panic-type valuation.* * * * * * * * * * * *At this point, a report card from me is appropriate: In 58 years of Berkshire management, most of my capital-allocation decisions have been no better than so-so. In some cases, also, bad moves by me have been rescued by very large doses of luck. (Remember our escapes from near-disasters at USAir and Salomon? I certainly do.)Our satisfactory results have been the product of about a dozen truly good decisions – that would be about one every five years – and a sometimes-forgotten advantage that favors long-term investors such as Berkshire. Let’s take a peek behind the curtain.The Secret SauceIn August 1994 – yes, 1994 – Berkshire completed its seven-year purchase of the 400 million shares of Coca-Cola we now own. The total cost was $1.3 billion – then a very meaningful sum at Berkshire.The cash dividend we received from Coke in 1994 was $75 million. By 2022, the dividend had increased to $704 million. Growth occurred every year, just as certain as birthdays. All Charlie and I were required to do was cash Coke’s quarterly dividend checks. We expect that those checks are highly likely to grow.American Express is much the same story. Berkshire’s purchases of Amex were essentially completed in 1995 and, coincidentally, also cost $1.3 billion. Annual dividends received from this investment have grown from $41 million to $302 million. Those checks, too, seem highly likely to increase.These dividend gains, though pleasing, are far from spectacular. But they bring with them important gains in stock prices. At yearend, our Coke investment was valued at $25 billion while Amex was recorded at $22 billion. Each holding now accounts for roughly 5% of Berkshire’s net worth, akin to its weighting long ago.Assume, for a moment, I had made a similarly-sized investment mistake in the 1990s, one that flat-lined and simply retained its $1.3 billion value in 2022. (An example would be a high-grade 30-year bond.) That disappointing investment would now represent an insignificant 0.3% of Berkshire’s net worth and would be delivering to us an unchanged $80 million or so of annual income.The lesson for investors: The weeds wither away in significance as the flowers bloom. Over time, it takes just a few winners to work wonders. And, yes, it helps to start early and live into your 90s as well.The Past Year in BriefBerkshire had a good year in 2022. The company’s operating earnings – our term for income calculated using Generally Accepted Accounting Principles (“GAAP”), exclusive of capital gains or losses from equity holdings – set a record at $30.8 billion. Charlie and I focus on this operational figure and urge you to do so as well. The GAAP figure, absent our adjustment, fluctuates wildly and capriciously at every reporting date. Note its acrobatic behavior in 2022, which is in no way unusual:The GAAP earnings are 100% misleading when viewed quarterly or even annually. Capital gains, to be sure, have been hugely important to Berkshire over past decades, and we expect them to be meaningfully positive in future decades. But their quarter-by-quarter gyrations, regularly and mindlessly headlined by media, totally misinform investors.A second positive development for Berkshire last year was our purchase of Alleghany Corporation, a property-casualty insurer captained by Joe Brandon. I’ve worked with Joe in the past, and he understands both Berkshire  and insurance. Alleghany delivers special value to us because Berkshire’s unmatched financial strength allows its insurance subsidiaries to follow valuable and enduring investment strategies unavailable to virtually all competitors.Aided by Alleghany, our insurance float increased during 2022 from $147 billion to $164 billion. With disciplined underwriting, these funds have a decent chance of being cost-free over time. Since purchasing our first property-casualty insurer in 1967, Berkshire’s float has increased 8,000-fold through acquisitions, operations and innovations. Though not recognized in our financial statements, this float has been an extraordinary asset for Berkshire. New shareholders can get an understanding of its value by reading our annually updated explanation of float on page A-2.* * * * * * * * * * * *A very minor gain in per-share intrinsic value took place in 2022 through Berkshire share repurchases as well as similar moves at Apple and American Express, both significant investees of ours. At Berkshire, we directly increased your interest in our unique collection of businesses by repurchasing 1.2% of the company’s outstanding shares. At Apple and Amex, repurchases increased Berkshire’s ownership a bit without any cost to us.The math isn’t complicated: When the share count goes down, your interest in our many businesses goes up. Every small bit helps if repurchases are made at value-accretive prices. Just as surely, when a company overpays for repurchases, the continuing shareholders lose. At such times, gains flow only to the selling shareholders and to the friendly, but expensive, investment banker who recommended the foolish purchases.Gains from value-accretive repurchases, it should be emphasized, benefit all owners – in every respect. Imagine, if you will, three fully-informed shareholders of a local auto dealership, one of whom manages the business. Imagine, further, that one of the passive owners wishes to sell his interest back to the company at a price attractive to the two continuing shareholders. When completed, has this transaction harmed anyone? Is the manager somehow favored over the continuing passive owners? Has the public been hurt?When you are told that all repurchases are harmful to shareholders or to the country, or particularly beneficial to CEOs, you are listening to either an economic illiterate or a silver-tongued demagogue (characters that are not mutually exclusive).Almost endless details of Berkshire’s 2022 operations are laid out on pages K-33 – K-66. Charlie and I, along with many Berkshire shareholders, enjoy poring over the many facts and figures laid out in that section. These pages are not, however, required reading. There are many Berkshire centimillionaires and, yes, billionaires who have never studied our financial figures. They simply know that Charlie and I – along with our families and close friends – continue to have very significant investments in Berkshire, and they trust us to treat their money as we do our own.And that is a promise we can make.* * * * * * * * * * * *Finally, an important warning: Even the operating earnings figure that we favor can easily be manipulated by managers who wish to do so. Such tampering is often thought of as sophisticated by CEOs, directors and their advisors. Reporters and analysts embrace its existence as well. Beating “expectations” is heralded as a managerial triumph.That activity is disgusting. It requires no talent to manipulate numbers: Only a deep desire to deceive is required. “Bold imaginative accounting,” as a CEO once described his deception to me, has become one of the shames of capitalism.58 Years – and a Few FiguresIn 1965, Berkshire was a one-trick pony, the owner of a venerable – but doomed – New England textile operation. With that business on a death march, Berkshire needed an immediate fresh start. Looking back, I was slow to recognize the severity of its problems.And then came a stroke of good luck: National Indemnity became available in 1967, and we shifted our resources toward insurance and other non-textile operations.Thus began our journey to 2023, a bumpy road involving a combination of continuous savings by our owners (that is, by their retaining earnings), the power of compounding, our avoidance of major mistakes and – most important of all – the American Tailwind. America would have done fine without Berkshire. The reverse is not true.Berkshire now enjoys major ownership in an unmatched collection of huge and diversified businesses. Let’s first look at the 5,000 or so publicly-held companies that trade daily on NASDAQ, the NYSE and related venues. Within this group is housed the members of the S&P 500 Index, an elite collection of large and well-known American companies.In aggregate, the 500 earned $1.8 trillion in 2021. I don’t yet have the final results for 2022. Using, therefore, the 2021 figures, only 128 of the 500 (including Berkshire itself) earned $3 billion or more. Indeed, 23 lost money.At yearend 2022, Berkshire was the largest owner of eight of these giants: American Express, Bank of America, Chevron, Coca-Cola, HP Inc., Moody’s, Occidental Petroleum and Paramount Global.In addition to those eight investees, Berkshire owns 100% of BNSF and 92% of BH Energy, each with earnings that exceed the $3 billion mark noted above ($5.9 billion at BNSF and$4.3 billion at BHE). Were these companies publicly-owned, they would replace two present members of the 500. All told, our ten controlled and non-controlled behemoths leave Berkshire more broadly aligned with the country’s economic future than is the case at any other U.S. company. (This calculation leaves aside “fiduciary” operations such as pension funds and investment companies.) In addition, Berkshire’s insurance operation, though conducted through many individually-managed subsidiaries, has a value comparable to BNSF or BHE.As for the future, Berkshire will always hold a boatload of cash and U.S. Treasury bills along with a wide array of businesses. We will also avoid behavior that could result in any uncomfortable cash needs at inconvenient times, including financial panics and unprecedented insurance losses. Our CEO will always be the Chief Risk Officer – a task it is irresponsible to delegate. Additionally, our future CEOs will have a significant part of their net worth in Berkshire shares, bought with their own money. And yes, our shareholders will continue to save and prosper by retaining earnings.At Berkshire, there will be no finish line.Some Surprising Facts About Federal TaxesDuring the decade ending in 2021, the United States Treasury received about $32.3 trillion in taxes while it spent $43.9 trillion.Though economists, politicians and many of the public have opinions about the consequences of that huge imbalance, Charlie and I plead ignorance and firmly believe that near-term economic and market forecasts are worse than useless. Our job is to manage Berkshire’s operations and finances in a manner that will achieve an acceptable result over time and that will preserve the company’s unmatched staying power when financial panics or severe worldwide recessions occur. Berkshire also offers some modest protection from runaway inflation, but this attribute is far from perfect. Huge and entrenched fiscal deficits have consequences.The $32 trillion of revenue was garnered by the Treasury through individual income taxes (48%), social security and related receipts (3412%), corporate income tax payments (812%) and a wide variety of lesser levies. Berkshire’s contribution via the corporate income tax was $32 billion during the decade, almost exactly a tenth of 1% of all money that the Treasury collected.And that means – brace yourself – had there been roughly 1,000 taxpayers in the U.S. matching Berkshire’s payments, no other businesses nor any of the country’s 131 million households would have needed to pay any taxes to the federal government. Not a dime.* * * * * * * * * * * *Millions, billions, trillions – we all know the words, but the sums involved are almost impossible to comprehend. Let’s put physical dimensions to the numbers:- If you convert $1 million into newly-printed $100 bills, you will have a stack that reaches your chest.- Perform the same exercise with $1 billion – this is getting exciting! – and the stack reaches about 34 of a mile into the sky.- Finally, imagine piling up $32 billion, the total of Berkshire’s 2012-21 federal income tax payments. Now the stack grows to more than 21 miles in height, about three times the level at which commercial airplanes usually cruise.When it comes to federal taxes, individuals who own Berkshire can unequivocally state “I gave at the office.”* * * * * * * * * * * *At Berkshire we hope and expect to pay much more in taxes during the next decade. We owe the country no less: America’s dynamism has made a huge contribution to whatever success Berkshire has achieved – a contribution Berkshire will always need. We count on the American Tailwind and, though it has been becalmed from time to time, its propelling force has always returned.I have been investing for 80 years – more than one-third of our country’s lifetime. Despite our citizens’ penchant – almost enthusiasm – for self-criticism and self-doubt, I have yet to see a time when it made sense to make a long-term bet against America. And I doubt very much that any reader of this letter will have a different experience in the future.Nothing Beats Having a Great PartnerCharlie and I think pretty much alike. But what it takes me a page to explain, he sums up in a sentence. His version, moreover, is always more clearly reasoned and also more artfully – some might add bluntly – stated.Here are a few of his thoughts, many lifted from a very recent podcast:- The world is full of foolish gamblers, and they will not do as well as the patient investor.- If you don’t see the world the way it is, it’s like judging something through a distorted lens.- All I want to know is where I’m going to die, so I’ll never go there. And a related thought: Early on, write your desired obituary – and then behave accordingly.- If you don’t care whether you are rational or not, you won’t work on it. Then you will stay irrational and get lousy results.- Patience can be learned. Having a long attention span and the ability to concentrate on one thing for a long time is a huge advantage.- You can learn a lot from dead people. Read of the deceased you admire and detest.- Don’t bail away in a sinking boat if you can swim to one that is seaworthy.- A great company keeps working after you are not; a mediocre company won’t do that.- Warren and I don’t focus on the froth of the market. We seek out good long-term investments and stubbornly hold them for a long time.- Ben Graham said, “Day to day, the stock market is a voting machine; in the long term it’s a weighing machine.” If you keep making something more valuable, then some wise person is going to notice it and start buying.- There is no such thing as a 100% sure thing when investing. Thus, the use of leverage is dangerous. A string of wonderful numbers times zero will always equal zero. Don’t count on getting rich twice.- You don’t, however, need to own a lot of things in order to get rich.- You have to keep learning if you want to become a great investor. When the world changes, you must change.- Warren and I hated railroad stocks for decades, but the world changed and finally the country had four huge railroads of vital importance to the American economy. We were slow to recognize the change, but better late than never.- Finally, I will add two short sentences by Charlie that have been his decision-clinchers for decades: “Warren, think more about it. You’re smart and I’m right.”And so it goes. I never have a phone call with Charlie without learning something. And, while he makes me think, he also makes me laugh.* * * * * * * * * * * *I will add to Charlie’s list a rule of my own:   Find   a   very   smart   high-grade partner – preferably slightly older than you – and then listen very carefully to what he says.A Family Gathering in OmahaCharlie and I are shameless. Last year, at our first shareholder get-together in three years, we greeted you with our usual commercial hustle.From the opening bell, we went straight for your wallet. In short order, our See’s kiosk sold you eleven tons of nourishing peanut brittle and chocolates. In our P.T. Barnum pitch, we promised you longevity. After all, what else but candy from See’s could account for Charlie and me making it to 99 and 92?I know you can’t wait to hear the specifics of last year’s hustle.On Friday, the doors were open from noon until 5 p.m., and our candy counters rang up 2,690 individual sales. On Saturday, See’s registered an additional 3,931 transactions between 7 a.m. and 4:30 p.m., despite the fact that 612 of the 912 operating hours occurred while our movie and the question-and-answer session were limiting commercial traffic.Do the math: See’s rang up about 10 sales per minute during its prime operating time (racking up $400,309 of volume during the two days), with all the goods purchased at a single location selling products that haven’t been materially altered in 101 years. What worked for See’s in the days of Henry Ford’s model T works now.* * * * * * * * * * * *Charlie, I, and the entire Berkshire bunch look forward to seeing you in Omaha on May 5-6. We will have a good time and so will you.February 25, 2023 Warren E. Buffett Chairman of the Board","news_type":1},"isVote":1,"tweetType":1,"viewCount":76,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9957215923,"gmtCreate":1677283583963,"gmtModify":1677283585879,"author":{"id":"3581590268956264","authorId":"3581590268956264","name":"Damien111","avatar":"https://community-static.tradeup.com/news/79328dd256df8bc25949678982e26fc3","crmLevel":7,"crmLevelSwitch":1},"themes":[],"htmlText":"like","listText":"like","text":"like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":13,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9957215923","repostId":"2314011339","repostType":4,"repost":{"id":"2314011339","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1677279021,"share":"https://www.laohu8.com/m/news/2314011339?lang=&edition=full","pubTime":"2023-02-25 06:50","market":"us","language":"en","title":"Wall St Ends Sharply Down, Posts Biggest Weekly Drop of 2023","url":"https://stock-news.laohu8.com/highlight/detail?id=2314011339","media":"Reuters","summary":"Dow's worst weekly performance in 5 monthsPCE data comes in strong, showing resilient consumerFor th","content":"<html><head></head><body><ul><li>Dow&#39;s worst weekly performance in 5 months</li><li>PCE data comes in strong, showing resilient consumer</li><li>For the week, all down: Dow 2.99%, S&amp;P 2.66%, Nasdaq 3.33%</li><li>Indexes down: Dow 1.02%, S&amp;P 1.05%, Nasdaq 1.69%</li></ul><p>Wall Street&#39;s main indexes posted their biggest weekly drop of 2023 after sharp losses on Friday, as investors braced for the possibility of more aggressive rate hikes from the U.S. Federal Reserve as U.S. economic data pointed to resilient consumers.</p><p>For the blue-chip Dow Jones Industrial Average   , the 3% fall was its biggest weekly decline since September. It was also the Dow&#39;s fourth straight weekly decline, its longest losing streak for nearly 10 months.</p><p>The S&amp;P 500 and Nasdaq Composite were also down 2.7% and 3.3%, respectively.</p><p>After a strong January, stocks have retreated this month as a slew of economic data amplified worries that the U.S. central bank might have to keep rates higher for longer.</p><p>Data on Friday showed the personal consumption expenditures (PCE) price index, the Fed&#39;s preferred inflation gauge, shot up 0.6% last month after gaining just 0.2% in December. Consumer spending, which accounts for more than two-thirds of U.S. economic activity, jumped 1.8% last month, exceeding forecasts for a 1.3% rise.</p><p>Jason Pride, chief investment officer of private wealth at Glenmede, said previous market cycles had witnessed similar delayed reactions by the market to rising interest rates and data releases, which helps explain volatile trading patterns as investors slowly adjust.</p><p>&#34;This market has not yet realized the likelihood of a recession that we think is reality,&#34; he said, noting past rate hikes normally had taken between six and 18 months before their effects had fully filtered through into the economy.</p><p>&#34;We don&#39;t think (a recession is) a given, but there&#39;s a higher likelihood than the market has embedded in its thought process.&#34;</p><p>Traders of futures tied to the Fed&#39;s policy rate added to bets of at least three more rate hikes this year, with the peak rate seen in the range of 5.25%-5.5% by June.</p><p>Cleveland Fed President Loretta Mester said the Fed should raise interest rates higher than necessary if need be to get inflation fully under control.</p><p>The Dow Jones Industrial Average fell 336.99 points, or 1.02%, to 32,816.92, the S&amp;P 500    lost 42.28 points, or 1.05%, to 3,970.04 and the Nasdaq Composite    dropped 195.46 points, or 1.69%, to 11,394.94.</p><p>Nine of the 11 major S&amp;P sectors fell, with real estate, technology and consumer discretionary the biggest decliners. Communication services fell 1.4% to a sixth straight loss, its worst run since a similar six-session skid in August.</p><p>Megacap stocks including Tesla Inc, Amazon.com Inc and Nvidia Corp slid between 1.6% and 2.6% as Treasury yields rose.</p><p>The yield on two-year Treasury notes, which are highly sensitive to Fed policy, climbed to 4.826% - its highest in nearly four months.</p><p>Boeing Co slid 4.8% after the Federal Aviation Administration said the planemaker temporarily halted deliveries of its 787 Dreamliner jets.</p><p><a href=\"https://laohu8.com/S/ADBE\">Adobe</a> Inc sank 7.6% on reports the U.S. Justice Department would block the Photoshop maker&#39;s $20 billion bid for cloud-based designer platform Figma.</p><p>The decline in Adobe&#39;s stock was the largest since Sept. 15, the day the Figma agreement was announced.</p><p>Meanwhile, Range Resources Corp jumped 11.9% in late trading, its biggest gain in nine months, after Bloomberg News reported that Pioneer Natural Resources was in talks to buy it. Pioneer&#39;s stock fell 4.1% on the report.</p><p>Volume on U.S. exchanges was 10.31 billion shares, compared with the 11.53 billion average for the full session over the last 20 trading days.</p><p>The S&amp;P 500 posted 2 new 52-week highs and 11 new lows; the Nasdaq Composite recorded 44 new highs and 162 new lows.</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>Wall St Ends Sharply Down, Posts Biggest Weekly Drop of 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\">\nWall St Ends Sharply Down, Posts Biggest Weekly Drop of 2023\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2023-02-25 06:50</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><ul><li>Dow&#39;s worst weekly performance in 5 months</li><li>PCE data comes in strong, showing resilient consumer</li><li>For the week, all down: Dow 2.99%, S&amp;P 2.66%, Nasdaq 3.33%</li><li>Indexes down: Dow 1.02%, S&amp;P 1.05%, Nasdaq 1.69%</li></ul><p>Wall Street&#39;s main indexes posted their biggest weekly drop of 2023 after sharp losses on Friday, as investors braced for the possibility of more aggressive rate hikes from the U.S. Federal Reserve as U.S. economic data pointed to resilient consumers.</p><p>For the blue-chip Dow Jones Industrial Average   , the 3% fall was its biggest weekly decline since September. It was also the Dow&#39;s fourth straight weekly decline, its longest losing streak for nearly 10 months.</p><p>The S&amp;P 500 and Nasdaq Composite were also down 2.7% and 3.3%, respectively.</p><p>After a strong January, stocks have retreated this month as a slew of economic data amplified worries that the U.S. central bank might have to keep rates higher for longer.</p><p>Data on Friday showed the personal consumption expenditures (PCE) price index, the Fed&#39;s preferred inflation gauge, shot up 0.6% last month after gaining just 0.2% in December. Consumer spending, which accounts for more than two-thirds of U.S. economic activity, jumped 1.8% last month, exceeding forecasts for a 1.3% rise.</p><p>Jason Pride, chief investment officer of private wealth at Glenmede, said previous market cycles had witnessed similar delayed reactions by the market to rising interest rates and data releases, which helps explain volatile trading patterns as investors slowly adjust.</p><p>&#34;This market has not yet realized the likelihood of a recession that we think is reality,&#34; he said, noting past rate hikes normally had taken between six and 18 months before their effects had fully filtered through into the economy.</p><p>&#34;We don&#39;t think (a recession is) a given, but there&#39;s a higher likelihood than the market has embedded in its thought process.&#34;</p><p>Traders of futures tied to the Fed&#39;s policy rate added to bets of at least three more rate hikes this year, with the peak rate seen in the range of 5.25%-5.5% by June.</p><p>Cleveland Fed President Loretta Mester said the Fed should raise interest rates higher than necessary if need be to get inflation fully under control.</p><p>The Dow Jones Industrial Average fell 336.99 points, or 1.02%, to 32,816.92, the S&amp;P 500    lost 42.28 points, or 1.05%, to 3,970.04 and the Nasdaq Composite    dropped 195.46 points, or 1.69%, to 11,394.94.</p><p>Nine of the 11 major S&amp;P sectors fell, with real estate, technology and consumer discretionary the biggest decliners. Communication services fell 1.4% to a sixth straight loss, its worst run since a similar six-session skid in August.</p><p>Megacap stocks including Tesla Inc, Amazon.com Inc and Nvidia Corp slid between 1.6% and 2.6% as Treasury yields rose.</p><p>The yield on two-year Treasury notes, which are highly sensitive to Fed policy, climbed to 4.826% - its highest in nearly four months.</p><p>Boeing Co slid 4.8% after the Federal Aviation Administration said the planemaker temporarily halted deliveries of its 787 Dreamliner jets.</p><p><a href=\"https://laohu8.com/S/ADBE\">Adobe</a> Inc sank 7.6% on reports the U.S. Justice Department would block the Photoshop maker&#39;s $20 billion bid for cloud-based designer platform Figma.</p><p>The decline in Adobe&#39;s stock was the largest since Sept. 15, the day the Figma agreement was announced.</p><p>Meanwhile, Range Resources Corp jumped 11.9% in late trading, its biggest gain in nine months, after Bloomberg News reported that Pioneer Natural Resources was in talks to buy it. Pioneer&#39;s stock fell 4.1% on the report.</p><p>Volume on U.S. exchanges was 10.31 billion shares, compared with the 11.53 billion average for the full session over the last 20 trading days.</p><p>The S&amp;P 500 posted 2 new 52-week highs and 11 new lows; the Nasdaq Composite recorded 44 new highs and 162 new lows.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"513500":"标普500ETF","LABP":"Landos Biopharma, Inc.","LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","CGEM":"Cullinan Therapeutics","BK4099":"汽车制造商","LU0943347566.SGD":"安联收益及增长平衡基金AM H2-SGD","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","LU0238689110.USD":"贝莱德环球动力股票基金","LU0170899867.USD":"EASTSPRING INVESTMENTS WORLD VALUE EQUITY  \"A\" (USD) ACC","LU0109391861.USD":"富兰克林美国机遇基金A Acc",".DJI":"道琼斯","IE00B19Z9505.USD":"美盛-美国大盘成长股A Acc","LU1839511570.USD":"WELLS FARGO GLOBAL FACTOR ENHANCED EQUITY \"I\" (USD) ACC","LU0823411888.USD":"法巴消费创新基金 Cap","APR":"Apria, Inc.","IE00BJTD4V19.USD":"NEUBERGER BERMAN US LONG SHORT EQUITY \"A1\" (USD) ACC","BK4581":"高盛持仓",".IXIC":"NASDAQ Composite","GB00BDT5M118.USD":"天利环球扩展Alpha基金A Acc","BK4532":"文艺复兴科技持仓",".SPX":"S&P 500 Index","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","IE0009356076.USD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A2\" (USD) ACC","LU0353189680.USD":"富国美国全盘成长基金Cl A Acc","LU0256863811.USD":"ALLIANZ US EQUITY \"A\" INC","LU0820561909.HKD":"ALLIANZ INCOME AND GROWTH \"AM\" (HKD) INC","LU2249611893.SGD":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (SGD) ACC","TSLA":"特斯拉","OEF":"标普100指数ETF-iShares","BK4196":"保健护理服务","BK4535":"淡马锡持仓","BK4524":"宅经济概念","LU0130102774.USD":"Natixis Harris Associates US Equity RA USD","LU0097036916.USD":"贝莱德美国增长A2 USD","BK4559":"巴菲特持仓","LU0368265418.SGD":"Blackrock World Energy Fund A2 SGD-H","LU2087621335.USD":"ALLSPRING GLOBAL FACTOR ENHANCED EQUITY \"A\" (USD) ACC","BK4588":"碎股","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H","IE00B1BXHZ80.USD":"Legg Mason ClearBridge - US Appreciation A Acc USD","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","LU0276348264.USD":"THREADNEEDLE (LUX) GLOBAL DYNAMIC REAL RETURN\"AUP\" (USD) INC","NVDA":"英伟达","LU1861215975.USD":"贝莱德新一代科技基金 A2","LU0300736062.USD":"FRANKLIN NATURAL RESOURCES \"A\" (USD) ACC","LU0122376428.USD":"贝莱德世界能源基金A2","LU0127658192.USD":"EASTSPRING INVESTMENTS GLOBAL TECHNOLOGY \"A\" (USD) ACC","LU1551013425.SGD":"Allianz Income and Growth Cl AMg2 DIS H2-SGD","RRC":"山脉资源","SSO":"两倍做多标普500ETF"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2314011339","content_text":"Dow's worst weekly performance in 5 monthsPCE data comes in strong, showing resilient consumerFor the week, all down: Dow 2.99%, S&P 2.66%, Nasdaq 3.33%Indexes down: Dow 1.02%, S&P 1.05%, Nasdaq 1.69%Wall Street's main indexes posted their biggest weekly drop of 2023 after sharp losses on Friday, as investors braced for the possibility of more aggressive rate hikes from the U.S. Federal Reserve as U.S. economic data pointed to resilient consumers.For the blue-chip Dow Jones Industrial Average   , the 3% fall was its biggest weekly decline since September. It was also the Dow's fourth straight weekly decline, its longest losing streak for nearly 10 months.The S&P 500 and Nasdaq Composite were also down 2.7% and 3.3%, respectively.After a strong January, stocks have retreated this month as a slew of economic data amplified worries that the U.S. central bank might have to keep rates higher for longer.Data on Friday showed the personal consumption expenditures (PCE) price index, the Fed's preferred inflation gauge, shot up 0.6% last month after gaining just 0.2% in December. Consumer spending, which accounts for more than two-thirds of U.S. economic activity, jumped 1.8% last month, exceeding forecasts for a 1.3% rise.Jason Pride, chief investment officer of private wealth at Glenmede, said previous market cycles had witnessed similar delayed reactions by the market to rising interest rates and data releases, which helps explain volatile trading patterns as investors slowly adjust.\"This market has not yet realized the likelihood of a recession that we think is reality,\" he said, noting past rate hikes normally had taken between six and 18 months before their effects had fully filtered through into the economy.\"We don't think (a recession is) a given, but there's a higher likelihood than the market has embedded in its thought process.\"Traders of futures tied to the Fed's policy rate added to bets of at least three more rate hikes this year, with the peak rate seen in the range of 5.25%-5.5% by June.Cleveland Fed President Loretta Mester said the Fed should raise interest rates higher than necessary if need be to get inflation fully under control.The Dow Jones Industrial Average fell 336.99 points, or 1.02%, to 32,816.92, the S&P 500    lost 42.28 points, or 1.05%, to 3,970.04 and the Nasdaq Composite    dropped 195.46 points, or 1.69%, to 11,394.94.Nine of the 11 major S&P sectors fell, with real estate, technology and consumer discretionary the biggest decliners. Communication services fell 1.4% to a sixth straight loss, its worst run since a similar six-session skid in August.Megacap stocks including Tesla Inc, Amazon.com Inc and Nvidia Corp slid between 1.6% and 2.6% as Treasury yields rose.The yield on two-year Treasury notes, which are highly sensitive to Fed policy, climbed to 4.826% - its highest in nearly four months.Boeing Co slid 4.8% after the Federal Aviation Administration said the planemaker temporarily halted deliveries of its 787 Dreamliner jets.Adobe Inc sank 7.6% on reports the U.S. Justice Department would block the Photoshop maker's $20 billion bid for cloud-based designer platform Figma.The decline in Adobe's stock was the largest since Sept. 15, the day the Figma agreement was announced.Meanwhile, Range Resources Corp jumped 11.9% in late trading, its biggest gain in nine months, after Bloomberg News reported that Pioneer Natural Resources was in talks to buy it. Pioneer's stock fell 4.1% on the report.Volume on U.S. exchanges was 10.31 billion shares, compared with the 11.53 billion average for the full session over the last 20 trading days.The S&P 500 posted 2 new 52-week highs and 11 new lows; the Nasdaq Composite recorded 44 new highs and 162 new lows.","news_type":1},"isVote":1,"tweetType":1,"viewCount":153,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":9954264340,"gmtCreate":1676417521680,"gmtModify":1676417525192,"author":{"id":"3581590268956264","authorId":"3581590268956264","name":"Damien111","avatar":"https://community-static.tradeup.com/news/79328dd256df8bc25949678982e26fc3","crmLevel":7,"crmLevelSwitch":1},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":25,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9954264340","repostId":"1179337149","repostType":4,"repost":{"id":"1179337149","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1676415752,"share":"https://www.laohu8.com/m/news/1179337149?lang=&edition=full","pubTime":"2023-02-15 07:02","market":"us","language":"en","title":"Berkshire Beefs Up Stakes in Apple, Paramount; Trims Shares in Banks, TSMC","url":"https://stock-news.laohu8.com/highlight/detail?id=1179337149","media":"Reuters","summary":"Warren Buffett's Berkshire Hathaway Inc slashed its stake in Taiwanese contract chipmaker TSMC (2330","content":"<html><head></head><body><p>Warren Buffett&#39;s Berkshire Hathaway Inc slashed its stake in Taiwanese contract chipmaker TSMC (2330.TW), as well as in some banks in the fourth quarter, while bolstering its holdings in <a href=\"https://laohu8.com/S/AAPL\">Apple Inc</a>.</p><p>Berkshire cut its position in <a href=\"https://laohu8.com/S/TSM\">Taiwan Semiconductor Manufacturing Co Ltd </a> by 86.2% to 8.29 million sponsored American depositary shares, according to a regulatory filing.</p><p>This comes roughly three months after Berkshire unveiled it bought more than $4.1 billion worth of TSMC stock, which sent shares of the world&#39;s largest contract chipmaker soaring.</p><p>TSMC depository receipts fell 4% in U.S. after hours trade on Tuesday. In Taiwan, TSMC shares opened down 3.3% as Asian markets started Wednesday trading.</p><p>Depositary shares in TSMC, which did not immediately respond to a request for comment, have surged almost 32% this year, closing at $97.96 on Tuesday.</p><p>&#34;Berkshire made a small profit on TSMC. It was not a huge, huge win for Berkshire,&#34; said Cathy Seifert, a CFRA Research analyst. According to her calculations, Berkshire bought it for roughly $68.5 and sold for $74.5.</p><p>It is rare but not unprecedented for Berkshire to quickly undo a multi-billion dollar investment in a company&#39;s stock. In the first quarter of 2022, Berkshire sold nearly all of what had been an $8.3 billion stake in <a href=\"https://laohu8.com/S/VZ\">Verizon Communications Inc</a> that it amassed in late 2020.</p><p>TSMC last month said revenue in the first quarter is likely to dip 5% as it weathers a global downturn in the chip industry because of softening consumer demand for electronics. TSMC executives have said they do not expect market conditions to improve until the second half of the year.</p><p>Besides TSMC, Buffett also divested 91.4% of its shares in US Bancorp (USB.N), to 6.7 million shares, and shrunk its stake in BNY Mellon by roughly 60%, to 25.1 million shares. Both cuts totaled nearly $5.5 billion at current prices.</p><p>Buffett&#39;s conglomerate also holds shares in <a href=\"https://laohu8.com/S/C\">Citigroup Inc </a>, <a href=\"https://laohu8.com/S/BAC\">Bank of America </a> and <a href=\"https://laohu8.com/S/JEF\">Jefferies </a>.</p><p>Berkshire trimmed some positions across its portfolio of U.S. listed companies, including <a href=\"https://laohu8.com/S/CVX\">Chevron </a>, <a href=\"https://laohu8.com/S/ATVI\">Activision Blizzard </a>, maker of the &#34;Call of Duty&#34; video game, and Kroger (KR.N).</p><p><a href=\"https://laohu8.com/S/MSFT\">Microsoft Corp </a> is making efforts to conclude the acquisition of Activision Blizzard. On Feb. 21, Microsoft will defend the deal in front of European Union and national antitrust officials at a closed hearing.</p><p>Among Berkshire&#39;s few additions are Apple, which Buffett views more as a consumer products company. Berkshire bought another 20.8 million Apple shares worth $3.2 billion, raising its stake to 5.8%, according to the filing.</p><p>Shares in Apple have surged nearly 18% this year.</p><p>Berkshire also disclosed a new stake of $84 million in building materials company <a href=\"https://laohu8.com/S/LPX\">Louisiana-Pacific Corp </a>.</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>Berkshire Beefs Up Stakes in Apple, Paramount; Trims Shares in Banks, TSMC</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\">\nBerkshire Beefs Up Stakes in Apple, Paramount; Trims Shares in Banks, TSMC\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2023-02-15 07:02</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Warren Buffett&#39;s Berkshire Hathaway Inc slashed its stake in Taiwanese contract chipmaker TSMC (2330.TW), as well as in some banks in the fourth quarter, while bolstering its holdings in <a href=\"https://laohu8.com/S/AAPL\">Apple Inc</a>.</p><p>Berkshire cut its position in <a href=\"https://laohu8.com/S/TSM\">Taiwan Semiconductor Manufacturing Co Ltd </a> by 86.2% to 8.29 million sponsored American depositary shares, according to a regulatory filing.</p><p>This comes roughly three months after Berkshire unveiled it bought more than $4.1 billion worth of TSMC stock, which sent shares of the world&#39;s largest contract chipmaker soaring.</p><p>TSMC depository receipts fell 4% in U.S. after hours trade on Tuesday. In Taiwan, TSMC shares opened down 3.3% as Asian markets started Wednesday trading.</p><p>Depositary shares in TSMC, which did not immediately respond to a request for comment, have surged almost 32% this year, closing at $97.96 on Tuesday.</p><p>&#34;Berkshire made a small profit on TSMC. It was not a huge, huge win for Berkshire,&#34; said Cathy Seifert, a CFRA Research analyst. According to her calculations, Berkshire bought it for roughly $68.5 and sold for $74.5.</p><p>It is rare but not unprecedented for Berkshire to quickly undo a multi-billion dollar investment in a company&#39;s stock. In the first quarter of 2022, Berkshire sold nearly all of what had been an $8.3 billion stake in <a href=\"https://laohu8.com/S/VZ\">Verizon Communications Inc</a> that it amassed in late 2020.</p><p>TSMC last month said revenue in the first quarter is likely to dip 5% as it weathers a global downturn in the chip industry because of softening consumer demand for electronics. TSMC executives have said they do not expect market conditions to improve until the second half of the year.</p><p>Besides TSMC, Buffett also divested 91.4% of its shares in US Bancorp (USB.N), to 6.7 million shares, and shrunk its stake in BNY Mellon by roughly 60%, to 25.1 million shares. Both cuts totaled nearly $5.5 billion at current prices.</p><p>Buffett&#39;s conglomerate also holds shares in <a href=\"https://laohu8.com/S/C\">Citigroup Inc </a>, <a href=\"https://laohu8.com/S/BAC\">Bank of America </a> and <a href=\"https://laohu8.com/S/JEF\">Jefferies </a>.</p><p>Berkshire trimmed some positions across its portfolio of U.S. listed companies, including <a href=\"https://laohu8.com/S/CVX\">Chevron </a>, <a href=\"https://laohu8.com/S/ATVI\">Activision Blizzard </a>, maker of the &#34;Call of Duty&#34; video game, and Kroger (KR.N).</p><p><a href=\"https://laohu8.com/S/MSFT\">Microsoft Corp </a> is making efforts to conclude the acquisition of Activision Blizzard. On Feb. 21, Microsoft will defend the deal in front of European Union and national antitrust officials at a closed hearing.</p><p>Among Berkshire&#39;s few additions are Apple, which Buffett views more as a consumer products company. Berkshire bought another 20.8 million Apple shares worth $3.2 billion, raising its stake to 5.8%, according to the filing.</p><p>Shares in Apple have surged nearly 18% this year.</p><p>Berkshire also disclosed a new stake of $84 million in building materials company <a href=\"https://laohu8.com/S/LPX\">Louisiana-Pacific Corp </a>.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果","PARA":"Paramount Global","TSM":"台积电","BK":"纽约梅隆银行","LPX":"路易斯安那太平洋","ALLY":"Ally Financial Inc."},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1179337149","content_text":"Warren Buffett's Berkshire Hathaway Inc slashed its stake in Taiwanese contract chipmaker TSMC (2330.TW), as well as in some banks in the fourth quarter, while bolstering its holdings in Apple Inc.Berkshire cut its position in Taiwan Semiconductor Manufacturing Co Ltd  by 86.2% to 8.29 million sponsored American depositary shares, according to a regulatory filing.This comes roughly three months after Berkshire unveiled it bought more than $4.1 billion worth of TSMC stock, which sent shares of the world's largest contract chipmaker soaring.TSMC depository receipts fell 4% in U.S. after hours trade on Tuesday. In Taiwan, TSMC shares opened down 3.3% as Asian markets started Wednesday trading.Depositary shares in TSMC, which did not immediately respond to a request for comment, have surged almost 32% this year, closing at $97.96 on Tuesday.\"Berkshire made a small profit on TSMC. It was not a huge, huge win for Berkshire,\" said Cathy Seifert, a CFRA Research analyst. According to her calculations, Berkshire bought it for roughly $68.5 and sold for $74.5.It is rare but not unprecedented for Berkshire to quickly undo a multi-billion dollar investment in a company's stock. In the first quarter of 2022, Berkshire sold nearly all of what had been an $8.3 billion stake in Verizon Communications Inc that it amassed in late 2020.TSMC last month said revenue in the first quarter is likely to dip 5% as it weathers a global downturn in the chip industry because of softening consumer demand for electronics. TSMC executives have said they do not expect market conditions to improve until the second half of the year.Besides TSMC, Buffett also divested 91.4% of its shares in US Bancorp (USB.N), to 6.7 million shares, and shrunk its stake in BNY Mellon by roughly 60%, to 25.1 million shares. Both cuts totaled nearly $5.5 billion at current prices.Buffett's conglomerate also holds shares in Citigroup Inc , Bank of America  and Jefferies .Berkshire trimmed some positions across its portfolio of U.S. listed companies, including Chevron , Activision Blizzard , maker of the \"Call of Duty\" video game, and Kroger (KR.N).Microsoft Corp  is making efforts to conclude the acquisition of Activision Blizzard. On Feb. 21, Microsoft will defend the deal in front of European Union and national antitrust officials at a closed hearing.Among Berkshire's few additions are Apple, which Buffett views more as a consumer products company. Berkshire bought another 20.8 million Apple shares worth $3.2 billion, raising its stake to 5.8%, according to the filing.Shares in Apple have surged nearly 18% this year.Berkshire also disclosed a new stake of $84 million in building materials company Louisiana-Pacific Corp .","news_type":1},"isVote":1,"tweetType":1,"viewCount":77,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9940564271,"gmtCreate":1678057448793,"gmtModify":1678057452836,"author":{"id":"3581590268956264","authorId":"3581590268956264","name":"Damien111","avatar":"https://community-static.tradeup.com/news/79328dd256df8bc25949678982e26fc3","crmLevel":7,"crmLevelSwitch":1},"themes":[],"htmlText":"Lot","listText":"Lot","text":"Lot","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":24,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9940564271","repostId":"2317160870","repostType":4,"repost":{"id":"2317160870","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1678056831,"share":"https://www.laohu8.com/m/news/2317160870?lang=&edition=full","pubTime":"2023-03-06 06:53","market":"us","language":"en","title":"Jobs Report; Powell Testifies; Sea, JD.com, CrowdStrike Earnings: What to Know This Week","url":"https://stock-news.laohu8.com/highlight/detail?id=2317160870","media":"Dow Jones","summary":"By Nicholas Jasinski \n\n\n  The latest data on the U.S. job market and several major earning reports w","content":"<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n  By Nicholas Jasinski \n</p>\n<p>\n  The latest data on the U.S. job market and several major earning reports will be this week's highlights. \n</p>\n<p>\n     On Wednesday, the Bureau of Labor Statistics will release the Job Openings and Labor Turnover Survey, or JOLTS. The consensus estimate is for 10.7 million job openings on the last business day of January, which would be a slight decline from December. \n</p>\n<p>\n     On Friday, the BLS releases February jobs data. Economists expect a gain of 215,000 nonfarm payrolls and for the unemployment rate to hold steady at 3.4%. Job growth surprised to the upside in January, with the U.S. economy adding 517,000 payrolls. \n</p>\n<p>\n     Companies reporting this week will include Ciena on Monday, CrowdStrike Holdings and Dick's Sporting Goods on Tuesday, and  Brown-Forman and Campbell Soup on Wednesday.  JD.com, Oracle, and Ulta Beauty will release results on Thursday. \n</p>\n<p>\n     General Electric will host an investor day on Thursday. Management will discuss expectations and plans for the year ahead and for the upcoming spinoff of GE's power business. Apple will hold its annual shareholders meeting on Friday. \n</p>\n<p>\n     Finally, the Bank of Japan will announce a monetary-policy decision on Friday. The central bank is expected to keep its short-term interest rate unchanged at negative 0.1%. \n</p>\n<p>\n     Monday 3/6 \n</p>\n<p>\n     Ciena, Nutanix, and Trip.com report quarterly results. \n</p>\n<p>\n     Merck hosts an investor event in New Orleans to discuss its cardiovascular drug pipeline, in conjunction with the American College of Cardiology and World Heart Federation Expo. \n</p>\n<p>\n     Tuesday 3/7 \n</p>\n<p>\n     Casey's General Store, CrowdStrike Holdings, and Dick's Sporting Goods announce earnings. \n</p>\n<p>\n     The Federal Reserve reports consumer credit data for January. In 2022, total consumer debt increased 7.8%, the largest jump since 2001, to a record $4.78 trillion. Nonrevolving credit -- mainly mortgages as well as auto and student loans -- rose 5.6%, while revolving credit -- mostly credit-card debt -- spiked 14.8%. \n</p>\n<p>\n     Wednesday 3/8 \n</p>\n<p>\n     ADP releases its National Employment report for February. Economists forecast an increase of 180,000 private-sector jobs, after a rise of 106,000 in January. The leisure and hospitality industry led the way in January. \n</p>\n<p>\n     Brown-Forman, Campbell Soup, and MongoDB release quarterly results. \n</p>\n<p>\n     The Bureau of Labor Statistics releases the Job Openings and Labor Turnover Survey. Consensus estimate is for 10.7 million job openings on the last business day of January, slightly less than in December. Job openings remained historically elevated, and there are currently nearly two openings for every unemployed person. \n</p>\n<p>\n     Thursday 3/9 \n</p>\n<p>\n     JD.com, Oracle, and Ulta Beauty hold conference calls to discuss earnings. \n</p>\n<p>\n     General Electric hosts an investor meeting to discuss the coming year and the pending spinoff of GE Vernova, which includes GE's Digital, Renewable Energy, and Power business. The spinoff is expected to be completed early next year. \n</p>\n<p>\n     The Federal Reserve releases the Financial Accounts of the U.S., which includes total household net worth data, for the fourth quarter. As of Sept. 30, household net worth totaled $143.3 trillion, about $7 trillion less than the record high reached in the fourth quarter of 2021. \n</p>\n<p>\n     Friday 3/10 \n</p>\n<p>\n     Apple holds its annual shareholders meeting in a virtual format. \n</p>\n<p>\n     The Bank of Japan announces its monetary-policy decision. The central bank is expected to keep its short-term interest rate unchanged at negative 0.1%. Haruhiko Kuroda, the governor of the BOJ and architect of its negative interest-rate policy, will retire in April. Incoming Gov. Kazuo Ueda is expected to maintain the BOJ's ultraloose monetary policy. \n</p>\n<p>\n     The BLS releases the jobs report for February. The economy is expected to have added 215,000 nonfarm jobs, following a gain of 517,000 in January. The January data outpaced consensus estimate by more than 300,000. Economists forecast the unemployment rate to remain unchanged at 3.4%, the lowest in more than a half-century. \n</p>\n<p>\n     Write to Nicholas Jasinski at nicholas.jasinski@barrons.com \n</p>\n<p>\n     This content was created by Barron's, which is operated by Dow Jones &amp; Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal. \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  March 05, 2023 21:48 ET (02:48 GMT)\n</p>\n<p>\n  Copyright (c) 2023 Dow Jones &amp; Company, Inc.\n</p>\n</font>","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>Jobs Report; Powell Testifies; Sea, JD.com, CrowdStrike Earnings: What to Know This Week</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\">\nJobs Report; Powell Testifies; Sea, JD.com, CrowdStrike Earnings: What to Know This Week\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/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2023-03-06 06:53</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n  By Nicholas Jasinski \n</p>\n<p>\n  The latest data on the U.S. job market and several major earning reports will be this week's highlights. \n</p>\n<p>\n     On Wednesday, the Bureau of Labor Statistics will release the Job Openings and Labor Turnover Survey, or JOLTS. The consensus estimate is for 10.7 million job openings on the last business day of January, which would be a slight decline from December. \n</p>\n<p>\n     On Friday, the BLS releases February jobs data. Economists expect a gain of 215,000 nonfarm payrolls and for the unemployment rate to hold steady at 3.4%. Job growth surprised to the upside in January, with the U.S. economy adding 517,000 payrolls. \n</p>\n<p>\n     Companies reporting this week will include Ciena on Monday, CrowdStrike Holdings and Dick's Sporting Goods on Tuesday, and  Brown-Forman and Campbell Soup on Wednesday.  JD.com, Oracle, and Ulta Beauty will release results on Thursday. \n</p>\n<p>\n     General Electric will host an investor day on Thursday. Management will discuss expectations and plans for the year ahead and for the upcoming spinoff of GE's power business. Apple will hold its annual shareholders meeting on Friday. \n</p>\n<p>\n     Finally, the Bank of Japan will announce a monetary-policy decision on Friday. The central bank is expected to keep its short-term interest rate unchanged at negative 0.1%. \n</p>\n<p>\n     Monday 3/6 \n</p>\n<p>\n     Ciena, Nutanix, and Trip.com report quarterly results. \n</p>\n<p>\n     Merck hosts an investor event in New Orleans to discuss its cardiovascular drug pipeline, in conjunction with the American College of Cardiology and World Heart Federation Expo. \n</p>\n<p>\n     Tuesday 3/7 \n</p>\n<p>\n     Casey's General Store, CrowdStrike Holdings, and Dick's Sporting Goods announce earnings. \n</p>\n<p>\n     The Federal Reserve reports consumer credit data for January. In 2022, total consumer debt increased 7.8%, the largest jump since 2001, to a record $4.78 trillion. Nonrevolving credit -- mainly mortgages as well as auto and student loans -- rose 5.6%, while revolving credit -- mostly credit-card debt -- spiked 14.8%. \n</p>\n<p>\n     Wednesday 3/8 \n</p>\n<p>\n     ADP releases its National Employment report for February. Economists forecast an increase of 180,000 private-sector jobs, after a rise of 106,000 in January. The leisure and hospitality industry led the way in January. \n</p>\n<p>\n     Brown-Forman, Campbell Soup, and MongoDB release quarterly results. \n</p>\n<p>\n     The Bureau of Labor Statistics releases the Job Openings and Labor Turnover Survey. Consensus estimate is for 10.7 million job openings on the last business day of January, slightly less than in December. Job openings remained historically elevated, and there are currently nearly two openings for every unemployed person. \n</p>\n<p>\n     Thursday 3/9 \n</p>\n<p>\n     JD.com, Oracle, and Ulta Beauty hold conference calls to discuss earnings. \n</p>\n<p>\n     General Electric hosts an investor meeting to discuss the coming year and the pending spinoff of GE Vernova, which includes GE's Digital, Renewable Energy, and Power business. The spinoff is expected to be completed early next year. \n</p>\n<p>\n     The Federal Reserve releases the Financial Accounts of the U.S., which includes total household net worth data, for the fourth quarter. As of Sept. 30, household net worth totaled $143.3 trillion, about $7 trillion less than the record high reached in the fourth quarter of 2021. \n</p>\n<p>\n     Friday 3/10 \n</p>\n<p>\n     Apple holds its annual shareholders meeting in a virtual format. \n</p>\n<p>\n     The Bank of Japan announces its monetary-policy decision. The central bank is expected to keep its short-term interest rate unchanged at negative 0.1%. Haruhiko Kuroda, the governor of the BOJ and architect of its negative interest-rate policy, will retire in April. Incoming Gov. Kazuo Ueda is expected to maintain the BOJ's ultraloose monetary policy. \n</p>\n<p>\n     The BLS releases the jobs report for February. The economy is expected to have added 215,000 nonfarm jobs, following a gain of 517,000 in January. The January data outpaced consensus estimate by more than 300,000. Economists forecast the unemployment rate to remain unchanged at 3.4%, the lowest in more than a half-century. \n</p>\n<p>\n     Write to Nicholas Jasinski at nicholas.jasinski@barrons.com \n</p>\n<p>\n     This content was created by Barron's, which is operated by Dow Jones &amp; Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal. \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  March 05, 2023 21:48 ET (02:48 GMT)\n</p>\n<p>\n  Copyright (c) 2023 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果","GE":"GE航空航天","CIEN":"Ciena科技","CRWD":"CrowdStrike Holdings, Inc.","ORCL":"甲骨文",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite","ISBC":"投资者银行","SE":"Sea Ltd",".DJI":"道琼斯"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2317160870","content_text":"By Nicholas Jasinski \n\n\n  The latest data on the U.S. job market and several major earning reports will be this week's highlights. \n\n\n     On Wednesday, the Bureau of Labor Statistics will release the Job Openings and Labor Turnover Survey, or JOLTS. The consensus estimate is for 10.7 million job openings on the last business day of January, which would be a slight decline from December. \n\n\n     On Friday, the BLS releases February jobs data. Economists expect a gain of 215,000 nonfarm payrolls and for the unemployment rate to hold steady at 3.4%. Job growth surprised to the upside in January, with the U.S. economy adding 517,000 payrolls. \n\n\n     Companies reporting this week will include Ciena on Monday, CrowdStrike Holdings and Dick's Sporting Goods on Tuesday, and  Brown-Forman and Campbell Soup on Wednesday.  JD.com, Oracle, and Ulta Beauty will release results on Thursday. \n\n\n     General Electric will host an investor day on Thursday. Management will discuss expectations and plans for the year ahead and for the upcoming spinoff of GE's power business. Apple will hold its annual shareholders meeting on Friday. \n\n\n     Finally, the Bank of Japan will announce a monetary-policy decision on Friday. The central bank is expected to keep its short-term interest rate unchanged at negative 0.1%. \n\n\n     Monday 3/6 \n\n\n     Ciena, Nutanix, and Trip.com report quarterly results. \n\n\n     Merck hosts an investor event in New Orleans to discuss its cardiovascular drug pipeline, in conjunction with the American College of Cardiology and World Heart Federation Expo. \n\n\n     Tuesday 3/7 \n\n\n     Casey's General Store, CrowdStrike Holdings, and Dick's Sporting Goods announce earnings. \n\n\n     The Federal Reserve reports consumer credit data for January. In 2022, total consumer debt increased 7.8%, the largest jump since 2001, to a record $4.78 trillion. Nonrevolving credit -- mainly mortgages as well as auto and student loans -- rose 5.6%, while revolving credit -- mostly credit-card debt -- spiked 14.8%. \n\n\n     Wednesday 3/8 \n\n\n     ADP releases its National Employment report for February. Economists forecast an increase of 180,000 private-sector jobs, after a rise of 106,000 in January. The leisure and hospitality industry led the way in January. \n\n\n     Brown-Forman, Campbell Soup, and MongoDB release quarterly results. \n\n\n     The Bureau of Labor Statistics releases the Job Openings and Labor Turnover Survey. Consensus estimate is for 10.7 million job openings on the last business day of January, slightly less than in December. Job openings remained historically elevated, and there are currently nearly two openings for every unemployed person. \n\n\n     Thursday 3/9 \n\n\n     JD.com, Oracle, and Ulta Beauty hold conference calls to discuss earnings. \n\n\n     General Electric hosts an investor meeting to discuss the coming year and the pending spinoff of GE Vernova, which includes GE's Digital, Renewable Energy, and Power business. The spinoff is expected to be completed early next year. \n\n\n     The Federal Reserve releases the Financial Accounts of the U.S., which includes total household net worth data, for the fourth quarter. As of Sept. 30, household net worth totaled $143.3 trillion, about $7 trillion less than the record high reached in the fourth quarter of 2021. \n\n\n     Friday 3/10 \n\n\n     Apple holds its annual shareholders meeting in a virtual format. \n\n\n     The Bank of Japan announces its monetary-policy decision. The central bank is expected to keep its short-term interest rate unchanged at negative 0.1%. Haruhiko Kuroda, the governor of the BOJ and architect of its negative interest-rate policy, will retire in April. Incoming Gov. Kazuo Ueda is expected to maintain the BOJ's ultraloose monetary policy. \n\n\n     The BLS releases the jobs report for February. The economy is expected to have added 215,000 nonfarm jobs, following a gain of 517,000 in January. The January data outpaced consensus estimate by more than 300,000. Economists forecast the unemployment rate to remain unchanged at 3.4%, the lowest in more than a half-century. \n\n\n     Write to Nicholas Jasinski at nicholas.jasinski@barrons.com \n\n\n     This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal. \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  March 05, 2023 21:48 ET (02:48 GMT)\n\n\n  Copyright (c) 2023 Dow Jones & Company, Inc.","news_type":1},"isVote":1,"tweetType":1,"viewCount":147,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9957595242,"gmtCreate":1677373903387,"gmtModify":1677373906789,"author":{"id":"3581590268956264","authorId":"3581590268956264","name":"Damien111","avatar":"https://community-static.tradeup.com/news/79328dd256df8bc25949678982e26fc3","crmLevel":7,"crmLevelSwitch":1},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":20,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/9957595242","repostId":"1117520516","repostType":4,"repost":{"id":"1117520516","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":1677334099,"share":"https://www.laohu8.com/m/news/1117520516?lang=&edition=full","pubTime":"2023-02-25 22:08","market":"us","language":"en","title":"Buffett’s Annual Letter: Berkshire Will Always Hold a Boatload of Cash and U.S. Treasury Bills","url":"https://stock-news.laohu8.com/highlight/detail?id=1117520516","media":"Tiger Newspress","summary":"Warren Buffett is still betting on America.Stocks and bonds slumped in 2022 after central banks rais","content":"<html><head></head><body><p>Warren Buffett is still betting on America.</p><p>Stocks and bonds slumped in 2022 after central banks raised interest rates at a rapid pace to try to rein in inflation. But Mr. Buffett retained his sense of optimism in his annual letter to investors Saturday, saying he attributes much of his success over the years to the resilience of the U.S. economy.</p><p>“I have been investing for 80 years—more than one-third of our country’s lifetime. Despite our citizens’ penchant—almost enthusiasm—for self-criticism and self-doubt, I have yet to see a time when it made sense to make a long-term bet against America,” Mr. Buffett said in the letter.</p><p>Mr. Buffett, widely regarded as one of the world’s top investors, has been publishing the letters for more than half a century. Over that time, he hasn’t just reflected on the past year for his company, Berkshire Hathaway Inc., but also shared his thoughts on everything from esoteric accounting rules to his aversion to excessive risk-taking.</p><p>Saturday’s letter offered readers a glimpse into how Mr. Buffett, 92, viewed what wound up being a shaky stretch for markets.</p><p>The volatility offered Berkshire an opportunity to jump in and buy stocks. While Berkshire largely bought back its own shares in 2021, it focused more in 2022 on investing in other companies—opening up new positions in media company Paramount Global and building-materials manufacturer Louisiana-Pacific Corp., among other businesses, and swiftly becoming Occidental Petroleum Corp.’s single biggest shareholder.</p><p>As of the end of 2022, Berkshire was the largest shareholder of eight companies—American Express Co., Bank of America Corp., Chevron Corp., Coca-Cola Co., HP Inc., Moody’s Corp., Occidental and Paramount Global.</p><p>“America would have done fine without Berkshire. The reverse is not true,” Mr. Buffett said.</p><p>Berkshire also released its results for 2022 on Saturday.</p><p>The Omaha, Neb., company, which owns businesses including insurer Geico, railroad BNSF Railway and chocolate maker See’s Candies, posted a loss of $22.82 billion for the year, stung by $67.9 billion in investment and derivative contract losses. In 2021, Berkshire posted a profit of $90.8 billion.</p><p>Total revenue rose 9.4% to $302.1 billion.</p><p>Berkshire’s operating earnings, which exclude some investment results, rose to a record $30.8 billion.</p><p>Mr. Buffett, Berkshire’s chief executive, has long held that operating earnings are a better reflection of how Berkshire is doing, since accounting rules require the company to include unrealized gains and losses from its massive investment portfolio in its net income. Volatile markets can make Berkshire’s net income change substantially from quarter to quarter, regardless of how its underlying businesses are doing.</p><p>“Capital gains, to be sure, have been hugely important to Berkshire over past decades, and we expect them to be meaningfully positive in future decades,” Mr. Buffett said in his letter. “But their quarter-by-quarter gyrations, regularly and mindlessly headlined by media, totally misinform investors,” he said, adding that he and his right-hand man Charlie Munger urged shareholders to focus instead on Berkshire’s operating earnings, which rose to a record for the full year in 2022.</p><h2>Read the full letter here:</h2><p>To the Shareholders of Berkshire Hathaway Inc.:</p><p>Charlie Munger, my long-time partner, and I have the job of managing the savings of a great number of individuals. We are grateful for their enduring trust, a relationship that often spans much of their adult lifetime. It is those dedicated savers that are forefront in my mind as I write this letter.</p><p>A common belief is that people choose to save when young, expecting thereby to maintain their living standards after retirement. Any assets that remain at death, this theory says, will usually be left to their families or, possibly, to friends and philanthropy.</p><p>Our experience has differed. We believe Berkshire’s individual holders largely to be of the once-a-saver, always-a-saver variety. Though these people live well, they eventually dispense most of their funds to philanthropic organizations. These, in turn, redistribute the funds by expenditures intended to improve the lives of a great many people who are unrelated to the original benefactor. Sometimes, the results have been spectacular.</p><p>The disposition of money unmasks humans. Charlie and I watch with pleasure the vast flow of Berkshire-generated funds to public needs and, alongside, the infrequency with which our shareholders opt for look-at-me assets and dynasty-building.</p><p>Who wouldn’t enjoy working for shareholders like ours?</p><h2>What We Do</h2><p>Charlie and I allocate your savings at Berkshire between two related forms of ownership. First, we invest in businesses that we control, usually buying 100% of each. Berkshire directs capital allocation at these subsidiaries and selects the CEOs who make day-by-day operating decisions. When large enterprises are being managed, both trust and rules are essential. Berkshire emphasizes the former to an unusual – some would say extreme – degree. Disappointments are inevitable. We are understanding about business mistakes; our tolerance for personal misconduct is zero.</p><p>In our second category of ownership, we buy publicly-traded stocks through which we passively own pieces of businesses. Holding these investments, we have no say in management.</p><p>Our goal in both forms of ownership is to make meaningful investments in businesses with both long-lasting favorable economic characteristics and trustworthy managers. Please note particularly that we own publicly-traded stocks based on our expectations about their long-term business performance, not because we view them as vehicles for adroit purchases and sales. That point is crucial: Charlie and I are not stock-pickers; we are business-pickers.</p><p>Over the years, I have made many mistakes. Consequently, our extensive collection of businesses currently consists of a few enterprises that have truly extraordinary economics, many that enjoy very good economic characteristics, and a large group that are marginal. Along the way, other businesses in which I have invested have died, their products unwanted by the public. Capitalism has two sides: The system creates an ever-growing pile of losers while concurrently delivering a gusher of improved goods and services. Schumpeter called this phenomenon “creative destruction.”</p><p>One advantage of our publicly-traded segment is that – episodically – it becomes easy to buy pieces of wonderful businesses at wonderful prices. It’s crucial to understand that stocks often trade at truly foolish prices, both high and low. “Efficient” markets exist only in textbooks. In truth, marketable stocks and bonds are baffling, their behavior usually understandable only in retrospect.</p><p>Controlled businesses are a different breed. They sometimes command ridiculously higher prices than justified but are almost never available at bargain valuations. Unless under duress, the owner of a controlled business gives no thought to selling at a panic-type valuation.</p><p>* * * * * * * * * * * *</p><p>At this point, a report card from me is appropriate: In 58 years of Berkshire management, most of my capital-allocation decisions have been no better than so-so. In some cases, also, bad moves by me have been rescued by very large doses of luck. (Remember our escapes from near-disasters at USAir and Salomon? I certainly do.)</p><p>Our satisfactory results have been the product of about a dozen truly good decisions – that would be about one every five years – and a sometimes-forgotten advantage that favors long-term investors such as Berkshire. Let’s take a peek behind the curtain.</p><h2>The Secret Sauce</h2><p>In August 1994 – yes, 1994 – Berkshire completed its seven-year purchase of the 400 million shares of Coca-Cola we now own. The total cost was $1.3 billion – then a very meaningful sum at Berkshire.</p><p>The cash dividend we received from Coke in 1994 was $75 million. By 2022, the dividend had increased to $704 million. Growth occurred every year, just as certain as birthdays. All Charlie and I were required to do was cash Coke’s quarterly dividend checks. We expect that those checks are highly likely to grow.</p><p>American Express is much the same story. Berkshire’s purchases of Amex were essentially completed in 1995 and, coincidentally, also cost $1.3 billion. Annual dividends received from this investment have grown from $41 million to $302 million. Those checks, too, seem highly likely to increase.</p><p>These dividend gains, though pleasing, are far from spectacular. But they bring with them important gains in stock prices. At yearend, our Coke investment was valued at $25 billion while Amex was recorded at $22 billion. Each holding now accounts for roughly 5% of Berkshire’s net worth, akin to its weighting long ago.</p><p>Assume, for a moment, I had made a similarly-sized investment mistake in the 1990s, one that flat-lined and simply retained its $1.3 billion value in 2022. (An example would be a high-grade 30-year bond.) That disappointing investment would now represent an insignificant 0.3% of Berkshire’s net worth and would be delivering to us an unchanged $80 million or so of annual income.</p><p>The lesson for investors: The weeds wither away in significance as the flowers bloom. Over time, it takes just a few winners to work wonders. And, yes, it helps to start early and live into your 90s as well.</p><h2>The Past Year in Brief</h2><p>Berkshire had a good year in 2022. The company’s operating earnings – our term for income calculated using Generally Accepted Accounting Principles (“GAAP”), exclusive of capital gains or losses from equity holdings – set a record at $30.8 billion. Charlie and I focus on this operational figure and urge you to do so as well. The GAAP figure, absent our adjustment, fluctuates wildly and capriciously at every reporting date. Note its acrobatic behavior in 2022, which is in no way unusual:</p><p><img src=\"https://static.tigerbbs.com/69e74650656620f9fa3f1e55c15a90e5\" tg-width=\"797\" tg-height=\"207\" width=\"100%\" height=\"auto\"/></p><p>The GAAP earnings are 100% misleading when viewed quarterly or even annually. Capital gains, to be sure, have been hugely important to Berkshire over past decades, and we expect them to be meaningfully positive in future decades. But their quarter-by-quarter gyrations, regularly and mindlessly headlined by media, totally misinform investors.</p><p>A second positive development for Berkshire last year was our purchase of Alleghany Corporation, a property-casualty insurer captained by Joe Brandon. I’ve worked with Joe in the past, and he understands both Berkshire  and insurance. Alleghany delivers special value to us because Berkshire’s unmatched financial strength allows its insurance subsidiaries to follow valuable and enduring investment strategies unavailable to virtually all competitors.</p><p>Aided by Alleghany, our insurance float increased during 2022 from $147 billion to $164 billion. With disciplined underwriting, these funds have a decent chance of being cost-free over time. Since purchasing our first property-casualty insurer in 1967, Berkshire’s float has increased 8,000-fold through acquisitions, operations and innovations. Though not recognized in our financial statements, this float has been an extraordinary asset for Berkshire. New shareholders can get an understanding of its value by reading our annually updated explanation of float on page A-2.</p><p>* * * * * * * * * * * *</p><p>A very minor gain in per-share intrinsic value took place in 2022 through Berkshire share repurchases as well as similar moves at Apple and American Express, both significant investees of ours. At Berkshire, we directly increased your interest in our unique collection of businesses by repurchasing 1.2% of the company’s outstanding shares. At Apple and Amex, repurchases increased Berkshire’s ownership a bit without any cost to us.</p><p>The math isn’t complicated: When the share count goes down, your interest in our many businesses goes up. Every small bit helps if repurchases are made at value-accretive prices. Just as surely, when a company overpays for repurchases, the continuing shareholders lose. At such times, gains flow only to the selling shareholders and to the friendly, but expensive, investment banker who recommended the foolish purchases.</p><p>Gains from value-accretive repurchases, it should be emphasized, benefit all owners – in every respect. Imagine, if you will, three fully-informed shareholders of a local auto dealership, one of whom manages the business. Imagine, further, that one of the passive owners wishes to sell his interest back to the company at a price attractive to the two continuing shareholders. When completed, has this transaction harmed anyone? Is the manager somehow favored over the continuing passive owners? Has the public been hurt?</p><p>When you are told that all repurchases are harmful to shareholders or to the country, or particularly beneficial to CEOs, you are listening to either an economic illiterate or a silver-tongued demagogue (characters that are not mutually exclusive).</p><p>Almost endless details of Berkshire’s 2022 operations are laid out on pages K-33 – K-66. Charlie and I, along with many Berkshire shareholders, enjoy poring over the many facts and figures laid out in that section. These pages are not, however, required reading. There are many Berkshire centimillionaires and, yes, billionaires who have never studied our financial figures. They simply know that Charlie and I – along with our families and close friends – continue to have very significant investments in Berkshire, and they trust us to treat their money as we do our own.</p><p>And that is a promise we can make.</p><p>* * * * * * * * * * * *</p><p>Finally, an important warning: Even the operating earnings figure that we favor can easily be manipulated by managers who wish to do so. Such tampering is often thought of as sophisticated by CEOs, directors and their advisors. Reporters and analysts embrace its existence as well. Beating “expectations” is heralded as a managerial triumph.</p><p>That activity is disgusting. It requires no talent to manipulate numbers: Only a deep desire to deceive is required. “Bold imaginative accounting,” as a CEO once described his deception to me, has become one of the shames of capitalism.</p><h2>58 Years – and a Few Figures</h2><p>In 1965, Berkshire was a one-trick pony, the owner of a venerable – but doomed – New England textile operation. With that business on a death march, Berkshire needed an immediate fresh start. Looking back, I was slow to recognize the severity of its problems.</p><p>And then came a stroke of good luck: National Indemnity became available in 1967, and we shifted our resources toward insurance and other non-textile operations.</p><p>Thus began our journey to 2023, a bumpy road involving a combination of continuous savings by our owners (that is, by their retaining earnings), the power of compounding, our avoidance of major mistakes and – most important of all – the American Tailwind. America would have done fine without Berkshire. The reverse is not true.</p><p>Berkshire now enjoys major ownership in an unmatched collection of huge and diversified businesses. Let’s first look at the 5,000 or so publicly-held companies that trade daily on NASDAQ, the NYSE and related venues. Within this group is housed the members of the S&amp;P 500 Index, an elite collection of large and well-known American companies.</p><p>In aggregate, the 500 earned $1.8 trillion in 2021. I don’t yet have the final results for 2022. Using, therefore, the 2021 figures, only 128 of the 500 (including Berkshire itself) earned $3 billion or more. Indeed, 23 lost money.</p><p>At yearend 2022, Berkshire was the largest owner of eight of these giants: American Express, Bank of America, Chevron, Coca-Cola, HP Inc., Moody’s, Occidental Petroleum and Paramount Global.</p><p>In addition to those eight investees, Berkshire owns 100% of BNSF and 92% of BH Energy, each with earnings that exceed the $3 billion mark noted above ($5.9 billion at BNSF and</p><p>$4.3 billion at BHE). Were these companies publicly-owned, they would replace two present members of the 500. All told, our ten controlled and non-controlled behemoths leave Berkshire more broadly aligned with the country’s economic future than is the case at any other U.S. company. (This calculation leaves aside “fiduciary” operations such as pension funds and investment companies.) In addition, Berkshire’s insurance operation, though conducted through many individually-managed subsidiaries, has a value comparable to BNSF or BHE.</p><p>As for the future, Berkshire will always hold a boatload of cash and U.S. Treasury bills along with a wide array of businesses. We will also avoid behavior that could result in any uncomfortable cash needs at inconvenient times, including financial panics and unprecedented insurance losses. Our CEO will always be the Chief Risk Officer – a task it is irresponsible to delegate. Additionally, our future CEOs will have a significant part of their net worth in Berkshire shares, bought with their own money. And yes, our shareholders will continue to save and prosper by retaining earnings.</p><p>At Berkshire, there will be no finish line.</p><h2>Some Surprising Facts About Federal Taxes</h2><p>During the decade ending in 2021, the United States Treasury received about $32.3 trillion in taxes while it spent $43.9 trillion.</p><p>Though economists, politicians and many of the public have opinions about the consequences of that huge imbalance, Charlie and I plead ignorance and firmly believe that near-term economic and market forecasts are worse than useless. Our job is to manage Berkshire’s operations and finances in a manner that will achieve an acceptable result over time and that will preserve the company’s unmatched staying power when financial panics or severe worldwide recessions occur. Berkshire also offers some modest protection from runaway inflation, but this attribute is far from perfect. Huge and entrenched fiscal deficits have consequences.</p><p>The $32 trillion of revenue was garnered by the Treasury through individual income taxes (48%), social security and related receipts (3412%), corporate income tax payments (812%) and a wide variety of lesser levies. Berkshire’s contribution via the corporate income tax was $32 billion during the decade, almost exactly a tenth of 1% of all money that the Treasury collected.</p><p>And that means – brace yourself – had there been roughly 1,000 taxpayers in the U.S. matching Berkshire’s payments, no other businesses nor any of the country’s 131 million households would have needed to pay any taxes to the federal government. Not a dime.</p><p>* * * * * * * * * * * *</p><p>Millions, billions, trillions – we all know the words, but the sums involved are almost impossible to comprehend. Let’s put physical dimensions to the numbers:</p><p>- If you convert $1 million into newly-printed $100 bills, you will have a stack that reaches your chest.</p><p>- Perform the same exercise with $1 billion – this is getting exciting! – and the stack reaches about 34 of a mile into the sky.</p><p>- Finally, imagine piling up $32 billion, the total of Berkshire’s 2012-21 federal income tax payments. Now the stack grows to more than 21 miles in height, about three times the level at which commercial airplanes usually cruise.</p><p>When it comes to federal taxes, individuals who own Berkshire can unequivocally state “I gave at the office.”</p><p>* * * * * * * * * * * *</p><p>At Berkshire we hope and expect to pay much more in taxes during the next decade. We owe the country no less: America’s dynamism has made a huge contribution to whatever success Berkshire has achieved – a contribution Berkshire will always need. We count on the American Tailwind and, though it has been becalmed from time to time, its propelling force has always returned.</p><p>I have been investing for 80 years – more than one-third of our country’s lifetime. Despite our citizens’ penchant – almost enthusiasm – for self-criticism and self-doubt, I have yet to see a time when it made sense to make a long-term bet against America. And I doubt very much that any reader of this letter will have a different experience in the future.</p><h2>Nothing Beats Having a Great Partner</h2><p>Charlie and I think pretty much alike. But what it takes me a page to explain, he sums up in a sentence. His version, moreover, is always more clearly reasoned and also more artfully – some might add bluntly – stated.</p><p>Here are a few of his thoughts, many lifted from a very recent podcast:</p><p>- The world is full of foolish gamblers, and they will not do as well as the patient investor.</p><p>- If you don’t see the world the way it is, it’s like judging something through a distorted lens.</p><p>- All I want to know is where I’m going to die, so I’ll never go there. And a related thought: Early on, write your desired obituary – and then behave accordingly.</p><p>- If you don’t care whether you are rational or not, you won’t work on it. Then you will stay irrational and get lousy results.</p><p>- Patience can be learned. Having a long attention span and the ability to concentrate on one thing for a long time is a huge advantage.</p><p>- You can learn a lot from dead people. Read of the deceased you admire and detest.</p><p>- Don’t bail away in a sinking boat if you can swim to one that is seaworthy.</p><p>- A great company keeps working after you are not; a mediocre company won’t do that.</p><p>- Warren and I don’t focus on the froth of the market. We seek out good long-term investments and stubbornly hold them for a long time.</p><p>- Ben Graham said, “Day to day, the stock market is a voting machine; in the long term it’s a weighing machine.” If you keep making something more valuable, then some wise person is going to notice it and start buying.</p><p>- There is no such thing as a 100% sure thing when investing. Thus, the use of leverage is dangerous. A string of wonderful numbers times zero will always equal zero. Don’t count on getting rich twice.</p><p>- You don’t, however, need to own a lot of things in order to get rich.</p><p>- You have to keep learning if you want to become a great investor. When the world changes, you must change.</p><p>- Warren and I hated railroad stocks for decades, but the world changed and finally the country had four huge railroads of vital importance to the American economy. We were slow to recognize the change, but better late than never.</p><p>- Finally, I will add two short sentences by Charlie that have been his decision-clinchers for decades: “Warren, think more about it. You’re smart and I’m right.”</p><p>And so it goes. I never have a phone call with Charlie without learning something. And, while he makes me think, he also makes me laugh.</p><p>* * * * * * * * * * * *</p><p>I will add to Charlie’s list a rule of my own:   Find   a   very   smart   high-grade partner – preferably slightly older than you – and then listen very carefully to what he says.</p><h2>A Family Gathering in Omaha</h2><p>Charlie and I are shameless. Last year, at our first shareholder get-together in three years, we greeted you with our usual commercial hustle.</p><p>From the opening bell, we went straight for your wallet. In short order, our See’s kiosk sold you eleven tons of nourishing peanut brittle and chocolates. In our P.T. Barnum pitch, we promised you longevity. After all, what else but candy from See’s could account for Charlie and me making it to 99 and 92?</p><p>I know you can’t wait to hear the specifics of last year’s hustle.</p><p>On Friday, the doors were open from noon until 5 p.m., and our candy counters rang up 2,690 individual sales. On Saturday, See’s registered an additional 3,931 transactions between 7 a.m. and 4:30 p.m., despite the fact that 612 of the 912 operating hours occurred while our movie and the question-and-answer session were limiting commercial traffic.</p><p>Do the math: See’s rang up about 10 sales per minute during its prime operating time (racking up $400,309 of volume during the two days), with all the goods purchased at a single location selling products that haven’t been materially altered in 101 years. What worked for See’s in the days of Henry Ford’s model T works now.</p><p>* * * * * * * * * * * *</p><p>Charlie, I, and the entire Berkshire bunch look forward to seeing you in Omaha on May 5-6. We will have a good time and so will you.</p><p>February 25, 2023 Warren E. Buffett </p><p>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’s Annual Letter: Berkshire Will Always Hold a Boatload of Cash and U.S. Treasury Bills</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’s Annual Letter: Berkshire Will Always Hold a Boatload of Cash and U.S. Treasury Bills\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\">2023-02-25 22:08</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Warren Buffett is still betting on America.</p><p>Stocks and bonds slumped in 2022 after central banks raised interest rates at a rapid pace to try to rein in inflation. But Mr. Buffett retained his sense of optimism in his annual letter to investors Saturday, saying he attributes much of his success over the years to the resilience of the U.S. economy.</p><p>“I have been investing for 80 years—more than one-third of our country’s lifetime. Despite our citizens’ penchant—almost enthusiasm—for self-criticism and self-doubt, I have yet to see a time when it made sense to make a long-term bet against America,” Mr. Buffett said in the letter.</p><p>Mr. Buffett, widely regarded as one of the world’s top investors, has been publishing the letters for more than half a century. Over that time, he hasn’t just reflected on the past year for his company, Berkshire Hathaway Inc., but also shared his thoughts on everything from esoteric accounting rules to his aversion to excessive risk-taking.</p><p>Saturday’s letter offered readers a glimpse into how Mr. Buffett, 92, viewed what wound up being a shaky stretch for markets.</p><p>The volatility offered Berkshire an opportunity to jump in and buy stocks. While Berkshire largely bought back its own shares in 2021, it focused more in 2022 on investing in other companies—opening up new positions in media company Paramount Global and building-materials manufacturer Louisiana-Pacific Corp., among other businesses, and swiftly becoming Occidental Petroleum Corp.’s single biggest shareholder.</p><p>As of the end of 2022, Berkshire was the largest shareholder of eight companies—American Express Co., Bank of America Corp., Chevron Corp., Coca-Cola Co., HP Inc., Moody’s Corp., Occidental and Paramount Global.</p><p>“America would have done fine without Berkshire. The reverse is not true,” Mr. Buffett said.</p><p>Berkshire also released its results for 2022 on Saturday.</p><p>The Omaha, Neb., company, which owns businesses including insurer Geico, railroad BNSF Railway and chocolate maker See’s Candies, posted a loss of $22.82 billion for the year, stung by $67.9 billion in investment and derivative contract losses. In 2021, Berkshire posted a profit of $90.8 billion.</p><p>Total revenue rose 9.4% to $302.1 billion.</p><p>Berkshire’s operating earnings, which exclude some investment results, rose to a record $30.8 billion.</p><p>Mr. Buffett, Berkshire’s chief executive, has long held that operating earnings are a better reflection of how Berkshire is doing, since accounting rules require the company to include unrealized gains and losses from its massive investment portfolio in its net income. Volatile markets can make Berkshire’s net income change substantially from quarter to quarter, regardless of how its underlying businesses are doing.</p><p>“Capital gains, to be sure, have been hugely important to Berkshire over past decades, and we expect them to be meaningfully positive in future decades,” Mr. Buffett said in his letter. “But their quarter-by-quarter gyrations, regularly and mindlessly headlined by media, totally misinform investors,” he said, adding that he and his right-hand man Charlie Munger urged shareholders to focus instead on Berkshire’s operating earnings, which rose to a record for the full year in 2022.</p><h2>Read the full letter here:</h2><p>To the Shareholders of Berkshire Hathaway Inc.:</p><p>Charlie Munger, my long-time partner, and I have the job of managing the savings of a great number of individuals. We are grateful for their enduring trust, a relationship that often spans much of their adult lifetime. It is those dedicated savers that are forefront in my mind as I write this letter.</p><p>A common belief is that people choose to save when young, expecting thereby to maintain their living standards after retirement. Any assets that remain at death, this theory says, will usually be left to their families or, possibly, to friends and philanthropy.</p><p>Our experience has differed. We believe Berkshire’s individual holders largely to be of the once-a-saver, always-a-saver variety. Though these people live well, they eventually dispense most of their funds to philanthropic organizations. These, in turn, redistribute the funds by expenditures intended to improve the lives of a great many people who are unrelated to the original benefactor. Sometimes, the results have been spectacular.</p><p>The disposition of money unmasks humans. Charlie and I watch with pleasure the vast flow of Berkshire-generated funds to public needs and, alongside, the infrequency with which our shareholders opt for look-at-me assets and dynasty-building.</p><p>Who wouldn’t enjoy working for shareholders like ours?</p><h2>What We Do</h2><p>Charlie and I allocate your savings at Berkshire between two related forms of ownership. First, we invest in businesses that we control, usually buying 100% of each. Berkshire directs capital allocation at these subsidiaries and selects the CEOs who make day-by-day operating decisions. When large enterprises are being managed, both trust and rules are essential. Berkshire emphasizes the former to an unusual – some would say extreme – degree. Disappointments are inevitable. We are understanding about business mistakes; our tolerance for personal misconduct is zero.</p><p>In our second category of ownership, we buy publicly-traded stocks through which we passively own pieces of businesses. Holding these investments, we have no say in management.</p><p>Our goal in both forms of ownership is to make meaningful investments in businesses with both long-lasting favorable economic characteristics and trustworthy managers. Please note particularly that we own publicly-traded stocks based on our expectations about their long-term business performance, not because we view them as vehicles for adroit purchases and sales. That point is crucial: Charlie and I are not stock-pickers; we are business-pickers.</p><p>Over the years, I have made many mistakes. Consequently, our extensive collection of businesses currently consists of a few enterprises that have truly extraordinary economics, many that enjoy very good economic characteristics, and a large group that are marginal. Along the way, other businesses in which I have invested have died, their products unwanted by the public. Capitalism has two sides: The system creates an ever-growing pile of losers while concurrently delivering a gusher of improved goods and services. Schumpeter called this phenomenon “creative destruction.”</p><p>One advantage of our publicly-traded segment is that – episodically – it becomes easy to buy pieces of wonderful businesses at wonderful prices. It’s crucial to understand that stocks often trade at truly foolish prices, both high and low. “Efficient” markets exist only in textbooks. In truth, marketable stocks and bonds are baffling, their behavior usually understandable only in retrospect.</p><p>Controlled businesses are a different breed. They sometimes command ridiculously higher prices than justified but are almost never available at bargain valuations. Unless under duress, the owner of a controlled business gives no thought to selling at a panic-type valuation.</p><p>* * * * * * * * * * * *</p><p>At this point, a report card from me is appropriate: In 58 years of Berkshire management, most of my capital-allocation decisions have been no better than so-so. In some cases, also, bad moves by me have been rescued by very large doses of luck. (Remember our escapes from near-disasters at USAir and Salomon? I certainly do.)</p><p>Our satisfactory results have been the product of about a dozen truly good decisions – that would be about one every five years – and a sometimes-forgotten advantage that favors long-term investors such as Berkshire. Let’s take a peek behind the curtain.</p><h2>The Secret Sauce</h2><p>In August 1994 – yes, 1994 – Berkshire completed its seven-year purchase of the 400 million shares of Coca-Cola we now own. The total cost was $1.3 billion – then a very meaningful sum at Berkshire.</p><p>The cash dividend we received from Coke in 1994 was $75 million. By 2022, the dividend had increased to $704 million. Growth occurred every year, just as certain as birthdays. All Charlie and I were required to do was cash Coke’s quarterly dividend checks. We expect that those checks are highly likely to grow.</p><p>American Express is much the same story. Berkshire’s purchases of Amex were essentially completed in 1995 and, coincidentally, also cost $1.3 billion. Annual dividends received from this investment have grown from $41 million to $302 million. Those checks, too, seem highly likely to increase.</p><p>These dividend gains, though pleasing, are far from spectacular. But they bring with them important gains in stock prices. At yearend, our Coke investment was valued at $25 billion while Amex was recorded at $22 billion. Each holding now accounts for roughly 5% of Berkshire’s net worth, akin to its weighting long ago.</p><p>Assume, for a moment, I had made a similarly-sized investment mistake in the 1990s, one that flat-lined and simply retained its $1.3 billion value in 2022. (An example would be a high-grade 30-year bond.) That disappointing investment would now represent an insignificant 0.3% of Berkshire’s net worth and would be delivering to us an unchanged $80 million or so of annual income.</p><p>The lesson for investors: The weeds wither away in significance as the flowers bloom. Over time, it takes just a few winners to work wonders. And, yes, it helps to start early and live into your 90s as well.</p><h2>The Past Year in Brief</h2><p>Berkshire had a good year in 2022. The company’s operating earnings – our term for income calculated using Generally Accepted Accounting Principles (“GAAP”), exclusive of capital gains or losses from equity holdings – set a record at $30.8 billion. Charlie and I focus on this operational figure and urge you to do so as well. The GAAP figure, absent our adjustment, fluctuates wildly and capriciously at every reporting date. Note its acrobatic behavior in 2022, which is in no way unusual:</p><p><img src=\"https://static.tigerbbs.com/69e74650656620f9fa3f1e55c15a90e5\" tg-width=\"797\" tg-height=\"207\" width=\"100%\" height=\"auto\"/></p><p>The GAAP earnings are 100% misleading when viewed quarterly or even annually. Capital gains, to be sure, have been hugely important to Berkshire over past decades, and we expect them to be meaningfully positive in future decades. But their quarter-by-quarter gyrations, regularly and mindlessly headlined by media, totally misinform investors.</p><p>A second positive development for Berkshire last year was our purchase of Alleghany Corporation, a property-casualty insurer captained by Joe Brandon. I’ve worked with Joe in the past, and he understands both Berkshire  and insurance. Alleghany delivers special value to us because Berkshire’s unmatched financial strength allows its insurance subsidiaries to follow valuable and enduring investment strategies unavailable to virtually all competitors.</p><p>Aided by Alleghany, our insurance float increased during 2022 from $147 billion to $164 billion. With disciplined underwriting, these funds have a decent chance of being cost-free over time. Since purchasing our first property-casualty insurer in 1967, Berkshire’s float has increased 8,000-fold through acquisitions, operations and innovations. Though not recognized in our financial statements, this float has been an extraordinary asset for Berkshire. New shareholders can get an understanding of its value by reading our annually updated explanation of float on page A-2.</p><p>* * * * * * * * * * * *</p><p>A very minor gain in per-share intrinsic value took place in 2022 through Berkshire share repurchases as well as similar moves at Apple and American Express, both significant investees of ours. At Berkshire, we directly increased your interest in our unique collection of businesses by repurchasing 1.2% of the company’s outstanding shares. At Apple and Amex, repurchases increased Berkshire’s ownership a bit without any cost to us.</p><p>The math isn’t complicated: When the share count goes down, your interest in our many businesses goes up. Every small bit helps if repurchases are made at value-accretive prices. Just as surely, when a company overpays for repurchases, the continuing shareholders lose. At such times, gains flow only to the selling shareholders and to the friendly, but expensive, investment banker who recommended the foolish purchases.</p><p>Gains from value-accretive repurchases, it should be emphasized, benefit all owners – in every respect. Imagine, if you will, three fully-informed shareholders of a local auto dealership, one of whom manages the business. Imagine, further, that one of the passive owners wishes to sell his interest back to the company at a price attractive to the two continuing shareholders. When completed, has this transaction harmed anyone? Is the manager somehow favored over the continuing passive owners? Has the public been hurt?</p><p>When you are told that all repurchases are harmful to shareholders or to the country, or particularly beneficial to CEOs, you are listening to either an economic illiterate or a silver-tongued demagogue (characters that are not mutually exclusive).</p><p>Almost endless details of Berkshire’s 2022 operations are laid out on pages K-33 – K-66. Charlie and I, along with many Berkshire shareholders, enjoy poring over the many facts and figures laid out in that section. These pages are not, however, required reading. There are many Berkshire centimillionaires and, yes, billionaires who have never studied our financial figures. They simply know that Charlie and I – along with our families and close friends – continue to have very significant investments in Berkshire, and they trust us to treat their money as we do our own.</p><p>And that is a promise we can make.</p><p>* * * * * * * * * * * *</p><p>Finally, an important warning: Even the operating earnings figure that we favor can easily be manipulated by managers who wish to do so. Such tampering is often thought of as sophisticated by CEOs, directors and their advisors. Reporters and analysts embrace its existence as well. Beating “expectations” is heralded as a managerial triumph.</p><p>That activity is disgusting. It requires no talent to manipulate numbers: Only a deep desire to deceive is required. “Bold imaginative accounting,” as a CEO once described his deception to me, has become one of the shames of capitalism.</p><h2>58 Years – and a Few Figures</h2><p>In 1965, Berkshire was a one-trick pony, the owner of a venerable – but doomed – New England textile operation. With that business on a death march, Berkshire needed an immediate fresh start. Looking back, I was slow to recognize the severity of its problems.</p><p>And then came a stroke of good luck: National Indemnity became available in 1967, and we shifted our resources toward insurance and other non-textile operations.</p><p>Thus began our journey to 2023, a bumpy road involving a combination of continuous savings by our owners (that is, by their retaining earnings), the power of compounding, our avoidance of major mistakes and – most important of all – the American Tailwind. America would have done fine without Berkshire. The reverse is not true.</p><p>Berkshire now enjoys major ownership in an unmatched collection of huge and diversified businesses. Let’s first look at the 5,000 or so publicly-held companies that trade daily on NASDAQ, the NYSE and related venues. Within this group is housed the members of the S&amp;P 500 Index, an elite collection of large and well-known American companies.</p><p>In aggregate, the 500 earned $1.8 trillion in 2021. I don’t yet have the final results for 2022. Using, therefore, the 2021 figures, only 128 of the 500 (including Berkshire itself) earned $3 billion or more. Indeed, 23 lost money.</p><p>At yearend 2022, Berkshire was the largest owner of eight of these giants: American Express, Bank of America, Chevron, Coca-Cola, HP Inc., Moody’s, Occidental Petroleum and Paramount Global.</p><p>In addition to those eight investees, Berkshire owns 100% of BNSF and 92% of BH Energy, each with earnings that exceed the $3 billion mark noted above ($5.9 billion at BNSF and</p><p>$4.3 billion at BHE). Were these companies publicly-owned, they would replace two present members of the 500. All told, our ten controlled and non-controlled behemoths leave Berkshire more broadly aligned with the country’s economic future than is the case at any other U.S. company. (This calculation leaves aside “fiduciary” operations such as pension funds and investment companies.) In addition, Berkshire’s insurance operation, though conducted through many individually-managed subsidiaries, has a value comparable to BNSF or BHE.</p><p>As for the future, Berkshire will always hold a boatload of cash and U.S. Treasury bills along with a wide array of businesses. We will also avoid behavior that could result in any uncomfortable cash needs at inconvenient times, including financial panics and unprecedented insurance losses. Our CEO will always be the Chief Risk Officer – a task it is irresponsible to delegate. Additionally, our future CEOs will have a significant part of their net worth in Berkshire shares, bought with their own money. And yes, our shareholders will continue to save and prosper by retaining earnings.</p><p>At Berkshire, there will be no finish line.</p><h2>Some Surprising Facts About Federal Taxes</h2><p>During the decade ending in 2021, the United States Treasury received about $32.3 trillion in taxes while it spent $43.9 trillion.</p><p>Though economists, politicians and many of the public have opinions about the consequences of that huge imbalance, Charlie and I plead ignorance and firmly believe that near-term economic and market forecasts are worse than useless. Our job is to manage Berkshire’s operations and finances in a manner that will achieve an acceptable result over time and that will preserve the company’s unmatched staying power when financial panics or severe worldwide recessions occur. Berkshire also offers some modest protection from runaway inflation, but this attribute is far from perfect. Huge and entrenched fiscal deficits have consequences.</p><p>The $32 trillion of revenue was garnered by the Treasury through individual income taxes (48%), social security and related receipts (3412%), corporate income tax payments (812%) and a wide variety of lesser levies. Berkshire’s contribution via the corporate income tax was $32 billion during the decade, almost exactly a tenth of 1% of all money that the Treasury collected.</p><p>And that means – brace yourself – had there been roughly 1,000 taxpayers in the U.S. matching Berkshire’s payments, no other businesses nor any of the country’s 131 million households would have needed to pay any taxes to the federal government. Not a dime.</p><p>* * * * * * * * * * * *</p><p>Millions, billions, trillions – we all know the words, but the sums involved are almost impossible to comprehend. Let’s put physical dimensions to the numbers:</p><p>- If you convert $1 million into newly-printed $100 bills, you will have a stack that reaches your chest.</p><p>- Perform the same exercise with $1 billion – this is getting exciting! – and the stack reaches about 34 of a mile into the sky.</p><p>- Finally, imagine piling up $32 billion, the total of Berkshire’s 2012-21 federal income tax payments. Now the stack grows to more than 21 miles in height, about three times the level at which commercial airplanes usually cruise.</p><p>When it comes to federal taxes, individuals who own Berkshire can unequivocally state “I gave at the office.”</p><p>* * * * * * * * * * * *</p><p>At Berkshire we hope and expect to pay much more in taxes during the next decade. We owe the country no less: America’s dynamism has made a huge contribution to whatever success Berkshire has achieved – a contribution Berkshire will always need. We count on the American Tailwind and, though it has been becalmed from time to time, its propelling force has always returned.</p><p>I have been investing for 80 years – more than one-third of our country’s lifetime. Despite our citizens’ penchant – almost enthusiasm – for self-criticism and self-doubt, I have yet to see a time when it made sense to make a long-term bet against America. And I doubt very much that any reader of this letter will have a different experience in the future.</p><h2>Nothing Beats Having a Great Partner</h2><p>Charlie and I think pretty much alike. But what it takes me a page to explain, he sums up in a sentence. His version, moreover, is always more clearly reasoned and also more artfully – some might add bluntly – stated.</p><p>Here are a few of his thoughts, many lifted from a very recent podcast:</p><p>- The world is full of foolish gamblers, and they will not do as well as the patient investor.</p><p>- If you don’t see the world the way it is, it’s like judging something through a distorted lens.</p><p>- All I want to know is where I’m going to die, so I’ll never go there. And a related thought: Early on, write your desired obituary – and then behave accordingly.</p><p>- If you don’t care whether you are rational or not, you won’t work on it. Then you will stay irrational and get lousy results.</p><p>- Patience can be learned. Having a long attention span and the ability to concentrate on one thing for a long time is a huge advantage.</p><p>- You can learn a lot from dead people. Read of the deceased you admire and detest.</p><p>- Don’t bail away in a sinking boat if you can swim to one that is seaworthy.</p><p>- A great company keeps working after you are not; a mediocre company won’t do that.</p><p>- Warren and I don’t focus on the froth of the market. We seek out good long-term investments and stubbornly hold them for a long time.</p><p>- Ben Graham said, “Day to day, the stock market is a voting machine; in the long term it’s a weighing machine.” If you keep making something more valuable, then some wise person is going to notice it and start buying.</p><p>- There is no such thing as a 100% sure thing when investing. Thus, the use of leverage is dangerous. A string of wonderful numbers times zero will always equal zero. Don’t count on getting rich twice.</p><p>- You don’t, however, need to own a lot of things in order to get rich.</p><p>- You have to keep learning if you want to become a great investor. When the world changes, you must change.</p><p>- Warren and I hated railroad stocks for decades, but the world changed and finally the country had four huge railroads of vital importance to the American economy. We were slow to recognize the change, but better late than never.</p><p>- Finally, I will add two short sentences by Charlie that have been his decision-clinchers for decades: “Warren, think more about it. You’re smart and I’m right.”</p><p>And so it goes. I never have a phone call with Charlie without learning something. And, while he makes me think, he also makes me laugh.</p><p>* * * * * * * * * * * *</p><p>I will add to Charlie’s list a rule of my own:   Find   a   very   smart   high-grade partner – preferably slightly older than you – and then listen very carefully to what he says.</p><h2>A Family Gathering in Omaha</h2><p>Charlie and I are shameless. Last year, at our first shareholder get-together in three years, we greeted you with our usual commercial hustle.</p><p>From the opening bell, we went straight for your wallet. In short order, our See’s kiosk sold you eleven tons of nourishing peanut brittle and chocolates. In our P.T. Barnum pitch, we promised you longevity. After all, what else but candy from See’s could account for Charlie and me making it to 99 and 92?</p><p>I know you can’t wait to hear the specifics of last year’s hustle.</p><p>On Friday, the doors were open from noon until 5 p.m., and our candy counters rang up 2,690 individual sales. On Saturday, See’s registered an additional 3,931 transactions between 7 a.m. and 4:30 p.m., despite the fact that 612 of the 912 operating hours occurred while our movie and the question-and-answer session were limiting commercial traffic.</p><p>Do the math: See’s rang up about 10 sales per minute during its prime operating time (racking up $400,309 of volume during the two days), with all the goods purchased at a single location selling products that haven’t been materially altered in 101 years. What worked for See’s in the days of Henry Ford’s model T works now.</p><p>* * * * * * * * * * * *</p><p>Charlie, I, and the entire Berkshire bunch look forward to seeing you in Omaha on May 5-6. We will have a good time and so will you.</p><p>February 25, 2023 Warren E. Buffett </p><p>Chairman of the Board</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BRK.A":"伯克希尔","BRK.B":"伯克希尔B"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1117520516","content_text":"Warren Buffett is still betting on America.Stocks and bonds slumped in 2022 after central banks raised interest rates at a rapid pace to try to rein in inflation. But Mr. Buffett retained his sense of optimism in his annual letter to investors Saturday, saying he attributes much of his success over the years to the resilience of the U.S. economy.“I have been investing for 80 years—more than one-third of our country’s lifetime. Despite our citizens’ penchant—almost enthusiasm—for self-criticism and self-doubt, I have yet to see a time when it made sense to make a long-term bet against America,” Mr. Buffett said in the letter.Mr. Buffett, widely regarded as one of the world’s top investors, has been publishing the letters for more than half a century. Over that time, he hasn’t just reflected on the past year for his company, Berkshire Hathaway Inc., but also shared his thoughts on everything from esoteric accounting rules to his aversion to excessive risk-taking.Saturday’s letter offered readers a glimpse into how Mr. Buffett, 92, viewed what wound up being a shaky stretch for markets.The volatility offered Berkshire an opportunity to jump in and buy stocks. While Berkshire largely bought back its own shares in 2021, it focused more in 2022 on investing in other companies—opening up new positions in media company Paramount Global and building-materials manufacturer Louisiana-Pacific Corp., among other businesses, and swiftly becoming Occidental Petroleum Corp.’s single biggest shareholder.As of the end of 2022, Berkshire was the largest shareholder of eight companies—American Express Co., Bank of America Corp., Chevron Corp., Coca-Cola Co., HP Inc., Moody’s Corp., Occidental and Paramount Global.“America would have done fine without Berkshire. The reverse is not true,” Mr. Buffett said.Berkshire also released its results for 2022 on Saturday.The Omaha, Neb., company, which owns businesses including insurer Geico, railroad BNSF Railway and chocolate maker See’s Candies, posted a loss of $22.82 billion for the year, stung by $67.9 billion in investment and derivative contract losses. In 2021, Berkshire posted a profit of $90.8 billion.Total revenue rose 9.4% to $302.1 billion.Berkshire’s operating earnings, which exclude some investment results, rose to a record $30.8 billion.Mr. Buffett, Berkshire’s chief executive, has long held that operating earnings are a better reflection of how Berkshire is doing, since accounting rules require the company to include unrealized gains and losses from its massive investment portfolio in its net income. Volatile markets can make Berkshire’s net income change substantially from quarter to quarter, regardless of how its underlying businesses are doing.“Capital gains, to be sure, have been hugely important to Berkshire over past decades, and we expect them to be meaningfully positive in future decades,” Mr. Buffett said in his letter. “But their quarter-by-quarter gyrations, regularly and mindlessly headlined by media, totally misinform investors,” he said, adding that he and his right-hand man Charlie Munger urged shareholders to focus instead on Berkshire’s operating earnings, which rose to a record for the full year in 2022.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 the savings of a great number of individuals. We are grateful for their enduring trust, a relationship that often spans much of their adult lifetime. It is those dedicated savers that are forefront in my mind as I write this letter.A common belief is that people choose to save when young, expecting thereby to maintain their living standards after retirement. Any assets that remain at death, this theory says, will usually be left to their families or, possibly, to friends and philanthropy.Our experience has differed. We believe Berkshire’s individual holders largely to be of the once-a-saver, always-a-saver variety. Though these people live well, they eventually dispense most of their funds to philanthropic organizations. These, in turn, redistribute the funds by expenditures intended to improve the lives of a great many people who are unrelated to the original benefactor. Sometimes, the results have been spectacular.The disposition of money unmasks humans. Charlie and I watch with pleasure the vast flow of Berkshire-generated funds to public needs and, alongside, the infrequency with which our shareholders opt for look-at-me assets and dynasty-building.Who wouldn’t enjoy working for shareholders like ours?What We DoCharlie and I allocate your savings at Berkshire between two related forms of ownership. First, we invest in businesses that we control, usually buying 100% of each. Berkshire directs capital allocation at these subsidiaries and selects the CEOs who make day-by-day operating decisions. When large enterprises are being managed, both trust and rules are essential. Berkshire emphasizes the former to an unusual – some would say extreme – degree. Disappointments are inevitable. We are understanding about business mistakes; our tolerance for personal misconduct is zero.In our second category of ownership, we buy publicly-traded stocks through which we passively own pieces of businesses. Holding these investments, we have no say in management.Our goal in both forms of ownership is to make meaningful investments in businesses with both long-lasting favorable economic characteristics and trustworthy managers. Please note particularly that we own publicly-traded stocks based on our expectations about their long-term business performance, not because we view them as vehicles for adroit purchases and sales. That point is crucial: Charlie and I are not stock-pickers; we are business-pickers.Over the years, I have made many mistakes. Consequently, our extensive collection of businesses currently consists of a few enterprises that have truly extraordinary economics, many that enjoy very good economic characteristics, and a large group that are marginal. Along the way, other businesses in which I have invested have died, their products unwanted by the public. Capitalism has two sides: The system creates an ever-growing pile of losers while concurrently delivering a gusher of improved goods and services. Schumpeter called this phenomenon “creative destruction.”One advantage of our publicly-traded segment is that – episodically – it becomes easy to buy pieces of wonderful businesses at wonderful prices. It’s crucial to understand that stocks often trade at truly foolish prices, both high and low. “Efficient” markets exist only in textbooks. In truth, marketable stocks and bonds are baffling, their behavior usually understandable only in retrospect.Controlled businesses are a different breed. They sometimes command ridiculously higher prices than justified but are almost never available at bargain valuations. Unless under duress, the owner of a controlled business gives no thought to selling at a panic-type valuation.* * * * * * * * * * * *At this point, a report card from me is appropriate: In 58 years of Berkshire management, most of my capital-allocation decisions have been no better than so-so. In some cases, also, bad moves by me have been rescued by very large doses of luck. (Remember our escapes from near-disasters at USAir and Salomon? I certainly do.)Our satisfactory results have been the product of about a dozen truly good decisions – that would be about one every five years – and a sometimes-forgotten advantage that favors long-term investors such as Berkshire. Let’s take a peek behind the curtain.The Secret SauceIn August 1994 – yes, 1994 – Berkshire completed its seven-year purchase of the 400 million shares of Coca-Cola we now own. The total cost was $1.3 billion – then a very meaningful sum at Berkshire.The cash dividend we received from Coke in 1994 was $75 million. By 2022, the dividend had increased to $704 million. Growth occurred every year, just as certain as birthdays. All Charlie and I were required to do was cash Coke’s quarterly dividend checks. We expect that those checks are highly likely to grow.American Express is much the same story. Berkshire’s purchases of Amex were essentially completed in 1995 and, coincidentally, also cost $1.3 billion. Annual dividends received from this investment have grown from $41 million to $302 million. Those checks, too, seem highly likely to increase.These dividend gains, though pleasing, are far from spectacular. But they bring with them important gains in stock prices. At yearend, our Coke investment was valued at $25 billion while Amex was recorded at $22 billion. Each holding now accounts for roughly 5% of Berkshire’s net worth, akin to its weighting long ago.Assume, for a moment, I had made a similarly-sized investment mistake in the 1990s, one that flat-lined and simply retained its $1.3 billion value in 2022. (An example would be a high-grade 30-year bond.) That disappointing investment would now represent an insignificant 0.3% of Berkshire’s net worth and would be delivering to us an unchanged $80 million or so of annual income.The lesson for investors: The weeds wither away in significance as the flowers bloom. Over time, it takes just a few winners to work wonders. And, yes, it helps to start early and live into your 90s as well.The Past Year in BriefBerkshire had a good year in 2022. The company’s operating earnings – our term for income calculated using Generally Accepted Accounting Principles (“GAAP”), exclusive of capital gains or losses from equity holdings – set a record at $30.8 billion. Charlie and I focus on this operational figure and urge you to do so as well. The GAAP figure, absent our adjustment, fluctuates wildly and capriciously at every reporting date. Note its acrobatic behavior in 2022, which is in no way unusual:The GAAP earnings are 100% misleading when viewed quarterly or even annually. Capital gains, to be sure, have been hugely important to Berkshire over past decades, and we expect them to be meaningfully positive in future decades. But their quarter-by-quarter gyrations, regularly and mindlessly headlined by media, totally misinform investors.A second positive development for Berkshire last year was our purchase of Alleghany Corporation, a property-casualty insurer captained by Joe Brandon. I’ve worked with Joe in the past, and he understands both Berkshire  and insurance. Alleghany delivers special value to us because Berkshire’s unmatched financial strength allows its insurance subsidiaries to follow valuable and enduring investment strategies unavailable to virtually all competitors.Aided by Alleghany, our insurance float increased during 2022 from $147 billion to $164 billion. With disciplined underwriting, these funds have a decent chance of being cost-free over time. Since purchasing our first property-casualty insurer in 1967, Berkshire’s float has increased 8,000-fold through acquisitions, operations and innovations. Though not recognized in our financial statements, this float has been an extraordinary asset for Berkshire. New shareholders can get an understanding of its value by reading our annually updated explanation of float on page A-2.* * * * * * * * * * * *A very minor gain in per-share intrinsic value took place in 2022 through Berkshire share repurchases as well as similar moves at Apple and American Express, both significant investees of ours. At Berkshire, we directly increased your interest in our unique collection of businesses by repurchasing 1.2% of the company’s outstanding shares. At Apple and Amex, repurchases increased Berkshire’s ownership a bit without any cost to us.The math isn’t complicated: When the share count goes down, your interest in our many businesses goes up. Every small bit helps if repurchases are made at value-accretive prices. Just as surely, when a company overpays for repurchases, the continuing shareholders lose. At such times, gains flow only to the selling shareholders and to the friendly, but expensive, investment banker who recommended the foolish purchases.Gains from value-accretive repurchases, it should be emphasized, benefit all owners – in every respect. Imagine, if you will, three fully-informed shareholders of a local auto dealership, one of whom manages the business. Imagine, further, that one of the passive owners wishes to sell his interest back to the company at a price attractive to the two continuing shareholders. When completed, has this transaction harmed anyone? Is the manager somehow favored over the continuing passive owners? Has the public been hurt?When you are told that all repurchases are harmful to shareholders or to the country, or particularly beneficial to CEOs, you are listening to either an economic illiterate or a silver-tongued demagogue (characters that are not mutually exclusive).Almost endless details of Berkshire’s 2022 operations are laid out on pages K-33 – K-66. Charlie and I, along with many Berkshire shareholders, enjoy poring over the many facts and figures laid out in that section. These pages are not, however, required reading. There are many Berkshire centimillionaires and, yes, billionaires who have never studied our financial figures. They simply know that Charlie and I – along with our families and close friends – continue to have very significant investments in Berkshire, and they trust us to treat their money as we do our own.And that is a promise we can make.* * * * * * * * * * * *Finally, an important warning: Even the operating earnings figure that we favor can easily be manipulated by managers who wish to do so. Such tampering is often thought of as sophisticated by CEOs, directors and their advisors. Reporters and analysts embrace its existence as well. Beating “expectations” is heralded as a managerial triumph.That activity is disgusting. It requires no talent to manipulate numbers: Only a deep desire to deceive is required. “Bold imaginative accounting,” as a CEO once described his deception to me, has become one of the shames of capitalism.58 Years – and a Few FiguresIn 1965, Berkshire was a one-trick pony, the owner of a venerable – but doomed – New England textile operation. With that business on a death march, Berkshire needed an immediate fresh start. Looking back, I was slow to recognize the severity of its problems.And then came a stroke of good luck: National Indemnity became available in 1967, and we shifted our resources toward insurance and other non-textile operations.Thus began our journey to 2023, a bumpy road involving a combination of continuous savings by our owners (that is, by their retaining earnings), the power of compounding, our avoidance of major mistakes and – most important of all – the American Tailwind. America would have done fine without Berkshire. The reverse is not true.Berkshire now enjoys major ownership in an unmatched collection of huge and diversified businesses. Let’s first look at the 5,000 or so publicly-held companies that trade daily on NASDAQ, the NYSE and related venues. Within this group is housed the members of the S&P 500 Index, an elite collection of large and well-known American companies.In aggregate, the 500 earned $1.8 trillion in 2021. I don’t yet have the final results for 2022. Using, therefore, the 2021 figures, only 128 of the 500 (including Berkshire itself) earned $3 billion or more. Indeed, 23 lost money.At yearend 2022, Berkshire was the largest owner of eight of these giants: American Express, Bank of America, Chevron, Coca-Cola, HP Inc., Moody’s, Occidental Petroleum and Paramount Global.In addition to those eight investees, Berkshire owns 100% of BNSF and 92% of BH Energy, each with earnings that exceed the $3 billion mark noted above ($5.9 billion at BNSF and$4.3 billion at BHE). Were these companies publicly-owned, they would replace two present members of the 500. All told, our ten controlled and non-controlled behemoths leave Berkshire more broadly aligned with the country’s economic future than is the case at any other U.S. company. (This calculation leaves aside “fiduciary” operations such as pension funds and investment companies.) In addition, Berkshire’s insurance operation, though conducted through many individually-managed subsidiaries, has a value comparable to BNSF or BHE.As for the future, Berkshire will always hold a boatload of cash and U.S. Treasury bills along with a wide array of businesses. We will also avoid behavior that could result in any uncomfortable cash needs at inconvenient times, including financial panics and unprecedented insurance losses. Our CEO will always be the Chief Risk Officer – a task it is irresponsible to delegate. Additionally, our future CEOs will have a significant part of their net worth in Berkshire shares, bought with their own money. And yes, our shareholders will continue to save and prosper by retaining earnings.At Berkshire, there will be no finish line.Some Surprising Facts About Federal TaxesDuring the decade ending in 2021, the United States Treasury received about $32.3 trillion in taxes while it spent $43.9 trillion.Though economists, politicians and many of the public have opinions about the consequences of that huge imbalance, Charlie and I plead ignorance and firmly believe that near-term economic and market forecasts are worse than useless. Our job is to manage Berkshire’s operations and finances in a manner that will achieve an acceptable result over time and that will preserve the company’s unmatched staying power when financial panics or severe worldwide recessions occur. Berkshire also offers some modest protection from runaway inflation, but this attribute is far from perfect. Huge and entrenched fiscal deficits have consequences.The $32 trillion of revenue was garnered by the Treasury through individual income taxes (48%), social security and related receipts (3412%), corporate income tax payments (812%) and a wide variety of lesser levies. Berkshire’s contribution via the corporate income tax was $32 billion during the decade, almost exactly a tenth of 1% of all money that the Treasury collected.And that means – brace yourself – had there been roughly 1,000 taxpayers in the U.S. matching Berkshire’s payments, no other businesses nor any of the country’s 131 million households would have needed to pay any taxes to the federal government. Not a dime.* * * * * * * * * * * *Millions, billions, trillions – we all know the words, but the sums involved are almost impossible to comprehend. Let’s put physical dimensions to the numbers:- If you convert $1 million into newly-printed $100 bills, you will have a stack that reaches your chest.- Perform the same exercise with $1 billion – this is getting exciting! – and the stack reaches about 34 of a mile into the sky.- Finally, imagine piling up $32 billion, the total of Berkshire’s 2012-21 federal income tax payments. Now the stack grows to more than 21 miles in height, about three times the level at which commercial airplanes usually cruise.When it comes to federal taxes, individuals who own Berkshire can unequivocally state “I gave at the office.”* * * * * * * * * * * *At Berkshire we hope and expect to pay much more in taxes during the next decade. We owe the country no less: America’s dynamism has made a huge contribution to whatever success Berkshire has achieved – a contribution Berkshire will always need. We count on the American Tailwind and, though it has been becalmed from time to time, its propelling force has always returned.I have been investing for 80 years – more than one-third of our country’s lifetime. Despite our citizens’ penchant – almost enthusiasm – for self-criticism and self-doubt, I have yet to see a time when it made sense to make a long-term bet against America. And I doubt very much that any reader of this letter will have a different experience in the future.Nothing Beats Having a Great PartnerCharlie and I think pretty much alike. But what it takes me a page to explain, he sums up in a sentence. His version, moreover, is always more clearly reasoned and also more artfully – some might add bluntly – stated.Here are a few of his thoughts, many lifted from a very recent podcast:- The world is full of foolish gamblers, and they will not do as well as the patient investor.- If you don’t see the world the way it is, it’s like judging something through a distorted lens.- All I want to know is where I’m going to die, so I’ll never go there. And a related thought: Early on, write your desired obituary – and then behave accordingly.- If you don’t care whether you are rational or not, you won’t work on it. Then you will stay irrational and get lousy results.- Patience can be learned. Having a long attention span and the ability to concentrate on one thing for a long time is a huge advantage.- You can learn a lot from dead people. Read of the deceased you admire and detest.- Don’t bail away in a sinking boat if you can swim to one that is seaworthy.- A great company keeps working after you are not; a mediocre company won’t do that.- Warren and I don’t focus on the froth of the market. We seek out good long-term investments and stubbornly hold them for a long time.- Ben Graham said, “Day to day, the stock market is a voting machine; in the long term it’s a weighing machine.” If you keep making something more valuable, then some wise person is going to notice it and start buying.- There is no such thing as a 100% sure thing when investing. Thus, the use of leverage is dangerous. A string of wonderful numbers times zero will always equal zero. Don’t count on getting rich twice.- You don’t, however, need to own a lot of things in order to get rich.- You have to keep learning if you want to become a great investor. When the world changes, you must change.- Warren and I hated railroad stocks for decades, but the world changed and finally the country had four huge railroads of vital importance to the American economy. We were slow to recognize the change, but better late than never.- Finally, I will add two short sentences by Charlie that have been his decision-clinchers for decades: “Warren, think more about it. You’re smart and I’m right.”And so it goes. I never have a phone call with Charlie without learning something. And, while he makes me think, he also makes me laugh.* * * * * * * * * * * *I will add to Charlie’s list a rule of my own:   Find   a   very   smart   high-grade partner – preferably slightly older than you – and then listen very carefully to what he says.A Family Gathering in OmahaCharlie and I are shameless. Last year, at our first shareholder get-together in three years, we greeted you with our usual commercial hustle.From the opening bell, we went straight for your wallet. In short order, our See’s kiosk sold you eleven tons of nourishing peanut brittle and chocolates. In our P.T. Barnum pitch, we promised you longevity. After all, what else but candy from See’s could account for Charlie and me making it to 99 and 92?I know you can’t wait to hear the specifics of last year’s hustle.On Friday, the doors were open from noon until 5 p.m., and our candy counters rang up 2,690 individual sales. On Saturday, See’s registered an additional 3,931 transactions between 7 a.m. and 4:30 p.m., despite the fact that 612 of the 912 operating hours occurred while our movie and the question-and-answer session were limiting commercial traffic.Do the math: See’s rang up about 10 sales per minute during its prime operating time (racking up $400,309 of volume during the two days), with all the goods purchased at a single location selling products that haven’t been materially altered in 101 years. What worked for See’s in the days of Henry Ford’s model T works now.* * * * * * * * * * * *Charlie, I, and the entire Berkshire bunch look forward to seeing you in Omaha on May 5-6. We will have a good time and so will you.February 25, 2023 Warren E. Buffett Chairman of the Board","news_type":1},"isVote":1,"tweetType":1,"viewCount":76,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9966647746,"gmtCreate":1669528333785,"gmtModify":1676538205328,"author":{"id":"3581590268956264","authorId":"3581590268956264","name":"Damien111","avatar":"https://community-static.tradeup.com/news/79328dd256df8bc25949678982e26fc3","crmLevel":7,"crmLevelSwitch":1},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":18,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/9966647746","repostId":"1170146184","repostType":4,"repost":{"id":"1170146184","pubTimestamp":1669522674,"share":"https://www.laohu8.com/m/news/1170146184?lang=&edition=full","pubTime":"2022-11-27 12:17","market":"us","language":"en","title":"3 Tech Stocks You Can Count on in This Uncertain Market","url":"https://stock-news.laohu8.com/highlight/detail?id=1170146184","media":"InvestorPlace","summary":"Here are three top-quality tech stocks investors can count on in the long term.Apple(AAPL): Warren B","content":"<html><head></head><body><ul><li>Here are three top-quality tech stocks investors can count on in the long term.</li><li><b>Apple</b>(<b>AAPL</b>): Warren Buffett continues to buy because of its economic moat.</li><li><b>Advanced Micro Devices</b>(<b>AMD</b>): Analysts love this beaten-down tech name.</li><li><b>Nvidia</b>(<b>NVDA</b>): The bad news is already priced into downed stocks like Nvidia.</li></ul><p>2022 was a tough one for tech stocks. Most were walloped with higher interest rates, fears of aggressive rate hikes, geopolitical issues, economic concerns, and fed-up consumers. It chased even the sanest investors from the market. While it’s impossible to find a risk-free investment, some are safer than others – especially if they’re leaders in their sectors, with wide economic moats.</p><p>In fact, one of the best ways to spot strong tech stocks is to follow the Warren Buffett model, which is to invest in simple companies that are easy to understand; companies with predictable and proven earnings; companies that can be bought at a reasonable price; and companies with“economic moat,”or a unique advantage over its competition. Seeing that Warren Buffett is now worth about $108.2 billion, it’s a safe bet he knows a thing or two about safe investing.</p><p><b>Apple (AAPL)</b></p><p>With a diversified revenue stream, and an ability to adapt to new consumer trends, <b>Apple</b> (NASDAQ:<b>AAPL</b>) will always be one of the strong tech stocks to bet on. Even Warren Buffett once said he continues to invest in Apple because of its brand, ecosystem, and strong economic moat.</p><p>In addition, we have to consider that Apple is a global leader in innovation. Just look at the iPhone alone. First introduced to the public in 2007, it’s now one of the most popular mobile phones in the world, with a growing market share. Better, earnings have been solid.</p><p>The company just beat expectations on revenue and profits, and it showed that global demand for its products is still high. In its fourth quarter, the company’s revenue was up 8% to $90 billion. Mac sales were up 25% to $11.5 billion in the quarter. iPhone sales were up 10% to $42.6 billion. Operating income was up by 5% to $25 billion. EPS was up 4% to $1.29, putting it above expectations for $1.27.</p><p>Also, analysts, such as Deutsche Bank’s Sidney Ho, say Apple is trading at a reasonable valuation and has a buy rating with a price target of $175. Apple also carries a dividend yield of 0.66%, and it’s been aggressive with stock buybacks.</p><p><b>Tech Stocks: Advanced Micro Devices (AMD)</b></p><p><b>Advanced Micro Devices</b> (NASDAQ: <b>AMD</b>) was butchered for most of the year. But that’ll happen when most of the tech stock sector is dragging just about everything lower. However, after falling from about $150 to a low of about $60, the AMD stock is showing strong signs of life. With patience, I’d like to see the AMD stock run from its current price of $75.25 to $120 in the near term.</p><p>Analysts like the AMD stock, too. UBS upgraded AMD to a buy rating with a price target of $95 a share. Baird analyst Tristan Gerra also just upgraded the beaten-down tech name to outperform with a price target of $100. He believes the company’s newest Genoa chips could widen the company’s competitive moat. Credit Suisse analyst Chris Caso also initiated coverage of AMD with an outperform rating, with a price target of $90.</p><p>Piper Sandler analyst Harsh Kumar is also overweight on the stock, with a price target of $90. He added that earnings appear to be bottoming and that PC inventory should start to clear out in the early part of 2023. In addition, he believes AMD is a great way to trade the server uptrend and cloud strength.</p><p><b>Tech Stocks: Nvidia (NVDA)</b></p><p>While <b>Nvidia</b> (NASDAQ:<b>NVDA</b>) was cut in half this year, it’s still one quality, safe name investors can count on. For one, the company makes the chips that are used to power some of the world’s most advanced technologies, including gaming, supercomputing, the cloud, artificial intelligence, machine learning, virtual reality, augmented reality, autonomous driving, etc. Again, NVDA was destroyed in 2022. But it’s still a high-quality name to count on.</p><p>Better, it’s also getting a jump on the Industrial Omniverse, which is already being used by major companies, like <b>Lowe’s</b> (NYSE:LOW), <b>BMW</b>(OTCMKTS:BMWYY), <b>Siemens</b>(OTCMKTS:SIEGY), and <b>Lockheed Martin</b> (NYSE:LMT).</p><p>Analysts, like Credit Suisse’s Chris Casso, say there’s been enough bad news for semiconductors to lower the risk of investing. The firm also said Nvidia was one of its top picks thanks to its strength in artificial intelligence, computing, and data centers. Better, the firm now has an outperform rating on the stock, with a $210 price target. Piper Sandler analyst Harsh Kumar also sees a near-term turnaround for Nvidia and has an overweight rating on the stock. For me, from a current price of $160.38, I’d like to see the stock run back to $195 by the first half of the New Year.</p></body></html>","source":"investorplace","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>3 Tech Stocks You Can Count on in This Uncertain 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\">\n3 Tech Stocks You Can Count on in This Uncertain Market\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-11-27 12:17 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://investorplace.com/2022/11/3-tech-stocks-you-can-count-on-in-this-uncertain-market/><strong>InvestorPlace</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Here are three top-quality tech stocks investors can count on in the long term.Apple(AAPL): Warren Buffett continues to buy because of its economic moat.Advanced Micro Devices(AMD): Analysts love this...</p>\n\n<a href=\"https://investorplace.com/2022/11/3-tech-stocks-you-can-count-on-in-this-uncertain-market/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMD":"美国超微公司","AAPL":"苹果","NVDA":"英伟达"},"source_url":"https://investorplace.com/2022/11/3-tech-stocks-you-can-count-on-in-this-uncertain-market/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170146184","content_text":"Here are three top-quality tech stocks investors can count on in the long term.Apple(AAPL): Warren Buffett continues to buy because of its economic moat.Advanced Micro Devices(AMD): Analysts love this beaten-down tech name.Nvidia(NVDA): The bad news is already priced into downed stocks like Nvidia.2022 was a tough one for tech stocks. Most were walloped with higher interest rates, fears of aggressive rate hikes, geopolitical issues, economic concerns, and fed-up consumers. It chased even the sanest investors from the market. While it’s impossible to find a risk-free investment, some are safer than others – especially if they’re leaders in their sectors, with wide economic moats.In fact, one of the best ways to spot strong tech stocks is to follow the Warren Buffett model, which is to invest in simple companies that are easy to understand; companies with predictable and proven earnings; companies that can be bought at a reasonable price; and companies with“economic moat,”or a unique advantage over its competition. Seeing that Warren Buffett is now worth about $108.2 billion, it’s a safe bet he knows a thing or two about safe investing.Apple (AAPL)With a diversified revenue stream, and an ability to adapt to new consumer trends, Apple (NASDAQ:AAPL) will always be one of the strong tech stocks to bet on. Even Warren Buffett once said he continues to invest in Apple because of its brand, ecosystem, and strong economic moat.In addition, we have to consider that Apple is a global leader in innovation. Just look at the iPhone alone. First introduced to the public in 2007, it’s now one of the most popular mobile phones in the world, with a growing market share. Better, earnings have been solid.The company just beat expectations on revenue and profits, and it showed that global demand for its products is still high. In its fourth quarter, the company’s revenue was up 8% to $90 billion. Mac sales were up 25% to $11.5 billion in the quarter. iPhone sales were up 10% to $42.6 billion. Operating income was up by 5% to $25 billion. EPS was up 4% to $1.29, putting it above expectations for $1.27.Also, analysts, such as Deutsche Bank’s Sidney Ho, say Apple is trading at a reasonable valuation and has a buy rating with a price target of $175. Apple also carries a dividend yield of 0.66%, and it’s been aggressive with stock buybacks.Tech Stocks: Advanced Micro Devices (AMD)Advanced Micro Devices (NASDAQ: AMD) was butchered for most of the year. But that’ll happen when most of the tech stock sector is dragging just about everything lower. However, after falling from about $150 to a low of about $60, the AMD stock is showing strong signs of life. With patience, I’d like to see the AMD stock run from its current price of $75.25 to $120 in the near term.Analysts like the AMD stock, too. UBS upgraded AMD to a buy rating with a price target of $95 a share. Baird analyst Tristan Gerra also just upgraded the beaten-down tech name to outperform with a price target of $100. He believes the company’s newest Genoa chips could widen the company’s competitive moat. Credit Suisse analyst Chris Caso also initiated coverage of AMD with an outperform rating, with a price target of $90.Piper Sandler analyst Harsh Kumar is also overweight on the stock, with a price target of $90. He added that earnings appear to be bottoming and that PC inventory should start to clear out in the early part of 2023. In addition, he believes AMD is a great way to trade the server uptrend and cloud strength.Tech Stocks: Nvidia (NVDA)While Nvidia (NASDAQ:NVDA) was cut in half this year, it’s still one quality, safe name investors can count on. For one, the company makes the chips that are used to power some of the world’s most advanced technologies, including gaming, supercomputing, the cloud, artificial intelligence, machine learning, virtual reality, augmented reality, autonomous driving, etc. Again, NVDA was destroyed in 2022. But it’s still a high-quality name to count on.Better, it’s also getting a jump on the Industrial Omniverse, which is already being used by major companies, like Lowe’s (NYSE:LOW), BMW(OTCMKTS:BMWYY), Siemens(OTCMKTS:SIEGY), and Lockheed Martin (NYSE:LMT).Analysts, like Credit Suisse’s Chris Casso, say there’s been enough bad news for semiconductors to lower the risk of investing. The firm also said Nvidia was one of its top picks thanks to its strength in artificial intelligence, computing, and data centers. Better, the firm now has an outperform rating on the stock, with a $210 price target. Piper Sandler analyst Harsh Kumar also sees a near-term turnaround for Nvidia and has an overweight rating on the stock. For me, from a current price of $160.38, I’d like to see the stock run back to $195 by the first half of the New Year.","news_type":1},"isVote":1,"tweetType":1,"viewCount":9,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9949670156,"gmtCreate":1678664521675,"gmtModify":1678664525915,"author":{"id":"3581590268956264","authorId":"3581590268956264","name":"Damien111","avatar":"https://community-static.tradeup.com/news/79328dd256df8bc25949678982e26fc3","crmLevel":7,"crmLevelSwitch":1},"themes":[],"htmlText":"Oh My oh my","listText":"Oh My oh my","text":"Oh My oh my","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":21,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9949670156","repostId":"1119712805","repostType":4,"repost":{"id":"1119712805","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1678662159,"share":"https://www.laohu8.com/m/news/1119712805?lang=&edition=full","pubTime":"2023-03-13 07:02","market":"us","language":"en","title":"U.S. Announces It Will Stem SVB Fallout, Customers to Have Deposit Access","url":"https://stock-news.laohu8.com/highlight/detail?id=1119712805","media":"Reuters","summary":"(Reuters) - Silicon Valley Bank  customers will have access to their deposits starting on Monday, U.","content":"<html><head></head><body><p>(Reuters) - <a href=\"https://laohu8.com/S/SIVB\">Silicon Valley Bank </a> customers will have access to their deposits starting on Monday, U.S. officials said on Sunday, as the federal government announced actions to shore up deposits and stem any broader financial fallout from the sudden collapse of the tech startup-focused lender.</p><p>The boards of the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve, in consultation with President Joe Biden, approved the FDIC&#39;s resolution of SVB, according to a joint statement from U.S. Treasury Secretary Janet Yellen, Fed Chair Jerome Powell and FDIC Chairman Martin Gruenberg on Sunday evening.</p><p>The move will not lead to losses by American taxpayers and all deposits will be made whole, the statement said.</p><p>&#34;Today we are taking decisive actions to protect the U.S. economy by strengthening public confidence in our banking system,&#34; the statement said. &#34;This step will ensure that the U.S. banking system continues to perform its vital roles of protecting deposits and providing access to credit to households and businesses in a manner that promotes strong and sustainable economic growth.&#34;</p><p>The Federal Reserve also said Sunday it would make additional funding available through a new Bank Term Funding Program, which would offer loans up to one year to depository institutions, backed by Treasuries and other assets these institutions hold.</p><p>The officials also said that depositors of New York&#39;s <a href=\"https://laohu8.com/S/SBNY\">Signature Bank</a>, which was closed Sunday by the New York state financial regulator, would be made whole at no loss to the taxpayer.</p><p>Signature&#39;s shareholders and unsecured debtors will not be protected, and management has been removed, the officials said.</p><p><img src=\"https://static.tigerbbs.com/55e6734dfe59a152aecda5c41da4252d\" tg-width=\"960\" tg-height=\"640\" referrerpolicy=\"no-referrer\"/>A man puts a sign on the door of the Silicon Valley Bank as an onlooker watches at the bank’s headquarters in Santa Clara, California, U.S. March 10, 2023. REUTERS/Nathan Frandino</p><p>Earlier, Yellen had said she was working with banking regulators to respond after SVB became the largest bank to fail since the 2008 financial crisis.</p><p>In March 2020 when the coronavirus pandemic and lockdowns triggered financial panic, the Federal Reserve announced a series of measures to keep credit flowing by lowering borrowing costs and lengthening the terms of its direct loans.</p><p>By the end of that month, use of the Fed&#39;s discount window facility shot up to more than $50 billion.</p><p>Through the middle of last week, before SVB&#39;s collapse, there had been no indications of usage picking up, with Fed data showing weekly outstanding balances of $4 billion to $5 billion since the start of the year.</p><h3>FINDING A BUYER</h3><p>Although the Federal Deposit Insurance Corporation (FDIC) protects deposits of up to $250,000, there have been worries about SVB deposits above that level, one source said, adding that many smaller businesses were at risk of being unable to pay staff.</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>U.S. Announces It Will Stem SVB Fallout, Customers to Have Deposit Access</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\">\nU.S. Announces It Will Stem SVB Fallout, Customers to Have Deposit Access\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2023-03-13 07:02</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>(Reuters) - <a href=\"https://laohu8.com/S/SIVB\">Silicon Valley Bank </a> customers will have access to their deposits starting on Monday, U.S. officials said on Sunday, as the federal government announced actions to shore up deposits and stem any broader financial fallout from the sudden collapse of the tech startup-focused lender.</p><p>The boards of the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve, in consultation with President Joe Biden, approved the FDIC&#39;s resolution of SVB, according to a joint statement from U.S. Treasury Secretary Janet Yellen, Fed Chair Jerome Powell and FDIC Chairman Martin Gruenberg on Sunday evening.</p><p>The move will not lead to losses by American taxpayers and all deposits will be made whole, the statement said.</p><p>&#34;Today we are taking decisive actions to protect the U.S. economy by strengthening public confidence in our banking system,&#34; the statement said. &#34;This step will ensure that the U.S. banking system continues to perform its vital roles of protecting deposits and providing access to credit to households and businesses in a manner that promotes strong and sustainable economic growth.&#34;</p><p>The Federal Reserve also said Sunday it would make additional funding available through a new Bank Term Funding Program, which would offer loans up to one year to depository institutions, backed by Treasuries and other assets these institutions hold.</p><p>The officials also said that depositors of New York&#39;s <a href=\"https://laohu8.com/S/SBNY\">Signature Bank</a>, which was closed Sunday by the New York state financial regulator, would be made whole at no loss to the taxpayer.</p><p>Signature&#39;s shareholders and unsecured debtors will not be protected, and management has been removed, the officials said.</p><p><img src=\"https://static.tigerbbs.com/55e6734dfe59a152aecda5c41da4252d\" tg-width=\"960\" tg-height=\"640\" referrerpolicy=\"no-referrer\"/>A man puts a sign on the door of the Silicon Valley Bank as an onlooker watches at the bank’s headquarters in Santa Clara, California, U.S. March 10, 2023. REUTERS/Nathan Frandino</p><p>Earlier, Yellen had said she was working with banking regulators to respond after SVB became the largest bank to fail since the 2008 financial crisis.</p><p>In March 2020 when the coronavirus pandemic and lockdowns triggered financial panic, the Federal Reserve announced a series of measures to keep credit flowing by lowering borrowing costs and lengthening the terms of its direct loans.</p><p>By the end of that month, use of the Fed&#39;s discount window facility shot up to more than $50 billion.</p><p>Through the middle of last week, before SVB&#39;s collapse, there had been no indications of usage picking up, with Fed data showing weekly outstanding balances of $4 billion to $5 billion since the start of the year.</p><h3>FINDING A BUYER</h3><p>Although the Federal Deposit Insurance Corporation (FDIC) protects deposits of up to $250,000, there have been worries about SVB deposits above that level, one source said, adding that many smaller businesses were at risk of being unable to pay staff.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"IAT":"安硕美国地区银行ETF","SBNY":"签字银行"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1119712805","content_text":"(Reuters) - Silicon Valley Bank  customers will have access to their deposits starting on Monday, U.S. officials said on Sunday, as the federal government announced actions to shore up deposits and stem any broader financial fallout from the sudden collapse of the tech startup-focused lender.The boards of the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve, in consultation with President Joe Biden, approved the FDIC's resolution of SVB, according to a joint statement from U.S. Treasury Secretary Janet Yellen, Fed Chair Jerome Powell and FDIC Chairman Martin Gruenberg on Sunday evening.The move will not lead to losses by American taxpayers and all deposits will be made whole, the statement said.\"Today we are taking decisive actions to protect the U.S. economy by strengthening public confidence in our banking system,\" the statement said. \"This step will ensure that the U.S. banking system continues to perform its vital roles of protecting deposits and providing access to credit to households and businesses in a manner that promotes strong and sustainable economic growth.\"The Federal Reserve also said Sunday it would make additional funding available through a new Bank Term Funding Program, which would offer loans up to one year to depository institutions, backed by Treasuries and other assets these institutions hold.The officials also said that depositors of New York's Signature Bank, which was closed Sunday by the New York state financial regulator, would be made whole at no loss to the taxpayer.Signature's shareholders and unsecured debtors will not be protected, and management has been removed, the officials said.A man puts a sign on the door of the Silicon Valley Bank as an onlooker watches at the bank’s headquarters in Santa Clara, California, U.S. March 10, 2023. REUTERS/Nathan FrandinoEarlier, Yellen had said she was working with banking regulators to respond after SVB became the largest bank to fail since the 2008 financial crisis.In March 2020 when the coronavirus pandemic and lockdowns triggered financial panic, the Federal Reserve announced a series of measures to keep credit flowing by lowering borrowing costs and lengthening the terms of its direct loans.By the end of that month, use of the Fed's discount window facility shot up to more than $50 billion.Through the middle of last week, before SVB's collapse, there had been no indications of usage picking up, with Fed data showing weekly outstanding balances of $4 billion to $5 billion since the start of the year.FINDING A BUYERAlthough the Federal Deposit Insurance Corporation (FDIC) protects deposits of up to $250,000, there have been worries about SVB deposits above that level, one source said, adding that many smaller businesses were at risk of being unable to pay staff.","news_type":1},"isVote":1,"tweetType":1,"viewCount":265,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9949668854,"gmtCreate":1678602710279,"gmtModify":1678602713925,"author":{"id":"3581590268956264","authorId":"3581590268956264","name":"Damien111","avatar":"https://community-static.tradeup.com/news/79328dd256df8bc25949678982e26fc3","crmLevel":7,"crmLevelSwitch":1},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":22,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9949668854","repostId":"2318857796","repostType":4,"isVote":1,"tweetType":1,"viewCount":138,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9962870029,"gmtCreate":1669765298962,"gmtModify":1676538237324,"author":{"id":"3581590268956264","authorId":"3581590268956264","name":"Damien111","avatar":"https://community-static.tradeup.com/news/79328dd256df8bc25949678982e26fc3","crmLevel":7,"crmLevelSwitch":1},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":17,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/9962870029","repostId":"2287568981","repostType":4,"repost":{"id":"2287568981","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1669761575,"share":"https://www.laohu8.com/m/news/2287568981?lang=&edition=full","pubTime":"2022-11-30 06:39","market":"us","language":"en","title":"US STOCKS-S&P 500 Ends Down As Apple Dips and Traders Eye Powell Speech","url":"https://stock-news.laohu8.com/highlight/detail?id=2287568981","media":"Reuters","summary":"Investors look to Powell speech for interest rate cluesU.S. consumer confidence slips in NovemberS&P 500 -0.16%, Nasdaq -0.59%, Dow +0.01%Nov 29 (Reuters) - The S&P 500 ended down on Tuesday, with los","content":"<html><head></head><body><ul><li>Investors look to Powell speech for interest rate clues</li><li>U.S. consumer confidence slips in November</li><li>S&amp;P 500 -0.16%, Nasdaq -0.59%, Dow +0.01%</li></ul><p><img src=\"https://static.tigerbbs.com/7890ba1e2d65820cc5944127fc3fe4e3\" tg-width=\"1080\" tg-height=\"1920\" width=\"100%\" height=\"auto\"/></p><p>Nov 29 (Reuters) - The S&amp;P 500 ended down on Tuesday, with losses in Apple and Amazon ahead of an upcoming speech by U.S. Federal Reserve Chair Jerome Powell that could provide hints about magnitude of future interest rate hikes.</p><p>Apple&#39;s stock dropped 2.1%, down for a fourth straight session.</p><p>Powell is due to speak at a Brookings Institution event on Wednesday about the outlook for the U.S. economy and the labor market. Investors will be looking for clues about when the Fed will slow the pace of its aggressive interest rate hikes.</p><p>&#34;No one is willing to buy ahead of tomorrow with Powell speaking. Everyone is nervous about what he is going to say,&#34; said Ron Saba, senior portfolio manager at Horizon Investments in Charlotte.</p><p>Shares of Amazon, Nvidia and Tesla each lost more than 1%.</p><p>The benchmark S&amp;P 500 index is headed for its second straight month of gains in November amid bets that recent inflation readings showing a slight cooling in prices will lead the Fed to scale back the scale of its interest rate hikes.</p><p>The Fed has delivered four straight 75 basis point rate hikes, and it is expected to shift down the pace to a 50-bps move in December.</p><p>A survey on Tuesday showed U.S. consumer confidence eased further in November amid persistent worries about the rising cost of living.</p><p>Mainland China&#39;s recent wave of civil disobedience comes as the number of COVID cases hit record daily highs and large parts of several cities face new lockdowns, further threatening the world&#39;s second largest economy.</p><p>The S&amp;P 500 energy sector index rallied 1.3%, while gains in oil prices on expectations of a loosening of China&#39;s strict COVID controls were later offset by concerns that OPEC+ would keep its output unchanged at its upcoming meeting.</p><p>The S&amp;P 500 declined 0.16% to end the session at 3,957.60 points.</p><p>The Nasdaq declined 0.59% to 10,983.78 points, while Dow Jones Industrial Average rose 0.01% to 33,852.13 points.</p><p>Despite the S&amp;P 500&#39;s decline, advancing issues outnumbered falling ones by a 1.3-to-one ratio.</p><p>The S&amp;P 500 posted three new highs and two new lows; the Nasdaq recorded 68 new highs and 183 new lows.</p><p>U.S.-listed shares of Chinese companies Alibaba Group Holding Ltd, Pinduoduo Inc and JD.com Inc jumped more than 5% after China broadened equity financing channels for property developers.</p><p>Shares of Chinese internet firm Bilibili Inc soared 22% after posting upbeat quarterly results.</p><p>Volume on U.S. exchanges was relatively light, with 9.6 billion shares traded, compared with an average of 11.2 billion shares over the previous 20 sessions.</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>US STOCKS-S&P 500 Ends Down As Apple Dips and Traders Eye Powell Speech</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\">\nUS STOCKS-S&P 500 Ends Down As Apple Dips and Traders Eye Powell Speech\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2022-11-30 06:39</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><ul><li>Investors look to Powell speech for interest rate clues</li><li>U.S. consumer confidence slips in November</li><li>S&amp;P 500 -0.16%, Nasdaq -0.59%, Dow +0.01%</li></ul><p><img src=\"https://static.tigerbbs.com/7890ba1e2d65820cc5944127fc3fe4e3\" tg-width=\"1080\" tg-height=\"1920\" width=\"100%\" height=\"auto\"/></p><p>Nov 29 (Reuters) - The S&amp;P 500 ended down on Tuesday, with losses in Apple and Amazon ahead of an upcoming speech by U.S. Federal Reserve Chair Jerome Powell that could provide hints about magnitude of future interest rate hikes.</p><p>Apple&#39;s stock dropped 2.1%, down for a fourth straight session.</p><p>Powell is due to speak at a Brookings Institution event on Wednesday about the outlook for the U.S. economy and the labor market. Investors will be looking for clues about when the Fed will slow the pace of its aggressive interest rate hikes.</p><p>&#34;No one is willing to buy ahead of tomorrow with Powell speaking. Everyone is nervous about what he is going to say,&#34; said Ron Saba, senior portfolio manager at Horizon Investments in Charlotte.</p><p>Shares of Amazon, Nvidia and Tesla each lost more than 1%.</p><p>The benchmark S&amp;P 500 index is headed for its second straight month of gains in November amid bets that recent inflation readings showing a slight cooling in prices will lead the Fed to scale back the scale of its interest rate hikes.</p><p>The Fed has delivered four straight 75 basis point rate hikes, and it is expected to shift down the pace to a 50-bps move in December.</p><p>A survey on Tuesday showed U.S. consumer confidence eased further in November amid persistent worries about the rising cost of living.</p><p>Mainland China&#39;s recent wave of civil disobedience comes as the number of COVID cases hit record daily highs and large parts of several cities face new lockdowns, further threatening the world&#39;s second largest economy.</p><p>The S&amp;P 500 energy sector index rallied 1.3%, while gains in oil prices on expectations of a loosening of China&#39;s strict COVID controls were later offset by concerns that OPEC+ would keep its output unchanged at its upcoming meeting.</p><p>The S&amp;P 500 declined 0.16% to end the session at 3,957.60 points.</p><p>The Nasdaq declined 0.59% to 10,983.78 points, while Dow Jones Industrial Average rose 0.01% to 33,852.13 points.</p><p>Despite the S&amp;P 500&#39;s decline, advancing issues outnumbered falling ones by a 1.3-to-one ratio.</p><p>The S&amp;P 500 posted three new highs and two new lows; the Nasdaq recorded 68 new highs and 183 new lows.</p><p>U.S.-listed shares of Chinese companies Alibaba Group Holding Ltd, Pinduoduo Inc and JD.com Inc jumped more than 5% after China broadened equity financing channels for property developers.</p><p>Shares of Chinese internet firm Bilibili Inc soared 22% after posting upbeat quarterly results.</p><p>Volume on U.S. exchanges was relatively light, with 9.6 billion shares traded, compared with an average of 11.2 billion shares over the previous 20 sessions.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite","AAPL":"苹果",".DJI":"道琼斯"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2287568981","content_text":"Investors look to Powell speech for interest rate cluesU.S. consumer confidence slips in NovemberS&P 500 -0.16%, Nasdaq -0.59%, Dow +0.01%Nov 29 (Reuters) - The S&P 500 ended down on Tuesday, with losses in Apple and Amazon ahead of an upcoming speech by U.S. Federal Reserve Chair Jerome Powell that could provide hints about magnitude of future interest rate hikes.Apple's stock dropped 2.1%, down for a fourth straight session.Powell is due to speak at a Brookings Institution event on Wednesday about the outlook for the U.S. economy and the labor market. Investors will be looking for clues about when the Fed will slow the pace of its aggressive interest rate hikes.\"No one is willing to buy ahead of tomorrow with Powell speaking. Everyone is nervous about what he is going to say,\" said Ron Saba, senior portfolio manager at Horizon Investments in Charlotte.Shares of Amazon, Nvidia and Tesla each lost more than 1%.The benchmark S&P 500 index is headed for its second straight month of gains in November amid bets that recent inflation readings showing a slight cooling in prices will lead the Fed to scale back the scale of its interest rate hikes.The Fed has delivered four straight 75 basis point rate hikes, and it is expected to shift down the pace to a 50-bps move in December.A survey on Tuesday showed U.S. consumer confidence eased further in November amid persistent worries about the rising cost of living.Mainland China's recent wave of civil disobedience comes as the number of COVID cases hit record daily highs and large parts of several cities face new lockdowns, further threatening the world's second largest economy.The S&P 500 energy sector index rallied 1.3%, while gains in oil prices on expectations of a loosening of China's strict COVID controls were later offset by concerns that OPEC+ would keep its output unchanged at its upcoming meeting.The S&P 500 declined 0.16% to end the session at 3,957.60 points.The Nasdaq declined 0.59% to 10,983.78 points, while Dow Jones Industrial Average rose 0.01% to 33,852.13 points.Despite the S&P 500's decline, advancing issues outnumbered falling ones by a 1.3-to-one ratio.The S&P 500 posted three new highs and two new lows; the Nasdaq recorded 68 new highs and 183 new lows.U.S.-listed shares of Chinese companies Alibaba Group Holding Ltd, Pinduoduo Inc and JD.com Inc jumped more than 5% after China broadened equity financing channels for property developers.Shares of Chinese internet firm Bilibili Inc soared 22% after posting upbeat quarterly results.Volume on U.S. exchanges was relatively light, with 9.6 billion shares traded, compared with an average of 11.2 billion shares over the previous 20 sessions.","news_type":1},"isVote":1,"tweetType":1,"viewCount":102,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":137996012,"gmtCreate":1622279632436,"gmtModify":1704182652962,"author":{"id":"3581590268956264","authorId":"3581590268956264","name":"Damien111","avatar":"https://community-static.tradeup.com/news/79328dd256df8bc25949678982e26fc3","crmLevel":7,"crmLevelSwitch":1},"themes":[],"htmlText":"Like n comment&nbsp;","listText":"Like n comment&nbsp;","text":"Like n comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":8,"repostSize":0,"link":"https://ttm.financial/post/137996012","repostId":"2138948877","repostType":4,"repost":{"id":"2138948877","weMediaInfo":{"introduction":"The leading daily newsletter for the latest financial and business news. 33Yrs Helping Stock Investors with Investing Insights, Tools, News & More.","home_visible":0,"media_name":"Investors","id":"1085713068","head_image":"https://static.tigerbbs.com/608dd68a89ed486e18f64efe3136266c"},"pubTimestamp":1622215813,"share":"https://www.laohu8.com/m/news/2138948877?lang=&edition=full","pubTime":"2021-05-28 23:30","market":"us","language":"en","title":"The Pandemic May Have Changed Vacations – And Travel Stocks Like Airbnb, Marriott, Winnebago – Forever","url":"https://stock-news.laohu8.com/highlight/detail?id=2138948877","media":"Investors","summary":"Vacation trends reveal shifts toward privacy, luxury and family, continuing a transformative period for leisure and travel stocks.","content":"<p>Your next vacation will likely be more private, luxurious or family oriented than your trips in the past, and business trips may never be the same. For leisure and travel stocks like <b>Airbnb</b> that got slammed by pandemic shutdowns, the lifting of Covid curbs means adjusting to a whole new world.</p><p>Some tastes people acquired last year as they looked for escapes from lockdown are proving durable, like traveling to national parks by RV. Others, such as boating, grew out of surges in wealth that the stock market rally provided. As the summer travel season heats up, Americans are making new choices in where they go, when they go, how they get there and who joins them.</p><p>\"The world is never going back to the way it was,\" said Airbnb CEO Brian Chesky on an earnings call in May. \"And that means that travel is never going back to the way it was either.\"</p><p>One major trend is travelers have become more flexible about when and where they go, especially as remote work allows people to blur when they are on and off the clock. Airbnb stock rose May 24, when the company updated booking features, including an option to search for listings without fixed dates or locations.</p><p>And consumers aren't the only ones changing their habits. While tourism-dependent destinations suffered last year, the less-packed streets also showed locals the benefits of quieter communities.</p><p>Residents and local officials in normally packed hot spots like Italy and Hawaii are considering limiting the number of tourists. Such a seismic change could make visiting these places prohibitively expensive for many people. If the mix of travelers tilts more heavily toward the wealthy, travel stocks will nudge further toward luxury.</p><h2>Leisure, Travel Industry Stocks</h2><p>Shares across the sector have rebounded from last year's pandemic lows. The stocks' recent chart action is mixed. But many travel stocks have outperformed the market the past week and could present buying opportunities for investors.</p><p>Airline stocks&nbsp;like <b>American Airlines</b>, <b>United Airlines</b> and <b>Delta Air Lines</b> surged earlier this year on the Reddit stock short squeeze. Then they sold off because business and overseas travel remained weak. Since then, they've consolidated and are approaching buy points.</p><p>Cruise stocks like <b>Carnival</b>, <b>Royal Caribbean</b> and <b>Norwegian Cruise Line</b> are showing similar patterns.</p><p>Meanwhile, shares of boat makers <b>MarineMax</b> and <b>Brunswick</b> as well as RV makers <b>Winnebago</b> and <b>Thor Industries</b> need to regroup after some failed breakouts. They are no longer in buy zones but could form new bases if earnings and sales growth remain strong.</p><p>Hotel leader <b>Marriott</b> has been less volatile and is forming a base, though earnings and sales have yet to fully recover.</p><p>Airbnb stock has had a more difficult year. It surged after going public in December but began to slump in March as competition from <b><a href=\"https://laohu8.com/S/EXPE\">Expedia</a></b> rival Vrbo rental service reduced the availability of hosts. A mixed Q1 earnings report and the end of a post-IPO lockup period also weighed on Airbnb stock, which popped up 6% Thursday on higher volume but remained 35% off its 2021 high.</p><h2><b>When Luxury Means More Privacy</b></h2><p>Luxury travel, once the purview of only the ultrarich, may have won over those who might have had the means but not the need to travel lavishly. As travelers sought to avoid crowds during the pandemic, those with the means turned to options like private jets.</p><p>Arnie Weissman, editor-in-chief of Travel Weekly, says the pandemic opened luxury travel to a wider customer base. \"Some people developed a taste for it, and it's likely to continue.\"</p><p>Kim-Marie Evans, who writes the blog \"Luxury Travel Moms\" and plans travel for high-net-worth clients, told IBD she booked a trip for a family to Anguilla.</p><p>They stayed in a four-bedroom villa at the Four Seasons. And rather than flying commercially, they used a private jet service.</p><p>Private jet bookings are at or near their pre-pandemic highs, according to Elite Traveler, citing industry tracker FlightAware's data.</p><p>In May, private jet company Wheels Up said membership jumped 58% in Q1 to nearly 10,000. And VistaJet, another leading private jet company, said membership climbed 29% from a year ago.</p><p>Private jet leasing company NetJets, which is owned by <b>Berkshire Hathaway</b>, says its flight volume dropped to as low as 10% of 2019 numbers at the start of the pandemic.</p><p>Now the company, which also offers fractional ownership of its jets, says it's operating at 85% of its 2019 volume. NetJets said in a statement that commercial airlines have reduced their schedules. Consumers also are prioritizing their health and safety, choosing the seclusion of a private jet over a packed jetliner.</p><h2><b>Vacation Shift Favors These Travel Stocks</b></h2><p>Hotel chains implemented stringent Covid-19 protocols to convince visitors their properties were clean and safe. Still, many travelers opted to rent private homes through Airbnb, where they could avoid mingling with strangers in hotel lobbies, Weismann says.</p><p>Travel trends favor Airbnb stock long term, though it currently is slumping. On May 27, analysts at RBC Capital Markets rated shares at outperform, citing secular tailwinds that have yet to be fully appreciated by the market such as its dominant customer engagement.</p><p>The pandemic also shed light on the market potential of travel stocks like Marriott, which operates home-rental service Homes &amp; Villas by Marriott International, catering to ultra premium short- and long-term stays, CFRA Research analyst Tuna Amobi says.</p><p>The Homes &amp; Villas platform, which offers professionally managed private homes, had around 2,000 units at launch less than two years ago. Today, it lists nearly 25,000 properties.</p><p>\"They're where we don't have hotels, and many of them are in more remote locations, which really was quite attractive during Covid,\" said Marriott International President Stephanie Linnartz in a recent call with investors.</p><p>Airbnb also finds that customers are visiting smaller cities, towns and rural communities — not the same 20-30 cities that were most popular pre-pandemic. People are traveling outside the peak seasons and staying longer.</p><p>\"There is a mass shift from mass travel to meaningful travel,\" CEO Chesky said.</p><h2><b>Seaworthy Travel Stocks </b></h2><p>Luxury cruising should also come back with a bang. Nearly every cruise line's around-the-world luxury voyage is fully booked two years in advance.</p><p>One cruise line, Silversea, said its 139-day around-the-world cruise sold out in a single day. The Monaco-based cruise line is owned by Royal Caribbean. The cruise costs between $74,000 and $278,000 per guest, based on double occupancy. That compares with typical fares that start at $15,000-$20,000.</p><p>But others heading out to sea want to avoid crowded ships, which have seen outbreaks of coronavirus and other infections. The National Marine Manufacturers Association says new powerboat sales surged 34% in February compared to the same time period last year.</p><p>\"Inventory levels of new boats are the leanest they've ever been, and boats are being sold as soon as they hit the marketplace as manufacturers work to fulfill the backlog of orders,\" said Vicky Yu, senior director of business intelligence for NMMA. \"While new boat sales slowed in early 2021 following record sales last year, we are still seeing elevated levels as more Americans seek out boating as a way to spend quality time with loved ones.\"</p><p>The trend has pushed up leisure and travel stocks like boat retailers MarineMax and Brunswick&nbsp;as well as sport boat maker <b>Malibu Boats</b>.</p><p>\"It's really turning out to be a great alternative for people to stay close to home and with their family and friends and enjoy the boating lifestyle,\" MarineMax CFO Michael McLamb said in a conference call after reporting earnings April 22.</p><h2><b>Travel Stocks For Being Alone Together</b></h2><p>The desire to spend more time with friends and family is also spurring RV sales. They exploded in popularity during the pandemic, and sales data this year show demand remains high.</p><p>\"The rediscovery of America will continue this summer,\" Weissman said.</p><p>The pandemic accelerated long-term trends favoring the outdoors, Winnebago CEO Michael Happe said in a March earnings call. That includes power sports, boating and RVs.</p><p>Consumer priorities have changed, he added, toward a desire to invest in experiences vs. possessions.</p><p>\"We also believe the time (spent) recently with family and friends has reinforced that they'd like to do more of that in the future,\" Happe said. \"And families and individuals will be reevaluating how they spend their leisure time going forward.\"</p><p>Airbnb pointed to another sign of this trend among leisure and travel stocks. Instead of booking studio apartments in cities, more customers are booking entire homes with more bedrooms. As a result, the number of guests per reservation has increased.</p><h2><b>Work-Life Rebalance</b></h2><p>As people pay closer attention to their well-being post-Covid, another trend to watch is high-end wellness tourism with a focus on fitness, rejuvenation and health, Weissman says. That includes yoga and spa getaways as well as packages that offer cycling and hiking activities.</p><p>Meanwhile, the work-from-home shift allowed people to rethink other aspects of their lifestyle. In particular, they can try to balance work, leisure and travel differently.</p><p>Wedbush analyst James Hardiman says \"2020 was proof of concept that people can be productive, even more productive, while working remotely.\"</p><p>Airbnb says the share of bookings longer than 28 days jumped to 24% in Q1 from 14% in 2019. The company doesn't consider this travel.</p><p>\"People are not just traveling on Airbnb,\" Chesky said. \"They're now living on Airbnb.\"</p><h2>Future Of Business Travel?</h2><p>That also has implications for business travel, which is the most lucrative segment for travel stocks like airlines.</p><p>Experts say fewer workers may fly for <a href=\"https://laohu8.com/S/AONE\">one</a>-day intracompany meetings. However, more crucial business will still require people to fly for in-person meetings.</p><p>When it's time to show up in person, Airbnb expects workers will travel together more often. That trend also has ramifications for Airbnb stock and others. Employees who work in different cities might stay in <a href=\"https://laohu8.com/S/AONE.U\">one</a> house when they visit headquarters. They could share meals together at the kitchen table in the morning or evening.</p><p>That may be a welcome change for road warriors, who pop in an out of cities and squeeze in sightseeing along the way.</p><p>\"They don't miss business travel,\" Chesky said. \"They don't miss standing in line in front of a museum or a landmark … getting a photo with a selfie stick.\"</p>","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>The Pandemic May Have Changed Vacations – And Travel Stocks Like Airbnb, Marriott, Winnebago – Forever</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\">\nThe Pandemic May Have Changed Vacations – And Travel Stocks Like Airbnb, Marriott, Winnebago – Forever\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/608dd68a89ed486e18f64efe3136266c);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Investors </p>\n<p class=\"h-time\">2021-05-28 23:30</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<p>Your next vacation will likely be more private, luxurious or family oriented than your trips in the past, and business trips may never be the same. For leisure and travel stocks like <b>Airbnb</b> that got slammed by pandemic shutdowns, the lifting of Covid curbs means adjusting to a whole new world.</p><p>Some tastes people acquired last year as they looked for escapes from lockdown are proving durable, like traveling to national parks by RV. Others, such as boating, grew out of surges in wealth that the stock market rally provided. As the summer travel season heats up, Americans are making new choices in where they go, when they go, how they get there and who joins them.</p><p>\"The world is never going back to the way it was,\" said Airbnb CEO Brian Chesky on an earnings call in May. \"And that means that travel is never going back to the way it was either.\"</p><p>One major trend is travelers have become more flexible about when and where they go, especially as remote work allows people to blur when they are on and off the clock. Airbnb stock rose May 24, when the company updated booking features, including an option to search for listings without fixed dates or locations.</p><p>And consumers aren't the only ones changing their habits. While tourism-dependent destinations suffered last year, the less-packed streets also showed locals the benefits of quieter communities.</p><p>Residents and local officials in normally packed hot spots like Italy and Hawaii are considering limiting the number of tourists. Such a seismic change could make visiting these places prohibitively expensive for many people. If the mix of travelers tilts more heavily toward the wealthy, travel stocks will nudge further toward luxury.</p><h2>Leisure, Travel Industry Stocks</h2><p>Shares across the sector have rebounded from last year's pandemic lows. The stocks' recent chart action is mixed. But many travel stocks have outperformed the market the past week and could present buying opportunities for investors.</p><p>Airline stocks&nbsp;like <b>American Airlines</b>, <b>United Airlines</b> and <b>Delta Air Lines</b> surged earlier this year on the Reddit stock short squeeze. Then they sold off because business and overseas travel remained weak. Since then, they've consolidated and are approaching buy points.</p><p>Cruise stocks like <b>Carnival</b>, <b>Royal Caribbean</b> and <b>Norwegian Cruise Line</b> are showing similar patterns.</p><p>Meanwhile, shares of boat makers <b>MarineMax</b> and <b>Brunswick</b> as well as RV makers <b>Winnebago</b> and <b>Thor Industries</b> need to regroup after some failed breakouts. They are no longer in buy zones but could form new bases if earnings and sales growth remain strong.</p><p>Hotel leader <b>Marriott</b> has been less volatile and is forming a base, though earnings and sales have yet to fully recover.</p><p>Airbnb stock has had a more difficult year. It surged after going public in December but began to slump in March as competition from <b><a href=\"https://laohu8.com/S/EXPE\">Expedia</a></b> rival Vrbo rental service reduced the availability of hosts. A mixed Q1 earnings report and the end of a post-IPO lockup period also weighed on Airbnb stock, which popped up 6% Thursday on higher volume but remained 35% off its 2021 high.</p><h2><b>When Luxury Means More Privacy</b></h2><p>Luxury travel, once the purview of only the ultrarich, may have won over those who might have had the means but not the need to travel lavishly. As travelers sought to avoid crowds during the pandemic, those with the means turned to options like private jets.</p><p>Arnie Weissman, editor-in-chief of Travel Weekly, says the pandemic opened luxury travel to a wider customer base. \"Some people developed a taste for it, and it's likely to continue.\"</p><p>Kim-Marie Evans, who writes the blog \"Luxury Travel Moms\" and plans travel for high-net-worth clients, told IBD she booked a trip for a family to Anguilla.</p><p>They stayed in a four-bedroom villa at the Four Seasons. And rather than flying commercially, they used a private jet service.</p><p>Private jet bookings are at or near their pre-pandemic highs, according to Elite Traveler, citing industry tracker FlightAware's data.</p><p>In May, private jet company Wheels Up said membership jumped 58% in Q1 to nearly 10,000. And VistaJet, another leading private jet company, said membership climbed 29% from a year ago.</p><p>Private jet leasing company NetJets, which is owned by <b>Berkshire Hathaway</b>, says its flight volume dropped to as low as 10% of 2019 numbers at the start of the pandemic.</p><p>Now the company, which also offers fractional ownership of its jets, says it's operating at 85% of its 2019 volume. NetJets said in a statement that commercial airlines have reduced their schedules. Consumers also are prioritizing their health and safety, choosing the seclusion of a private jet over a packed jetliner.</p><h2><b>Vacation Shift Favors These Travel Stocks</b></h2><p>Hotel chains implemented stringent Covid-19 protocols to convince visitors their properties were clean and safe. Still, many travelers opted to rent private homes through Airbnb, where they could avoid mingling with strangers in hotel lobbies, Weismann says.</p><p>Travel trends favor Airbnb stock long term, though it currently is slumping. On May 27, analysts at RBC Capital Markets rated shares at outperform, citing secular tailwinds that have yet to be fully appreciated by the market such as its dominant customer engagement.</p><p>The pandemic also shed light on the market potential of travel stocks like Marriott, which operates home-rental service Homes &amp; Villas by Marriott International, catering to ultra premium short- and long-term stays, CFRA Research analyst Tuna Amobi says.</p><p>The Homes &amp; Villas platform, which offers professionally managed private homes, had around 2,000 units at launch less than two years ago. Today, it lists nearly 25,000 properties.</p><p>\"They're where we don't have hotels, and many of them are in more remote locations, which really was quite attractive during Covid,\" said Marriott International President Stephanie Linnartz in a recent call with investors.</p><p>Airbnb also finds that customers are visiting smaller cities, towns and rural communities — not the same 20-30 cities that were most popular pre-pandemic. People are traveling outside the peak seasons and staying longer.</p><p>\"There is a mass shift from mass travel to meaningful travel,\" CEO Chesky said.</p><h2><b>Seaworthy Travel Stocks </b></h2><p>Luxury cruising should also come back with a bang. Nearly every cruise line's around-the-world luxury voyage is fully booked two years in advance.</p><p>One cruise line, Silversea, said its 139-day around-the-world cruise sold out in a single day. The Monaco-based cruise line is owned by Royal Caribbean. The cruise costs between $74,000 and $278,000 per guest, based on double occupancy. That compares with typical fares that start at $15,000-$20,000.</p><p>But others heading out to sea want to avoid crowded ships, which have seen outbreaks of coronavirus and other infections. The National Marine Manufacturers Association says new powerboat sales surged 34% in February compared to the same time period last year.</p><p>\"Inventory levels of new boats are the leanest they've ever been, and boats are being sold as soon as they hit the marketplace as manufacturers work to fulfill the backlog of orders,\" said Vicky Yu, senior director of business intelligence for NMMA. \"While new boat sales slowed in early 2021 following record sales last year, we are still seeing elevated levels as more Americans seek out boating as a way to spend quality time with loved ones.\"</p><p>The trend has pushed up leisure and travel stocks like boat retailers MarineMax and Brunswick&nbsp;as well as sport boat maker <b>Malibu Boats</b>.</p><p>\"It's really turning out to be a great alternative for people to stay close to home and with their family and friends and enjoy the boating lifestyle,\" MarineMax CFO Michael McLamb said in a conference call after reporting earnings April 22.</p><h2><b>Travel Stocks For Being Alone Together</b></h2><p>The desire to spend more time with friends and family is also spurring RV sales. They exploded in popularity during the pandemic, and sales data this year show demand remains high.</p><p>\"The rediscovery of America will continue this summer,\" Weissman said.</p><p>The pandemic accelerated long-term trends favoring the outdoors, Winnebago CEO Michael Happe said in a March earnings call. That includes power sports, boating and RVs.</p><p>Consumer priorities have changed, he added, toward a desire to invest in experiences vs. possessions.</p><p>\"We also believe the time (spent) recently with family and friends has reinforced that they'd like to do more of that in the future,\" Happe said. \"And families and individuals will be reevaluating how they spend their leisure time going forward.\"</p><p>Airbnb pointed to another sign of this trend among leisure and travel stocks. Instead of booking studio apartments in cities, more customers are booking entire homes with more bedrooms. As a result, the number of guests per reservation has increased.</p><h2><b>Work-Life Rebalance</b></h2><p>As people pay closer attention to their well-being post-Covid, another trend to watch is high-end wellness tourism with a focus on fitness, rejuvenation and health, Weissman says. That includes yoga and spa getaways as well as packages that offer cycling and hiking activities.</p><p>Meanwhile, the work-from-home shift allowed people to rethink other aspects of their lifestyle. In particular, they can try to balance work, leisure and travel differently.</p><p>Wedbush analyst James Hardiman says \"2020 was proof of concept that people can be productive, even more productive, while working remotely.\"</p><p>Airbnb says the share of bookings longer than 28 days jumped to 24% in Q1 from 14% in 2019. The company doesn't consider this travel.</p><p>\"People are not just traveling on Airbnb,\" Chesky said. \"They're now living on Airbnb.\"</p><h2>Future Of Business Travel?</h2><p>That also has implications for business travel, which is the most lucrative segment for travel stocks like airlines.</p><p>Experts say fewer workers may fly for <a href=\"https://laohu8.com/S/AONE\">one</a>-day intracompany meetings. However, more crucial business will still require people to fly for in-person meetings.</p><p>When it's time to show up in person, Airbnb expects workers will travel together more often. That trend also has ramifications for Airbnb stock and others. Employees who work in different cities might stay in <a href=\"https://laohu8.com/S/AONE.U\">one</a> house when they visit headquarters. They could share meals together at the kitchen table in the morning or evening.</p><p>That may be a welcome change for road warriors, who pop in an out of cities and squeeze in sightseeing along the way.</p><p>\"They don't miss business travel,\" Chesky said. \"They don't miss standing in line in front of a museum or a landmark … getting a photo with a selfie stick.\"</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"WGO":"温尼巴格实业"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2138948877","content_text":"Your next vacation will likely be more private, luxurious or family oriented than your trips in the past, and business trips may never be the same. For leisure and travel stocks like Airbnb that got slammed by pandemic shutdowns, the lifting of Covid curbs means adjusting to a whole new world.Some tastes people acquired last year as they looked for escapes from lockdown are proving durable, like traveling to national parks by RV. Others, such as boating, grew out of surges in wealth that the stock market rally provided. As the summer travel season heats up, Americans are making new choices in where they go, when they go, how they get there and who joins them.\"The world is never going back to the way it was,\" said Airbnb CEO Brian Chesky on an earnings call in May. \"And that means that travel is never going back to the way it was either.\"One major trend is travelers have become more flexible about when and where they go, especially as remote work allows people to blur when they are on and off the clock. Airbnb stock rose May 24, when the company updated booking features, including an option to search for listings without fixed dates or locations.And consumers aren't the only ones changing their habits. While tourism-dependent destinations suffered last year, the less-packed streets also showed locals the benefits of quieter communities.Residents and local officials in normally packed hot spots like Italy and Hawaii are considering limiting the number of tourists. Such a seismic change could make visiting these places prohibitively expensive for many people. If the mix of travelers tilts more heavily toward the wealthy, travel stocks will nudge further toward luxury.Leisure, Travel Industry StocksShares across the sector have rebounded from last year's pandemic lows. The stocks' recent chart action is mixed. But many travel stocks have outperformed the market the past week and could present buying opportunities for investors.Airline stocks like American Airlines, United Airlines and Delta Air Lines surged earlier this year on the Reddit stock short squeeze. Then they sold off because business and overseas travel remained weak. Since then, they've consolidated and are approaching buy points.Cruise stocks like Carnival, Royal Caribbean and Norwegian Cruise Line are showing similar patterns.Meanwhile, shares of boat makers MarineMax and Brunswick as well as RV makers Winnebago and Thor Industries need to regroup after some failed breakouts. They are no longer in buy zones but could form new bases if earnings and sales growth remain strong.Hotel leader Marriott has been less volatile and is forming a base, though earnings and sales have yet to fully recover.Airbnb stock has had a more difficult year. It surged after going public in December but began to slump in March as competition from Expedia rival Vrbo rental service reduced the availability of hosts. A mixed Q1 earnings report and the end of a post-IPO lockup period also weighed on Airbnb stock, which popped up 6% Thursday on higher volume but remained 35% off its 2021 high.When Luxury Means More PrivacyLuxury travel, once the purview of only the ultrarich, may have won over those who might have had the means but not the need to travel lavishly. As travelers sought to avoid crowds during the pandemic, those with the means turned to options like private jets.Arnie Weissman, editor-in-chief of Travel Weekly, says the pandemic opened luxury travel to a wider customer base. \"Some people developed a taste for it, and it's likely to continue.\"Kim-Marie Evans, who writes the blog \"Luxury Travel Moms\" and plans travel for high-net-worth clients, told IBD she booked a trip for a family to Anguilla.They stayed in a four-bedroom villa at the Four Seasons. And rather than flying commercially, they used a private jet service.Private jet bookings are at or near their pre-pandemic highs, according to Elite Traveler, citing industry tracker FlightAware's data.In May, private jet company Wheels Up said membership jumped 58% in Q1 to nearly 10,000. And VistaJet, another leading private jet company, said membership climbed 29% from a year ago.Private jet leasing company NetJets, which is owned by Berkshire Hathaway, says its flight volume dropped to as low as 10% of 2019 numbers at the start of the pandemic.Now the company, which also offers fractional ownership of its jets, says it's operating at 85% of its 2019 volume. NetJets said in a statement that commercial airlines have reduced their schedules. Consumers also are prioritizing their health and safety, choosing the seclusion of a private jet over a packed jetliner.Vacation Shift Favors These Travel StocksHotel chains implemented stringent Covid-19 protocols to convince visitors their properties were clean and safe. Still, many travelers opted to rent private homes through Airbnb, where they could avoid mingling with strangers in hotel lobbies, Weismann says.Travel trends favor Airbnb stock long term, though it currently is slumping. On May 27, analysts at RBC Capital Markets rated shares at outperform, citing secular tailwinds that have yet to be fully appreciated by the market such as its dominant customer engagement.The pandemic also shed light on the market potential of travel stocks like Marriott, which operates home-rental service Homes & Villas by Marriott International, catering to ultra premium short- and long-term stays, CFRA Research analyst Tuna Amobi says.The Homes & Villas platform, which offers professionally managed private homes, had around 2,000 units at launch less than two years ago. Today, it lists nearly 25,000 properties.\"They're where we don't have hotels, and many of them are in more remote locations, which really was quite attractive during Covid,\" said Marriott International President Stephanie Linnartz in a recent call with investors.Airbnb also finds that customers are visiting smaller cities, towns and rural communities — not the same 20-30 cities that were most popular pre-pandemic. People are traveling outside the peak seasons and staying longer.\"There is a mass shift from mass travel to meaningful travel,\" CEO Chesky said.Seaworthy Travel Stocks Luxury cruising should also come back with a bang. Nearly every cruise line's around-the-world luxury voyage is fully booked two years in advance.One cruise line, Silversea, said its 139-day around-the-world cruise sold out in a single day. The Monaco-based cruise line is owned by Royal Caribbean. The cruise costs between $74,000 and $278,000 per guest, based on double occupancy. That compares with typical fares that start at $15,000-$20,000.But others heading out to sea want to avoid crowded ships, which have seen outbreaks of coronavirus and other infections. The National Marine Manufacturers Association says new powerboat sales surged 34% in February compared to the same time period last year.\"Inventory levels of new boats are the leanest they've ever been, and boats are being sold as soon as they hit the marketplace as manufacturers work to fulfill the backlog of orders,\" said Vicky Yu, senior director of business intelligence for NMMA. \"While new boat sales slowed in early 2021 following record sales last year, we are still seeing elevated levels as more Americans seek out boating as a way to spend quality time with loved ones.\"The trend has pushed up leisure and travel stocks like boat retailers MarineMax and Brunswick as well as sport boat maker Malibu Boats.\"It's really turning out to be a great alternative for people to stay close to home and with their family and friends and enjoy the boating lifestyle,\" MarineMax CFO Michael McLamb said in a conference call after reporting earnings April 22.Travel Stocks For Being Alone TogetherThe desire to spend more time with friends and family is also spurring RV sales. They exploded in popularity during the pandemic, and sales data this year show demand remains high.\"The rediscovery of America will continue this summer,\" Weissman said.The pandemic accelerated long-term trends favoring the outdoors, Winnebago CEO Michael Happe said in a March earnings call. That includes power sports, boating and RVs.Consumer priorities have changed, he added, toward a desire to invest in experiences vs. possessions.\"We also believe the time (spent) recently with family and friends has reinforced that they'd like to do more of that in the future,\" Happe said. \"And families and individuals will be reevaluating how they spend their leisure time going forward.\"Airbnb pointed to another sign of this trend among leisure and travel stocks. Instead of booking studio apartments in cities, more customers are booking entire homes with more bedrooms. As a result, the number of guests per reservation has increased.Work-Life RebalanceAs people pay closer attention to their well-being post-Covid, another trend to watch is high-end wellness tourism with a focus on fitness, rejuvenation and health, Weissman says. That includes yoga and spa getaways as well as packages that offer cycling and hiking activities.Meanwhile, the work-from-home shift allowed people to rethink other aspects of their lifestyle. In particular, they can try to balance work, leisure and travel differently.Wedbush analyst James Hardiman says \"2020 was proof of concept that people can be productive, even more productive, while working remotely.\"Airbnb says the share of bookings longer than 28 days jumped to 24% in Q1 from 14% in 2019. The company doesn't consider this travel.\"People are not just traveling on Airbnb,\" Chesky said. \"They're now living on Airbnb.\"Future Of Business Travel?That also has implications for business travel, which is the most lucrative segment for travel stocks like airlines.Experts say fewer workers may fly for one-day intracompany meetings. However, more crucial business will still require people to fly for in-person meetings.When it's time to show up in person, Airbnb expects workers will travel together more often. That trend also has ramifications for Airbnb stock and others. Employees who work in different cities might stay in one house when they visit headquarters. They could share meals together at the kitchen table in the morning or evening.That may be a welcome change for road warriors, who pop in an out of cities and squeeze in sightseeing along the way.\"They don't miss business travel,\" Chesky said. \"They don't miss standing in line in front of a museum or a landmark … getting a photo with a selfie stick.\"","news_type":1},"isVote":1,"tweetType":1,"viewCount":194,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3560333139103013","authorId":"3560333139103013","name":"missychatty","avatar":"https://static.tigerbbs.com/d75cdb42cbca99e3666b7b1796540245","crmLevel":5,"crmLevelSwitch":0},"content":"Ok. Comment too","text":"Ok. Comment too","html":"Ok. Comment too"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9941082333,"gmtCreate":1679873639123,"gmtModify":1679873642913,"author":{"id":"3581590268956264","authorId":"3581590268956264","name":"Damien111","avatar":"https://community-static.tradeup.com/news/79328dd256df8bc25949678982e26fc3","crmLevel":7,"crmLevelSwitch":1},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":18,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9941082333","repostId":"2322046383","repostType":2,"repost":{"id":"2322046383","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1679872794,"share":"https://www.laohu8.com/m/news/2322046383?lang=&edition=full","pubTime":"2023-03-27 07:19","market":"us","language":"en","title":"Why the Worst Banking Mess since 2008 Isn't Freaking out Stock-Market Investors -- Yet","url":"https://stock-news.laohu8.com/highlight/detail?id=2322046383","media":"Dow Jones","summary":"Judging by the major indexes, it will take more than the Federal Reserve raising interest rates in t","content":"<html><head></head><body><p>Judging by the major indexes, it will take more than the Federal Reserve raising interest rates in the midst of the worst banking mess since the 2008 financial crisis for stock-market investors to lose their cool.</p><p>&#34;Investors are broadly assuming that regulators are going to step in and ringfence the sector if need be, and that&#39;s what keeps it from spilling over to the broader market,&#34; said Anastasia Amoroso, chief investment strategist at iCapital, in a phone interview.</p><p>There&#39;s also a second reason. Investors see the banking woes forcing the Fed to pause the rate-hike cycle or even begin cutting as early as June, she noted. An end to the yearlong rise in rates will remove a source of pressure on stock-market valuations.</p><p>But gains last week, which came amid volatile trading, aren&#39;t sending an all-clear signal, stock-market analysts and investors said.</p><p>Banking worries haven&#39;t gone away after the failure of three U.S. institutions earlier this month and UBS Group AG&#39;s (UBS) agreement to acquire troubled Swiss rival Credit Suisse (CSGN.EB) in a merger forced by regulators. Jitters were on display Friday when shares of German financial giant Deutsche Bank (DBK.XE)got drubbed.</p><p>It&#39;s the fear of runs on U.S. regional banks that still keep investors up at night. Markets might face a test Monday if investors react to Federal Reserve data released after Friday&#39;s closing bell showed deposits at small U.S. banks dropped by a record $119 billion in the weekly period ended Wednesday, March 15, following Silicon Valley Bank&#39;s collapse the preceding Friday.</p><p>That sensitivity to deposits was on display last week. U.S. Treasury Secretary Janet Yellen was blamed for a late Wednesday selloff that saw the Dow end over 500 points lower after she told lawmakers that her department hadn&#39;t considered or discussed a blanket guarantee for deposits. On Thursday, she told House lawmakers that, &#34;we would be prepared to take additional actions if warranted.&#34;</p><p>Deposits are &#34;the epicenter of the crisis of confidence&#34; in U.S. banks, said Kristina Hooper, chief global market strategist at Invesco, in a phone interview. Anything that suggests there won&#39;t be full protection for deposits is bound to worry investors in a charged environment.</p><p>Cascading runs on regional banks would stoke fears of further bank failures and the potential for a full-blown financial crisis, but short of that, pressure on deposits also underline fears the U.S. economy is headed for a credit crunch.</p><p>Speaking of a credit crunch. Deposits across banks have been under pressure after the Federal Reserve began aggressively raising interest rates roughly a year ago. Since then, deposits at all domestic banks have fallen by $663 billion, or 3.9%, as money flowed into money-market funds and bonds, noted Paul Ashworth, chief North American economist at Capital Economics, in a Friday note.</p><p>&#34;Unless banks are willing to jack up their deposit rates to prevent that flight, they will eventually have to rein in the size of their loan portfolios, with the resulting squeeze on economic activity another reason to expect a recession is coming soon,&#34; he wrote.</p><p>Related:Bank of America identifies the next bubble and says investors should sell stocks rather than buy them after the last rate increase</p><p>Meanwhile, activity in U.S. capital markets has largely dried up since Silicon Valley Bank&#39;s collapse on March 10, noted Torsten Slok, chief global economist at Apollo Global Management, in a recent note.</p><p>There was virtually no investment-grade or high-yield debt issuance and no initial public offerings on U.S. exchanges, while merger and acquisition activity since then represents completed deals that were initiated before SVB&#39;s collapse, he said (see chart above).</p><p>&#34;The longer capital markets are closed, and the longer funding spreads for banks remain elevated, the more negative the impact will be on the broader economy,&#34; Slok wrote.</p><p>The Dow Jones Industrial Average  rose 1.2% last week, ending a back-to-back run of declines. The S&amp;P 500  rose 1.4%, recouping the large-cap benchmark&#39;s March losses to turn flat on the month. The Nasdaq Composite  saw a 1.7% weekly rise, leaving the tech-heavy index up 3.2% for the month to date.</p><p>Regional bank stocks showed some signs of stability, but have yet to begin a meaningful recovery from steep March losses. The SPDR S&amp;P Regional Banking ETF <a href=\"https://laohu8.com/S/KRE\">$(KRE)$</a> eked out a 0.2% weekly gain but remains down 29.3% in March. KRE&#39;s plunge has taken it back to levels last seen in November 2020.</p><p>Look beneath the surface, and the stock market appears &#34;bifurcated,&#34; said Austin Graff, chief investment officer and founder of Opal Capital.</p><p>Much of the resilience in the broader market is attributable to gains for megacap technology stocks, which have enjoyed a flight-to-safety role, he said in a phone interview.</p><p>The megacap tech-heavy Nasdaq-100  was up 6% in March through Friday&#39;s close, according to FactSet, while regional bank shares dragged on the small-cap Russell 2000 , down 8.5% over the same stretch.</p><p>For investors, &#34;the expectation should be for continued volatility because we do have less money flowing through the economy,&#34; Graff said. There&#39;s more pain to be felt in highly levered parts of the economy that weren&#39;t prepared for the speed and scope of the Fed&#39;s aggressive rate increases, including areas like commercial real estate that are also struggling with the work-from-home phenomenon.</p><p>Graff has been buying companies in traditionally defensive sectors, such as utilities, consumer staples and healthcare, that are expected to be resilient during economic downturns.</p><p>Invesco&#39;s Hooper said it makes sense for tactical allocators to position defensively right now.</p><p>&#34;But I think there has to be a recognition that if the banking issues that we&#39;re seeing do appear to be resolved and the Fed has paused, we are likely to see a market regime shift...to a more risk-on environment,&#34; she said. That would favor &#34;overweight&#34; positions in equities, including cyclical and small-cap stocks as well as moving further out on the risk spectrum on fixed income.</p><p>The problem, she said, is the well-known difficulty in timing the market.</p><p>Amoroso at iCapital said a &#34;barbell&#34; approach would allow investors to &#34;get paid while they wait&#34; by taking advantage of decent yields in cash, short- and long-term Treasurys, corporate bonds and private credit, while at the same time using dollar-cost averaging to take advantage of opportunities where valuations have been reset to the downside.</p><p>&#34;It doesn&#39;t feel great for investors, but the reality is that we&#39;re likely trapped in a narrow range for the S&amp;P for a while,&#34; Amoroso said, &#34;until either growth breaks to the downside or inflation breaks to the downside.&#34;</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 the Worst Banking Mess since 2008 Isn't Freaking out Stock-Market Investors -- 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\">\nWhy the Worst Banking Mess since 2008 Isn't Freaking out Stock-Market Investors -- Yet\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/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2023-03-27 07:19</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Judging by the major indexes, it will take more than the Federal Reserve raising interest rates in the midst of the worst banking mess since the 2008 financial crisis for stock-market investors to lose their cool.</p><p>&#34;Investors are broadly assuming that regulators are going to step in and ringfence the sector if need be, and that&#39;s what keeps it from spilling over to the broader market,&#34; said Anastasia Amoroso, chief investment strategist at iCapital, in a phone interview.</p><p>There&#39;s also a second reason. Investors see the banking woes forcing the Fed to pause the rate-hike cycle or even begin cutting as early as June, she noted. An end to the yearlong rise in rates will remove a source of pressure on stock-market valuations.</p><p>But gains last week, which came amid volatile trading, aren&#39;t sending an all-clear signal, stock-market analysts and investors said.</p><p>Banking worries haven&#39;t gone away after the failure of three U.S. institutions earlier this month and UBS Group AG&#39;s (UBS) agreement to acquire troubled Swiss rival Credit Suisse (CSGN.EB) in a merger forced by regulators. Jitters were on display Friday when shares of German financial giant Deutsche Bank (DBK.XE)got drubbed.</p><p>It&#39;s the fear of runs on U.S. regional banks that still keep investors up at night. Markets might face a test Monday if investors react to Federal Reserve data released after Friday&#39;s closing bell showed deposits at small U.S. banks dropped by a record $119 billion in the weekly period ended Wednesday, March 15, following Silicon Valley Bank&#39;s collapse the preceding Friday.</p><p>That sensitivity to deposits was on display last week. U.S. Treasury Secretary Janet Yellen was blamed for a late Wednesday selloff that saw the Dow end over 500 points lower after she told lawmakers that her department hadn&#39;t considered or discussed a blanket guarantee for deposits. On Thursday, she told House lawmakers that, &#34;we would be prepared to take additional actions if warranted.&#34;</p><p>Deposits are &#34;the epicenter of the crisis of confidence&#34; in U.S. banks, said Kristina Hooper, chief global market strategist at Invesco, in a phone interview. Anything that suggests there won&#39;t be full protection for deposits is bound to worry investors in a charged environment.</p><p>Cascading runs on regional banks would stoke fears of further bank failures and the potential for a full-blown financial crisis, but short of that, pressure on deposits also underline fears the U.S. economy is headed for a credit crunch.</p><p>Speaking of a credit crunch. Deposits across banks have been under pressure after the Federal Reserve began aggressively raising interest rates roughly a year ago. Since then, deposits at all domestic banks have fallen by $663 billion, or 3.9%, as money flowed into money-market funds and bonds, noted Paul Ashworth, chief North American economist at Capital Economics, in a Friday note.</p><p>&#34;Unless banks are willing to jack up their deposit rates to prevent that flight, they will eventually have to rein in the size of their loan portfolios, with the resulting squeeze on economic activity another reason to expect a recession is coming soon,&#34; he wrote.</p><p>Related:Bank of America identifies the next bubble and says investors should sell stocks rather than buy them after the last rate increase</p><p>Meanwhile, activity in U.S. capital markets has largely dried up since Silicon Valley Bank&#39;s collapse on March 10, noted Torsten Slok, chief global economist at Apollo Global Management, in a recent note.</p><p>There was virtually no investment-grade or high-yield debt issuance and no initial public offerings on U.S. exchanges, while merger and acquisition activity since then represents completed deals that were initiated before SVB&#39;s collapse, he said (see chart above).</p><p>&#34;The longer capital markets are closed, and the longer funding spreads for banks remain elevated, the more negative the impact will be on the broader economy,&#34; Slok wrote.</p><p>The Dow Jones Industrial Average  rose 1.2% last week, ending a back-to-back run of declines. The S&amp;P 500  rose 1.4%, recouping the large-cap benchmark&#39;s March losses to turn flat on the month. The Nasdaq Composite  saw a 1.7% weekly rise, leaving the tech-heavy index up 3.2% for the month to date.</p><p>Regional bank stocks showed some signs of stability, but have yet to begin a meaningful recovery from steep March losses. The SPDR S&amp;P Regional Banking ETF <a href=\"https://laohu8.com/S/KRE\">$(KRE)$</a> eked out a 0.2% weekly gain but remains down 29.3% in March. KRE&#39;s plunge has taken it back to levels last seen in November 2020.</p><p>Look beneath the surface, and the stock market appears &#34;bifurcated,&#34; said Austin Graff, chief investment officer and founder of Opal Capital.</p><p>Much of the resilience in the broader market is attributable to gains for megacap technology stocks, which have enjoyed a flight-to-safety role, he said in a phone interview.</p><p>The megacap tech-heavy Nasdaq-100  was up 6% in March through Friday&#39;s close, according to FactSet, while regional bank shares dragged on the small-cap Russell 2000 , down 8.5% over the same stretch.</p><p>For investors, &#34;the expectation should be for continued volatility because we do have less money flowing through the economy,&#34; Graff said. There&#39;s more pain to be felt in highly levered parts of the economy that weren&#39;t prepared for the speed and scope of the Fed&#39;s aggressive rate increases, including areas like commercial real estate that are also struggling with the work-from-home phenomenon.</p><p>Graff has been buying companies in traditionally defensive sectors, such as utilities, consumer staples and healthcare, that are expected to be resilient during economic downturns.</p><p>Invesco&#39;s Hooper said it makes sense for tactical allocators to position defensively right now.</p><p>&#34;But I think there has to be a recognition that if the banking issues that we&#39;re seeing do appear to be resolved and the Fed has paused, we are likely to see a market regime shift...to a more risk-on environment,&#34; she said. That would favor &#34;overweight&#34; positions in equities, including cyclical and small-cap stocks as well as moving further out on the risk spectrum on fixed income.</p><p>The problem, she said, is the well-known difficulty in timing the market.</p><p>Amoroso at iCapital said a &#34;barbell&#34; approach would allow investors to &#34;get paid while they wait&#34; by taking advantage of decent yields in cash, short- and long-term Treasurys, corporate bonds and private credit, while at the same time using dollar-cost averaging to take advantage of opportunities where valuations have been reset to the downside.</p><p>&#34;It doesn&#39;t feel great for investors, but the reality is that we&#39;re likely trapped in a narrow range for the S&amp;P for a while,&#34; Amoroso said, &#34;until either growth breaks to the downside or inflation breaks to the downside.&#34;</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4535":"淡马锡持仓","SIVBQ":"硅谷银行","UBS":"瑞银","BK4534":"瑞士信贷持仓","BK4585":"ETF&股票定投概念","KRE":"区域银行指数ETF-SPDR KBW","BK4588":"碎股","SBNY":"签字银行","BK4118":"综合性资本市场"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2322046383","content_text":"Judging by the major indexes, it will take more than the Federal Reserve raising interest rates in the midst of the worst banking mess since the 2008 financial crisis for stock-market investors to lose their cool.\"Investors are broadly assuming that regulators are going to step in and ringfence the sector if need be, and that's what keeps it from spilling over to the broader market,\" said Anastasia Amoroso, chief investment strategist at iCapital, in a phone interview.There's also a second reason. Investors see the banking woes forcing the Fed to pause the rate-hike cycle or even begin cutting as early as June, she noted. An end to the yearlong rise in rates will remove a source of pressure on stock-market valuations.But gains last week, which came amid volatile trading, aren't sending an all-clear signal, stock-market analysts and investors said.Banking worries haven't gone away after the failure of three U.S. institutions earlier this month and UBS Group AG's (UBS) agreement to acquire troubled Swiss rival Credit Suisse (CSGN.EB) in a merger forced by regulators. Jitters were on display Friday when shares of German financial giant Deutsche Bank (DBK.XE)got drubbed.It's the fear of runs on U.S. regional banks that still keep investors up at night. Markets might face a test Monday if investors react to Federal Reserve data released after Friday's closing bell showed deposits at small U.S. banks dropped by a record $119 billion in the weekly period ended Wednesday, March 15, following Silicon Valley Bank's collapse the preceding Friday.That sensitivity to deposits was on display last week. U.S. Treasury Secretary Janet Yellen was blamed for a late Wednesday selloff that saw the Dow end over 500 points lower after she told lawmakers that her department hadn't considered or discussed a blanket guarantee for deposits. On Thursday, she told House lawmakers that, \"we would be prepared to take additional actions if warranted.\"Deposits are \"the epicenter of the crisis of confidence\" in U.S. banks, said Kristina Hooper, chief global market strategist at Invesco, in a phone interview. Anything that suggests there won't be full protection for deposits is bound to worry investors in a charged environment.Cascading runs on regional banks would stoke fears of further bank failures and the potential for a full-blown financial crisis, but short of that, pressure on deposits also underline fears the U.S. economy is headed for a credit crunch.Speaking of a credit crunch. Deposits across banks have been under pressure after the Federal Reserve began aggressively raising interest rates roughly a year ago. Since then, deposits at all domestic banks have fallen by $663 billion, or 3.9%, as money flowed into money-market funds and bonds, noted Paul Ashworth, chief North American economist at Capital Economics, in a Friday note.\"Unless banks are willing to jack up their deposit rates to prevent that flight, they will eventually have to rein in the size of their loan portfolios, with the resulting squeeze on economic activity another reason to expect a recession is coming soon,\" he wrote.Related:Bank of America identifies the next bubble and says investors should sell stocks rather than buy them after the last rate increaseMeanwhile, activity in U.S. capital markets has largely dried up since Silicon Valley Bank's collapse on March 10, noted Torsten Slok, chief global economist at Apollo Global Management, in a recent note.There was virtually no investment-grade or high-yield debt issuance and no initial public offerings on U.S. exchanges, while merger and acquisition activity since then represents completed deals that were initiated before SVB's collapse, he said (see chart above).\"The longer capital markets are closed, and the longer funding spreads for banks remain elevated, the more negative the impact will be on the broader economy,\" Slok wrote.The Dow Jones Industrial Average  rose 1.2% last week, ending a back-to-back run of declines. The S&P 500  rose 1.4%, recouping the large-cap benchmark's March losses to turn flat on the month. The Nasdaq Composite  saw a 1.7% weekly rise, leaving the tech-heavy index up 3.2% for the month to date.Regional bank stocks showed some signs of stability, but have yet to begin a meaningful recovery from steep March losses. The SPDR S&P Regional Banking ETF $(KRE)$ eked out a 0.2% weekly gain but remains down 29.3% in March. KRE's plunge has taken it back to levels last seen in November 2020.Look beneath the surface, and the stock market appears \"bifurcated,\" said Austin Graff, chief investment officer and founder of Opal Capital.Much of the resilience in the broader market is attributable to gains for megacap technology stocks, which have enjoyed a flight-to-safety role, he said in a phone interview.The megacap tech-heavy Nasdaq-100  was up 6% in March through Friday's close, according to FactSet, while regional bank shares dragged on the small-cap Russell 2000 , down 8.5% over the same stretch.For investors, \"the expectation should be for continued volatility because we do have less money flowing through the economy,\" Graff said. There's more pain to be felt in highly levered parts of the economy that weren't prepared for the speed and scope of the Fed's aggressive rate increases, including areas like commercial real estate that are also struggling with the work-from-home phenomenon.Graff has been buying companies in traditionally defensive sectors, such as utilities, consumer staples and healthcare, that are expected to be resilient during economic downturns.Invesco's Hooper said it makes sense for tactical allocators to position defensively right now.\"But I think there has to be a recognition that if the banking issues that we're seeing do appear to be resolved and the Fed has paused, we are likely to see a market regime shift...to a more risk-on environment,\" she said. That would favor \"overweight\" positions in equities, including cyclical and small-cap stocks as well as moving further out on the risk spectrum on fixed income.The problem, she said, is the well-known difficulty in timing the market.Amoroso at iCapital said a \"barbell\" approach would allow investors to \"get paid while they wait\" by taking advantage of decent yields in cash, short- and long-term Treasurys, corporate bonds and private credit, while at the same time using dollar-cost averaging to take advantage of opportunities where valuations have been reset to the downside.\"It doesn't feel great for investors, but the reality is that we're likely trapped in a narrow range for the S&P for a while,\" Amoroso said, \"until either growth breaks to the downside or inflation breaks to the downside.\"","news_type":1},"isVote":1,"tweetType":1,"viewCount":176,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9917254729,"gmtCreate":1665533507861,"gmtModify":1676537621612,"author":{"id":"3581590268956264","authorId":"3581590268956264","name":"Damien111","avatar":"https://community-static.tradeup.com/news/79328dd256df8bc25949678982e26fc3","crmLevel":7,"crmLevelSwitch":1},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":5,"repostSize":0,"link":"https://ttm.financial/post/9917254729","repostId":"2274059975","repostType":4,"repost":{"id":"2274059975","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1665528985,"share":"https://www.laohu8.com/m/news/2274059975?lang=&edition=full","pubTime":"2022-10-12 06:56","market":"us","language":"en","title":"US STOCKS-S&P 500, Nasdaq End Lower; BoE Comments Add to Market Jitters Late","url":"https://stock-news.laohu8.com/highlight/detail?id=2274059975","media":"Reuters","summary":"* Amgen jumps on report of Morgan Stanley upgrade* IMF expects U.S. growth this year to be a meager ","content":"<html><head></head><body><p>* Amgen jumps on report of Morgan Stanley upgrade</p><p>* IMF expects U.S. growth this year to be a meager 1.6%</p><p>* Indexes: Dow up 0.1%, S&amp;P 500 down 0.7%, Nasdaq down 1.1%</p><p>NEW YORK, Oct 11 (Reuters) - The S&amp;P 500 and Nasdaq ended lower on Tuesday, with indications from the Bank of England that it would support the country&#39;s bond market for just three more days adding to market jitters late in the session.</p><p>Trading was volatile, with investors cautious ahead of key U.S. inflation data and the start of third-quarter earnings later this week.</p><p>The Dow ended higher, helped by Amgen Inc shares, which jumped 5.7% after a report that Morgan Stanley upgraded the drugmaker&#39;s stock to &#34;overweight&#34; from &#34;equal weight.&#34;</p><p>All three major indexes fell in afternoon trading after Bank of England Governor Andrew Bailey told pension fund managers to finish rebalancing their positions by Friday when the British central bank is due to end its emergency support program for the country&#39;s bond market.</p><p>&#34;What caused the latest downturn was an announcement the Bank of England was going to stop supporting the gilt (UK bonds) market in three days,&#34; said Randy Frederick, managing director, trading and derivatives at Charles Schwab in Austin.</p><p>Earlier on Tuesday, the Pensions and Lifetime Savings Association urged the BoE to extend the bond-buying programme until Oct. 31 &#34;and possibly beyond.&#34;</p><p>Growth and technology stocks underperformed as U.S. Treasury yields rose amid concern that U.S. inflation data this week will not stop the Fed&#39;s rapid hiking of interest rates. The S&amp;P technology sector was down 1.5%.</p><p>The producer price index report is due Wednesday and consumer price index data is due Thursday.</p><p>The Dow Jones Industrial Average rose 36.31 points, or 0.12%, to 29,239.19, the S&amp;P 500 lost 23.55 points, or 0.65%, to 3,588.84 and the Nasdaq Composite dropped 115.91 points, or 1.1%, to 10,426.19.</p><p>The Fed has been aggressively raising rates to curb inflation and is expected to continue with more increases into next year.</p><p>Stocks have been hit in recent weeks by worries about how aggressive the Fed may still need to be with hiking rates and the potential impact on the economy.</p><p>The S&amp;P banks index was down 2.6% ahead of quarterly results from some major banks later this week. The reports are expected to kick off the third quarter reporting period for S&amp;P 500 companies.</p><p>Adding to recent fears about the economy, the International Monetary Fund predicted a meager 1.6% growth in the U.S. economy this year.</p><p>Declining issues outnumbered advancing ones on the NYSE by a 1.50-to-1 ratio; on Nasdaq, a 1.51-to-1 ratio favored decliners.</p><p>The S&amp;P 500 posted one new 52-week high and 104 new lows; the Nasdaq Composite recorded 33 new highs and 590 new lows.</p><p>Volume on U.S. exchanges was 11.65 billion shares, compared with the 11.73 billion average for the full session over the last 20 trading days.</p><p><img src=\"https://static.tigerbbs.com/c28602cc6e9d240d16ef10c2c14c62f0\" tg-width=\"1080\" tg-height=\"1920\" referrerpolicy=\"no-referrer\"/></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>US STOCKS-S&P 500, Nasdaq End Lower; BoE Comments Add to Market Jitters Late</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\">\nUS STOCKS-S&P 500, Nasdaq End Lower; BoE Comments Add to Market Jitters Late\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2022-10-12 06:56</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>* Amgen jumps on report of Morgan Stanley upgrade</p><p>* IMF expects U.S. growth this year to be a meager 1.6%</p><p>* Indexes: Dow up 0.1%, S&amp;P 500 down 0.7%, Nasdaq down 1.1%</p><p>NEW YORK, Oct 11 (Reuters) - The S&amp;P 500 and Nasdaq ended lower on Tuesday, with indications from the Bank of England that it would support the country&#39;s bond market for just three more days adding to market jitters late in the session.</p><p>Trading was volatile, with investors cautious ahead of key U.S. inflation data and the start of third-quarter earnings later this week.</p><p>The Dow ended higher, helped by Amgen Inc shares, which jumped 5.7% after a report that Morgan Stanley upgraded the drugmaker&#39;s stock to &#34;overweight&#34; from &#34;equal weight.&#34;</p><p>All three major indexes fell in afternoon trading after Bank of England Governor Andrew Bailey told pension fund managers to finish rebalancing their positions by Friday when the British central bank is due to end its emergency support program for the country&#39;s bond market.</p><p>&#34;What caused the latest downturn was an announcement the Bank of England was going to stop supporting the gilt (UK bonds) market in three days,&#34; said Randy Frederick, managing director, trading and derivatives at Charles Schwab in Austin.</p><p>Earlier on Tuesday, the Pensions and Lifetime Savings Association urged the BoE to extend the bond-buying programme until Oct. 31 &#34;and possibly beyond.&#34;</p><p>Growth and technology stocks underperformed as U.S. Treasury yields rose amid concern that U.S. inflation data this week will not stop the Fed&#39;s rapid hiking of interest rates. The S&amp;P technology sector was down 1.5%.</p><p>The producer price index report is due Wednesday and consumer price index data is due Thursday.</p><p>The Dow Jones Industrial Average rose 36.31 points, or 0.12%, to 29,239.19, the S&amp;P 500 lost 23.55 points, or 0.65%, to 3,588.84 and the Nasdaq Composite dropped 115.91 points, or 1.1%, to 10,426.19.</p><p>The Fed has been aggressively raising rates to curb inflation and is expected to continue with more increases into next year.</p><p>Stocks have been hit in recent weeks by worries about how aggressive the Fed may still need to be with hiking rates and the potential impact on the economy.</p><p>The S&amp;P banks index was down 2.6% ahead of quarterly results from some major banks later this week. The reports are expected to kick off the third quarter reporting period for S&amp;P 500 companies.</p><p>Adding to recent fears about the economy, the International Monetary Fund predicted a meager 1.6% growth in the U.S. economy this year.</p><p>Declining issues outnumbered advancing ones on the NYSE by a 1.50-to-1 ratio; on Nasdaq, a 1.51-to-1 ratio favored decliners.</p><p>The S&amp;P 500 posted one new 52-week high and 104 new lows; the Nasdaq Composite recorded 33 new highs and 590 new lows.</p><p>Volume on U.S. exchanges was 11.65 billion shares, compared with the 11.73 billion average for the full session over the last 20 trading days.</p><p><img src=\"https://static.tigerbbs.com/c28602cc6e9d240d16ef10c2c14c62f0\" tg-width=\"1080\" tg-height=\"1920\" referrerpolicy=\"no-referrer\"/></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2274059975","content_text":"* Amgen jumps on report of Morgan Stanley upgrade* IMF expects U.S. growth this year to be a meager 1.6%* Indexes: Dow up 0.1%, S&P 500 down 0.7%, Nasdaq down 1.1%NEW YORK, Oct 11 (Reuters) - The S&P 500 and Nasdaq ended lower on Tuesday, with indications from the Bank of England that it would support the country's bond market for just three more days adding to market jitters late in the session.Trading was volatile, with investors cautious ahead of key U.S. inflation data and the start of third-quarter earnings later this week.The Dow ended higher, helped by Amgen Inc shares, which jumped 5.7% after a report that Morgan Stanley upgraded the drugmaker's stock to \"overweight\" from \"equal weight.\"All three major indexes fell in afternoon trading after Bank of England Governor Andrew Bailey told pension fund managers to finish rebalancing their positions by Friday when the British central bank is due to end its emergency support program for the country's bond market.\"What caused the latest downturn was an announcement the Bank of England was going to stop supporting the gilt (UK bonds) market in three days,\" said Randy Frederick, managing director, trading and derivatives at Charles Schwab in Austin.Earlier on Tuesday, the Pensions and Lifetime Savings Association urged the BoE to extend the bond-buying programme until Oct. 31 \"and possibly beyond.\"Growth and technology stocks underperformed as U.S. Treasury yields rose amid concern that U.S. inflation data this week will not stop the Fed's rapid hiking of interest rates. The S&P technology sector was down 1.5%.The producer price index report is due Wednesday and consumer price index data is due Thursday.The Dow Jones Industrial Average rose 36.31 points, or 0.12%, to 29,239.19, the S&P 500 lost 23.55 points, or 0.65%, to 3,588.84 and the Nasdaq Composite dropped 115.91 points, or 1.1%, to 10,426.19.The Fed has been aggressively raising rates to curb inflation and is expected to continue with more increases into next year.Stocks have been hit in recent weeks by worries about how aggressive the Fed may still need to be with hiking rates and the potential impact on the economy.The S&P banks index was down 2.6% ahead of quarterly results from some major banks later this week. The reports are expected to kick off the third quarter reporting period for S&P 500 companies.Adding to recent fears about the economy, the International Monetary Fund predicted a meager 1.6% growth in the U.S. economy this year.Declining issues outnumbered advancing ones on the NYSE by a 1.50-to-1 ratio; on Nasdaq, a 1.51-to-1 ratio favored decliners.The S&P 500 posted one new 52-week high and 104 new lows; the Nasdaq Composite recorded 33 new highs and 590 new lows.Volume on U.S. exchanges was 11.65 billion shares, compared with the 11.73 billion average for the full session over the last 20 trading days.","news_type":1},"isVote":1,"tweetType":1,"viewCount":116,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":194269667,"gmtCreate":1621383048859,"gmtModify":1704356635566,"author":{"id":"3581590268956264","authorId":"3581590268956264","name":"Damien111","avatar":"https://community-static.tradeup.com/news/79328dd256df8bc25949678982e26fc3","crmLevel":7,"crmLevelSwitch":1},"themes":[],"htmlText":"Like n comment&nbsp;","listText":"Like n comment&nbsp;","text":"Like n comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":6,"repostSize":0,"link":"https://ttm.financial/post/194269667","repostId":"2136999458","repostType":4,"repost":{"id":"2136999458","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1621372003,"share":"https://www.laohu8.com/m/news/2136999458?lang=&edition=full","pubTime":"2021-05-19 05:06","market":"us","language":"en","title":"Wall Street closes lower on weak telecom stocks despite strong retail earnings","url":"https://stock-news.laohu8.com/highlight/detail?id=2136999458","media":"Reuters","summary":"May 18 (Reuters) - U.S. stocks ended down on Tuesday, slumping on a sharp decline in telecom stocks ","content":"<p>May 18 (Reuters) - U.S. stocks ended down on Tuesday, slumping on a sharp decline in telecom stocks and weak housing starts data that overshadowed better-than-expected earnings from Walmart and Home Depot.</p><p>AT&amp;T Inc&nbsp;shed 5.8%, among the biggest percentage decliners in the benchmark S&amp;P 500. It extended declines from Monday, when the telecoms firm said it would cut its dividend payout ratio as a result of its $43 billion media asset deal with Discovery Inc   .</p><p>T-Mobile&nbsp;and Verizon Communications    also dropped 3.71% and 1.31%.</p><p>Eight of 11 major S&amp;P sectors ended the session in the red,  with Energy    and Industrials    having largest percentage decline, according to Refinitiv data. Utilities were basically flat.</p><p>The three main indexes opened higher after Walmart, the world's biggest retailer   , raised its full-year earnings forecast and Home Depot    reported quarterly same-store sales above estimates.</p><p>\"Those are both emblematic of strength in the corporate sector and also of the consumer. I mean, you can't have Walmart and Home Depot have blowout earnings without the consumer really stepping up spending stimulus checks, adopting ecommerce, as well as getting back into stores\", said Ross Mayfield, investment strategist at Baird in Louisville, Kentucky. \"And a lot of the bull thesis for the market right now is still built on a really strong reopening of the economy.\"</p><p>Despite its strong results, Home Depot's shares went down 1.02%, under pressure due to the lack of a solid outlook and the housing data.</p><p>Latest data showed U.S. homebuilding fell more than expected in April, likely pulled down by soaring prices for lumber and other materials.</p><p>Minutes from the Fed's April policy meeting will be parsed on Wednesday for the central bank's view of the economy.</p><p>\"The market is bracing for a transition,\" said Quincy Krosby, chief market strategist at Prudential Financial in Newark, New Jersey. \"So there's a little bit of de-risking going on.\"</p><p>Wall Street has been volatile in recent days, with investors worried that an overheating economy could prompt the Federal Reserve to rein in its monetary support following a spike in volatility last week after strong inflation readings.</p><p>The Dow Jones Industrial Average    fell 267.13 points, or 0.78%, to 34,060.66, the S&amp;P 500    lost 35.46 points, or 0.85%, to 4,127.83 and the Nasdaq Composite    dropped 75.41 points, or 0.56%, to 13,303.64.</p><p>Fund managers recently trimmed their overweight positions on technology stocks to a three-year low as inflation worries left growth stocks vulnerable to a pullback, and turned overweight on UK stocks for the first time in seven years, a survey from Bank of America showed.</p><p>Volume on U.S. exchanges was 10.01 billion shares, compared with the 10.48 billion average for the full session over the last 20 trading days.</p><p>Declining issues outnumbered advancing ones on the NYSE by a 1.09-to-1 ratio; on Nasdaq, a 1.07-to-1 ratio favored advancers.</p><p>The S&amp;P 500 posted 43 new 52-week highs and no new lows; the Nasdaq Composite recorded 105 new highs and 50 new lows.</p><p><b><i>Financial</i></b><b>&nbsp;</b><b><i>Report</i></b></p><p><a href=\"https://laohu8.com/NW/2136994595\" target=\"_blank\">Take-Two stock rises following earnings beat</a></p><p><a href=\"https://laohu8.com/NW/2136994482\" target=\"_blank\">Trip.com rises 6% as first quarter brings surprise profit, revenue turnaround</a></p>","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>Wall Street closes lower on weak telecom stocks despite strong retail earnings</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\">\nWall Street closes lower on weak telecom stocks despite strong retail earnings\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2021-05-19 05:06</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>May 18 (Reuters) - U.S. stocks ended down on Tuesday, slumping on a sharp decline in telecom stocks and weak housing starts data that overshadowed better-than-expected earnings from Walmart and Home Depot.</p><p>AT&amp;T Inc&nbsp;shed 5.8%, among the biggest percentage decliners in the benchmark S&amp;P 500. It extended declines from Monday, when the telecoms firm said it would cut its dividend payout ratio as a result of its $43 billion media asset deal with Discovery Inc   .</p><p>T-Mobile&nbsp;and Verizon Communications    also dropped 3.71% and 1.31%.</p><p>Eight of 11 major S&amp;P sectors ended the session in the red,  with Energy    and Industrials    having largest percentage decline, according to Refinitiv data. Utilities were basically flat.</p><p>The three main indexes opened higher after Walmart, the world's biggest retailer   , raised its full-year earnings forecast and Home Depot    reported quarterly same-store sales above estimates.</p><p>\"Those are both emblematic of strength in the corporate sector and also of the consumer. I mean, you can't have Walmart and Home Depot have blowout earnings without the consumer really stepping up spending stimulus checks, adopting ecommerce, as well as getting back into stores\", said Ross Mayfield, investment strategist at Baird in Louisville, Kentucky. \"And a lot of the bull thesis for the market right now is still built on a really strong reopening of the economy.\"</p><p>Despite its strong results, Home Depot's shares went down 1.02%, under pressure due to the lack of a solid outlook and the housing data.</p><p>Latest data showed U.S. homebuilding fell more than expected in April, likely pulled down by soaring prices for lumber and other materials.</p><p>Minutes from the Fed's April policy meeting will be parsed on Wednesday for the central bank's view of the economy.</p><p>\"The market is bracing for a transition,\" said Quincy Krosby, chief market strategist at Prudential Financial in Newark, New Jersey. \"So there's a little bit of de-risking going on.\"</p><p>Wall Street has been volatile in recent days, with investors worried that an overheating economy could prompt the Federal Reserve to rein in its monetary support following a spike in volatility last week after strong inflation readings.</p><p>The Dow Jones Industrial Average    fell 267.13 points, or 0.78%, to 34,060.66, the S&amp;P 500    lost 35.46 points, or 0.85%, to 4,127.83 and the Nasdaq Composite    dropped 75.41 points, or 0.56%, to 13,303.64.</p><p>Fund managers recently trimmed their overweight positions on technology stocks to a three-year low as inflation worries left growth stocks vulnerable to a pullback, and turned overweight on UK stocks for the first time in seven years, a survey from Bank of America showed.</p><p>Volume on U.S. exchanges was 10.01 billion shares, compared with the 10.48 billion average for the full session over the last 20 trading days.</p><p>Declining issues outnumbered advancing ones on the NYSE by a 1.09-to-1 ratio; on Nasdaq, a 1.07-to-1 ratio favored advancers.</p><p>The S&amp;P 500 posted 43 new 52-week highs and no new lows; the Nasdaq Composite recorded 105 new highs and 50 new lows.</p><p><b><i>Financial</i></b><b>&nbsp;</b><b><i>Report</i></b></p><p><a href=\"https://laohu8.com/NW/2136994595\" target=\"_blank\">Take-Two stock rises following earnings beat</a></p><p><a href=\"https://laohu8.com/NW/2136994482\" target=\"_blank\">Trip.com rises 6% as first quarter brings surprise profit, revenue turnaround</a></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2136999458","content_text":"May 18 (Reuters) - U.S. stocks ended down on Tuesday, slumping on a sharp decline in telecom stocks and weak housing starts data that overshadowed better-than-expected earnings from Walmart and Home Depot.AT&T Inc shed 5.8%, among the biggest percentage decliners in the benchmark S&P 500. It extended declines from Monday, when the telecoms firm said it would cut its dividend payout ratio as a result of its $43 billion media asset deal with Discovery Inc   .T-Mobile and Verizon Communications    also dropped 3.71% and 1.31%.Eight of 11 major S&P sectors ended the session in the red,  with Energy    and Industrials    having largest percentage decline, according to Refinitiv data. Utilities were basically flat.The three main indexes opened higher after Walmart, the world's biggest retailer   , raised its full-year earnings forecast and Home Depot    reported quarterly same-store sales above estimates.\"Those are both emblematic of strength in the corporate sector and also of the consumer. I mean, you can't have Walmart and Home Depot have blowout earnings without the consumer really stepping up spending stimulus checks, adopting ecommerce, as well as getting back into stores\", said Ross Mayfield, investment strategist at Baird in Louisville, Kentucky. \"And a lot of the bull thesis for the market right now is still built on a really strong reopening of the economy.\"Despite its strong results, Home Depot's shares went down 1.02%, under pressure due to the lack of a solid outlook and the housing data.Latest data showed U.S. homebuilding fell more than expected in April, likely pulled down by soaring prices for lumber and other materials.Minutes from the Fed's April policy meeting will be parsed on Wednesday for the central bank's view of the economy.\"The market is bracing for a transition,\" said Quincy Krosby, chief market strategist at Prudential Financial in Newark, New Jersey. \"So there's a little bit of de-risking going on.\"Wall Street has been volatile in recent days, with investors worried that an overheating economy could prompt the Federal Reserve to rein in its monetary support following a spike in volatility last week after strong inflation readings.The Dow Jones Industrial Average    fell 267.13 points, or 0.78%, to 34,060.66, the S&P 500    lost 35.46 points, or 0.85%, to 4,127.83 and the Nasdaq Composite    dropped 75.41 points, or 0.56%, to 13,303.64.Fund managers recently trimmed their overweight positions on technology stocks to a three-year low as inflation worries left growth stocks vulnerable to a pullback, and turned overweight on UK stocks for the first time in seven years, a survey from Bank of America showed.Volume on U.S. exchanges was 10.01 billion shares, compared with the 10.48 billion average for the full session over the last 20 trading days.Declining issues outnumbered advancing ones on the NYSE by a 1.09-to-1 ratio; on Nasdaq, a 1.07-to-1 ratio favored advancers.The S&P 500 posted 43 new 52-week highs and no new lows; the Nasdaq Composite recorded 105 new highs and 50 new lows.Financial ReportTake-Two stock rises following earnings beatTrip.com rises 6% as first quarter brings surprise profit, revenue turnaround","news_type":1},"isVote":1,"tweetType":1,"viewCount":80,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9940356414,"gmtCreate":1677717236138,"gmtModify":1677717241119,"author":{"id":"3581590268956264","authorId":"3581590268956264","name":"Damien111","avatar":"https://community-static.tradeup.com/news/79328dd256df8bc25949678982e26fc3","crmLevel":7,"crmLevelSwitch":1},"themes":[],"htmlText":"L lei","listText":"L lei","text":"L lei","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":19,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9940356414","repostId":"2316241106","repostType":4,"isVote":1,"tweetType":1,"viewCount":125,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9940902993,"gmtCreate":1677632006813,"gmtModify":1677632010262,"author":{"id":"3581590268956264","authorId":"3581590268956264","name":"Damien111","avatar":"https://community-static.tradeup.com/news/79328dd256df8bc25949678982e26fc3","crmLevel":7,"crmLevelSwitch":1},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":19,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9940902993","repostId":"1144210806","repostType":4,"repost":{"id":"1144210806","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1677631017,"share":"https://www.laohu8.com/m/news/1144210806?lang=&edition=full","pubTime":"2023-03-01 08:36","market":"us","language":"en","title":"Global Dividends Hit New Heights: Companies Paid Their Shareholders $1.56 Trillion in Dividends Last Year","url":"https://stock-news.laohu8.com/highlight/detail?id=1144210806","media":"Reuters","summary":"Companies around the world paid their shareholders US$1.56 trillion in dividends last year, accordin","content":"<html><head></head><body><p>Companies around the world paid their shareholders US$1.56 trillion in dividends last year, according to a study published on Wednesday.</p><p>The total is up 8.4 per cent from 2021, the previous record year, after rebounding from the Covid-19 pandemic, according to a report by asset manager Janus Henderson.</p><p>Oil and gas producers and financial firms accounted for half of that growth, according to its Global Dividend Index, which tracks the 1,200 biggest firms by market capitalisation.</p><p>As skyrocketing energy prices boosted profits, oil and gas producers increased their payouts by more than 66 per cent in the form of ordinary or extraordinary dividends, the asset manager said.</p><p>It said 88 per cent of companies increased or held their dividends steady in 2022.</p><p>Eurozone banks used their renewed ability to pay dividends, after the European Central Bank froze them at the start of the pandemic.</p><p>Banks and other financial firms contributed to a quarter of last year’s dividend growth, the report said.</p><p>Soaring freight costs gave a boost to the transport and shipping sectors, but lower commodity prices meant mining dividends fell from their record 2021 high.</p><p>As the global economy struggles and inflation puts a strain on households around the world, the news of huge corporate profits and payouts has reignited debate about windfall taxes.</p><p>“For the year ahead, there is more uncertainty over the prospects for dividends,” said Jane Shoemake, portfolio manager at Janus Henderson.</p><p>It still expects a record US$1.6 trillion in dividends paid out, but with a slower growth rate of 2.3 per cent.</p><p>“Inflation, the extent of further rate hikes, and geopolitical risks all cloud the horizon,” Shoemake said.</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>Global Dividends Hit New Heights: Companies Paid Their Shareholders $1.56 Trillion in Dividends Last Year</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\">\nGlobal Dividends Hit New Heights: Companies Paid Their Shareholders $1.56 Trillion in Dividends Last Year\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2023-03-01 08:36</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Companies around the world paid their shareholders US$1.56 trillion in dividends last year, according to a study published on Wednesday.</p><p>The total is up 8.4 per cent from 2021, the previous record year, after rebounding from the Covid-19 pandemic, according to a report by asset manager Janus Henderson.</p><p>Oil and gas producers and financial firms accounted for half of that growth, according to its Global Dividend Index, which tracks the 1,200 biggest firms by market capitalisation.</p><p>As skyrocketing energy prices boosted profits, oil and gas producers increased their payouts by more than 66 per cent in the form of ordinary or extraordinary dividends, the asset manager said.</p><p>It said 88 per cent of companies increased or held their dividends steady in 2022.</p><p>Eurozone banks used their renewed ability to pay dividends, after the European Central Bank froze them at the start of the pandemic.</p><p>Banks and other financial firms contributed to a quarter of last year’s dividend growth, the report said.</p><p>Soaring freight costs gave a boost to the transport and shipping sectors, but lower commodity prices meant mining dividends fell from their record 2021 high.</p><p>As the global economy struggles and inflation puts a strain on households around the world, the news of huge corporate profits and payouts has reignited debate about windfall taxes.</p><p>“For the year ahead, there is more uncertainty over the prospects for dividends,” said Jane Shoemake, portfolio manager at Janus Henderson.</p><p>It still expects a record US$1.6 trillion in dividends paid out, but with a slower growth rate of 2.3 per cent.</p><p>“Inflation, the extent of further rate hikes, and geopolitical risks all cloud the horizon,” Shoemake said.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1144210806","content_text":"Companies around the world paid their shareholders US$1.56 trillion in dividends last year, according to a study published on Wednesday.The total is up 8.4 per cent from 2021, the previous record year, after rebounding from the Covid-19 pandemic, according to a report by asset manager Janus Henderson.Oil and gas producers and financial firms accounted for half of that growth, according to its Global Dividend Index, which tracks the 1,200 biggest firms by market capitalisation.As skyrocketing energy prices boosted profits, oil and gas producers increased their payouts by more than 66 per cent in the form of ordinary or extraordinary dividends, the asset manager said.It said 88 per cent of companies increased or held their dividends steady in 2022.Eurozone banks used their renewed ability to pay dividends, after the European Central Bank froze them at the start of the pandemic.Banks and other financial firms contributed to a quarter of last year’s dividend growth, the report said.Soaring freight costs gave a boost to the transport and shipping sectors, but lower commodity prices meant mining dividends fell from their record 2021 high.As the global economy struggles and inflation puts a strain on households around the world, the news of huge corporate profits and payouts has reignited debate about windfall taxes.“For the year ahead, there is more uncertainty over the prospects for dividends,” said Jane Shoemake, portfolio manager at Janus Henderson.It still expects a record US$1.6 trillion in dividends paid out, but with a slower growth rate of 2.3 per cent.“Inflation, the extent of further rate hikes, and geopolitical risks all cloud the horizon,” Shoemake said.","news_type":1},"isVote":1,"tweetType":1,"viewCount":46,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9958702276,"gmtCreate":1673822713495,"gmtModify":1676538889054,"author":{"id":"3581590268956264","authorId":"3581590268956264","name":"Damien111","avatar":"https://community-static.tradeup.com/news/79328dd256df8bc25949678982e26fc3","crmLevel":7,"crmLevelSwitch":1},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":15,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/9958702276","repostId":"1173773008","repostType":4,"repost":{"id":"1173773008","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":1673837089,"share":"https://www.laohu8.com/m/news/1173773008?lang=&edition=full","pubTime":"2023-01-16 10:44","market":"us","language":"en","title":"Reminder: U.S. Market is Closed for Martin Luther King Day on Monday, Jan.16, 2023","url":"https://stock-news.laohu8.com/highlight/detail?id=1173773008","media":"Tiger Newspress","summary":"Martin Luther King Day has arrived. The U.S. market is closed on Monday, Jan.16, 2023. Please take n","content":"<html><head></head><body><p>Martin Luther King Day has arrived. The U.S. market is closed on Monday, Jan.16, 2023. Please take note of the trading arrangements during the holiday period and make the necessary preparations in advance.</p><p><img src=\"https://static.tigerbbs.com/b7e7bd8e1185d50c2f408c41e4b734d9\" tg-width=\"500\" tg-height=\"336\" referrerpolicy=\"no-referrer\"/></p><h3>Background</h3><p>Martin Luther King Day, or Martin Luther King Jr. Day, is observed on the third Monday of January every year.</p><p>Martin Luther King Day is held in honor of Martin Luther King Jr., the famous civil rights leader who was born in 1929.</p><p>He organized the popular march on Washington for jobs and freedom to highlight the daily struggles of African Americans in 1963 with the support of various civil rights and religious groups.</p><p>Almost over 25,000 people took part in this protest and it ended at the Lincoln Memorial where the crowd gathered to listen to MLK&#39;s &#34;I Have A Dream&#34; speech that influences peace and equality. MLK&#39;s &#34;I Have A Dream&#34; speech that influences peace and equality.</p><p>It contributed to the passing of the Civil Rights Act of 1964, outlawing discrimination based on color, religion, sex, or national origin.</p><p>He was also the youngest person to receive the Noble Peace Prize in 1964.</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>Reminder: U.S. Market is Closed for Martin Luther King Day on Monday, Jan.16, 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\">\nReminder: U.S. Market is Closed for Martin Luther King Day on Monday, Jan.16, 2023\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\">2023-01-16 10:44</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Martin Luther King Day has arrived. The U.S. market is closed on Monday, Jan.16, 2023. Please take note of the trading arrangements during the holiday period and make the necessary preparations in advance.</p><p><img src=\"https://static.tigerbbs.com/b7e7bd8e1185d50c2f408c41e4b734d9\" tg-width=\"500\" tg-height=\"336\" referrerpolicy=\"no-referrer\"/></p><h3>Background</h3><p>Martin Luther King Day, or Martin Luther King Jr. Day, is observed on the third Monday of January every year.</p><p>Martin Luther King Day is held in honor of Martin Luther King Jr., the famous civil rights leader who was born in 1929.</p><p>He organized the popular march on Washington for jobs and freedom to highlight the daily struggles of African Americans in 1963 with the support of various civil rights and religious groups.</p><p>Almost over 25,000 people took part in this protest and it ended at the Lincoln Memorial where the crowd gathered to listen to MLK&#39;s &#34;I Have A Dream&#34; speech that influences peace and equality. MLK&#39;s &#34;I Have A Dream&#34; speech that influences peace and equality.</p><p>It contributed to the passing of the Civil Rights Act of 1964, outlawing discrimination based on color, religion, sex, or national origin.</p><p>He was also the youngest person to receive the Noble Peace Prize in 1964.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1173773008","content_text":"Martin Luther King Day has arrived. The U.S. market is closed on Monday, Jan.16, 2023. Please take note of the trading arrangements during the holiday period and make the necessary preparations in advance.BackgroundMartin Luther King Day, or Martin Luther King Jr. Day, is observed on the third Monday of January every year.Martin Luther King Day is held in honor of Martin Luther King Jr., the famous civil rights leader who was born in 1929.He organized the popular march on Washington for jobs and freedom to highlight the daily struggles of African Americans in 1963 with the support of various civil rights and religious groups.Almost over 25,000 people took part in this protest and it ended at the Lincoln Memorial where the crowd gathered to listen to MLK's \"I Have A Dream\" speech that influences peace and equality. MLK's \"I Have A Dream\" speech that influences peace and equality.It contributed to the passing of the Civil Rights Act of 1964, outlawing discrimination based on color, religion, sex, or national origin.He was also the youngest person to receive the Noble Peace Prize in 1964.","news_type":1},"isVote":1,"tweetType":1,"viewCount":16,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9951735547,"gmtCreate":1673565009089,"gmtModify":1676538856085,"author":{"id":"3581590268956264","authorId":"3581590268956264","name":"Damien111","avatar":"https://community-static.tradeup.com/news/79328dd256df8bc25949678982e26fc3","crmLevel":7,"crmLevelSwitch":1},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":15,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/9951735547","repostId":"2303810335","repostType":4,"repost":{"id":"2303810335","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1673563390,"share":"https://www.laohu8.com/m/news/2303810335?lang=&edition=full","pubTime":"2023-01-13 06:43","market":"us","language":"en","title":"Wall St Ends up As Data Suggests Inflation May Be on Downward Trend","url":"https://stock-news.laohu8.com/highlight/detail?id=2303810335","media":"Reuters","summary":"* U.S. consumer prices fall in December* Quarterly results from big banks due Friday* Indexes: Dow u","content":"<html><head></head><body><p>* U.S. consumer prices fall in December</p><p>* Quarterly results from big banks due Friday</p><p>* Indexes: Dow up 0.6%, S&amp;P 500 up 0.3%, Nasdaq up 0.6%</p><p><img src=\"https://static.tigerbbs.com/bf60bcb8f2706d6f09a78f5d65623af7\" tg-width=\"1080\" tg-height=\"1920\" width=\"100%\" height=\"auto\"/></p><p>NEW YORK, Jan 12 (Reuters) - U.S. stocks closed slightly higher on Thursday as data showing a fall in consumer prices in December bolstered expectations of less aggressive interest rate hikes from the Federal Reserve.</p><p>U.S consumer prices fell for the first time in more than 2-1/2 years in December, the report showed, giving some hope that inflation was now on a sustained downward trend.</p><p>&#34;Most investors are seeing inflation come down. That&#39;s a positive sign, and I would expect earnings to be decent,&#34; said Gary Bradshaw, portfolio manager at Hodges Capital Management in Dallas, Texas.</p><p>Friday brings results from a number of big U.S. banks, kicking off the start of the fourth-quarter earnings season for S&amp;P 500 companies.</p><p>Trading was choppy following the CPI data. Rents remained very high in the report, while the labor market remains tight, and inflation is still well above the Fed&#39;s target.</p><p>A separate report on Thursday showed weekly jobless claims fell last week.</p><p>But some strategists said the slowdown in U.S. inflation may pave the way for the Fed to be able to bring down consumer prices without badly damaging growth.</p><p>Traders&#39; bets of a 25-basis point rate hike by the Fed in February shot up to 91% after the data, from 77% previously.</p><p>Microsoft shares rose 1.2%, providing the biggest boost to the S&amp;P 500 and Nasdaq, while energy shares also were higher along with oil prices. Energy rose 1.9% and was the day&#39;s best performer among sectors.</p><p>The Dow Jones Industrial Average rose 216.96 points, or 0.64%, to 34,189.97, the S&amp;P 500 gained 13.56 points, or 0.34%, to 3,983.17 and the Nasdaq Composite added 69.43 points, or 0.64%, to 11,001.10.</p><p>The S&amp;P 500 is now up 3.7% for the year so far.</p><p>&#34;The (CPI) report confirms that inflation is in a downward trend and that it has reversed,&#34; said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.</p><p>Philadelphia Fed President Patrick Harker and St. Louis Fed President James Bullard acknowledged the moderation in prices, but stressed on the need for further monetary policy tightening to bring inflation down to the central bank&#39;s target.</p><p>The Fed raised the key rate by 50 basis points in December, after four back-to-back 75-bps hikes.</p><p>Big U.S. banks are forecast to report lower fourth-quarter profits, as lenders stockpile funds to prepare for an economic slowdown.</p><p>Also, overall S&amp;P 500 earnings are expected to have declined year-over-year in the fourth quarter, according to IBES data from Refinitiv, which would be the first quarterly U.S. earnings decline since 2020.</p><p>Tesla Inc shares ended near flat after Bloomberg, citing people familiar with the matter, reported the carmaker has delayed plans to expand its Shanghai factory.</p><p>Volume on U.S. exchanges was 12.14 billion shares, compared with the 10.88 billion average for the full session over the last 20 trading days.</p><p>Advancing issues outnumbered declining ones on the NYSE by a 3.75-to-1 ratio; on Nasdaq, a 2.50-to-1 ratio favored advancers.</p><p>The S&amp;P 500 posted 14 new 52-week highs and one new low; the Nasdaq Composite recorded 96 new highs and 16 new lows.</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>Wall St Ends up As Data Suggests Inflation May Be on Downward Trend</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\">\nWall St Ends up As Data Suggests Inflation May Be on Downward Trend\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2023-01-13 06:43</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>* U.S. consumer prices fall in December</p><p>* Quarterly results from big banks due Friday</p><p>* Indexes: Dow up 0.6%, S&amp;P 500 up 0.3%, Nasdaq up 0.6%</p><p><img src=\"https://static.tigerbbs.com/bf60bcb8f2706d6f09a78f5d65623af7\" tg-width=\"1080\" tg-height=\"1920\" width=\"100%\" height=\"auto\"/></p><p>NEW YORK, Jan 12 (Reuters) - U.S. stocks closed slightly higher on Thursday as data showing a fall in consumer prices in December bolstered expectations of less aggressive interest rate hikes from the Federal Reserve.</p><p>U.S consumer prices fell for the first time in more than 2-1/2 years in December, the report showed, giving some hope that inflation was now on a sustained downward trend.</p><p>&#34;Most investors are seeing inflation come down. That&#39;s a positive sign, and I would expect earnings to be decent,&#34; said Gary Bradshaw, portfolio manager at Hodges Capital Management in Dallas, Texas.</p><p>Friday brings results from a number of big U.S. banks, kicking off the start of the fourth-quarter earnings season for S&amp;P 500 companies.</p><p>Trading was choppy following the CPI data. Rents remained very high in the report, while the labor market remains tight, and inflation is still well above the Fed&#39;s target.</p><p>A separate report on Thursday showed weekly jobless claims fell last week.</p><p>But some strategists said the slowdown in U.S. inflation may pave the way for the Fed to be able to bring down consumer prices without badly damaging growth.</p><p>Traders&#39; bets of a 25-basis point rate hike by the Fed in February shot up to 91% after the data, from 77% previously.</p><p>Microsoft shares rose 1.2%, providing the biggest boost to the S&amp;P 500 and Nasdaq, while energy shares also were higher along with oil prices. Energy rose 1.9% and was the day&#39;s best performer among sectors.</p><p>The Dow Jones Industrial Average rose 216.96 points, or 0.64%, to 34,189.97, the S&amp;P 500 gained 13.56 points, or 0.34%, to 3,983.17 and the Nasdaq Composite added 69.43 points, or 0.64%, to 11,001.10.</p><p>The S&amp;P 500 is now up 3.7% for the year so far.</p><p>&#34;The (CPI) report confirms that inflation is in a downward trend and that it has reversed,&#34; said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.</p><p>Philadelphia Fed President Patrick Harker and St. Louis Fed President James Bullard acknowledged the moderation in prices, but stressed on the need for further monetary policy tightening to bring inflation down to the central bank&#39;s target.</p><p>The Fed raised the key rate by 50 basis points in December, after four back-to-back 75-bps hikes.</p><p>Big U.S. banks are forecast to report lower fourth-quarter profits, as lenders stockpile funds to prepare for an economic slowdown.</p><p>Also, overall S&amp;P 500 earnings are expected to have declined year-over-year in the fourth quarter, according to IBES data from Refinitiv, which would be the first quarterly U.S. earnings decline since 2020.</p><p>Tesla Inc shares ended near flat after Bloomberg, citing people familiar with the matter, reported the carmaker has delayed plans to expand its Shanghai factory.</p><p>Volume on U.S. exchanges was 12.14 billion shares, compared with the 10.88 billion average for the full session over the last 20 trading days.</p><p>Advancing issues outnumbered declining ones on the NYSE by a 3.75-to-1 ratio; on Nasdaq, a 2.50-to-1 ratio favored advancers.</p><p>The S&amp;P 500 posted 14 new 52-week highs and one new low; the Nasdaq Composite recorded 96 new highs and 16 new lows.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4079":"房地产服务","BK4581":"高盛持仓","BK4550":"红杉资本持仓","BK4539":"次新股","BK4559":"巴菲特持仓",".DJI":"道琼斯","MSFT":"微软","BK4504":"桥水持仓","BK4585":"ETF&股票定投概念","BK4534":"瑞士信贷持仓",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index","TSLA":"特斯拉"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2303810335","content_text":"* U.S. consumer prices fall in December* Quarterly results from big banks due Friday* Indexes: Dow up 0.6%, S&P 500 up 0.3%, Nasdaq up 0.6%NEW YORK, Jan 12 (Reuters) - U.S. stocks closed slightly higher on Thursday as data showing a fall in consumer prices in December bolstered expectations of less aggressive interest rate hikes from the Federal Reserve.U.S consumer prices fell for the first time in more than 2-1/2 years in December, the report showed, giving some hope that inflation was now on a sustained downward trend.\"Most investors are seeing inflation come down. That's a positive sign, and I would expect earnings to be decent,\" said Gary Bradshaw, portfolio manager at Hodges Capital Management in Dallas, Texas.Friday brings results from a number of big U.S. banks, kicking off the start of the fourth-quarter earnings season for S&P 500 companies.Trading was choppy following the CPI data. Rents remained very high in the report, while the labor market remains tight, and inflation is still well above the Fed's target.A separate report on Thursday showed weekly jobless claims fell last week.But some strategists said the slowdown in U.S. inflation may pave the way for the Fed to be able to bring down consumer prices without badly damaging growth.Traders' bets of a 25-basis point rate hike by the Fed in February shot up to 91% after the data, from 77% previously.Microsoft shares rose 1.2%, providing the biggest boost to the S&P 500 and Nasdaq, while energy shares also were higher along with oil prices. Energy rose 1.9% and was the day's best performer among sectors.The Dow Jones Industrial Average rose 216.96 points, or 0.64%, to 34,189.97, the S&P 500 gained 13.56 points, or 0.34%, to 3,983.17 and the Nasdaq Composite added 69.43 points, or 0.64%, to 11,001.10.The S&P 500 is now up 3.7% for the year so far.\"The (CPI) report confirms that inflation is in a downward trend and that it has reversed,\" said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.Philadelphia Fed President Patrick Harker and St. Louis Fed President James Bullard acknowledged the moderation in prices, but stressed on the need for further monetary policy tightening to bring inflation down to the central bank's target.The Fed raised the key rate by 50 basis points in December, after four back-to-back 75-bps hikes.Big U.S. banks are forecast to report lower fourth-quarter profits, as lenders stockpile funds to prepare for an economic slowdown.Also, overall S&P 500 earnings are expected to have declined year-over-year in the fourth quarter, according to IBES data from Refinitiv, which would be the first quarterly U.S. earnings decline since 2020.Tesla Inc shares ended near flat after Bloomberg, citing people familiar with the matter, reported the carmaker has delayed plans to expand its Shanghai factory.Volume on U.S. exchanges was 12.14 billion shares, compared with the 10.88 billion average for the full session over the last 20 trading days.Advancing issues outnumbered declining ones on the NYSE by a 3.75-to-1 ratio; on Nasdaq, a 2.50-to-1 ratio favored advancers.The S&P 500 posted 14 new 52-week highs and one new low; the Nasdaq Composite recorded 96 new highs and 16 new lows.","news_type":1},"isVote":1,"tweetType":1,"viewCount":59,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9957597965,"gmtCreate":1677374843457,"gmtModify":1677374847508,"author":{"id":"3581590268956264","authorId":"3581590268956264","name":"Damien111","avatar":"https://community-static.tradeup.com/news/79328dd256df8bc25949678982e26fc3","crmLevel":7,"crmLevelSwitch":1},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":18,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9957597965","repostId":"1117520516","repostType":4,"repost":{"id":"1117520516","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":1677334099,"share":"https://www.laohu8.com/m/news/1117520516?lang=&edition=full","pubTime":"2023-02-25 22:08","market":"us","language":"en","title":"Buffett’s Annual Letter: Berkshire Will Always Hold a Boatload of Cash and U.S. Treasury Bills","url":"https://stock-news.laohu8.com/highlight/detail?id=1117520516","media":"Tiger Newspress","summary":"Warren Buffett is still betting on America.Stocks and bonds slumped in 2022 after central banks rais","content":"<html><head></head><body><p>Warren Buffett is still betting on America.</p><p>Stocks and bonds slumped in 2022 after central banks raised interest rates at a rapid pace to try to rein in inflation. But Mr. Buffett retained his sense of optimism in his annual letter to investors Saturday, saying he attributes much of his success over the years to the resilience of the U.S. economy.</p><p>“I have been investing for 80 years—more than one-third of our country’s lifetime. Despite our citizens’ penchant—almost enthusiasm—for self-criticism and self-doubt, I have yet to see a time when it made sense to make a long-term bet against America,” Mr. Buffett said in the letter.</p><p>Mr. Buffett, widely regarded as one of the world’s top investors, has been publishing the letters for more than half a century. Over that time, he hasn’t just reflected on the past year for his company, Berkshire Hathaway Inc., but also shared his thoughts on everything from esoteric accounting rules to his aversion to excessive risk-taking.</p><p>Saturday’s letter offered readers a glimpse into how Mr. Buffett, 92, viewed what wound up being a shaky stretch for markets.</p><p>The volatility offered Berkshire an opportunity to jump in and buy stocks. While Berkshire largely bought back its own shares in 2021, it focused more in 2022 on investing in other companies—opening up new positions in media company Paramount Global and building-materials manufacturer Louisiana-Pacific Corp., among other businesses, and swiftly becoming Occidental Petroleum Corp.’s single biggest shareholder.</p><p>As of the end of 2022, Berkshire was the largest shareholder of eight companies—American Express Co., Bank of America Corp., Chevron Corp., Coca-Cola Co., HP Inc., Moody’s Corp., Occidental and Paramount Global.</p><p>“America would have done fine without Berkshire. The reverse is not true,” Mr. Buffett said.</p><p>Berkshire also released its results for 2022 on Saturday.</p><p>The Omaha, Neb., company, which owns businesses including insurer Geico, railroad BNSF Railway and chocolate maker See’s Candies, posted a loss of $22.82 billion for the year, stung by $67.9 billion in investment and derivative contract losses. In 2021, Berkshire posted a profit of $90.8 billion.</p><p>Total revenue rose 9.4% to $302.1 billion.</p><p>Berkshire’s operating earnings, which exclude some investment results, rose to a record $30.8 billion.</p><p>Mr. Buffett, Berkshire’s chief executive, has long held that operating earnings are a better reflection of how Berkshire is doing, since accounting rules require the company to include unrealized gains and losses from its massive investment portfolio in its net income. Volatile markets can make Berkshire’s net income change substantially from quarter to quarter, regardless of how its underlying businesses are doing.</p><p>“Capital gains, to be sure, have been hugely important to Berkshire over past decades, and we expect them to be meaningfully positive in future decades,” Mr. Buffett said in his letter. “But their quarter-by-quarter gyrations, regularly and mindlessly headlined by media, totally misinform investors,” he said, adding that he and his right-hand man Charlie Munger urged shareholders to focus instead on Berkshire’s operating earnings, which rose to a record for the full year in 2022.</p><h2>Read the full letter here:</h2><p>To the Shareholders of Berkshire Hathaway Inc.:</p><p>Charlie Munger, my long-time partner, and I have the job of managing the savings of a great number of individuals. We are grateful for their enduring trust, a relationship that often spans much of their adult lifetime. It is those dedicated savers that are forefront in my mind as I write this letter.</p><p>A common belief is that people choose to save when young, expecting thereby to maintain their living standards after retirement. Any assets that remain at death, this theory says, will usually be left to their families or, possibly, to friends and philanthropy.</p><p>Our experience has differed. We believe Berkshire’s individual holders largely to be of the once-a-saver, always-a-saver variety. Though these people live well, they eventually dispense most of their funds to philanthropic organizations. These, in turn, redistribute the funds by expenditures intended to improve the lives of a great many people who are unrelated to the original benefactor. Sometimes, the results have been spectacular.</p><p>The disposition of money unmasks humans. Charlie and I watch with pleasure the vast flow of Berkshire-generated funds to public needs and, alongside, the infrequency with which our shareholders opt for look-at-me assets and dynasty-building.</p><p>Who wouldn’t enjoy working for shareholders like ours?</p><h2>What We Do</h2><p>Charlie and I allocate your savings at Berkshire between two related forms of ownership. First, we invest in businesses that we control, usually buying 100% of each. Berkshire directs capital allocation at these subsidiaries and selects the CEOs who make day-by-day operating decisions. When large enterprises are being managed, both trust and rules are essential. Berkshire emphasizes the former to an unusual – some would say extreme – degree. Disappointments are inevitable. We are understanding about business mistakes; our tolerance for personal misconduct is zero.</p><p>In our second category of ownership, we buy publicly-traded stocks through which we passively own pieces of businesses. Holding these investments, we have no say in management.</p><p>Our goal in both forms of ownership is to make meaningful investments in businesses with both long-lasting favorable economic characteristics and trustworthy managers. Please note particularly that we own publicly-traded stocks based on our expectations about their long-term business performance, not because we view them as vehicles for adroit purchases and sales. That point is crucial: Charlie and I are not stock-pickers; we are business-pickers.</p><p>Over the years, I have made many mistakes. Consequently, our extensive collection of businesses currently consists of a few enterprises that have truly extraordinary economics, many that enjoy very good economic characteristics, and a large group that are marginal. Along the way, other businesses in which I have invested have died, their products unwanted by the public. Capitalism has two sides: The system creates an ever-growing pile of losers while concurrently delivering a gusher of improved goods and services. Schumpeter called this phenomenon “creative destruction.”</p><p>One advantage of our publicly-traded segment is that – episodically – it becomes easy to buy pieces of wonderful businesses at wonderful prices. It’s crucial to understand that stocks often trade at truly foolish prices, both high and low. “Efficient” markets exist only in textbooks. In truth, marketable stocks and bonds are baffling, their behavior usually understandable only in retrospect.</p><p>Controlled businesses are a different breed. They sometimes command ridiculously higher prices than justified but are almost never available at bargain valuations. Unless under duress, the owner of a controlled business gives no thought to selling at a panic-type valuation.</p><p>* * * * * * * * * * * *</p><p>At this point, a report card from me is appropriate: In 58 years of Berkshire management, most of my capital-allocation decisions have been no better than so-so. In some cases, also, bad moves by me have been rescued by very large doses of luck. (Remember our escapes from near-disasters at USAir and Salomon? I certainly do.)</p><p>Our satisfactory results have been the product of about a dozen truly good decisions – that would be about one every five years – and a sometimes-forgotten advantage that favors long-term investors such as Berkshire. Let’s take a peek behind the curtain.</p><h2>The Secret Sauce</h2><p>In August 1994 – yes, 1994 – Berkshire completed its seven-year purchase of the 400 million shares of Coca-Cola we now own. The total cost was $1.3 billion – then a very meaningful sum at Berkshire.</p><p>The cash dividend we received from Coke in 1994 was $75 million. By 2022, the dividend had increased to $704 million. Growth occurred every year, just as certain as birthdays. All Charlie and I were required to do was cash Coke’s quarterly dividend checks. We expect that those checks are highly likely to grow.</p><p>American Express is much the same story. Berkshire’s purchases of Amex were essentially completed in 1995 and, coincidentally, also cost $1.3 billion. Annual dividends received from this investment have grown from $41 million to $302 million. Those checks, too, seem highly likely to increase.</p><p>These dividend gains, though pleasing, are far from spectacular. But they bring with them important gains in stock prices. At yearend, our Coke investment was valued at $25 billion while Amex was recorded at $22 billion. Each holding now accounts for roughly 5% of Berkshire’s net worth, akin to its weighting long ago.</p><p>Assume, for a moment, I had made a similarly-sized investment mistake in the 1990s, one that flat-lined and simply retained its $1.3 billion value in 2022. (An example would be a high-grade 30-year bond.) That disappointing investment would now represent an insignificant 0.3% of Berkshire’s net worth and would be delivering to us an unchanged $80 million or so of annual income.</p><p>The lesson for investors: The weeds wither away in significance as the flowers bloom. Over time, it takes just a few winners to work wonders. And, yes, it helps to start early and live into your 90s as well.</p><h2>The Past Year in Brief</h2><p>Berkshire had a good year in 2022. The company’s operating earnings – our term for income calculated using Generally Accepted Accounting Principles (“GAAP”), exclusive of capital gains or losses from equity holdings – set a record at $30.8 billion. Charlie and I focus on this operational figure and urge you to do so as well. The GAAP figure, absent our adjustment, fluctuates wildly and capriciously at every reporting date. Note its acrobatic behavior in 2022, which is in no way unusual:</p><p><img src=\"https://static.tigerbbs.com/69e74650656620f9fa3f1e55c15a90e5\" tg-width=\"797\" tg-height=\"207\" width=\"100%\" height=\"auto\"/></p><p>The GAAP earnings are 100% misleading when viewed quarterly or even annually. Capital gains, to be sure, have been hugely important to Berkshire over past decades, and we expect them to be meaningfully positive in future decades. But their quarter-by-quarter gyrations, regularly and mindlessly headlined by media, totally misinform investors.</p><p>A second positive development for Berkshire last year was our purchase of Alleghany Corporation, a property-casualty insurer captained by Joe Brandon. I’ve worked with Joe in the past, and he understands both Berkshire  and insurance. Alleghany delivers special value to us because Berkshire’s unmatched financial strength allows its insurance subsidiaries to follow valuable and enduring investment strategies unavailable to virtually all competitors.</p><p>Aided by Alleghany, our insurance float increased during 2022 from $147 billion to $164 billion. With disciplined underwriting, these funds have a decent chance of being cost-free over time. Since purchasing our first property-casualty insurer in 1967, Berkshire’s float has increased 8,000-fold through acquisitions, operations and innovations. Though not recognized in our financial statements, this float has been an extraordinary asset for Berkshire. New shareholders can get an understanding of its value by reading our annually updated explanation of float on page A-2.</p><p>* * * * * * * * * * * *</p><p>A very minor gain in per-share intrinsic value took place in 2022 through Berkshire share repurchases as well as similar moves at Apple and American Express, both significant investees of ours. At Berkshire, we directly increased your interest in our unique collection of businesses by repurchasing 1.2% of the company’s outstanding shares. At Apple and Amex, repurchases increased Berkshire’s ownership a bit without any cost to us.</p><p>The math isn’t complicated: When the share count goes down, your interest in our many businesses goes up. Every small bit helps if repurchases are made at value-accretive prices. Just as surely, when a company overpays for repurchases, the continuing shareholders lose. At such times, gains flow only to the selling shareholders and to the friendly, but expensive, investment banker who recommended the foolish purchases.</p><p>Gains from value-accretive repurchases, it should be emphasized, benefit all owners – in every respect. Imagine, if you will, three fully-informed shareholders of a local auto dealership, one of whom manages the business. Imagine, further, that one of the passive owners wishes to sell his interest back to the company at a price attractive to the two continuing shareholders. When completed, has this transaction harmed anyone? Is the manager somehow favored over the continuing passive owners? Has the public been hurt?</p><p>When you are told that all repurchases are harmful to shareholders or to the country, or particularly beneficial to CEOs, you are listening to either an economic illiterate or a silver-tongued demagogue (characters that are not mutually exclusive).</p><p>Almost endless details of Berkshire’s 2022 operations are laid out on pages K-33 – K-66. Charlie and I, along with many Berkshire shareholders, enjoy poring over the many facts and figures laid out in that section. These pages are not, however, required reading. There are many Berkshire centimillionaires and, yes, billionaires who have never studied our financial figures. They simply know that Charlie and I – along with our families and close friends – continue to have very significant investments in Berkshire, and they trust us to treat their money as we do our own.</p><p>And that is a promise we can make.</p><p>* * * * * * * * * * * *</p><p>Finally, an important warning: Even the operating earnings figure that we favor can easily be manipulated by managers who wish to do so. Such tampering is often thought of as sophisticated by CEOs, directors and their advisors. Reporters and analysts embrace its existence as well. Beating “expectations” is heralded as a managerial triumph.</p><p>That activity is disgusting. It requires no talent to manipulate numbers: Only a deep desire to deceive is required. “Bold imaginative accounting,” as a CEO once described his deception to me, has become one of the shames of capitalism.</p><h2>58 Years – and a Few Figures</h2><p>In 1965, Berkshire was a one-trick pony, the owner of a venerable – but doomed – New England textile operation. With that business on a death march, Berkshire needed an immediate fresh start. Looking back, I was slow to recognize the severity of its problems.</p><p>And then came a stroke of good luck: National Indemnity became available in 1967, and we shifted our resources toward insurance and other non-textile operations.</p><p>Thus began our journey to 2023, a bumpy road involving a combination of continuous savings by our owners (that is, by their retaining earnings), the power of compounding, our avoidance of major mistakes and – most important of all – the American Tailwind. America would have done fine without Berkshire. The reverse is not true.</p><p>Berkshire now enjoys major ownership in an unmatched collection of huge and diversified businesses. Let’s first look at the 5,000 or so publicly-held companies that trade daily on NASDAQ, the NYSE and related venues. Within this group is housed the members of the S&amp;P 500 Index, an elite collection of large and well-known American companies.</p><p>In aggregate, the 500 earned $1.8 trillion in 2021. I don’t yet have the final results for 2022. Using, therefore, the 2021 figures, only 128 of the 500 (including Berkshire itself) earned $3 billion or more. Indeed, 23 lost money.</p><p>At yearend 2022, Berkshire was the largest owner of eight of these giants: American Express, Bank of America, Chevron, Coca-Cola, HP Inc., Moody’s, Occidental Petroleum and Paramount Global.</p><p>In addition to those eight investees, Berkshire owns 100% of BNSF and 92% of BH Energy, each with earnings that exceed the $3 billion mark noted above ($5.9 billion at BNSF and</p><p>$4.3 billion at BHE). Were these companies publicly-owned, they would replace two present members of the 500. All told, our ten controlled and non-controlled behemoths leave Berkshire more broadly aligned with the country’s economic future than is the case at any other U.S. company. (This calculation leaves aside “fiduciary” operations such as pension funds and investment companies.) In addition, Berkshire’s insurance operation, though conducted through many individually-managed subsidiaries, has a value comparable to BNSF or BHE.</p><p>As for the future, Berkshire will always hold a boatload of cash and U.S. Treasury bills along with a wide array of businesses. We will also avoid behavior that could result in any uncomfortable cash needs at inconvenient times, including financial panics and unprecedented insurance losses. Our CEO will always be the Chief Risk Officer – a task it is irresponsible to delegate. Additionally, our future CEOs will have a significant part of their net worth in Berkshire shares, bought with their own money. And yes, our shareholders will continue to save and prosper by retaining earnings.</p><p>At Berkshire, there will be no finish line.</p><h2>Some Surprising Facts About Federal Taxes</h2><p>During the decade ending in 2021, the United States Treasury received about $32.3 trillion in taxes while it spent $43.9 trillion.</p><p>Though economists, politicians and many of the public have opinions about the consequences of that huge imbalance, Charlie and I plead ignorance and firmly believe that near-term economic and market forecasts are worse than useless. Our job is to manage Berkshire’s operations and finances in a manner that will achieve an acceptable result over time and that will preserve the company’s unmatched staying power when financial panics or severe worldwide recessions occur. Berkshire also offers some modest protection from runaway inflation, but this attribute is far from perfect. Huge and entrenched fiscal deficits have consequences.</p><p>The $32 trillion of revenue was garnered by the Treasury through individual income taxes (48%), social security and related receipts (3412%), corporate income tax payments (812%) and a wide variety of lesser levies. Berkshire’s contribution via the corporate income tax was $32 billion during the decade, almost exactly a tenth of 1% of all money that the Treasury collected.</p><p>And that means – brace yourself – had there been roughly 1,000 taxpayers in the U.S. matching Berkshire’s payments, no other businesses nor any of the country’s 131 million households would have needed to pay any taxes to the federal government. Not a dime.</p><p>* * * * * * * * * * * *</p><p>Millions, billions, trillions – we all know the words, but the sums involved are almost impossible to comprehend. Let’s put physical dimensions to the numbers:</p><p>- If you convert $1 million into newly-printed $100 bills, you will have a stack that reaches your chest.</p><p>- Perform the same exercise with $1 billion – this is getting exciting! – and the stack reaches about 34 of a mile into the sky.</p><p>- Finally, imagine piling up $32 billion, the total of Berkshire’s 2012-21 federal income tax payments. Now the stack grows to more than 21 miles in height, about three times the level at which commercial airplanes usually cruise.</p><p>When it comes to federal taxes, individuals who own Berkshire can unequivocally state “I gave at the office.”</p><p>* * * * * * * * * * * *</p><p>At Berkshire we hope and expect to pay much more in taxes during the next decade. We owe the country no less: America’s dynamism has made a huge contribution to whatever success Berkshire has achieved – a contribution Berkshire will always need. We count on the American Tailwind and, though it has been becalmed from time to time, its propelling force has always returned.</p><p>I have been investing for 80 years – more than one-third of our country’s lifetime. Despite our citizens’ penchant – almost enthusiasm – for self-criticism and self-doubt, I have yet to see a time when it made sense to make a long-term bet against America. And I doubt very much that any reader of this letter will have a different experience in the future.</p><h2>Nothing Beats Having a Great Partner</h2><p>Charlie and I think pretty much alike. But what it takes me a page to explain, he sums up in a sentence. His version, moreover, is always more clearly reasoned and also more artfully – some might add bluntly – stated.</p><p>Here are a few of his thoughts, many lifted from a very recent podcast:</p><p>- The world is full of foolish gamblers, and they will not do as well as the patient investor.</p><p>- If you don’t see the world the way it is, it’s like judging something through a distorted lens.</p><p>- All I want to know is where I’m going to die, so I’ll never go there. And a related thought: Early on, write your desired obituary – and then behave accordingly.</p><p>- If you don’t care whether you are rational or not, you won’t work on it. Then you will stay irrational and get lousy results.</p><p>- Patience can be learned. Having a long attention span and the ability to concentrate on one thing for a long time is a huge advantage.</p><p>- You can learn a lot from dead people. Read of the deceased you admire and detest.</p><p>- Don’t bail away in a sinking boat if you can swim to one that is seaworthy.</p><p>- A great company keeps working after you are not; a mediocre company won’t do that.</p><p>- Warren and I don’t focus on the froth of the market. We seek out good long-term investments and stubbornly hold them for a long time.</p><p>- Ben Graham said, “Day to day, the stock market is a voting machine; in the long term it’s a weighing machine.” If you keep making something more valuable, then some wise person is going to notice it and start buying.</p><p>- There is no such thing as a 100% sure thing when investing. Thus, the use of leverage is dangerous. A string of wonderful numbers times zero will always equal zero. Don’t count on getting rich twice.</p><p>- You don’t, however, need to own a lot of things in order to get rich.</p><p>- You have to keep learning if you want to become a great investor. When the world changes, you must change.</p><p>- Warren and I hated railroad stocks for decades, but the world changed and finally the country had four huge railroads of vital importance to the American economy. We were slow to recognize the change, but better late than never.</p><p>- Finally, I will add two short sentences by Charlie that have been his decision-clinchers for decades: “Warren, think more about it. You’re smart and I’m right.”</p><p>And so it goes. I never have a phone call with Charlie without learning something. And, while he makes me think, he also makes me laugh.</p><p>* * * * * * * * * * * *</p><p>I will add to Charlie’s list a rule of my own:   Find   a   very   smart   high-grade partner – preferably slightly older than you – and then listen very carefully to what he says.</p><h2>A Family Gathering in Omaha</h2><p>Charlie and I are shameless. Last year, at our first shareholder get-together in three years, we greeted you with our usual commercial hustle.</p><p>From the opening bell, we went straight for your wallet. In short order, our See’s kiosk sold you eleven tons of nourishing peanut brittle and chocolates. In our P.T. Barnum pitch, we promised you longevity. After all, what else but candy from See’s could account for Charlie and me making it to 99 and 92?</p><p>I know you can’t wait to hear the specifics of last year’s hustle.</p><p>On Friday, the doors were open from noon until 5 p.m., and our candy counters rang up 2,690 individual sales. On Saturday, See’s registered an additional 3,931 transactions between 7 a.m. and 4:30 p.m., despite the fact that 612 of the 912 operating hours occurred while our movie and the question-and-answer session were limiting commercial traffic.</p><p>Do the math: See’s rang up about 10 sales per minute during its prime operating time (racking up $400,309 of volume during the two days), with all the goods purchased at a single location selling products that haven’t been materially altered in 101 years. What worked for See’s in the days of Henry Ford’s model T works now.</p><p>* * * * * * * * * * * *</p><p>Charlie, I, and the entire Berkshire bunch look forward to seeing you in Omaha on May 5-6. We will have a good time and so will you.</p><p>February 25, 2023 Warren E. Buffett </p><p>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’s Annual Letter: Berkshire Will Always Hold a Boatload of Cash and U.S. Treasury Bills</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’s Annual Letter: Berkshire Will Always Hold a Boatload of Cash and U.S. Treasury Bills\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\">2023-02-25 22:08</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Warren Buffett is still betting on America.</p><p>Stocks and bonds slumped in 2022 after central banks raised interest rates at a rapid pace to try to rein in inflation. But Mr. Buffett retained his sense of optimism in his annual letter to investors Saturday, saying he attributes much of his success over the years to the resilience of the U.S. economy.</p><p>“I have been investing for 80 years—more than one-third of our country’s lifetime. Despite our citizens’ penchant—almost enthusiasm—for self-criticism and self-doubt, I have yet to see a time when it made sense to make a long-term bet against America,” Mr. Buffett said in the letter.</p><p>Mr. Buffett, widely regarded as one of the world’s top investors, has been publishing the letters for more than half a century. Over that time, he hasn’t just reflected on the past year for his company, Berkshire Hathaway Inc., but also shared his thoughts on everything from esoteric accounting rules to his aversion to excessive risk-taking.</p><p>Saturday’s letter offered readers a glimpse into how Mr. Buffett, 92, viewed what wound up being a shaky stretch for markets.</p><p>The volatility offered Berkshire an opportunity to jump in and buy stocks. While Berkshire largely bought back its own shares in 2021, it focused more in 2022 on investing in other companies—opening up new positions in media company Paramount Global and building-materials manufacturer Louisiana-Pacific Corp., among other businesses, and swiftly becoming Occidental Petroleum Corp.’s single biggest shareholder.</p><p>As of the end of 2022, Berkshire was the largest shareholder of eight companies—American Express Co., Bank of America Corp., Chevron Corp., Coca-Cola Co., HP Inc., Moody’s Corp., Occidental and Paramount Global.</p><p>“America would have done fine without Berkshire. The reverse is not true,” Mr. Buffett said.</p><p>Berkshire also released its results for 2022 on Saturday.</p><p>The Omaha, Neb., company, which owns businesses including insurer Geico, railroad BNSF Railway and chocolate maker See’s Candies, posted a loss of $22.82 billion for the year, stung by $67.9 billion in investment and derivative contract losses. In 2021, Berkshire posted a profit of $90.8 billion.</p><p>Total revenue rose 9.4% to $302.1 billion.</p><p>Berkshire’s operating earnings, which exclude some investment results, rose to a record $30.8 billion.</p><p>Mr. Buffett, Berkshire’s chief executive, has long held that operating earnings are a better reflection of how Berkshire is doing, since accounting rules require the company to include unrealized gains and losses from its massive investment portfolio in its net income. Volatile markets can make Berkshire’s net income change substantially from quarter to quarter, regardless of how its underlying businesses are doing.</p><p>“Capital gains, to be sure, have been hugely important to Berkshire over past decades, and we expect them to be meaningfully positive in future decades,” Mr. Buffett said in his letter. “But their quarter-by-quarter gyrations, regularly and mindlessly headlined by media, totally misinform investors,” he said, adding that he and his right-hand man Charlie Munger urged shareholders to focus instead on Berkshire’s operating earnings, which rose to a record for the full year in 2022.</p><h2>Read the full letter here:</h2><p>To the Shareholders of Berkshire Hathaway Inc.:</p><p>Charlie Munger, my long-time partner, and I have the job of managing the savings of a great number of individuals. We are grateful for their enduring trust, a relationship that often spans much of their adult lifetime. It is those dedicated savers that are forefront in my mind as I write this letter.</p><p>A common belief is that people choose to save when young, expecting thereby to maintain their living standards after retirement. Any assets that remain at death, this theory says, will usually be left to their families or, possibly, to friends and philanthropy.</p><p>Our experience has differed. We believe Berkshire’s individual holders largely to be of the once-a-saver, always-a-saver variety. Though these people live well, they eventually dispense most of their funds to philanthropic organizations. These, in turn, redistribute the funds by expenditures intended to improve the lives of a great many people who are unrelated to the original benefactor. Sometimes, the results have been spectacular.</p><p>The disposition of money unmasks humans. Charlie and I watch with pleasure the vast flow of Berkshire-generated funds to public needs and, alongside, the infrequency with which our shareholders opt for look-at-me assets and dynasty-building.</p><p>Who wouldn’t enjoy working for shareholders like ours?</p><h2>What We Do</h2><p>Charlie and I allocate your savings at Berkshire between two related forms of ownership. First, we invest in businesses that we control, usually buying 100% of each. Berkshire directs capital allocation at these subsidiaries and selects the CEOs who make day-by-day operating decisions. When large enterprises are being managed, both trust and rules are essential. Berkshire emphasizes the former to an unusual – some would say extreme – degree. Disappointments are inevitable. We are understanding about business mistakes; our tolerance for personal misconduct is zero.</p><p>In our second category of ownership, we buy publicly-traded stocks through which we passively own pieces of businesses. Holding these investments, we have no say in management.</p><p>Our goal in both forms of ownership is to make meaningful investments in businesses with both long-lasting favorable economic characteristics and trustworthy managers. Please note particularly that we own publicly-traded stocks based on our expectations about their long-term business performance, not because we view them as vehicles for adroit purchases and sales. That point is crucial: Charlie and I are not stock-pickers; we are business-pickers.</p><p>Over the years, I have made many mistakes. Consequently, our extensive collection of businesses currently consists of a few enterprises that have truly extraordinary economics, many that enjoy very good economic characteristics, and a large group that are marginal. Along the way, other businesses in which I have invested have died, their products unwanted by the public. Capitalism has two sides: The system creates an ever-growing pile of losers while concurrently delivering a gusher of improved goods and services. Schumpeter called this phenomenon “creative destruction.”</p><p>One advantage of our publicly-traded segment is that – episodically – it becomes easy to buy pieces of wonderful businesses at wonderful prices. It’s crucial to understand that stocks often trade at truly foolish prices, both high and low. “Efficient” markets exist only in textbooks. In truth, marketable stocks and bonds are baffling, their behavior usually understandable only in retrospect.</p><p>Controlled businesses are a different breed. They sometimes command ridiculously higher prices than justified but are almost never available at bargain valuations. Unless under duress, the owner of a controlled business gives no thought to selling at a panic-type valuation.</p><p>* * * * * * * * * * * *</p><p>At this point, a report card from me is appropriate: In 58 years of Berkshire management, most of my capital-allocation decisions have been no better than so-so. In some cases, also, bad moves by me have been rescued by very large doses of luck. (Remember our escapes from near-disasters at USAir and Salomon? I certainly do.)</p><p>Our satisfactory results have been the product of about a dozen truly good decisions – that would be about one every five years – and a sometimes-forgotten advantage that favors long-term investors such as Berkshire. Let’s take a peek behind the curtain.</p><h2>The Secret Sauce</h2><p>In August 1994 – yes, 1994 – Berkshire completed its seven-year purchase of the 400 million shares of Coca-Cola we now own. The total cost was $1.3 billion – then a very meaningful sum at Berkshire.</p><p>The cash dividend we received from Coke in 1994 was $75 million. By 2022, the dividend had increased to $704 million. Growth occurred every year, just as certain as birthdays. All Charlie and I were required to do was cash Coke’s quarterly dividend checks. We expect that those checks are highly likely to grow.</p><p>American Express is much the same story. Berkshire’s purchases of Amex were essentially completed in 1995 and, coincidentally, also cost $1.3 billion. Annual dividends received from this investment have grown from $41 million to $302 million. Those checks, too, seem highly likely to increase.</p><p>These dividend gains, though pleasing, are far from spectacular. But they bring with them important gains in stock prices. At yearend, our Coke investment was valued at $25 billion while Amex was recorded at $22 billion. Each holding now accounts for roughly 5% of Berkshire’s net worth, akin to its weighting long ago.</p><p>Assume, for a moment, I had made a similarly-sized investment mistake in the 1990s, one that flat-lined and simply retained its $1.3 billion value in 2022. (An example would be a high-grade 30-year bond.) That disappointing investment would now represent an insignificant 0.3% of Berkshire’s net worth and would be delivering to us an unchanged $80 million or so of annual income.</p><p>The lesson for investors: The weeds wither away in significance as the flowers bloom. Over time, it takes just a few winners to work wonders. And, yes, it helps to start early and live into your 90s as well.</p><h2>The Past Year in Brief</h2><p>Berkshire had a good year in 2022. The company’s operating earnings – our term for income calculated using Generally Accepted Accounting Principles (“GAAP”), exclusive of capital gains or losses from equity holdings – set a record at $30.8 billion. Charlie and I focus on this operational figure and urge you to do so as well. The GAAP figure, absent our adjustment, fluctuates wildly and capriciously at every reporting date. Note its acrobatic behavior in 2022, which is in no way unusual:</p><p><img src=\"https://static.tigerbbs.com/69e74650656620f9fa3f1e55c15a90e5\" tg-width=\"797\" tg-height=\"207\" width=\"100%\" height=\"auto\"/></p><p>The GAAP earnings are 100% misleading when viewed quarterly or even annually. Capital gains, to be sure, have been hugely important to Berkshire over past decades, and we expect them to be meaningfully positive in future decades. But their quarter-by-quarter gyrations, regularly and mindlessly headlined by media, totally misinform investors.</p><p>A second positive development for Berkshire last year was our purchase of Alleghany Corporation, a property-casualty insurer captained by Joe Brandon. I’ve worked with Joe in the past, and he understands both Berkshire  and insurance. Alleghany delivers special value to us because Berkshire’s unmatched financial strength allows its insurance subsidiaries to follow valuable and enduring investment strategies unavailable to virtually all competitors.</p><p>Aided by Alleghany, our insurance float increased during 2022 from $147 billion to $164 billion. With disciplined underwriting, these funds have a decent chance of being cost-free over time. Since purchasing our first property-casualty insurer in 1967, Berkshire’s float has increased 8,000-fold through acquisitions, operations and innovations. Though not recognized in our financial statements, this float has been an extraordinary asset for Berkshire. New shareholders can get an understanding of its value by reading our annually updated explanation of float on page A-2.</p><p>* * * * * * * * * * * *</p><p>A very minor gain in per-share intrinsic value took place in 2022 through Berkshire share repurchases as well as similar moves at Apple and American Express, both significant investees of ours. At Berkshire, we directly increased your interest in our unique collection of businesses by repurchasing 1.2% of the company’s outstanding shares. At Apple and Amex, repurchases increased Berkshire’s ownership a bit without any cost to us.</p><p>The math isn’t complicated: When the share count goes down, your interest in our many businesses goes up. Every small bit helps if repurchases are made at value-accretive prices. Just as surely, when a company overpays for repurchases, the continuing shareholders lose. At such times, gains flow only to the selling shareholders and to the friendly, but expensive, investment banker who recommended the foolish purchases.</p><p>Gains from value-accretive repurchases, it should be emphasized, benefit all owners – in every respect. Imagine, if you will, three fully-informed shareholders of a local auto dealership, one of whom manages the business. Imagine, further, that one of the passive owners wishes to sell his interest back to the company at a price attractive to the two continuing shareholders. When completed, has this transaction harmed anyone? Is the manager somehow favored over the continuing passive owners? Has the public been hurt?</p><p>When you are told that all repurchases are harmful to shareholders or to the country, or particularly beneficial to CEOs, you are listening to either an economic illiterate or a silver-tongued demagogue (characters that are not mutually exclusive).</p><p>Almost endless details of Berkshire’s 2022 operations are laid out on pages K-33 – K-66. Charlie and I, along with many Berkshire shareholders, enjoy poring over the many facts and figures laid out in that section. These pages are not, however, required reading. There are many Berkshire centimillionaires and, yes, billionaires who have never studied our financial figures. They simply know that Charlie and I – along with our families and close friends – continue to have very significant investments in Berkshire, and they trust us to treat their money as we do our own.</p><p>And that is a promise we can make.</p><p>* * * * * * * * * * * *</p><p>Finally, an important warning: Even the operating earnings figure that we favor can easily be manipulated by managers who wish to do so. Such tampering is often thought of as sophisticated by CEOs, directors and their advisors. Reporters and analysts embrace its existence as well. Beating “expectations” is heralded as a managerial triumph.</p><p>That activity is disgusting. It requires no talent to manipulate numbers: Only a deep desire to deceive is required. “Bold imaginative accounting,” as a CEO once described his deception to me, has become one of the shames of capitalism.</p><h2>58 Years – and a Few Figures</h2><p>In 1965, Berkshire was a one-trick pony, the owner of a venerable – but doomed – New England textile operation. With that business on a death march, Berkshire needed an immediate fresh start. Looking back, I was slow to recognize the severity of its problems.</p><p>And then came a stroke of good luck: National Indemnity became available in 1967, and we shifted our resources toward insurance and other non-textile operations.</p><p>Thus began our journey to 2023, a bumpy road involving a combination of continuous savings by our owners (that is, by their retaining earnings), the power of compounding, our avoidance of major mistakes and – most important of all – the American Tailwind. America would have done fine without Berkshire. The reverse is not true.</p><p>Berkshire now enjoys major ownership in an unmatched collection of huge and diversified businesses. Let’s first look at the 5,000 or so publicly-held companies that trade daily on NASDAQ, the NYSE and related venues. Within this group is housed the members of the S&amp;P 500 Index, an elite collection of large and well-known American companies.</p><p>In aggregate, the 500 earned $1.8 trillion in 2021. I don’t yet have the final results for 2022. Using, therefore, the 2021 figures, only 128 of the 500 (including Berkshire itself) earned $3 billion or more. Indeed, 23 lost money.</p><p>At yearend 2022, Berkshire was the largest owner of eight of these giants: American Express, Bank of America, Chevron, Coca-Cola, HP Inc., Moody’s, Occidental Petroleum and Paramount Global.</p><p>In addition to those eight investees, Berkshire owns 100% of BNSF and 92% of BH Energy, each with earnings that exceed the $3 billion mark noted above ($5.9 billion at BNSF and</p><p>$4.3 billion at BHE). Were these companies publicly-owned, they would replace two present members of the 500. All told, our ten controlled and non-controlled behemoths leave Berkshire more broadly aligned with the country’s economic future than is the case at any other U.S. company. (This calculation leaves aside “fiduciary” operations such as pension funds and investment companies.) In addition, Berkshire’s insurance operation, though conducted through many individually-managed subsidiaries, has a value comparable to BNSF or BHE.</p><p>As for the future, Berkshire will always hold a boatload of cash and U.S. Treasury bills along with a wide array of businesses. We will also avoid behavior that could result in any uncomfortable cash needs at inconvenient times, including financial panics and unprecedented insurance losses. Our CEO will always be the Chief Risk Officer – a task it is irresponsible to delegate. Additionally, our future CEOs will have a significant part of their net worth in Berkshire shares, bought with their own money. And yes, our shareholders will continue to save and prosper by retaining earnings.</p><p>At Berkshire, there will be no finish line.</p><h2>Some Surprising Facts About Federal Taxes</h2><p>During the decade ending in 2021, the United States Treasury received about $32.3 trillion in taxes while it spent $43.9 trillion.</p><p>Though economists, politicians and many of the public have opinions about the consequences of that huge imbalance, Charlie and I plead ignorance and firmly believe that near-term economic and market forecasts are worse than useless. Our job is to manage Berkshire’s operations and finances in a manner that will achieve an acceptable result over time and that will preserve the company’s unmatched staying power when financial panics or severe worldwide recessions occur. Berkshire also offers some modest protection from runaway inflation, but this attribute is far from perfect. Huge and entrenched fiscal deficits have consequences.</p><p>The $32 trillion of revenue was garnered by the Treasury through individual income taxes (48%), social security and related receipts (3412%), corporate income tax payments (812%) and a wide variety of lesser levies. Berkshire’s contribution via the corporate income tax was $32 billion during the decade, almost exactly a tenth of 1% of all money that the Treasury collected.</p><p>And that means – brace yourself – had there been roughly 1,000 taxpayers in the U.S. matching Berkshire’s payments, no other businesses nor any of the country’s 131 million households would have needed to pay any taxes to the federal government. Not a dime.</p><p>* * * * * * * * * * * *</p><p>Millions, billions, trillions – we all know the words, but the sums involved are almost impossible to comprehend. Let’s put physical dimensions to the numbers:</p><p>- If you convert $1 million into newly-printed $100 bills, you will have a stack that reaches your chest.</p><p>- Perform the same exercise with $1 billion – this is getting exciting! – and the stack reaches about 34 of a mile into the sky.</p><p>- Finally, imagine piling up $32 billion, the total of Berkshire’s 2012-21 federal income tax payments. Now the stack grows to more than 21 miles in height, about three times the level at which commercial airplanes usually cruise.</p><p>When it comes to federal taxes, individuals who own Berkshire can unequivocally state “I gave at the office.”</p><p>* * * * * * * * * * * *</p><p>At Berkshire we hope and expect to pay much more in taxes during the next decade. We owe the country no less: America’s dynamism has made a huge contribution to whatever success Berkshire has achieved – a contribution Berkshire will always need. We count on the American Tailwind and, though it has been becalmed from time to time, its propelling force has always returned.</p><p>I have been investing for 80 years – more than one-third of our country’s lifetime. Despite our citizens’ penchant – almost enthusiasm – for self-criticism and self-doubt, I have yet to see a time when it made sense to make a long-term bet against America. And I doubt very much that any reader of this letter will have a different experience in the future.</p><h2>Nothing Beats Having a Great Partner</h2><p>Charlie and I think pretty much alike. But what it takes me a page to explain, he sums up in a sentence. His version, moreover, is always more clearly reasoned and also more artfully – some might add bluntly – stated.</p><p>Here are a few of his thoughts, many lifted from a very recent podcast:</p><p>- The world is full of foolish gamblers, and they will not do as well as the patient investor.</p><p>- If you don’t see the world the way it is, it’s like judging something through a distorted lens.</p><p>- All I want to know is where I’m going to die, so I’ll never go there. And a related thought: Early on, write your desired obituary – and then behave accordingly.</p><p>- If you don’t care whether you are rational or not, you won’t work on it. Then you will stay irrational and get lousy results.</p><p>- Patience can be learned. Having a long attention span and the ability to concentrate on one thing for a long time is a huge advantage.</p><p>- You can learn a lot from dead people. Read of the deceased you admire and detest.</p><p>- Don’t bail away in a sinking boat if you can swim to one that is seaworthy.</p><p>- A great company keeps working after you are not; a mediocre company won’t do that.</p><p>- Warren and I don’t focus on the froth of the market. We seek out good long-term investments and stubbornly hold them for a long time.</p><p>- Ben Graham said, “Day to day, the stock market is a voting machine; in the long term it’s a weighing machine.” If you keep making something more valuable, then some wise person is going to notice it and start buying.</p><p>- There is no such thing as a 100% sure thing when investing. Thus, the use of leverage is dangerous. A string of wonderful numbers times zero will always equal zero. Don’t count on getting rich twice.</p><p>- You don’t, however, need to own a lot of things in order to get rich.</p><p>- You have to keep learning if you want to become a great investor. When the world changes, you must change.</p><p>- Warren and I hated railroad stocks for decades, but the world changed and finally the country had four huge railroads of vital importance to the American economy. We were slow to recognize the change, but better late than never.</p><p>- Finally, I will add two short sentences by Charlie that have been his decision-clinchers for decades: “Warren, think more about it. You’re smart and I’m right.”</p><p>And so it goes. I never have a phone call with Charlie without learning something. And, while he makes me think, he also makes me laugh.</p><p>* * * * * * * * * * * *</p><p>I will add to Charlie’s list a rule of my own:   Find   a   very   smart   high-grade partner – preferably slightly older than you – and then listen very carefully to what he says.</p><h2>A Family Gathering in Omaha</h2><p>Charlie and I are shameless. Last year, at our first shareholder get-together in three years, we greeted you with our usual commercial hustle.</p><p>From the opening bell, we went straight for your wallet. In short order, our See’s kiosk sold you eleven tons of nourishing peanut brittle and chocolates. In our P.T. Barnum pitch, we promised you longevity. After all, what else but candy from See’s could account for Charlie and me making it to 99 and 92?</p><p>I know you can’t wait to hear the specifics of last year’s hustle.</p><p>On Friday, the doors were open from noon until 5 p.m., and our candy counters rang up 2,690 individual sales. On Saturday, See’s registered an additional 3,931 transactions between 7 a.m. and 4:30 p.m., despite the fact that 612 of the 912 operating hours occurred while our movie and the question-and-answer session were limiting commercial traffic.</p><p>Do the math: See’s rang up about 10 sales per minute during its prime operating time (racking up $400,309 of volume during the two days), with all the goods purchased at a single location selling products that haven’t been materially altered in 101 years. What worked for See’s in the days of Henry Ford’s model T works now.</p><p>* * * * * * * * * * * *</p><p>Charlie, I, and the entire Berkshire bunch look forward to seeing you in Omaha on May 5-6. We will have a good time and so will you.</p><p>February 25, 2023 Warren E. Buffett </p><p>Chairman of the Board</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BRK.A":"伯克希尔","BRK.B":"伯克希尔B"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1117520516","content_text":"Warren Buffett is still betting on America.Stocks and bonds slumped in 2022 after central banks raised interest rates at a rapid pace to try to rein in inflation. But Mr. Buffett retained his sense of optimism in his annual letter to investors Saturday, saying he attributes much of his success over the years to the resilience of the U.S. economy.“I have been investing for 80 years—more than one-third of our country’s lifetime. Despite our citizens’ penchant—almost enthusiasm—for self-criticism and self-doubt, I have yet to see a time when it made sense to make a long-term bet against America,” Mr. Buffett said in the letter.Mr. Buffett, widely regarded as one of the world’s top investors, has been publishing the letters for more than half a century. Over that time, he hasn’t just reflected on the past year for his company, Berkshire Hathaway Inc., but also shared his thoughts on everything from esoteric accounting rules to his aversion to excessive risk-taking.Saturday’s letter offered readers a glimpse into how Mr. Buffett, 92, viewed what wound up being a shaky stretch for markets.The volatility offered Berkshire an opportunity to jump in and buy stocks. While Berkshire largely bought back its own shares in 2021, it focused more in 2022 on investing in other companies—opening up new positions in media company Paramount Global and building-materials manufacturer Louisiana-Pacific Corp., among other businesses, and swiftly becoming Occidental Petroleum Corp.’s single biggest shareholder.As of the end of 2022, Berkshire was the largest shareholder of eight companies—American Express Co., Bank of America Corp., Chevron Corp., Coca-Cola Co., HP Inc., Moody’s Corp., Occidental and Paramount Global.“America would have done fine without Berkshire. The reverse is not true,” Mr. Buffett said.Berkshire also released its results for 2022 on Saturday.The Omaha, Neb., company, which owns businesses including insurer Geico, railroad BNSF Railway and chocolate maker See’s Candies, posted a loss of $22.82 billion for the year, stung by $67.9 billion in investment and derivative contract losses. In 2021, Berkshire posted a profit of $90.8 billion.Total revenue rose 9.4% to $302.1 billion.Berkshire’s operating earnings, which exclude some investment results, rose to a record $30.8 billion.Mr. Buffett, Berkshire’s chief executive, has long held that operating earnings are a better reflection of how Berkshire is doing, since accounting rules require the company to include unrealized gains and losses from its massive investment portfolio in its net income. Volatile markets can make Berkshire’s net income change substantially from quarter to quarter, regardless of how its underlying businesses are doing.“Capital gains, to be sure, have been hugely important to Berkshire over past decades, and we expect them to be meaningfully positive in future decades,” Mr. Buffett said in his letter. “But their quarter-by-quarter gyrations, regularly and mindlessly headlined by media, totally misinform investors,” he said, adding that he and his right-hand man Charlie Munger urged shareholders to focus instead on Berkshire’s operating earnings, which rose to a record for the full year in 2022.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 the savings of a great number of individuals. We are grateful for their enduring trust, a relationship that often spans much of their adult lifetime. It is those dedicated savers that are forefront in my mind as I write this letter.A common belief is that people choose to save when young, expecting thereby to maintain their living standards after retirement. Any assets that remain at death, this theory says, will usually be left to their families or, possibly, to friends and philanthropy.Our experience has differed. We believe Berkshire’s individual holders largely to be of the once-a-saver, always-a-saver variety. Though these people live well, they eventually dispense most of their funds to philanthropic organizations. These, in turn, redistribute the funds by expenditures intended to improve the lives of a great many people who are unrelated to the original benefactor. Sometimes, the results have been spectacular.The disposition of money unmasks humans. Charlie and I watch with pleasure the vast flow of Berkshire-generated funds to public needs and, alongside, the infrequency with which our shareholders opt for look-at-me assets and dynasty-building.Who wouldn’t enjoy working for shareholders like ours?What We DoCharlie and I allocate your savings at Berkshire between two related forms of ownership. First, we invest in businesses that we control, usually buying 100% of each. Berkshire directs capital allocation at these subsidiaries and selects the CEOs who make day-by-day operating decisions. When large enterprises are being managed, both trust and rules are essential. Berkshire emphasizes the former to an unusual – some would say extreme – degree. Disappointments are inevitable. We are understanding about business mistakes; our tolerance for personal misconduct is zero.In our second category of ownership, we buy publicly-traded stocks through which we passively own pieces of businesses. Holding these investments, we have no say in management.Our goal in both forms of ownership is to make meaningful investments in businesses with both long-lasting favorable economic characteristics and trustworthy managers. Please note particularly that we own publicly-traded stocks based on our expectations about their long-term business performance, not because we view them as vehicles for adroit purchases and sales. That point is crucial: Charlie and I are not stock-pickers; we are business-pickers.Over the years, I have made many mistakes. Consequently, our extensive collection of businesses currently consists of a few enterprises that have truly extraordinary economics, many that enjoy very good economic characteristics, and a large group that are marginal. Along the way, other businesses in which I have invested have died, their products unwanted by the public. Capitalism has two sides: The system creates an ever-growing pile of losers while concurrently delivering a gusher of improved goods and services. Schumpeter called this phenomenon “creative destruction.”One advantage of our publicly-traded segment is that – episodically – it becomes easy to buy pieces of wonderful businesses at wonderful prices. It’s crucial to understand that stocks often trade at truly foolish prices, both high and low. “Efficient” markets exist only in textbooks. In truth, marketable stocks and bonds are baffling, their behavior usually understandable only in retrospect.Controlled businesses are a different breed. They sometimes command ridiculously higher prices than justified but are almost never available at bargain valuations. Unless under duress, the owner of a controlled business gives no thought to selling at a panic-type valuation.* * * * * * * * * * * *At this point, a report card from me is appropriate: In 58 years of Berkshire management, most of my capital-allocation decisions have been no better than so-so. In some cases, also, bad moves by me have been rescued by very large doses of luck. (Remember our escapes from near-disasters at USAir and Salomon? I certainly do.)Our satisfactory results have been the product of about a dozen truly good decisions – that would be about one every five years – and a sometimes-forgotten advantage that favors long-term investors such as Berkshire. Let’s take a peek behind the curtain.The Secret SauceIn August 1994 – yes, 1994 – Berkshire completed its seven-year purchase of the 400 million shares of Coca-Cola we now own. The total cost was $1.3 billion – then a very meaningful sum at Berkshire.The cash dividend we received from Coke in 1994 was $75 million. By 2022, the dividend had increased to $704 million. Growth occurred every year, just as certain as birthdays. All Charlie and I were required to do was cash Coke’s quarterly dividend checks. We expect that those checks are highly likely to grow.American Express is much the same story. Berkshire’s purchases of Amex were essentially completed in 1995 and, coincidentally, also cost $1.3 billion. Annual dividends received from this investment have grown from $41 million to $302 million. Those checks, too, seem highly likely to increase.These dividend gains, though pleasing, are far from spectacular. But they bring with them important gains in stock prices. At yearend, our Coke investment was valued at $25 billion while Amex was recorded at $22 billion. Each holding now accounts for roughly 5% of Berkshire’s net worth, akin to its weighting long ago.Assume, for a moment, I had made a similarly-sized investment mistake in the 1990s, one that flat-lined and simply retained its $1.3 billion value in 2022. (An example would be a high-grade 30-year bond.) That disappointing investment would now represent an insignificant 0.3% of Berkshire’s net worth and would be delivering to us an unchanged $80 million or so of annual income.The lesson for investors: The weeds wither away in significance as the flowers bloom. Over time, it takes just a few winners to work wonders. And, yes, it helps to start early and live into your 90s as well.The Past Year in BriefBerkshire had a good year in 2022. The company’s operating earnings – our term for income calculated using Generally Accepted Accounting Principles (“GAAP”), exclusive of capital gains or losses from equity holdings – set a record at $30.8 billion. Charlie and I focus on this operational figure and urge you to do so as well. The GAAP figure, absent our adjustment, fluctuates wildly and capriciously at every reporting date. Note its acrobatic behavior in 2022, which is in no way unusual:The GAAP earnings are 100% misleading when viewed quarterly or even annually. Capital gains, to be sure, have been hugely important to Berkshire over past decades, and we expect them to be meaningfully positive in future decades. But their quarter-by-quarter gyrations, regularly and mindlessly headlined by media, totally misinform investors.A second positive development for Berkshire last year was our purchase of Alleghany Corporation, a property-casualty insurer captained by Joe Brandon. I’ve worked with Joe in the past, and he understands both Berkshire  and insurance. Alleghany delivers special value to us because Berkshire’s unmatched financial strength allows its insurance subsidiaries to follow valuable and enduring investment strategies unavailable to virtually all competitors.Aided by Alleghany, our insurance float increased during 2022 from $147 billion to $164 billion. With disciplined underwriting, these funds have a decent chance of being cost-free over time. Since purchasing our first property-casualty insurer in 1967, Berkshire’s float has increased 8,000-fold through acquisitions, operations and innovations. Though not recognized in our financial statements, this float has been an extraordinary asset for Berkshire. New shareholders can get an understanding of its value by reading our annually updated explanation of float on page A-2.* * * * * * * * * * * *A very minor gain in per-share intrinsic value took place in 2022 through Berkshire share repurchases as well as similar moves at Apple and American Express, both significant investees of ours. At Berkshire, we directly increased your interest in our unique collection of businesses by repurchasing 1.2% of the company’s outstanding shares. At Apple and Amex, repurchases increased Berkshire’s ownership a bit without any cost to us.The math isn’t complicated: When the share count goes down, your interest in our many businesses goes up. Every small bit helps if repurchases are made at value-accretive prices. Just as surely, when a company overpays for repurchases, the continuing shareholders lose. At such times, gains flow only to the selling shareholders and to the friendly, but expensive, investment banker who recommended the foolish purchases.Gains from value-accretive repurchases, it should be emphasized, benefit all owners – in every respect. Imagine, if you will, three fully-informed shareholders of a local auto dealership, one of whom manages the business. Imagine, further, that one of the passive owners wishes to sell his interest back to the company at a price attractive to the two continuing shareholders. When completed, has this transaction harmed anyone? Is the manager somehow favored over the continuing passive owners? Has the public been hurt?When you are told that all repurchases are harmful to shareholders or to the country, or particularly beneficial to CEOs, you are listening to either an economic illiterate or a silver-tongued demagogue (characters that are not mutually exclusive).Almost endless details of Berkshire’s 2022 operations are laid out on pages K-33 – K-66. Charlie and I, along with many Berkshire shareholders, enjoy poring over the many facts and figures laid out in that section. These pages are not, however, required reading. There are many Berkshire centimillionaires and, yes, billionaires who have never studied our financial figures. They simply know that Charlie and I – along with our families and close friends – continue to have very significant investments in Berkshire, and they trust us to treat their money as we do our own.And that is a promise we can make.* * * * * * * * * * * *Finally, an important warning: Even the operating earnings figure that we favor can easily be manipulated by managers who wish to do so. Such tampering is often thought of as sophisticated by CEOs, directors and their advisors. Reporters and analysts embrace its existence as well. Beating “expectations” is heralded as a managerial triumph.That activity is disgusting. It requires no talent to manipulate numbers: Only a deep desire to deceive is required. “Bold imaginative accounting,” as a CEO once described his deception to me, has become one of the shames of capitalism.58 Years – and a Few FiguresIn 1965, Berkshire was a one-trick pony, the owner of a venerable – but doomed – New England textile operation. With that business on a death march, Berkshire needed an immediate fresh start. Looking back, I was slow to recognize the severity of its problems.And then came a stroke of good luck: National Indemnity became available in 1967, and we shifted our resources toward insurance and other non-textile operations.Thus began our journey to 2023, a bumpy road involving a combination of continuous savings by our owners (that is, by their retaining earnings), the power of compounding, our avoidance of major mistakes and – most important of all – the American Tailwind. America would have done fine without Berkshire. The reverse is not true.Berkshire now enjoys major ownership in an unmatched collection of huge and diversified businesses. Let’s first look at the 5,000 or so publicly-held companies that trade daily on NASDAQ, the NYSE and related venues. Within this group is housed the members of the S&P 500 Index, an elite collection of large and well-known American companies.In aggregate, the 500 earned $1.8 trillion in 2021. I don’t yet have the final results for 2022. Using, therefore, the 2021 figures, only 128 of the 500 (including Berkshire itself) earned $3 billion or more. Indeed, 23 lost money.At yearend 2022, Berkshire was the largest owner of eight of these giants: American Express, Bank of America, Chevron, Coca-Cola, HP Inc., Moody’s, Occidental Petroleum and Paramount Global.In addition to those eight investees, Berkshire owns 100% of BNSF and 92% of BH Energy, each with earnings that exceed the $3 billion mark noted above ($5.9 billion at BNSF and$4.3 billion at BHE). Were these companies publicly-owned, they would replace two present members of the 500. All told, our ten controlled and non-controlled behemoths leave Berkshire more broadly aligned with the country’s economic future than is the case at any other U.S. company. (This calculation leaves aside “fiduciary” operations such as pension funds and investment companies.) In addition, Berkshire’s insurance operation, though conducted through many individually-managed subsidiaries, has a value comparable to BNSF or BHE.As for the future, Berkshire will always hold a boatload of cash and U.S. Treasury bills along with a wide array of businesses. We will also avoid behavior that could result in any uncomfortable cash needs at inconvenient times, including financial panics and unprecedented insurance losses. Our CEO will always be the Chief Risk Officer – a task it is irresponsible to delegate. Additionally, our future CEOs will have a significant part of their net worth in Berkshire shares, bought with their own money. And yes, our shareholders will continue to save and prosper by retaining earnings.At Berkshire, there will be no finish line.Some Surprising Facts About Federal TaxesDuring the decade ending in 2021, the United States Treasury received about $32.3 trillion in taxes while it spent $43.9 trillion.Though economists, politicians and many of the public have opinions about the consequences of that huge imbalance, Charlie and I plead ignorance and firmly believe that near-term economic and market forecasts are worse than useless. Our job is to manage Berkshire’s operations and finances in a manner that will achieve an acceptable result over time and that will preserve the company’s unmatched staying power when financial panics or severe worldwide recessions occur. Berkshire also offers some modest protection from runaway inflation, but this attribute is far from perfect. Huge and entrenched fiscal deficits have consequences.The $32 trillion of revenue was garnered by the Treasury through individual income taxes (48%), social security and related receipts (3412%), corporate income tax payments (812%) and a wide variety of lesser levies. Berkshire’s contribution via the corporate income tax was $32 billion during the decade, almost exactly a tenth of 1% of all money that the Treasury collected.And that means – brace yourself – had there been roughly 1,000 taxpayers in the U.S. matching Berkshire’s payments, no other businesses nor any of the country’s 131 million households would have needed to pay any taxes to the federal government. Not a dime.* * * * * * * * * * * *Millions, billions, trillions – we all know the words, but the sums involved are almost impossible to comprehend. Let’s put physical dimensions to the numbers:- If you convert $1 million into newly-printed $100 bills, you will have a stack that reaches your chest.- Perform the same exercise with $1 billion – this is getting exciting! – and the stack reaches about 34 of a mile into the sky.- Finally, imagine piling up $32 billion, the total of Berkshire’s 2012-21 federal income tax payments. Now the stack grows to more than 21 miles in height, about three times the level at which commercial airplanes usually cruise.When it comes to federal taxes, individuals who own Berkshire can unequivocally state “I gave at the office.”* * * * * * * * * * * *At Berkshire we hope and expect to pay much more in taxes during the next decade. We owe the country no less: America’s dynamism has made a huge contribution to whatever success Berkshire has achieved – a contribution Berkshire will always need. We count on the American Tailwind and, though it has been becalmed from time to time, its propelling force has always returned.I have been investing for 80 years – more than one-third of our country’s lifetime. Despite our citizens’ penchant – almost enthusiasm – for self-criticism and self-doubt, I have yet to see a time when it made sense to make a long-term bet against America. And I doubt very much that any reader of this letter will have a different experience in the future.Nothing Beats Having a Great PartnerCharlie and I think pretty much alike. But what it takes me a page to explain, he sums up in a sentence. His version, moreover, is always more clearly reasoned and also more artfully – some might add bluntly – stated.Here are a few of his thoughts, many lifted from a very recent podcast:- The world is full of foolish gamblers, and they will not do as well as the patient investor.- If you don’t see the world the way it is, it’s like judging something through a distorted lens.- All I want to know is where I’m going to die, so I’ll never go there. And a related thought: Early on, write your desired obituary – and then behave accordingly.- If you don’t care whether you are rational or not, you won’t work on it. Then you will stay irrational and get lousy results.- Patience can be learned. Having a long attention span and the ability to concentrate on one thing for a long time is a huge advantage.- You can learn a lot from dead people. Read of the deceased you admire and detest.- Don’t bail away in a sinking boat if you can swim to one that is seaworthy.- A great company keeps working after you are not; a mediocre company won’t do that.- Warren and I don’t focus on the froth of the market. We seek out good long-term investments and stubbornly hold them for a long time.- Ben Graham said, “Day to day, the stock market is a voting machine; in the long term it’s a weighing machine.” If you keep making something more valuable, then some wise person is going to notice it and start buying.- There is no such thing as a 100% sure thing when investing. Thus, the use of leverage is dangerous. A string of wonderful numbers times zero will always equal zero. Don’t count on getting rich twice.- You don’t, however, need to own a lot of things in order to get rich.- You have to keep learning if you want to become a great investor. When the world changes, you must change.- Warren and I hated railroad stocks for decades, but the world changed and finally the country had four huge railroads of vital importance to the American economy. We were slow to recognize the change, but better late than never.- Finally, I will add two short sentences by Charlie that have been his decision-clinchers for decades: “Warren, think more about it. You’re smart and I’m right.”And so it goes. I never have a phone call with Charlie without learning something. And, while he makes me think, he also makes me laugh.* * * * * * * * * * * *I will add to Charlie’s list a rule of my own:   Find   a   very   smart   high-grade partner – preferably slightly older than you – and then listen very carefully to what he says.A Family Gathering in OmahaCharlie and I are shameless. Last year, at our first shareholder get-together in three years, we greeted you with our usual commercial hustle.From the opening bell, we went straight for your wallet. In short order, our See’s kiosk sold you eleven tons of nourishing peanut brittle and chocolates. In our P.T. Barnum pitch, we promised you longevity. After all, what else but candy from See’s could account for Charlie and me making it to 99 and 92?I know you can’t wait to hear the specifics of last year’s hustle.On Friday, the doors were open from noon until 5 p.m., and our candy counters rang up 2,690 individual sales. On Saturday, See’s registered an additional 3,931 transactions between 7 a.m. and 4:30 p.m., despite the fact that 612 of the 912 operating hours occurred while our movie and the question-and-answer session were limiting commercial traffic.Do the math: See’s rang up about 10 sales per minute during its prime operating time (racking up $400,309 of volume during the two days), with all the goods purchased at a single location selling products that haven’t been materially altered in 101 years. What worked for See’s in the days of Henry Ford’s model T works now.* * * * * * * * * * * *Charlie, I, and the entire Berkshire bunch look forward to seeing you in Omaha on May 5-6. We will have a good time and so will you.February 25, 2023 Warren E. Buffett Chairman of the Board","news_type":1},"isVote":1,"tweetType":1,"viewCount":102,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9928617273,"gmtCreate":1671259371992,"gmtModify":1676538517095,"author":{"id":"3581590268956264","authorId":"3581590268956264","name":"Damien111","avatar":"https://community-static.tradeup.com/news/79328dd256df8bc25949678982e26fc3","crmLevel":7,"crmLevelSwitch":1},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":14,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/9928617273","repostId":"2292004292","repostType":4,"repost":{"id":"2292004292","pubTimestamp":1671248962,"share":"https://www.laohu8.com/m/news/2292004292?lang=&edition=full","pubTime":"2022-12-17 11:49","market":"us","language":"en","title":"Tesla: Potential 38.6% Annualized Return","url":"https://stock-news.laohu8.com/highlight/detail?id=2292004292","media":"Seeking Alpha","summary":"SummaryTesla is expanding their product offerings.There are numerous potential positive and negative","content":"<html><head></head><body><h3>Summary</h3><ul><li>Tesla is expanding their product offerings.</li><li>There are numerous potential positive and negative impacts for 2023.</li><li>The Inflation Reduction Act may provide a $7,500 incentive on some vehicles beginning on 1/1/23.</li></ul><h2>Investment Thesis</h2><p>Tesla (NASDAQ:TSLA) should see higher stock prices due to expanded product offerings and production capacity, plus a possible $7,500 incentive. TSLA can provide an excellent return from the covered call premium even if the stock does not move much.</p><h2>Tesla</h2><p>Global deliveries in 2021 were a little over 936,000 units. The 2021 breakdown of Tesla&#39;s total revenues by country were U.S. (44.5%), China (25.7%), and Other (29.8%). Tesla has ambitious growth plans, but the output may be restricted by global semiconductor shortages and supply chain issues, at least in the near term.</p><p>Its stores do not carry extensive inventories, and many customers choose to customize their vehicles. Tesla has four reportable segments: Automotive sales (84.7% of total 2021 revenues), Automotive Leasing (3.1%), Services &amp; Other (7.1%), and Energy Generation &amp; Storage (5.2%).</p><p>TSLA has annual sales of $74.8B with 99.3K employees. They are 44.7% owned by institutions, with 3.0% short interest. Their return on equity is 28.1%, and they have a 25.0% return on invested capital. The free cash flow yield per share is 1.6%, and their buyback yield per share is 0.0%. Their Piotroski F-score is eight, indicating strength. They have a price-to-book ratio of 12.5.</p><h2>Potential Positive Impacts For 2023</h2><ol><li>Tesla is expanding their product offerings. The first deliveries of the Semi were achieved on December 1, 2022, which should be followed by the Cybertruck (late 2023), Roadster, and Optimus robot. The Cybertruck is believed to have reservations of more than 1.5 million. Eventually, Tesla will roll out more affordable sedans and SUV platforms in the coming years.</li><li>Tesla recently opened new plants in Texas and Germany.</li><li>TSLA is a big winner from the Inflation Reduction Act, as most versions of the industry&#39;s two best-selling EVs (the Model Y and Model 3) will probably become eligible for the $7,500 federal EV tax credit, effective January 1, 2023.</li><li>Tesla continually plans to reduce battery costs and boost vehicle range.</li><li>China will reopen eventually.</li><li>Gas prices are higher.</li><li>Tesla has virtually no debt and continues to spend little to nothing on advertising.</li></ol><h2>Potential Negative Impacts For 2023</h2><ol><li>Big automakers are introducing more and more EV vehicles at lower prices.</li><li>A recession may temporarily reduce sales.</li><li>Higher interest rates may temporarily reduce sales.</li><li>Global semiconductor shortages and supply chain issues are improving, but the output may still be restricted.</li><li>Elon Musk has sold over $23 billion in stock this year, presumably to fund Twitter, and he may sell more shares. (The Twitter impact on Tesla will probably fade, especially if a Twitter CEO is announced.)</li><li>TSLA stock ownership is about 44% institutions, 16% insiders, and 40% retail investors, any of whom may not hold shares waiting for a rebound.</li><li>Higher raw material, logistics, labor, and warranty costs may continue to be a headwind.</li></ol><h2>Q3 Quarterly Results</h2><p>TSLA announced record Q3 earnings in their October 19th press release.</p><ul><li>Production of 365K vehicles</li><li>Delivery of 343K vehicles</li><li>Operating cash flow less Capex (free cash flow) was $3.3B</li><li>Cash and marketable securities increased by $2.2B to $21.1B</li><li>Operating margin was 17.2%</li><li>Revenue grew 56% vs. last year</li></ul><p>Musk mentioned the following about growth on the conference call.</p><blockquote>Actually, one caveat, I should say, is growing production by 50% every year because of deliveries -- we&#39;re trying to smooth out the deliveries and not have this crazy delivery rate at the end of every quarter, so. In fact, we&#39;re just fundamentally running out of -- there weren&#39;t enough boats, there weren&#39;t enough trains, there weren&#39;t enough car carriers to actually support the wave because it got too big. So, whether we like it or not, we actually have to smooth out the delivery of cars intra-quarter because there aren&#39;t just enough transportation objects to move them around.</blockquote><p>Musk responded to questions about the product.</p><blockquote>So, we&#39;ll be handing over our first production Tesla Semis to Pepsi on December 1. I&#39;ll be there in person.</blockquote><blockquote>Yes, exactly; very important, no sacrifice to cargo capacity, 500-mile range. To be clear, 500 miles with the cargo. Yes, 500 miles with the cargo on level ground. Yes, sure. Not up. It&#39;s excellent. But the point is, it&#39;s a long-range truck and even with heavy cargo. And the number of times people tell, no, you can&#39;t -- it&#39;s impossible to make a long-range heavy-duty Class A truck. And then, I&#39;ll ask, well, what are your assumptions about what hour kilogram and what hours per mile, and they look at me with a blank stare and then say hydrogen. I&#39;m like, no, that&#39;s not the answer; I was looking for numbers, literally. It&#39;s not a number. It&#39;s [indiscernible] table. You obviously don&#39;t need hydrogen for heavy trucks.</blockquote><blockquote>And we&#39;ll be ramping up Semi production through next year. As I think everyone knows at this point, it takes about a year to ramp up production. So, we expect to see significant -- we&#39;re tentatively aiming for 50,000 units in 2024 for Tesla Semi in North America. And obviously, we&#39;ll expand beyond North America. And these would sell -- I don&#39;t want to say the exact prices, but they&#39;re much more than a passenger vehicle. So, with a few thousand heavy trucks of this nature, it would be worth several Model Ys.</blockquote><p>The 50,000-unit forecast for 2024 seems too aggressive. I suspect TSLA will trade above $160.00 in the next year or two, even if the truck forecast is too aggressive.</p><h2>Good Technical Entry Point</h2><p>The share price of TSLA traded at $158.00 on December 15th. I&#39;ve added the green Fibonacci lines, using the high and low of the past five years for TSLA. It&#39;s interesting to note how the market pauses or bounces off these Fibonacci lines. They can be one clue as to where the stock price may be headed. TSLA is slightly below the 38.2% Fibonacci retracement level but could go lower. However, I believe that TSLA will trade above $160.00 by June for the reasons in this article.</p><p></p><p><img src=\"https://static.tigerbbs.com/d4d74a16eaf31e58b529a1b8c50655de\" tg-width=\"640\" tg-height=\"306\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Schwab StreetSmart Edge</p><p>The fifteen most accurate analysts have an average one-year price target of $288.43, indicating an 82.5% potential upside from the December 15th trading price of $158.00 if they are correct. Their ratings are ten buys, four holds, and one sell. Analysts are just one of my indicators, and they are not perfect, but they are usually in the ballpark with estimates or at least headed in the right direction. They often seem a bit optimistic, so I suspect prices may end up lower than their one-year targets to be on the safe side.</p><h2>Trends In Earnings Per Share, P/E Ratio, And Operating Margin</h2><p>The black line shows TSLA&#39;s stock price for the past twelve years. Look at the chart of numbers below the graph to see that TSLA adjusted earnings were $0.00 in 2019, $0.75 in 2020, and $2.26 in 2021. They are projected to earn $4.10 in 2022, $5.75 in 2023, and $6.91 in 2024.</p><p>The P/E ratio for TSLA is currently very high. If TSLA earns $6.91 in 2024, the stock could trade at $160.00 if the market assigns a 23.1 P/E ratio. Tesla&#39;s growth rate is so strong that it would not surprise me to see TSLA trading above $160.00 a year or two from now.</p><p><img src=\"https://static.tigerbbs.com/4d13a6319189ad952ac60082b701f502\" tg-width=\"640\" tg-height=\"335\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>FastGraphs.com</p><p>TSLA&#39;s operating margin has been increasing for the past five years.</p><p><img src=\"https://static.seekingalpha.com/uploads/2022/12/15/737809-167112985977127.png\" tg-width=\"640\" tg-height=\"300\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>StockRover.com</p><p>The stock price has not yet caught up with the increasing sales and EPS.</p><p><img src=\"https://static.tigerbbs.com/c5e35f969fef71b655da5962d71daf93\" tg-width=\"640\" tg-height=\"293\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>StockRover.com</p><h2><b>Sell Covered Calls</b></h2><p>My answer to uncertainty is to sell covered calls on TSLA six months out. TSLA traded at $158.00 on December 15th, and June&#39;s $160.00 covered calls are at or near $28.60. One covered call requires 100 shares of stock to be purchased. The stock will be called away if it trades above $160.00 on June 16th. It may even be called away sooner if the price exceeds $160.00, but that&#39;s fine since capital is returned sooner.</p><p>The investor can earn $2,860 from call premium and $200 from stock price appreciation. This totals $3,060 in estimated profit on a $15,800 investment, which is a 38.6% annualized return since the period is 183 days.</p><p>If the stock is below $160.00 on June 16th, investors will still make a profit on this trade down to the net stock price of $129.40. Selling covered calls reduces your risk.</p><h2>Takeaway</h2><p>TSLA should see higher stock prices due to expanded product offerings and production capacity, plus a possible $7,500 incentive. Even if TSLA&#39;s stock price only moves from $158.00 to $160.00 by June 16th, a 38.6% potential annualized return is possible, including the covered call premium.</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>Tesla: Potential 38.6% Annualized Return</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\">\nTesla: Potential 38.6% Annualized Return\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-12-17 11:49 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4564906-tesla-potential-38-6-percent-annualized-return><strong>Seeking Alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryTesla is expanding their product offerings.There are numerous potential positive and negative impacts for 2023.The Inflation Reduction Act may provide a $7,500 incentive on some vehicles ...</p>\n\n<a href=\"https://seekingalpha.com/article/4564906-tesla-potential-38-6-percent-annualized-return\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://seekingalpha.com/article/4564906-tesla-potential-38-6-percent-annualized-return","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"2292004292","content_text":"SummaryTesla is expanding their product offerings.There are numerous potential positive and negative impacts for 2023.The Inflation Reduction Act may provide a $7,500 incentive on some vehicles beginning on 1/1/23.Investment ThesisTesla (NASDAQ:TSLA) should see higher stock prices due to expanded product offerings and production capacity, plus a possible $7,500 incentive. TSLA can provide an excellent return from the covered call premium even if the stock does not move much.TeslaGlobal deliveries in 2021 were a little over 936,000 units. The 2021 breakdown of Tesla's total revenues by country were U.S. (44.5%), China (25.7%), and Other (29.8%). Tesla has ambitious growth plans, but the output may be restricted by global semiconductor shortages and supply chain issues, at least in the near term.Its stores do not carry extensive inventories, and many customers choose to customize their vehicles. Tesla has four reportable segments: Automotive sales (84.7% of total 2021 revenues), Automotive Leasing (3.1%), Services & Other (7.1%), and Energy Generation & Storage (5.2%).TSLA has annual sales of $74.8B with 99.3K employees. They are 44.7% owned by institutions, with 3.0% short interest. Their return on equity is 28.1%, and they have a 25.0% return on invested capital. The free cash flow yield per share is 1.6%, and their buyback yield per share is 0.0%. Their Piotroski F-score is eight, indicating strength. They have a price-to-book ratio of 12.5.Potential Positive Impacts For 2023Tesla is expanding their product offerings. The first deliveries of the Semi were achieved on December 1, 2022, which should be followed by the Cybertruck (late 2023), Roadster, and Optimus robot. The Cybertruck is believed to have reservations of more than 1.5 million. Eventually, Tesla will roll out more affordable sedans and SUV platforms in the coming years.Tesla recently opened new plants in Texas and Germany.TSLA is a big winner from the Inflation Reduction Act, as most versions of the industry's two best-selling EVs (the Model Y and Model 3) will probably become eligible for the $7,500 federal EV tax credit, effective January 1, 2023.Tesla continually plans to reduce battery costs and boost vehicle range.China will reopen eventually.Gas prices are higher.Tesla has virtually no debt and continues to spend little to nothing on advertising.Potential Negative Impacts For 2023Big automakers are introducing more and more EV vehicles at lower prices.A recession may temporarily reduce sales.Higher interest rates may temporarily reduce sales.Global semiconductor shortages and supply chain issues are improving, but the output may still be restricted.Elon Musk has sold over $23 billion in stock this year, presumably to fund Twitter, and he may sell more shares. (The Twitter impact on Tesla will probably fade, especially if a Twitter CEO is announced.)TSLA stock ownership is about 44% institutions, 16% insiders, and 40% retail investors, any of whom may not hold shares waiting for a rebound.Higher raw material, logistics, labor, and warranty costs may continue to be a headwind.Q3 Quarterly ResultsTSLA announced record Q3 earnings in their October 19th press release.Production of 365K vehiclesDelivery of 343K vehiclesOperating cash flow less Capex (free cash flow) was $3.3BCash and marketable securities increased by $2.2B to $21.1BOperating margin was 17.2%Revenue grew 56% vs. last yearMusk mentioned the following about growth on the conference call.Actually, one caveat, I should say, is growing production by 50% every year because of deliveries -- we're trying to smooth out the deliveries and not have this crazy delivery rate at the end of every quarter, so. In fact, we're just fundamentally running out of -- there weren't enough boats, there weren't enough trains, there weren't enough car carriers to actually support the wave because it got too big. So, whether we like it or not, we actually have to smooth out the delivery of cars intra-quarter because there aren't just enough transportation objects to move them around.Musk responded to questions about the product.So, we'll be handing over our first production Tesla Semis to Pepsi on December 1. I'll be there in person.Yes, exactly; very important, no sacrifice to cargo capacity, 500-mile range. To be clear, 500 miles with the cargo. Yes, 500 miles with the cargo on level ground. Yes, sure. Not up. It's excellent. But the point is, it's a long-range truck and even with heavy cargo. And the number of times people tell, no, you can't -- it's impossible to make a long-range heavy-duty Class A truck. And then, I'll ask, well, what are your assumptions about what hour kilogram and what hours per mile, and they look at me with a blank stare and then say hydrogen. I'm like, no, that's not the answer; I was looking for numbers, literally. It's not a number. It's [indiscernible] table. You obviously don't need hydrogen for heavy trucks.And we'll be ramping up Semi production through next year. As I think everyone knows at this point, it takes about a year to ramp up production. So, we expect to see significant -- we're tentatively aiming for 50,000 units in 2024 for Tesla Semi in North America. And obviously, we'll expand beyond North America. And these would sell -- I don't want to say the exact prices, but they're much more than a passenger vehicle. So, with a few thousand heavy trucks of this nature, it would be worth several Model Ys.The 50,000-unit forecast for 2024 seems too aggressive. I suspect TSLA will trade above $160.00 in the next year or two, even if the truck forecast is too aggressive.Good Technical Entry PointThe share price of TSLA traded at $158.00 on December 15th. I've added the green Fibonacci lines, using the high and low of the past five years for TSLA. It's interesting to note how the market pauses or bounces off these Fibonacci lines. They can be one clue as to where the stock price may be headed. TSLA is slightly below the 38.2% Fibonacci retracement level but could go lower. However, I believe that TSLA will trade above $160.00 by June for the reasons in this article.Schwab StreetSmart EdgeThe fifteen most accurate analysts have an average one-year price target of $288.43, indicating an 82.5% potential upside from the December 15th trading price of $158.00 if they are correct. Their ratings are ten buys, four holds, and one sell. Analysts are just one of my indicators, and they are not perfect, but they are usually in the ballpark with estimates or at least headed in the right direction. They often seem a bit optimistic, so I suspect prices may end up lower than their one-year targets to be on the safe side.Trends In Earnings Per Share, P/E Ratio, And Operating MarginThe black line shows TSLA's stock price for the past twelve years. Look at the chart of numbers below the graph to see that TSLA adjusted earnings were $0.00 in 2019, $0.75 in 2020, and $2.26 in 2021. They are projected to earn $4.10 in 2022, $5.75 in 2023, and $6.91 in 2024.The P/E ratio for TSLA is currently very high. If TSLA earns $6.91 in 2024, the stock could trade at $160.00 if the market assigns a 23.1 P/E ratio. Tesla's growth rate is so strong that it would not surprise me to see TSLA trading above $160.00 a year or two from now.FastGraphs.comTSLA's operating margin has been increasing for the past five years.StockRover.comThe stock price has not yet caught up with the increasing sales and EPS.StockRover.comSell Covered CallsMy answer to uncertainty is to sell covered calls on TSLA six months out. TSLA traded at $158.00 on December 15th, and June's $160.00 covered calls are at or near $28.60. One covered call requires 100 shares of stock to be purchased. The stock will be called away if it trades above $160.00 on June 16th. It may even be called away sooner if the price exceeds $160.00, but that's fine since capital is returned sooner.The investor can earn $2,860 from call premium and $200 from stock price appreciation. This totals $3,060 in estimated profit on a $15,800 investment, which is a 38.6% annualized return since the period is 183 days.If the stock is below $160.00 on June 16th, investors will still make a profit on this trade down to the net stock price of $129.40. Selling covered calls reduces your risk.TakeawayTSLA should see higher stock prices due to expanded product offerings and production capacity, plus a possible $7,500 incentive. Even if TSLA's stock price only moves from $158.00 to $160.00 by June 16th, a 38.6% potential annualized return is possible, including the covered call premium.","news_type":1},"isVote":1,"tweetType":1,"viewCount":34,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9915482156,"gmtCreate":1665099933375,"gmtModify":1676537555899,"author":{"id":"3581590268956264","authorId":"3581590268956264","name":"Damien111","avatar":"https://community-static.tradeup.com/news/79328dd256df8bc25949678982e26fc3","crmLevel":7,"crmLevelSwitch":1},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":4,"repostSize":1,"link":"https://ttm.financial/post/9915482156","repostId":"2273380106","repostType":4,"repost":{"id":"2273380106","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1665097319,"share":"https://www.laohu8.com/m/news/2273380106?lang=&edition=full","pubTime":"2022-10-07 07:01","market":"us","language":"en","title":"US STOCKS-Wall Street Closes Lower As the Fed Pounds Rate Hike Drum","url":"https://stock-news.laohu8.com/highlight/detail?id=2273380106","media":"Reuters","summary":"Oil prices add to inflation woes post-OPEC+ output cutU.S. weekly jobless claims increase more than expectedIndexes fall: Dow down 1.15%, S&P 1.02%, Nasdaq 0.68%Wall Street's major indexes closed lowe","content":"<html><head></head><body><ul><li>Oil prices add to inflation woes post-OPEC+ output cut</li><li>U.S. weekly jobless claims increase more than expected</li><li>Indexes fall: Dow down 1.15%, S&amp;P 1.02%, Nasdaq 0.68%</li></ul><p>Wall Street&#39;s major indexes closed lower on Thursday as concerns mounted ahead of closely watched monthly nonfarm payrolls numbers due on Friday that the Federal Reserve&#39;s aggressive interest rate stance will lead to a recession.</p><p>Markets briefly took comfort from data that showed weekly jobless claims rose by the most in four months last week, raising a glimmer of hope the Fed could ease the implementation since March of the fastest and highest jump in rates in decades.</p><p>The equity market has been slow to acknowledge a consistent message from Fed officials that rates will go higher for longer until the pace of inflation is clearly slowing.</p><p>Chicago Fed President Charles Evans was the latest to spell out the central bank&#39;s outlook on Thursday, saying policymakers expect to deliver 125 basis points of rate hikes before year&#39;s end as inflation readings have been disappointing.</p><p>&#34;The market has been slowly getting the Fed&#39;s message,&#34; said Jason Pride, chief investment officer for private wealth at Glenmede in Philadelphia.</p><p>&#34;There&#39;s a likelihood that the Fed with further rate hikes pushes the economy into a recession in order to bring inflation down,&#34; Pride said. &#34;We don&#39;t think the markets have fully picked up on this.&#34;</p><p>Pride sees a mild recession, but in the average recession there has been a 15% decline in earnings, suggesting the market could fall further. The S&amp;P 500 has declined 22% from its peak on Jan. 3.</p><p>Despite the day&#39;s decline, the three major indexes were poised to post a weekly gain after the sharp rally on Monday and Tuesday.</p><p>The labor market remains tight even as demand begins to cool amid higher rates. On Friday the nonfarm payrolls report on employment in September will help investors gauge whether the Fed alters its aggressive rate-hiking plans.</p><p>Money markets are pricing in an almost 86% chance of a fourth straight 75 basis-point rate hike when policymakers meet on Nov. 1-2.</p><p>To be clear, not everyone foresees a hard landing.</p><p>Dave Sekera, chief U.S. market strategist at Morningstar Inc , said growth will remain sluggish for the foreseeable future and likely will not start to reaccelerate until the second half of 2023, but he does not see a sharp downturn.</p><p>&#34;We&#39;re not forecasting a recession,&#34; Sekera said. &#34;The markets are looking for clarity as to when they think economic activity will reaccelerate and make that sustained rebound.</p><p>&#34;They&#39;re also looking for strong evidence that inflation will begin to really trend down, moving back towards the Fed&#39;s 2% target,&#34; he said.</p><p>Ten of the 11 major S&amp;P 500 sectors fell, led by a 3.3% decline in real estate. Other indices also fell, including semiconductors, small caps and Dow transports. Growth shares fell 0.76%, while value dropped 1.18%.</p><p>Energy was the sole gainer, rising 1.8%.</p><p>Oil prices rose, holding at three-week highs after the Organization of the Petroleum Exporting Countries plus its allies agreed to cut production targets by 2 million barrels per day (bpd), the largest reduction since 2020.</p><p>The Dow Jones Industrial Average fell 346.93 points, or 1.15%, to 29,926.94, the S&amp;P 500 lost 38.76 points, or 1.02%, to 3,744.52 and the Nasdaq Composite dropped 75.33 points, or 0.68%, to 11,073.31.</p><p>Tesla Inc fell 1.1% as Apollo Global Management Inc and Sixth Street Partners, which had been looking to provide financing for Elon Musk&#39;s $44 billion Twitter deal, are no longer in talks with the billionaire.</p><p>Alphabet Inc closed basically flat after the launch of Google&#39;s new phones and its first smart watch.</p><p>Volume on U.S. exchanges was 10.57 billion shares, compared with the 11.67 billion average for the full session over the past 20 trading days.</p><p>Declining issues outnumbered advancing ones on the NYSE by a 2.32-to-1 ratio; on Nasdaq, a 1.42-to-1 ratio favored decliners.</p><p>The S&amp;P 500 posted three new 52-week highs and 31 new lows; the Nasdaq Composite recorded 46 new highs and 118 new lows.</p><p><img src=\"https://static.tigerbbs.com/f19641e59325b2e46cc65fd6f210da36\" tg-width=\"1080\" tg-height=\"1920\" width=\"100%\" height=\"auto\"/></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>US STOCKS-Wall Street Closes Lower As the Fed Pounds Rate Hike Drum</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\">\nUS STOCKS-Wall Street Closes Lower As the Fed Pounds Rate Hike Drum\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2022-10-07 07:01</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><ul><li>Oil prices add to inflation woes post-OPEC+ output cut</li><li>U.S. weekly jobless claims increase more than expected</li><li>Indexes fall: Dow down 1.15%, S&amp;P 1.02%, Nasdaq 0.68%</li></ul><p>Wall Street&#39;s major indexes closed lower on Thursday as concerns mounted ahead of closely watched monthly nonfarm payrolls numbers due on Friday that the Federal Reserve&#39;s aggressive interest rate stance will lead to a recession.</p><p>Markets briefly took comfort from data that showed weekly jobless claims rose by the most in four months last week, raising a glimmer of hope the Fed could ease the implementation since March of the fastest and highest jump in rates in decades.</p><p>The equity market has been slow to acknowledge a consistent message from Fed officials that rates will go higher for longer until the pace of inflation is clearly slowing.</p><p>Chicago Fed President Charles Evans was the latest to spell out the central bank&#39;s outlook on Thursday, saying policymakers expect to deliver 125 basis points of rate hikes before year&#39;s end as inflation readings have been disappointing.</p><p>&#34;The market has been slowly getting the Fed&#39;s message,&#34; said Jason Pride, chief investment officer for private wealth at Glenmede in Philadelphia.</p><p>&#34;There&#39;s a likelihood that the Fed with further rate hikes pushes the economy into a recession in order to bring inflation down,&#34; Pride said. &#34;We don&#39;t think the markets have fully picked up on this.&#34;</p><p>Pride sees a mild recession, but in the average recession there has been a 15% decline in earnings, suggesting the market could fall further. The S&amp;P 500 has declined 22% from its peak on Jan. 3.</p><p>Despite the day&#39;s decline, the three major indexes were poised to post a weekly gain after the sharp rally on Monday and Tuesday.</p><p>The labor market remains tight even as demand begins to cool amid higher rates. On Friday the nonfarm payrolls report on employment in September will help investors gauge whether the Fed alters its aggressive rate-hiking plans.</p><p>Money markets are pricing in an almost 86% chance of a fourth straight 75 basis-point rate hike when policymakers meet on Nov. 1-2.</p><p>To be clear, not everyone foresees a hard landing.</p><p>Dave Sekera, chief U.S. market strategist at Morningstar Inc , said growth will remain sluggish for the foreseeable future and likely will not start to reaccelerate until the second half of 2023, but he does not see a sharp downturn.</p><p>&#34;We&#39;re not forecasting a recession,&#34; Sekera said. &#34;The markets are looking for clarity as to when they think economic activity will reaccelerate and make that sustained rebound.</p><p>&#34;They&#39;re also looking for strong evidence that inflation will begin to really trend down, moving back towards the Fed&#39;s 2% target,&#34; he said.</p><p>Ten of the 11 major S&amp;P 500 sectors fell, led by a 3.3% decline in real estate. Other indices also fell, including semiconductors, small caps and Dow transports. Growth shares fell 0.76%, while value dropped 1.18%.</p><p>Energy was the sole gainer, rising 1.8%.</p><p>Oil prices rose, holding at three-week highs after the Organization of the Petroleum Exporting Countries plus its allies agreed to cut production targets by 2 million barrels per day (bpd), the largest reduction since 2020.</p><p>The Dow Jones Industrial Average fell 346.93 points, or 1.15%, to 29,926.94, the S&amp;P 500 lost 38.76 points, or 1.02%, to 3,744.52 and the Nasdaq Composite dropped 75.33 points, or 0.68%, to 11,073.31.</p><p>Tesla Inc fell 1.1% as Apollo Global Management Inc and Sixth Street Partners, which had been looking to provide financing for Elon Musk&#39;s $44 billion Twitter deal, are no longer in talks with the billionaire.</p><p>Alphabet Inc closed basically flat after the launch of Google&#39;s new phones and its first smart watch.</p><p>Volume on U.S. exchanges was 10.57 billion shares, compared with the 11.67 billion average for the full session over the past 20 trading days.</p><p>Declining issues outnumbered advancing ones on the NYSE by a 2.32-to-1 ratio; on Nasdaq, a 1.42-to-1 ratio favored decliners.</p><p>The S&amp;P 500 posted three new 52-week highs and 31 new lows; the Nasdaq Composite recorded 46 new highs and 118 new lows.</p><p><img src=\"https://static.tigerbbs.com/f19641e59325b2e46cc65fd6f210da36\" tg-width=\"1080\" tg-height=\"1920\" width=\"100%\" height=\"auto\"/></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2273380106","content_text":"Oil prices add to inflation woes post-OPEC+ output cutU.S. weekly jobless claims increase more than expectedIndexes fall: Dow down 1.15%, S&P 1.02%, Nasdaq 0.68%Wall Street's major indexes closed lower on Thursday as concerns mounted ahead of closely watched monthly nonfarm payrolls numbers due on Friday that the Federal Reserve's aggressive interest rate stance will lead to a recession.Markets briefly took comfort from data that showed weekly jobless claims rose by the most in four months last week, raising a glimmer of hope the Fed could ease the implementation since March of the fastest and highest jump in rates in decades.The equity market has been slow to acknowledge a consistent message from Fed officials that rates will go higher for longer until the pace of inflation is clearly slowing.Chicago Fed President Charles Evans was the latest to spell out the central bank's outlook on Thursday, saying policymakers expect to deliver 125 basis points of rate hikes before year's end as inflation readings have been disappointing.\"The market has been slowly getting the Fed's message,\" said Jason Pride, chief investment officer for private wealth at Glenmede in Philadelphia.\"There's a likelihood that the Fed with further rate hikes pushes the economy into a recession in order to bring inflation down,\" Pride said. \"We don't think the markets have fully picked up on this.\"Pride sees a mild recession, but in the average recession there has been a 15% decline in earnings, suggesting the market could fall further. The S&P 500 has declined 22% from its peak on Jan. 3.Despite the day's decline, the three major indexes were poised to post a weekly gain after the sharp rally on Monday and Tuesday.The labor market remains tight even as demand begins to cool amid higher rates. On Friday the nonfarm payrolls report on employment in September will help investors gauge whether the Fed alters its aggressive rate-hiking plans.Money markets are pricing in an almost 86% chance of a fourth straight 75 basis-point rate hike when policymakers meet on Nov. 1-2.To be clear, not everyone foresees a hard landing.Dave Sekera, chief U.S. market strategist at Morningstar Inc , said growth will remain sluggish for the foreseeable future and likely will not start to reaccelerate until the second half of 2023, but he does not see a sharp downturn.\"We're not forecasting a recession,\" Sekera said. \"The markets are looking for clarity as to when they think economic activity will reaccelerate and make that sustained rebound.\"They're also looking for strong evidence that inflation will begin to really trend down, moving back towards the Fed's 2% target,\" he said.Ten of the 11 major S&P 500 sectors fell, led by a 3.3% decline in real estate. Other indices also fell, including semiconductors, small caps and Dow transports. Growth shares fell 0.76%, while value dropped 1.18%.Energy was the sole gainer, rising 1.8%.Oil prices rose, holding at three-week highs after the Organization of the Petroleum Exporting Countries plus its allies agreed to cut production targets by 2 million barrels per day (bpd), the largest reduction since 2020.The Dow Jones Industrial Average fell 346.93 points, or 1.15%, to 29,926.94, the S&P 500 lost 38.76 points, or 1.02%, to 3,744.52 and the Nasdaq Composite dropped 75.33 points, or 0.68%, to 11,073.31.Tesla Inc fell 1.1% as Apollo Global Management Inc and Sixth Street Partners, which had been looking to provide financing for Elon Musk's $44 billion Twitter deal, are no longer in talks with the billionaire.Alphabet Inc closed basically flat after the launch of Google's new phones and its first smart watch.Volume on U.S. exchanges was 10.57 billion shares, compared with the 11.67 billion average for the full session over the past 20 trading days.Declining issues outnumbered advancing ones on the NYSE by a 2.32-to-1 ratio; on Nasdaq, a 1.42-to-1 ratio favored decliners.The S&P 500 posted three new 52-week highs and 31 new lows; the Nasdaq Composite recorded 46 new highs and 118 new lows.","news_type":1},"isVote":1,"tweetType":1,"viewCount":79,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":171202553,"gmtCreate":1626744864972,"gmtModify":1703764286074,"author":{"id":"3581590268956264","authorId":"3581590268956264","name":"Damien111","avatar":"https://community-static.tradeup.com/news/79328dd256df8bc25949678982e26fc3","crmLevel":7,"crmLevelSwitch":1},"themes":[],"htmlText":"Like n comment&nbsp;","listText":"Like n comment&nbsp;","text":"Like n comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":5,"repostSize":0,"link":"https://ttm.financial/post/171202553","repostId":"2152652683","repostType":4,"isVote":1,"tweetType":1,"viewCount":108,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}