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Mafia86

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2021-07-21

Up down

AMC Smokes Shorts Again: What's Next?

2021-08-01

Good stuff

Wall Street declines with Amazon; S&P 500 posts gains for month

2021-08-13

Cool ?

Sorry, the original content has been removed

2021-07-04

YOLO !!

Two new stock market acronyms — FOLO and YOMO — can save you a lot of grief (and money)

2021-08-08

Cool

SEC Moves First DeFi Unregistered Securities Lawsuit

2021-01-24

Nice !

Volkswagen reports 2020 operating profit of 10 billion euros

2021-08-01

Cool

You can beat stock market indexes — this fund manager has, and this is how she and her team did it

2021-02-21

Nice

2 Top Tech Stocks to Buy Now for Big Growth

2021-07-19

Getting ready to shop

4 Ways I'm Preparing for the Stock Market Bubble to Burst

2021-04-29

Nicely done

Qualcomm revenue pops 52% on strong smartphone demand

2021-03-18

Cool ?

Disney stocks soared, after Disney CEO Bob Chapek says Disneyland to reopen on April 30

2021-02-13

Nice!

Here's the formula for spotting genuinely undervalued companies, claims this investment house

2021-05-01

Next week will be good to watch . Big pump ! PT $35

MicroVision Stock Plummets 21% On Q1 Earnings Miss: What You Need To Know

2021-03-12

Cool ?

Coupang spikes 85% on its first day of trading

2021-02-09

Load up !!

Carmakers have been hit hard by a global chip shortage — here’s why

2021-06-03

Cool ?

The Top 50 Robinhood Stocks in June

2021-04-15

Woah..

Thinking About Buying Coinbase? - Here's Your Note

2021-02-05

Like a casino ?

Sorry, the original content has been removed

2021-01-26

Nice !

@特斯拉TESLA:180多家特斯拉中心，超過5700個超級充電樁，覆蓋300多座城市...從繁華都市到郊外小城，特斯拉潛移默化地改變着更多人的出行方式。感謝有共同信念的你，與特斯拉一起實現夢想與使命。2021，再遠的旅程，特斯拉一路相伴。點擊「特斯拉TESLA」頭像賬號跳轉至主頁面，於展位區選擇心儀的車型感受特斯拉驚喜試駕體驗吧！

2021-01-26

Awesome ??

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Go to Tiger App to see more news

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?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/894220832","repostId":"1127554137","repostType":4,"isVote":1,"tweetType":1,"viewCount":279,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":891491578,"gmtCreate":1628407412894,"gmtModify":1703505977803,"author":{"id":"3556089233206356","authorId":"3556089233206356","name":"Mafia86","avatar":"https://static.tigerbbs.com/b725a09e5ac03f88838e7a00305c1253","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3556089233206356","authorIdStr":"3556089233206356"},"themes":[],"htmlText":"Cool","listText":"Cool","text":"Cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/891491578","repostId":"1180529438","repostType":4,"repost":{"id":"1180529438","pubTimestamp":1628386129,"share":"https://ttm.financial/m/news/1180529438?lang=&edition=fundamental","pubTime":"2021-08-08 09:28","market":"us","language":"en","title":"SEC Moves First DeFi Unregistered Securities Lawsuit","url":"https://stock-news.laohu8.com/highlight/detail?id=1180529438","media":"Benzinga","summary":"The United States Securities and Exchange Commission  sued the organization responsible for the development of a decentralized finance  protocol over activities involved with the project for the first time.What Happened: According to a Friday SEC announcement, the agency has sued Cayman Islands-based Blockchain Credit Partners and two of its top executives over allegedly selling unregistered securities through its DeFi Money Market platform from February 2020 to February 2021. The firm purported","content":"<p>The United States Securities and Exchange Commission (SEC) sued the organization responsible for the development of a decentralized finance (DeFi) protocol over activities involved with the project for the first time.</p>\n<p><b>What Happened:</b>&nbsp;According to a Friday SEC&nbsp;announcement, the agency has sued Cayman Islands-based Blockchain Credit Partners and two of its top executives over allegedly selling unregistered securities through its DeFi Money Market platform from February 2020 to February 2021. The firm purportedly sold over $30 million worth of two types of tokens that the SEC deemed to be securities that should have been registered as such.</p>\n<p>The SEC notes that Blockchain Credit Partners&nbsp;founders Gregory Keough and Derek Acree will have to pay fines of $125,000 while the company itself also agreed to pay $12.8 million in disgorgement. The settlement does not indicate an admition or denial&nbsp;the accusations.</p>\n<p><b>New Game, Old Rules?</b></p>\n<p>SEC Enforcement Director Gurbir Grewal explained that \"full and honest disclosure remains the cornerstone of our securities laws — no matter what technologies are used to offer and sell those securities.\" This comment makes it very clear that slapping the DeFi label on a project and hoping to avoid regulation this way works no better than calling it a \"utility token\" prevented falling under the SEC's scrutiny during 2017's initial coin offering craze.</p>\n<p>The SEC is trying to send the clear rule that the new kind of financial organizations that operate on blockchains have to still play by the old rules that govern traditional finance. At the same time, market onlookers are not sure if the regulator is actually right.</p>\n<p>In a way, it is a tour de force where the regulator wins every time it has a way to take enforcement action, but these new organizations potentially have a very real way to make enforcement impossible — or at the very least impractical. The only protection against enforcement by the SEC and other regulators is decentralization and the only reason why the SEC was able to act in this case is that a centralized organization such as Blockchain Credit Partners exists.</p>\n<p><b>What's Next:</b>If no company exists and all that there is to a DeFi protocol is a set of smart contracts deployed on a blockchain by a group of anonymous developers scattered around the world there is very little that the SEC can do short of attacking the blockchain itself. This is where the decentralization of the underlying blockchain comes into play: will the regulators for instance be able to force&nbsp;<b>Ethereum's</b>&nbsp;(CRYPTO: ETH) core development team to write an update stopping such a project?</p>\n<p>If the regulators would actually be able to force the blockchain's developers to write such an update, would node operators and miners or stakers adopt this software or would they refuse to? Such situations will be the real test of the decentralization and reliability of any blockchain that many are waiting to happen. Regulators are seeing power slipping away&nbsp;between their fingers like sand, and they are going to try to grab it.</p>","source":"lsy1606299360108","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>SEC Moves First DeFi Unregistered Securities Lawsuit</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\">\nSEC Moves First DeFi Unregistered Securities Lawsuit\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-08 09:28 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.benzinga.com/markets/cryptocurrency/21/08/22378359/sec-moves-first-defi-unregistered-securities-lawsuit><strong>Benzinga</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The United States Securities and Exchange Commission (SEC) sued the organization responsible for the development of a decentralized finance (DeFi) protocol over activities involved with the project ...</p>\n\n<a href=\"https://www.benzinga.com/markets/cryptocurrency/21/08/22378359/sec-moves-first-defi-unregistered-securities-lawsuit\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc."},"source_url":"https://www.benzinga.com/markets/cryptocurrency/21/08/22378359/sec-moves-first-defi-unregistered-securities-lawsuit","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1180529438","content_text":"The United States Securities and Exchange Commission (SEC) sued the organization responsible for the development of a decentralized finance (DeFi) protocol over activities involved with the project for the first time.\nWhat Happened: According to a Friday SEC announcement, the agency has sued Cayman Islands-based Blockchain Credit Partners and two of its top executives over allegedly selling unregistered securities through its DeFi Money Market platform from February 2020 to February 2021. The firm purportedly sold over $30 million worth of two types of tokens that the SEC deemed to be securities that should have been registered as such.\nThe SEC notes that Blockchain Credit Partners founders Gregory Keough and Derek Acree will have to pay fines of $125,000 while the company itself also agreed to pay $12.8 million in disgorgement. The settlement does not indicate an admition or denial the accusations.\nNew Game, Old Rules?\nSEC Enforcement Director Gurbir Grewal explained that \"full and honest disclosure remains the cornerstone of our securities laws — no matter what technologies are used to offer and sell those securities.\" This comment makes it very clear that slapping the DeFi label on a project and hoping to avoid regulation this way works no better than calling it a \"utility token\" prevented falling under the SEC's scrutiny during 2017's initial coin offering craze.\nThe SEC is trying to send the clear rule that the new kind of financial organizations that operate on blockchains have to still play by the old rules that govern traditional finance. At the same time, market onlookers are not sure if the regulator is actually right.\nIn a way, it is a tour de force where the regulator wins every time it has a way to take enforcement action, but these new organizations potentially have a very real way to make enforcement impossible — or at the very least impractical. The only protection against enforcement by the SEC and other regulators is decentralization and the only reason why the SEC was able to act in this case is that a centralized organization such as Blockchain Credit Partners exists.\nWhat's Next:If no company exists and all that there is to a DeFi protocol is a set of smart contracts deployed on a blockchain by a group of anonymous developers scattered around the world there is very little that the SEC can do short of attacking the blockchain itself. This is where the decentralization of the underlying blockchain comes into play: will the regulators for instance be able to force Ethereum's (CRYPTO: ETH) core development team to write an update stopping such a project?\nIf the regulators would actually be able to force the blockchain's developers to write such an update, would node operators and miners or stakers adopt this software or would they refuse to? Such situations will be the real test of the decentralization and reliability of any blockchain that many are waiting to happen. Regulators are seeing power slipping away between their fingers like sand, and they are going to try to grab it.","news_type":1},"isVote":1,"tweetType":1,"viewCount":207,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802887900,"gmtCreate":1627752230600,"gmtModify":1703495472044,"author":{"id":"3556089233206356","authorId":"3556089233206356","name":"Mafia86","avatar":"https://static.tigerbbs.com/b725a09e5ac03f88838e7a00305c1253","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3556089233206356","authorIdStr":"3556089233206356"},"themes":[],"htmlText":"Good stuff","listText":"Good stuff","text":"Good stuff","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/802887900","repostId":"2155001152","repostType":4,"repost":{"id":"2155001152","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":1627675228,"share":"https://ttm.financial/m/news/2155001152?lang=&edition=fundamental","pubTime":"2021-07-31 04:00","market":"us","language":"en","title":"Wall Street declines with Amazon; S&P 500 posts gains for month","url":"https://stock-news.laohu8.com/highlight/detail?id=2155001152","media":"Reuters","summary":"U.S. consumer spending rises in June, inflation increases . NEW YORK, July 30  - U.S. stocks fell on Friday with Amazon.com shares declining after the company forecast lower sales growth, but the S&P 500 still posted a sixth straight month of gains.Amazon.com Inc shares sank after it reported late on Thursday revenue for the second quarter that was shy of analysts' average estimate and said sales growth would ease in the next few quarters as customers ventured more outside the home.Shares of oth","content":"<ul>\n <li>Pinterest sinks on stalled U.S. user growth</li>\n <li>U.S. consumer spending rises in June, inflation increases (Updates to close)</li>\n</ul>\n<p>NEW YORK, July 30 (Reuters) - U.S. stocks fell on Friday with Amazon.com shares declining after the company forecast lower sales growth, but the S&amp;P 500 still posted a sixth straight month of gains.</p>\n<p>Amazon.com Inc shares sank after it reported late on Thursday revenue for the second quarter that was shy of analysts' average estimate and said sales growth would ease in the next few quarters as customers ventured more outside the home.</p>\n<p>Shares of other internet and tech giants that did well during the lockdowns of last year, including Google parent Alphabet Inc and <a href=\"https://laohu8.com/S/FB\">Facebook</a> Inc, were mostly lower.</p>\n<p>\"Overall earnings have been good. But Amazon ... and some of last year's winners are taking some of the air out of the market today,\" said Jake Dollarhide, chief executive officer of Longbow Asset Management in Tulsa, Oklahoma. \"This market has been driven by big tech and when tech does well, the market seems to go right along with it, and when it doesn't,\" it falls.</p>\n<p>Data on Friday showed U.S. consumer spending rose more than expected in June, although annual inflation accelerated further above the Federal Reserve's 2% target.</p>\n<p>Unofficially, the Dow Jones Industrial Average fell 146.36 points, or 0.42%, to 34,938.17, the S&amp;P 500 lost 23.58 points, or 0.53%, to 4,395.57 and the Nasdaq Composite dropped 101.51 points, or 0.69%, to 14,676.76.</p>\n<p>Strong earnings and the continued rebound in the U.S. economy have helped to support stocks this month, but the rapid spread of the Delta variant of the coronavirus and rising inflation have been concerns.</p>\n<p>\"There are still some distant jitters, whispers about the Delta variant, about cases rising, and I think some underlying worries about a slowdown of the reopenings and possible reversal,\" Dollarhide said.</p>\n<p>Also on the earnings front, Pampers maker Procter &amp; Gamble Co rose as it forecast higher core earnings for this year, and U.S.-listed shares of Canada's <a href=\"https://laohu8.com/S/QSR\">Restaurant Brands International Inc</a> jumped after the Burger King owner beat estimates for quarterly profit.</p>\n<p>Pinterest Inc, however, plunged after saying U.S. user growth was decelerating as people who used the platform for crafts and DIY projects during the height of the pandemic were stepping out more.</p>\n<p>Caterpillar Inc shares also fell, even though the company posted a rise in second-quarter adjusted profit on the back of a recovery in global economic activity.</p>\n<p>Results on the quarter overall have been much stronger than expected, with about 89% of the reports beating analysts' estimates on earnings, according to IBES data from Refinitiv. Earnings are now expected to have climbed 89.8% in the second quarter versus forecasts of 65.4% at the start of July. (Reporting by Caroline Valetkevitch in New York Additional reporting by Sagarika Jaisinghani in Bengaluru Editing by Arun Koyyur and Matthew Lewis)</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 declines with Amazon; S&P 500 posts gains for month</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 declines with Amazon; S&P 500 posts gains for month\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\">2021-07-31 04:00</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<ul>\n <li>Pinterest sinks on stalled U.S. user growth</li>\n <li>U.S. consumer spending rises in June, inflation increases (Updates to close)</li>\n</ul>\n<p>NEW YORK, July 30 (Reuters) - U.S. stocks fell on Friday with Amazon.com shares declining after the company forecast lower sales growth, but the S&amp;P 500 still posted a sixth straight month of gains.</p>\n<p>Amazon.com Inc shares sank after it reported late on Thursday revenue for the second quarter that was shy of analysts' average estimate and said sales growth would ease in the next few quarters as customers ventured more outside the home.</p>\n<p>Shares of other internet and tech giants that did well during the lockdowns of last year, including Google parent Alphabet Inc and <a href=\"https://laohu8.com/S/FB\">Facebook</a> Inc, were mostly lower.</p>\n<p>\"Overall earnings have been good. But Amazon ... and some of last year's winners are taking some of the air out of the market today,\" said Jake Dollarhide, chief executive officer of Longbow Asset Management in Tulsa, Oklahoma. \"This market has been driven by big tech and when tech does well, the market seems to go right along with it, and when it doesn't,\" it falls.</p>\n<p>Data on Friday showed U.S. consumer spending rose more than expected in June, although annual inflation accelerated further above the Federal Reserve's 2% target.</p>\n<p>Unofficially, the Dow Jones Industrial Average fell 146.36 points, or 0.42%, to 34,938.17, the S&amp;P 500 lost 23.58 points, or 0.53%, to 4,395.57 and the Nasdaq Composite dropped 101.51 points, or 0.69%, to 14,676.76.</p>\n<p>Strong earnings and the continued rebound in the U.S. economy have helped to support stocks this month, but the rapid spread of the Delta variant of the coronavirus and rising inflation have been concerns.</p>\n<p>\"There are still some distant jitters, whispers about the Delta variant, about cases rising, and I think some underlying worries about a slowdown of the reopenings and possible reversal,\" Dollarhide said.</p>\n<p>Also on the earnings front, Pampers maker Procter &amp; Gamble Co rose as it forecast higher core earnings for this year, and U.S.-listed shares of Canada's <a href=\"https://laohu8.com/S/QSR\">Restaurant Brands International Inc</a> jumped after the Burger King owner beat estimates for quarterly profit.</p>\n<p>Pinterest Inc, however, plunged after saying U.S. user growth was decelerating as people who used the platform for crafts and DIY projects during the height of the pandemic were stepping out more.</p>\n<p>Caterpillar Inc shares also fell, even though the company posted a rise in second-quarter adjusted profit on the back of a recovery in global economic activity.</p>\n<p>Results on the quarter overall have been much stronger than expected, with about 89% of the reports beating analysts' estimates on earnings, according to IBES data from Refinitiv. Earnings are now expected to have climbed 89.8% in the second quarter versus forecasts of 65.4% at the start of July. (Reporting by Caroline Valetkevitch in New York Additional reporting by Sagarika Jaisinghani in Bengaluru Editing by Arun Koyyur and Matthew Lewis)</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"161125":"标普500","513500":"标普500ETF","IVV":"标普500指数ETF","OEX":"标普100",".SPX":"S&P 500 Index","AMZN":"亚马逊","SDS":"两倍做空标普500ETF","SPXU":"三倍做空标普500ETF","COMP":"Compass, Inc.","UPRO":"三倍做多标普500ETF","SPY":"标普500ETF","OEF":"标普100指数ETF-iShares","SSO":"两倍做多标普500ETF","SH":"标普500反向ETF","CAT":"卡特彼勒"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2155001152","content_text":"Pinterest sinks on stalled U.S. user growth\nU.S. consumer spending rises in June, inflation increases (Updates to close)\n\nNEW YORK, July 30 (Reuters) - U.S. stocks fell on Friday with Amazon.com shares declining after the company forecast lower sales growth, but the S&P 500 still posted a sixth straight month of gains.\nAmazon.com Inc shares sank after it reported late on Thursday revenue for the second quarter that was shy of analysts' average estimate and said sales growth would ease in the next few quarters as customers ventured more outside the home.\nShares of other internet and tech giants that did well during the lockdowns of last year, including Google parent Alphabet Inc and Facebook Inc, were mostly lower.\n\"Overall earnings have been good. But Amazon ... and some of last year's winners are taking some of the air out of the market today,\" said Jake Dollarhide, chief executive officer of Longbow Asset Management in Tulsa, Oklahoma. \"This market has been driven by big tech and when tech does well, the market seems to go right along with it, and when it doesn't,\" it falls.\nData on Friday showed U.S. consumer spending rose more than expected in June, although annual inflation accelerated further above the Federal Reserve's 2% target.\nUnofficially, the Dow Jones Industrial Average fell 146.36 points, or 0.42%, to 34,938.17, the S&P 500 lost 23.58 points, or 0.53%, to 4,395.57 and the Nasdaq Composite dropped 101.51 points, or 0.69%, to 14,676.76.\nStrong earnings and the continued rebound in the U.S. economy have helped to support stocks this month, but the rapid spread of the Delta variant of the coronavirus and rising inflation have been concerns.\n\"There are still some distant jitters, whispers about the Delta variant, about cases rising, and I think some underlying worries about a slowdown of the reopenings and possible reversal,\" Dollarhide said.\nAlso on the earnings front, Pampers maker Procter & Gamble Co rose as it forecast higher core earnings for this year, and U.S.-listed shares of Canada's Restaurant Brands International Inc jumped after the Burger King owner beat estimates for quarterly profit.\nPinterest Inc, however, plunged after saying U.S. user growth was decelerating as people who used the platform for crafts and DIY projects during the height of the pandemic were stepping out more.\nCaterpillar Inc shares also fell, even though the company posted a rise in second-quarter adjusted profit on the back of a recovery in global economic activity.\nResults on the quarter overall have been much stronger than expected, with about 89% of the reports beating analysts' estimates on earnings, according to IBES data from Refinitiv. Earnings are now expected to have climbed 89.8% in the second quarter versus forecasts of 65.4% at the start of July. (Reporting by Caroline Valetkevitch in New York Additional reporting by Sagarika Jaisinghani in Bengaluru Editing by Arun Koyyur and Matthew Lewis)","news_type":1},"isVote":1,"tweetType":1,"viewCount":320,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802885966,"gmtCreate":1627751768955,"gmtModify":1703495469606,"author":{"id":"3556089233206356","authorId":"3556089233206356","name":"Mafia86","avatar":"https://static.tigerbbs.com/b725a09e5ac03f88838e7a00305c1253","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3556089233206356","authorIdStr":"3556089233206356"},"themes":[],"htmlText":"Cool","listText":"Cool","text":"Cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/802885966","repostId":"1147779023","repostType":4,"repost":{"id":"1147779023","pubTimestamp":1627716124,"share":"https://ttm.financial/m/news/1147779023?lang=&edition=fundamental","pubTime":"2021-07-31 15:22","market":"us","language":"en","title":"You can beat stock market indexes — this fund manager has, and this is how she and her team did it","url":"https://stock-news.laohu8.com/highlight/detail?id=1147779023","media":"MarketWatch","summary":"Five key lessons on outperformance from Prabha Ram at the American Century Focused Dynamic Growth Fu","content":"<blockquote>\n <b>Five key lessons on outperformance from Prabha Ram at the American Century Focused Dynamic Growth Fund.</b>\n</blockquote>\n<p>Investing is a tough game. That’s why so many mutual funds lag behind their indices.</p>\n<p>So when you find a fund with a great record, it pays to investigate what the fund managers are doing — to learn some lessons.</p>\n<p>The American Century Focused Dynamic Growth FundACFSXfits the bill. The $2.8 billion fund beats its Russell 1000 Growth&nbsp;Index by over 6 percentage points annualized over the past three and five years, according toMorningstar. It outperforms its large-growth category by 8.6 percentage points annualized over five years. It has a reasonable 0.65% expense ratio.</p>\n<p>The fund is co-managed by Prabha Ram, who I recently caught up with. Raised in India, Ram came to the U.S. as a teaching assistant at the University of Maine, where she earned a master’s degree in computer science. She went on to receive an MBA at the Wharton School at the University of Pennsylvania. Ram and three other portfolio managers have led this fund since 2016.</p>\n<p>Here are the five key takeaways, with examples of specific stocks.</p>\n<p><b>1. Own companies that can “land and expand” in big markets</b></p>\n<p>Even though we’ve been in the digital age for years, many small companies still do much of their business on paper. Bill.comBILLwants to change that. The company was founded by CEO René Lacerte, who in the late 1990s started the online payroll company PayCycle, which was acquired by Intuit.</p>\n<p>Bill.com helps small companies go digital in accounts payable and receivable payments. But that’s just the start. Once inside a company, Bill.com digitizes other areas like cash and expense account management.</p>\n<p>Bill.com “lands and expands” at clients, but it also uses their business partners to create a network of leads.</p>\n<p>“Every vendor is a network member, even if it is not a Bill.com customer,” says Ram. This network has about 2.5 million members. Bill.com also gets prospects from its partners, including Bank of AmericaBAC,JPMorgan ChaseJPMand American ExpressAXP.Sales grew 45% in the first quarter.</p>\n<p>Founder-run companies such as this one are worth considering because they often outperform.</p>\n<p><b>2. Seek out innovators</b></p>\n<p>Ram’s portfolio contains obvious innovators, including TeslaTSLA,Amazon.comAMZNand AlphabetGOOGL,her top three positions. Let’s look beyond technology — to beer.</p>\n<p>Back in the 1980s, Boston Beer founder Jim Koch began taking share from beer giants Anheuser-Busch InBevBUDand HeinekenHEINYby rolling out successful “craft” brews, starting with Samuel Adams. Koch helped invent the craft brew category, essentially taking the country back to pre-Prohibition days when the U.S. had hundreds of regional breweries making more flavorful beers for local tastes.</p>\n<p>Boston Beer stock did very well, but then it stalled during 2015-2017 as beer sales overall went flat. In response, Boston Beer helped put a new category on the map — with its Truly Hard Seltzer brand rolled out in 2106. It remains one of the leading hard seltzers.</p>\n<p>“We were drawn to the company because of its history of innovation,” says Ram, referring to her fund’s early position from the second quarter of 2016. “The stock was doing poorly because the beer market was flattening, but they were coming up with Truly Hard Seltzer. Truly was more successful than we anticipated. It created a new category.”</p>\n<p>This penchant for innovation at Boston Beer has helped keep Ram’s fund in the name. Other successful Boston Beer brands include Twisted Tea, Angry Orchard and Dogfish Head.</p>\n<p>A key takeaway here is that to find innovative companies, look for the ones led by people who have demonstrated a knack for innovation in the past. Innovative managers tend to keep on innovating. Boston Beer continually tests new seltzers, beers, hard ciders, distilled spirits and other drinks. Shareholders are betting they will come through again.</p>\n<p>They’ll need the help. Boston Beer shares fell 20% on July 23 because so many competitors entered the hard cider niche. Sales grew 33% but net income fell 1.6% as the company jacked up advertising costs to try to combat the competition. The company slashed estimates for the year on an expected slowdown in sales growth.</p>\n<p>But don’t count out this innovator yet.</p>\n<p>“We recently announced plans to develop new innovative beverages with&nbsp;Beam Suntory&nbsp;that we are planning to launch in early 2022,” Boston Beer’s Koch said. Beam Suntory&nbsp;sells Jim Beam whiskey and other brands of spirits. “We believe these new beverages will further demonstrate our ability to innovate and grow our business as drinker preferences evolve.”</p>\n<p><b>3. Look for companies that can create and dominate a niche</b></p>\n<p>For years as the gig economy emerged, the big credit card companies didn’t really care that much if the local yoga instructor could accept payments with a credit card. SquareSQrecognized this as an opportunity. So it launched its card payment device business in 2009. Since then, it has grown by taking on larger customers, and expanding into new lines of business in financial services such as cash management, debit cards loans and tax filing. Transaction-based revenue grew 27% in the first quarter, and subscription and services revenue soared 88%.</p>\n<p>This is a great example of a company that created a business niche. But it’s also a “land and expand” company because it grows by offering customers new services. Both qualities help companies maintain the competitive advantage Ram likes see in investments.</p>\n<p><b>4. Buy companies in the early stages of rapid growth</b></p>\n<p>One way to find these is to identify companies developing products that will transform an entire industry. Ram thinks that is the case with Alnylam PharmaceuticalsALNY.It’s developing novel therapies base on a technique called RNA interference (RNAi). Inside the body, messenger RNA (mRNA) encodes proteins we need, based on signals from RNA. Sometimes mRNA gets the signals crossed, and it encodes flawed proteins. This causes diseases.</p>\n<p>Alnylam has developed a way to tweak the RNAi pathway to silence the flawed signaling and block the creation of disease-causing proteins. So far, Alnylam has four approved RNAi-based medicines that treat rare hereditary diseases. The company has a dozen other therapies in clinical studies, including six in late-stage development.</p>\n<p>“This is a completely new area of therapeutics,” says Ram. “It is a platform of products that can treat a variety of conditions.”</p>\n<p><b>5. Hold stocks for the long term</b></p>\n<p>All of the names above are large positions in Ram’s fund, which tells me that Ram and her team think they have considerably more upside. If you buy any of them, though, remember you have to do so with a multi-year time horizon. That’s what Ram’s fund does. It has a low annual portfolio turnover of 27%. It’s important to have a long-term view, because it is so tough to call short-term moves in the stock market or in stocks, and you need to give companies time to develop.</p>","source":"lsy1603348471595","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>You can beat stock market indexes — this fund manager has, and this is how she and her team did it</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\">\nYou can beat stock market indexes — this fund manager has, and this is how she and her team did it\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-31 15:22 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.marketwatch.com/story/you-can-beat-stock-market-indexes-this-fund-manager-has-and-this-is-how-she-and-her-team-did-it-11627481445?mod=article_inline><strong>MarketWatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Five key lessons on outperformance from Prabha Ram at the American Century Focused Dynamic Growth Fund.\n\nInvesting is a tough game. That’s why so many mutual funds lag behind their indices.\nSo when ...</p>\n\n<a href=\"https://www.marketwatch.com/story/you-can-beat-stock-market-indexes-this-fund-manager-has-and-this-is-how-she-and-her-team-did-it-11627481445?mod=article_inline\">Web Link</a>\n\n</div>\n\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","SPY":"标普500ETF"},"source_url":"https://www.marketwatch.com/story/you-can-beat-stock-market-indexes-this-fund-manager-has-and-this-is-how-she-and-her-team-did-it-11627481445?mod=article_inline","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1147779023","content_text":"Five key lessons on outperformance from Prabha Ram at the American Century Focused Dynamic Growth Fund.\n\nInvesting is a tough game. That’s why so many mutual funds lag behind their indices.\nSo when you find a fund with a great record, it pays to investigate what the fund managers are doing — to learn some lessons.\nThe American Century Focused Dynamic Growth FundACFSXfits the bill. The $2.8 billion fund beats its Russell 1000 Growth Index by over 6 percentage points annualized over the past three and five years, according toMorningstar. It outperforms its large-growth category by 8.6 percentage points annualized over five years. It has a reasonable 0.65% expense ratio.\nThe fund is co-managed by Prabha Ram, who I recently caught up with. Raised in India, Ram came to the U.S. as a teaching assistant at the University of Maine, where she earned a master’s degree in computer science. She went on to receive an MBA at the Wharton School at the University of Pennsylvania. Ram and three other portfolio managers have led this fund since 2016.\nHere are the five key takeaways, with examples of specific stocks.\n1. Own companies that can “land and expand” in big markets\nEven though we’ve been in the digital age for years, many small companies still do much of their business on paper. Bill.comBILLwants to change that. The company was founded by CEO René Lacerte, who in the late 1990s started the online payroll company PayCycle, which was acquired by Intuit.\nBill.com helps small companies go digital in accounts payable and receivable payments. But that’s just the start. Once inside a company, Bill.com digitizes other areas like cash and expense account management.\nBill.com “lands and expands” at clients, but it also uses their business partners to create a network of leads.\n“Every vendor is a network member, even if it is not a Bill.com customer,” says Ram. This network has about 2.5 million members. Bill.com also gets prospects from its partners, including Bank of AmericaBAC,JPMorgan ChaseJPMand American ExpressAXP.Sales grew 45% in the first quarter.\nFounder-run companies such as this one are worth considering because they often outperform.\n2. Seek out innovators\nRam’s portfolio contains obvious innovators, including TeslaTSLA,Amazon.comAMZNand AlphabetGOOGL,her top three positions. Let’s look beyond technology — to beer.\nBack in the 1980s, Boston Beer founder Jim Koch began taking share from beer giants Anheuser-Busch InBevBUDand HeinekenHEINYby rolling out successful “craft” brews, starting with Samuel Adams. Koch helped invent the craft brew category, essentially taking the country back to pre-Prohibition days when the U.S. had hundreds of regional breweries making more flavorful beers for local tastes.\nBoston Beer stock did very well, but then it stalled during 2015-2017 as beer sales overall went flat. In response, Boston Beer helped put a new category on the map — with its Truly Hard Seltzer brand rolled out in 2106. It remains one of the leading hard seltzers.\n“We were drawn to the company because of its history of innovation,” says Ram, referring to her fund’s early position from the second quarter of 2016. “The stock was doing poorly because the beer market was flattening, but they were coming up with Truly Hard Seltzer. Truly was more successful than we anticipated. It created a new category.”\nThis penchant for innovation at Boston Beer has helped keep Ram’s fund in the name. Other successful Boston Beer brands include Twisted Tea, Angry Orchard and Dogfish Head.\nA key takeaway here is that to find innovative companies, look for the ones led by people who have demonstrated a knack for innovation in the past. Innovative managers tend to keep on innovating. Boston Beer continually tests new seltzers, beers, hard ciders, distilled spirits and other drinks. Shareholders are betting they will come through again.\nThey’ll need the help. Boston Beer shares fell 20% on July 23 because so many competitors entered the hard cider niche. Sales grew 33% but net income fell 1.6% as the company jacked up advertising costs to try to combat the competition. The company slashed estimates for the year on an expected slowdown in sales growth.\nBut don’t count out this innovator yet.\n“We recently announced plans to develop new innovative beverages with Beam Suntory that we are planning to launch in early 2022,” Boston Beer’s Koch said. Beam Suntory sells Jim Beam whiskey and other brands of spirits. “We believe these new beverages will further demonstrate our ability to innovate and grow our business as drinker preferences evolve.”\n3. Look for companies that can create and dominate a niche\nFor years as the gig economy emerged, the big credit card companies didn’t really care that much if the local yoga instructor could accept payments with a credit card. SquareSQrecognized this as an opportunity. So it launched its card payment device business in 2009. Since then, it has grown by taking on larger customers, and expanding into new lines of business in financial services such as cash management, debit cards loans and tax filing. Transaction-based revenue grew 27% in the first quarter, and subscription and services revenue soared 88%.\nThis is a great example of a company that created a business niche. But it’s also a “land and expand” company because it grows by offering customers new services. Both qualities help companies maintain the competitive advantage Ram likes see in investments.\n4. Buy companies in the early stages of rapid growth\nOne way to find these is to identify companies developing products that will transform an entire industry. Ram thinks that is the case with Alnylam PharmaceuticalsALNY.It’s developing novel therapies base on a technique called RNA interference (RNAi). Inside the body, messenger RNA (mRNA) encodes proteins we need, based on signals from RNA. Sometimes mRNA gets the signals crossed, and it encodes flawed proteins. This causes diseases.\nAlnylam has developed a way to tweak the RNAi pathway to silence the flawed signaling and block the creation of disease-causing proteins. So far, Alnylam has four approved RNAi-based medicines that treat rare hereditary diseases. The company has a dozen other therapies in clinical studies, including six in late-stage development.\n“This is a completely new area of therapeutics,” says Ram. “It is a platform of products that can treat a variety of conditions.”\n5. Hold stocks for the long term\nAll of the names above are large positions in Ram’s fund, which tells me that Ram and her team think they have considerably more upside. If you buy any of them, though, remember you have to do so with a multi-year time horizon. That’s what Ram’s fund does. It has a low annual portfolio turnover of 27%. It’s important to have a long-term view, because it is so tough to call short-term moves in the stock market or in stocks, and you need to give companies time to develop.","news_type":1},"isVote":1,"tweetType":1,"viewCount":290,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":176615428,"gmtCreate":1626879716864,"gmtModify":1703479893892,"author":{"id":"3556089233206356","authorId":"3556089233206356","name":"Mafia86","avatar":"https://static.tigerbbs.com/b725a09e5ac03f88838e7a00305c1253","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3556089233206356","authorIdStr":"3556089233206356"},"themes":[],"htmlText":"Up down","listText":"Up down","text":"Up down","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/176615428","repostId":"1109551881","repostType":4,"repost":{"id":"1109551881","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1626878219,"share":"https://ttm.financial/m/news/1109551881?lang=&edition=fundamental","pubTime":"2021-07-21 22:36","market":"us","language":"en","title":"AMC Smokes Shorts Again: What's Next?","url":"https://stock-news.laohu8.com/highlight/detail?id=1109551881","media":"Benzinga","summary":"AMC Entertainment Holding Inc(NYSE:AMC) shot up 24.47% Tuesday amid returned interest in reopening s","content":"<p><b>AMC Entertainment Holding Inc</b>(NYSE:AMC) shot up 24.47% Tuesday&nbsp;amid returned interest in reopening stocks. The company also announced on Monday evening it hadmade a dealto reopen the Grove Theatre and The Americana at Brand Theatre in the Los Angeles area in August under the AMC Brand. The two theatres were formerly leased by Pacific Theatres and are two of the highest-grossing theatres in Los Angeles.</p>\n<p>Although presently not the toptrendingstock on r/WallStreetBets, AMC was still the 10th most mentioned stock on Tuesday. The subreddit often targets stocks with unusual characteristics such as bizarre levels of ownership and high short interest. AMC’s underlying statistics have been improving over the last few months, however, and of the company’s 448.74 million share float 75.48 million shares are held short; this is down from 102.3 million in May.</p>\n<p>Despite short interest decreasing, AMC is still volatile and able to make big swings.</p>\n<p><b>The AMC Chart:</b>On Monday, during a big bear day in the general markets, AMC&nbsp;put in a bottom at $31.15 and managed to print a bullish hammer candlestick indicating higher prices would come on Tuesday. AMC then printed a bullish Marubozu candlestick on Tuesday. This Marubozu candle has a very small upper wick, indicating AMC had buyers at every price level it traded at intraday.</p>\n<p>AMC broke into a downtrend on July 1 and made a series of lower highs and lower lows until Tuesday when the price closed at $43.08, above its lower high of $37.73, which indicates a bullish trend change. Bulls won’t want the stock to drop below $31.15 for the trend to be confirmed.</p>\n<p><img src=\"https://static.tigerbbs.com/61ba2be17dcfd5bd5f6a00ab4398a5a6\" tg-width=\"651\" tg-height=\"256\" width=\"100%\" height=\"auto\">AMC&nbsp;was able to recapture the eight-day exponential moving average (EMA) as support but rejected, and wicked from, the 21-day EMA. Bulls will want to see AMC regain support of the level in the near term. AMC is trading well above the 200-day simple moving average, indicating overall sentiment in the stock remains bullish.</p>\n<p><img src=\"https://static.tigerbbs.com/afbe29a91b623abe465464f45c8889b6\" tg-width=\"1366\" tg-height=\"768\" width=\"100%\" height=\"auto\">Bulls want to see continued bullish volume push AMC over the 21-day EMA and up towards the $47.91 area. If it can regain the level as support, it could trade up toward $52.97.</p>\n<p>Bears want to see AMC’s stock continue to reject the 21-day EMA and for it to drop down and lose support of the eight-day EMA which aligns with a support level at $39.71. If the stock were to lose the level, it could fall toward the $31.81 mark.</p>\n<p><b>AMC Price Action:</b>Shares of AMC Entertainment traded up 4.2% to $44.78 at publication time.</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>AMC Smokes Shorts Again: What's Next?</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\">\nAMC Smokes Shorts Again: What's Next?\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga </p>\n<p class=\"h-time\">2021-07-21 22:36</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<p><b>AMC Entertainment Holding Inc</b>(NYSE:AMC) shot up 24.47% Tuesday&nbsp;amid returned interest in reopening stocks. The company also announced on Monday evening it hadmade a dealto reopen the Grove Theatre and The Americana at Brand Theatre in the Los Angeles area in August under the AMC Brand. The two theatres were formerly leased by Pacific Theatres and are two of the highest-grossing theatres in Los Angeles.</p>\n<p>Although presently not the toptrendingstock on r/WallStreetBets, AMC was still the 10th most mentioned stock on Tuesday. The subreddit often targets stocks with unusual characteristics such as bizarre levels of ownership and high short interest. AMC’s underlying statistics have been improving over the last few months, however, and of the company’s 448.74 million share float 75.48 million shares are held short; this is down from 102.3 million in May.</p>\n<p>Despite short interest decreasing, AMC is still volatile and able to make big swings.</p>\n<p><b>The AMC Chart:</b>On Monday, during a big bear day in the general markets, AMC&nbsp;put in a bottom at $31.15 and managed to print a bullish hammer candlestick indicating higher prices would come on Tuesday. AMC then printed a bullish Marubozu candlestick on Tuesday. This Marubozu candle has a very small upper wick, indicating AMC had buyers at every price level it traded at intraday.</p>\n<p>AMC broke into a downtrend on July 1 and made a series of lower highs and lower lows until Tuesday when the price closed at $43.08, above its lower high of $37.73, which indicates a bullish trend change. Bulls won’t want the stock to drop below $31.15 for the trend to be confirmed.</p>\n<p><img src=\"https://static.tigerbbs.com/61ba2be17dcfd5bd5f6a00ab4398a5a6\" tg-width=\"651\" tg-height=\"256\" width=\"100%\" height=\"auto\">AMC&nbsp;was able to recapture the eight-day exponential moving average (EMA) as support but rejected, and wicked from, the 21-day EMA. Bulls will want to see AMC regain support of the level in the near term. AMC is trading well above the 200-day simple moving average, indicating overall sentiment in the stock remains bullish.</p>\n<p><img src=\"https://static.tigerbbs.com/afbe29a91b623abe465464f45c8889b6\" tg-width=\"1366\" tg-height=\"768\" width=\"100%\" height=\"auto\">Bulls want to see continued bullish volume push AMC over the 21-day EMA and up towards the $47.91 area. If it can regain the level as support, it could trade up toward $52.97.</p>\n<p>Bears want to see AMC’s stock continue to reject the 21-day EMA and for it to drop down and lose support of the eight-day EMA which aligns with a support level at $39.71. If the stock were to lose the level, it could fall toward the $31.81 mark.</p>\n<p><b>AMC Price Action:</b>Shares of AMC Entertainment traded up 4.2% to $44.78 at publication time.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMC":"AMC院线"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1109551881","content_text":"AMC Entertainment Holding Inc(NYSE:AMC) shot up 24.47% Tuesday amid returned interest in reopening stocks. The company also announced on Monday evening it hadmade a dealto reopen the Grove Theatre and The Americana at Brand Theatre in the Los Angeles area in August under the AMC Brand. The two theatres were formerly leased by Pacific Theatres and are two of the highest-grossing theatres in Los Angeles.\nAlthough presently not the toptrendingstock on r/WallStreetBets, AMC was still the 10th most mentioned stock on Tuesday. The subreddit often targets stocks with unusual characteristics such as bizarre levels of ownership and high short interest. AMC’s underlying statistics have been improving over the last few months, however, and of the company’s 448.74 million share float 75.48 million shares are held short; this is down from 102.3 million in May.\nDespite short interest decreasing, AMC is still volatile and able to make big swings.\nThe AMC Chart:On Monday, during a big bear day in the general markets, AMC put in a bottom at $31.15 and managed to print a bullish hammer candlestick indicating higher prices would come on Tuesday. AMC then printed a bullish Marubozu candlestick on Tuesday. This Marubozu candle has a very small upper wick, indicating AMC had buyers at every price level it traded at intraday.\nAMC broke into a downtrend on July 1 and made a series of lower highs and lower lows until Tuesday when the price closed at $43.08, above its lower high of $37.73, which indicates a bullish trend change. Bulls won’t want the stock to drop below $31.15 for the trend to be confirmed.\nAMC was able to recapture the eight-day exponential moving average (EMA) as support but rejected, and wicked from, the 21-day EMA. Bulls will want to see AMC regain support of the level in the near term. AMC is trading well above the 200-day simple moving average, indicating overall sentiment in the stock remains bullish.\nBulls want to see continued bullish volume push AMC over the 21-day EMA and up towards the $47.91 area. If it can regain the level as support, it could trade up toward $52.97.\nBears want to see AMC’s stock continue to reject the 21-day EMA and for it to drop down and lose support of the eight-day EMA which aligns with a support level at $39.71. If the stock were to lose the level, it could fall toward the $31.81 mark.\nAMC Price Action:Shares of AMC Entertainment traded up 4.2% to $44.78 at publication time.","news_type":1},"isVote":1,"tweetType":1,"viewCount":636,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":171385939,"gmtCreate":1626706508721,"gmtModify":1703763777053,"author":{"id":"3556089233206356","authorId":"3556089233206356","name":"Mafia86","avatar":"https://static.tigerbbs.com/b725a09e5ac03f88838e7a00305c1253","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3556089233206356","authorIdStr":"3556089233206356"},"themes":[],"htmlText":"Getting ready to shop","listText":"Getting ready to shop","text":"Getting ready to shop","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/171385939","repostId":"2152827296","repostType":4,"repost":{"id":"2152827296","pubTimestamp":1626663600,"share":"https://ttm.financial/m/news/2152827296?lang=&edition=fundamental","pubTime":"2021-07-19 11:00","market":"us","language":"en","title":"4 Ways I'm Preparing for the Stock Market Bubble to Burst","url":"https://stock-news.laohu8.com/highlight/detail?id=2152827296","media":"Motley Fool","summary":"This incredible rally has to end with a spectacular crash sometime ... right? Maybe.","content":"<p>Does the <b>S&amp;P 500</b>'s nearly 100% gain from last March's low have you a little worried about a pullback? You're not alone. Even though much of this move was a recovery from the steep sell-off sparked by the onset of the COVID-19 pandemic, much of it has also just been plain old bullishness ... perhaps a little too much. Stocks are still chugging along, but at times, it feels like the only thing keeping the rally going is its momentum. That's not good.</p>\n<p>If you're concerned the market bubble is going to pop soon, feel free to rip a few pages out of my personal playbook. Notice that none of them are particularly complicated moves.</p>\n<h3>1. I'm scaling out of frothier, more speculative names</h3>\n<p>I confess, some of the names I've picked up over the course of the past year or so aren't exactly the sorts of stocks I fully intended to hold for the long haul. They were closer to being bets than investments, which can be fun and rewarding but not exactly safe when the market starts to unravel. As the old adage goes, the higher they fly, the farther they fall. That's especially true when a company can't even come close to justifying its stock price with actual fundamentals. Yes, I'm looking at you, <b>AMC Entertainment</b>.</p>\n<p>Most investors innately know this is the smart-money move to make when the broad market is closer to a major high than a major low. Some investors, however, just need to hear someone else say it. I just did.</p>\n<h3>2. I'm prioritizing cash over equities</h3>\n<p>At first glance, this seems a lot like the aforementioned move -- backing off on my exposure to riskier equities. After all, if I'm selling anything, those proceeds are inherently turned into cash anyway.</p>\n<p>To be clear, however, I'm not merely swapping out my more speculative, vulnerable names for more reliable blue chips. I'm reducing my overall exposure to the market by converting a sizable stake of my holdings to cash.</p>\n<p>It's not always a fully understood (or even believed) facet of investing, but \"safe\" stocks like consumer goods names and utilities companies aren't actually protection from a correction. Shares of consumer packaged goods giant <b>Procter &amp; Gamble</b> fell nearly 24% between last year's February high and March low when the coronavirus began to spread across the world, including within the U.S. Utility name <b>The Southern Company</b> fell 39% during this timeframe. Both recovered -- and then some -- but neither actually offered any true defense from sweeping weakness.</p>\n<p>The point is, during market corrections, there's really no place to hide. You'll just have to let the long-term holdings you're committed to take their lumps on faith they'll bounce back. If you don't have that faith with any particular stock, just replace it with cash until the dust settles.</p>\n<h3>3. I'm adding (a little) gold</h3>\n<p>While most stocks are going to be dragged lower by a market-wide correction, not every sort of holding is a stock. There are also bonds and commodities, which still trade independently of equities. That doesn't preclude them from pulling back if and when the stock market does. But if they do peel back, they're doing so independently of the broad market.</p>\n<p>I'm not bothering with bonds right now. Interest rates are pointlessly low, and with inflation seemingly on the verge of racing out of control, bonds are little more than a coin toss at this time anyway.</p>\n<p>Commodities, however, are a different story. If anything, they've become bigger movers against a rising inflation backdrop and a Federal Reserve that's being increasingly pressured to respond. Should stocks tank, commodities -- already pumped and primed -- may see a swell of demand that drives prices higher. The easiest way to plug into this dynamic is with a simple pick like the <b>SPDR Gold Trust</b>.</p>\n<h3>4. Mostly, I'm doing nothing</h3>\n<p>Finally, and perhaps most importantly, I'm doing nothing about a possible market correction.</p>\n<p>You read that right.</p>\n<p>There are two schools of thought behind the decision to do nothing rather than trying to evade the impact of a correction. The first of these is the simple fact that most of my holdings really are long-haul positions I had (and have) every intention of hanging onto through bear markets. One of the greatest upsides of a legitimate buy-and-hold approach is that you don't even have to worry about temporary headwinds.</p>\n<p>The other idea at work here is the fact that guessing the market's next near-term reversal is just darn difficult to do ... so much so that most people don't do it very well. Indeed, the effort to time the stock market's peaks and valleys often does more harm than good, by virtue of getting you out too soon or too late, or getting you back in too soon or too late. The market's going to do what the market's going to do in its own time, and it's<i> not</i> going to telegraph what's around the corner to anyone. The best way to win that game is by not playing it at all.</p>","source":"fool_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>4 Ways I'm Preparing for the Stock Market Bubble to Burst</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\">\n4 Ways I'm Preparing for the Stock Market Bubble to Burst\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-19 11:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2021/07/18/4-ways-im-preparing-for-stock-market-bubble-burst/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Does the S&P 500's nearly 100% gain from last March's low have you a little worried about a pullback? You're not alone. Even though much of this move was a recovery from the steep sell-off sparked by ...</p>\n\n<a href=\"https://www.fool.com/investing/2021/07/18/4-ways-im-preparing-for-stock-market-bubble-burst/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMC":"AMC院线"},"source_url":"https://www.fool.com/investing/2021/07/18/4-ways-im-preparing-for-stock-market-bubble-burst/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2152827296","content_text":"Does the S&P 500's nearly 100% gain from last March's low have you a little worried about a pullback? You're not alone. Even though much of this move was a recovery from the steep sell-off sparked by the onset of the COVID-19 pandemic, much of it has also just been plain old bullishness ... perhaps a little too much. Stocks are still chugging along, but at times, it feels like the only thing keeping the rally going is its momentum. That's not good.\nIf you're concerned the market bubble is going to pop soon, feel free to rip a few pages out of my personal playbook. Notice that none of them are particularly complicated moves.\n1. I'm scaling out of frothier, more speculative names\nI confess, some of the names I've picked up over the course of the past year or so aren't exactly the sorts of stocks I fully intended to hold for the long haul. They were closer to being bets than investments, which can be fun and rewarding but not exactly safe when the market starts to unravel. As the old adage goes, the higher they fly, the farther they fall. That's especially true when a company can't even come close to justifying its stock price with actual fundamentals. Yes, I'm looking at you, AMC Entertainment.\nMost investors innately know this is the smart-money move to make when the broad market is closer to a major high than a major low. Some investors, however, just need to hear someone else say it. I just did.\n2. I'm prioritizing cash over equities\nAt first glance, this seems a lot like the aforementioned move -- backing off on my exposure to riskier equities. After all, if I'm selling anything, those proceeds are inherently turned into cash anyway.\nTo be clear, however, I'm not merely swapping out my more speculative, vulnerable names for more reliable blue chips. I'm reducing my overall exposure to the market by converting a sizable stake of my holdings to cash.\nIt's not always a fully understood (or even believed) facet of investing, but \"safe\" stocks like consumer goods names and utilities companies aren't actually protection from a correction. Shares of consumer packaged goods giant Procter & Gamble fell nearly 24% between last year's February high and March low when the coronavirus began to spread across the world, including within the U.S. Utility name The Southern Company fell 39% during this timeframe. Both recovered -- and then some -- but neither actually offered any true defense from sweeping weakness.\nThe point is, during market corrections, there's really no place to hide. You'll just have to let the long-term holdings you're committed to take their lumps on faith they'll bounce back. If you don't have that faith with any particular stock, just replace it with cash until the dust settles.\n3. I'm adding (a little) gold\nWhile most stocks are going to be dragged lower by a market-wide correction, not every sort of holding is a stock. There are also bonds and commodities, which still trade independently of equities. That doesn't preclude them from pulling back if and when the stock market does. But if they do peel back, they're doing so independently of the broad market.\nI'm not bothering with bonds right now. Interest rates are pointlessly low, and with inflation seemingly on the verge of racing out of control, bonds are little more than a coin toss at this time anyway.\nCommodities, however, are a different story. If anything, they've become bigger movers against a rising inflation backdrop and a Federal Reserve that's being increasingly pressured to respond. Should stocks tank, commodities -- already pumped and primed -- may see a swell of demand that drives prices higher. The easiest way to plug into this dynamic is with a simple pick like the SPDR Gold Trust.\n4. Mostly, I'm doing nothing\nFinally, and perhaps most importantly, I'm doing nothing about a possible market correction.\nYou read that right.\nThere are two schools of thought behind the decision to do nothing rather than trying to evade the impact of a correction. The first of these is the simple fact that most of my holdings really are long-haul positions I had (and have) every intention of hanging onto through bear markets. One of the greatest upsides of a legitimate buy-and-hold approach is that you don't even have to worry about temporary headwinds.\nThe other idea at work here is the fact that guessing the market's next near-term reversal is just darn difficult to do ... so much so that most people don't do it very well. Indeed, the effort to time the stock market's peaks and valleys often does more harm than good, by virtue of getting you out too soon or too late, or getting you back in too soon or too late. The market's going to do what the market's going to do in its own time, and it's not going to telegraph what's around the corner to anyone. The best way to win that game is by not playing it at all.","news_type":1},"isVote":1,"tweetType":1,"viewCount":403,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":155683119,"gmtCreate":1625411859131,"gmtModify":1703741444533,"author":{"id":"3556089233206356","authorId":"3556089233206356","name":"Mafia86","avatar":"https://static.tigerbbs.com/b725a09e5ac03f88838e7a00305c1253","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3556089233206356","authorIdStr":"3556089233206356"},"themes":[],"htmlText":"YOLO !!","listText":"YOLO !!","text":"YOLO !!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/155683119","repostId":"1160702483","repostType":4,"repost":{"id":"1160702483","pubTimestamp":1625369888,"share":"https://ttm.financial/m/news/1160702483?lang=&edition=fundamental","pubTime":"2021-07-04 11:38","market":"us","language":"en","title":"Two new stock market acronyms — FOLO and YOMO — can save you a lot of grief (and money)","url":"https://stock-news.laohu8.com/highlight/detail?id=1160702483","media":"MarketWatch","summary":"When stock market investing gets too easy, consider getting out of the market.\n\nYou’ve probably hear","content":"<blockquote>\n <b>When stock market investing gets too easy, consider getting out of the market.</b>\n</blockquote>\n<p>You’ve probably heard about people trading stocks based on two acronyms: FOMO (fear of missing out) and YOLO (you only live once). I searched Twitter for both terms with the word “stocks” included, and here’s what I found:</p>\n<p><img src=\"https://static.tigerbbs.com/4416d357ac2bc16d4fdcf60a3c4c3c56\" tg-width=\"916\" tg-height=\"463\"></p>\n<p>I have a proposition for you. In the name of flipping it, we should consider the following two terms as much more insightful and helpful to investors and traders:</p>\n<p>FOLO (fear of living once)&nbsp; and YOMO (you only miss out).</p>\n<p>Here’s a story I’ve told about how things can go wrong even when you’re think you’re trading well and outperforming the markets seems easy.</p>\n<p>Return to 2004</p>\n<p>It was late January 2004, and I was starting my second full year of running a hedge fund, and I was off to an incredible start to the year. I’d come into 2004 steadily scaling into ever-larger and more aggressive positions in mostly internet core equipment vendors like Nortel, JDSU, and Cisco, not to mention my largest position in Apple, which I’d first bought for the fund back in March of 2003. (I held Apple along with occasional Apple call options until I closed the fund, by the way.) I’d made big money already in my hedge fund, which was full of mostly long positions as the markets had been in a big rebound from their October 2002 lows.</p>\n<p>As 2004 started, the markets were in what I called a Steady Betty Rally Mode at the time, and internet-equipment stocks were the single hottest sector into the new year. I started trimming some of my biggest winners down, including the aforementioned Nortel, JDSU and Cisco, along with any stocks that were up 20%, 30% or even more as January wore on. By late January, I was nearly back up to half in cash and the hedge fund was already up nearly 25% for the year while the broader markets were barely up 5% on the year.</p>\n<p>In the last week of January, the markets turned south and the highest-flying winners of the year, like those that I’d just sold down and taken huge profits on, were the hardest hit. I’d previously learned the hard way over the years that you should never confuse a bull market with genius, but I’d even nailed the near-term top and my whole year was already in the pocket. I was feeling pretty good about myself and my trading prowess and listening to Willie cover Woody Guthrie’s classic, “Stay a little longer” chuckling about how I’d left before the party was busted!</p>\n<p>By early February, I was “only” up just over 20% on the year, as I still had half my fund in stocks and a few options, but the markets were now down year to date and the stocks I’d so smartly sold down at the top had themselves pulled back 20%-30% from their highs. They finally were stabilizing and the charts started to turn upward as the stocks were flattish to down on the year.</p>\n<p>Here I was sitting on a huge pile of cash and feeling like a genius for having sold at the top and here was a chance to just slowly start rebuilding and buying some new stocks while they were down. I started to buy back a few shares and to put just a little bit of that 50% cash, along with more cash coming in, to work in the markets.</p>\n<p>By the time March rolled around, I was back fully invested and mostly long, up single digits on the year, and the markets were down about 10% or so on the year. One morning as I walked into my hedge fund hotel office that I rented from Bear Stearns on the 40th floor in midtown New York, I was shocked to see the Nasdaq futures were down huge. I pulled up the Bloomberg terminal and my heart sank as the headline screamed “Nortel admits fraud; Major telecom equipment vendors under investigation” or something along those lines. Nortel was cut in half and most every internet-equipment-related stock in the market was down 20% or more on the day. I puked my guts out that whole day and cried myself to sleep that night.</p>\n<p>I spent the rest of the year digging out of that hole and getting back ahead of the market and had a lot of success in that hedge fund from that bottom.</p>\n<p>Lesson of the week — do not dig yourself a hole, OK?</p>\n<p>Foreshadowing</p>\n<p>Here’s something I wrote in 2007, the last time I started turning from bullish to bearish and eventually traded my hedge fund for a TV gig right before the markets started tanking in late 2007: “Concerned about complacency” (May 3, 2007).</p>\n<p>Here’s an excerpt:</p>\n<p><i>I’m worried. That’s no news flash, as I’m&nbsp;always&nbsp;worried, but I am really concerned about the complacency out there. Earnings are great, as evidenced by the booming season we’re experiencing. The global economy is lifting a lot of boats. And every time I try to get bearish, I feel almost silly when the action, fundamentals and environment are this strong.</i></p>\n<p><i>Just about everybody is long real estate. … Wasn’t almost every rationalization for why we shouldn’t fret about any real estate bubble true when real estate crashed the last few times?</i></p>\n<p><i>Last month, the IMF reported that “the global economy remains on track for robust growth in 2007 and 2008. … Moreover, downside risks to the outlook seem less threatening than at the time of the September 2006&nbsp;World Economic Outlook.” Has the IMF ever gotten the outlook right?</i></p>\n<p><i>This utter disregard for risk permeates the sell side, too, as evidenced by this broker note from Bear this morning: “Worries —&nbsp;the market is running out of major concerns.” Not surprisingly, I suppose, I’m going to&nbsp;flip&nbsp;that statement as I find I have more major concerns about the market and economy today than I’ve had at any point in the past five years.</i></p>\n<p><i>A&nbsp;Citi&nbsp;board member recently told me that I had a “lot of guts” for having launched a tech fund in October 2002. I think you’d have to have a lot of guts to launch a tech fund in May 2007! I’m focusing more on the short side than anything else right now.</i></p>\n<p>Beware when things are too easy</p>\n<p>Cody&nbsp;back in real time, 2021. I’m not saying the markets are about to tank like they did in 2008. But I am saying, once again, that I know way too many random hard-working people who are convinced that they can make big money in cryptos and meme stocks and by trading, trading, trading.</p>\n<p>And all my analysis points to an unfortunate risk/reward set up for the aggressive bulls here.</p>\n<p>That story above about Nortel: I’m here to tell you that you won’t always get a chance to sell when the charts stop working. You don’t always get a chance to lock in your gains while you think it’s easy.</p>\n<p>I’ve been in this business, picking stocks and helping people manage their money for 25 years, and it seems obvious to me that trading and investing and making profits and keeping those profits is very hard to do over many years. There are times it seems easy. That’s often the best time to get cautious. Because if it really were easy, nobody would work their real jobs. We could all just trade stocks to each other all day and make all the money we need. Yeah, right.</p>\n<p>I have a new name or two I’m digging hard into this week, one in AI and another that’s trying to revolutionize long-term gig employment trends. Until then, I’m staying steady as she goes, even as so many others think YOLO and FOMO are just fun, little acronyms.</p>","source":"lsy1603348471595","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>Two new stock market acronyms — FOLO and YOMO — can save you a lot of grief (and money)</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\">\nTwo new stock market acronyms — FOLO and YOMO — can save you a lot of grief (and money)\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-04 11:38 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.marketwatch.com/story/two-new-stock-market-acronyms-folo-and-yomo-can-save-you-a-lot-of-grief-and-money-11625247142?mod=home-page><strong>MarketWatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>When stock market investing gets too easy, consider getting out of the market.\n\nYou’ve probably heard about people trading stocks based on two acronyms: FOMO (fear of missing out) and YOLO (you only ...</p>\n\n<a href=\"https://www.marketwatch.com/story/two-new-stock-market-acronyms-folo-and-yomo-can-save-you-a-lot-of-grief-and-money-11625247142?mod=home-page\">Web Link</a>\n\n</div>\n\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","SPY":"标普500ETF"},"source_url":"https://www.marketwatch.com/story/two-new-stock-market-acronyms-folo-and-yomo-can-save-you-a-lot-of-grief-and-money-11625247142?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1160702483","content_text":"When stock market investing gets too easy, consider getting out of the market.\n\nYou’ve probably heard about people trading stocks based on two acronyms: FOMO (fear of missing out) and YOLO (you only live once). I searched Twitter for both terms with the word “stocks” included, and here’s what I found:\n\nI have a proposition for you. In the name of flipping it, we should consider the following two terms as much more insightful and helpful to investors and traders:\nFOLO (fear of living once)  and YOMO (you only miss out).\nHere’s a story I’ve told about how things can go wrong even when you’re think you’re trading well and outperforming the markets seems easy.\nReturn to 2004\nIt was late January 2004, and I was starting my second full year of running a hedge fund, and I was off to an incredible start to the year. I’d come into 2004 steadily scaling into ever-larger and more aggressive positions in mostly internet core equipment vendors like Nortel, JDSU, and Cisco, not to mention my largest position in Apple, which I’d first bought for the fund back in March of 2003. (I held Apple along with occasional Apple call options until I closed the fund, by the way.) I’d made big money already in my hedge fund, which was full of mostly long positions as the markets had been in a big rebound from their October 2002 lows.\nAs 2004 started, the markets were in what I called a Steady Betty Rally Mode at the time, and internet-equipment stocks were the single hottest sector into the new year. I started trimming some of my biggest winners down, including the aforementioned Nortel, JDSU and Cisco, along with any stocks that were up 20%, 30% or even more as January wore on. By late January, I was nearly back up to half in cash and the hedge fund was already up nearly 25% for the year while the broader markets were barely up 5% on the year.\nIn the last week of January, the markets turned south and the highest-flying winners of the year, like those that I’d just sold down and taken huge profits on, were the hardest hit. I’d previously learned the hard way over the years that you should never confuse a bull market with genius, but I’d even nailed the near-term top and my whole year was already in the pocket. I was feeling pretty good about myself and my trading prowess and listening to Willie cover Woody Guthrie’s classic, “Stay a little longer” chuckling about how I’d left before the party was busted!\nBy early February, I was “only” up just over 20% on the year, as I still had half my fund in stocks and a few options, but the markets were now down year to date and the stocks I’d so smartly sold down at the top had themselves pulled back 20%-30% from their highs. They finally were stabilizing and the charts started to turn upward as the stocks were flattish to down on the year.\nHere I was sitting on a huge pile of cash and feeling like a genius for having sold at the top and here was a chance to just slowly start rebuilding and buying some new stocks while they were down. I started to buy back a few shares and to put just a little bit of that 50% cash, along with more cash coming in, to work in the markets.\nBy the time March rolled around, I was back fully invested and mostly long, up single digits on the year, and the markets were down about 10% or so on the year. One morning as I walked into my hedge fund hotel office that I rented from Bear Stearns on the 40th floor in midtown New York, I was shocked to see the Nasdaq futures were down huge. I pulled up the Bloomberg terminal and my heart sank as the headline screamed “Nortel admits fraud; Major telecom equipment vendors under investigation” or something along those lines. Nortel was cut in half and most every internet-equipment-related stock in the market was down 20% or more on the day. I puked my guts out that whole day and cried myself to sleep that night.\nI spent the rest of the year digging out of that hole and getting back ahead of the market and had a lot of success in that hedge fund from that bottom.\nLesson of the week — do not dig yourself a hole, OK?\nForeshadowing\nHere’s something I wrote in 2007, the last time I started turning from bullish to bearish and eventually traded my hedge fund for a TV gig right before the markets started tanking in late 2007: “Concerned about complacency” (May 3, 2007).\nHere’s an excerpt:\nI’m worried. That’s no news flash, as I’m always worried, but I am really concerned about the complacency out there. Earnings are great, as evidenced by the booming season we’re experiencing. The global economy is lifting a lot of boats. And every time I try to get bearish, I feel almost silly when the action, fundamentals and environment are this strong.\nJust about everybody is long real estate. … Wasn’t almost every rationalization for why we shouldn’t fret about any real estate bubble true when real estate crashed the last few times?\nLast month, the IMF reported that “the global economy remains on track for robust growth in 2007 and 2008. … Moreover, downside risks to the outlook seem less threatening than at the time of the September 2006 World Economic Outlook.” Has the IMF ever gotten the outlook right?\nThis utter disregard for risk permeates the sell side, too, as evidenced by this broker note from Bear this morning: “Worries — the market is running out of major concerns.” Not surprisingly, I suppose, I’m going to flip that statement as I find I have more major concerns about the market and economy today than I’ve had at any point in the past five years.\nA Citi board member recently told me that I had a “lot of guts” for having launched a tech fund in October 2002. I think you’d have to have a lot of guts to launch a tech fund in May 2007! I’m focusing more on the short side than anything else right now.\nBeware when things are too easy\nCody back in real time, 2021. I’m not saying the markets are about to tank like they did in 2008. But I am saying, once again, that I know way too many random hard-working people who are convinced that they can make big money in cryptos and meme stocks and by trading, trading, trading.\nAnd all my analysis points to an unfortunate risk/reward set up for the aggressive bulls here.\nThat story above about Nortel: I’m here to tell you that you won’t always get a chance to sell when the charts stop working. You don’t always get a chance to lock in your gains while you think it’s easy.\nI’ve been in this business, picking stocks and helping people manage their money for 25 years, and it seems obvious to me that trading and investing and making profits and keeping those profits is very hard to do over many years. There are times it seems easy. That’s often the best time to get cautious. Because if it really were easy, nobody would work their real jobs. We could all just trade stocks to each other all day and make all the money we need. Yeah, right.\nI have a new name or two I’m digging hard into this week, one in AI and another that’s trying to revolutionize long-term gig employment trends. Until then, I’m staying steady as she goes, even as so many others think YOLO and FOMO are just fun, little acronyms.","news_type":1},"isVote":1,"tweetType":1,"viewCount":742,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":111976109,"gmtCreate":1622651153501,"gmtModify":1704188199457,"author":{"id":"3556089233206356","authorId":"3556089233206356","name":"Mafia86","avatar":"https://static.tigerbbs.com/b725a09e5ac03f88838e7a00305c1253","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3556089233206356","authorIdStr":"3556089233206356"},"themes":[],"htmlText":"Cool ?","listText":"Cool ?","text":"Cool ?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/111976109","repostId":"2140617694","repostType":4,"repost":{"id":"2140617694","pubTimestamp":1622560398,"share":"https://ttm.financial/m/news/2140617694?lang=&edition=fundamental","pubTime":"2021-06-01 23:13","market":"us","language":"en","title":"The Top 50 Robinhood Stocks in June","url":"https://stock-news.laohu8.com/highlight/detail?id=2140617694","media":"Motley Fool","summary":"Millennial investors can't stop buying into these companies.","content":"<p>Volatility is always present in the stock market, but it's been especially prominent since February 2020. Though patience has, once again, paid off for investors, their gains have come after the benchmark <b>S&amp;P 500</b> lost 34% of its value in less than five weeks during the first quarter of 2020.</p>\n<p>Some investors absolutely shy away when heightened volatility rears its head. But that's not what we've witnessed from retail investors.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/99b3853458b2424e2901821012f5502f\" tg-width=\"700\" tg-height=\"466\"><span>Image source: Getty Images.</span></p>\n<p>Even though retail investors have been putting their money to work on Wall Street for more than a century, they used the wild volatility on Wall Street over the past 16 months as their cue to really ramp up their buying. How do we know this? Just take a look at online investing app Robinhood, which gained approximately 3 million new users last year.</p>\n<p>Millennial investors have found a home at Robinhood for a bevy of reasons. The app doesn't charge commissions for buying or selling on major exchanges, and it allows fractional shares&nbsp;for a number of securities. The company even awards new members with free shares of stock.</p>\n<p>While it's fantastic to see young investors putting their money to work in the greatest wealth creator on the planet, it's also disturbing to see what they've been buying. Instead of taking the tried-and-true long-term investing approach, many are chasing momentum plays, penny stocks, and companies with poor operating performance.</p>\n<p>Don't believe me? Here are the 50 most-held stocks on Robinhood's leaderboard as we enter June:</p>\n<table width=\"492\">\n <thead>\n  <tr>\n   <th>Company</th>\n   <th>Company</th>\n  </tr>\n </thead>\n <tbody>\n  <tr>\n   <td>1. <b>Tesla </b>(NASDAQ:TSLA)</td>\n   <td>26. <b>OrganiGram Holdings</b></td>\n  </tr>\n  <tr>\n   <td>2. <b>Apple&nbsp;</b></td>\n   <td>27. <b>Bank of America</b></td>\n  </tr>\n  <tr>\n   <td>3. <b>AMC Entertainment Holdings</b> (NYSE:AMC)</td>\n   <td>28. <b>Coinbase Global</b></td>\n  </tr>\n  <tr>\n   <td>4. <b>Sundial Growers</b> (NASDAQ:SNDL)</td>\n   <td>29. <b>Tilray</b></td>\n  </tr>\n  <tr>\n   <td>5. <b>Ford Motor</b></td>\n   <td>30. <b><a href=\"https://laohu8.com/S/FB\">Facebook</a></b></td>\n  </tr>\n  <tr>\n   <td>6. <b>General Electric</b></td>\n   <td>31. <b>Canopy Growth</b> (NASDAQ:CGC)</td>\n  </tr>\n  <tr>\n   <td>7. <b>NIO&nbsp;</b></td>\n   <td>32. <b>Advanced Micro Devices</b></td>\n  </tr>\n  <tr>\n   <td>8. <b>Walt Disney</b></td>\n   <td>33. <b><a href=\"https://laohu8.com/S/TWTR\">Twitter</a></b></td>\n  </tr>\n  <tr>\n   <td>9. <b>Microsoft</b></td>\n   <td>34. <b>Starbucks</b> (NASDAQ:SBUX)</td>\n  </tr>\n  <tr>\n   <td>10. <b>Amazon&nbsp;</b></td>\n   <td>35. <b>Moderna</b></td>\n  </tr>\n  <tr>\n   <td>11. <b>American Airlines Group</b></td>\n   <td>36. <b>AT&amp;T</b></td>\n  </tr>\n  <tr>\n   <td>12. <b>Plug Power</b></td>\n   <td>37. <b>FuelCell Energy</b></td>\n  </tr>\n  <tr>\n   <td>13. <b>Nokia&nbsp;</b></td>\n   <td>38. <b>Virgin Galactic Holdings&nbsp;</b></td>\n  </tr>\n  <tr>\n   <td>14. <b>Pfizer&nbsp;</b></td>\n   <td>39. <b>Ideanomics&nbsp;</b></td>\n  </tr>\n  <tr>\n   <td>15. <b>Aurora Cannabis</b> (NASDAQ:ACB)</td>\n   <td>40. <b>Norwegian Cruise Line Holdings</b></td>\n  </tr>\n  <tr>\n   <td>16. <b>Carnival</b></td>\n   <td>41. <b>Vanguard S&amp;P 500 ETF</b></td>\n  </tr>\n  <tr>\n   <td>17. <b>GameStop</b> (NYSE:GME)</td>\n   <td>42. <b>Coca-Cola</b></td>\n  </tr>\n  <tr>\n   <td>18. <b>Zomedica</b> (NYSEMKT:ZOM)</td>\n   <td>43. <b>General Motors</b></td>\n  </tr>\n  <tr>\n   <td>19. <b><a href=\"https://laohu8.com/S/GPRO\">GoPro</a>&nbsp;</b></td>\n   <td>44. <b>NVIDIA</b></td>\n  </tr>\n  <tr>\n   <td>20. <b>Palantir Technologies</b></td>\n   <td>45. <b>SPDR S&amp;P 500 ETF</b></td>\n  </tr>\n  <tr>\n   <td>21. <b><a href=\"https://laohu8.com/S/CCC.U\">Churchill Capital</a></b></td>\n   <td>46. <b>United Airlines Holdings</b></td>\n  </tr>\n  <tr>\n   <td>22. <b>Delta Air Lines</b></td>\n   <td>47. <b>Uber Technologies</b></td>\n  </tr>\n  <tr>\n   <td>23. <b>Snap&nbsp;</b></td>\n   <td>48. <b><a href=\"https://laohu8.com/S/ZNGA\">Zynga</a></b></td>\n  </tr>\n  <tr>\n   <td>24. <b>Netflix&nbsp;</b></td>\n   <td>49. <b>Boeing</b></td>\n  </tr>\n  <tr>\n   <td>25. <b>Alibaba Group Holding</b></td>\n   <td>50. <b>Workhorse Group</b></td>\n  </tr>\n </tbody>\n</table>\n<p>Data source: Robinhood, as of May 28, 2021.</p>\n<h2>Meme-mania doesn't stop</h2>\n<p>With retail investors acting as the catalyst behind the meme stock craze (meme stocks are companies lauded for their social media popularity, not their fundamentals), it should come as no surprise that companies like AMC Entertainment, GameStop, and Sundial Growers are among the most-held on Robinhood.</p>\n<p>AMC, GameStop, and Sundial were some of the most heavily short-sold companies earlier this year, which made them logical targets by investors on Reddit who were looking for short-squeeze opportunities. Though we witnessed these squeezes take place in January and February, the recent trading in these names looks to be more hype or mania than short-covering.</p>\n<p>History is pretty clear that hype-driven stocks will eventually have the rug pulled out from under them. AMC, for example, is going to struggle just to service its more than $5.4 billion in corporate debt and doesn't appear to have a chance to pay back what comes due in 2026. It also has $473 million in deferred rent obligations to contend with.</p>\n<p>As for GameStop, it boasts a healthy net cash position following a recent share offering. But it was very late in transitioning to digital gaming, and as a result will see its sales go nowhere for years to come. GameStop's core strategy for the time being is to keep closing physical stores to cut down on operating expenses.</p>\n<p>In sum, meme stocks are bad news.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/86c5f70d97c3ea9f633e0f2dbad565ba\" tg-width=\"700\" tg-height=\"466\"><span>Image source: Getty Images.</span></p>\n<h2>Penny for your thoughts</h2>\n<p>Robinhood investors have also demonstrated that they love penny stocks. Sundial Growers and Zomedica are two of the 18 most-held stocks on the platform, yet both can be purchased for under $1 a share.</p>\n<p>Psychologically, young and/or novice investors believe that owning more shares of stock will give them a better chance to make a lot of money. There's also the belief that it's easier to double a stock from $1 a share to $2 than, say, $100 to $200. But the reality is that penny stocks almost always trade at a low share price for very good reasons.</p>\n<p>In the case of pot stock Sundial Growers, it's because the company's management team can't stop drowning its investors in share offerings. Earlier this year, the company's board OK'd an additional $800 million at-the-market share offering. Since the end of September, more than 1.35 billion shares have been issued. With 1.86 billion shares now outstanding, Sundial has almost no chance of ever generating meaningful earnings per share, or perhaps even remaining listed on the <b>Nasdaq</b>&nbsp;exchange.</p>\n<p>As for veterinary health company Zomedica, it only began commercializing its first product in mid-March. Shares are currently valued at close to 40 times sales looking three years into the future. Though it does have a healthy cash position, Zomedica has buried its investors with share offerings and is closing in on 1 billion shares outstanding.</p>\n<p>Penny stocks are rarely cheap.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5811406aed4001edc942cb25310a21cf\" tg-width=\"700\" tg-height=\"467\"><span>Image source: Getty Images.</span></p>\n<h2>\"Merry-juana\"</h2>\n<p>Another trend you'll note about millennial investors is that they really love the prospects for marijuana stocks. In this respect, I agree with them.</p>\n<p>Unfortunately, Robinhood is shortchanging its users in the cannabis department. Since the trading platform won't allow its users to buy and sell stocks listed on the over-the-counter exchange, and U.S. pot stocks can't list on major exchanges due to cannabis being illicit at the federal level, Robinhood users are stuck buying Canadian weed stocks. To put things as nicely as possible, the Canadian pot stocks have been a disaster.</p>\n<p>Aurora Cannabis, which at <a href=\"https://laohu8.com/S/AONE\">one</a> time was the most-held stock on Robinhood, has been burying its shareholders in dilution for years. It used its stock as collateral for around a dozen deals and grossly overpaid for all of its acquisitions. Even with legal Canadian weed sales climbing, Aurora's top line has been stuck in neutral or gone in reverse.</p>\n<p>Canopy Growth is another popular marijuana stock that's been an utter disappointment. The company's cash pile has dwindled significantly over the past couple of years, and Canopy is still nowhere close to generating a profit, even after closing two large greenhouses in British Columbia.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/11b7b594784b441dbeb82fcdb187aac3\" tg-width=\"700\" tg-height=\"466\"><span>Image source: Starbucks.</span></p>\n<h2>Brand-name companies are popular with millennials</h2>\n<p>Lastly, you'll note that among the meme stocks, pot stocks, and penny stocks, millennial investors have also piled into brand-name companies that they're familiar with or regularly engage with.</p>\n<p>For instance, electric-vehicle (EV) manufacturer Tesla has supplanted Apple as the most-held stock in the Robinhood universe. Generally speaking, the desire to take action against climate change increases the younger someone is. Motivated young investors who want to see positive climate action taken, and who have a favorable view of CEO Elon Musk, have flocked to Tesla. In kind, Tesla's production numbers have risen significantly, and could near 800,000 EVs in 2021.</p>\n<p>Coffee giant Starbucks has also been rising up the leaderboard in recent months. It has used its mobile app and rewards as a means to keep the younger generation loyal to its brand. It has also introduced an array of healthier lunches and snack options to improve foot traffic. It definitely doesn't hurt that Starbucks is <a href=\"https://laohu8.com/S/AONE.U\">one</a> of the most-recognized brands in the world.</p>\n<p>Brand-name companies that can engage with young investors are always a good bet to work their way onto Robinhood's leaderboard.</p>","source":"fool_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Top 50 Robinhood Stocks in June</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 Top 50 Robinhood Stocks in June\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-01 23:13 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2021/06/01/the-top-50-robinhood-stocks-in-june/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Volatility is always present in the stock market, but it's been especially prominent since February 2020. Though patience has, once again, paid off for investors, their gains have come after the ...</p>\n\n<a href=\"https://www.fool.com/investing/2021/06/01/the-top-50-robinhood-stocks-in-june/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GPRO":"GoPro","FCEL":"燃料电池能源","GE":"GE航空航天","PLTR":"Palantir Technologies Inc.","BA":"波音","KO":"可口可乐","T":"美国电话电报","SNAP":"Snap Inc","NOK":"诺基亚","SBUX":"星巴克","TSLA":"特斯拉","OGI":"ORGANIGRAM HOLD","DAL":"达美航空","AAL":"美国航空","MSFT":"微软","MRNA":"Moderna, Inc.","AAPL":"苹果","BABA":"阿里巴巴","AMD":"美国超微公司","PLUG":"普拉格能源","F":"福特汽车","TWTR":"Twitter","SPCE":"维珍银河","GME":"游戏驿站","GM":"通用汽车","PFE":"辉瑞","CCL":"嘉年华邮轮","CGC":"Canopy Growth Corporation","COIN":"Coinbase Global, Inc.","UBER":"优步","UAL":"联合大陆航空","DIS":"迪士尼","NFLX":"奈飞","TLRY":"Tilray Inc.","SNDL":"SNDL Inc.","WKHS":"Workhorse Group, Inc.","AMC":"AMC院线","ACB":"奥罗拉大麻公司","BAC":"美国银行","ZOM":"Zomedica Pharmaceuticals Corp.","NVDA":"英伟达","NIO":"蔚来"},"source_url":"https://www.fool.com/investing/2021/06/01/the-top-50-robinhood-stocks-in-june/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2140617694","content_text":"Volatility is always present in the stock market, but it's been especially prominent since February 2020. Though patience has, once again, paid off for investors, their gains have come after the benchmark S&P 500 lost 34% of its value in less than five weeks during the first quarter of 2020.\nSome investors absolutely shy away when heightened volatility rears its head. But that's not what we've witnessed from retail investors.\nImage source: Getty Images.\nEven though retail investors have been putting their money to work on Wall Street for more than a century, they used the wild volatility on Wall Street over the past 16 months as their cue to really ramp up their buying. How do we know this? Just take a look at online investing app Robinhood, which gained approximately 3 million new users last year.\nMillennial investors have found a home at Robinhood for a bevy of reasons. The app doesn't charge commissions for buying or selling on major exchanges, and it allows fractional shares for a number of securities. The company even awards new members with free shares of stock.\nWhile it's fantastic to see young investors putting their money to work in the greatest wealth creator on the planet, it's also disturbing to see what they've been buying. Instead of taking the tried-and-true long-term investing approach, many are chasing momentum plays, penny stocks, and companies with poor operating performance.\nDon't believe me? Here are the 50 most-held stocks on Robinhood's leaderboard as we enter June:\n\n\n\nCompany\nCompany\n\n\n\n\n1. Tesla (NASDAQ:TSLA)\n26. OrganiGram Holdings\n\n\n2. Apple \n27. Bank of America\n\n\n3. AMC Entertainment Holdings (NYSE:AMC)\n28. Coinbase Global\n\n\n4. Sundial Growers (NASDAQ:SNDL)\n29. Tilray\n\n\n5. Ford Motor\n30. Facebook\n\n\n6. General Electric\n31. Canopy Growth (NASDAQ:CGC)\n\n\n7. NIO \n32. Advanced Micro Devices\n\n\n8. Walt Disney\n33. Twitter\n\n\n9. Microsoft\n34. Starbucks (NASDAQ:SBUX)\n\n\n10. Amazon \n35. Moderna\n\n\n11. American Airlines Group\n36. AT&T\n\n\n12. Plug Power\n37. FuelCell Energy\n\n\n13. Nokia \n38. Virgin Galactic Holdings \n\n\n14. Pfizer \n39. Ideanomics \n\n\n15. Aurora Cannabis (NASDAQ:ACB)\n40. Norwegian Cruise Line Holdings\n\n\n16. Carnival\n41. Vanguard S&P 500 ETF\n\n\n17. GameStop (NYSE:GME)\n42. Coca-Cola\n\n\n18. Zomedica (NYSEMKT:ZOM)\n43. General Motors\n\n\n19. GoPro \n44. NVIDIA\n\n\n20. Palantir Technologies\n45. SPDR S&P 500 ETF\n\n\n21. Churchill Capital\n46. United Airlines Holdings\n\n\n22. Delta Air Lines\n47. Uber Technologies\n\n\n23. Snap \n48. Zynga\n\n\n24. Netflix \n49. Boeing\n\n\n25. Alibaba Group Holding\n50. Workhorse Group\n\n\n\nData source: Robinhood, as of May 28, 2021.\nMeme-mania doesn't stop\nWith retail investors acting as the catalyst behind the meme stock craze (meme stocks are companies lauded for their social media popularity, not their fundamentals), it should come as no surprise that companies like AMC Entertainment, GameStop, and Sundial Growers are among the most-held on Robinhood.\nAMC, GameStop, and Sundial were some of the most heavily short-sold companies earlier this year, which made them logical targets by investors on Reddit who were looking for short-squeeze opportunities. Though we witnessed these squeezes take place in January and February, the recent trading in these names looks to be more hype or mania than short-covering.\nHistory is pretty clear that hype-driven stocks will eventually have the rug pulled out from under them. AMC, for example, is going to struggle just to service its more than $5.4 billion in corporate debt and doesn't appear to have a chance to pay back what comes due in 2026. It also has $473 million in deferred rent obligations to contend with.\nAs for GameStop, it boasts a healthy net cash position following a recent share offering. But it was very late in transitioning to digital gaming, and as a result will see its sales go nowhere for years to come. GameStop's core strategy for the time being is to keep closing physical stores to cut down on operating expenses.\nIn sum, meme stocks are bad news.\nImage source: Getty Images.\nPenny for your thoughts\nRobinhood investors have also demonstrated that they love penny stocks. Sundial Growers and Zomedica are two of the 18 most-held stocks on the platform, yet both can be purchased for under $1 a share.\nPsychologically, young and/or novice investors believe that owning more shares of stock will give them a better chance to make a lot of money. There's also the belief that it's easier to double a stock from $1 a share to $2 than, say, $100 to $200. But the reality is that penny stocks almost always trade at a low share price for very good reasons.\nIn the case of pot stock Sundial Growers, it's because the company's management team can't stop drowning its investors in share offerings. Earlier this year, the company's board OK'd an additional $800 million at-the-market share offering. Since the end of September, more than 1.35 billion shares have been issued. With 1.86 billion shares now outstanding, Sundial has almost no chance of ever generating meaningful earnings per share, or perhaps even remaining listed on the Nasdaq exchange.\nAs for veterinary health company Zomedica, it only began commercializing its first product in mid-March. Shares are currently valued at close to 40 times sales looking three years into the future. Though it does have a healthy cash position, Zomedica has buried its investors with share offerings and is closing in on 1 billion shares outstanding.\nPenny stocks are rarely cheap.\nImage source: Getty Images.\n\"Merry-juana\"\nAnother trend you'll note about millennial investors is that they really love the prospects for marijuana stocks. In this respect, I agree with them.\nUnfortunately, Robinhood is shortchanging its users in the cannabis department. Since the trading platform won't allow its users to buy and sell stocks listed on the over-the-counter exchange, and U.S. pot stocks can't list on major exchanges due to cannabis being illicit at the federal level, Robinhood users are stuck buying Canadian weed stocks. To put things as nicely as possible, the Canadian pot stocks have been a disaster.\nAurora Cannabis, which at one time was the most-held stock on Robinhood, has been burying its shareholders in dilution for years. It used its stock as collateral for around a dozen deals and grossly overpaid for all of its acquisitions. Even with legal Canadian weed sales climbing, Aurora's top line has been stuck in neutral or gone in reverse.\nCanopy Growth is another popular marijuana stock that's been an utter disappointment. The company's cash pile has dwindled significantly over the past couple of years, and Canopy is still nowhere close to generating a profit, even after closing two large greenhouses in British Columbia.\nImage source: Starbucks.\nBrand-name companies are popular with millennials\nLastly, you'll note that among the meme stocks, pot stocks, and penny stocks, millennial investors have also piled into brand-name companies that they're familiar with or regularly engage with.\nFor instance, electric-vehicle (EV) manufacturer Tesla has supplanted Apple as the most-held stock in the Robinhood universe. Generally speaking, the desire to take action against climate change increases the younger someone is. Motivated young investors who want to see positive climate action taken, and who have a favorable view of CEO Elon Musk, have flocked to Tesla. In kind, Tesla's production numbers have risen significantly, and could near 800,000 EVs in 2021.\nCoffee giant Starbucks has also been rising up the leaderboard in recent months. It has used its mobile app and rewards as a means to keep the younger generation loyal to its brand. It has also introduced an array of healthier lunches and snack options to improve foot traffic. It definitely doesn't hurt that Starbucks is one of the most-recognized brands in the world.\nBrand-name companies that can engage with young investors are always a good bet to work their way onto Robinhood's leaderboard.","news_type":1},"isVote":1,"tweetType":1,"viewCount":174,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":103473145,"gmtCreate":1619815246187,"gmtModify":1704335227629,"author":{"id":"3556089233206356","authorId":"3556089233206356","name":"Mafia86","avatar":"https://static.tigerbbs.com/b725a09e5ac03f88838e7a00305c1253","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3556089233206356","authorIdStr":"3556089233206356"},"themes":[],"htmlText":"Next week will be good to watch . Big pump ! PT $35","listText":"Next week will be good to watch . Big pump ! PT $35","text":"Next week will be good to watch . Big pump ! PT $35","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/103473145","repostId":"2131530304","repostType":2,"repost":{"id":"2131530304","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1619752422,"share":"https://ttm.financial/m/news/2131530304?lang=&edition=fundamental","pubTime":"2021-04-30 11:13","market":"us","language":"en","title":"MicroVision Stock Plummets 21% On Q1 Earnings Miss: What You Need To Know","url":"https://stock-news.laohu8.com/highlight/detail?id=2131530304","media":"Benzinga","summary":"MicroVision, Inc (NASDAQ: MVIS) shares fell over 21% in Wednesday’s after-hours session after the company announced its first-quarter results for 2021.","content":"<p><b>MicroVision, Inc</b> (NASDAQ:MVIS) shares fell over 21% in Wednesday’s after-hours session after the company announced its first-quarter results for 2021.</p><p><b>What Happened: </b>The solid-state automotive lidar and microdisplay technology company’s revenue for the first quarter was $0.5 million in Q1 2021, while in the same period last year it was $1.5 million.</p><p>Loss per share was reported at $0.04, which is the same number as in Q1 2020&nbsp;and worse than the Street expectation of loss per share of $0.02.</p><p>“We expect that a version of this first-generation long-range lidar sensor, after internal and external validation, reliability and compliance testing, could be available for sale, in initial quantities, in the third or fourth quarter of 2021 as we previously reported,” said Sumit Sharma, CEO of MicroVision.</p><p>Microvision shares fell 21.17% lower to $14.19 in the after-hours session on Wednesday after plunging 14.24% in the regular hours to $18.</p><p><b>Why It Matters: </b>MicroVision&nbsp;continues to dominate discussions on r/WallStreetBets, a Reddit forum that carried out retail-led short squeezes in <b>AMC Entertainment Holdings Inc</b> (NYSE:AMC), <b>GameStop Corporation</b> (NYSE:GME), and <b>Nokia Oyj</b> (NYSE:NOK).</p><p>At press time, MicroVision led discussions on the forum with 1,783 mentions, followed by <b>Clover Health Investments Corp</b> (NASDAQ:CLOV), which attracted 809 mentions, according to Quiver Quantitative data.</p><p>This week, “Mad Money” host Jim Cramer said he would rather “be on the long side” than on the short side of MicroVision.</p><p>S3’s Ihor Dusaniwsky warned that bears could be “squeezed out of their positions due to losses” in meme stocks, as per Reuters.</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>MicroVision Stock Plummets 21% On Q1 Earnings Miss: What You Need To Know</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\">\nMicroVision Stock Plummets 21% On Q1 Earnings Miss: What You Need To Know\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga </p>\n<p class=\"h-time\">2021-04-30 11:13</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<p><b>MicroVision, Inc</b> (NASDAQ:MVIS) shares fell over 21% in Wednesday’s after-hours session after the company announced its first-quarter results for 2021.</p><p><b>What Happened: </b>The solid-state automotive lidar and microdisplay technology company’s revenue for the first quarter was $0.5 million in Q1 2021, while in the same period last year it was $1.5 million.</p><p>Loss per share was reported at $0.04, which is the same number as in Q1 2020&nbsp;and worse than the Street expectation of loss per share of $0.02.</p><p>“We expect that a version of this first-generation long-range lidar sensor, after internal and external validation, reliability and compliance testing, could be available for sale, in initial quantities, in the third or fourth quarter of 2021 as we previously reported,” said Sumit Sharma, CEO of MicroVision.</p><p>Microvision shares fell 21.17% lower to $14.19 in the after-hours session on Wednesday after plunging 14.24% in the regular hours to $18.</p><p><b>Why It Matters: </b>MicroVision&nbsp;continues to dominate discussions on r/WallStreetBets, a Reddit forum that carried out retail-led short squeezes in <b>AMC Entertainment Holdings Inc</b> (NYSE:AMC), <b>GameStop Corporation</b> (NYSE:GME), and <b>Nokia Oyj</b> (NYSE:NOK).</p><p>At press time, MicroVision led discussions on the forum with 1,783 mentions, followed by <b>Clover Health Investments Corp</b> (NASDAQ:CLOV), which attracted 809 mentions, according to Quiver Quantitative data.</p><p>This week, “Mad Money” host Jim Cramer said he would rather “be on the long side” than on the short side of MicroVision.</p><p>S3’s Ihor Dusaniwsky warned that bears could be “squeezed out of their positions due to losses” in meme stocks, as per Reuters.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NOK":"诺基亚","CLOV":"Clover Health Corp","MVIS":"维视图像","GME":"游戏驿站","AMC":"AMC院线"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2131530304","content_text":"MicroVision, Inc (NASDAQ:MVIS) shares fell over 21% in Wednesday’s after-hours session after the company announced its first-quarter results for 2021.What Happened: The solid-state automotive lidar and microdisplay technology company’s revenue for the first quarter was $0.5 million in Q1 2021, while in the same period last year it was $1.5 million.Loss per share was reported at $0.04, which is the same number as in Q1 2020 and worse than the Street expectation of loss per share of $0.02.“We expect that a version of this first-generation long-range lidar sensor, after internal and external validation, reliability and compliance testing, could be available for sale, in initial quantities, in the third or fourth quarter of 2021 as we previously reported,” said Sumit Sharma, CEO of MicroVision.Microvision shares fell 21.17% lower to $14.19 in the after-hours session on Wednesday after plunging 14.24% in the regular hours to $18.Why It Matters: MicroVision continues to dominate discussions on r/WallStreetBets, a Reddit forum that carried out retail-led short squeezes in AMC Entertainment Holdings Inc (NYSE:AMC), GameStop Corporation (NYSE:GME), and Nokia Oyj (NYSE:NOK).At press time, MicroVision led discussions on the forum with 1,783 mentions, followed by Clover Health Investments Corp (NASDAQ:CLOV), which attracted 809 mentions, according to Quiver Quantitative data.This week, “Mad Money” host Jim Cramer said he would rather “be on the long side” than on the short side of MicroVision.S3’s Ihor Dusaniwsky warned that bears could be “squeezed out of their positions due to losses” in meme stocks, as per Reuters.","news_type":1},"isVote":1,"tweetType":1,"viewCount":313,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":109076331,"gmtCreate":1619656893123,"gmtModify":1704727454796,"author":{"id":"3556089233206356","authorId":"3556089233206356","name":"Mafia86","avatar":"https://static.tigerbbs.com/b725a09e5ac03f88838e7a00305c1253","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3556089233206356","authorIdStr":"3556089233206356"},"themes":[],"htmlText":"Nicely done","listText":"Nicely done","text":"Nicely done","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/109076331","repostId":"1128956391","repostType":4,"repost":{"id":"1128956391","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":1619652261,"share":"https://ttm.financial/m/news/1128956391?lang=&edition=fundamental","pubTime":"2021-04-29 07:24","market":"us","language":"en","title":"Qualcomm revenue pops 52% on strong smartphone demand","url":"https://stock-news.laohu8.com/highlight/detail?id=1128956391","media":"Tiger Newspress","summary":"KEY POINTS\n\nQualcomm raised its guidance for handset shipments this year.\nThe chipmaker beat on the ","content":"<p><b>KEY POINTS</b></p>\n<ul>\n <li>Qualcomm raised its guidance for handset shipments this year.</li>\n <li>The chipmaker beat on the top and bottom lines, along with quarterly guidance.</li>\n</ul>\n<p>Qualcomm&nbsp;shares rose as much as 5.2% in extended trading on Wednesday after the chipmaker reported fiscal second-quarter earnings that exceeded analysts’ estimates.</p>\n<p><img src=\"https://static.tigerbbs.com/30bb1602abfa262526c90e552358aaec\" tg-width=\"1302\" tg-height=\"833\"></p>\n<p>Here’s how the company did:</p>\n<ul>\n <li><b>Earnings:</b>$1.90 per share, adjusted, vs. $1.67 per share as expected by analysts, according to Refinitiv</li>\n <li><b>Revenue:</b>$7.93 billion vs. $7.62 billion as expected by analysts, according to Refinitiv</li>\n</ul>\n<p>Revenue grew 52% on an annualized basis in the quarter, which ended on March 28, according to a&nbsp;statement. Lower phone demand because of the coronavirus in the&nbsp;year-ago quarter&nbsp;made for faster growth than usual. Strong handset shipments in China also lifted results, Akash Palkhiwala, the company’s finance chief, said on a conference call with analysts. In&nbsp;the previous quarter, revenue grew 63%.</p>\n<p>The company’s profitable Qualcomm Technology Licensing segment, which includes mobile handset patent royalties, contributed $1.61 billion in revenue, which was up 51% and above the $1.35 billion consensus among analysts surveyed by FactSet.</p>\n<p>Qualcomm derives much of its revenue from handset chips, and the deployment of 5G networks creates a growth opportunity for the company, particularly as the economy reopens and people begin to travel more.</p>\n<p>Handset revenue, at $4.07 billion, grew 53%, although analysts polled by FactSet had expected $4.23 billion. The larger Qualcomm CDMA Technologies Segment, which includes handsets as well as radio frequency front end, internet of things and automotive components, came up with $6.28 billion in revenue, surpassing the $6.26 billion FactSet consensus. The company raised its guidance for 3G, 4G and 5G handset shipments in 2021.</p>\n<p>Some of that growth should strengthen Qualcomm’s next quarter. Qualcomm called for fiscal third-quarter adjusted earnings of $1.55 to $1.75 per share on $7.1 billion to $7.9 billion in revenue. Analysts polled by Refinitiv had expected $1.52 in adjusted earnings per share on $7.11 billion in revenue.</p>\n<p>In the fiscal second quarter Qualcommacquiredchip start-up Nuvia for $1.4 billion before working capital and other adjustments, and Qualcommsaidthat on June 30 Cristiano Amon, its president, will replace current CEO Steve Mollenkopf.</p>\n<p>“Despite the industry-wide semiconductor supply shortage, we’re utilizing our scale and working across our entire global supply chain to maximize our ability to capture this opportunity,” Amon said. “We expect material improvements by the end of the calendar year due to planned capacity builds and multi-sourcing initiatives.” Supply conditions will improve at the end of the year, he said.</p>\n<p>Notwithstanding the after-hours move, Qualcomm stock is down 10% since the start of the year, compared with a roughly 12% gain in the S&amp;P 500 index over the same period.</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>Qualcomm revenue pops 52% on strong smartphone demand</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nQualcomm revenue pops 52% on strong smartphone demand\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\">2021-04-29 07:24</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p><b>KEY POINTS</b></p>\n<ul>\n <li>Qualcomm raised its guidance for handset shipments this year.</li>\n <li>The chipmaker beat on the top and bottom lines, along with quarterly guidance.</li>\n</ul>\n<p>Qualcomm&nbsp;shares rose as much as 5.2% in extended trading on Wednesday after the chipmaker reported fiscal second-quarter earnings that exceeded analysts’ estimates.</p>\n<p><img src=\"https://static.tigerbbs.com/30bb1602abfa262526c90e552358aaec\" tg-width=\"1302\" tg-height=\"833\"></p>\n<p>Here’s how the company did:</p>\n<ul>\n <li><b>Earnings:</b>$1.90 per share, adjusted, vs. $1.67 per share as expected by analysts, according to Refinitiv</li>\n <li><b>Revenue:</b>$7.93 billion vs. $7.62 billion as expected by analysts, according to Refinitiv</li>\n</ul>\n<p>Revenue grew 52% on an annualized basis in the quarter, which ended on March 28, according to a&nbsp;statement. Lower phone demand because of the coronavirus in the&nbsp;year-ago quarter&nbsp;made for faster growth than usual. Strong handset shipments in China also lifted results, Akash Palkhiwala, the company’s finance chief, said on a conference call with analysts. In&nbsp;the previous quarter, revenue grew 63%.</p>\n<p>The company’s profitable Qualcomm Technology Licensing segment, which includes mobile handset patent royalties, contributed $1.61 billion in revenue, which was up 51% and above the $1.35 billion consensus among analysts surveyed by FactSet.</p>\n<p>Qualcomm derives much of its revenue from handset chips, and the deployment of 5G networks creates a growth opportunity for the company, particularly as the economy reopens and people begin to travel more.</p>\n<p>Handset revenue, at $4.07 billion, grew 53%, although analysts polled by FactSet had expected $4.23 billion. The larger Qualcomm CDMA Technologies Segment, which includes handsets as well as radio frequency front end, internet of things and automotive components, came up with $6.28 billion in revenue, surpassing the $6.26 billion FactSet consensus. The company raised its guidance for 3G, 4G and 5G handset shipments in 2021.</p>\n<p>Some of that growth should strengthen Qualcomm’s next quarter. Qualcomm called for fiscal third-quarter adjusted earnings of $1.55 to $1.75 per share on $7.1 billion to $7.9 billion in revenue. Analysts polled by Refinitiv had expected $1.52 in adjusted earnings per share on $7.11 billion in revenue.</p>\n<p>In the fiscal second quarter Qualcommacquiredchip start-up Nuvia for $1.4 billion before working capital and other adjustments, and Qualcommsaidthat on June 30 Cristiano Amon, its president, will replace current CEO Steve Mollenkopf.</p>\n<p>“Despite the industry-wide semiconductor supply shortage, we’re utilizing our scale and working across our entire global supply chain to maximize our ability to capture this opportunity,” Amon said. “We expect material improvements by the end of the calendar year due to planned capacity builds and multi-sourcing initiatives.” Supply conditions will improve at the end of the year, he said.</p>\n<p>Notwithstanding the after-hours move, Qualcomm stock is down 10% since the start of the year, compared with a roughly 12% gain in the S&amp;P 500 index over the same period.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"QCOM":"高通"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1128956391","content_text":"KEY POINTS\n\nQualcomm raised its guidance for handset shipments this year.\nThe chipmaker beat on the top and bottom lines, along with quarterly guidance.\n\nQualcomm shares rose as much as 5.2% in extended trading on Wednesday after the chipmaker reported fiscal second-quarter earnings that exceeded analysts’ estimates.\n\nHere’s how the company did:\n\nEarnings:$1.90 per share, adjusted, vs. $1.67 per share as expected by analysts, according to Refinitiv\nRevenue:$7.93 billion vs. $7.62 billion as expected by analysts, according to Refinitiv\n\nRevenue grew 52% on an annualized basis in the quarter, which ended on March 28, according to a statement. Lower phone demand because of the coronavirus in the year-ago quarter made for faster growth than usual. Strong handset shipments in China also lifted results, Akash Palkhiwala, the company’s finance chief, said on a conference call with analysts. In the previous quarter, revenue grew 63%.\nThe company’s profitable Qualcomm Technology Licensing segment, which includes mobile handset patent royalties, contributed $1.61 billion in revenue, which was up 51% and above the $1.35 billion consensus among analysts surveyed by FactSet.\nQualcomm derives much of its revenue from handset chips, and the deployment of 5G networks creates a growth opportunity for the company, particularly as the economy reopens and people begin to travel more.\nHandset revenue, at $4.07 billion, grew 53%, although analysts polled by FactSet had expected $4.23 billion. The larger Qualcomm CDMA Technologies Segment, which includes handsets as well as radio frequency front end, internet of things and automotive components, came up with $6.28 billion in revenue, surpassing the $6.26 billion FactSet consensus. The company raised its guidance for 3G, 4G and 5G handset shipments in 2021.\nSome of that growth should strengthen Qualcomm’s next quarter. Qualcomm called for fiscal third-quarter adjusted earnings of $1.55 to $1.75 per share on $7.1 billion to $7.9 billion in revenue. Analysts polled by Refinitiv had expected $1.52 in adjusted earnings per share on $7.11 billion in revenue.\nIn the fiscal second quarter Qualcommacquiredchip start-up Nuvia for $1.4 billion before working capital and other adjustments, and Qualcommsaidthat on June 30 Cristiano Amon, its president, will replace current CEO Steve Mollenkopf.\n“Despite the industry-wide semiconductor supply shortage, we’re utilizing our scale and working across our entire global supply chain to maximize our ability to capture this opportunity,” Amon said. “We expect material improvements by the end of the calendar year due to planned capacity builds and multi-sourcing initiatives.” Supply conditions will improve at the end of the year, he said.\nNotwithstanding the after-hours move, Qualcomm stock is down 10% since the start of the year, compared with a roughly 12% gain in the S&P 500 index over the same period.","news_type":1},"isVote":1,"tweetType":1,"viewCount":310,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":344496101,"gmtCreate":1618422395303,"gmtModify":1704710675169,"author":{"id":"3556089233206356","authorId":"3556089233206356","name":"Mafia86","avatar":"https://static.tigerbbs.com/b725a09e5ac03f88838e7a00305c1253","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3556089233206356","authorIdStr":"3556089233206356"},"themes":[],"htmlText":"Woah..","listText":"Woah..","text":"Woah..","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/344496101","repostId":"1145468327","repostType":4,"repost":{"id":"1145468327","pubTimestamp":1618413259,"share":"https://ttm.financial/m/news/1145468327?lang=&edition=fundamental","pubTime":"2021-04-14 23:14","market":"us","language":"en","title":"Thinking About Buying Coinbase? - Here's Your Note","url":"https://stock-news.laohu8.com/highlight/detail?id=1145468327","media":"seekingalpha","summary":"Wednesday,Coinbase shares open at $381 on Nasdaq, valuing cryptocurrency exchange at $99.6 billion.S","content":"<p>Wednesday,Coinbase shares open at $381 on Nasdaq, valuing cryptocurrency exchange at $99.6 billion.</p><p><img src=\"https://static.tigerbbs.com/a50d61593da06ef4cdd7abd4eb27fc76\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><b>Summary</b></p><ul><li>Coinbase is going public today.</li><li>Instead of reading their +300 page S-1, read our 19 page note.</li><li>We discuss: digital currencies, store of value, medium of exchange.</li><li>Plus, a deep dive into COIN's model, storage, trading, price target.</li></ul><p>Manole Capital Management - Bitcoin &amp; Coinbase (COIN) - April 2021What is FINTECH?</p><p>Manole Capital Management exclusively focuses on the emerging FINTECH sector. For some investors, FINTECH means We define FINTECH as \"anything utilizing technology to improve an established process.\"</p><p><img src=\"https://static.tigerbbs.com/2ef8760c1da50e1776b14e4c10295f65\" tg-width=\"1133\" tg-height=\"692\" referrerpolicy=\"no-referrer\"></p><p><i>* Source: This is a Business Insider slide on the FINTECH Ecosystem</i></p><p>For us, the quintessential FINTECH business is the payment industry. As you can see in this FINTECH ecosystem Business Insider slide, we bolded the<i>Payments and Remittances</i>space, as that is our preferred area to invest. Others can invest in FINTECH's through Alternative Finance companies or digital banks or Insurtechs, but for us, we love the payment sector. We are attracted to the predictable, sustainable and recurring revenues of their businesses, where they essentially earn revenue per swipe economics.</p><p>When most investors discuss FINTECH, they rarely (if ever) discuss the exchanges. Similar to these payment and transaction-based models, many of the exchanges also earn revenue, free cash flow and profits per transaction or trade. When it comes to trading certain assets (interest rates, equities, commodities, foreign currency, etc), there tends to be high barriers to entry or an impregnable moat around certain franchises. While many of these businesses are not recession proof, they have proven to be recession resistant.</p><p><b>Financials:</b></p><p>While Financials only represent 11.3% of the S&amp;P 500 (as of March 2021), roughly 3/4rd's of this sector's weight is comprised of traditional financial institutions, like banks and insurance companies. These businesses are typically credit sensitive, with opaque and complex balance sheets. To simplify the banking model, the underlying asset is the US dollar and they simply look to borrow that capital at a low fee and lend it out to borrowers at a higher rate. This spread business can generate excellent returns, but it comes with a risk. Is the bank following a solid and time-tested risk model? Are borrowers credit worthy?</p><p>If an investor has exposure to the Financial sector, one should have a strong opinion on the 10-year yield. The 10-year stands at 1.7% and has significantly risen over the last several months. The Financial sector has a 5-year rolling correlation with the 10-year Treasury of 67% (per Scotiabank and Bloomberg research). We simply choose to not invest in banks and business models that don't have ourideal characteristics (click here).</p><p>As we stated above, we are attracted to businesses that generate steady and recurring and free cash flow. Unfortunately, most Financials are not transaction based business models.</p><p><b>Our Goal:</b></p><p>This note will review digital currencies, Bitcoin and the opportunity in the exchange space. We will use our over two decades of experience following and owning exchanges to draw some parallels for this new asset class. For example, there are \"big picture\" matters concerning storage, access, theft, usage, documentation, identity, rights and dozens of other issues. Blockchain and technology advancements theoretically solve some of these problems, but unfortunately not all.</p><p>Some digital currency or technology experts might find this analysis rudimentary. Others are new to this asset class and want a primer on the industry. That's our primary goal or target, is to provide an initial 30,000 foot view on digital currencies and then dive into the details of the largest (and soon to be public) exchange.</p><p>As always, we strive to present our work in a very readable format. If they had the patience to read our research, we attempt to write our notes so our 80-year father or 14-year old son could easily understand. We will try our best to review the requirements to be considered a currency, volatility, pricing, digital wallets, NFT's (non-fungible tokens), stable coins and some other digital currency issues. After that, we will do a fairly deep dive into Coinbase (ticker COIN). You can read their nearly 300-page S-1 filing with theSEC (click here)or you can let us serve as your \"Cliff Notes\" version. We will discuss their business model, how they generate revenue, their advantages and disadvantages, as well as provide a framework for valuation and a price target. We hope you find this latest research from Manole Capital topical and interesting.</p><p><b>Digital Currencies:</b></p><p>In our 1st quarter 2021 investor newsletter, which we published on Seeking Alpha, we discussed COIN's business and its opportunity. We wrote a couple pages on the subject, but felt it deserved a much larger and dedicated piece of research.</p><p>Before we dive into Coinbase, we wanted to provide our thoughts on Bitcoin and digital currencies. As we stated in the opening paragraph, Manole Capital believes the payments industry is the dominant FINTECH sector. Over the last 5 years, we have done a significant amount of work on digital currencies, trying to understand their best usage, functionality and role in the future of payments. Are digital currencies a threat to the payment networks, processors and merchant acquirers? In order to answer these questions, one has to understand how a typical payment transaction occurs. Who processes, clears and settles a card transaction?</p><p>We have written dozens of articles on this subject, which can easily be viewed here. In our opinion, there are two main requirements for something to be considered a viable currency. One is that it must be a \"store of value\" and the second is that it must be a \"medium of exchange\".</p><p><b>The Requirements To Be A Currency:</b></p><p>In order to be a viable currency, two specific requirements are needed. One is that the currency should be a<b>\"store of value\".</b>This is often defined as any asset that can smoothly maintain its economic value, rather than rapidly depreciating. The other requirement is that the currency should be a<b>\"medium of exchange</b>\" or an instrument used to facilitate the sale, purchase or trade of goods between parties.</p><p>In terms of speed and efficiency, there is no comparison when comparing the centralized payment system to Bitcoin's decentralized platform. Visa processes 1,700 transactions per second and it claims to have 40x the spare capacity, to handle 65,000 transactions per second. PayPal (PYPL) stated that during the 2020 holiday shopping season, it processed over 1,000 transactions per second. Using Bitcoin and its blockchain for global purchases and payments can process roughly 7 transactions per second.</p><p>As technology improves, one could argue Bitcoin processing will improve. However, if Bitcoin were to get used for payments, the conversion of crypto holdings into US dollars will dramatically increase overall network transactions. We are big believers in the concept of...\"if it ain't broke, don't fix it!\"</p><p>There are significant acceptance advantages to the existing payment ecosystem. Visa and Mastercard are accepted in over 200 countries and at over 40 million global merchants. Their payment acceptance brands stand for trust and allows billions of purchase transactions to occur each year. The Visa and Mastercard logos are known around the world, permitting the exchange of goods and services in seconds. While Bitcoin is slowly becoming more recognizable, it simply does not have the same acceptance. We believe the existing payment ecosystem handles the \"medium of exchange\" process well. The overall payment landscape is a well-oiled machine, that involves three to four parties, approving transactions in in roughly 1 to 2 seconds.</p><p>We have discussed the long-term opportunity for a FINTECH company or two to create a \"Super App Holy Grail\". This would be allowing customers to transact with their mobile phone, in whatever currency they wish, at all global merchants. Getting consumers to get rid of their leather wallets is easier said than done. Even though we consider ourselves to be fairly technologically savvy, we still have a wallet that looks a lot like Seinfeld's George Costanza's.</p><p>Several companies have recently announced their intentions to help spur Bitcoin acceptance. On March 30th, 2021, PYPL announced the launch of its \"Checkout with Crypto\" option. Participating merchants (initially ½ of PYPL's 29 million) can offer their customers the ability to pay for purchases using Bitcoin, Litecoin, Ethereum or Bitcoin Cash. How will this work? Once a PYPL customer purchases or stores crypto holdings in their PYPL digital wallet, he/she will be permitted to use those funds at checkout. When a transaction occurs, PYPL users will see the option to apply their balance to complete a purchase. When customers choose this payment option, PYPL will exchange their crypto for US dollars through its clearinghouse partner, Paxos. The transaction will occur based upon a spot market rate, with a 50 basis point spread built in. PYPL will then remit payment (in US dollars) to the merchant, to satisfy the exchange of goods or services.</p><p>While this sounds easy, there are significant hurdles. Certain details are still emerging, but customers using this service must buy their crypto within their PYPL digital wallet. This will satisfy PYPL's adherence to Know Your Customer (KYC) guidelines, but it doesn't solve all potential hiccups. The four cryptocurrencies PYPL said customers can use, are likely to cause problems. The SEC and IRS have not deemed these to be currencies, but instead, consider them capital assets. If they were to be used for payment, the underlying client will potentially have capital gain taxes, if their PYPL digital wallet has paper gains. If you are making a $20 purchase at Walgreen's, we don't believe customers are wanting to consider the tax ramifications of using their Bitcoin balance in their digital wallet. That potential $20 purchase could potentially cost you a tax liability of 100%.</p><p>Even if we ignore the large tax issues, there are additional worries. So, if the cryptocurrency in your digital wallet is going to be used to fund purchases, who is going to pay for it? Merchants will have to pay for the cost of converting cryptocurrencies into US dollars, whatever that cost might be. There will be the traditional merchant discount rates applied, but this will ultimately be another cost for merchants to bear. Besides a company like Tesla, that has a dynamic CEO, do you envision merchant's dying to accept additional costs to help their customers transact? Especially when cards are so ubiquitous?</p><p>So,Teslahas decided it will accept Bitcoin as a form of payment. What does this really mean? If a consumer has a sizeable gain in Bitcoin and wishes to use it to purchase a \"free\" Tesla, there are serious tax consequences. Just like selling an appreciated stock, where a consumer has to pay capital gains taxes, Bitcoin would be under the same burden. Until the IRS classifies Bitcoin as a currency, and not property, this tax problem will remain.</p><p>The second problem comes if the Tesla buyer decides to return his/her new vehicle. Tesla reserves the right to pay the consumer back in cash, worth the original purchase price, not in Bitcoin. If Bitcoin jumps in value since the original transaction date, the consumer would be negatively impacted. If Bitcoin falls in price, Tesla could return a depreciated Bitcoin to the car buyer. Are there hundreds of thousands of consumers yearning to purchase a Tesla with Bitcoin? We doubt there's too many, especially if they are aware of the tax issues.</p><p>Last week, Visa announced it would use various FINTECH API's (application programming interface) offered by cryptocurrency custodian and privately-held Anchorage. Visa plans to settle transactions using US dollar stablecoin, powered by the Ethereum blockchain. Once again, this is exciting news, but will likely encounter problems and take a while to come to fruition.</p><p>Before one uses Bitcoin to transact at the POS (point of sale), be actually believe it can become an excellent opportunity for money transfer. Western Union is about to turn 170 years old and can be considered the original FINTECH company. However, moving paper currency around the world is not terribly technologically advanced. Visa has launched an expanded version of its<i>Direct</i>platform, which will allow for cross border disbursements. Visa's platform supports real-time domestic and cross-border person-to-person, business-to-small business and business-to-consumer use cases, so the options are endless. Bill Sheley is the global head of Visa Direct, and he stated, \"Visa is innovating to give financial institutions, governments, individuals and businesses new ways to pay and get paid beyond the card.\"</p><p>On the \"store of value\" front, the total addressable market for assets is enormous. For example, art and collectibles are a $20 trillion market, gold is $10 trillion, real estate is $200 trillion, bonds are $100 trillion and equities are another $30 trillion.</p><p>50% of gold is used in jewelry and another 1/3 is used in electronics. While gold used to back fiat currencies, Britain dropped the gold standard in 1931. The US followed suit in 1933 and totally abandoned the gold standard in 1973. There are additional issues to consider like fixed or variable supply, as well as volatility concerns.</p><p>We agree that digital currencies are becoming a feasible \"store of value\". In our opinion, digital currencies have significant challenges to becoming a \"medium of exchange\". With that caveat, the opportunity for the crypto-economy and digital currencies to thrive is still open ended and vast.</p><p><b>Inflation:</b></p><p>The world is always looking for additional asset classes and stores of value, especially as governments keep the currency printing presses running 24 hours a day, 7 days a week.</p><p>Last year, the Federal Reserve printed an unprecedented amount of dollars, roughly 1/5 th of all US dollars ever printed. On a daily basis, the Bureau of Engraving and Printing produces over $500 million over 38 million notes.</p><p>If you are the United States and the dollar is considered the dominant global currency, your perception of Bitcoin (or any digital assets) should be of concern. The ability of countries to simply print money should inherently be inflationary, yet Federal Reserve Chairman Jerome Powell continues to seek to get the US at and above 2% annually.</p><p>A couple of weeks ago, the Biden administration announced an infrastructure bill, called the American Jobs Plan, with a $2 trillion spending target. In March of 2021, US government passed a $1.9 trillion stimulus package. This followed a December of 2020 stimulus package of $900 billion, as well as a CARES Act in March 2020 bill of $2.2 trillion. We are not making a statement about the merits of any of these packages and stimulus programs. We simply are trying to point out the massive amount of money that is getting printed.</p><p>Many cryptocurrency bulls will cite inflationary worries with fiat currencies for why their digital cryptocurrencies assets are undervalued. We understand this argument, but always come back to an initial framework. If you are the US or the European Union or Chinese government, would you be able to control your society if there wasn't a viable currency in place? Would economies function without government control of its fiat currency? If cryptocurrencies become widely accepted and are considered a better version of payment, would governments be able to function? If the US couldn't issue additional debt to fund its spending initiatives, would it even exist? We just don't believe government regulators will allow certain cryptocurrencies to thrive, especially if it threatens their sovereign currencies.</p><p>We tend to look at this as a simple supply and demand equation. While Bitcoin has currently issued 18.7 million tokens, there is only a maximum of 21 million that can be created. That fixed supply is counter to some governments. For example, there are countries that have taken the printing of fiat currency too far. Zimbabwe is but one example of runaway inflation. Here's a picture of one of their 100 trillion bills. Yes, that's a 100 trillion. Do you want to be a trillionaire? Simply buy one on eBay for $8.99,by clicking here.</p><p><img src=\"https://static.tigerbbs.com/375ab15b324158141f0eceee4633e5ca\" tg-width=\"900\" tg-height=\"900\" referrerpolicy=\"no-referrer\"></p><p><i>Source: This is a picture of Zimbabere's currency, that I took on myiPhone</i></p><p>As this Piper Sandler chart shows, Bitcoin now has a market capitalization of roughly $1 trillion. If we look at the top 10 digital assets by market capitalization, the vast majority of market share falls to just 2 currencies.</p><p><img src=\"https://static.tigerbbs.com/4f0caa7a9dbd54216c5e67fb83199d42\" tg-width=\"859\" tg-height=\"576\" referrerpolicy=\"no-referrer\"></p><p><i>* Source: This is a Piper Sandler slide/chart</i></p><p>It is estimated that Bitcoin is over 55% of all cryptocurrency market capitalization and Ethereum is roughly 11%. Cryptocurrencies like Tether, Binance Coin, Stellar, Cardano, Litecoin have a modest following and just 1% to 2% market share (all under $50 million in market cap).</p><p>Digital currencies should be considered assets, as they can be represented digitally, dynamically transmitted, and stored safely in the cloud. However, digital assets and cryptocurrencies have a long way to go to become used in our globally interconnected economies.</p><p><b>Rules &amp; Regulations:</b></p><p>In a perfect world, we think all assets should trade 365 days a year and 24 hours a day. In this hypothetical environment, assets should immediately process and settle and fees to transact should be modest. Why does the NYSE only officially operate from 9:30 am to 4:00 pm EST Monday through Friday (and not on holidays)? There are trades that occur pre-market and post-market hours, but liquidity and volumes are sparse. The simple answer is that this is the way it has always occurred and why should we change something that isn't broken.</p><p>The traditional exchanges have always had a set period of time where they are \"open for business\", but this is changing. For example, the technology backbone of the CME Group (ticker CME) is called Globex. It essentially permits 24/7 trading to occur on its electronic platform for equities, interest rates, commodities, foreign exchange and other assets. After years of investing in international growth, roughly 1/5 th of all volumes come from outside of the US.</p><p>In order to have access to Globex, there are rules one needs to adhere to, as exchanges are heavily regulated entities. Just like banks need to conduct AML (anti-money laundering) and KYC (know your customer) due diligence on its customer base, the exchanges need to follow strict guidelines enforced by their regulators.</p><p>As of today, we believe there are over 50 distinct blockchain protocols which support more than 7,500 various digital assets. Unfortunately, the financial systems are not known as entities that are quick to adopt change and technology. The world has embraced the internet, as a revolutionary and transformational platform. However, financial systems are not comfortable seamlessly exchanging data, information and assets. There are numerous activities like cross border payments or peer-to-peer payments that are ideally suited for technological advancements, but rules and regulations exist to stymie growth.</p><p>The goal of an open and transparent financial system is honorable, but not terribly realistic. In terms of managing one's assets, especially money, the process can be cumbersome.</p><p><b>Volatility:</b></p><p>If we accept cryptocurrency as a digital asset, we then want to better understand how value is determined, where it can be stored and how best to process and handle its exchange. With decentralized assets, the network allows participants to transact without intermediaries. Who sets the value and determines price?</p><p>The most notable cryptocurrency is Bitcoin and it has a CAGR of over 150%, from 2013 to 2020. In 2017, it rose 1,318%, but then fell by (72.6%) in 2018. In 2020, it rose over 302% and it currently is up well over 50% this year. Since January of 2017, there have been 5 corrections of 50% of more in Bitcoin, so it can be wildly volatile.</p><p>We are slowly getting comfortable with digital assets and cryptocurrencies as a \"store of value\" and believe they will become a viable asset in one's diversified portfolio. Each individual or entity needs to determine their own risk and reward framework, so cryptocurrency might be 10 basis points or 10% of one's portfolio.</p><p>Opinions on Bitcoin are changing every day. Back in 2018, the CEO of Blackrock (Larry Fink) called Bitcoin a currency \"for money launderers.\" A year earlier, JP Morgan CEO, Jaime Dimon called Bitcoin a \"fraud\" and threated to fire any bank employee who dealt with the currency. Fast forward to today: Blackrock (in January 2021) enabled two of its mutual funds to purchase Bitcoin, and a JP Morgan analyst recently published that he thinks Bitcoin could rise to $146,000.</p><p>Recently, large institutional interest has boosted the price of certain digital assets. High profile investors like John Tudor Jones (May 2020) and Stanley Druckenmiller have made sizeable purchases of various digital currencies. Other companies like Microstrategy (August 2020) and Tesla (Feb 2021) have made sizeable transactions for their firm's balance sheet.</p><p><b>Stable Coins:</b></p><p>A stable coin is simply a digital asset that is attempts to lower volatility by pegging itself to an actual fiat currency or physical asset (ex: gold). For example, Tether has a market capitalization of over $40 billion, is backed by US dollars and it's the largest cryptocurrency stable coin. One of the risks associated with stable coins is ensuring that the proper amount of fiat currency is held in reserve to match the amount of stable coins in circulation.</p><p>In prior official commentary, the Governor of the Central Bank of Russia - Elvira Nabiullina - stated that Russa was against any form of private currency, as it threatened financial sovereignty. Russia's Ministry of Internal Affairs also was considering seizing all digital currencies and claiming cryptocurrencies criminal activity. Now, in January 2021, the Bank of Russia began to test a ruble-based stable coin. While starting cautiously, the Russian Central Bank is exploring the possibility of issuing its own digital currency. There are numerous countries that are investigating the process of issuing CBDC's or Central Bank Digital Currencies. China has studied the process of issuing a digital yuan, the European Central Bank is looking into a digital Euro.</p><p>Other governments and regulators have highlighted the risks of digital currencies. The UK's Financial Conduct Authority called crypto assets \"high risk, speculative investments\" where investors \"should be prepared to lose all their money.\" US Treasury Secretary (and former Federal Reserve Chairwoman) Janet Yellen has warned on investing in digital currencies too. Just a week ago, India's Reserve Bank took a fairly bearish tone on digital currencies. Rumors are that India is looking to pass a law outlawing cryptocurrencies and making anyone trading or holding them punishable with sizeable fines. India's Finance minister is Nirmala Sitharaman and she said India's Cabinet will shortly issue a final ruling on the matter and that the governments ruling is \"under preparation and nearing completion\".</p><p>Will additional countries look to make cryptocurrencies illegal? These type of comments act as a governor to adoption and change. Politicians and governments are worried about losing control of their economies. Statements like this are further evidence that governments will remain a headwind. We aren't going to put this in the realm of a new \"space race\", but the country that embraces this technology first might have an early advantage versus those that are afraid of change.</p><p><b>Digital Currency Conclusion:</b></p><p>This quick digital currency discussion was created to set the framework for an analysis of Coinbase (ticker COIN). Will digital currencies replace traditional payment systems? We do not believe it will, but continued adoption and traction in digital currencies is noticeable.</p><p>Is Bitcoin poised to climb higher, or will it crash? We simply don't know. What we do know is that we prefer to own the medium where these \"assets\" trade. We would compare this to the Gold Rush of the mid-1800's. Back in 1849, owning Levi Strauss made a fortune selling picks, pans and shovels to '49ers looking for gold. Back then, some would say, \"There's gold in those mountains.\"</p><p>Nowadays, there's a huge opportunity in the collection of data and information. We truly have no idea what the price of Bitcoin will do, except we know that it will be very volatile. As we know, volatility leads to trading, which should equate to profits for the exchanges. Speaking of exchanges, let's now discuss another exchange and upcoming FINTECH direct listing - COIN.</p><p><b>Introduction to Coinbase (ticker COIN):</b></p><p>The stated goal of COIN is \"to create an open financial system for the world.\" While this is altruistic, it seems to be fairly broad based goal. It is noble to strive to create a financial system that is transparent for all mankind. It might be more prudent to strive to provide an end-to-end infrastructure and technology platform for all types of cryptocurrencies.</p><p>From our perspective, it might be judicious for COIN to focus its attention on providing value adding services for all types of digital currencies. If COIN becomes the dominant exchange where anyone can easily and securely send and receive Bitcoin, it will thrive. If COIN can create an efficient and accessible marketplace for the emerging digital assets community, it can be a massive success. There are hundreds of platforms that want to democratize access to the crypto-economy, but COIN (as the oldest and most recognizable brand) seems to have an early lead in this race.</p><p>Coinbase:</p><p>COIN was started in 2012 and it has built a trusted platform for accessing various crypto currencies. Using blockchain technology, COIN has simplified the user experience and reduced the complexity of purchasing, selling and holding digital currencies. In its early days, COIN was primarily just used for sending and receiving cryptocurrencies. Then, it became a trusted platform for those seeking to invest in various currencies. We liken this period as COIN's realization that it needed to become an \"exchange\" or intermediary between buyers and sellers. It has since launched cryptocurrency payments, distribution capabilities, storage, borrowing and lending services.</p><p>As this chart from COIN shows, there are over 45 different cryptocurrencies investors can purchase and another 90 that can be stored at COIN.</p><p><img src=\"https://static.tigerbbs.com/f91cd70c100e3a8159938dd730935867\" tg-width=\"767\" tg-height=\"319\" referrerpolicy=\"no-referrer\"></p><p><i>* Source: This is a slide/chart from COIN's S-1</i></p><p>However, two primary digital currencies dominate COIN's total trading volumes. In 2020, Bitcoin represented 41% of COIN's trading volumes and 15% came from Ethereum. While this 56% is a decline from 2019 levels (72% of the total mix), we envision both will remain the primary digital currencies traded on COIN.</p><p><b>Revenue:</b></p><p>Over the last several years, COIN has materially grown its revenue. In 2019, revenue $533 million and it impressively grew to $1.3 billion last year. As we show in our pie chart, in 2020, COIN's $1.28 billion of revenue grew 130% year-over-year and was a mix of 86% Transactional, 3% Subscription &amp; Services and 11% \"Other\".</p><p>On April 6th, COIN reported 1st quarter 2021 results and the metrics were eye popping. Last quarter, COIN generated $1.8 billion in revenue, which exceeded the prior two years combined.</p><p>In 2020, 86% of COIN's total revenue was<i><b>Transactional</b></i>in nature. This means revenue was derived from sending, receiving, investing and spending cryptocurrencies. When it comes to Transactional revenue, we like to look at the fee as a percentage of total volume traded.</p><p>COIN provided this diagram and it shows exactly what products are inside of each of its revenue classifications. The remaining 15% of total revenue came from<i><b>Subscription &amp; Services,</b></i>which COIN classifies as paying, distributing, storage, and from borrowing and lending cryptocurrencies.</p><p><img src=\"https://static.tigerbbs.com/b0466f39ad66c6fefeaeee25b50847fb\" tg-width=\"922\" tg-height=\"716\" referrerpolicy=\"no-referrer\"></p><p><i>* Source: This is a slide/chart from COIN's S-1</i></p><p>Storing earns custodial fee revenue, which we will dissect in a couple of pages. Staking revenue comes from validation on a proof-of-stake blockchain transaction. License revenue is generated from users of its Analytics services. Lastly, COIN can earn campaign revenue or distribution fees when its constructs educational materials for issuers. For cryptocurrency issuers, COIN earns revenue for helping the platform engage with its users, in the form of educational videos or tasks, when cryptocurrencies are attempting to widen their distribution, marketing and acceptance. While these ancillary services are nice, the real opportunity is trading.</p><p><b>Customer Type:</b></p><p>In its S-1 regulatory filing, COIN showed its product portfolio, separated from retail users, institutions and other ecosystem partners. One has to understand that different clients are paying different rates. Over the last 8 quarters, this revenue rate has averaged 0.61%, with a high of 0.80% in the 1st quarter of 2019 and a low of 0.50% in the 4th quarter of 2020.</p><p>Looking at the last 8 quarters, we can clearly see that both retail and institutional trading volumes have exploded higher. It is interesting to see that Retail was bigger at $45 billion in the 1 st quarter of 2018 than it was at the end of last year at $32 billion. Also, one can see that Institutional trading volumes have gone from $11 billion in the 1 st quarter of 2018 and now are over $57 billion.</p><p><img src=\"https://static.tigerbbs.com/6b80fa39db4f3163a635e88da58642ed\" tg-width=\"846\" tg-height=\"524\" referrerpolicy=\"no-referrer\"></p><p><i>* Source: This is a slide/chart from COIN's S-1</i></p><p>COIN has different fees depending on whether or not the client is retail or institutional, as well as whether or not the client uses Coinbase or Coinbase Pro, which we will discuss this later on, in our pricing section.</p><p><b>Trading volumes:</b></p><p>In terms of exchanges, it all comes down to volumes. Crypto exchange volumes have soared, because of strong interest from both retail and institutional clients. This type of growth will not continue, but volatility tends to drive overall volumes.</p><p>Looking at this Compass table, one can clearly see that volumes noticeably increased in 2018, following the rise of Bitcoin in December of 2017. What happened in late 2017 that helped drive future trading volumes? Well, CBOE and CME both launched Bitcoin future contracts that month.</p><p><img src=\"https://static.tigerbbs.com/7170f3967e17422584307fc937c403b5\" tg-width=\"689\" tg-height=\"691\" referrerpolicy=\"no-referrer\"></p><p><i>* Source: This is a slide/chart from Compass</i></p><p>So far in 2021, COIN has experienced 298% growth in ADV (average daily volumes). What did Bitcoin increase last year? Just over 300%. There's clearly a very high correlation between Bitcoin's recent price and COIN's future ADV.</p><p>One of our favorites aspects of investing in the exchanges is the ability to simply model the businesses in Excel. The large, publicly-traded exchanges provide wonderful transparency for investors, by posting daily volumes. We liken this to Goldman Sachs or Morgan Stanley providing real-time insights into their prop desk trading results. You shouldn't hold your breath for that level of transparency, right?</p><p><b>Bitcoin, Bitcoin and Bitcoin:</b></p><p>In the real estate business, the common phrase is that the 3 most important items are \"location, location and location.\" For digital currency exchanges, we believe the 3 most important products are \"Bitcoin, Bitcoin and more Bitcoin.\"</p><p>On COIN's platform, the volumes tend to be concentrated in a few different currencies. In 2019, BTC or Bitcoin was 58% of COIN's trading volumes, but that fell to 41% in 2020. ETH or Ethereum was 14% in 2019 and that grew slightly last year to 15% of COIN's total. The biggest category jump came from \"other\", which was 18% in 2019 and grew to 44% last year.</p><p>Having multiple products to transact in is obviously key, but COIN is cryptocurrency dependent. Yes, tokens like Dogecoin might come in and out of favor, but COIN is dependent upon higher Bitcoin and Ethereum prices.</p><p>A great aspect to owning CME is their transparency. Not only does CME provide daily ADV, but they provide details on open interest. We like to follow open interest, as it is a leading indicator of future volumes. Also, CME provides details on large open interest holders (called LOIH's) or those owners of a minimum of $7.5 million of Bitcoin futures. Over the last couple of months, CME has hit all-time highs in volumes in Bitcoin futures trading. This year, Bitcoin futures contracts on the CME have averaged 13,800 contracts per day, up 42% year-over-year.</p><p>Like CME, COIN has invested heavily in its technology to give its customers access to a deep pool of cryptocurrency liquidity. Like we just described, this liquidity can act as a virtuous cycle. Volumes beget more volumes and leading more customers onto the platform.</p><p><b>Pricing:</b></p><p>We focus on the trading volume of an exchange, but also try to model how revenues are generated from this volume. Each trade does not generate the same level of revenue, as different traders tend to pay different prices.</p><p>In derivative exchange land, we often look at commission prices as RPC or rate per contract. For example, CME charges $0.478 a contract to trade interest rates, $0.545 to trade equities, $0.764 to trade foreign currency, $1.397 to trade metals, $1.336 to trade agricultural commodities and $1.124 to trade energy. Within each product, prices can vary. For example, WTI crude is a different trading price versus natural gas contracts. While CME is trying to get more retail customers into trading futures and options, the vast majority of its volumes are from institutions.</p><p>At COIN, there are different fees for different clients. COIN has two main fee structures, one called Coinbase Pro and the other called Coinbase Prime. Here's a quick look at the pricing tiers, as discussed in the S-1 filing, based upon whether or not a client is taking or providing liquidity (called taker fee and maker fee).</p><p><img src=\"https://static.tigerbbs.com/cba2058d6aac36d1f5fa59d2261be3c1\" tg-width=\"527\" tg-height=\"649\" referrerpolicy=\"no-referrer\"></p><p><i>* Source: This is a slide/chart from Compass</i></p><p>Transaction revenue, as a percentage of total volumes traded, has averaged 0.61% over the last 8 quarters. Over these 2 years, retail client transactional revenue has increased from 1.27% up to 1.47%. For institutional clients, revenues as a percentage of volumes traded has fallen from 0.07% down to 0.05%. Clearly, retail customers pay significantly more than institutional clients to trade.</p><p>Also, unlike transacting in a stock, COIN calls its transaction based revenue \"staking\" revenue. This is earned from transaction validation on a proof-of-stake blockchain, when COIN's nodes successfully creates or validates a certain block. This revenue is recognized when the rewards are available for transfer and at the point when the block creator or validation is complete. The metrics that determine the staking revenue are driven by quantity, price and rewards rate.</p><p><b>Customers:</b></p><p>The strengths of COIN's platform seem to be its vast and extensive network of contacts. COIN is leveraging its trusted brand to attract those that want access to transact or store cryptocurrencies.</p><p>COIN's growth strategy is based upon driving more customers onto its platform and becoming the de-facto platform for cryptocurrency. Just like the online brokers did in the 1990's, the key to growth was adding new accounts and clients to the platform.</p><p>In this COIN chart, one can see the exceptional growth in verified users or those that have \"demonstrated an interest\" in COIN's platform. In addition to these users, there are another 7,000 institutional customers, across roughly 100 countries.</p><p><img src=\"https://static.tigerbbs.com/0b0ae20183f76b5f50213a6fba41d49f\" tg-width=\"671\" tg-height=\"663\" referrerpolicy=\"no-referrer\"></p><p><i>* Source: This is a slide/chart from COIN's S-1</i></p><p>These verified users have registered for an account and confirmed either their email address or a phone number. In our model, we are not terribly interested in tracking verified users as a key metric. While it is nice to know who interested in cryptocurrencies, it is much more important to understand who is willing to transact.</p><p>As you can see in this Compass Point chart, COIN has 2.8 million MTU or monthly transacting users. In order to be considered a customer needs to have logged in and transacted one time, over a 28-day rolling period.</p><p><img src=\"https://static.tigerbbs.com/37e82feeeec96702e21745ad5bdc1c48\" tg-width=\"706\" tg-height=\"416\" referrerpolicy=\"no-referrer\"></p><p><i>* Source: This is a slide/chart from Compass</i></p><p>It is interesting to see that there were 2.7 million MTU's in the 1 st quarter of 2018 and 2.8 million MTU's at the end of last year. Over those 2 years, MTU's dramatically declined and then lifted. As of today, COIN has roughly 3 million MTUs, which was up +180% year-over-year, but we like to think of it as only 7% of its verified total accounts.</p><p>This reminds us of the online brokerage business, back in the 1990's and 2000's. For years, the primary goal of marketing executives at the online brokers was to generate more and more accounts. The theory was that with new accounts, clients would eventually look to consolidate their relationships with one or possibly two firms. Once an account was opened, the goal was to increase wallet share from that satisfied customer.</p><p>For online brokerages, driving customers typically comes from TV advertising. One cannot watch CNBC or Bloomberg or Fox Business without seeing advertisements for Schwab, TD Ameritrade, E*Trade, Fidelity or Interactive Brokers. Robinhood was very successful in opening up investment accounts for the emerging Gen-Z demographic, but its well-publicized issues in late January (regarding prohibiting \"meme stocks\" purchases) might impact its torrid account growth.</p><p>How does COIN plan on increasing its exposure and customer base? Our guess is that it will look to increase its marketing spend. The ROI or return on investment of TV marketing is somewhat opaque. We anticipate COIN learning from its foray into marketing and advertising, with some successes, as well as some failures.</p><p>The best avenue to increase accounts and customers is to offer a product that cannot be easily replicated. COIN can continue its account growth by launching new and innovative products, as well as offering access to new cryptocurrencies.</p><p>While BTC or Bitcoin is the dominant cryptocurrency today, maybe there will be a new and exciting cryptocurrency in vogue tomorrow. Over the last few months, Dogecoin has garnered significant attention and media coverage. While we shake our head and do not understand the fascination with this cryptocurrency, the goal for COIN is to attract and become the go to platform for those that wish to transact. COIN needs to expand its support of all digitally native cryptocurrencies and help to tokenize new assets.</p><p><b>Storage:</b></p><p>While the vast majority of COIN's revenue is trading based, COIN does earns subscription and service revenue when customers choose to safely store their cryptocurrencies on its platform.</p><p>COIN is one of the most trusted exchanges in the crypto space and operate as a \"qualified custodian\". This means that they have a separate company, called Coinbase Custody, which operates as a standalone, independently-capitalized business. Under New York State Banking Law, Coinbase Custody is considered a fiduciary. All digital assets are segregated and held in a trust. COIN has never suffered a hack that led to loss of funds and cannot afford to ever have that breached.</p><p>As you can see in this COIN asset chart shows, there has been excellent growth on the platform. At the end of 2020, COIN had $90.3 billion in assets on its platform, which was up +432% year-over-year.</p><p><img src=\"https://static.tigerbbs.com/fa49892f328f6968397671bfc6bfbab1\" tg-width=\"887\" tg-height=\"689\" referrerpolicy=\"no-referrer\"></p><p><i>* Source: This is a slide/chart from COIN's S-1</i></p><p>Of these assets, 70% was from Bitcoin and another 13% were Ethereum. Clearly, those two currencies represent the bulk of COIN's platform assets.</p><p><b>Wallets:</b></p><p>The leather wallet in your pocket holds a combination of cash and credit/debit cards. However, cryptocurrencies and tokens need to be kept in a crypto wallet. \"Hot wallets\" are connected to the internet and are considered much less secure, while \"cold wallets\" are kept offline. Most cryptocurrency custodians employ \"cold\" storage to safely hold a client's digital assets.</p><p>Acting as a cold cryptocurrency custodian (say that 3x fast), COIN derives fee revenue based on a percentage of the daily value of customer accounts. The assets under custody are a function of quantity, price and type of cryptocurrency asset.</p><p><b>Custody:</b></p><p>In addition to hot versus cold wallets, there are two primary ways to store your Bitcoin. The first is called self-custody. This is when an individual or entity has complete control of their Bitcoin. This entails maintaining and controlling your own private key. When it comes to Bitcoin storage, there is a popular self-custody mantra that says, \"not your keys, not your coins\". This implies that if you do not control the private key for your Bitcoin, it is not truly your Bitcoin.</p><p>The second way to store your Bitcoin is to outsource it to a trusted custodian, like Kraken, Coinbase, Anchorage or others. In this case, the custodian stores your Bitcoin for you and they have control over its private key. Kraken is security focused and has an time-tested private key management practice. In its 10-years of existence, it has never been hacked.</p><p>Whether one decides to self-custody or use an outsourced custody provider for storing your Bitcoin, two critical issues must be discussed. The first is trust. Do you trust the custodial firm that holds your Bitcoin? If one self-custodies, they bear the risk of lost private keys, break-ins or natural disasters. On the other hand, self-custody ensures you control your own Bitcoin. The obvious downside of self-custody is that one can lose all of your Bitcoin, if it is not stored properly.</p><p>Do you trust the bank that holds your checking account or brokerage firm that holds your stocks? US financial institutions are some of the most highly regulated companies in the world and most have proven themselves to be good custodians of our assets. Maybe we can exclude Lehman Brothers and AIG from that statement, but it is fair statement for the other 10,000+ financial institutions in the US.</p><p>Does trusting a firm called Kraken, with millions of dollars' worth of Bitcoin, sound like a sound idea? Some might prefer to custody with a firm like Bank of New York, which announced in March of 2021, that it intends to enter the Bitcoin custody business. However, does Bank of New York have the technological expertise and security protocols of newer entrants like Kraken? With a random name like Manole Capital, we clearly don't place too much emphasis on one's name. We do however appreciate 3 rd party, independent industry rankings. Kraken has been voted the #1 most secure cryptocurrency exchange by ICO Ratings.</p><p>The second key issue to consider is protection and safety. Cryptocurrency custodians and exchanges are a prime target for hackers. There are hundreds and potentially thousands of thieves looking to steal your Bitcoin private key. PayPal and Robinhood recently sent warnings instructing their clients to install two factor authentication onto their digital wallets / account. Also, governments can force companies to freeze funds, if they perceive illegal activity or fraudulent behavior.</p><p>Trusting someone else to store and manage your Bitcoin is a challenging decision. There have been a few custody firms to have disastrous results (i.e. Mt. Gox), but there are also extremely competent businesses that can trusted to hold your cryptocurrencies. For us, we prefer an expert store our assets, as opposed to keeping it under the proverbial mattress.</p><p><b>Characteristics:</b></p><p>As we mentioned earlier, there are certainideal characteristicswe look for in our investments. COIN has a strong brand name and dominates its cryptocurrency niche. Its platform is scalable and by leveraging certain blockchain advancements, COIN can provide a safe and secure environment for its customers.</p><p>We often look for our companies to have dominant market shares, high barriers to entry and what Warren Buffett calls a \"moat around the franchise\". Regardless of industry, we always focus on an investment's market share. In terms of COIN's cryptocurrency market share, it has risen from 4.5% in 2018 to 8.3% in 2019 up to 11.0% in 2020.</p><p>For exchanges, there is typically 1 or 2 firms that dominate the trading of a specific asset. These exchanges have the best liquidity and the tightest bid/ask spreads. For example, the CME dominates US interest rate trading, as well as WTI crude trading. Intercontinental Exchange dominates the Brent crude marketplace. Once an exchange begins to control trading for a certain asset, it is very difficult for a competitor to steal market share. Some try to lower trading pricing and commissions, but this usually is only temporary. Investors are always seeking best execution and will usually return to the marketplace with the most liquidity and tightest bid/ask spreads. From an exchange standpoint, this is definition of dominant market share, competitive advantage or possessing a moat around your franchise.</p><p>Ideally, COIN is looking to become the one-stop shop for those wishing to buy, sell and/or store cryptocurrency. COIN has many of the desirable characteristics we look for in an investment, but it does have risks.</p><p><b>Risk #1: Bitcoin</b></p><p>For a business like COIN, there are literally dozens of risks. For starters, cryptocurrencies are volatile and we anticipate COIN's stock will be highly correlated to the price of BTC, Bitcoin and other important cryptocurrencies.</p><p>As we have mentioned, the underlying price of these cryptocurrencies helps to determine COIN's revenue and profits. Possibly the biggest risk for owning COIN stock will be its reliance and dependency on rising Bitcoin and Ethereum prices.</p><p><b>Risk #2: Competition</b></p><p>On the retail front, COIN has numerous competitors. For example, both Square's Cash App (36 million users) and PayPal (375 million accounts) are offering mobile-based wallets, primarily to retail clients. Customers can purchase various cryptocurrencies on both Square and PayPal and store them for free.</p><p>Over time, we expect both of these firms to begin to allow wallet holders to transact in whatever currency he/she wishes. For example, a customer can use their Square Cash App wallet to transact at over 3 million Square merchant acquiring locations. This mobile wallet will permit credit or debit transactions, but might also permit the user to utilize their Bitcoin balance. There are numerous issues that still need to be resolved on this front, but this is what we have been calling \"closing-the-loop\".</p><p><b>Risk #3: Regulations</b></p><p>Exchanges are highly regulated entities and they must learn to engage with their regulators for the benefit of all market participants. COIN is subject to a regulated environment, but the rules and landscape are dynamic. Unlike US financials, with a known regulator, the laws and rules cryptocurrencies are subject to are constantly changing. As COIN moves more of its business to international markets, it will have additional governmental issues to deal with.</p><p>The new SEC Chairman is Gary Gensler. Gensler was the head of the CFTC from May 2009 to January 2014 and was the primary regulator for the derivative exchanges. In his tenure at the CFTC, Gensler attempted to write rules and regulations for the swap markets, as suggested in the Dodd Frank Act of 2010 (following the Financial Crisis). Now that Gensler is at the SEC, one of his first challenges is what to do about regulating and providing oversight on Bitcoin and other digital currencies. He is not new to digital currencies, as he was a professor at MIT's Sloan School of Management after his stint at the CFTC. He primarily taught about blockchain technology and cryptocurrencies.</p><p>As of today, there are only a few crypto funds available to investors. Grayscale has over $38 billion in assets and is the sponsor of the Grayscale Bitcoin Trust (OTC:GBTC), which is provides Bitcoin exposure for qualified investors. GBT investors have a $25,000 minimum investment and currently pay a 2.5% management fee.</p><p>Many firms (Skybridge Capital, Valkyrie Digital, Fidelity Investments, VanEck, WisdomTree, etc) have announced their intention to offer Bitcoin ETF's. attempted to get the SEC to approve Bitcoin ETF's. As of now, the SEC has not approved any of these filings, but it will ultimately have to make a decision on the subject. Earlier SEC rejections were based upon problems with volatility, transparency, market surveillance and market and price manipulation. We expect a positive Bitcoin ETF to be approved by the SEC in 2021.</p><p>In addition to SEC regulation, we anticipate the Federal Reserve to explore the subject too. Chairman Jay Powell, in official Congressional testimony, has officially stated that the Fed is looking into the idea of a \"fully digital dollar\". This type of \"Fed coin\" would likely need Congressional and White House approval and it is very much in the early innings of its examination. Chairman Powell is still dealing with the ramifications of a global pandemic and a soft US economy, so a CBDC might not be his first or even second priority right now.</p><p><b>Risk #4: Security</b></p><p>As with any exchange, security and safety is paramount. We anticipate that COIN will be subject to thousands of cybersecurity attacks. Hackers, criminals and even foreign countries might find it worthwhile to breach COIN's platform. COIN's valuation is dependent upon it keeping its first-mover advantage and its reputation as a dominant cryptocurrency custodian. Security, for customers and partners, cannot be underestimated and COIN will have a very large target on its back.</p><p>Scale &amp; EBITDA Margins:</p><p>For us, we always like to model in operating or EBITDA margins, as well as free cash flow for our exchanges. In 2020, EBITDA margins for the largest exchanges were impressive. Here is a table of the dominant four exchanges and their EBITDA margins last year, as compared to COIN. Looking at the 2020 EBITDA margins of its publicly-traded exchange peers, provides interesting insights. Last year, CBOE posted 68% EBITDA margins and CME and ICE each posted margins in the 62% to 63% range. Despite trailing their competitors, Nasdaq had impressive EBITDA margins of 55%, that would be the envy of most companies. One key takeaway is that all of the exchanges are generating impressive margins with excellent leverage and scale opportunities.</p><p><b>Exchanges: CBOE CME ICE NDAQ vs COIN</b></p><p>2020 EBITDA Margins 68% 62% 63% 55% 41%</p><p>These exchanges have spent billions of dollars building out a scalable platform, that has enormous operating leverage. Each and every transaction that occurs is extremely high incremental margins. Most do not provide guidance on future or forward revenue, but they do have decent insight into expenses. The CME typically will provide forward expense guidance in the 2% to 5% range each year. Expenses don't dramatically increase each and every year, but do modestly rise.</p><p>How does COIN compare? Well, COIN is still constructing its exchange and heavily investing in its infrastructure. Last year, technology and development expenses were $271.7 million or 21% of COIN's total revenue. In 2019, this expense line item was 35% of revenue.</p><p>In 2020, COIN's expenses grew 50% year-over-year to $868.5 million. At this early stage of its lifecycle, we are pleasantly surprised to see that COIN is generating positive operating leverage (expense growth less than revenue growth).</p><p>As you can see in this Compass Point chart, over the last 8 quarters, COIN's Adjusted EBITDA margins have steadily improved. Are they peaking or at an all-time high? No, but the best part about COIN's current margin trajectory is where we see it going.</p><p><img src=\"https://static.tigerbbs.com/44d11356cbdbc81549a9f5422e6e0e4f\" tg-width=\"567\" tg-height=\"426\" referrerpolicy=\"no-referrer\"></p><p><i>* Source: This is a slide/chart from Compass</i></p><p>In its S-1, Brian Armstrong (COIN's CEO) stated a focus on operating profits, as it tries to manage its expense growth. He said, \"We may earn a profit when revenues are high, and we may lose money when revenues are low.\" He then went on to state that \"our goal is to roughly operate the company at break even, smoothed out over time.\"</p><p>This has proven to be true, when one considers that COIN generated $533 million in revenue in 2019, but lost $30m of profit that year. Then, in 2020, COIN produced $527 million of EBITDA on $1.2 billion of revenue. Clearly, the exchanges can generate very impressive profit margins, at scale.</p><p>The real benefit for the exchanges comes when volatility spikes and volumes soar. As this happens, assuming the exchanges properly manages this rising volatility, profitability climbs. As more and more volumes transact on a platform, free cash flow (and margins) is very attractive. Operating margins at its other publicly-traded exchanges have been high for years and do not fluctuate significantly from year-to-year. As revenues surprise to the upside, because volatility spikes, these exchanges typically reward their shareholders with buybacks and special dividends. As much more mature businesses, these exchanges tend to allow this leverage upside to fall to the bottom line. We anticipate that COIN will choose to re-invest any revenue upside towards marketing, growing its customer base, improving its platform, and building up its infrastructure.</p><p><b>Valuation:</b></p><p>In their 1st quarter 2021 release, management provided a low-to-mid-to-high range for a number of key metrics. In terms of MTU's, COIN management provided low guidance of 4.0 million and high guidance of 7.0 million. In 2019, the net revenue per MTU was $37 and it increased to $49 last year. Over the last 8 quarters, the net revenue per MTU range has grown from $26 in the 1 st quarter of 2019 up to $59 in the last quarter of 2020.</p><p>In our modeling and analysis, we will stick with management guidance, which ranges from $35 million to $45 million in net revenue per MTU. This implies revenue for the final three quarters of the year could be in the $3.48 billion on the low side and up to $4.64 billion on the high side. If we simply average these low and high ranges, 2021 revenue would be $4.1 billion. Considering COIN did $1.8 billion in revenue in the 1 st quarter alone, it is probably safe to assume that 2021 revenue will approach $4 billion this year. Our model is fairly detailed, but for this exercise, we will use a nice round $4.0 billion in 2021 revenue. Then, for 2022, we will assume 15% growth, to $4.6 billion. This does not seem like we are being aggressive. In fact, we wouldn't be surprised if COIN generates this level of revenue a full year earlier.</p><p>Without making an assumption on future volume growth, we need to estimate profit margins for COIN. Over the next decade, we would expect COIN to post EBITDA margins into the mid-50's%. Over the next one to two years, we would like COIN to annually increase margins by 200 basis points. This should be do-able, even with COIN making significant investments in their operational technology and platform.</p><p><b>Stock Trading vs Fundamentals:</b></p><p>It can be challenging to sometimes separate the volatility of a stock from its underlying fundamentals. For example, the primary exchange to trade interest rates is the CME. When it comes to trading Brent crude, most traders prefer ICE (although WTI is primarily traded on CME). While both of these exchanges trade hundreds of other products and assets, those two products (interest rates and Brent crude) tend to materially impact the exchange stock price.</p><p>When it comes to COIN, we anticipate the stock will trade very closely to the price of Bitcoin and Ethereum. If both digital currencies continue to rise, COIN's stock will be a solid success. If Bitcoin falls by (80%), like it did in 2019, COIN's stock will dramatically fall. In a world with massive Bitcoin volatility, COIN's underlying fundamentals should be good. In theory, COIN's stock should correlate and reflect the volatility of Bitcoin and Ethereum, not just their upward trajectory. However, we fully anticipate COIN's stock to trade in-line with the success or failure of Bitcoin.</p><p>Today's reality is that certain market participants are not long-term investors. Many unfortunately consider stocks as pieces of paper, as short-term trading instruments. If Bitcoin were to struggle and decline in value, that volatility and environment would be excellent for COIN. In fact, that might be a great time to \"dip one's toe\" into a position. However, the Reddit and Wall Street Bets community is more likely to consider short-term trading momentum than bottoms up, underlying fundamentals.</p><p>As we discussed earlier, COIN generated an impressive 2020 operating margin of 32%, compared to a (9%) in 2019. While some companies can post steady and smooth operating margins, COIN's will be much lumpier, at least until it is less Bitcoin becomes less volatile. Also, COIN has $188 million of cryptocurrencies on its balance sheet, comprised mainly of $130 million of Bitcoin and $24 million of Ether. There will be opportunities to purchase COIN, when short-term investors sell. This will likely occur as COIN ramps up its expenses or when Bitcoin falls.</p><p><b>Price Target:</b></p><p>Over the next month or so, we anticipate most sell-side analysts will publish targets on COIN. Unfortunately, most will use revenue multiples to determine their price targets. Manole Capital only owns companies that generate earnings and free cash flow, so we are loathe to utilize revenue multiples for price targets. We find that companies that use revenue multiples to justify a valuation are often incapable of generating important free cash flow. We are fine with companies investing in their future to ensure growth, but we cannot invest in companies that aren't concerned with free cash flow. For us, using the crutch of a revenue multiples isn't something we are comfortable doing.</p><p>Fortunately, for this analysis of COIN, the company generates plenty of profit and free cash flow. We conservatively model COIN's revenue next year at $4.6 billion. Also, we believe it can add a point or two to EBITDA margins, into the mid-40% range. That would be 2021 EBITDA of $2.1 billion or $11.89 per share. We don't want to sound like a \"wise old sage\", but in the \"olden days\", investors could utilize reasonable EV (enterprise value) to EBITDA multiples in the 10x to 15x range. Maybe, if a company was experiencing fantastic growth and was getting acquired, you might see an EBITDA multiple approach 20x. Nasdaq, ICE and CBOE all have trailing EV to EBITDA multiples in the mid-to-high teens. In order to be remotely close to where COIN will trade this week, we would have to use a MarketAxess (MKTX) or Tradeweb (TW) lofty TTM EV to EBITDA multiples of roughly 45x. We just don't believe EV to EBITDA is the proper valuation metric to currently use. Should we use another cryptocurrency company like Silvergate (SI) and estimate a valuation using their EV to EBITDA multiple? At 108x trailing EBITDA, that would be a waste of time.</p><p>To arrive at a realistic COIN price target, let's just model earnings and use a premium forward P/E multiple. If we apply a tax rate of 25% (not assuming any tax loss carryovers), we can estimate an EPS in 2021 of $8.50.</p><p>Using that $8.50 per share in EPS, we then want to apply an exchange-like multiple, adding in a premium for COIN due to its exceptional growth. The average publicly-traded exchange trades at a forward P/E multiple of 20x. The table below provides some different targets, based upon the premium P/E one believes COIN deserves.</p><p><b>Forward P/E Multiple 25x 30x 40x 45x 50x</b></p><p>Premium to Peers 20% 50% 100%</p><p>COIN Target $213 $255 $340 $381 $426</p><p>On Wednesday, initial projections are looking for COIN to trade towards $65 billion, which implies $350 per share. We fully anticipate COIN rocketing past $400 and potentially closing the day in the $500 per share range. This would imply a market capitalization of COIN of $93 billion, which is approaching the $100 billion level that have been rumored to have occurred on some private exchanges.</p><p><b>Conclusion:</b></p><p>We expect COIN's direct listing on April 14th to be \"hot\".</p><p>In a typical IPO, companies raise capital and provide exclusive, early access to large institutions. With wire houses placing shares into large institutions and asset managers first, retail investors often get shut out. Retail platforms like Schwab, Ameritrade, Robinhood, Fidelity typically cannot access IPOs for their customers.</p><p>Since COIN has over $1 billion of cash on its balance sheet and does not need capital, it has decided to do a direct listing. The advantage of a direct listing is that it will enable retail investors to purchase COIN at the same time as larger institutions. Once COIN begins to trade freely on the Nasdaq exchange, both retail and institutional traders can participate. With 186 million shares outstanding, the market will ultimately determine what share price COIN trades at. We expect a flood of market orders, creating an interesting first day of trading.</p><p>Is the lofty valuation we just laid out fair? Probably not, but that's what the market will determine. Is this a realistic scenario? Are our forecasts too conservative? Should you be an aggressive buyer? We think our estimates are fair, but COIN will likely immediately trade towards an aggressive multiple.</p><p>If you don't want to pay that kind of forward multiple for COIN, there are other alternative. Maybe you should consider an investment in some of the other (and less expensive) exchanges, like Nasdaq or CBOE? These companies do not have the same growth prospects as COIN, but they do come with a much smaller price tag.</p><p>We believe that COIN is a safe, trusted and easy-to-use platform for trading digital currencies. Some investors believe that they have \"missed out\" on the meteoric rise of Bitcoin, so they might chase a position in COIN. Others will look at COIN as a long-term opportunity to own the dominant digital currency exchange.</p><p>In our opinion, owners should be willing to pay a premium for COIN shares, but they should also be prepared for significant volatility and competition. Only you know your specific risk/reward tolerances. Only time will tell the answers to some of these questions, but we'll get a good idea on Wednesday, once COIN trading begins.</p>","source":"seekingalpha","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Thinking About Buying Coinbase? - Here's Your Note</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\">\nThinking About Buying Coinbase? - Here's Your Note\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-14 23:14 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4419039-thinking-of-buying-coinbase><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Wednesday,Coinbase shares open at $381 on Nasdaq, valuing cryptocurrency exchange at $99.6 billion.SummaryCoinbase is going public today.Instead of reading their +300 page S-1, read our 19 page note....</p>\n\n<a href=\"https://seekingalpha.com/article/4419039-thinking-of-buying-coinbase\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc."},"source_url":"https://seekingalpha.com/article/4419039-thinking-of-buying-coinbase","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1145468327","content_text":"Wednesday,Coinbase shares open at $381 on Nasdaq, valuing cryptocurrency exchange at $99.6 billion.SummaryCoinbase is going public today.Instead of reading their +300 page S-1, read our 19 page note.We discuss: digital currencies, store of value, medium of exchange.Plus, a deep dive into COIN's model, storage, trading, price target.Manole Capital Management - Bitcoin & Coinbase (COIN) - April 2021What is FINTECH?Manole Capital Management exclusively focuses on the emerging FINTECH sector. For some investors, FINTECH means We define FINTECH as \"anything utilizing technology to improve an established process.\"* Source: This is a Business Insider slide on the FINTECH EcosystemFor us, the quintessential FINTECH business is the payment industry. As you can see in this FINTECH ecosystem Business Insider slide, we bolded thePayments and Remittancesspace, as that is our preferred area to invest. Others can invest in FINTECH's through Alternative Finance companies or digital banks or Insurtechs, but for us, we love the payment sector. We are attracted to the predictable, sustainable and recurring revenues of their businesses, where they essentially earn revenue per swipe economics.When most investors discuss FINTECH, they rarely (if ever) discuss the exchanges. Similar to these payment and transaction-based models, many of the exchanges also earn revenue, free cash flow and profits per transaction or trade. When it comes to trading certain assets (interest rates, equities, commodities, foreign currency, etc), there tends to be high barriers to entry or an impregnable moat around certain franchises. While many of these businesses are not recession proof, they have proven to be recession resistant.Financials:While Financials only represent 11.3% of the S&P 500 (as of March 2021), roughly 3/4rd's of this sector's weight is comprised of traditional financial institutions, like banks and insurance companies. These businesses are typically credit sensitive, with opaque and complex balance sheets. To simplify the banking model, the underlying asset is the US dollar and they simply look to borrow that capital at a low fee and lend it out to borrowers at a higher rate. This spread business can generate excellent returns, but it comes with a risk. Is the bank following a solid and time-tested risk model? Are borrowers credit worthy?If an investor has exposure to the Financial sector, one should have a strong opinion on the 10-year yield. The 10-year stands at 1.7% and has significantly risen over the last several months. The Financial sector has a 5-year rolling correlation with the 10-year Treasury of 67% (per Scotiabank and Bloomberg research). We simply choose to not invest in banks and business models that don't have ourideal characteristics (click here).As we stated above, we are attracted to businesses that generate steady and recurring and free cash flow. Unfortunately, most Financials are not transaction based business models.Our Goal:This note will review digital currencies, Bitcoin and the opportunity in the exchange space. We will use our over two decades of experience following and owning exchanges to draw some parallels for this new asset class. For example, there are \"big picture\" matters concerning storage, access, theft, usage, documentation, identity, rights and dozens of other issues. Blockchain and technology advancements theoretically solve some of these problems, but unfortunately not all.Some digital currency or technology experts might find this analysis rudimentary. Others are new to this asset class and want a primer on the industry. That's our primary goal or target, is to provide an initial 30,000 foot view on digital currencies and then dive into the details of the largest (and soon to be public) exchange.As always, we strive to present our work in a very readable format. If they had the patience to read our research, we attempt to write our notes so our 80-year father or 14-year old son could easily understand. We will try our best to review the requirements to be considered a currency, volatility, pricing, digital wallets, NFT's (non-fungible tokens), stable coins and some other digital currency issues. After that, we will do a fairly deep dive into Coinbase (ticker COIN). You can read their nearly 300-page S-1 filing with theSEC (click here)or you can let us serve as your \"Cliff Notes\" version. We will discuss their business model, how they generate revenue, their advantages and disadvantages, as well as provide a framework for valuation and a price target. We hope you find this latest research from Manole Capital topical and interesting.Digital Currencies:In our 1st quarter 2021 investor newsletter, which we published on Seeking Alpha, we discussed COIN's business and its opportunity. We wrote a couple pages on the subject, but felt it deserved a much larger and dedicated piece of research.Before we dive into Coinbase, we wanted to provide our thoughts on Bitcoin and digital currencies. As we stated in the opening paragraph, Manole Capital believes the payments industry is the dominant FINTECH sector. Over the last 5 years, we have done a significant amount of work on digital currencies, trying to understand their best usage, functionality and role in the future of payments. Are digital currencies a threat to the payment networks, processors and merchant acquirers? In order to answer these questions, one has to understand how a typical payment transaction occurs. Who processes, clears and settles a card transaction?We have written dozens of articles on this subject, which can easily be viewed here. In our opinion, there are two main requirements for something to be considered a viable currency. One is that it must be a \"store of value\" and the second is that it must be a \"medium of exchange\".The Requirements To Be A Currency:In order to be a viable currency, two specific requirements are needed. One is that the currency should be a\"store of value\".This is often defined as any asset that can smoothly maintain its economic value, rather than rapidly depreciating. The other requirement is that the currency should be a\"medium of exchange\" or an instrument used to facilitate the sale, purchase or trade of goods between parties.In terms of speed and efficiency, there is no comparison when comparing the centralized payment system to Bitcoin's decentralized platform. Visa processes 1,700 transactions per second and it claims to have 40x the spare capacity, to handle 65,000 transactions per second. PayPal (PYPL) stated that during the 2020 holiday shopping season, it processed over 1,000 transactions per second. Using Bitcoin and its blockchain for global purchases and payments can process roughly 7 transactions per second.As technology improves, one could argue Bitcoin processing will improve. However, if Bitcoin were to get used for payments, the conversion of crypto holdings into US dollars will dramatically increase overall network transactions. We are big believers in the concept of...\"if it ain't broke, don't fix it!\"There are significant acceptance advantages to the existing payment ecosystem. Visa and Mastercard are accepted in over 200 countries and at over 40 million global merchants. Their payment acceptance brands stand for trust and allows billions of purchase transactions to occur each year. The Visa and Mastercard logos are known around the world, permitting the exchange of goods and services in seconds. While Bitcoin is slowly becoming more recognizable, it simply does not have the same acceptance. We believe the existing payment ecosystem handles the \"medium of exchange\" process well. The overall payment landscape is a well-oiled machine, that involves three to four parties, approving transactions in in roughly 1 to 2 seconds.We have discussed the long-term opportunity for a FINTECH company or two to create a \"Super App Holy Grail\". This would be allowing customers to transact with their mobile phone, in whatever currency they wish, at all global merchants. Getting consumers to get rid of their leather wallets is easier said than done. Even though we consider ourselves to be fairly technologically savvy, we still have a wallet that looks a lot like Seinfeld's George Costanza's.Several companies have recently announced their intentions to help spur Bitcoin acceptance. On March 30th, 2021, PYPL announced the launch of its \"Checkout with Crypto\" option. Participating merchants (initially ½ of PYPL's 29 million) can offer their customers the ability to pay for purchases using Bitcoin, Litecoin, Ethereum or Bitcoin Cash. How will this work? Once a PYPL customer purchases or stores crypto holdings in their PYPL digital wallet, he/she will be permitted to use those funds at checkout. When a transaction occurs, PYPL users will see the option to apply their balance to complete a purchase. When customers choose this payment option, PYPL will exchange their crypto for US dollars through its clearinghouse partner, Paxos. The transaction will occur based upon a spot market rate, with a 50 basis point spread built in. PYPL will then remit payment (in US dollars) to the merchant, to satisfy the exchange of goods or services.While this sounds easy, there are significant hurdles. Certain details are still emerging, but customers using this service must buy their crypto within their PYPL digital wallet. This will satisfy PYPL's adherence to Know Your Customer (KYC) guidelines, but it doesn't solve all potential hiccups. The four cryptocurrencies PYPL said customers can use, are likely to cause problems. The SEC and IRS have not deemed these to be currencies, but instead, consider them capital assets. If they were to be used for payment, the underlying client will potentially have capital gain taxes, if their PYPL digital wallet has paper gains. If you are making a $20 purchase at Walgreen's, we don't believe customers are wanting to consider the tax ramifications of using their Bitcoin balance in their digital wallet. That potential $20 purchase could potentially cost you a tax liability of 100%.Even if we ignore the large tax issues, there are additional worries. So, if the cryptocurrency in your digital wallet is going to be used to fund purchases, who is going to pay for it? Merchants will have to pay for the cost of converting cryptocurrencies into US dollars, whatever that cost might be. There will be the traditional merchant discount rates applied, but this will ultimately be another cost for merchants to bear. Besides a company like Tesla, that has a dynamic CEO, do you envision merchant's dying to accept additional costs to help their customers transact? Especially when cards are so ubiquitous?So,Teslahas decided it will accept Bitcoin as a form of payment. What does this really mean? If a consumer has a sizeable gain in Bitcoin and wishes to use it to purchase a \"free\" Tesla, there are serious tax consequences. Just like selling an appreciated stock, where a consumer has to pay capital gains taxes, Bitcoin would be under the same burden. Until the IRS classifies Bitcoin as a currency, and not property, this tax problem will remain.The second problem comes if the Tesla buyer decides to return his/her new vehicle. Tesla reserves the right to pay the consumer back in cash, worth the original purchase price, not in Bitcoin. If Bitcoin jumps in value since the original transaction date, the consumer would be negatively impacted. If Bitcoin falls in price, Tesla could return a depreciated Bitcoin to the car buyer. Are there hundreds of thousands of consumers yearning to purchase a Tesla with Bitcoin? We doubt there's too many, especially if they are aware of the tax issues.Last week, Visa announced it would use various FINTECH API's (application programming interface) offered by cryptocurrency custodian and privately-held Anchorage. Visa plans to settle transactions using US dollar stablecoin, powered by the Ethereum blockchain. Once again, this is exciting news, but will likely encounter problems and take a while to come to fruition.Before one uses Bitcoin to transact at the POS (point of sale), be actually believe it can become an excellent opportunity for money transfer. Western Union is about to turn 170 years old and can be considered the original FINTECH company. However, moving paper currency around the world is not terribly technologically advanced. Visa has launched an expanded version of itsDirectplatform, which will allow for cross border disbursements. Visa's platform supports real-time domestic and cross-border person-to-person, business-to-small business and business-to-consumer use cases, so the options are endless. Bill Sheley is the global head of Visa Direct, and he stated, \"Visa is innovating to give financial institutions, governments, individuals and businesses new ways to pay and get paid beyond the card.\"On the \"store of value\" front, the total addressable market for assets is enormous. For example, art and collectibles are a $20 trillion market, gold is $10 trillion, real estate is $200 trillion, bonds are $100 trillion and equities are another $30 trillion.50% of gold is used in jewelry and another 1/3 is used in electronics. While gold used to back fiat currencies, Britain dropped the gold standard in 1931. The US followed suit in 1933 and totally abandoned the gold standard in 1973. There are additional issues to consider like fixed or variable supply, as well as volatility concerns.We agree that digital currencies are becoming a feasible \"store of value\". In our opinion, digital currencies have significant challenges to becoming a \"medium of exchange\". With that caveat, the opportunity for the crypto-economy and digital currencies to thrive is still open ended and vast.Inflation:The world is always looking for additional asset classes and stores of value, especially as governments keep the currency printing presses running 24 hours a day, 7 days a week.Last year, the Federal Reserve printed an unprecedented amount of dollars, roughly 1/5 th of all US dollars ever printed. On a daily basis, the Bureau of Engraving and Printing produces over $500 million over 38 million notes.If you are the United States and the dollar is considered the dominant global currency, your perception of Bitcoin (or any digital assets) should be of concern. The ability of countries to simply print money should inherently be inflationary, yet Federal Reserve Chairman Jerome Powell continues to seek to get the US at and above 2% annually.A couple of weeks ago, the Biden administration announced an infrastructure bill, called the American Jobs Plan, with a $2 trillion spending target. In March of 2021, US government passed a $1.9 trillion stimulus package. This followed a December of 2020 stimulus package of $900 billion, as well as a CARES Act in March 2020 bill of $2.2 trillion. We are not making a statement about the merits of any of these packages and stimulus programs. We simply are trying to point out the massive amount of money that is getting printed.Many cryptocurrency bulls will cite inflationary worries with fiat currencies for why their digital cryptocurrencies assets are undervalued. We understand this argument, but always come back to an initial framework. If you are the US or the European Union or Chinese government, would you be able to control your society if there wasn't a viable currency in place? Would economies function without government control of its fiat currency? If cryptocurrencies become widely accepted and are considered a better version of payment, would governments be able to function? If the US couldn't issue additional debt to fund its spending initiatives, would it even exist? We just don't believe government regulators will allow certain cryptocurrencies to thrive, especially if it threatens their sovereign currencies.We tend to look at this as a simple supply and demand equation. While Bitcoin has currently issued 18.7 million tokens, there is only a maximum of 21 million that can be created. That fixed supply is counter to some governments. For example, there are countries that have taken the printing of fiat currency too far. Zimbabwe is but one example of runaway inflation. Here's a picture of one of their 100 trillion bills. Yes, that's a 100 trillion. Do you want to be a trillionaire? Simply buy one on eBay for $8.99,by clicking here.Source: This is a picture of Zimbabere's currency, that I took on myiPhoneAs this Piper Sandler chart shows, Bitcoin now has a market capitalization of roughly $1 trillion. If we look at the top 10 digital assets by market capitalization, the vast majority of market share falls to just 2 currencies.* Source: This is a Piper Sandler slide/chartIt is estimated that Bitcoin is over 55% of all cryptocurrency market capitalization and Ethereum is roughly 11%. Cryptocurrencies like Tether, Binance Coin, Stellar, Cardano, Litecoin have a modest following and just 1% to 2% market share (all under $50 million in market cap).Digital currencies should be considered assets, as they can be represented digitally, dynamically transmitted, and stored safely in the cloud. However, digital assets and cryptocurrencies have a long way to go to become used in our globally interconnected economies.Rules & Regulations:In a perfect world, we think all assets should trade 365 days a year and 24 hours a day. In this hypothetical environment, assets should immediately process and settle and fees to transact should be modest. Why does the NYSE only officially operate from 9:30 am to 4:00 pm EST Monday through Friday (and not on holidays)? There are trades that occur pre-market and post-market hours, but liquidity and volumes are sparse. The simple answer is that this is the way it has always occurred and why should we change something that isn't broken.The traditional exchanges have always had a set period of time where they are \"open for business\", but this is changing. For example, the technology backbone of the CME Group (ticker CME) is called Globex. It essentially permits 24/7 trading to occur on its electronic platform for equities, interest rates, commodities, foreign exchange and other assets. After years of investing in international growth, roughly 1/5 th of all volumes come from outside of the US.In order to have access to Globex, there are rules one needs to adhere to, as exchanges are heavily regulated entities. Just like banks need to conduct AML (anti-money laundering) and KYC (know your customer) due diligence on its customer base, the exchanges need to follow strict guidelines enforced by their regulators.As of today, we believe there are over 50 distinct blockchain protocols which support more than 7,500 various digital assets. Unfortunately, the financial systems are not known as entities that are quick to adopt change and technology. The world has embraced the internet, as a revolutionary and transformational platform. However, financial systems are not comfortable seamlessly exchanging data, information and assets. There are numerous activities like cross border payments or peer-to-peer payments that are ideally suited for technological advancements, but rules and regulations exist to stymie growth.The goal of an open and transparent financial system is honorable, but not terribly realistic. In terms of managing one's assets, especially money, the process can be cumbersome.Volatility:If we accept cryptocurrency as a digital asset, we then want to better understand how value is determined, where it can be stored and how best to process and handle its exchange. With decentralized assets, the network allows participants to transact without intermediaries. Who sets the value and determines price?The most notable cryptocurrency is Bitcoin and it has a CAGR of over 150%, from 2013 to 2020. In 2017, it rose 1,318%, but then fell by (72.6%) in 2018. In 2020, it rose over 302% and it currently is up well over 50% this year. Since January of 2017, there have been 5 corrections of 50% of more in Bitcoin, so it can be wildly volatile.We are slowly getting comfortable with digital assets and cryptocurrencies as a \"store of value\" and believe they will become a viable asset in one's diversified portfolio. Each individual or entity needs to determine their own risk and reward framework, so cryptocurrency might be 10 basis points or 10% of one's portfolio.Opinions on Bitcoin are changing every day. Back in 2018, the CEO of Blackrock (Larry Fink) called Bitcoin a currency \"for money launderers.\" A year earlier, JP Morgan CEO, Jaime Dimon called Bitcoin a \"fraud\" and threated to fire any bank employee who dealt with the currency. Fast forward to today: Blackrock (in January 2021) enabled two of its mutual funds to purchase Bitcoin, and a JP Morgan analyst recently published that he thinks Bitcoin could rise to $146,000.Recently, large institutional interest has boosted the price of certain digital assets. High profile investors like John Tudor Jones (May 2020) and Stanley Druckenmiller have made sizeable purchases of various digital currencies. Other companies like Microstrategy (August 2020) and Tesla (Feb 2021) have made sizeable transactions for their firm's balance sheet.Stable Coins:A stable coin is simply a digital asset that is attempts to lower volatility by pegging itself to an actual fiat currency or physical asset (ex: gold). For example, Tether has a market capitalization of over $40 billion, is backed by US dollars and it's the largest cryptocurrency stable coin. One of the risks associated with stable coins is ensuring that the proper amount of fiat currency is held in reserve to match the amount of stable coins in circulation.In prior official commentary, the Governor of the Central Bank of Russia - Elvira Nabiullina - stated that Russa was against any form of private currency, as it threatened financial sovereignty. Russia's Ministry of Internal Affairs also was considering seizing all digital currencies and claiming cryptocurrencies criminal activity. Now, in January 2021, the Bank of Russia began to test a ruble-based stable coin. While starting cautiously, the Russian Central Bank is exploring the possibility of issuing its own digital currency. There are numerous countries that are investigating the process of issuing CBDC's or Central Bank Digital Currencies. China has studied the process of issuing a digital yuan, the European Central Bank is looking into a digital Euro.Other governments and regulators have highlighted the risks of digital currencies. The UK's Financial Conduct Authority called crypto assets \"high risk, speculative investments\" where investors \"should be prepared to lose all their money.\" US Treasury Secretary (and former Federal Reserve Chairwoman) Janet Yellen has warned on investing in digital currencies too. Just a week ago, India's Reserve Bank took a fairly bearish tone on digital currencies. Rumors are that India is looking to pass a law outlawing cryptocurrencies and making anyone trading or holding them punishable with sizeable fines. India's Finance minister is Nirmala Sitharaman and she said India's Cabinet will shortly issue a final ruling on the matter and that the governments ruling is \"under preparation and nearing completion\".Will additional countries look to make cryptocurrencies illegal? These type of comments act as a governor to adoption and change. Politicians and governments are worried about losing control of their economies. Statements like this are further evidence that governments will remain a headwind. We aren't going to put this in the realm of a new \"space race\", but the country that embraces this technology first might have an early advantage versus those that are afraid of change.Digital Currency Conclusion:This quick digital currency discussion was created to set the framework for an analysis of Coinbase (ticker COIN). Will digital currencies replace traditional payment systems? We do not believe it will, but continued adoption and traction in digital currencies is noticeable.Is Bitcoin poised to climb higher, or will it crash? We simply don't know. What we do know is that we prefer to own the medium where these \"assets\" trade. We would compare this to the Gold Rush of the mid-1800's. Back in 1849, owning Levi Strauss made a fortune selling picks, pans and shovels to '49ers looking for gold. Back then, some would say, \"There's gold in those mountains.\"Nowadays, there's a huge opportunity in the collection of data and information. We truly have no idea what the price of Bitcoin will do, except we know that it will be very volatile. As we know, volatility leads to trading, which should equate to profits for the exchanges. Speaking of exchanges, let's now discuss another exchange and upcoming FINTECH direct listing - COIN.Introduction to Coinbase (ticker COIN):The stated goal of COIN is \"to create an open financial system for the world.\" While this is altruistic, it seems to be fairly broad based goal. It is noble to strive to create a financial system that is transparent for all mankind. It might be more prudent to strive to provide an end-to-end infrastructure and technology platform for all types of cryptocurrencies.From our perspective, it might be judicious for COIN to focus its attention on providing value adding services for all types of digital currencies. If COIN becomes the dominant exchange where anyone can easily and securely send and receive Bitcoin, it will thrive. If COIN can create an efficient and accessible marketplace for the emerging digital assets community, it can be a massive success. There are hundreds of platforms that want to democratize access to the crypto-economy, but COIN (as the oldest and most recognizable brand) seems to have an early lead in this race.Coinbase:COIN was started in 2012 and it has built a trusted platform for accessing various crypto currencies. Using blockchain technology, COIN has simplified the user experience and reduced the complexity of purchasing, selling and holding digital currencies. In its early days, COIN was primarily just used for sending and receiving cryptocurrencies. Then, it became a trusted platform for those seeking to invest in various currencies. We liken this period as COIN's realization that it needed to become an \"exchange\" or intermediary between buyers and sellers. It has since launched cryptocurrency payments, distribution capabilities, storage, borrowing and lending services.As this chart from COIN shows, there are over 45 different cryptocurrencies investors can purchase and another 90 that can be stored at COIN.* Source: This is a slide/chart from COIN's S-1However, two primary digital currencies dominate COIN's total trading volumes. In 2020, Bitcoin represented 41% of COIN's trading volumes and 15% came from Ethereum. While this 56% is a decline from 2019 levels (72% of the total mix), we envision both will remain the primary digital currencies traded on COIN.Revenue:Over the last several years, COIN has materially grown its revenue. In 2019, revenue $533 million and it impressively grew to $1.3 billion last year. As we show in our pie chart, in 2020, COIN's $1.28 billion of revenue grew 130% year-over-year and was a mix of 86% Transactional, 3% Subscription & Services and 11% \"Other\".On April 6th, COIN reported 1st quarter 2021 results and the metrics were eye popping. Last quarter, COIN generated $1.8 billion in revenue, which exceeded the prior two years combined.In 2020, 86% of COIN's total revenue wasTransactionalin nature. This means revenue was derived from sending, receiving, investing and spending cryptocurrencies. When it comes to Transactional revenue, we like to look at the fee as a percentage of total volume traded.COIN provided this diagram and it shows exactly what products are inside of each of its revenue classifications. The remaining 15% of total revenue came fromSubscription & Services,which COIN classifies as paying, distributing, storage, and from borrowing and lending cryptocurrencies.* Source: This is a slide/chart from COIN's S-1Storing earns custodial fee revenue, which we will dissect in a couple of pages. Staking revenue comes from validation on a proof-of-stake blockchain transaction. License revenue is generated from users of its Analytics services. Lastly, COIN can earn campaign revenue or distribution fees when its constructs educational materials for issuers. For cryptocurrency issuers, COIN earns revenue for helping the platform engage with its users, in the form of educational videos or tasks, when cryptocurrencies are attempting to widen their distribution, marketing and acceptance. While these ancillary services are nice, the real opportunity is trading.Customer Type:In its S-1 regulatory filing, COIN showed its product portfolio, separated from retail users, institutions and other ecosystem partners. One has to understand that different clients are paying different rates. Over the last 8 quarters, this revenue rate has averaged 0.61%, with a high of 0.80% in the 1st quarter of 2019 and a low of 0.50% in the 4th quarter of 2020.Looking at the last 8 quarters, we can clearly see that both retail and institutional trading volumes have exploded higher. It is interesting to see that Retail was bigger at $45 billion in the 1 st quarter of 2018 than it was at the end of last year at $32 billion. Also, one can see that Institutional trading volumes have gone from $11 billion in the 1 st quarter of 2018 and now are over $57 billion.* Source: This is a slide/chart from COIN's S-1COIN has different fees depending on whether or not the client is retail or institutional, as well as whether or not the client uses Coinbase or Coinbase Pro, which we will discuss this later on, in our pricing section.Trading volumes:In terms of exchanges, it all comes down to volumes. Crypto exchange volumes have soared, because of strong interest from both retail and institutional clients. This type of growth will not continue, but volatility tends to drive overall volumes.Looking at this Compass table, one can clearly see that volumes noticeably increased in 2018, following the rise of Bitcoin in December of 2017. What happened in late 2017 that helped drive future trading volumes? Well, CBOE and CME both launched Bitcoin future contracts that month.* Source: This is a slide/chart from CompassSo far in 2021, COIN has experienced 298% growth in ADV (average daily volumes). What did Bitcoin increase last year? Just over 300%. There's clearly a very high correlation between Bitcoin's recent price and COIN's future ADV.One of our favorites aspects of investing in the exchanges is the ability to simply model the businesses in Excel. The large, publicly-traded exchanges provide wonderful transparency for investors, by posting daily volumes. We liken this to Goldman Sachs or Morgan Stanley providing real-time insights into their prop desk trading results. You shouldn't hold your breath for that level of transparency, right?Bitcoin, Bitcoin and Bitcoin:In the real estate business, the common phrase is that the 3 most important items are \"location, location and location.\" For digital currency exchanges, we believe the 3 most important products are \"Bitcoin, Bitcoin and more Bitcoin.\"On COIN's platform, the volumes tend to be concentrated in a few different currencies. In 2019, BTC or Bitcoin was 58% of COIN's trading volumes, but that fell to 41% in 2020. ETH or Ethereum was 14% in 2019 and that grew slightly last year to 15% of COIN's total. The biggest category jump came from \"other\", which was 18% in 2019 and grew to 44% last year.Having multiple products to transact in is obviously key, but COIN is cryptocurrency dependent. Yes, tokens like Dogecoin might come in and out of favor, but COIN is dependent upon higher Bitcoin and Ethereum prices.A great aspect to owning CME is their transparency. Not only does CME provide daily ADV, but they provide details on open interest. We like to follow open interest, as it is a leading indicator of future volumes. Also, CME provides details on large open interest holders (called LOIH's) or those owners of a minimum of $7.5 million of Bitcoin futures. Over the last couple of months, CME has hit all-time highs in volumes in Bitcoin futures trading. This year, Bitcoin futures contracts on the CME have averaged 13,800 contracts per day, up 42% year-over-year.Like CME, COIN has invested heavily in its technology to give its customers access to a deep pool of cryptocurrency liquidity. Like we just described, this liquidity can act as a virtuous cycle. Volumes beget more volumes and leading more customers onto the platform.Pricing:We focus on the trading volume of an exchange, but also try to model how revenues are generated from this volume. Each trade does not generate the same level of revenue, as different traders tend to pay different prices.In derivative exchange land, we often look at commission prices as RPC or rate per contract. For example, CME charges $0.478 a contract to trade interest rates, $0.545 to trade equities, $0.764 to trade foreign currency, $1.397 to trade metals, $1.336 to trade agricultural commodities and $1.124 to trade energy. Within each product, prices can vary. For example, WTI crude is a different trading price versus natural gas contracts. While CME is trying to get more retail customers into trading futures and options, the vast majority of its volumes are from institutions.At COIN, there are different fees for different clients. COIN has two main fee structures, one called Coinbase Pro and the other called Coinbase Prime. Here's a quick look at the pricing tiers, as discussed in the S-1 filing, based upon whether or not a client is taking or providing liquidity (called taker fee and maker fee).* Source: This is a slide/chart from CompassTransaction revenue, as a percentage of total volumes traded, has averaged 0.61% over the last 8 quarters. Over these 2 years, retail client transactional revenue has increased from 1.27% up to 1.47%. For institutional clients, revenues as a percentage of volumes traded has fallen from 0.07% down to 0.05%. Clearly, retail customers pay significantly more than institutional clients to trade.Also, unlike transacting in a stock, COIN calls its transaction based revenue \"staking\" revenue. This is earned from transaction validation on a proof-of-stake blockchain, when COIN's nodes successfully creates or validates a certain block. This revenue is recognized when the rewards are available for transfer and at the point when the block creator or validation is complete. The metrics that determine the staking revenue are driven by quantity, price and rewards rate.Customers:The strengths of COIN's platform seem to be its vast and extensive network of contacts. COIN is leveraging its trusted brand to attract those that want access to transact or store cryptocurrencies.COIN's growth strategy is based upon driving more customers onto its platform and becoming the de-facto platform for cryptocurrency. Just like the online brokers did in the 1990's, the key to growth was adding new accounts and clients to the platform.In this COIN chart, one can see the exceptional growth in verified users or those that have \"demonstrated an interest\" in COIN's platform. In addition to these users, there are another 7,000 institutional customers, across roughly 100 countries.* Source: This is a slide/chart from COIN's S-1These verified users have registered for an account and confirmed either their email address or a phone number. In our model, we are not terribly interested in tracking verified users as a key metric. While it is nice to know who interested in cryptocurrencies, it is much more important to understand who is willing to transact.As you can see in this Compass Point chart, COIN has 2.8 million MTU or monthly transacting users. In order to be considered a customer needs to have logged in and transacted one time, over a 28-day rolling period.* Source: This is a slide/chart from CompassIt is interesting to see that there were 2.7 million MTU's in the 1 st quarter of 2018 and 2.8 million MTU's at the end of last year. Over those 2 years, MTU's dramatically declined and then lifted. As of today, COIN has roughly 3 million MTUs, which was up +180% year-over-year, but we like to think of it as only 7% of its verified total accounts.This reminds us of the online brokerage business, back in the 1990's and 2000's. For years, the primary goal of marketing executives at the online brokers was to generate more and more accounts. The theory was that with new accounts, clients would eventually look to consolidate their relationships with one or possibly two firms. Once an account was opened, the goal was to increase wallet share from that satisfied customer.For online brokerages, driving customers typically comes from TV advertising. One cannot watch CNBC or Bloomberg or Fox Business without seeing advertisements for Schwab, TD Ameritrade, E*Trade, Fidelity or Interactive Brokers. Robinhood was very successful in opening up investment accounts for the emerging Gen-Z demographic, but its well-publicized issues in late January (regarding prohibiting \"meme stocks\" purchases) might impact its torrid account growth.How does COIN plan on increasing its exposure and customer base? Our guess is that it will look to increase its marketing spend. The ROI or return on investment of TV marketing is somewhat opaque. We anticipate COIN learning from its foray into marketing and advertising, with some successes, as well as some failures.The best avenue to increase accounts and customers is to offer a product that cannot be easily replicated. COIN can continue its account growth by launching new and innovative products, as well as offering access to new cryptocurrencies.While BTC or Bitcoin is the dominant cryptocurrency today, maybe there will be a new and exciting cryptocurrency in vogue tomorrow. Over the last few months, Dogecoin has garnered significant attention and media coverage. While we shake our head and do not understand the fascination with this cryptocurrency, the goal for COIN is to attract and become the go to platform for those that wish to transact. COIN needs to expand its support of all digitally native cryptocurrencies and help to tokenize new assets.Storage:While the vast majority of COIN's revenue is trading based, COIN does earns subscription and service revenue when customers choose to safely store their cryptocurrencies on its platform.COIN is one of the most trusted exchanges in the crypto space and operate as a \"qualified custodian\". This means that they have a separate company, called Coinbase Custody, which operates as a standalone, independently-capitalized business. Under New York State Banking Law, Coinbase Custody is considered a fiduciary. All digital assets are segregated and held in a trust. COIN has never suffered a hack that led to loss of funds and cannot afford to ever have that breached.As you can see in this COIN asset chart shows, there has been excellent growth on the platform. At the end of 2020, COIN had $90.3 billion in assets on its platform, which was up +432% year-over-year.* Source: This is a slide/chart from COIN's S-1Of these assets, 70% was from Bitcoin and another 13% were Ethereum. Clearly, those two currencies represent the bulk of COIN's platform assets.Wallets:The leather wallet in your pocket holds a combination of cash and credit/debit cards. However, cryptocurrencies and tokens need to be kept in a crypto wallet. \"Hot wallets\" are connected to the internet and are considered much less secure, while \"cold wallets\" are kept offline. Most cryptocurrency custodians employ \"cold\" storage to safely hold a client's digital assets.Acting as a cold cryptocurrency custodian (say that 3x fast), COIN derives fee revenue based on a percentage of the daily value of customer accounts. The assets under custody are a function of quantity, price and type of cryptocurrency asset.Custody:In addition to hot versus cold wallets, there are two primary ways to store your Bitcoin. The first is called self-custody. This is when an individual or entity has complete control of their Bitcoin. This entails maintaining and controlling your own private key. When it comes to Bitcoin storage, there is a popular self-custody mantra that says, \"not your keys, not your coins\". This implies that if you do not control the private key for your Bitcoin, it is not truly your Bitcoin.The second way to store your Bitcoin is to outsource it to a trusted custodian, like Kraken, Coinbase, Anchorage or others. In this case, the custodian stores your Bitcoin for you and they have control over its private key. Kraken is security focused and has an time-tested private key management practice. In its 10-years of existence, it has never been hacked.Whether one decides to self-custody or use an outsourced custody provider for storing your Bitcoin, two critical issues must be discussed. The first is trust. Do you trust the custodial firm that holds your Bitcoin? If one self-custodies, they bear the risk of lost private keys, break-ins or natural disasters. On the other hand, self-custody ensures you control your own Bitcoin. The obvious downside of self-custody is that one can lose all of your Bitcoin, if it is not stored properly.Do you trust the bank that holds your checking account or brokerage firm that holds your stocks? US financial institutions are some of the most highly regulated companies in the world and most have proven themselves to be good custodians of our assets. Maybe we can exclude Lehman Brothers and AIG from that statement, but it is fair statement for the other 10,000+ financial institutions in the US.Does trusting a firm called Kraken, with millions of dollars' worth of Bitcoin, sound like a sound idea? Some might prefer to custody with a firm like Bank of New York, which announced in March of 2021, that it intends to enter the Bitcoin custody business. However, does Bank of New York have the technological expertise and security protocols of newer entrants like Kraken? With a random name like Manole Capital, we clearly don't place too much emphasis on one's name. We do however appreciate 3 rd party, independent industry rankings. Kraken has been voted the #1 most secure cryptocurrency exchange by ICO Ratings.The second key issue to consider is protection and safety. Cryptocurrency custodians and exchanges are a prime target for hackers. There are hundreds and potentially thousands of thieves looking to steal your Bitcoin private key. PayPal and Robinhood recently sent warnings instructing their clients to install two factor authentication onto their digital wallets / account. Also, governments can force companies to freeze funds, if they perceive illegal activity or fraudulent behavior.Trusting someone else to store and manage your Bitcoin is a challenging decision. There have been a few custody firms to have disastrous results (i.e. Mt. Gox), but there are also extremely competent businesses that can trusted to hold your cryptocurrencies. For us, we prefer an expert store our assets, as opposed to keeping it under the proverbial mattress.Characteristics:As we mentioned earlier, there are certainideal characteristicswe look for in our investments. COIN has a strong brand name and dominates its cryptocurrency niche. Its platform is scalable and by leveraging certain blockchain advancements, COIN can provide a safe and secure environment for its customers.We often look for our companies to have dominant market shares, high barriers to entry and what Warren Buffett calls a \"moat around the franchise\". Regardless of industry, we always focus on an investment's market share. In terms of COIN's cryptocurrency market share, it has risen from 4.5% in 2018 to 8.3% in 2019 up to 11.0% in 2020.For exchanges, there is typically 1 or 2 firms that dominate the trading of a specific asset. These exchanges have the best liquidity and the tightest bid/ask spreads. For example, the CME dominates US interest rate trading, as well as WTI crude trading. Intercontinental Exchange dominates the Brent crude marketplace. Once an exchange begins to control trading for a certain asset, it is very difficult for a competitor to steal market share. Some try to lower trading pricing and commissions, but this usually is only temporary. Investors are always seeking best execution and will usually return to the marketplace with the most liquidity and tightest bid/ask spreads. From an exchange standpoint, this is definition of dominant market share, competitive advantage or possessing a moat around your franchise.Ideally, COIN is looking to become the one-stop shop for those wishing to buy, sell and/or store cryptocurrency. COIN has many of the desirable characteristics we look for in an investment, but it does have risks.Risk #1: BitcoinFor a business like COIN, there are literally dozens of risks. For starters, cryptocurrencies are volatile and we anticipate COIN's stock will be highly correlated to the price of BTC, Bitcoin and other important cryptocurrencies.As we have mentioned, the underlying price of these cryptocurrencies helps to determine COIN's revenue and profits. Possibly the biggest risk for owning COIN stock will be its reliance and dependency on rising Bitcoin and Ethereum prices.Risk #2: CompetitionOn the retail front, COIN has numerous competitors. For example, both Square's Cash App (36 million users) and PayPal (375 million accounts) are offering mobile-based wallets, primarily to retail clients. Customers can purchase various cryptocurrencies on both Square and PayPal and store them for free.Over time, we expect both of these firms to begin to allow wallet holders to transact in whatever currency he/she wishes. For example, a customer can use their Square Cash App wallet to transact at over 3 million Square merchant acquiring locations. This mobile wallet will permit credit or debit transactions, but might also permit the user to utilize their Bitcoin balance. There are numerous issues that still need to be resolved on this front, but this is what we have been calling \"closing-the-loop\".Risk #3: RegulationsExchanges are highly regulated entities and they must learn to engage with their regulators for the benefit of all market participants. COIN is subject to a regulated environment, but the rules and landscape are dynamic. Unlike US financials, with a known regulator, the laws and rules cryptocurrencies are subject to are constantly changing. As COIN moves more of its business to international markets, it will have additional governmental issues to deal with.The new SEC Chairman is Gary Gensler. Gensler was the head of the CFTC from May 2009 to January 2014 and was the primary regulator for the derivative exchanges. In his tenure at the CFTC, Gensler attempted to write rules and regulations for the swap markets, as suggested in the Dodd Frank Act of 2010 (following the Financial Crisis). Now that Gensler is at the SEC, one of his first challenges is what to do about regulating and providing oversight on Bitcoin and other digital currencies. He is not new to digital currencies, as he was a professor at MIT's Sloan School of Management after his stint at the CFTC. He primarily taught about blockchain technology and cryptocurrencies.As of today, there are only a few crypto funds available to investors. Grayscale has over $38 billion in assets and is the sponsor of the Grayscale Bitcoin Trust (OTC:GBTC), which is provides Bitcoin exposure for qualified investors. GBT investors have a $25,000 minimum investment and currently pay a 2.5% management fee.Many firms (Skybridge Capital, Valkyrie Digital, Fidelity Investments, VanEck, WisdomTree, etc) have announced their intention to offer Bitcoin ETF's. attempted to get the SEC to approve Bitcoin ETF's. As of now, the SEC has not approved any of these filings, but it will ultimately have to make a decision on the subject. Earlier SEC rejections were based upon problems with volatility, transparency, market surveillance and market and price manipulation. We expect a positive Bitcoin ETF to be approved by the SEC in 2021.In addition to SEC regulation, we anticipate the Federal Reserve to explore the subject too. Chairman Jay Powell, in official Congressional testimony, has officially stated that the Fed is looking into the idea of a \"fully digital dollar\". This type of \"Fed coin\" would likely need Congressional and White House approval and it is very much in the early innings of its examination. Chairman Powell is still dealing with the ramifications of a global pandemic and a soft US economy, so a CBDC might not be his first or even second priority right now.Risk #4: SecurityAs with any exchange, security and safety is paramount. We anticipate that COIN will be subject to thousands of cybersecurity attacks. Hackers, criminals and even foreign countries might find it worthwhile to breach COIN's platform. COIN's valuation is dependent upon it keeping its first-mover advantage and its reputation as a dominant cryptocurrency custodian. Security, for customers and partners, cannot be underestimated and COIN will have a very large target on its back.Scale & EBITDA Margins:For us, we always like to model in operating or EBITDA margins, as well as free cash flow for our exchanges. In 2020, EBITDA margins for the largest exchanges were impressive. Here is a table of the dominant four exchanges and their EBITDA margins last year, as compared to COIN. Looking at the 2020 EBITDA margins of its publicly-traded exchange peers, provides interesting insights. Last year, CBOE posted 68% EBITDA margins and CME and ICE each posted margins in the 62% to 63% range. Despite trailing their competitors, Nasdaq had impressive EBITDA margins of 55%, that would be the envy of most companies. One key takeaway is that all of the exchanges are generating impressive margins with excellent leverage and scale opportunities.Exchanges: CBOE CME ICE NDAQ vs COIN2020 EBITDA Margins 68% 62% 63% 55% 41%These exchanges have spent billions of dollars building out a scalable platform, that has enormous operating leverage. Each and every transaction that occurs is extremely high incremental margins. Most do not provide guidance on future or forward revenue, but they do have decent insight into expenses. The CME typically will provide forward expense guidance in the 2% to 5% range each year. Expenses don't dramatically increase each and every year, but do modestly rise.How does COIN compare? Well, COIN is still constructing its exchange and heavily investing in its infrastructure. Last year, technology and development expenses were $271.7 million or 21% of COIN's total revenue. In 2019, this expense line item was 35% of revenue.In 2020, COIN's expenses grew 50% year-over-year to $868.5 million. At this early stage of its lifecycle, we are pleasantly surprised to see that COIN is generating positive operating leverage (expense growth less than revenue growth).As you can see in this Compass Point chart, over the last 8 quarters, COIN's Adjusted EBITDA margins have steadily improved. Are they peaking or at an all-time high? No, but the best part about COIN's current margin trajectory is where we see it going.* Source: This is a slide/chart from CompassIn its S-1, Brian Armstrong (COIN's CEO) stated a focus on operating profits, as it tries to manage its expense growth. He said, \"We may earn a profit when revenues are high, and we may lose money when revenues are low.\" He then went on to state that \"our goal is to roughly operate the company at break even, smoothed out over time.\"This has proven to be true, when one considers that COIN generated $533 million in revenue in 2019, but lost $30m of profit that year. Then, in 2020, COIN produced $527 million of EBITDA on $1.2 billion of revenue. Clearly, the exchanges can generate very impressive profit margins, at scale.The real benefit for the exchanges comes when volatility spikes and volumes soar. As this happens, assuming the exchanges properly manages this rising volatility, profitability climbs. As more and more volumes transact on a platform, free cash flow (and margins) is very attractive. Operating margins at its other publicly-traded exchanges have been high for years and do not fluctuate significantly from year-to-year. As revenues surprise to the upside, because volatility spikes, these exchanges typically reward their shareholders with buybacks and special dividends. As much more mature businesses, these exchanges tend to allow this leverage upside to fall to the bottom line. We anticipate that COIN will choose to re-invest any revenue upside towards marketing, growing its customer base, improving its platform, and building up its infrastructure.Valuation:In their 1st quarter 2021 release, management provided a low-to-mid-to-high range for a number of key metrics. In terms of MTU's, COIN management provided low guidance of 4.0 million and high guidance of 7.0 million. In 2019, the net revenue per MTU was $37 and it increased to $49 last year. Over the last 8 quarters, the net revenue per MTU range has grown from $26 in the 1 st quarter of 2019 up to $59 in the last quarter of 2020.In our modeling and analysis, we will stick with management guidance, which ranges from $35 million to $45 million in net revenue per MTU. This implies revenue for the final three quarters of the year could be in the $3.48 billion on the low side and up to $4.64 billion on the high side. If we simply average these low and high ranges, 2021 revenue would be $4.1 billion. Considering COIN did $1.8 billion in revenue in the 1 st quarter alone, it is probably safe to assume that 2021 revenue will approach $4 billion this year. Our model is fairly detailed, but for this exercise, we will use a nice round $4.0 billion in 2021 revenue. Then, for 2022, we will assume 15% growth, to $4.6 billion. This does not seem like we are being aggressive. In fact, we wouldn't be surprised if COIN generates this level of revenue a full year earlier.Without making an assumption on future volume growth, we need to estimate profit margins for COIN. Over the next decade, we would expect COIN to post EBITDA margins into the mid-50's%. Over the next one to two years, we would like COIN to annually increase margins by 200 basis points. This should be do-able, even with COIN making significant investments in their operational technology and platform.Stock Trading vs Fundamentals:It can be challenging to sometimes separate the volatility of a stock from its underlying fundamentals. For example, the primary exchange to trade interest rates is the CME. When it comes to trading Brent crude, most traders prefer ICE (although WTI is primarily traded on CME). While both of these exchanges trade hundreds of other products and assets, those two products (interest rates and Brent crude) tend to materially impact the exchange stock price.When it comes to COIN, we anticipate the stock will trade very closely to the price of Bitcoin and Ethereum. If both digital currencies continue to rise, COIN's stock will be a solid success. If Bitcoin falls by (80%), like it did in 2019, COIN's stock will dramatically fall. In a world with massive Bitcoin volatility, COIN's underlying fundamentals should be good. In theory, COIN's stock should correlate and reflect the volatility of Bitcoin and Ethereum, not just their upward trajectory. However, we fully anticipate COIN's stock to trade in-line with the success or failure of Bitcoin.Today's reality is that certain market participants are not long-term investors. Many unfortunately consider stocks as pieces of paper, as short-term trading instruments. If Bitcoin were to struggle and decline in value, that volatility and environment would be excellent for COIN. In fact, that might be a great time to \"dip one's toe\" into a position. However, the Reddit and Wall Street Bets community is more likely to consider short-term trading momentum than bottoms up, underlying fundamentals.As we discussed earlier, COIN generated an impressive 2020 operating margin of 32%, compared to a (9%) in 2019. While some companies can post steady and smooth operating margins, COIN's will be much lumpier, at least until it is less Bitcoin becomes less volatile. Also, COIN has $188 million of cryptocurrencies on its balance sheet, comprised mainly of $130 million of Bitcoin and $24 million of Ether. There will be opportunities to purchase COIN, when short-term investors sell. This will likely occur as COIN ramps up its expenses or when Bitcoin falls.Price Target:Over the next month or so, we anticipate most sell-side analysts will publish targets on COIN. Unfortunately, most will use revenue multiples to determine their price targets. Manole Capital only owns companies that generate earnings and free cash flow, so we are loathe to utilize revenue multiples for price targets. We find that companies that use revenue multiples to justify a valuation are often incapable of generating important free cash flow. We are fine with companies investing in their future to ensure growth, but we cannot invest in companies that aren't concerned with free cash flow. For us, using the crutch of a revenue multiples isn't something we are comfortable doing.Fortunately, for this analysis of COIN, the company generates plenty of profit and free cash flow. We conservatively model COIN's revenue next year at $4.6 billion. Also, we believe it can add a point or two to EBITDA margins, into the mid-40% range. That would be 2021 EBITDA of $2.1 billion or $11.89 per share. We don't want to sound like a \"wise old sage\", but in the \"olden days\", investors could utilize reasonable EV (enterprise value) to EBITDA multiples in the 10x to 15x range. Maybe, if a company was experiencing fantastic growth and was getting acquired, you might see an EBITDA multiple approach 20x. Nasdaq, ICE and CBOE all have trailing EV to EBITDA multiples in the mid-to-high teens. In order to be remotely close to where COIN will trade this week, we would have to use a MarketAxess (MKTX) or Tradeweb (TW) lofty TTM EV to EBITDA multiples of roughly 45x. We just don't believe EV to EBITDA is the proper valuation metric to currently use. Should we use another cryptocurrency company like Silvergate (SI) and estimate a valuation using their EV to EBITDA multiple? At 108x trailing EBITDA, that would be a waste of time.To arrive at a realistic COIN price target, let's just model earnings and use a premium forward P/E multiple. If we apply a tax rate of 25% (not assuming any tax loss carryovers), we can estimate an EPS in 2021 of $8.50.Using that $8.50 per share in EPS, we then want to apply an exchange-like multiple, adding in a premium for COIN due to its exceptional growth. The average publicly-traded exchange trades at a forward P/E multiple of 20x. The table below provides some different targets, based upon the premium P/E one believes COIN deserves.Forward P/E Multiple 25x 30x 40x 45x 50xPremium to Peers 20% 50% 100%COIN Target $213 $255 $340 $381 $426On Wednesday, initial projections are looking for COIN to trade towards $65 billion, which implies $350 per share. We fully anticipate COIN rocketing past $400 and potentially closing the day in the $500 per share range. This would imply a market capitalization of COIN of $93 billion, which is approaching the $100 billion level that have been rumored to have occurred on some private exchanges.Conclusion:We expect COIN's direct listing on April 14th to be \"hot\".In a typical IPO, companies raise capital and provide exclusive, early access to large institutions. With wire houses placing shares into large institutions and asset managers first, retail investors often get shut out. Retail platforms like Schwab, Ameritrade, Robinhood, Fidelity typically cannot access IPOs for their customers.Since COIN has over $1 billion of cash on its balance sheet and does not need capital, it has decided to do a direct listing. The advantage of a direct listing is that it will enable retail investors to purchase COIN at the same time as larger institutions. Once COIN begins to trade freely on the Nasdaq exchange, both retail and institutional traders can participate. With 186 million shares outstanding, the market will ultimately determine what share price COIN trades at. We expect a flood of market orders, creating an interesting first day of trading.Is the lofty valuation we just laid out fair? Probably not, but that's what the market will determine. Is this a realistic scenario? Are our forecasts too conservative? Should you be an aggressive buyer? We think our estimates are fair, but COIN will likely immediately trade towards an aggressive multiple.If you don't want to pay that kind of forward multiple for COIN, there are other alternative. Maybe you should consider an investment in some of the other (and less expensive) exchanges, like Nasdaq or CBOE? These companies do not have the same growth prospects as COIN, but they do come with a much smaller price tag.We believe that COIN is a safe, trusted and easy-to-use platform for trading digital currencies. Some investors believe that they have \"missed out\" on the meteoric rise of Bitcoin, so they might chase a position in COIN. Others will look at COIN as a long-term opportunity to own the dominant digital currency exchange.In our opinion, owners should be willing to pay a premium for COIN shares, but they should also be prepared for significant volatility and competition. Only you know your specific risk/reward tolerances. Only time will tell the answers to some of these questions, but we'll get a good idea on Wednesday, once COIN trading begins.","news_type":1},"isVote":1,"tweetType":1,"viewCount":75,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":324533260,"gmtCreate":1616004540550,"gmtModify":1704789654928,"author":{"id":"3556089233206356","authorId":"3556089233206356","name":"Mafia86","avatar":"https://static.tigerbbs.com/b725a09e5ac03f88838e7a00305c1253","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3556089233206356","authorIdStr":"3556089233206356"},"themes":[],"htmlText":"Cool ?","listText":"Cool ?","text":"Cool ?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/324533260","repostId":"1184930969","repostType":4,"repost":{"id":"1184930969","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":1615995220,"share":"https://ttm.financial/m/news/1184930969?lang=&edition=fundamental","pubTime":"2021-03-17 23:33","market":"us","language":"en","title":"Disney stocks soared, after Disney CEO Bob Chapek says Disneyland to reopen on April 30","url":"https://stock-news.laohu8.com/highlight/detail?id=1184930969","media":"Tiger Newspress","summary":"California's twoDisneytheme parks will reopen on April 30, CEO Bob Chapek said on CNBC's \"Squawk Alley\" Wednesday.All theme parks in California have been closed due to Covid-related restrictions for the past year. While guidelines in other states, like Florida, allowed parks to reopen with limited capacity, California's rules have kept theme parks big and small shuttered.However, new state guidance permits amusement parks to reopen beginning April 1 with 15% to 35% capacity depending on the prev","content":"<p>(March 17)&nbsp;Disney stocks soared, after Disney CEO Bob Chapek says Disneyland to reopen on April 30.</p><p><img src=\"https://static.tigerbbs.com/db430141c5946bb77728ce504ac1dc81\" tg-width=\"685\" tg-height=\"480\" referrerpolicy=\"no-referrer\"></p><p>California's twoDisneytheme parks will reopen on April 30, CEO Bob Chapek said on CNBC's \"Squawk Alley\" Wednesday.</p><p>All theme parks in California have been closed due to Covid-related restrictions for the past year. While guidelines in other states, like Florida, allowed parks to reopen with limited capacity, California's rules have kept theme parks big and small shuttered.</p><p>However,&nbsp;new state guidance&nbsp;permits amusement parks to reopen beginning April 1 with 15% to 35% capacity depending on the prevalence of the virus in the community. Masks and other health precautions will be required.</p><p>California is reporting just under 2,900 new Covid-19 cases per day, based on a weekly average, a near 32% decline compared with a week ago, according to a CNBC analysis of data compiled by Johns Hopkins University. The rate of new Covid cases has been on the decline as more people have been getting vaccinated. With ramp ups in supply and acces, on average about 2.4 million people are getting vaccinated daily in the U.S.</p><p>Orange County, where Disneyland and California Adventure are located, are seeing four new cases a day per 100,000 residents. At its peak, the county saw 118 new cases a day per 100,000 people back in mid-January.</p><p>The shutdown last year led Disney tolay off tens of thousands of workers&nbsp;and slashed an important source of revenue for the media company. The parks, experiences and consumer products segment accounted for 37% of the company's $69.6 billion in total revenue in 2019, or around $26.2 billion.</p><p>A year later, revenue shrunk to $16.5 billion, or around 25% of the company's $65.4 billion in total revenue.</p><p>During the company's fiscal first-quarter earnings call, Chief Financial Officer Christine McCarthy said that for the parks that have been open during the pandemic, the company was able to make a profit from the guests who visited despite reduced capacity levels.</p><p>As parks expand capacity and reopen, there will be some level of social distancing and mask wearing for the rest of the year.</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>Disney stocks soared, after Disney CEO Bob Chapek says Disneyland to reopen on April 30</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\">\nDisney stocks soared, after Disney CEO Bob Chapek says Disneyland to reopen on April 30\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\">2021-03-17 23:33</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>(March 17)&nbsp;Disney stocks soared, after Disney CEO Bob Chapek says Disneyland to reopen on April 30.</p><p><img src=\"https://static.tigerbbs.com/db430141c5946bb77728ce504ac1dc81\" tg-width=\"685\" tg-height=\"480\" referrerpolicy=\"no-referrer\"></p><p>California's twoDisneytheme parks will reopen on April 30, CEO Bob Chapek said on CNBC's \"Squawk Alley\" Wednesday.</p><p>All theme parks in California have been closed due to Covid-related restrictions for the past year. While guidelines in other states, like Florida, allowed parks to reopen with limited capacity, California's rules have kept theme parks big and small shuttered.</p><p>However,&nbsp;new state guidance&nbsp;permits amusement parks to reopen beginning April 1 with 15% to 35% capacity depending on the prevalence of the virus in the community. Masks and other health precautions will be required.</p><p>California is reporting just under 2,900 new Covid-19 cases per day, based on a weekly average, a near 32% decline compared with a week ago, according to a CNBC analysis of data compiled by Johns Hopkins University. The rate of new Covid cases has been on the decline as more people have been getting vaccinated. With ramp ups in supply and acces, on average about 2.4 million people are getting vaccinated daily in the U.S.</p><p>Orange County, where Disneyland and California Adventure are located, are seeing four new cases a day per 100,000 residents. At its peak, the county saw 118 new cases a day per 100,000 people back in mid-January.</p><p>The shutdown last year led Disney tolay off tens of thousands of workers&nbsp;and slashed an important source of revenue for the media company. The parks, experiences and consumer products segment accounted for 37% of the company's $69.6 billion in total revenue in 2019, or around $26.2 billion.</p><p>A year later, revenue shrunk to $16.5 billion, or around 25% of the company's $65.4 billion in total revenue.</p><p>During the company's fiscal first-quarter earnings call, Chief Financial Officer Christine McCarthy said that for the parks that have been open during the pandemic, the company was able to make a profit from the guests who visited despite reduced capacity levels.</p><p>As parks expand capacity and reopen, there will be some level of social distancing and mask wearing for the rest of the year.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/fcabf75ca25b5c2a5767c559e42702f8","relate_stocks":{"DIS":"迪士尼"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1184930969","content_text":"(March 17) Disney stocks soared, after Disney CEO Bob Chapek says Disneyland to reopen on April 30.California's twoDisneytheme parks will reopen on April 30, CEO Bob Chapek said on CNBC's \"Squawk Alley\" Wednesday.All theme parks in California have been closed due to Covid-related restrictions for the past year. While guidelines in other states, like Florida, allowed parks to reopen with limited capacity, California's rules have kept theme parks big and small shuttered.However, new state guidance permits amusement parks to reopen beginning April 1 with 15% to 35% capacity depending on the prevalence of the virus in the community. Masks and other health precautions will be required.California is reporting just under 2,900 new Covid-19 cases per day, based on a weekly average, a near 32% decline compared with a week ago, according to a CNBC analysis of data compiled by Johns Hopkins University. The rate of new Covid cases has been on the decline as more people have been getting vaccinated. With ramp ups in supply and acces, on average about 2.4 million people are getting vaccinated daily in the U.S.Orange County, where Disneyland and California Adventure are located, are seeing four new cases a day per 100,000 residents. At its peak, the county saw 118 new cases a day per 100,000 people back in mid-January.The shutdown last year led Disney tolay off tens of thousands of workers and slashed an important source of revenue for the media company. The parks, experiences and consumer products segment accounted for 37% of the company's $69.6 billion in total revenue in 2019, or around $26.2 billion.A year later, revenue shrunk to $16.5 billion, or around 25% of the company's $65.4 billion in total revenue.During the company's fiscal first-quarter earnings call, Chief Financial Officer Christine McCarthy said that for the parks that have been open during the pandemic, the company was able to make a profit from the guests who visited despite reduced capacity levels.As parks expand capacity and reopen, there will be some level of social distancing and mask wearing for the rest of the year.","news_type":1},"isVote":1,"tweetType":1,"viewCount":100,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":328306307,"gmtCreate":1615484785309,"gmtModify":1704783557828,"author":{"id":"3556089233206356","authorId":"3556089233206356","name":"Mafia86","avatar":"https://static.tigerbbs.com/b725a09e5ac03f88838e7a00305c1253","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3556089233206356","authorIdStr":"3556089233206356"},"themes":[],"htmlText":"Cool ?","listText":"Cool ?","text":"Cool ?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/328306307","repostId":"1117588517","repostType":4,"repost":{"id":"1117588517","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":1615483663,"share":"https://ttm.financial/m/news/1117588517?lang=&edition=fundamental","pubTime":"2021-03-12 01:27","market":"us","language":"en","title":"Coupang spikes 85% on its first day of trading","url":"https://stock-news.laohu8.com/highlight/detail?id=1117588517","media":"Tiger Newspress","summary":"Coupang shares opened at $64.8 each on Thursday, about 85% higher than the company’s IPO price.Inves","content":"<p>Coupang shares opened at $64.8&nbsp;each on Thursday, about 85% higher than the company’s IPO price.</p><p><img src=\"https://static.tigerbbs.com/6d8a7bec648b4a2f82e6b4923e6d594e\" tg-width=\"1843\" tg-height=\"913\" referrerpolicy=\"no-referrer\"></p><p>Investors looking to buy shares of South Korean e-commerce firm&nbsp;Coupang&nbsp;when it goes public in New York should consider if the company has what it takes to be profitable in the future.</p><p>That’s the advice Daniel Yoo, head of global asset allocation at Yuanta Securities, Korea, has for clients.</p><p>“What you really need to know is whether or not, in the business environment of Korea and e-commerce, can they be able to generate a huge, profitable return on capital,” Yoo said Thursday on CNBC’s “Street Signs Asia.”</p><p>Coupang is set to debut on the New York Stock Exchange under the ticker “CPNG” later in the day when U.S. markets open.</p><p>The company said it had&nbsp;priced 130 million shares at $35 apiece, raising $4.55 billion and valuing the company around $60 billion. That makes Coupang the largest IPO in the U.S. this year and one of the&nbsp;top 25 biggest listings of all time stateside, by deal size.</p><p>The price is also above the company’s most recent&nbsp;expected range&nbsp;of between $32 and $34 a share.</p><p><b>Market leader</b></p><p>Yoo explained that the valuation and IPO price likely rose because Coupang is the only e-commerce company in South Korea that showed a sizeable gain in market share last year. He said its market size rose from 18.1% in 2019 to about 24.6% last year due to the coronavirus pandemic.</p><p>“Most of the other competitors really did not show any type of changes in terms of market share,” he said. Coupang’s rivals include eBay-owned Gmarket, WeMakePrice, Naver Shopping among others.</p><p>“The fact is that (Coupang is) becoming the biggest e-commerce business within Korea and 24% market share, I think, it might actually even rise further,” Yoo said. “It is possible that they can actually gain as much as 30%+ over the next few years.” That, he explained, would justify why the company’s IPO price has increased.</p><p>Coupang’s regulatory filing showed the company sustained losses over eight quarters through Dec. 31. But a sharp jump in sales last year helped narrow net losses from $770.2 million in 2019 to $567.6 million in 2020</p><p><b>Comparisons with Alibaba, Amazon</b></p><p>The company, whose prominent backers include SoftBank’s Vision Fund and Sequoia Capital, has drawn comparisons with&nbsp;Amazon&nbsp;and&nbsp;Alibaba. Those firms have become tech behemoths after making their public debuts.</p><p>But Yoo said that the consumer markets in the U.S. and China are significantly larger than South Korea. So, even if Coupang is able to increase its market share, he said it is unlikely to see the same kind of sales growth the other two companies saw in the last decade.</p><p>South Korea’s e-commerce market has an estimated value of $90.1 billion in 2020 with an annual growth rate of 22.3%, according to&nbsp;data analytics firm GlobalData. That is expected to grow at a compounded annual rate of 12% to reach $141.8 billion in 2024.</p><p>Spending some of its IPO proceeds on building out a strong distribution platform within Korea could benefit Coupang, according to Yoo.</p><p>The e-commerce firm was founded by Korean-American billionaire Bom Suk Kim in 2010 and is headquartered in Seoul. It has more than 100 fulfilment and logistics centers in over 30 cities that provide next-day delivery for orders placed before midnight. Coupang employs 15,000 drivers in South Korea for its deliveries and has branched out into other services such as food and grocery delivery.</p><p></p><p></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>Coupang spikes 85% on its first day of trading</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\">\nCoupang spikes 85% on its first day of trading\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\">2021-03-12 01:27</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Coupang shares opened at $64.8&nbsp;each on Thursday, about 85% higher than the company’s IPO price.</p><p><img src=\"https://static.tigerbbs.com/6d8a7bec648b4a2f82e6b4923e6d594e\" tg-width=\"1843\" tg-height=\"913\" referrerpolicy=\"no-referrer\"></p><p>Investors looking to buy shares of South Korean e-commerce firm&nbsp;Coupang&nbsp;when it goes public in New York should consider if the company has what it takes to be profitable in the future.</p><p>That’s the advice Daniel Yoo, head of global asset allocation at Yuanta Securities, Korea, has for clients.</p><p>“What you really need to know is whether or not, in the business environment of Korea and e-commerce, can they be able to generate a huge, profitable return on capital,” Yoo said Thursday on CNBC’s “Street Signs Asia.”</p><p>Coupang is set to debut on the New York Stock Exchange under the ticker “CPNG” later in the day when U.S. markets open.</p><p>The company said it had&nbsp;priced 130 million shares at $35 apiece, raising $4.55 billion and valuing the company around $60 billion. That makes Coupang the largest IPO in the U.S. this year and one of the&nbsp;top 25 biggest listings of all time stateside, by deal size.</p><p>The price is also above the company’s most recent&nbsp;expected range&nbsp;of between $32 and $34 a share.</p><p><b>Market leader</b></p><p>Yoo explained that the valuation and IPO price likely rose because Coupang is the only e-commerce company in South Korea that showed a sizeable gain in market share last year. He said its market size rose from 18.1% in 2019 to about 24.6% last year due to the coronavirus pandemic.</p><p>“Most of the other competitors really did not show any type of changes in terms of market share,” he said. Coupang’s rivals include eBay-owned Gmarket, WeMakePrice, Naver Shopping among others.</p><p>“The fact is that (Coupang is) becoming the biggest e-commerce business within Korea and 24% market share, I think, it might actually even rise further,” Yoo said. “It is possible that they can actually gain as much as 30%+ over the next few years.” That, he explained, would justify why the company’s IPO price has increased.</p><p>Coupang’s regulatory filing showed the company sustained losses over eight quarters through Dec. 31. But a sharp jump in sales last year helped narrow net losses from $770.2 million in 2019 to $567.6 million in 2020</p><p><b>Comparisons with Alibaba, Amazon</b></p><p>The company, whose prominent backers include SoftBank’s Vision Fund and Sequoia Capital, has drawn comparisons with&nbsp;Amazon&nbsp;and&nbsp;Alibaba. Those firms have become tech behemoths after making their public debuts.</p><p>But Yoo said that the consumer markets in the U.S. and China are significantly larger than South Korea. So, even if Coupang is able to increase its market share, he said it is unlikely to see the same kind of sales growth the other two companies saw in the last decade.</p><p>South Korea’s e-commerce market has an estimated value of $90.1 billion in 2020 with an annual growth rate of 22.3%, according to&nbsp;data analytics firm GlobalData. That is expected to grow at a compounded annual rate of 12% to reach $141.8 billion in 2024.</p><p>Spending some of its IPO proceeds on building out a strong distribution platform within Korea could benefit Coupang, according to Yoo.</p><p>The e-commerce firm was founded by Korean-American billionaire Bom Suk Kim in 2010 and is headquartered in Seoul. It has more than 100 fulfilment and logistics centers in over 30 cities that provide next-day delivery for orders placed before midnight. Coupang employs 15,000 drivers in South Korea for its deliveries and has branched out into other services such as food and grocery delivery.</p><p></p><p></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CPNG":"Coupang, Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1117588517","content_text":"Coupang shares opened at $64.8 each on Thursday, about 85% higher than the company’s IPO price.Investors looking to buy shares of South Korean e-commerce firm Coupang when it goes public in New York should consider if the company has what it takes to be profitable in the future.That’s the advice Daniel Yoo, head of global asset allocation at Yuanta Securities, Korea, has for clients.“What you really need to know is whether or not, in the business environment of Korea and e-commerce, can they be able to generate a huge, profitable return on capital,” Yoo said Thursday on CNBC’s “Street Signs Asia.”Coupang is set to debut on the New York Stock Exchange under the ticker “CPNG” later in the day when U.S. markets open.The company said it had priced 130 million shares at $35 apiece, raising $4.55 billion and valuing the company around $60 billion. That makes Coupang the largest IPO in the U.S. this year and one of the top 25 biggest listings of all time stateside, by deal size.The price is also above the company’s most recent expected range of between $32 and $34 a share.Market leaderYoo explained that the valuation and IPO price likely rose because Coupang is the only e-commerce company in South Korea that showed a sizeable gain in market share last year. He said its market size rose from 18.1% in 2019 to about 24.6% last year due to the coronavirus pandemic.“Most of the other competitors really did not show any type of changes in terms of market share,” he said. Coupang’s rivals include eBay-owned Gmarket, WeMakePrice, Naver Shopping among others.“The fact is that (Coupang is) becoming the biggest e-commerce business within Korea and 24% market share, I think, it might actually even rise further,” Yoo said. “It is possible that they can actually gain as much as 30%+ over the next few years.” That, he explained, would justify why the company’s IPO price has increased.Coupang’s regulatory filing showed the company sustained losses over eight quarters through Dec. 31. But a sharp jump in sales last year helped narrow net losses from $770.2 million in 2019 to $567.6 million in 2020Comparisons with Alibaba, AmazonThe company, whose prominent backers include SoftBank’s Vision Fund and Sequoia Capital, has drawn comparisons with Amazon and Alibaba. Those firms have become tech behemoths after making their public debuts.But Yoo said that the consumer markets in the U.S. and China are significantly larger than South Korea. So, even if Coupang is able to increase its market share, he said it is unlikely to see the same kind of sales growth the other two companies saw in the last decade.South Korea’s e-commerce market has an estimated value of $90.1 billion in 2020 with an annual growth rate of 22.3%, according to data analytics firm GlobalData. That is expected to grow at a compounded annual rate of 12% to reach $141.8 billion in 2024.Spending some of its IPO proceeds on building out a strong distribution platform within Korea could benefit Coupang, according to Yoo.The e-commerce firm was founded by Korean-American billionaire Bom Suk Kim in 2010 and is headquartered in Seoul. It has more than 100 fulfilment and logistics centers in over 30 cities that provide next-day delivery for orders placed before midnight. Coupang employs 15,000 drivers in South Korea for its deliveries and has branched out into other services such as food and grocery delivery.","news_type":1},"isVote":1,"tweetType":1,"viewCount":150,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":360299052,"gmtCreate":1613918459076,"gmtModify":1704885919225,"author":{"id":"3556089233206356","authorId":"3556089233206356","name":"Mafia86","avatar":"https://static.tigerbbs.com/b725a09e5ac03f88838e7a00305c1253","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3556089233206356","authorIdStr":"3556089233206356"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/360299052","repostId":"1143100356","repostType":4,"repost":{"id":"1143100356","pubTimestamp":1613792715,"share":"https://ttm.financial/m/news/1143100356?lang=&edition=fundamental","pubTime":"2021-02-20 11:45","market":"us","language":"en","title":"2 Top Tech Stocks to Buy Now for Big Growth","url":"https://stock-news.laohu8.com/highlight/detail?id=1143100356","media":"Nasdaq","summary":"The S&P 500 and the tech-heavy Nasdaq slipped during the week of February 15, after they closed at new records last week. Despite the drop in some of the big tech names such as AppleAAPL, FacebookFB, MicrosoftMSFT, Zoom VideoZM, and countless others this week, the market fundamentals remain relatively strong.Ebbs and flows, as well as pullbacks and corrections are healthy aspects of the market. And they need not be viewed as anything but normal occurrences, especially as strong earnings results ","content":"<p>The S&amp;P 500 and the tech-heavy Nasdaq slipped during the week of February 15, after they closed at new records last week. Despite the drop in some of the big tech names such as AppleAAPL, FacebookFB, MicrosoftMSFT, Zoom VideoZM, and countless others this week, the market fundamentals remain relatively strong.</p><p>Ebbs and flows, as well as pullbacks and corrections are healthy aspects of the market. And they need not be viewed as anything but normal occurrences, especially as strong earnings results continue to pour in. Better yet, the outlook for the first quarter and the rest of 2021 has improved significantly.</p><p>Vaccine distribution will hopefully help the economy roar back by the summer and lift some of the hardest-hit areas of the economy. Meanwhile, Wall Street is banking on more spending under the Biden administration and the Fed remains firmly committed to keeping interest rates low.</p><p>All of these factors set up a bullish outlook for 2021. But instead of focusing on companies that need a vaccine to really grow, let’s look at two tech stocks that have posted big sales growth during the pandemic and are ready to expand for years within futuristic industries…</p><p><b>NIO Inc.NIO</b></p><p>Every major automaker, from FordFto Volvo, is racing to roll out more electric vehicles as they try to catch TeslaTSLA. Luckily for investors, the EV market is far from a zero-sum game and newcomers continue to enter the space. Chinese EV maker NIO is a rising star in the booming market, as its sales continue to grow. The company is also focused on autonomous driving tech, as well as batteries, which are the lifeblood of the industry.</p><p>NIO sells multiple models that are somewhat in-line with Tesla, from smaller SUVs to sedans. The company said in early January that it delivered 17,353 vehicles in the fourth quarter, which marked a 110% jump.</p><p>Overall, NIO’s full-year deliveries surged 113% to nearly 44,000 vehicles in 2020. And its January 2021 figures were even more impressive, with deliveries up 350% from the year-ago period to push its overall cumulative deliveries to 83K.</p><p>With this in mind, Zacks estimates call for NIO’s FY20 revenue to jump 120% to $2.49 billion, with FY21 projected to come in another 97% higher to reach $4.89 billion. The Chinese EV company is also expected to significantly shrink its adjusted losses during this stretch.</p><p>NIO has topped our EPS estimates in the trailing two periods and its positive earnings revisions help it land a Zacks Rank #2 (Buy) heading into the release of its Q4 results on March 1.</p><p><img src=\"https://static.tigerbbs.com/5b6233d1784a5cb7db62b437f7632a3f\" tg-width=\"620\" tg-height=\"314\" referrerpolicy=\"no-referrer\"></p><p>NIO, which rocks an “A” grade for Growth in our Style Scores system, has seen its stock skyrocket over 1,000% in the last year and 300% in the past six months. Luckily for investors who missed the ride, NIO has cooled down, up only 12% in the last three months.</p><p>At roughly $55 per share, it’s down about 13% from its late January records. The recent downturn has seen it fall from overbought in terms of the Relative Strength Index to around 45—an RSI above 70 is often regarded as overbought, with any number below 30 considered oversold.</p><p>NIO’s recent price performance could give it room to run if it’s able to impress Wall Street. And the stock jumped over 1% through morning trading Friday, as it bounces off its 50-day moving average. NIO shares also trade at a discount compared to other high-flyers at 12.7X forward sales, which marks a discount against Tesla’s 15.5X and comes in 25% below its own six-months highs.</p><p>Three out of the nine brokerage recommendations that Zacks has for NIO come in at a “Strong Buy,” with none below a “Hold.” NIO might be worth buying as a long-term play that’s far less expensive than Tesla ($784 a share), in a world where EVs already accounted for over 30% of Volvo’s new car sales in Europe in 2020. And let’s remember that China is one of the world’s largest EV markets.</p><p><b>CrowdStrikeCRWD</b></p><p>CrowdStrike is a cloud-focused cybersecurity firm that utilizes machine learning and AI to protect endpoints and cloud workloads. This is crucial in the cloud age that’s full of rapidly expanding endpoints, which include laptops, desktops, smartphones, IoT devices, and more.</p><p>Remote work and schooling pushed this area of the ever-growing cybersecurity space to the forefront, but it was already booming. More importantly, as devices proliferate and our digitally-connected world grows more complex, it becomes more vulnerable.</p><p>CrowdStrike on February announced plans to bolster its offerings through the acquisition of Humio for $400 million—expected to close in the first quarter. Humio provides high-performance cloud log management and observability technology. The deal is set to “further expand its eXtended Detection and Response (XDR) capabilities by ingesting and correlating data from any log, application or feed to deliver actionable insights and real-time protection.”</p><p><img src=\"https://static.tigerbbs.com/9f684cfbac7ba46e2cf8ab6e063461a2\" tg-width=\"620\" tg-height=\"280\" referrerpolicy=\"no-referrer\"></p><p>CrowdStrike, which went public in the summer of 2019, has soared nearly 280% in the past 12 months. More recently, the stock is up 65% in the last six months, and it already bounced back to new records—which it hit earlier in the week—after it slipped in mid-January.</p><p>The stock is firmly a growth play at the moment, trading at 42.7X forward sales, which puts it right in line with e-commerce giant ShopifySHOP. Despite its run, the stock is not currently considered overbought, with an RSI of 64.</p><p>CRWD’s positive earnings revisions help it grab a Zacks Rank #2 (Buy) at the moment, with it set to release its fourth quarter fiscal 2021 results on March 16. Meanwhile, 14 of the 19 brokerage ratings Zacks has for CRWD come in at a “Strong Buy,” with none lower than a “Hold.”</p><p>Looking back, the company crushed our Q3 estimates in December, with sales up 86%. CrowdStrike also lifted its guidance at the time. Zacks estimates currently call for it to swing from an adjusted loss of -$0.02 a share in the year-ago period to +$0.09 in the fourth quarter on 65% stronger sales.</p><p>In total, the cybersecurity firm is projected to soar from a loss of -$0.42 a share to +$0.23 in fiscal 2021. Plus, CRWD’s FY22 EPS figure is projected to climb another 70% higher, all the way to $0.39 a share. Meanwhile, its revenue is projected to jump 79% to hit $861 million in FY21 and then climb another 42% to $1.22 billion in FY22.</p><p>CrowdStrike’s expected growth would come on top of FY20’s 93% sales expansion. The stock has clearly already gone on an impressive run. But it is poised to continue to grow in a world where everything is connected and data is endless. Therefore, cybersecurity firms such as CrowdStrike might make for strong long-term growth plays.</p><p><b>These Stocks Are Poised to Soar Past the Pandemic</b>The COVID-19 outbreak has shifted consumer behavior dramatically, and a handful of high-tech companies have stepped up to keep America running. Right now, investors in these companies have a shot at serious profits. For example, Zoom jumped 108.5% in less than 4 months while most other stocks were sinking.</p><p>Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early.</p>","source":"lsy1604288433698","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>2 Top Tech Stocks to Buy Now for Big Growth</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\">\n2 Top Tech Stocks to Buy Now for Big Growth\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-20 11:45 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.nasdaq.com/articles/2-top-tech-stocks-to-buy-now-for-big-growth-2021-02-19><strong>Nasdaq</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The S&P 500 and the tech-heavy Nasdaq slipped during the week of February 15, after they closed at new records last week. Despite the drop in some of the big tech names such as AppleAAPL, FacebookFB, ...</p>\n\n<a href=\"https://www.nasdaq.com/articles/2-top-tech-stocks-to-buy-now-for-big-growth-2021-02-19\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.nasdaq.com/articles/2-top-tech-stocks-to-buy-now-for-big-growth-2021-02-19","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1143100356","content_text":"The S&P 500 and the tech-heavy Nasdaq slipped during the week of February 15, after they closed at new records last week. Despite the drop in some of the big tech names such as AppleAAPL, FacebookFB, MicrosoftMSFT, Zoom VideoZM, and countless others this week, the market fundamentals remain relatively strong.Ebbs and flows, as well as pullbacks and corrections are healthy aspects of the market. And they need not be viewed as anything but normal occurrences, especially as strong earnings results continue to pour in. Better yet, the outlook for the first quarter and the rest of 2021 has improved significantly.Vaccine distribution will hopefully help the economy roar back by the summer and lift some of the hardest-hit areas of the economy. Meanwhile, Wall Street is banking on more spending under the Biden administration and the Fed remains firmly committed to keeping interest rates low.All of these factors set up a bullish outlook for 2021. But instead of focusing on companies that need a vaccine to really grow, let’s look at two tech stocks that have posted big sales growth during the pandemic and are ready to expand for years within futuristic industries…NIO Inc.NIOEvery major automaker, from FordFto Volvo, is racing to roll out more electric vehicles as they try to catch TeslaTSLA. Luckily for investors, the EV market is far from a zero-sum game and newcomers continue to enter the space. Chinese EV maker NIO is a rising star in the booming market, as its sales continue to grow. The company is also focused on autonomous driving tech, as well as batteries, which are the lifeblood of the industry.NIO sells multiple models that are somewhat in-line with Tesla, from smaller SUVs to sedans. The company said in early January that it delivered 17,353 vehicles in the fourth quarter, which marked a 110% jump.Overall, NIO’s full-year deliveries surged 113% to nearly 44,000 vehicles in 2020. And its January 2021 figures were even more impressive, with deliveries up 350% from the year-ago period to push its overall cumulative deliveries to 83K.With this in mind, Zacks estimates call for NIO’s FY20 revenue to jump 120% to $2.49 billion, with FY21 projected to come in another 97% higher to reach $4.89 billion. The Chinese EV company is also expected to significantly shrink its adjusted losses during this stretch.NIO has topped our EPS estimates in the trailing two periods and its positive earnings revisions help it land a Zacks Rank #2 (Buy) heading into the release of its Q4 results on March 1.NIO, which rocks an “A” grade for Growth in our Style Scores system, has seen its stock skyrocket over 1,000% in the last year and 300% in the past six months. Luckily for investors who missed the ride, NIO has cooled down, up only 12% in the last three months.At roughly $55 per share, it’s down about 13% from its late January records. The recent downturn has seen it fall from overbought in terms of the Relative Strength Index to around 45—an RSI above 70 is often regarded as overbought, with any number below 30 considered oversold.NIO’s recent price performance could give it room to run if it’s able to impress Wall Street. And the stock jumped over 1% through morning trading Friday, as it bounces off its 50-day moving average. NIO shares also trade at a discount compared to other high-flyers at 12.7X forward sales, which marks a discount against Tesla’s 15.5X and comes in 25% below its own six-months highs.Three out of the nine brokerage recommendations that Zacks has for NIO come in at a “Strong Buy,” with none below a “Hold.” NIO might be worth buying as a long-term play that’s far less expensive than Tesla ($784 a share), in a world where EVs already accounted for over 30% of Volvo’s new car sales in Europe in 2020. And let’s remember that China is one of the world’s largest EV markets.CrowdStrikeCRWDCrowdStrike is a cloud-focused cybersecurity firm that utilizes machine learning and AI to protect endpoints and cloud workloads. This is crucial in the cloud age that’s full of rapidly expanding endpoints, which include laptops, desktops, smartphones, IoT devices, and more.Remote work and schooling pushed this area of the ever-growing cybersecurity space to the forefront, but it was already booming. More importantly, as devices proliferate and our digitally-connected world grows more complex, it becomes more vulnerable.CrowdStrike on February announced plans to bolster its offerings through the acquisition of Humio for $400 million—expected to close in the first quarter. Humio provides high-performance cloud log management and observability technology. The deal is set to “further expand its eXtended Detection and Response (XDR) capabilities by ingesting and correlating data from any log, application or feed to deliver actionable insights and real-time protection.”CrowdStrike, which went public in the summer of 2019, has soared nearly 280% in the past 12 months. More recently, the stock is up 65% in the last six months, and it already bounced back to new records—which it hit earlier in the week—after it slipped in mid-January.The stock is firmly a growth play at the moment, trading at 42.7X forward sales, which puts it right in line with e-commerce giant ShopifySHOP. Despite its run, the stock is not currently considered overbought, with an RSI of 64.CRWD’s positive earnings revisions help it grab a Zacks Rank #2 (Buy) at the moment, with it set to release its fourth quarter fiscal 2021 results on March 16. Meanwhile, 14 of the 19 brokerage ratings Zacks has for CRWD come in at a “Strong Buy,” with none lower than a “Hold.”Looking back, the company crushed our Q3 estimates in December, with sales up 86%. CrowdStrike also lifted its guidance at the time. Zacks estimates currently call for it to swing from an adjusted loss of -$0.02 a share in the year-ago period to +$0.09 in the fourth quarter on 65% stronger sales.In total, the cybersecurity firm is projected to soar from a loss of -$0.42 a share to +$0.23 in fiscal 2021. Plus, CRWD’s FY22 EPS figure is projected to climb another 70% higher, all the way to $0.39 a share. Meanwhile, its revenue is projected to jump 79% to hit $861 million in FY21 and then climb another 42% to $1.22 billion in FY22.CrowdStrike’s expected growth would come on top of FY20’s 93% sales expansion. The stock has clearly already gone on an impressive run. But it is poised to continue to grow in a world where everything is connected and data is endless. Therefore, cybersecurity firms such as CrowdStrike might make for strong long-term growth plays.These Stocks Are Poised to Soar Past the PandemicThe COVID-19 outbreak has shifted consumer behavior dramatically, and a handful of high-tech companies have stepped up to keep America running. Right now, investors in these companies have a shot at serious profits. For example, Zoom jumped 108.5% in less than 4 months while most other stocks were sinking.Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early.","news_type":1},"isVote":1,"tweetType":1,"viewCount":255,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":386556334,"gmtCreate":1613216151928,"gmtModify":1704879468689,"author":{"id":"3556089233206356","authorId":"3556089233206356","name":"Mafia86","avatar":"https://static.tigerbbs.com/b725a09e5ac03f88838e7a00305c1253","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3556089233206356","authorIdStr":"3556089233206356"},"themes":[],"htmlText":"Nice!","listText":"Nice!","text":"Nice!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/386556334","repostId":"2110026963","repostType":4,"repost":{"id":"2110026963","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":1613109422,"share":"https://ttm.financial/m/news/2110026963?lang=&edition=fundamental","pubTime":"2021-02-12 13:57","market":"us","language":"en","title":"Here's the formula for spotting genuinely undervalued companies, claims this investment house","url":"https://stock-news.laohu8.com/highlight/detail?id=2110026963","media":"Dow Jones","summary":"The growth stock vs. value stock dichotomy doesn't make sense, says ValuAnalysis. For most of 2020, investors poured money into names like online retailer Amazon $$, electric-car maker Tesla $$, and e-commerce platform Shopify -- \"growth\" stocks that kept indexes afloat in a turbulent year that hammered share prices across the board.But when news broke in early November 2020 that drug company Pfizer $$ and its partner BioNTech $$ had developed an effective vaccine against COVID-19, something pro","content":"<p>MW Here's the formula for spotting genuinely undervalued companies, claims this investment house</p>\n<p>The growth stock vs. value stock dichotomy doesn't make sense, says ValuAnalysis</p>\n<p>For most of 2020, investors poured money into names like online retailer Amazon <a href=\"https://laohu8.com/S/AMZN\">$(AMZN)$</a>, electric-car maker Tesla <a href=\"https://laohu8.com/S/TSLA\">$(TSLA)$</a>, and e-commerce platform Shopify (SHOP.T)-- \"growth\" stocks that kept indexes afloat in a turbulent year that hammered share prices across the board.</p>\n<p>But when news broke in early November 2020 that drug company Pfizer <a href=\"https://laohu8.com/S/PFE\">$(PFE)$</a> and its partner BioNTech <a href=\"https://laohu8.com/S/BNTX\">$(BNTX)$</a> had developed an effective vaccine against COVID-19, something profound happened in financial markets.</p>\n<p>Investors rotated out of these investments in favor of \"value\" stocks hammered by the COVID-19 pandemic, like airlines.</p>\n<p>This rotation was based on an essential concept in investing: There are some stocks that are clearly undervalued based on standard metrics.</p>\n<p>And it is completely flawed, according to research from ValuAnalysis, a London-based fund manager and equity investment boutique, which specializes in valuation.</p>\n<p>The apparent difference between growth stocks and value stocks is that the former is overvalued based on fundamental metrics while the latter is undervalued.</p>\n<p>\"Everyone knows that this thing doesn't make any sense because growth is not the opposite of value,\" Pascal Costantini, who led the research at ValuAnalysis, tells MarketWatch.</p>\n<p>\"It should be high-growth and low-growth, and I can imagine that, somewhere in an office, some guy said 'well this is not catchy enough, so how about growth and value?'\"</p>\n<p>Analysts and investors use metrics like the price-to-earnings ratio, or price multiple, to value stocks. ValuAnalysis uses price as a multiple of normalized net free cash flow as its benchmark, and identifies the imaginary dividing line between value and growth stocks at 35x, which is the market median.</p>\n<p>The value vs. growth divide would suggest that a company trading at a 17x earnings multiple is undervalued. In reality, ValuAnalysis says it is likely a company that won't grow.</p>\n<p>In reality, a stock's value is based on the company's ability to grow free cash flow in an environment where the cost of capital is 5% to 6%. So if a company isn't outpacing that by improving revenue and margins, the multiple won't increase and the stock price is unlikely to rise.</p>\n<p>Stocks that are actually undervalued will trade between 25x and 35x free cash flow, Costantini says, outpacing the cost of capital but not breaking past the market median.</p>\n<p>To have potential, a company's accumulation of assets or revenue growth must outpace increases in global gross domestic product, and ideally show signs of accelerating. There must also be an increase in operational leverage through revenue or margins. A decrease in the risk premium, such as through advances in controlling carbon emissions, helps.</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>Here's the formula for spotting genuinely undervalued companies, claims this investment house</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\">\nHere's the formula for spotting genuinely undervalued companies, claims this investment house\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\">2021-02-12 13:57</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<p>MW Here's the formula for spotting genuinely undervalued companies, claims this investment house</p>\n<p>The growth stock vs. value stock dichotomy doesn't make sense, says ValuAnalysis</p>\n<p>For most of 2020, investors poured money into names like online retailer Amazon <a href=\"https://laohu8.com/S/AMZN\">$(AMZN)$</a>, electric-car maker Tesla <a href=\"https://laohu8.com/S/TSLA\">$(TSLA)$</a>, and e-commerce platform Shopify (SHOP.T)-- \"growth\" stocks that kept indexes afloat in a turbulent year that hammered share prices across the board.</p>\n<p>But when news broke in early November 2020 that drug company Pfizer <a href=\"https://laohu8.com/S/PFE\">$(PFE)$</a> and its partner BioNTech <a href=\"https://laohu8.com/S/BNTX\">$(BNTX)$</a> had developed an effective vaccine against COVID-19, something profound happened in financial markets.</p>\n<p>Investors rotated out of these investments in favor of \"value\" stocks hammered by the COVID-19 pandemic, like airlines.</p>\n<p>This rotation was based on an essential concept in investing: There are some stocks that are clearly undervalued based on standard metrics.</p>\n<p>And it is completely flawed, according to research from ValuAnalysis, a London-based fund manager and equity investment boutique, which specializes in valuation.</p>\n<p>The apparent difference between growth stocks and value stocks is that the former is overvalued based on fundamental metrics while the latter is undervalued.</p>\n<p>\"Everyone knows that this thing doesn't make any sense because growth is not the opposite of value,\" Pascal Costantini, who led the research at ValuAnalysis, tells MarketWatch.</p>\n<p>\"It should be high-growth and low-growth, and I can imagine that, somewhere in an office, some guy said 'well this is not catchy enough, so how about growth and value?'\"</p>\n<p>Analysts and investors use metrics like the price-to-earnings ratio, or price multiple, to value stocks. ValuAnalysis uses price as a multiple of normalized net free cash flow as its benchmark, and identifies the imaginary dividing line between value and growth stocks at 35x, which is the market median.</p>\n<p>The value vs. growth divide would suggest that a company trading at a 17x earnings multiple is undervalued. In reality, ValuAnalysis says it is likely a company that won't grow.</p>\n<p>In reality, a stock's value is based on the company's ability to grow free cash flow in an environment where the cost of capital is 5% to 6%. So if a company isn't outpacing that by improving revenue and margins, the multiple won't increase and the stock price is unlikely to rise.</p>\n<p>Stocks that are actually undervalued will trade between 25x and 35x free cash flow, Costantini says, outpacing the cost of capital but not breaking past the market median.</p>\n<p>To have potential, a company's accumulation of assets or revenue growth must outpace increases in global gross domestic product, and ideally show signs of accelerating. There must also be an increase in operational leverage through revenue or margins. A decrease in the risk premium, such as through advances in controlling carbon emissions, helps.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/15e20574f8fb568333181d61bb200086","relate_stocks":{"TSLA":"特斯拉","PFE":"辉瑞","AMZN":"亚马逊"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2110026963","content_text":"MW Here's the formula for spotting genuinely undervalued companies, claims this investment house\nThe growth stock vs. value stock dichotomy doesn't make sense, says ValuAnalysis\nFor most of 2020, investors poured money into names like online retailer Amazon $(AMZN)$, electric-car maker Tesla $(TSLA)$, and e-commerce platform Shopify (SHOP.T)-- \"growth\" stocks that kept indexes afloat in a turbulent year that hammered share prices across the board.\nBut when news broke in early November 2020 that drug company Pfizer $(PFE)$ and its partner BioNTech $(BNTX)$ had developed an effective vaccine against COVID-19, something profound happened in financial markets.\nInvestors rotated out of these investments in favor of \"value\" stocks hammered by the COVID-19 pandemic, like airlines.\nThis rotation was based on an essential concept in investing: There are some stocks that are clearly undervalued based on standard metrics.\nAnd it is completely flawed, according to research from ValuAnalysis, a London-based fund manager and equity investment boutique, which specializes in valuation.\nThe apparent difference between growth stocks and value stocks is that the former is overvalued based on fundamental metrics while the latter is undervalued.\n\"Everyone knows that this thing doesn't make any sense because growth is not the opposite of value,\" Pascal Costantini, who led the research at ValuAnalysis, tells MarketWatch.\n\"It should be high-growth and low-growth, and I can imagine that, somewhere in an office, some guy said 'well this is not catchy enough, so how about growth and value?'\"\nAnalysts and investors use metrics like the price-to-earnings ratio, or price multiple, to value stocks. ValuAnalysis uses price as a multiple of normalized net free cash flow as its benchmark, and identifies the imaginary dividing line between value and growth stocks at 35x, which is the market median.\nThe value vs. growth divide would suggest that a company trading at a 17x earnings multiple is undervalued. In reality, ValuAnalysis says it is likely a company that won't grow.\nIn reality, a stock's value is based on the company's ability to grow free cash flow in an environment where the cost of capital is 5% to 6%. So if a company isn't outpacing that by improving revenue and margins, the multiple won't increase and the stock price is unlikely to rise.\nStocks that are actually undervalued will trade between 25x and 35x free cash flow, Costantini says, outpacing the cost of capital but not breaking past the market median.\nTo have potential, a company's accumulation of assets or revenue growth must outpace increases in global gross domestic product, and ideally show signs of accelerating. There must also be an increase in operational leverage through revenue or margins. A decrease in the risk premium, such as through advances in controlling carbon emissions, helps.","news_type":1},"isVote":1,"tweetType":1,"viewCount":210,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":383975454,"gmtCreate":1612834216378,"gmtModify":1704874766075,"author":{"id":"3556089233206356","authorId":"3556089233206356","name":"Mafia86","avatar":"https://static.tigerbbs.com/b725a09e5ac03f88838e7a00305c1253","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3556089233206356","authorIdStr":"3556089233206356"},"themes":[],"htmlText":"Load up !!","listText":"Load up !!","text":"Load up !!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/383975454","repostId":"1193450954","repostType":4,"repost":{"id":"1193450954","pubTimestamp":1612782273,"share":"https://ttm.financial/m/news/1193450954?lang=&edition=fundamental","pubTime":"2021-02-08 19:04","market":"us","language":"en","title":"Carmakers have been hit hard by a global chip shortage — here’s why","url":"https://stock-news.laohu8.com/highlight/detail?id=1193450954","media":"cnbc","summary":"Demand for these chips has soared during the coronavirus pandemic as people snapped up games consoles, laptops and TVs to help get through lockdowns.Now, many of these products — including certain Chromebook laptops and next-generation consoles like the Xbox Series X and the PlayStation 5 — are sold out, or subject to lengthy shipping times.It’s just one of a number of factors that has driven demand for semiconductors, but as supply struggles to keep up, it’s the chip-reliant car industry that h","content":"<div>\n<p>KEY POINTSDemand for these chips has soared during the coronavirus pandemic as people snapped up games consoles, laptops and TVs to help get through lockdowns.Now, many of these products — including ...</p>\n\n<a href=\"https://www.cnbc.com/2021/02/08/carmakers-have-been-hit-hard-by-a-global-chip-shortage-heres-why-.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","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>Carmakers have been hit hard by a global chip shortage — here’s why</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCarmakers have been hit hard by a global chip shortage — here’s why\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-08 19:04 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/02/08/carmakers-have-been-hit-hard-by-a-global-chip-shortage-heres-why-.html><strong>cnbc</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>KEY POINTSDemand for these chips has soared during the coronavirus pandemic as people snapped up games consoles, laptops and TVs to help get through lockdowns.Now, many of these products — including ...</p>\n\n<a href=\"https://www.cnbc.com/2021/02/08/carmakers-have-been-hit-hard-by-a-global-chip-shortage-heres-why-.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"F":"福特汽车","VLKAY":"大众汽车",".IXIC":"NASDAQ Composite","TSM":"台积电","SSNLF":"三星电子",".SPX":"S&P 500 Index","GM":"通用汽车",".DJI":"道琼斯"},"source_url":"https://www.cnbc.com/2021/02/08/carmakers-have-been-hit-hard-by-a-global-chip-shortage-heres-why-.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1193450954","content_text":"KEY POINTSDemand for these chips has soared during the coronavirus pandemic as people snapped up games consoles, laptops and TVs to help get through lockdowns.Now, many of these products — including certain Chromebook laptops and next-generation consoles like the Xbox Series X and the PlayStation 5 — are sold out, or subject to lengthy shipping times.It’s just one of a number of factors that has driven demand for semiconductors, but as supply struggles to keep up, it’s the chip-reliant car industry that has been hit especially hard.Silicon chips are the lifeblood of the tech-obsessed world we live in, but today they’re in short supply.Demand for these chips, or semiconductors, has soared during the coronavirus pandemic as people snapped up games consoles, laptops and TVs to help get through lockdowns. Now, many of these products — including certain Chromebook laptops and next-generation consoles like the Xbox Series X and the PlayStation 5 — are sold out, or subject to lengthy shipping times.It’s just one of a number of factors that has driven demand for semiconductors, but as supply struggles to keep up, it’s the chip-reliant car industry that has been hit especially hard.“We have seen in the short term, the automotive industry has been very adversely affected,” Bryce Johnstone, director of automotive segment marketing at chip designer Imagination Technologies, told CNBC via email. “This stems from their just-in-time production methodology and their incredibly complicated supply chains.”Carmakers uses semiconductors in everything from power steering and brake sensors, to entertainment systems and parking cameras. The smarter cars get, the more chips they use.“If the chip that powers the in-car dials or automatic braking are delayed, then so will the rest of the vehicle,” said Johnstone.Closed car plantsU.S. car giant General Motorsannounced last Wednesdaythat it is shutting three plants and slowing production at a fourth due to the semiconductor shortage. The Detroit car manufacturer said it could miss its 2021 targets as a result.“Despite our mitigation efforts, the semiconductor shortage will impact GM production in 2021,” a company spokesman said in a statement.“Semiconductor supply for the global auto industry remains very fluid,” they added. “Our supply chain organization is working closely with our supply base to find solutions for our suppliers’ semiconductor requirements and to mitigate impacts on GM.”Several other car manufacturers have also put production on hold in recent weeks. Honda U.K.’s main plant in Swindon wasshut down for several dayslast month due to a chip shortage, for example. Elsewhere, Ford and Volkswagen have also shut plants or cut production while they wait for supplies to pick up.Ford said in January that it wasshutting a factory in Germany for a month, while Volkswagen said in December it willmake 100,000 fewer carsthis quarter as a result of the shortage.Speaking about the chip shortage on a Davos panel on Jan. 25, VW CEO Herbert Diess said: “We have to make sure that the markets and supply chains remain intact.”Swings in demand; long lead timesFalan Yinug, director of industry statistics and economic policy at the Semiconductor Industry Association, says the chip shortage in the automotive industry is largely the result of substantial swings in demand due to the pandemic and the increased use of semiconductors in advanced vehicles.“The events leading to the current auto chip shortage began during the second quarter of 2020, when automakers understandably reduced production and chip purchases as the virus spread across the globe,” Yinug wrote ina bloglast Thursday.At the same time, chipmakers saw a pickup in demand for semiconductors used to support remote healthcare, work-at-home, and virtual learning, which were required during the pandemic, according to Yinug.“In the months that followed, demand for automotive semiconductors rallied much more quickly than most anticipated,” Yinug said.“The clear decrease in monthly year-over-year (YoY) sales growth for application-specific chips used in the automotive market was sudden and precipitous in March and April, when the pandemic was shuttering auto plants globally. Equally as pronounced was the rapid recovery in YoY sales during Q3 and Q4 (third and fourth quarters). In fact, monthly YoY Q4 sales had recovered to be positive again.”The semiconductor industry has been trying to ramp up production but Yinug said the supply-demand imbalance cannot be remedied with the flip of a switch.“Making a semiconductor is one of the most complex manufacturing processes,” he said. “Lead times of up to 26 weeks are the norm in the industry to produce a finished chip. Most industry analysts believe the current short-term supply shortage will ease in the coming months as supply adjusts to meet demand.”Cost conscious industryHermann Hauser, the co-founder of British chip designer Arm, told CNBC that the automotive industry has been hurt the most because it is “incredibly cost conscious.”“When the chip industry decides should we allocate our capacity to the car industry or the telecoms industry or the server industry, it’s an easy decision,” he said. “Go for the server industry because their gross margins are so much better. That’s why the car industry is in a particularly tight spot.”Hauser said there isn’t enough competition in the semiconductor manufacturing market, pointing to the fact that it has a very high Herfindahl–Hirschman index, which measures market concentration in a specific industry. It is calculated by squaring the market share of each company competing in a market and then adding the resulting numbers.For example, chip manufacturers have battled it out to build the smallest chips possible over the years, but only a couple of companies can create the new five nanometer (or 5nm) chips on a commercial level.“Samsung and TSMC are the only two semiconductor companies in the world that have a working 5nm process,” he said. “It’s just too high a concentration.”One of the reasons there are so few 5nm chip manufacturing plants is because they’re expensive, according to Hauser. Building something so small requires hi-tech equipment that isn’t cheap.Expanding factoriesNewport Wafer Fab in South Wales, Britain’s largest chip factory,raised over £50 million($68 million) in January to try and cash in on the global semiconductor supply shortage.It said it would use the funding to almost double the number of chip wafers — thin slices of a semiconductor — it makes from 8,000 to 14,000, according to The Telegraph newspaper. The company did not immediately respond to CNBC’s request for comment.Newport Wafer Fab Chairman Drew Nelson reportedly said demand had “absolutely skyrocketed” in the last three months, fueled by both the global shortage and the rise of electric cars.","news_type":1},"isVote":1,"tweetType":1,"viewCount":108,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":380383531,"gmtCreate":1612515991623,"gmtModify":1704872212133,"author":{"id":"3556089233206356","authorId":"3556089233206356","name":"Mafia86","avatar":"https://static.tigerbbs.com/b725a09e5ac03f88838e7a00305c1253","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3556089233206356","authorIdStr":"3556089233206356"},"themes":[],"htmlText":"Like a casino ?","listText":"Like a casino ?","text":"Like a casino ?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/380383531","repostId":"2109072140","repostType":4,"isVote":1,"tweetType":1,"viewCount":167,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":313906841,"gmtCreate":1611648657483,"gmtModify":1704861658581,"author":{"id":"3556089233206356","authorId":"3556089233206356","name":"Mafia86","avatar":"https://static.tigerbbs.com/b725a09e5ac03f88838e7a00305c1253","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3556089233206356","authorIdStr":"3556089233206356"},"themes":[],"htmlText":"Nice !","listText":"Nice !","text":"Nice 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\n","listText":"180多家特斯拉中心，超過5700個超級充電樁，覆蓋300多座城市...從繁華都市到郊外小城，特斯拉潛移默化地改變着更多人的出行方式。感謝有共同信念的你，與特斯拉一起實現夢想與使命。2021，再遠的旅程，特斯拉一路相伴。點擊「特斯拉TESLA」頭像賬號跳轉至主頁面，於展位區選擇心儀的車型感受特斯拉驚喜試駕體驗吧！","text":"180多家特斯拉中心，超過5700個超級充電樁，覆蓋300多座城市...從繁華都市到郊外小城，特斯拉潛移默化地改變着更多人的出行方式。感謝有共同信念的你，與特斯拉一起實現夢想與使命。2021，再遠的旅程，特斯拉一路相伴。點擊「特斯拉TESLA」頭像賬號跳轉至主頁面，於展位區選擇心儀的車型感受特斯拉驚喜試駕體驗吧！","images":[{"img":"https://static.tigerbbs.com/94f65857144d021933ca52f308fc2250","width":"0","height":"0"}],"top":1,"highlighted":2,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/319621325","isVote":1,"tweetType":2,"object":{"id":"32819c41ef764f49a127bf68eef5f0ba","tweetId":"319621325","videoUrl":"https://1254107296.vod2.myqcloud.com/8e2bc32evodtranshk1254107296/1cc538d65285890813232111510/v.f30.mp4","poster":"https://static.tigerbbs.com/94f65857144d021933ca52f308fc2250"},"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":98,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":313908718,"gmtCreate":1611648601734,"gmtModify":1704861657611,"author":{"id":"3556089233206356","authorId":"3556089233206356","name":"Mafia86","avatar":"https://static.tigerbbs.com/b725a09e5ac03f88838e7a00305c1253","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3556089233206356","authorIdStr":"3556089233206356"},"themes":[],"htmlText":"Awesome ??","listText":"Awesome ??","text":"Awesome 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down","listText":"Up down","text":"Up down","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/176615428","repostId":"1109551881","repostType":4,"repost":{"id":"1109551881","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1626878219,"share":"https://ttm.financial/m/news/1109551881?lang=&edition=fundamental","pubTime":"2021-07-21 22:36","market":"us","language":"en","title":"AMC Smokes Shorts Again: What's Next?","url":"https://stock-news.laohu8.com/highlight/detail?id=1109551881","media":"Benzinga","summary":"AMC Entertainment Holding Inc(NYSE:AMC) shot up 24.47% Tuesday amid returned interest in reopening s","content":"<p><b>AMC Entertainment Holding Inc</b>(NYSE:AMC) shot up 24.47% Tuesday&nbsp;amid returned interest in reopening stocks. The company also announced on Monday evening it hadmade a dealto reopen the Grove Theatre and The Americana at Brand Theatre in the Los Angeles area in August under the AMC Brand. The two theatres were formerly leased by Pacific Theatres and are two of the highest-grossing theatres in Los Angeles.</p>\n<p>Although presently not the toptrendingstock on r/WallStreetBets, AMC was still the 10th most mentioned stock on Tuesday. The subreddit often targets stocks with unusual characteristics such as bizarre levels of ownership and high short interest. AMC’s underlying statistics have been improving over the last few months, however, and of the company’s 448.74 million share float 75.48 million shares are held short; this is down from 102.3 million in May.</p>\n<p>Despite short interest decreasing, AMC is still volatile and able to make big swings.</p>\n<p><b>The AMC Chart:</b>On Monday, during a big bear day in the general markets, AMC&nbsp;put in a bottom at $31.15 and managed to print a bullish hammer candlestick indicating higher prices would come on Tuesday. AMC then printed a bullish Marubozu candlestick on Tuesday. This Marubozu candle has a very small upper wick, indicating AMC had buyers at every price level it traded at intraday.</p>\n<p>AMC broke into a downtrend on July 1 and made a series of lower highs and lower lows until Tuesday when the price closed at $43.08, above its lower high of $37.73, which indicates a bullish trend change. Bulls won’t want the stock to drop below $31.15 for the trend to be confirmed.</p>\n<p><img src=\"https://static.tigerbbs.com/61ba2be17dcfd5bd5f6a00ab4398a5a6\" tg-width=\"651\" tg-height=\"256\" width=\"100%\" height=\"auto\">AMC&nbsp;was able to recapture the eight-day exponential moving average (EMA) as support but rejected, and wicked from, the 21-day EMA. Bulls will want to see AMC regain support of the level in the near term. AMC is trading well above the 200-day simple moving average, indicating overall sentiment in the stock remains bullish.</p>\n<p><img src=\"https://static.tigerbbs.com/afbe29a91b623abe465464f45c8889b6\" tg-width=\"1366\" tg-height=\"768\" width=\"100%\" height=\"auto\">Bulls want to see continued bullish volume push AMC over the 21-day EMA and up towards the $47.91 area. If it can regain the level as support, it could trade up toward $52.97.</p>\n<p>Bears want to see AMC’s stock continue to reject the 21-day EMA and for it to drop down and lose support of the eight-day EMA which aligns with a support level at $39.71. If the stock were to lose the level, it could fall toward the $31.81 mark.</p>\n<p><b>AMC Price Action:</b>Shares of AMC Entertainment traded up 4.2% to $44.78 at publication time.</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>AMC Smokes Shorts Again: What's Next?</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\">\nAMC Smokes Shorts Again: What's Next?\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga </p>\n<p class=\"h-time\">2021-07-21 22:36</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<p><b>AMC Entertainment Holding Inc</b>(NYSE:AMC) shot up 24.47% Tuesday&nbsp;amid returned interest in reopening stocks. The company also announced on Monday evening it hadmade a dealto reopen the Grove Theatre and The Americana at Brand Theatre in the Los Angeles area in August under the AMC Brand. The two theatres were formerly leased by Pacific Theatres and are two of the highest-grossing theatres in Los Angeles.</p>\n<p>Although presently not the toptrendingstock on r/WallStreetBets, AMC was still the 10th most mentioned stock on Tuesday. The subreddit often targets stocks with unusual characteristics such as bizarre levels of ownership and high short interest. AMC’s underlying statistics have been improving over the last few months, however, and of the company’s 448.74 million share float 75.48 million shares are held short; this is down from 102.3 million in May.</p>\n<p>Despite short interest decreasing, AMC is still volatile and able to make big swings.</p>\n<p><b>The AMC Chart:</b>On Monday, during a big bear day in the general markets, AMC&nbsp;put in a bottom at $31.15 and managed to print a bullish hammer candlestick indicating higher prices would come on Tuesday. AMC then printed a bullish Marubozu candlestick on Tuesday. This Marubozu candle has a very small upper wick, indicating AMC had buyers at every price level it traded at intraday.</p>\n<p>AMC broke into a downtrend on July 1 and made a series of lower highs and lower lows until Tuesday when the price closed at $43.08, above its lower high of $37.73, which indicates a bullish trend change. Bulls won’t want the stock to drop below $31.15 for the trend to be confirmed.</p>\n<p><img src=\"https://static.tigerbbs.com/61ba2be17dcfd5bd5f6a00ab4398a5a6\" tg-width=\"651\" tg-height=\"256\" width=\"100%\" height=\"auto\">AMC&nbsp;was able to recapture the eight-day exponential moving average (EMA) as support but rejected, and wicked from, the 21-day EMA. Bulls will want to see AMC regain support of the level in the near term. AMC is trading well above the 200-day simple moving average, indicating overall sentiment in the stock remains bullish.</p>\n<p><img src=\"https://static.tigerbbs.com/afbe29a91b623abe465464f45c8889b6\" tg-width=\"1366\" tg-height=\"768\" width=\"100%\" height=\"auto\">Bulls want to see continued bullish volume push AMC over the 21-day EMA and up towards the $47.91 area. If it can regain the level as support, it could trade up toward $52.97.</p>\n<p>Bears want to see AMC’s stock continue to reject the 21-day EMA and for it to drop down and lose support of the eight-day EMA which aligns with a support level at $39.71. If the stock were to lose the level, it could fall toward the $31.81 mark.</p>\n<p><b>AMC Price Action:</b>Shares of AMC Entertainment traded up 4.2% to $44.78 at publication time.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMC":"AMC院线"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1109551881","content_text":"AMC Entertainment Holding Inc(NYSE:AMC) shot up 24.47% Tuesday amid returned interest in reopening stocks. The company also announced on Monday evening it hadmade a dealto reopen the Grove Theatre and The Americana at Brand Theatre in the Los Angeles area in August under the AMC Brand. The two theatres were formerly leased by Pacific Theatres and are two of the highest-grossing theatres in Los Angeles.\nAlthough presently not the toptrendingstock on r/WallStreetBets, AMC was still the 10th most mentioned stock on Tuesday. The subreddit often targets stocks with unusual characteristics such as bizarre levels of ownership and high short interest. AMC’s underlying statistics have been improving over the last few months, however, and of the company’s 448.74 million share float 75.48 million shares are held short; this is down from 102.3 million in May.\nDespite short interest decreasing, AMC is still volatile and able to make big swings.\nThe AMC Chart:On Monday, during a big bear day in the general markets, AMC put in a bottom at $31.15 and managed to print a bullish hammer candlestick indicating higher prices would come on Tuesday. AMC then printed a bullish Marubozu candlestick on Tuesday. This Marubozu candle has a very small upper wick, indicating AMC had buyers at every price level it traded at intraday.\nAMC broke into a downtrend on July 1 and made a series of lower highs and lower lows until Tuesday when the price closed at $43.08, above its lower high of $37.73, which indicates a bullish trend change. Bulls won’t want the stock to drop below $31.15 for the trend to be confirmed.\nAMC was able to recapture the eight-day exponential moving average (EMA) as support but rejected, and wicked from, the 21-day EMA. Bulls will want to see AMC regain support of the level in the near term. AMC is trading well above the 200-day simple moving average, indicating overall sentiment in the stock remains bullish.\nBulls want to see continued bullish volume push AMC over the 21-day EMA and up towards the $47.91 area. If it can regain the level as support, it could trade up toward $52.97.\nBears want to see AMC’s stock continue to reject the 21-day EMA and for it to drop down and lose support of the eight-day EMA which aligns with a support level at $39.71. If the stock were to lose the level, it could fall toward the $31.81 mark.\nAMC Price Action:Shares of AMC Entertainment traded up 4.2% to $44.78 at publication time.","news_type":1},"isVote":1,"tweetType":1,"viewCount":636,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802887900,"gmtCreate":1627752230600,"gmtModify":1703495472044,"author":{"id":"3556089233206356","authorId":"3556089233206356","name":"Mafia86","avatar":"https://static.tigerbbs.com/b725a09e5ac03f88838e7a00305c1253","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3556089233206356","authorIdStr":"3556089233206356"},"themes":[],"htmlText":"Good stuff","listText":"Good stuff","text":"Good stuff","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/802887900","repostId":"2155001152","repostType":4,"repost":{"id":"2155001152","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":1627675228,"share":"https://ttm.financial/m/news/2155001152?lang=&edition=fundamental","pubTime":"2021-07-31 04:00","market":"us","language":"en","title":"Wall Street declines with Amazon; S&P 500 posts gains for month","url":"https://stock-news.laohu8.com/highlight/detail?id=2155001152","media":"Reuters","summary":"U.S. consumer spending rises in June, inflation increases . NEW YORK, July 30  - U.S. stocks fell on Friday with Amazon.com shares declining after the company forecast lower sales growth, but the S&P 500 still posted a sixth straight month of gains.Amazon.com Inc shares sank after it reported late on Thursday revenue for the second quarter that was shy of analysts' average estimate and said sales growth would ease in the next few quarters as customers ventured more outside the home.Shares of oth","content":"<ul>\n <li>Pinterest sinks on stalled U.S. user growth</li>\n <li>U.S. consumer spending rises in June, inflation increases (Updates to close)</li>\n</ul>\n<p>NEW YORK, July 30 (Reuters) - U.S. stocks fell on Friday with Amazon.com shares declining after the company forecast lower sales growth, but the S&amp;P 500 still posted a sixth straight month of gains.</p>\n<p>Amazon.com Inc shares sank after it reported late on Thursday revenue for the second quarter that was shy of analysts' average estimate and said sales growth would ease in the next few quarters as customers ventured more outside the home.</p>\n<p>Shares of other internet and tech giants that did well during the lockdowns of last year, including Google parent Alphabet Inc and <a href=\"https://laohu8.com/S/FB\">Facebook</a> Inc, were mostly lower.</p>\n<p>\"Overall earnings have been good. But Amazon ... and some of last year's winners are taking some of the air out of the market today,\" said Jake Dollarhide, chief executive officer of Longbow Asset Management in Tulsa, Oklahoma. \"This market has been driven by big tech and when tech does well, the market seems to go right along with it, and when it doesn't,\" it falls.</p>\n<p>Data on Friday showed U.S. consumer spending rose more than expected in June, although annual inflation accelerated further above the Federal Reserve's 2% target.</p>\n<p>Unofficially, the Dow Jones Industrial Average fell 146.36 points, or 0.42%, to 34,938.17, the S&amp;P 500 lost 23.58 points, or 0.53%, to 4,395.57 and the Nasdaq Composite dropped 101.51 points, or 0.69%, to 14,676.76.</p>\n<p>Strong earnings and the continued rebound in the U.S. economy have helped to support stocks this month, but the rapid spread of the Delta variant of the coronavirus and rising inflation have been concerns.</p>\n<p>\"There are still some distant jitters, whispers about the Delta variant, about cases rising, and I think some underlying worries about a slowdown of the reopenings and possible reversal,\" Dollarhide said.</p>\n<p>Also on the earnings front, Pampers maker Procter &amp; Gamble Co rose as it forecast higher core earnings for this year, and U.S.-listed shares of Canada's <a href=\"https://laohu8.com/S/QSR\">Restaurant Brands International Inc</a> jumped after the Burger King owner beat estimates for quarterly profit.</p>\n<p>Pinterest Inc, however, plunged after saying U.S. user growth was decelerating as people who used the platform for crafts and DIY projects during the height of the pandemic were stepping out more.</p>\n<p>Caterpillar Inc shares also fell, even though the company posted a rise in second-quarter adjusted profit on the back of a recovery in global economic activity.</p>\n<p>Results on the quarter overall have been much stronger than expected, with about 89% of the reports beating analysts' estimates on earnings, according to IBES data from Refinitiv. Earnings are now expected to have climbed 89.8% in the second quarter versus forecasts of 65.4% at the start of July. (Reporting by Caroline Valetkevitch in New York Additional reporting by Sagarika Jaisinghani in Bengaluru Editing by Arun Koyyur and Matthew Lewis)</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 declines with Amazon; S&P 500 posts gains for month</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 declines with Amazon; S&P 500 posts gains for month\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\">2021-07-31 04:00</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<ul>\n <li>Pinterest sinks on stalled U.S. user growth</li>\n <li>U.S. consumer spending rises in June, inflation increases (Updates to close)</li>\n</ul>\n<p>NEW YORK, July 30 (Reuters) - U.S. stocks fell on Friday with Amazon.com shares declining after the company forecast lower sales growth, but the S&amp;P 500 still posted a sixth straight month of gains.</p>\n<p>Amazon.com Inc shares sank after it reported late on Thursday revenue for the second quarter that was shy of analysts' average estimate and said sales growth would ease in the next few quarters as customers ventured more outside the home.</p>\n<p>Shares of other internet and tech giants that did well during the lockdowns of last year, including Google parent Alphabet Inc and <a href=\"https://laohu8.com/S/FB\">Facebook</a> Inc, were mostly lower.</p>\n<p>\"Overall earnings have been good. But Amazon ... and some of last year's winners are taking some of the air out of the market today,\" said Jake Dollarhide, chief executive officer of Longbow Asset Management in Tulsa, Oklahoma. \"This market has been driven by big tech and when tech does well, the market seems to go right along with it, and when it doesn't,\" it falls.</p>\n<p>Data on Friday showed U.S. consumer spending rose more than expected in June, although annual inflation accelerated further above the Federal Reserve's 2% target.</p>\n<p>Unofficially, the Dow Jones Industrial Average fell 146.36 points, or 0.42%, to 34,938.17, the S&amp;P 500 lost 23.58 points, or 0.53%, to 4,395.57 and the Nasdaq Composite dropped 101.51 points, or 0.69%, to 14,676.76.</p>\n<p>Strong earnings and the continued rebound in the U.S. economy have helped to support stocks this month, but the rapid spread of the Delta variant of the coronavirus and rising inflation have been concerns.</p>\n<p>\"There are still some distant jitters, whispers about the Delta variant, about cases rising, and I think some underlying worries about a slowdown of the reopenings and possible reversal,\" Dollarhide said.</p>\n<p>Also on the earnings front, Pampers maker Procter &amp; Gamble Co rose as it forecast higher core earnings for this year, and U.S.-listed shares of Canada's <a href=\"https://laohu8.com/S/QSR\">Restaurant Brands International Inc</a> jumped after the Burger King owner beat estimates for quarterly profit.</p>\n<p>Pinterest Inc, however, plunged after saying U.S. user growth was decelerating as people who used the platform for crafts and DIY projects during the height of the pandemic were stepping out more.</p>\n<p>Caterpillar Inc shares also fell, even though the company posted a rise in second-quarter adjusted profit on the back of a recovery in global economic activity.</p>\n<p>Results on the quarter overall have been much stronger than expected, with about 89% of the reports beating analysts' estimates on earnings, according to IBES data from Refinitiv. Earnings are now expected to have climbed 89.8% in the second quarter versus forecasts of 65.4% at the start of July. (Reporting by Caroline Valetkevitch in New York Additional reporting by Sagarika Jaisinghani in Bengaluru Editing by Arun Koyyur and Matthew Lewis)</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"161125":"标普500","513500":"标普500ETF","IVV":"标普500指数ETF","OEX":"标普100",".SPX":"S&P 500 Index","AMZN":"亚马逊","SDS":"两倍做空标普500ETF","SPXU":"三倍做空标普500ETF","COMP":"Compass, Inc.","UPRO":"三倍做多标普500ETF","SPY":"标普500ETF","OEF":"标普100指数ETF-iShares","SSO":"两倍做多标普500ETF","SH":"标普500反向ETF","CAT":"卡特彼勒"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2155001152","content_text":"Pinterest sinks on stalled U.S. user growth\nU.S. consumer spending rises in June, inflation increases (Updates to close)\n\nNEW YORK, July 30 (Reuters) - U.S. stocks fell on Friday with Amazon.com shares declining after the company forecast lower sales growth, but the S&P 500 still posted a sixth straight month of gains.\nAmazon.com Inc shares sank after it reported late on Thursday revenue for the second quarter that was shy of analysts' average estimate and said sales growth would ease in the next few quarters as customers ventured more outside the home.\nShares of other internet and tech giants that did well during the lockdowns of last year, including Google parent Alphabet Inc and Facebook Inc, were mostly lower.\n\"Overall earnings have been good. But Amazon ... and some of last year's winners are taking some of the air out of the market today,\" said Jake Dollarhide, chief executive officer of Longbow Asset Management in Tulsa, Oklahoma. \"This market has been driven by big tech and when tech does well, the market seems to go right along with it, and when it doesn't,\" it falls.\nData on Friday showed U.S. consumer spending rose more than expected in June, although annual inflation accelerated further above the Federal Reserve's 2% target.\nUnofficially, the Dow Jones Industrial Average fell 146.36 points, or 0.42%, to 34,938.17, the S&P 500 lost 23.58 points, or 0.53%, to 4,395.57 and the Nasdaq Composite dropped 101.51 points, or 0.69%, to 14,676.76.\nStrong earnings and the continued rebound in the U.S. economy have helped to support stocks this month, but the rapid spread of the Delta variant of the coronavirus and rising inflation have been concerns.\n\"There are still some distant jitters, whispers about the Delta variant, about cases rising, and I think some underlying worries about a slowdown of the reopenings and possible reversal,\" Dollarhide said.\nAlso on the earnings front, Pampers maker Procter & Gamble Co rose as it forecast higher core earnings for this year, and U.S.-listed shares of Canada's Restaurant Brands International Inc jumped after the Burger King owner beat estimates for quarterly profit.\nPinterest Inc, however, plunged after saying U.S. user growth was decelerating as people who used the platform for crafts and DIY projects during the height of the pandemic were stepping out more.\nCaterpillar Inc shares also fell, even though the company posted a rise in second-quarter adjusted profit on the back of a recovery in global economic activity.\nResults on the quarter overall have been much stronger than expected, with about 89% of the reports beating analysts' estimates on earnings, according to IBES data from Refinitiv. Earnings are now expected to have climbed 89.8% in the second quarter versus forecasts of 65.4% at the start of July. (Reporting by Caroline Valetkevitch in New York Additional reporting by Sagarika Jaisinghani in Bengaluru Editing by Arun Koyyur and Matthew Lewis)","news_type":1},"isVote":1,"tweetType":1,"viewCount":320,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":894220832,"gmtCreate":1628830893026,"gmtModify":1676529868697,"author":{"id":"3556089233206356","authorId":"3556089233206356","name":"Mafia86","avatar":"https://static.tigerbbs.com/b725a09e5ac03f88838e7a00305c1253","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3556089233206356","authorIdStr":"3556089233206356"},"themes":[],"htmlText":"Cool ?","listText":"Cool ?","text":"Cool ?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/894220832","repostId":"1127554137","repostType":4,"isVote":1,"tweetType":1,"viewCount":279,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":155683119,"gmtCreate":1625411859131,"gmtModify":1703741444533,"author":{"id":"3556089233206356","authorId":"3556089233206356","name":"Mafia86","avatar":"https://static.tigerbbs.com/b725a09e5ac03f88838e7a00305c1253","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3556089233206356","authorIdStr":"3556089233206356"},"themes":[],"htmlText":"YOLO !!","listText":"YOLO !!","text":"YOLO !!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/155683119","repostId":"1160702483","repostType":4,"repost":{"id":"1160702483","pubTimestamp":1625369888,"share":"https://ttm.financial/m/news/1160702483?lang=&edition=fundamental","pubTime":"2021-07-04 11:38","market":"us","language":"en","title":"Two new stock market acronyms — FOLO and YOMO — can save you a lot of grief (and money)","url":"https://stock-news.laohu8.com/highlight/detail?id=1160702483","media":"MarketWatch","summary":"When stock market investing gets too easy, consider getting out of the market.\n\nYou’ve probably hear","content":"<blockquote>\n <b>When stock market investing gets too easy, consider getting out of the market.</b>\n</blockquote>\n<p>You’ve probably heard about people trading stocks based on two acronyms: FOMO (fear of missing out) and YOLO (you only live once). I searched Twitter for both terms with the word “stocks” included, and here’s what I found:</p>\n<p><img src=\"https://static.tigerbbs.com/4416d357ac2bc16d4fdcf60a3c4c3c56\" tg-width=\"916\" tg-height=\"463\"></p>\n<p>I have a proposition for you. In the name of flipping it, we should consider the following two terms as much more insightful and helpful to investors and traders:</p>\n<p>FOLO (fear of living once)&nbsp; and YOMO (you only miss out).</p>\n<p>Here’s a story I’ve told about how things can go wrong even when you’re think you’re trading well and outperforming the markets seems easy.</p>\n<p>Return to 2004</p>\n<p>It was late January 2004, and I was starting my second full year of running a hedge fund, and I was off to an incredible start to the year. I’d come into 2004 steadily scaling into ever-larger and more aggressive positions in mostly internet core equipment vendors like Nortel, JDSU, and Cisco, not to mention my largest position in Apple, which I’d first bought for the fund back in March of 2003. (I held Apple along with occasional Apple call options until I closed the fund, by the way.) I’d made big money already in my hedge fund, which was full of mostly long positions as the markets had been in a big rebound from their October 2002 lows.</p>\n<p>As 2004 started, the markets were in what I called a Steady Betty Rally Mode at the time, and internet-equipment stocks were the single hottest sector into the new year. I started trimming some of my biggest winners down, including the aforementioned Nortel, JDSU and Cisco, along with any stocks that were up 20%, 30% or even more as January wore on. By late January, I was nearly back up to half in cash and the hedge fund was already up nearly 25% for the year while the broader markets were barely up 5% on the year.</p>\n<p>In the last week of January, the markets turned south and the highest-flying winners of the year, like those that I’d just sold down and taken huge profits on, were the hardest hit. I’d previously learned the hard way over the years that you should never confuse a bull market with genius, but I’d even nailed the near-term top and my whole year was already in the pocket. I was feeling pretty good about myself and my trading prowess and listening to Willie cover Woody Guthrie’s classic, “Stay a little longer” chuckling about how I’d left before the party was busted!</p>\n<p>By early February, I was “only” up just over 20% on the year, as I still had half my fund in stocks and a few options, but the markets were now down year to date and the stocks I’d so smartly sold down at the top had themselves pulled back 20%-30% from their highs. They finally were stabilizing and the charts started to turn upward as the stocks were flattish to down on the year.</p>\n<p>Here I was sitting on a huge pile of cash and feeling like a genius for having sold at the top and here was a chance to just slowly start rebuilding and buying some new stocks while they were down. I started to buy back a few shares and to put just a little bit of that 50% cash, along with more cash coming in, to work in the markets.</p>\n<p>By the time March rolled around, I was back fully invested and mostly long, up single digits on the year, and the markets were down about 10% or so on the year. One morning as I walked into my hedge fund hotel office that I rented from Bear Stearns on the 40th floor in midtown New York, I was shocked to see the Nasdaq futures were down huge. I pulled up the Bloomberg terminal and my heart sank as the headline screamed “Nortel admits fraud; Major telecom equipment vendors under investigation” or something along those lines. Nortel was cut in half and most every internet-equipment-related stock in the market was down 20% or more on the day. I puked my guts out that whole day and cried myself to sleep that night.</p>\n<p>I spent the rest of the year digging out of that hole and getting back ahead of the market and had a lot of success in that hedge fund from that bottom.</p>\n<p>Lesson of the week — do not dig yourself a hole, OK?</p>\n<p>Foreshadowing</p>\n<p>Here’s something I wrote in 2007, the last time I started turning from bullish to bearish and eventually traded my hedge fund for a TV gig right before the markets started tanking in late 2007: “Concerned about complacency” (May 3, 2007).</p>\n<p>Here’s an excerpt:</p>\n<p><i>I’m worried. That’s no news flash, as I’m&nbsp;always&nbsp;worried, but I am really concerned about the complacency out there. Earnings are great, as evidenced by the booming season we’re experiencing. The global economy is lifting a lot of boats. And every time I try to get bearish, I feel almost silly when the action, fundamentals and environment are this strong.</i></p>\n<p><i>Just about everybody is long real estate. … Wasn’t almost every rationalization for why we shouldn’t fret about any real estate bubble true when real estate crashed the last few times?</i></p>\n<p><i>Last month, the IMF reported that “the global economy remains on track for robust growth in 2007 and 2008. … Moreover, downside risks to the outlook seem less threatening than at the time of the September 2006&nbsp;World Economic Outlook.” Has the IMF ever gotten the outlook right?</i></p>\n<p><i>This utter disregard for risk permeates the sell side, too, as evidenced by this broker note from Bear this morning: “Worries —&nbsp;the market is running out of major concerns.” Not surprisingly, I suppose, I’m going to&nbsp;flip&nbsp;that statement as I find I have more major concerns about the market and economy today than I’ve had at any point in the past five years.</i></p>\n<p><i>A&nbsp;Citi&nbsp;board member recently told me that I had a “lot of guts” for having launched a tech fund in October 2002. I think you’d have to have a lot of guts to launch a tech fund in May 2007! I’m focusing more on the short side than anything else right now.</i></p>\n<p>Beware when things are too easy</p>\n<p>Cody&nbsp;back in real time, 2021. I’m not saying the markets are about to tank like they did in 2008. But I am saying, once again, that I know way too many random hard-working people who are convinced that they can make big money in cryptos and meme stocks and by trading, trading, trading.</p>\n<p>And all my analysis points to an unfortunate risk/reward set up for the aggressive bulls here.</p>\n<p>That story above about Nortel: I’m here to tell you that you won’t always get a chance to sell when the charts stop working. You don’t always get a chance to lock in your gains while you think it’s easy.</p>\n<p>I’ve been in this business, picking stocks and helping people manage their money for 25 years, and it seems obvious to me that trading and investing and making profits and keeping those profits is very hard to do over many years. There are times it seems easy. That’s often the best time to get cautious. Because if it really were easy, nobody would work their real jobs. We could all just trade stocks to each other all day and make all the money we need. Yeah, right.</p>\n<p>I have a new name or two I’m digging hard into this week, one in AI and another that’s trying to revolutionize long-term gig employment trends. Until then, I’m staying steady as she goes, even as so many others think YOLO and FOMO are just fun, little acronyms.</p>","source":"lsy1603348471595","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>Two new stock market acronyms — FOLO and YOMO — can save you a lot of grief (and money)</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\">\nTwo new stock market acronyms — FOLO and YOMO — can save you a lot of grief (and money)\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-04 11:38 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.marketwatch.com/story/two-new-stock-market-acronyms-folo-and-yomo-can-save-you-a-lot-of-grief-and-money-11625247142?mod=home-page><strong>MarketWatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>When stock market investing gets too easy, consider getting out of the market.\n\nYou’ve probably heard about people trading stocks based on two acronyms: FOMO (fear of missing out) and YOLO (you only ...</p>\n\n<a href=\"https://www.marketwatch.com/story/two-new-stock-market-acronyms-folo-and-yomo-can-save-you-a-lot-of-grief-and-money-11625247142?mod=home-page\">Web Link</a>\n\n</div>\n\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","SPY":"标普500ETF"},"source_url":"https://www.marketwatch.com/story/two-new-stock-market-acronyms-folo-and-yomo-can-save-you-a-lot-of-grief-and-money-11625247142?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1160702483","content_text":"When stock market investing gets too easy, consider getting out of the market.\n\nYou’ve probably heard about people trading stocks based on two acronyms: FOMO (fear of missing out) and YOLO (you only live once). I searched Twitter for both terms with the word “stocks” included, and here’s what I found:\n\nI have a proposition for you. In the name of flipping it, we should consider the following two terms as much more insightful and helpful to investors and traders:\nFOLO (fear of living once)  and YOMO (you only miss out).\nHere’s a story I’ve told about how things can go wrong even when you’re think you’re trading well and outperforming the markets seems easy.\nReturn to 2004\nIt was late January 2004, and I was starting my second full year of running a hedge fund, and I was off to an incredible start to the year. I’d come into 2004 steadily scaling into ever-larger and more aggressive positions in mostly internet core equipment vendors like Nortel, JDSU, and Cisco, not to mention my largest position in Apple, which I’d first bought for the fund back in March of 2003. (I held Apple along with occasional Apple call options until I closed the fund, by the way.) I’d made big money already in my hedge fund, which was full of mostly long positions as the markets had been in a big rebound from their October 2002 lows.\nAs 2004 started, the markets were in what I called a Steady Betty Rally Mode at the time, and internet-equipment stocks were the single hottest sector into the new year. I started trimming some of my biggest winners down, including the aforementioned Nortel, JDSU and Cisco, along with any stocks that were up 20%, 30% or even more as January wore on. By late January, I was nearly back up to half in cash and the hedge fund was already up nearly 25% for the year while the broader markets were barely up 5% on the year.\nIn the last week of January, the markets turned south and the highest-flying winners of the year, like those that I’d just sold down and taken huge profits on, were the hardest hit. I’d previously learned the hard way over the years that you should never confuse a bull market with genius, but I’d even nailed the near-term top and my whole year was already in the pocket. I was feeling pretty good about myself and my trading prowess and listening to Willie cover Woody Guthrie’s classic, “Stay a little longer” chuckling about how I’d left before the party was busted!\nBy early February, I was “only” up just over 20% on the year, as I still had half my fund in stocks and a few options, but the markets were now down year to date and the stocks I’d so smartly sold down at the top had themselves pulled back 20%-30% from their highs. They finally were stabilizing and the charts started to turn upward as the stocks were flattish to down on the year.\nHere I was sitting on a huge pile of cash and feeling like a genius for having sold at the top and here was a chance to just slowly start rebuilding and buying some new stocks while they were down. I started to buy back a few shares and to put just a little bit of that 50% cash, along with more cash coming in, to work in the markets.\nBy the time March rolled around, I was back fully invested and mostly long, up single digits on the year, and the markets were down about 10% or so on the year. One morning as I walked into my hedge fund hotel office that I rented from Bear Stearns on the 40th floor in midtown New York, I was shocked to see the Nasdaq futures were down huge. I pulled up the Bloomberg terminal and my heart sank as the headline screamed “Nortel admits fraud; Major telecom equipment vendors under investigation” or something along those lines. Nortel was cut in half and most every internet-equipment-related stock in the market was down 20% or more on the day. I puked my guts out that whole day and cried myself to sleep that night.\nI spent the rest of the year digging out of that hole and getting back ahead of the market and had a lot of success in that hedge fund from that bottom.\nLesson of the week — do not dig yourself a hole, OK?\nForeshadowing\nHere’s something I wrote in 2007, the last time I started turning from bullish to bearish and eventually traded my hedge fund for a TV gig right before the markets started tanking in late 2007: “Concerned about complacency” (May 3, 2007).\nHere’s an excerpt:\nI’m worried. That’s no news flash, as I’m always worried, but I am really concerned about the complacency out there. Earnings are great, as evidenced by the booming season we’re experiencing. The global economy is lifting a lot of boats. And every time I try to get bearish, I feel almost silly when the action, fundamentals and environment are this strong.\nJust about everybody is long real estate. … Wasn’t almost every rationalization for why we shouldn’t fret about any real estate bubble true when real estate crashed the last few times?\nLast month, the IMF reported that “the global economy remains on track for robust growth in 2007 and 2008. … Moreover, downside risks to the outlook seem less threatening than at the time of the September 2006 World Economic Outlook.” Has the IMF ever gotten the outlook right?\nThis utter disregard for risk permeates the sell side, too, as evidenced by this broker note from Bear this morning: “Worries — the market is running out of major concerns.” Not surprisingly, I suppose, I’m going to flip that statement as I find I have more major concerns about the market and economy today than I’ve had at any point in the past five years.\nA Citi board member recently told me that I had a “lot of guts” for having launched a tech fund in October 2002. I think you’d have to have a lot of guts to launch a tech fund in May 2007! I’m focusing more on the short side than anything else right now.\nBeware when things are too easy\nCody back in real time, 2021. I’m not saying the markets are about to tank like they did in 2008. But I am saying, once again, that I know way too many random hard-working people who are convinced that they can make big money in cryptos and meme stocks and by trading, trading, trading.\nAnd all my analysis points to an unfortunate risk/reward set up for the aggressive bulls here.\nThat story above about Nortel: I’m here to tell you that you won’t always get a chance to sell when the charts stop working. You don’t always get a chance to lock in your gains while you think it’s easy.\nI’ve been in this business, picking stocks and helping people manage their money for 25 years, and it seems obvious to me that trading and investing and making profits and keeping those profits is very hard to do over many years. There are times it seems easy. That’s often the best time to get cautious. Because if it really were easy, nobody would work their real jobs. We could all just trade stocks to each other all day and make all the money we need. Yeah, right.\nI have a new name or two I’m digging hard into this week, one in AI and another that’s trying to revolutionize long-term gig employment trends. Until then, I’m staying steady as she goes, even as so many others think YOLO and FOMO are just fun, little acronyms.","news_type":1},"isVote":1,"tweetType":1,"viewCount":742,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":891491578,"gmtCreate":1628407412894,"gmtModify":1703505977803,"author":{"id":"3556089233206356","authorId":"3556089233206356","name":"Mafia86","avatar":"https://static.tigerbbs.com/b725a09e5ac03f88838e7a00305c1253","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3556089233206356","authorIdStr":"3556089233206356"},"themes":[],"htmlText":"Cool","listText":"Cool","text":"Cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/891491578","repostId":"1180529438","repostType":4,"repost":{"id":"1180529438","pubTimestamp":1628386129,"share":"https://ttm.financial/m/news/1180529438?lang=&edition=fundamental","pubTime":"2021-08-08 09:28","market":"us","language":"en","title":"SEC Moves First DeFi Unregistered Securities Lawsuit","url":"https://stock-news.laohu8.com/highlight/detail?id=1180529438","media":"Benzinga","summary":"The United States Securities and Exchange Commission  sued the organization responsible for the development of a decentralized finance  protocol over activities involved with the project for the first time.What Happened: According to a Friday SEC announcement, the agency has sued Cayman Islands-based Blockchain Credit Partners and two of its top executives over allegedly selling unregistered securities through its DeFi Money Market platform from February 2020 to February 2021. The firm purported","content":"<p>The United States Securities and Exchange Commission (SEC) sued the organization responsible for the development of a decentralized finance (DeFi) protocol over activities involved with the project for the first time.</p>\n<p><b>What Happened:</b>&nbsp;According to a Friday SEC&nbsp;announcement, the agency has sued Cayman Islands-based Blockchain Credit Partners and two of its top executives over allegedly selling unregistered securities through its DeFi Money Market platform from February 2020 to February 2021. The firm purportedly sold over $30 million worth of two types of tokens that the SEC deemed to be securities that should have been registered as such.</p>\n<p>The SEC notes that Blockchain Credit Partners&nbsp;founders Gregory Keough and Derek Acree will have to pay fines of $125,000 while the company itself also agreed to pay $12.8 million in disgorgement. The settlement does not indicate an admition or denial&nbsp;the accusations.</p>\n<p><b>New Game, Old Rules?</b></p>\n<p>SEC Enforcement Director Gurbir Grewal explained that \"full and honest disclosure remains the cornerstone of our securities laws — no matter what technologies are used to offer and sell those securities.\" This comment makes it very clear that slapping the DeFi label on a project and hoping to avoid regulation this way works no better than calling it a \"utility token\" prevented falling under the SEC's scrutiny during 2017's initial coin offering craze.</p>\n<p>The SEC is trying to send the clear rule that the new kind of financial organizations that operate on blockchains have to still play by the old rules that govern traditional finance. At the same time, market onlookers are not sure if the regulator is actually right.</p>\n<p>In a way, it is a tour de force where the regulator wins every time it has a way to take enforcement action, but these new organizations potentially have a very real way to make enforcement impossible — or at the very least impractical. The only protection against enforcement by the SEC and other regulators is decentralization and the only reason why the SEC was able to act in this case is that a centralized organization such as Blockchain Credit Partners exists.</p>\n<p><b>What's Next:</b>If no company exists and all that there is to a DeFi protocol is a set of smart contracts deployed on a blockchain by a group of anonymous developers scattered around the world there is very little that the SEC can do short of attacking the blockchain itself. This is where the decentralization of the underlying blockchain comes into play: will the regulators for instance be able to force&nbsp;<b>Ethereum's</b>&nbsp;(CRYPTO: ETH) core development team to write an update stopping such a project?</p>\n<p>If the regulators would actually be able to force the blockchain's developers to write such an update, would node operators and miners or stakers adopt this software or would they refuse to? Such situations will be the real test of the decentralization and reliability of any blockchain that many are waiting to happen. Regulators are seeing power slipping away&nbsp;between their fingers like sand, and they are going to try to grab it.</p>","source":"lsy1606299360108","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>SEC Moves First DeFi Unregistered Securities Lawsuit</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\">\nSEC Moves First DeFi Unregistered Securities Lawsuit\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-08 09:28 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.benzinga.com/markets/cryptocurrency/21/08/22378359/sec-moves-first-defi-unregistered-securities-lawsuit><strong>Benzinga</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The United States Securities and Exchange Commission (SEC) sued the organization responsible for the development of a decentralized finance (DeFi) protocol over activities involved with the project ...</p>\n\n<a href=\"https://www.benzinga.com/markets/cryptocurrency/21/08/22378359/sec-moves-first-defi-unregistered-securities-lawsuit\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc."},"source_url":"https://www.benzinga.com/markets/cryptocurrency/21/08/22378359/sec-moves-first-defi-unregistered-securities-lawsuit","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1180529438","content_text":"The United States Securities and Exchange Commission (SEC) sued the organization responsible for the development of a decentralized finance (DeFi) protocol over activities involved with the project for the first time.\nWhat Happened: According to a Friday SEC announcement, the agency has sued Cayman Islands-based Blockchain Credit Partners and two of its top executives over allegedly selling unregistered securities through its DeFi Money Market platform from February 2020 to February 2021. The firm purportedly sold over $30 million worth of two types of tokens that the SEC deemed to be securities that should have been registered as such.\nThe SEC notes that Blockchain Credit Partners founders Gregory Keough and Derek Acree will have to pay fines of $125,000 while the company itself also agreed to pay $12.8 million in disgorgement. The settlement does not indicate an admition or denial the accusations.\nNew Game, Old Rules?\nSEC Enforcement Director Gurbir Grewal explained that \"full and honest disclosure remains the cornerstone of our securities laws — no matter what technologies are used to offer and sell those securities.\" This comment makes it very clear that slapping the DeFi label on a project and hoping to avoid regulation this way works no better than calling it a \"utility token\" prevented falling under the SEC's scrutiny during 2017's initial coin offering craze.\nThe SEC is trying to send the clear rule that the new kind of financial organizations that operate on blockchains have to still play by the old rules that govern traditional finance. At the same time, market onlookers are not sure if the regulator is actually right.\nIn a way, it is a tour de force where the regulator wins every time it has a way to take enforcement action, but these new organizations potentially have a very real way to make enforcement impossible — or at the very least impractical. The only protection against enforcement by the SEC and other regulators is decentralization and the only reason why the SEC was able to act in this case is that a centralized organization such as Blockchain Credit Partners exists.\nWhat's Next:If no company exists and all that there is to a DeFi protocol is a set of smart contracts deployed on a blockchain by a group of anonymous developers scattered around the world there is very little that the SEC can do short of attacking the blockchain itself. This is where the decentralization of the underlying blockchain comes into play: will the regulators for instance be able to force Ethereum's (CRYPTO: ETH) core development team to write an update stopping such a project?\nIf the regulators would actually be able to force the blockchain's developers to write such an update, would node operators and miners or stakers adopt this software or would they refuse to? Such situations will be the real test of the decentralization and reliability of any blockchain that many are waiting to happen. Regulators are seeing power slipping away between their fingers like sand, and they are going to try to grab it.","news_type":1},"isVote":1,"tweetType":1,"viewCount":207,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":319916805,"gmtCreate":1611469978207,"gmtModify":1704860367306,"author":{"id":"3556089233206356","authorId":"3556089233206356","name":"Mafia86","avatar":"https://static.tigerbbs.com/b725a09e5ac03f88838e7a00305c1253","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3556089233206356","authorIdStr":"3556089233206356"},"themes":[],"htmlText":"Nice !&nbsp;","listText":"Nice !&nbsp;","text":"Nice !","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/319916805","repostId":"1122580665","repostType":4,"repost":{"id":"1122580665","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":1611310727,"share":"https://ttm.financial/m/news/1122580665?lang=&edition=fundamental","pubTime":"2021-01-22 18:18","market":"us","language":"en","title":"Volkswagen reports 2020 operating profit of 10 billion euros","url":"https://stock-news.laohu8.com/highlight/detail?id=1122580665","media":"Reuters","summary":"Volkswagen on Friday said its 2020 operating profit adjusted for diesel issues came in at around 10 ","content":"<p>Volkswagen on Friday said its 2020 operating profit adjusted for diesel issues came in at around 10 billion euros ($12.17 billion).</p>\n<p>The world’s largest carmaker had reported an adjusted operating profit of 19.3 billion euros in 2019.</p>\n<p>“The deliveries to customers of the Volkswagen Group continued to recover strongly in the fourth quarter and even exceeded the deliveries of the third quarter 2020,” Volkswagen said.</p>\n<p>($1 = 0.8216 euros)</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>Volkswagen reports 2020 operating profit of 10 billion euros</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\">\nVolkswagen reports 2020 operating profit of 10 billion euros\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\">2021-01-22 18:18</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Volkswagen on Friday said its 2020 operating profit adjusted for diesel issues came in at around 10 billion euros ($12.17 billion).</p>\n<p>The world’s largest carmaker had reported an adjusted operating profit of 19.3 billion euros in 2019.</p>\n<p>“The deliveries to customers of the Volkswagen Group continued to recover strongly in the fourth quarter and even exceeded the deliveries of the third quarter 2020,” Volkswagen said.</p>\n<p>($1 = 0.8216 euros)</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"VLKAY":"大众汽车"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1122580665","content_text":"Volkswagen on Friday said its 2020 operating profit adjusted for diesel issues came in at around 10 billion euros ($12.17 billion).\nThe world’s largest carmaker had reported an adjusted operating profit of 19.3 billion euros in 2019.\n“The deliveries to customers of the Volkswagen Group continued to recover strongly in the fourth quarter and even exceeded the deliveries of the third quarter 2020,” Volkswagen said.\n($1 = 0.8216 euros)","news_type":1},"isVote":1,"tweetType":1,"viewCount":17,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3527667803686145","authorId":"3527667803686145","name":"社区成长助手","avatar":"https://static.tigerbbs.com/2b7c7106b5c0c8b0037faa67439d898f","crmLevel":1,"crmLevelSwitch":0,"idStr":"3527667803686145","authorIdStr":"3527667803686145"},"content":"Finally, when you first post [compare heart] [compare heart] post, you can get more exposure by related stocks or related topics. If you want to create high-quality articles, please checkGuidelines for Tiger Community Creation","text":"Finally, when you first post [compare heart] [compare heart] post, you can get more exposure by related stocks or related topics. If you want to create high-quality articles, please checkGuidelines for Tiger Community Creation","html":"Finally, when you first post [compare heart] [compare heart] post, you can get more exposure by related stocks or related topics. If you want to create high-quality articles, please checkGuidelines for Tiger Community Creation"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802885966,"gmtCreate":1627751768955,"gmtModify":1703495469606,"author":{"id":"3556089233206356","authorId":"3556089233206356","name":"Mafia86","avatar":"https://static.tigerbbs.com/b725a09e5ac03f88838e7a00305c1253","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3556089233206356","authorIdStr":"3556089233206356"},"themes":[],"htmlText":"Cool","listText":"Cool","text":"Cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/802885966","repostId":"1147779023","repostType":4,"repost":{"id":"1147779023","pubTimestamp":1627716124,"share":"https://ttm.financial/m/news/1147779023?lang=&edition=fundamental","pubTime":"2021-07-31 15:22","market":"us","language":"en","title":"You can beat stock market indexes — this fund manager has, and this is how she and her team did it","url":"https://stock-news.laohu8.com/highlight/detail?id=1147779023","media":"MarketWatch","summary":"Five key lessons on outperformance from Prabha Ram at the American Century Focused Dynamic Growth Fu","content":"<blockquote>\n <b>Five key lessons on outperformance from Prabha Ram at the American Century Focused Dynamic Growth Fund.</b>\n</blockquote>\n<p>Investing is a tough game. That’s why so many mutual funds lag behind their indices.</p>\n<p>So when you find a fund with a great record, it pays to investigate what the fund managers are doing — to learn some lessons.</p>\n<p>The American Century Focused Dynamic Growth FundACFSXfits the bill. The $2.8 billion fund beats its Russell 1000 Growth&nbsp;Index by over 6 percentage points annualized over the past three and five years, according toMorningstar. It outperforms its large-growth category by 8.6 percentage points annualized over five years. It has a reasonable 0.65% expense ratio.</p>\n<p>The fund is co-managed by Prabha Ram, who I recently caught up with. Raised in India, Ram came to the U.S. as a teaching assistant at the University of Maine, where she earned a master’s degree in computer science. She went on to receive an MBA at the Wharton School at the University of Pennsylvania. Ram and three other portfolio managers have led this fund since 2016.</p>\n<p>Here are the five key takeaways, with examples of specific stocks.</p>\n<p><b>1. Own companies that can “land and expand” in big markets</b></p>\n<p>Even though we’ve been in the digital age for years, many small companies still do much of their business on paper. Bill.comBILLwants to change that. The company was founded by CEO René Lacerte, who in the late 1990s started the online payroll company PayCycle, which was acquired by Intuit.</p>\n<p>Bill.com helps small companies go digital in accounts payable and receivable payments. But that’s just the start. Once inside a company, Bill.com digitizes other areas like cash and expense account management.</p>\n<p>Bill.com “lands and expands” at clients, but it also uses their business partners to create a network of leads.</p>\n<p>“Every vendor is a network member, even if it is not a Bill.com customer,” says Ram. This network has about 2.5 million members. Bill.com also gets prospects from its partners, including Bank of AmericaBAC,JPMorgan ChaseJPMand American ExpressAXP.Sales grew 45% in the first quarter.</p>\n<p>Founder-run companies such as this one are worth considering because they often outperform.</p>\n<p><b>2. Seek out innovators</b></p>\n<p>Ram’s portfolio contains obvious innovators, including TeslaTSLA,Amazon.comAMZNand AlphabetGOOGL,her top three positions. Let’s look beyond technology — to beer.</p>\n<p>Back in the 1980s, Boston Beer founder Jim Koch began taking share from beer giants Anheuser-Busch InBevBUDand HeinekenHEINYby rolling out successful “craft” brews, starting with Samuel Adams. Koch helped invent the craft brew category, essentially taking the country back to pre-Prohibition days when the U.S. had hundreds of regional breweries making more flavorful beers for local tastes.</p>\n<p>Boston Beer stock did very well, but then it stalled during 2015-2017 as beer sales overall went flat. In response, Boston Beer helped put a new category on the map — with its Truly Hard Seltzer brand rolled out in 2106. It remains one of the leading hard seltzers.</p>\n<p>“We were drawn to the company because of its history of innovation,” says Ram, referring to her fund’s early position from the second quarter of 2016. “The stock was doing poorly because the beer market was flattening, but they were coming up with Truly Hard Seltzer. Truly was more successful than we anticipated. It created a new category.”</p>\n<p>This penchant for innovation at Boston Beer has helped keep Ram’s fund in the name. Other successful Boston Beer brands include Twisted Tea, Angry Orchard and Dogfish Head.</p>\n<p>A key takeaway here is that to find innovative companies, look for the ones led by people who have demonstrated a knack for innovation in the past. Innovative managers tend to keep on innovating. Boston Beer continually tests new seltzers, beers, hard ciders, distilled spirits and other drinks. Shareholders are betting they will come through again.</p>\n<p>They’ll need the help. Boston Beer shares fell 20% on July 23 because so many competitors entered the hard cider niche. Sales grew 33% but net income fell 1.6% as the company jacked up advertising costs to try to combat the competition. The company slashed estimates for the year on an expected slowdown in sales growth.</p>\n<p>But don’t count out this innovator yet.</p>\n<p>“We recently announced plans to develop new innovative beverages with&nbsp;Beam Suntory&nbsp;that we are planning to launch in early 2022,” Boston Beer’s Koch said. Beam Suntory&nbsp;sells Jim Beam whiskey and other brands of spirits. “We believe these new beverages will further demonstrate our ability to innovate and grow our business as drinker preferences evolve.”</p>\n<p><b>3. Look for companies that can create and dominate a niche</b></p>\n<p>For years as the gig economy emerged, the big credit card companies didn’t really care that much if the local yoga instructor could accept payments with a credit card. SquareSQrecognized this as an opportunity. So it launched its card payment device business in 2009. Since then, it has grown by taking on larger customers, and expanding into new lines of business in financial services such as cash management, debit cards loans and tax filing. Transaction-based revenue grew 27% in the first quarter, and subscription and services revenue soared 88%.</p>\n<p>This is a great example of a company that created a business niche. But it’s also a “land and expand” company because it grows by offering customers new services. Both qualities help companies maintain the competitive advantage Ram likes see in investments.</p>\n<p><b>4. Buy companies in the early stages of rapid growth</b></p>\n<p>One way to find these is to identify companies developing products that will transform an entire industry. Ram thinks that is the case with Alnylam PharmaceuticalsALNY.It’s developing novel therapies base on a technique called RNA interference (RNAi). Inside the body, messenger RNA (mRNA) encodes proteins we need, based on signals from RNA. Sometimes mRNA gets the signals crossed, and it encodes flawed proteins. This causes diseases.</p>\n<p>Alnylam has developed a way to tweak the RNAi pathway to silence the flawed signaling and block the creation of disease-causing proteins. So far, Alnylam has four approved RNAi-based medicines that treat rare hereditary diseases. The company has a dozen other therapies in clinical studies, including six in late-stage development.</p>\n<p>“This is a completely new area of therapeutics,” says Ram. “It is a platform of products that can treat a variety of conditions.”</p>\n<p><b>5. Hold stocks for the long term</b></p>\n<p>All of the names above are large positions in Ram’s fund, which tells me that Ram and her team think they have considerably more upside. If you buy any of them, though, remember you have to do so with a multi-year time horizon. That’s what Ram’s fund does. It has a low annual portfolio turnover of 27%. It’s important to have a long-term view, because it is so tough to call short-term moves in the stock market or in stocks, and you need to give companies time to develop.</p>","source":"lsy1603348471595","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>You can beat stock market indexes — this fund manager has, and this is how she and her team did it</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\">\nYou can beat stock market indexes — this fund manager has, and this is how she and her team did it\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-31 15:22 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.marketwatch.com/story/you-can-beat-stock-market-indexes-this-fund-manager-has-and-this-is-how-she-and-her-team-did-it-11627481445?mod=article_inline><strong>MarketWatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Five key lessons on outperformance from Prabha Ram at the American Century Focused Dynamic Growth Fund.\n\nInvesting is a tough game. That’s why so many mutual funds lag behind their indices.\nSo when ...</p>\n\n<a href=\"https://www.marketwatch.com/story/you-can-beat-stock-market-indexes-this-fund-manager-has-and-this-is-how-she-and-her-team-did-it-11627481445?mod=article_inline\">Web Link</a>\n\n</div>\n\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","SPY":"标普500ETF"},"source_url":"https://www.marketwatch.com/story/you-can-beat-stock-market-indexes-this-fund-manager-has-and-this-is-how-she-and-her-team-did-it-11627481445?mod=article_inline","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1147779023","content_text":"Five key lessons on outperformance from Prabha Ram at the American Century Focused Dynamic Growth Fund.\n\nInvesting is a tough game. That’s why so many mutual funds lag behind their indices.\nSo when you find a fund with a great record, it pays to investigate what the fund managers are doing — to learn some lessons.\nThe American Century Focused Dynamic Growth FundACFSXfits the bill. The $2.8 billion fund beats its Russell 1000 Growth Index by over 6 percentage points annualized over the past three and five years, according toMorningstar. It outperforms its large-growth category by 8.6 percentage points annualized over five years. It has a reasonable 0.65% expense ratio.\nThe fund is co-managed by Prabha Ram, who I recently caught up with. Raised in India, Ram came to the U.S. as a teaching assistant at the University of Maine, where she earned a master’s degree in computer science. She went on to receive an MBA at the Wharton School at the University of Pennsylvania. Ram and three other portfolio managers have led this fund since 2016.\nHere are the five key takeaways, with examples of specific stocks.\n1. Own companies that can “land and expand” in big markets\nEven though we’ve been in the digital age for years, many small companies still do much of their business on paper. Bill.comBILLwants to change that. The company was founded by CEO René Lacerte, who in the late 1990s started the online payroll company PayCycle, which was acquired by Intuit.\nBill.com helps small companies go digital in accounts payable and receivable payments. But that’s just the start. Once inside a company, Bill.com digitizes other areas like cash and expense account management.\nBill.com “lands and expands” at clients, but it also uses their business partners to create a network of leads.\n“Every vendor is a network member, even if it is not a Bill.com customer,” says Ram. This network has about 2.5 million members. Bill.com also gets prospects from its partners, including Bank of AmericaBAC,JPMorgan ChaseJPMand American ExpressAXP.Sales grew 45% in the first quarter.\nFounder-run companies such as this one are worth considering because they often outperform.\n2. Seek out innovators\nRam’s portfolio contains obvious innovators, including TeslaTSLA,Amazon.comAMZNand AlphabetGOOGL,her top three positions. Let’s look beyond technology — to beer.\nBack in the 1980s, Boston Beer founder Jim Koch began taking share from beer giants Anheuser-Busch InBevBUDand HeinekenHEINYby rolling out successful “craft” brews, starting with Samuel Adams. Koch helped invent the craft brew category, essentially taking the country back to pre-Prohibition days when the U.S. had hundreds of regional breweries making more flavorful beers for local tastes.\nBoston Beer stock did very well, but then it stalled during 2015-2017 as beer sales overall went flat. In response, Boston Beer helped put a new category on the map — with its Truly Hard Seltzer brand rolled out in 2106. It remains one of the leading hard seltzers.\n“We were drawn to the company because of its history of innovation,” says Ram, referring to her fund’s early position from the second quarter of 2016. “The stock was doing poorly because the beer market was flattening, but they were coming up with Truly Hard Seltzer. Truly was more successful than we anticipated. It created a new category.”\nThis penchant for innovation at Boston Beer has helped keep Ram’s fund in the name. Other successful Boston Beer brands include Twisted Tea, Angry Orchard and Dogfish Head.\nA key takeaway here is that to find innovative companies, look for the ones led by people who have demonstrated a knack for innovation in the past. Innovative managers tend to keep on innovating. Boston Beer continually tests new seltzers, beers, hard ciders, distilled spirits and other drinks. Shareholders are betting they will come through again.\nThey’ll need the help. Boston Beer shares fell 20% on July 23 because so many competitors entered the hard cider niche. Sales grew 33% but net income fell 1.6% as the company jacked up advertising costs to try to combat the competition. The company slashed estimates for the year on an expected slowdown in sales growth.\nBut don’t count out this innovator yet.\n“We recently announced plans to develop new innovative beverages with Beam Suntory that we are planning to launch in early 2022,” Boston Beer’s Koch said. Beam Suntory sells Jim Beam whiskey and other brands of spirits. “We believe these new beverages will further demonstrate our ability to innovate and grow our business as drinker preferences evolve.”\n3. Look for companies that can create and dominate a niche\nFor years as the gig economy emerged, the big credit card companies didn’t really care that much if the local yoga instructor could accept payments with a credit card. SquareSQrecognized this as an opportunity. So it launched its card payment device business in 2009. Since then, it has grown by taking on larger customers, and expanding into new lines of business in financial services such as cash management, debit cards loans and tax filing. Transaction-based revenue grew 27% in the first quarter, and subscription and services revenue soared 88%.\nThis is a great example of a company that created a business niche. But it’s also a “land and expand” company because it grows by offering customers new services. Both qualities help companies maintain the competitive advantage Ram likes see in investments.\n4. Buy companies in the early stages of rapid growth\nOne way to find these is to identify companies developing products that will transform an entire industry. Ram thinks that is the case with Alnylam PharmaceuticalsALNY.It’s developing novel therapies base on a technique called RNA interference (RNAi). Inside the body, messenger RNA (mRNA) encodes proteins we need, based on signals from RNA. Sometimes mRNA gets the signals crossed, and it encodes flawed proteins. This causes diseases.\nAlnylam has developed a way to tweak the RNAi pathway to silence the flawed signaling and block the creation of disease-causing proteins. So far, Alnylam has four approved RNAi-based medicines that treat rare hereditary diseases. The company has a dozen other therapies in clinical studies, including six in late-stage development.\n“This is a completely new area of therapeutics,” says Ram. “It is a platform of products that can treat a variety of conditions.”\n5. Hold stocks for the long term\nAll of the names above are large positions in Ram’s fund, which tells me that Ram and her team think they have considerably more upside. If you buy any of them, though, remember you have to do so with a multi-year time horizon. That’s what Ram’s fund does. It has a low annual portfolio turnover of 27%. It’s important to have a long-term view, because it is so tough to call short-term moves in the stock market or in stocks, and you need to give companies time to develop.","news_type":1},"isVote":1,"tweetType":1,"viewCount":290,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":360299052,"gmtCreate":1613918459076,"gmtModify":1704885919225,"author":{"id":"3556089233206356","authorId":"3556089233206356","name":"Mafia86","avatar":"https://static.tigerbbs.com/b725a09e5ac03f88838e7a00305c1253","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3556089233206356","authorIdStr":"3556089233206356"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/360299052","repostId":"1143100356","repostType":4,"repost":{"id":"1143100356","pubTimestamp":1613792715,"share":"https://ttm.financial/m/news/1143100356?lang=&edition=fundamental","pubTime":"2021-02-20 11:45","market":"us","language":"en","title":"2 Top Tech Stocks to Buy Now for Big Growth","url":"https://stock-news.laohu8.com/highlight/detail?id=1143100356","media":"Nasdaq","summary":"The S&P 500 and the tech-heavy Nasdaq slipped during the week of February 15, after they closed at new records last week. Despite the drop in some of the big tech names such as AppleAAPL, FacebookFB, MicrosoftMSFT, Zoom VideoZM, and countless others this week, the market fundamentals remain relatively strong.Ebbs and flows, as well as pullbacks and corrections are healthy aspects of the market. And they need not be viewed as anything but normal occurrences, especially as strong earnings results ","content":"<p>The S&amp;P 500 and the tech-heavy Nasdaq slipped during the week of February 15, after they closed at new records last week. Despite the drop in some of the big tech names such as AppleAAPL, FacebookFB, MicrosoftMSFT, Zoom VideoZM, and countless others this week, the market fundamentals remain relatively strong.</p><p>Ebbs and flows, as well as pullbacks and corrections are healthy aspects of the market. And they need not be viewed as anything but normal occurrences, especially as strong earnings results continue to pour in. Better yet, the outlook for the first quarter and the rest of 2021 has improved significantly.</p><p>Vaccine distribution will hopefully help the economy roar back by the summer and lift some of the hardest-hit areas of the economy. Meanwhile, Wall Street is banking on more spending under the Biden administration and the Fed remains firmly committed to keeping interest rates low.</p><p>All of these factors set up a bullish outlook for 2021. But instead of focusing on companies that need a vaccine to really grow, let’s look at two tech stocks that have posted big sales growth during the pandemic and are ready to expand for years within futuristic industries…</p><p><b>NIO Inc.NIO</b></p><p>Every major automaker, from FordFto Volvo, is racing to roll out more electric vehicles as they try to catch TeslaTSLA. Luckily for investors, the EV market is far from a zero-sum game and newcomers continue to enter the space. Chinese EV maker NIO is a rising star in the booming market, as its sales continue to grow. The company is also focused on autonomous driving tech, as well as batteries, which are the lifeblood of the industry.</p><p>NIO sells multiple models that are somewhat in-line with Tesla, from smaller SUVs to sedans. The company said in early January that it delivered 17,353 vehicles in the fourth quarter, which marked a 110% jump.</p><p>Overall, NIO’s full-year deliveries surged 113% to nearly 44,000 vehicles in 2020. And its January 2021 figures were even more impressive, with deliveries up 350% from the year-ago period to push its overall cumulative deliveries to 83K.</p><p>With this in mind, Zacks estimates call for NIO’s FY20 revenue to jump 120% to $2.49 billion, with FY21 projected to come in another 97% higher to reach $4.89 billion. The Chinese EV company is also expected to significantly shrink its adjusted losses during this stretch.</p><p>NIO has topped our EPS estimates in the trailing two periods and its positive earnings revisions help it land a Zacks Rank #2 (Buy) heading into the release of its Q4 results on March 1.</p><p><img src=\"https://static.tigerbbs.com/5b6233d1784a5cb7db62b437f7632a3f\" tg-width=\"620\" tg-height=\"314\" referrerpolicy=\"no-referrer\"></p><p>NIO, which rocks an “A” grade for Growth in our Style Scores system, has seen its stock skyrocket over 1,000% in the last year and 300% in the past six months. Luckily for investors who missed the ride, NIO has cooled down, up only 12% in the last three months.</p><p>At roughly $55 per share, it’s down about 13% from its late January records. The recent downturn has seen it fall from overbought in terms of the Relative Strength Index to around 45—an RSI above 70 is often regarded as overbought, with any number below 30 considered oversold.</p><p>NIO’s recent price performance could give it room to run if it’s able to impress Wall Street. And the stock jumped over 1% through morning trading Friday, as it bounces off its 50-day moving average. NIO shares also trade at a discount compared to other high-flyers at 12.7X forward sales, which marks a discount against Tesla’s 15.5X and comes in 25% below its own six-months highs.</p><p>Three out of the nine brokerage recommendations that Zacks has for NIO come in at a “Strong Buy,” with none below a “Hold.” NIO might be worth buying as a long-term play that’s far less expensive than Tesla ($784 a share), in a world where EVs already accounted for over 30% of Volvo’s new car sales in Europe in 2020. And let’s remember that China is one of the world’s largest EV markets.</p><p><b>CrowdStrikeCRWD</b></p><p>CrowdStrike is a cloud-focused cybersecurity firm that utilizes machine learning and AI to protect endpoints and cloud workloads. This is crucial in the cloud age that’s full of rapidly expanding endpoints, which include laptops, desktops, smartphones, IoT devices, and more.</p><p>Remote work and schooling pushed this area of the ever-growing cybersecurity space to the forefront, but it was already booming. More importantly, as devices proliferate and our digitally-connected world grows more complex, it becomes more vulnerable.</p><p>CrowdStrike on February announced plans to bolster its offerings through the acquisition of Humio for $400 million—expected to close in the first quarter. Humio provides high-performance cloud log management and observability technology. The deal is set to “further expand its eXtended Detection and Response (XDR) capabilities by ingesting and correlating data from any log, application or feed to deliver actionable insights and real-time protection.”</p><p><img src=\"https://static.tigerbbs.com/9f684cfbac7ba46e2cf8ab6e063461a2\" tg-width=\"620\" tg-height=\"280\" referrerpolicy=\"no-referrer\"></p><p>CrowdStrike, which went public in the summer of 2019, has soared nearly 280% in the past 12 months. More recently, the stock is up 65% in the last six months, and it already bounced back to new records—which it hit earlier in the week—after it slipped in mid-January.</p><p>The stock is firmly a growth play at the moment, trading at 42.7X forward sales, which puts it right in line with e-commerce giant ShopifySHOP. Despite its run, the stock is not currently considered overbought, with an RSI of 64.</p><p>CRWD’s positive earnings revisions help it grab a Zacks Rank #2 (Buy) at the moment, with it set to release its fourth quarter fiscal 2021 results on March 16. Meanwhile, 14 of the 19 brokerage ratings Zacks has for CRWD come in at a “Strong Buy,” with none lower than a “Hold.”</p><p>Looking back, the company crushed our Q3 estimates in December, with sales up 86%. CrowdStrike also lifted its guidance at the time. Zacks estimates currently call for it to swing from an adjusted loss of -$0.02 a share in the year-ago period to +$0.09 in the fourth quarter on 65% stronger sales.</p><p>In total, the cybersecurity firm is projected to soar from a loss of -$0.42 a share to +$0.23 in fiscal 2021. Plus, CRWD’s FY22 EPS figure is projected to climb another 70% higher, all the way to $0.39 a share. Meanwhile, its revenue is projected to jump 79% to hit $861 million in FY21 and then climb another 42% to $1.22 billion in FY22.</p><p>CrowdStrike’s expected growth would come on top of FY20’s 93% sales expansion. The stock has clearly already gone on an impressive run. But it is poised to continue to grow in a world where everything is connected and data is endless. Therefore, cybersecurity firms such as CrowdStrike might make for strong long-term growth plays.</p><p><b>These Stocks Are Poised to Soar Past the Pandemic</b>The COVID-19 outbreak has shifted consumer behavior dramatically, and a handful of high-tech companies have stepped up to keep America running. Right now, investors in these companies have a shot at serious profits. For example, Zoom jumped 108.5% in less than 4 months while most other stocks were sinking.</p><p>Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early.</p>","source":"lsy1604288433698","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>2 Top Tech Stocks to Buy Now for Big Growth</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\">\n2 Top Tech Stocks to Buy Now for Big Growth\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-20 11:45 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.nasdaq.com/articles/2-top-tech-stocks-to-buy-now-for-big-growth-2021-02-19><strong>Nasdaq</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The S&P 500 and the tech-heavy Nasdaq slipped during the week of February 15, after they closed at new records last week. Despite the drop in some of the big tech names such as AppleAAPL, FacebookFB, ...</p>\n\n<a href=\"https://www.nasdaq.com/articles/2-top-tech-stocks-to-buy-now-for-big-growth-2021-02-19\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.nasdaq.com/articles/2-top-tech-stocks-to-buy-now-for-big-growth-2021-02-19","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1143100356","content_text":"The S&P 500 and the tech-heavy Nasdaq slipped during the week of February 15, after they closed at new records last week. Despite the drop in some of the big tech names such as AppleAAPL, FacebookFB, MicrosoftMSFT, Zoom VideoZM, and countless others this week, the market fundamentals remain relatively strong.Ebbs and flows, as well as pullbacks and corrections are healthy aspects of the market. And they need not be viewed as anything but normal occurrences, especially as strong earnings results continue to pour in. Better yet, the outlook for the first quarter and the rest of 2021 has improved significantly.Vaccine distribution will hopefully help the economy roar back by the summer and lift some of the hardest-hit areas of the economy. Meanwhile, Wall Street is banking on more spending under the Biden administration and the Fed remains firmly committed to keeping interest rates low.All of these factors set up a bullish outlook for 2021. But instead of focusing on companies that need a vaccine to really grow, let’s look at two tech stocks that have posted big sales growth during the pandemic and are ready to expand for years within futuristic industries…NIO Inc.NIOEvery major automaker, from FordFto Volvo, is racing to roll out more electric vehicles as they try to catch TeslaTSLA. Luckily for investors, the EV market is far from a zero-sum game and newcomers continue to enter the space. Chinese EV maker NIO is a rising star in the booming market, as its sales continue to grow. The company is also focused on autonomous driving tech, as well as batteries, which are the lifeblood of the industry.NIO sells multiple models that are somewhat in-line with Tesla, from smaller SUVs to sedans. The company said in early January that it delivered 17,353 vehicles in the fourth quarter, which marked a 110% jump.Overall, NIO’s full-year deliveries surged 113% to nearly 44,000 vehicles in 2020. And its January 2021 figures were even more impressive, with deliveries up 350% from the year-ago period to push its overall cumulative deliveries to 83K.With this in mind, Zacks estimates call for NIO’s FY20 revenue to jump 120% to $2.49 billion, with FY21 projected to come in another 97% higher to reach $4.89 billion. The Chinese EV company is also expected to significantly shrink its adjusted losses during this stretch.NIO has topped our EPS estimates in the trailing two periods and its positive earnings revisions help it land a Zacks Rank #2 (Buy) heading into the release of its Q4 results on March 1.NIO, which rocks an “A” grade for Growth in our Style Scores system, has seen its stock skyrocket over 1,000% in the last year and 300% in the past six months. Luckily for investors who missed the ride, NIO has cooled down, up only 12% in the last three months.At roughly $55 per share, it’s down about 13% from its late January records. The recent downturn has seen it fall from overbought in terms of the Relative Strength Index to around 45—an RSI above 70 is often regarded as overbought, with any number below 30 considered oversold.NIO’s recent price performance could give it room to run if it’s able to impress Wall Street. And the stock jumped over 1% through morning trading Friday, as it bounces off its 50-day moving average. NIO shares also trade at a discount compared to other high-flyers at 12.7X forward sales, which marks a discount against Tesla’s 15.5X and comes in 25% below its own six-months highs.Three out of the nine brokerage recommendations that Zacks has for NIO come in at a “Strong Buy,” with none below a “Hold.” NIO might be worth buying as a long-term play that’s far less expensive than Tesla ($784 a share), in a world where EVs already accounted for over 30% of Volvo’s new car sales in Europe in 2020. And let’s remember that China is one of the world’s largest EV markets.CrowdStrikeCRWDCrowdStrike is a cloud-focused cybersecurity firm that utilizes machine learning and AI to protect endpoints and cloud workloads. This is crucial in the cloud age that’s full of rapidly expanding endpoints, which include laptops, desktops, smartphones, IoT devices, and more.Remote work and schooling pushed this area of the ever-growing cybersecurity space to the forefront, but it was already booming. More importantly, as devices proliferate and our digitally-connected world grows more complex, it becomes more vulnerable.CrowdStrike on February announced plans to bolster its offerings through the acquisition of Humio for $400 million—expected to close in the first quarter. Humio provides high-performance cloud log management and observability technology. The deal is set to “further expand its eXtended Detection and Response (XDR) capabilities by ingesting and correlating data from any log, application or feed to deliver actionable insights and real-time protection.”CrowdStrike, which went public in the summer of 2019, has soared nearly 280% in the past 12 months. More recently, the stock is up 65% in the last six months, and it already bounced back to new records—which it hit earlier in the week—after it slipped in mid-January.The stock is firmly a growth play at the moment, trading at 42.7X forward sales, which puts it right in line with e-commerce giant ShopifySHOP. Despite its run, the stock is not currently considered overbought, with an RSI of 64.CRWD’s positive earnings revisions help it grab a Zacks Rank #2 (Buy) at the moment, with it set to release its fourth quarter fiscal 2021 results on March 16. Meanwhile, 14 of the 19 brokerage ratings Zacks has for CRWD come in at a “Strong Buy,” with none lower than a “Hold.”Looking back, the company crushed our Q3 estimates in December, with sales up 86%. CrowdStrike also lifted its guidance at the time. Zacks estimates currently call for it to swing from an adjusted loss of -$0.02 a share in the year-ago period to +$0.09 in the fourth quarter on 65% stronger sales.In total, the cybersecurity firm is projected to soar from a loss of -$0.42 a share to +$0.23 in fiscal 2021. Plus, CRWD’s FY22 EPS figure is projected to climb another 70% higher, all the way to $0.39 a share. Meanwhile, its revenue is projected to jump 79% to hit $861 million in FY21 and then climb another 42% to $1.22 billion in FY22.CrowdStrike’s expected growth would come on top of FY20’s 93% sales expansion. The stock has clearly already gone on an impressive run. But it is poised to continue to grow in a world where everything is connected and data is endless. Therefore, cybersecurity firms such as CrowdStrike might make for strong long-term growth plays.These Stocks Are Poised to Soar Past the PandemicThe COVID-19 outbreak has shifted consumer behavior dramatically, and a handful of high-tech companies have stepped up to keep America running. Right now, investors in these companies have a shot at serious profits. For example, Zoom jumped 108.5% in less than 4 months while most other stocks were sinking.Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early.","news_type":1},"isVote":1,"tweetType":1,"viewCount":255,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":171385939,"gmtCreate":1626706508721,"gmtModify":1703763777053,"author":{"id":"3556089233206356","authorId":"3556089233206356","name":"Mafia86","avatar":"https://static.tigerbbs.com/b725a09e5ac03f88838e7a00305c1253","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3556089233206356","authorIdStr":"3556089233206356"},"themes":[],"htmlText":"Getting ready to shop","listText":"Getting ready to shop","text":"Getting ready to shop","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/171385939","repostId":"2152827296","repostType":4,"repost":{"id":"2152827296","pubTimestamp":1626663600,"share":"https://ttm.financial/m/news/2152827296?lang=&edition=fundamental","pubTime":"2021-07-19 11:00","market":"us","language":"en","title":"4 Ways I'm Preparing for the Stock Market Bubble to Burst","url":"https://stock-news.laohu8.com/highlight/detail?id=2152827296","media":"Motley Fool","summary":"This incredible rally has to end with a spectacular crash sometime ... right? Maybe.","content":"<p>Does the <b>S&amp;P 500</b>'s nearly 100% gain from last March's low have you a little worried about a pullback? You're not alone. Even though much of this move was a recovery from the steep sell-off sparked by the onset of the COVID-19 pandemic, much of it has also just been plain old bullishness ... perhaps a little too much. Stocks are still chugging along, but at times, it feels like the only thing keeping the rally going is its momentum. That's not good.</p>\n<p>If you're concerned the market bubble is going to pop soon, feel free to rip a few pages out of my personal playbook. Notice that none of them are particularly complicated moves.</p>\n<h3>1. I'm scaling out of frothier, more speculative names</h3>\n<p>I confess, some of the names I've picked up over the course of the past year or so aren't exactly the sorts of stocks I fully intended to hold for the long haul. They were closer to being bets than investments, which can be fun and rewarding but not exactly safe when the market starts to unravel. As the old adage goes, the higher they fly, the farther they fall. That's especially true when a company can't even come close to justifying its stock price with actual fundamentals. Yes, I'm looking at you, <b>AMC Entertainment</b>.</p>\n<p>Most investors innately know this is the smart-money move to make when the broad market is closer to a major high than a major low. Some investors, however, just need to hear someone else say it. I just did.</p>\n<h3>2. I'm prioritizing cash over equities</h3>\n<p>At first glance, this seems a lot like the aforementioned move -- backing off on my exposure to riskier equities. After all, if I'm selling anything, those proceeds are inherently turned into cash anyway.</p>\n<p>To be clear, however, I'm not merely swapping out my more speculative, vulnerable names for more reliable blue chips. I'm reducing my overall exposure to the market by converting a sizable stake of my holdings to cash.</p>\n<p>It's not always a fully understood (or even believed) facet of investing, but \"safe\" stocks like consumer goods names and utilities companies aren't actually protection from a correction. Shares of consumer packaged goods giant <b>Procter &amp; Gamble</b> fell nearly 24% between last year's February high and March low when the coronavirus began to spread across the world, including within the U.S. Utility name <b>The Southern Company</b> fell 39% during this timeframe. Both recovered -- and then some -- but neither actually offered any true defense from sweeping weakness.</p>\n<p>The point is, during market corrections, there's really no place to hide. You'll just have to let the long-term holdings you're committed to take their lumps on faith they'll bounce back. If you don't have that faith with any particular stock, just replace it with cash until the dust settles.</p>\n<h3>3. I'm adding (a little) gold</h3>\n<p>While most stocks are going to be dragged lower by a market-wide correction, not every sort of holding is a stock. There are also bonds and commodities, which still trade independently of equities. That doesn't preclude them from pulling back if and when the stock market does. But if they do peel back, they're doing so independently of the broad market.</p>\n<p>I'm not bothering with bonds right now. Interest rates are pointlessly low, and with inflation seemingly on the verge of racing out of control, bonds are little more than a coin toss at this time anyway.</p>\n<p>Commodities, however, are a different story. If anything, they've become bigger movers against a rising inflation backdrop and a Federal Reserve that's being increasingly pressured to respond. Should stocks tank, commodities -- already pumped and primed -- may see a swell of demand that drives prices higher. The easiest way to plug into this dynamic is with a simple pick like the <b>SPDR Gold Trust</b>.</p>\n<h3>4. Mostly, I'm doing nothing</h3>\n<p>Finally, and perhaps most importantly, I'm doing nothing about a possible market correction.</p>\n<p>You read that right.</p>\n<p>There are two schools of thought behind the decision to do nothing rather than trying to evade the impact of a correction. The first of these is the simple fact that most of my holdings really are long-haul positions I had (and have) every intention of hanging onto through bear markets. One of the greatest upsides of a legitimate buy-and-hold approach is that you don't even have to worry about temporary headwinds.</p>\n<p>The other idea at work here is the fact that guessing the market's next near-term reversal is just darn difficult to do ... so much so that most people don't do it very well. Indeed, the effort to time the stock market's peaks and valleys often does more harm than good, by virtue of getting you out too soon or too late, or getting you back in too soon or too late. The market's going to do what the market's going to do in its own time, and it's<i> not</i> going to telegraph what's around the corner to anyone. The best way to win that game is by not playing it at all.</p>","source":"fool_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>4 Ways I'm Preparing for the Stock Market Bubble to Burst</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\">\n4 Ways I'm Preparing for the Stock Market Bubble to Burst\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-19 11:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2021/07/18/4-ways-im-preparing-for-stock-market-bubble-burst/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Does the S&P 500's nearly 100% gain from last March's low have you a little worried about a pullback? You're not alone. Even though much of this move was a recovery from the steep sell-off sparked by ...</p>\n\n<a href=\"https://www.fool.com/investing/2021/07/18/4-ways-im-preparing-for-stock-market-bubble-burst/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMC":"AMC院线"},"source_url":"https://www.fool.com/investing/2021/07/18/4-ways-im-preparing-for-stock-market-bubble-burst/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2152827296","content_text":"Does the S&P 500's nearly 100% gain from last March's low have you a little worried about a pullback? You're not alone. Even though much of this move was a recovery from the steep sell-off sparked by the onset of the COVID-19 pandemic, much of it has also just been plain old bullishness ... perhaps a little too much. Stocks are still chugging along, but at times, it feels like the only thing keeping the rally going is its momentum. That's not good.\nIf you're concerned the market bubble is going to pop soon, feel free to rip a few pages out of my personal playbook. Notice that none of them are particularly complicated moves.\n1. I'm scaling out of frothier, more speculative names\nI confess, some of the names I've picked up over the course of the past year or so aren't exactly the sorts of stocks I fully intended to hold for the long haul. They were closer to being bets than investments, which can be fun and rewarding but not exactly safe when the market starts to unravel. As the old adage goes, the higher they fly, the farther they fall. That's especially true when a company can't even come close to justifying its stock price with actual fundamentals. Yes, I'm looking at you, AMC Entertainment.\nMost investors innately know this is the smart-money move to make when the broad market is closer to a major high than a major low. Some investors, however, just need to hear someone else say it. I just did.\n2. I'm prioritizing cash over equities\nAt first glance, this seems a lot like the aforementioned move -- backing off on my exposure to riskier equities. After all, if I'm selling anything, those proceeds are inherently turned into cash anyway.\nTo be clear, however, I'm not merely swapping out my more speculative, vulnerable names for more reliable blue chips. I'm reducing my overall exposure to the market by converting a sizable stake of my holdings to cash.\nIt's not always a fully understood (or even believed) facet of investing, but \"safe\" stocks like consumer goods names and utilities companies aren't actually protection from a correction. Shares of consumer packaged goods giant Procter & Gamble fell nearly 24% between last year's February high and March low when the coronavirus began to spread across the world, including within the U.S. Utility name The Southern Company fell 39% during this timeframe. Both recovered -- and then some -- but neither actually offered any true defense from sweeping weakness.\nThe point is, during market corrections, there's really no place to hide. You'll just have to let the long-term holdings you're committed to take their lumps on faith they'll bounce back. If you don't have that faith with any particular stock, just replace it with cash until the dust settles.\n3. I'm adding (a little) gold\nWhile most stocks are going to be dragged lower by a market-wide correction, not every sort of holding is a stock. There are also bonds and commodities, which still trade independently of equities. That doesn't preclude them from pulling back if and when the stock market does. But if they do peel back, they're doing so independently of the broad market.\nI'm not bothering with bonds right now. Interest rates are pointlessly low, and with inflation seemingly on the verge of racing out of control, bonds are little more than a coin toss at this time anyway.\nCommodities, however, are a different story. If anything, they've become bigger movers against a rising inflation backdrop and a Federal Reserve that's being increasingly pressured to respond. Should stocks tank, commodities -- already pumped and primed -- may see a swell of demand that drives prices higher. The easiest way to plug into this dynamic is with a simple pick like the SPDR Gold Trust.\n4. Mostly, I'm doing nothing\nFinally, and perhaps most importantly, I'm doing nothing about a possible market correction.\nYou read that right.\nThere are two schools of thought behind the decision to do nothing rather than trying to evade the impact of a correction. The first of these is the simple fact that most of my holdings really are long-haul positions I had (and have) every intention of hanging onto through bear markets. One of the greatest upsides of a legitimate buy-and-hold approach is that you don't even have to worry about temporary headwinds.\nThe other idea at work here is the fact that guessing the market's next near-term reversal is just darn difficult to do ... so much so that most people don't do it very well. Indeed, the effort to time the stock market's peaks and valleys often does more harm than good, by virtue of getting you out too soon or too late, or getting you back in too soon or too late. The market's going to do what the market's going to do in its own time, and it's not going to telegraph what's around the corner to anyone. The best way to win that game is by not playing it at all.","news_type":1},"isVote":1,"tweetType":1,"viewCount":403,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":109076331,"gmtCreate":1619656893123,"gmtModify":1704727454796,"author":{"id":"3556089233206356","authorId":"3556089233206356","name":"Mafia86","avatar":"https://static.tigerbbs.com/b725a09e5ac03f88838e7a00305c1253","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3556089233206356","authorIdStr":"3556089233206356"},"themes":[],"htmlText":"Nicely done","listText":"Nicely done","text":"Nicely done","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/109076331","repostId":"1128956391","repostType":4,"repost":{"id":"1128956391","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":1619652261,"share":"https://ttm.financial/m/news/1128956391?lang=&edition=fundamental","pubTime":"2021-04-29 07:24","market":"us","language":"en","title":"Qualcomm revenue pops 52% on strong smartphone demand","url":"https://stock-news.laohu8.com/highlight/detail?id=1128956391","media":"Tiger Newspress","summary":"KEY POINTS\n\nQualcomm raised its guidance for handset shipments this year.\nThe chipmaker beat on the ","content":"<p><b>KEY POINTS</b></p>\n<ul>\n <li>Qualcomm raised its guidance for handset shipments this year.</li>\n <li>The chipmaker beat on the top and bottom lines, along with quarterly guidance.</li>\n</ul>\n<p>Qualcomm&nbsp;shares rose as much as 5.2% in extended trading on Wednesday after the chipmaker reported fiscal second-quarter earnings that exceeded analysts’ estimates.</p>\n<p><img src=\"https://static.tigerbbs.com/30bb1602abfa262526c90e552358aaec\" tg-width=\"1302\" tg-height=\"833\"></p>\n<p>Here’s how the company did:</p>\n<ul>\n <li><b>Earnings:</b>$1.90 per share, adjusted, vs. $1.67 per share as expected by analysts, according to Refinitiv</li>\n <li><b>Revenue:</b>$7.93 billion vs. $7.62 billion as expected by analysts, according to Refinitiv</li>\n</ul>\n<p>Revenue grew 52% on an annualized basis in the quarter, which ended on March 28, according to a&nbsp;statement. Lower phone demand because of the coronavirus in the&nbsp;year-ago quarter&nbsp;made for faster growth than usual. Strong handset shipments in China also lifted results, Akash Palkhiwala, the company’s finance chief, said on a conference call with analysts. In&nbsp;the previous quarter, revenue grew 63%.</p>\n<p>The company’s profitable Qualcomm Technology Licensing segment, which includes mobile handset patent royalties, contributed $1.61 billion in revenue, which was up 51% and above the $1.35 billion consensus among analysts surveyed by FactSet.</p>\n<p>Qualcomm derives much of its revenue from handset chips, and the deployment of 5G networks creates a growth opportunity for the company, particularly as the economy reopens and people begin to travel more.</p>\n<p>Handset revenue, at $4.07 billion, grew 53%, although analysts polled by FactSet had expected $4.23 billion. The larger Qualcomm CDMA Technologies Segment, which includes handsets as well as radio frequency front end, internet of things and automotive components, came up with $6.28 billion in revenue, surpassing the $6.26 billion FactSet consensus. The company raised its guidance for 3G, 4G and 5G handset shipments in 2021.</p>\n<p>Some of that growth should strengthen Qualcomm’s next quarter. Qualcomm called for fiscal third-quarter adjusted earnings of $1.55 to $1.75 per share on $7.1 billion to $7.9 billion in revenue. Analysts polled by Refinitiv had expected $1.52 in adjusted earnings per share on $7.11 billion in revenue.</p>\n<p>In the fiscal second quarter Qualcommacquiredchip start-up Nuvia for $1.4 billion before working capital and other adjustments, and Qualcommsaidthat on June 30 Cristiano Amon, its president, will replace current CEO Steve Mollenkopf.</p>\n<p>“Despite the industry-wide semiconductor supply shortage, we’re utilizing our scale and working across our entire global supply chain to maximize our ability to capture this opportunity,” Amon said. “We expect material improvements by the end of the calendar year due to planned capacity builds and multi-sourcing initiatives.” Supply conditions will improve at the end of the year, he said.</p>\n<p>Notwithstanding the after-hours move, Qualcomm stock is down 10% since the start of the year, compared with a roughly 12% gain in the S&amp;P 500 index over the same period.</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>Qualcomm revenue pops 52% on strong smartphone demand</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nQualcomm revenue pops 52% on strong smartphone demand\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\">2021-04-29 07:24</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p><b>KEY POINTS</b></p>\n<ul>\n <li>Qualcomm raised its guidance for handset shipments this year.</li>\n <li>The chipmaker beat on the top and bottom lines, along with quarterly guidance.</li>\n</ul>\n<p>Qualcomm&nbsp;shares rose as much as 5.2% in extended trading on Wednesday after the chipmaker reported fiscal second-quarter earnings that exceeded analysts’ estimates.</p>\n<p><img src=\"https://static.tigerbbs.com/30bb1602abfa262526c90e552358aaec\" tg-width=\"1302\" tg-height=\"833\"></p>\n<p>Here’s how the company did:</p>\n<ul>\n <li><b>Earnings:</b>$1.90 per share, adjusted, vs. $1.67 per share as expected by analysts, according to Refinitiv</li>\n <li><b>Revenue:</b>$7.93 billion vs. $7.62 billion as expected by analysts, according to Refinitiv</li>\n</ul>\n<p>Revenue grew 52% on an annualized basis in the quarter, which ended on March 28, according to a&nbsp;statement. Lower phone demand because of the coronavirus in the&nbsp;year-ago quarter&nbsp;made for faster growth than usual. Strong handset shipments in China also lifted results, Akash Palkhiwala, the company’s finance chief, said on a conference call with analysts. In&nbsp;the previous quarter, revenue grew 63%.</p>\n<p>The company’s profitable Qualcomm Technology Licensing segment, which includes mobile handset patent royalties, contributed $1.61 billion in revenue, which was up 51% and above the $1.35 billion consensus among analysts surveyed by FactSet.</p>\n<p>Qualcomm derives much of its revenue from handset chips, and the deployment of 5G networks creates a growth opportunity for the company, particularly as the economy reopens and people begin to travel more.</p>\n<p>Handset revenue, at $4.07 billion, grew 53%, although analysts polled by FactSet had expected $4.23 billion. The larger Qualcomm CDMA Technologies Segment, which includes handsets as well as radio frequency front end, internet of things and automotive components, came up with $6.28 billion in revenue, surpassing the $6.26 billion FactSet consensus. The company raised its guidance for 3G, 4G and 5G handset shipments in 2021.</p>\n<p>Some of that growth should strengthen Qualcomm’s next quarter. Qualcomm called for fiscal third-quarter adjusted earnings of $1.55 to $1.75 per share on $7.1 billion to $7.9 billion in revenue. Analysts polled by Refinitiv had expected $1.52 in adjusted earnings per share on $7.11 billion in revenue.</p>\n<p>In the fiscal second quarter Qualcommacquiredchip start-up Nuvia for $1.4 billion before working capital and other adjustments, and Qualcommsaidthat on June 30 Cristiano Amon, its president, will replace current CEO Steve Mollenkopf.</p>\n<p>“Despite the industry-wide semiconductor supply shortage, we’re utilizing our scale and working across our entire global supply chain to maximize our ability to capture this opportunity,” Amon said. “We expect material improvements by the end of the calendar year due to planned capacity builds and multi-sourcing initiatives.” Supply conditions will improve at the end of the year, he said.</p>\n<p>Notwithstanding the after-hours move, Qualcomm stock is down 10% since the start of the year, compared with a roughly 12% gain in the S&amp;P 500 index over the same period.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"QCOM":"高通"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1128956391","content_text":"KEY POINTS\n\nQualcomm raised its guidance for handset shipments this year.\nThe chipmaker beat on the top and bottom lines, along with quarterly guidance.\n\nQualcomm shares rose as much as 5.2% in extended trading on Wednesday after the chipmaker reported fiscal second-quarter earnings that exceeded analysts’ estimates.\n\nHere’s how the company did:\n\nEarnings:$1.90 per share, adjusted, vs. $1.67 per share as expected by analysts, according to Refinitiv\nRevenue:$7.93 billion vs. $7.62 billion as expected by analysts, according to Refinitiv\n\nRevenue grew 52% on an annualized basis in the quarter, which ended on March 28, according to a statement. Lower phone demand because of the coronavirus in the year-ago quarter made for faster growth than usual. Strong handset shipments in China also lifted results, Akash Palkhiwala, the company’s finance chief, said on a conference call with analysts. In the previous quarter, revenue grew 63%.\nThe company’s profitable Qualcomm Technology Licensing segment, which includes mobile handset patent royalties, contributed $1.61 billion in revenue, which was up 51% and above the $1.35 billion consensus among analysts surveyed by FactSet.\nQualcomm derives much of its revenue from handset chips, and the deployment of 5G networks creates a growth opportunity for the company, particularly as the economy reopens and people begin to travel more.\nHandset revenue, at $4.07 billion, grew 53%, although analysts polled by FactSet had expected $4.23 billion. The larger Qualcomm CDMA Technologies Segment, which includes handsets as well as radio frequency front end, internet of things and automotive components, came up with $6.28 billion in revenue, surpassing the $6.26 billion FactSet consensus. The company raised its guidance for 3G, 4G and 5G handset shipments in 2021.\nSome of that growth should strengthen Qualcomm’s next quarter. Qualcomm called for fiscal third-quarter adjusted earnings of $1.55 to $1.75 per share on $7.1 billion to $7.9 billion in revenue. Analysts polled by Refinitiv had expected $1.52 in adjusted earnings per share on $7.11 billion in revenue.\nIn the fiscal second quarter Qualcommacquiredchip start-up Nuvia for $1.4 billion before working capital and other adjustments, and Qualcommsaidthat on June 30 Cristiano Amon, its president, will replace current CEO Steve Mollenkopf.\n“Despite the industry-wide semiconductor supply shortage, we’re utilizing our scale and working across our entire global supply chain to maximize our ability to capture this opportunity,” Amon said. “We expect material improvements by the end of the calendar year due to planned capacity builds and multi-sourcing initiatives.” Supply conditions will improve at the end of the year, he said.\nNotwithstanding the after-hours move, Qualcomm stock is down 10% since the start of the year, compared with a roughly 12% gain in the S&P 500 index over the same period.","news_type":1},"isVote":1,"tweetType":1,"viewCount":310,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":324533260,"gmtCreate":1616004540550,"gmtModify":1704789654928,"author":{"id":"3556089233206356","authorId":"3556089233206356","name":"Mafia86","avatar":"https://static.tigerbbs.com/b725a09e5ac03f88838e7a00305c1253","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3556089233206356","authorIdStr":"3556089233206356"},"themes":[],"htmlText":"Cool ?","listText":"Cool ?","text":"Cool ?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/324533260","repostId":"1184930969","repostType":4,"repost":{"id":"1184930969","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":1615995220,"share":"https://ttm.financial/m/news/1184930969?lang=&edition=fundamental","pubTime":"2021-03-17 23:33","market":"us","language":"en","title":"Disney stocks soared, after Disney CEO Bob Chapek says Disneyland to reopen on April 30","url":"https://stock-news.laohu8.com/highlight/detail?id=1184930969","media":"Tiger Newspress","summary":"California's twoDisneytheme parks will reopen on April 30, CEO Bob Chapek said on CNBC's \"Squawk Alley\" Wednesday.All theme parks in California have been closed due to Covid-related restrictions for the past year. While guidelines in other states, like Florida, allowed parks to reopen with limited capacity, California's rules have kept theme parks big and small shuttered.However, new state guidance permits amusement parks to reopen beginning April 1 with 15% to 35% capacity depending on the prev","content":"<p>(March 17)&nbsp;Disney stocks soared, after Disney CEO Bob Chapek says Disneyland to reopen on April 30.</p><p><img src=\"https://static.tigerbbs.com/db430141c5946bb77728ce504ac1dc81\" tg-width=\"685\" tg-height=\"480\" referrerpolicy=\"no-referrer\"></p><p>California's twoDisneytheme parks will reopen on April 30, CEO Bob Chapek said on CNBC's \"Squawk Alley\" Wednesday.</p><p>All theme parks in California have been closed due to Covid-related restrictions for the past year. While guidelines in other states, like Florida, allowed parks to reopen with limited capacity, California's rules have kept theme parks big and small shuttered.</p><p>However,&nbsp;new state guidance&nbsp;permits amusement parks to reopen beginning April 1 with 15% to 35% capacity depending on the prevalence of the virus in the community. Masks and other health precautions will be required.</p><p>California is reporting just under 2,900 new Covid-19 cases per day, based on a weekly average, a near 32% decline compared with a week ago, according to a CNBC analysis of data compiled by Johns Hopkins University. The rate of new Covid cases has been on the decline as more people have been getting vaccinated. With ramp ups in supply and acces, on average about 2.4 million people are getting vaccinated daily in the U.S.</p><p>Orange County, where Disneyland and California Adventure are located, are seeing four new cases a day per 100,000 residents. At its peak, the county saw 118 new cases a day per 100,000 people back in mid-January.</p><p>The shutdown last year led Disney tolay off tens of thousands of workers&nbsp;and slashed an important source of revenue for the media company. The parks, experiences and consumer products segment accounted for 37% of the company's $69.6 billion in total revenue in 2019, or around $26.2 billion.</p><p>A year later, revenue shrunk to $16.5 billion, or around 25% of the company's $65.4 billion in total revenue.</p><p>During the company's fiscal first-quarter earnings call, Chief Financial Officer Christine McCarthy said that for the parks that have been open during the pandemic, the company was able to make a profit from the guests who visited despite reduced capacity levels.</p><p>As parks expand capacity and reopen, there will be some level of social distancing and mask wearing for the rest of the year.</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>Disney stocks soared, after Disney CEO Bob Chapek says Disneyland to reopen on April 30</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\">\nDisney stocks soared, after Disney CEO Bob Chapek says Disneyland to reopen on April 30\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\">2021-03-17 23:33</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>(March 17)&nbsp;Disney stocks soared, after Disney CEO Bob Chapek says Disneyland to reopen on April 30.</p><p><img src=\"https://static.tigerbbs.com/db430141c5946bb77728ce504ac1dc81\" tg-width=\"685\" tg-height=\"480\" referrerpolicy=\"no-referrer\"></p><p>California's twoDisneytheme parks will reopen on April 30, CEO Bob Chapek said on CNBC's \"Squawk Alley\" Wednesday.</p><p>All theme parks in California have been closed due to Covid-related restrictions for the past year. While guidelines in other states, like Florida, allowed parks to reopen with limited capacity, California's rules have kept theme parks big and small shuttered.</p><p>However,&nbsp;new state guidance&nbsp;permits amusement parks to reopen beginning April 1 with 15% to 35% capacity depending on the prevalence of the virus in the community. Masks and other health precautions will be required.</p><p>California is reporting just under 2,900 new Covid-19 cases per day, based on a weekly average, a near 32% decline compared with a week ago, according to a CNBC analysis of data compiled by Johns Hopkins University. The rate of new Covid cases has been on the decline as more people have been getting vaccinated. With ramp ups in supply and acces, on average about 2.4 million people are getting vaccinated daily in the U.S.</p><p>Orange County, where Disneyland and California Adventure are located, are seeing four new cases a day per 100,000 residents. At its peak, the county saw 118 new cases a day per 100,000 people back in mid-January.</p><p>The shutdown last year led Disney tolay off tens of thousands of workers&nbsp;and slashed an important source of revenue for the media company. The parks, experiences and consumer products segment accounted for 37% of the company's $69.6 billion in total revenue in 2019, or around $26.2 billion.</p><p>A year later, revenue shrunk to $16.5 billion, or around 25% of the company's $65.4 billion in total revenue.</p><p>During the company's fiscal first-quarter earnings call, Chief Financial Officer Christine McCarthy said that for the parks that have been open during the pandemic, the company was able to make a profit from the guests who visited despite reduced capacity levels.</p><p>As parks expand capacity and reopen, there will be some level of social distancing and mask wearing for the rest of the year.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/fcabf75ca25b5c2a5767c559e42702f8","relate_stocks":{"DIS":"迪士尼"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1184930969","content_text":"(March 17) Disney stocks soared, after Disney CEO Bob Chapek says Disneyland to reopen on April 30.California's twoDisneytheme parks will reopen on April 30, CEO Bob Chapek said on CNBC's \"Squawk Alley\" Wednesday.All theme parks in California have been closed due to Covid-related restrictions for the past year. While guidelines in other states, like Florida, allowed parks to reopen with limited capacity, California's rules have kept theme parks big and small shuttered.However, new state guidance permits amusement parks to reopen beginning April 1 with 15% to 35% capacity depending on the prevalence of the virus in the community. Masks and other health precautions will be required.California is reporting just under 2,900 new Covid-19 cases per day, based on a weekly average, a near 32% decline compared with a week ago, according to a CNBC analysis of data compiled by Johns Hopkins University. The rate of new Covid cases has been on the decline as more people have been getting vaccinated. With ramp ups in supply and acces, on average about 2.4 million people are getting vaccinated daily in the U.S.Orange County, where Disneyland and California Adventure are located, are seeing four new cases a day per 100,000 residents. At its peak, the county saw 118 new cases a day per 100,000 people back in mid-January.The shutdown last year led Disney tolay off tens of thousands of workers and slashed an important source of revenue for the media company. The parks, experiences and consumer products segment accounted for 37% of the company's $69.6 billion in total revenue in 2019, or around $26.2 billion.A year later, revenue shrunk to $16.5 billion, or around 25% of the company's $65.4 billion in total revenue.During the company's fiscal first-quarter earnings call, Chief Financial Officer Christine McCarthy said that for the parks that have been open during the pandemic, the company was able to make a profit from the guests who visited despite reduced capacity levels.As parks expand capacity and reopen, there will be some level of social distancing and mask wearing for the rest of the year.","news_type":1},"isVote":1,"tweetType":1,"viewCount":100,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":386556334,"gmtCreate":1613216151928,"gmtModify":1704879468689,"author":{"id":"3556089233206356","authorId":"3556089233206356","name":"Mafia86","avatar":"https://static.tigerbbs.com/b725a09e5ac03f88838e7a00305c1253","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3556089233206356","authorIdStr":"3556089233206356"},"themes":[],"htmlText":"Nice!","listText":"Nice!","text":"Nice!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/386556334","repostId":"2110026963","repostType":4,"repost":{"id":"2110026963","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":1613109422,"share":"https://ttm.financial/m/news/2110026963?lang=&edition=fundamental","pubTime":"2021-02-12 13:57","market":"us","language":"en","title":"Here's the formula for spotting genuinely undervalued companies, claims this investment house","url":"https://stock-news.laohu8.com/highlight/detail?id=2110026963","media":"Dow Jones","summary":"The growth stock vs. value stock dichotomy doesn't make sense, says ValuAnalysis. For most of 2020, investors poured money into names like online retailer Amazon $$, electric-car maker Tesla $$, and e-commerce platform Shopify -- \"growth\" stocks that kept indexes afloat in a turbulent year that hammered share prices across the board.But when news broke in early November 2020 that drug company Pfizer $$ and its partner BioNTech $$ had developed an effective vaccine against COVID-19, something pro","content":"<p>MW Here's the formula for spotting genuinely undervalued companies, claims this investment house</p>\n<p>The growth stock vs. value stock dichotomy doesn't make sense, says ValuAnalysis</p>\n<p>For most of 2020, investors poured money into names like online retailer Amazon <a href=\"https://laohu8.com/S/AMZN\">$(AMZN)$</a>, electric-car maker Tesla <a href=\"https://laohu8.com/S/TSLA\">$(TSLA)$</a>, and e-commerce platform Shopify (SHOP.T)-- \"growth\" stocks that kept indexes afloat in a turbulent year that hammered share prices across the board.</p>\n<p>But when news broke in early November 2020 that drug company Pfizer <a href=\"https://laohu8.com/S/PFE\">$(PFE)$</a> and its partner BioNTech <a href=\"https://laohu8.com/S/BNTX\">$(BNTX)$</a> had developed an effective vaccine against COVID-19, something profound happened in financial markets.</p>\n<p>Investors rotated out of these investments in favor of \"value\" stocks hammered by the COVID-19 pandemic, like airlines.</p>\n<p>This rotation was based on an essential concept in investing: There are some stocks that are clearly undervalued based on standard metrics.</p>\n<p>And it is completely flawed, according to research from ValuAnalysis, a London-based fund manager and equity investment boutique, which specializes in valuation.</p>\n<p>The apparent difference between growth stocks and value stocks is that the former is overvalued based on fundamental metrics while the latter is undervalued.</p>\n<p>\"Everyone knows that this thing doesn't make any sense because growth is not the opposite of value,\" Pascal Costantini, who led the research at ValuAnalysis, tells MarketWatch.</p>\n<p>\"It should be high-growth and low-growth, and I can imagine that, somewhere in an office, some guy said 'well this is not catchy enough, so how about growth and value?'\"</p>\n<p>Analysts and investors use metrics like the price-to-earnings ratio, or price multiple, to value stocks. ValuAnalysis uses price as a multiple of normalized net free cash flow as its benchmark, and identifies the imaginary dividing line between value and growth stocks at 35x, which is the market median.</p>\n<p>The value vs. growth divide would suggest that a company trading at a 17x earnings multiple is undervalued. In reality, ValuAnalysis says it is likely a company that won't grow.</p>\n<p>In reality, a stock's value is based on the company's ability to grow free cash flow in an environment where the cost of capital is 5% to 6%. So if a company isn't outpacing that by improving revenue and margins, the multiple won't increase and the stock price is unlikely to rise.</p>\n<p>Stocks that are actually undervalued will trade between 25x and 35x free cash flow, Costantini says, outpacing the cost of capital but not breaking past the market median.</p>\n<p>To have potential, a company's accumulation of assets or revenue growth must outpace increases in global gross domestic product, and ideally show signs of accelerating. There must also be an increase in operational leverage through revenue or margins. A decrease in the risk premium, such as through advances in controlling carbon emissions, helps.</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>Here's the formula for spotting genuinely undervalued companies, claims this investment house</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\">\nHere's the formula for spotting genuinely undervalued companies, claims this investment house\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\">2021-02-12 13:57</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<p>MW Here's the formula for spotting genuinely undervalued companies, claims this investment house</p>\n<p>The growth stock vs. value stock dichotomy doesn't make sense, says ValuAnalysis</p>\n<p>For most of 2020, investors poured money into names like online retailer Amazon <a href=\"https://laohu8.com/S/AMZN\">$(AMZN)$</a>, electric-car maker Tesla <a href=\"https://laohu8.com/S/TSLA\">$(TSLA)$</a>, and e-commerce platform Shopify (SHOP.T)-- \"growth\" stocks that kept indexes afloat in a turbulent year that hammered share prices across the board.</p>\n<p>But when news broke in early November 2020 that drug company Pfizer <a href=\"https://laohu8.com/S/PFE\">$(PFE)$</a> and its partner BioNTech <a href=\"https://laohu8.com/S/BNTX\">$(BNTX)$</a> had developed an effective vaccine against COVID-19, something profound happened in financial markets.</p>\n<p>Investors rotated out of these investments in favor of \"value\" stocks hammered by the COVID-19 pandemic, like airlines.</p>\n<p>This rotation was based on an essential concept in investing: There are some stocks that are clearly undervalued based on standard metrics.</p>\n<p>And it is completely flawed, according to research from ValuAnalysis, a London-based fund manager and equity investment boutique, which specializes in valuation.</p>\n<p>The apparent difference between growth stocks and value stocks is that the former is overvalued based on fundamental metrics while the latter is undervalued.</p>\n<p>\"Everyone knows that this thing doesn't make any sense because growth is not the opposite of value,\" Pascal Costantini, who led the research at ValuAnalysis, tells MarketWatch.</p>\n<p>\"It should be high-growth and low-growth, and I can imagine that, somewhere in an office, some guy said 'well this is not catchy enough, so how about growth and value?'\"</p>\n<p>Analysts and investors use metrics like the price-to-earnings ratio, or price multiple, to value stocks. ValuAnalysis uses price as a multiple of normalized net free cash flow as its benchmark, and identifies the imaginary dividing line between value and growth stocks at 35x, which is the market median.</p>\n<p>The value vs. growth divide would suggest that a company trading at a 17x earnings multiple is undervalued. In reality, ValuAnalysis says it is likely a company that won't grow.</p>\n<p>In reality, a stock's value is based on the company's ability to grow free cash flow in an environment where the cost of capital is 5% to 6%. So if a company isn't outpacing that by improving revenue and margins, the multiple won't increase and the stock price is unlikely to rise.</p>\n<p>Stocks that are actually undervalued will trade between 25x and 35x free cash flow, Costantini says, outpacing the cost of capital but not breaking past the market median.</p>\n<p>To have potential, a company's accumulation of assets or revenue growth must outpace increases in global gross domestic product, and ideally show signs of accelerating. There must also be an increase in operational leverage through revenue or margins. A decrease in the risk premium, such as through advances in controlling carbon emissions, helps.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/15e20574f8fb568333181d61bb200086","relate_stocks":{"TSLA":"特斯拉","PFE":"辉瑞","AMZN":"亚马逊"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2110026963","content_text":"MW Here's the formula for spotting genuinely undervalued companies, claims this investment house\nThe growth stock vs. value stock dichotomy doesn't make sense, says ValuAnalysis\nFor most of 2020, investors poured money into names like online retailer Amazon $(AMZN)$, electric-car maker Tesla $(TSLA)$, and e-commerce platform Shopify (SHOP.T)-- \"growth\" stocks that kept indexes afloat in a turbulent year that hammered share prices across the board.\nBut when news broke in early November 2020 that drug company Pfizer $(PFE)$ and its partner BioNTech $(BNTX)$ had developed an effective vaccine against COVID-19, something profound happened in financial markets.\nInvestors rotated out of these investments in favor of \"value\" stocks hammered by the COVID-19 pandemic, like airlines.\nThis rotation was based on an essential concept in investing: There are some stocks that are clearly undervalued based on standard metrics.\nAnd it is completely flawed, according to research from ValuAnalysis, a London-based fund manager and equity investment boutique, which specializes in valuation.\nThe apparent difference between growth stocks and value stocks is that the former is overvalued based on fundamental metrics while the latter is undervalued.\n\"Everyone knows that this thing doesn't make any sense because growth is not the opposite of value,\" Pascal Costantini, who led the research at ValuAnalysis, tells MarketWatch.\n\"It should be high-growth and low-growth, and I can imagine that, somewhere in an office, some guy said 'well this is not catchy enough, so how about growth and value?'\"\nAnalysts and investors use metrics like the price-to-earnings ratio, or price multiple, to value stocks. ValuAnalysis uses price as a multiple of normalized net free cash flow as its benchmark, and identifies the imaginary dividing line between value and growth stocks at 35x, which is the market median.\nThe value vs. growth divide would suggest that a company trading at a 17x earnings multiple is undervalued. In reality, ValuAnalysis says it is likely a company that won't grow.\nIn reality, a stock's value is based on the company's ability to grow free cash flow in an environment where the cost of capital is 5% to 6%. So if a company isn't outpacing that by improving revenue and margins, the multiple won't increase and the stock price is unlikely to rise.\nStocks that are actually undervalued will trade between 25x and 35x free cash flow, Costantini says, outpacing the cost of capital but not breaking past the market median.\nTo have potential, a company's accumulation of assets or revenue growth must outpace increases in global gross domestic product, and ideally show signs of accelerating. There must also be an increase in operational leverage through revenue or margins. A decrease in the risk premium, such as through advances in controlling carbon emissions, helps.","news_type":1},"isVote":1,"tweetType":1,"viewCount":210,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":103473145,"gmtCreate":1619815246187,"gmtModify":1704335227629,"author":{"id":"3556089233206356","authorId":"3556089233206356","name":"Mafia86","avatar":"https://static.tigerbbs.com/b725a09e5ac03f88838e7a00305c1253","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3556089233206356","authorIdStr":"3556089233206356"},"themes":[],"htmlText":"Next week will be good to watch . Big pump ! PT $35","listText":"Next week will be good to watch . Big pump ! PT $35","text":"Next week will be good to watch . Big pump ! PT $35","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/103473145","repostId":"2131530304","repostType":2,"repost":{"id":"2131530304","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1619752422,"share":"https://ttm.financial/m/news/2131530304?lang=&edition=fundamental","pubTime":"2021-04-30 11:13","market":"us","language":"en","title":"MicroVision Stock Plummets 21% On Q1 Earnings Miss: What You Need To Know","url":"https://stock-news.laohu8.com/highlight/detail?id=2131530304","media":"Benzinga","summary":"MicroVision, Inc (NASDAQ: MVIS) shares fell over 21% in Wednesday’s after-hours session after the company announced its first-quarter results for 2021.","content":"<p><b>MicroVision, Inc</b> (NASDAQ:MVIS) shares fell over 21% in Wednesday’s after-hours session after the company announced its first-quarter results for 2021.</p><p><b>What Happened: </b>The solid-state automotive lidar and microdisplay technology company’s revenue for the first quarter was $0.5 million in Q1 2021, while in the same period last year it was $1.5 million.</p><p>Loss per share was reported at $0.04, which is the same number as in Q1 2020&nbsp;and worse than the Street expectation of loss per share of $0.02.</p><p>“We expect that a version of this first-generation long-range lidar sensor, after internal and external validation, reliability and compliance testing, could be available for sale, in initial quantities, in the third or fourth quarter of 2021 as we previously reported,” said Sumit Sharma, CEO of MicroVision.</p><p>Microvision shares fell 21.17% lower to $14.19 in the after-hours session on Wednesday after plunging 14.24% in the regular hours to $18.</p><p><b>Why It Matters: </b>MicroVision&nbsp;continues to dominate discussions on r/WallStreetBets, a Reddit forum that carried out retail-led short squeezes in <b>AMC Entertainment Holdings Inc</b> (NYSE:AMC), <b>GameStop Corporation</b> (NYSE:GME), and <b>Nokia Oyj</b> (NYSE:NOK).</p><p>At press time, MicroVision led discussions on the forum with 1,783 mentions, followed by <b>Clover Health Investments Corp</b> (NASDAQ:CLOV), which attracted 809 mentions, according to Quiver Quantitative data.</p><p>This week, “Mad Money” host Jim Cramer said he would rather “be on the long side” than on the short side of MicroVision.</p><p>S3’s Ihor Dusaniwsky warned that bears could be “squeezed out of their positions due to losses” in meme stocks, as per Reuters.</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>MicroVision Stock Plummets 21% On Q1 Earnings Miss: What You Need To Know</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\">\nMicroVision Stock Plummets 21% On Q1 Earnings Miss: What You Need To Know\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga </p>\n<p class=\"h-time\">2021-04-30 11:13</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<p><b>MicroVision, Inc</b> (NASDAQ:MVIS) shares fell over 21% in Wednesday’s after-hours session after the company announced its first-quarter results for 2021.</p><p><b>What Happened: </b>The solid-state automotive lidar and microdisplay technology company’s revenue for the first quarter was $0.5 million in Q1 2021, while in the same period last year it was $1.5 million.</p><p>Loss per share was reported at $0.04, which is the same number as in Q1 2020&nbsp;and worse than the Street expectation of loss per share of $0.02.</p><p>“We expect that a version of this first-generation long-range lidar sensor, after internal and external validation, reliability and compliance testing, could be available for sale, in initial quantities, in the third or fourth quarter of 2021 as we previously reported,” said Sumit Sharma, CEO of MicroVision.</p><p>Microvision shares fell 21.17% lower to $14.19 in the after-hours session on Wednesday after plunging 14.24% in the regular hours to $18.</p><p><b>Why It Matters: </b>MicroVision&nbsp;continues to dominate discussions on r/WallStreetBets, a Reddit forum that carried out retail-led short squeezes in <b>AMC Entertainment Holdings Inc</b> (NYSE:AMC), <b>GameStop Corporation</b> (NYSE:GME), and <b>Nokia Oyj</b> (NYSE:NOK).</p><p>At press time, MicroVision led discussions on the forum with 1,783 mentions, followed by <b>Clover Health Investments Corp</b> (NASDAQ:CLOV), which attracted 809 mentions, according to Quiver Quantitative data.</p><p>This week, “Mad Money” host Jim Cramer said he would rather “be on the long side” than on the short side of MicroVision.</p><p>S3’s Ihor Dusaniwsky warned that bears could be “squeezed out of their positions due to losses” in meme stocks, as per Reuters.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NOK":"诺基亚","CLOV":"Clover Health Corp","MVIS":"维视图像","GME":"游戏驿站","AMC":"AMC院线"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2131530304","content_text":"MicroVision, Inc (NASDAQ:MVIS) shares fell over 21% in Wednesday’s after-hours session after the company announced its first-quarter results for 2021.What Happened: The solid-state automotive lidar and microdisplay technology company’s revenue for the first quarter was $0.5 million in Q1 2021, while in the same period last year it was $1.5 million.Loss per share was reported at $0.04, which is the same number as in Q1 2020 and worse than the Street expectation of loss per share of $0.02.“We expect that a version of this first-generation long-range lidar sensor, after internal and external validation, reliability and compliance testing, could be available for sale, in initial quantities, in the third or fourth quarter of 2021 as we previously reported,” said Sumit Sharma, CEO of MicroVision.Microvision shares fell 21.17% lower to $14.19 in the after-hours session on Wednesday after plunging 14.24% in the regular hours to $18.Why It Matters: MicroVision continues to dominate discussions on r/WallStreetBets, a Reddit forum that carried out retail-led short squeezes in AMC Entertainment Holdings Inc (NYSE:AMC), GameStop Corporation (NYSE:GME), and Nokia Oyj (NYSE:NOK).At press time, MicroVision led discussions on the forum with 1,783 mentions, followed by Clover Health Investments Corp (NASDAQ:CLOV), which attracted 809 mentions, according to Quiver Quantitative data.This week, “Mad Money” host Jim Cramer said he would rather “be on the long side” than on the short side of MicroVision.S3’s Ihor Dusaniwsky warned that bears could be “squeezed out of their positions due to losses” in meme stocks, as per Reuters.","news_type":1},"isVote":1,"tweetType":1,"viewCount":313,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":328306307,"gmtCreate":1615484785309,"gmtModify":1704783557828,"author":{"id":"3556089233206356","authorId":"3556089233206356","name":"Mafia86","avatar":"https://static.tigerbbs.com/b725a09e5ac03f88838e7a00305c1253","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3556089233206356","authorIdStr":"3556089233206356"},"themes":[],"htmlText":"Cool ?","listText":"Cool ?","text":"Cool ?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/328306307","repostId":"1117588517","repostType":4,"repost":{"id":"1117588517","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":1615483663,"share":"https://ttm.financial/m/news/1117588517?lang=&edition=fundamental","pubTime":"2021-03-12 01:27","market":"us","language":"en","title":"Coupang spikes 85% on its first day of trading","url":"https://stock-news.laohu8.com/highlight/detail?id=1117588517","media":"Tiger Newspress","summary":"Coupang shares opened at $64.8 each on Thursday, about 85% higher than the company’s IPO price.Inves","content":"<p>Coupang shares opened at $64.8&nbsp;each on Thursday, about 85% higher than the company’s IPO price.</p><p><img src=\"https://static.tigerbbs.com/6d8a7bec648b4a2f82e6b4923e6d594e\" tg-width=\"1843\" tg-height=\"913\" referrerpolicy=\"no-referrer\"></p><p>Investors looking to buy shares of South Korean e-commerce firm&nbsp;Coupang&nbsp;when it goes public in New York should consider if the company has what it takes to be profitable in the future.</p><p>That’s the advice Daniel Yoo, head of global asset allocation at Yuanta Securities, Korea, has for clients.</p><p>“What you really need to know is whether or not, in the business environment of Korea and e-commerce, can they be able to generate a huge, profitable return on capital,” Yoo said Thursday on CNBC’s “Street Signs Asia.”</p><p>Coupang is set to debut on the New York Stock Exchange under the ticker “CPNG” later in the day when U.S. markets open.</p><p>The company said it had&nbsp;priced 130 million shares at $35 apiece, raising $4.55 billion and valuing the company around $60 billion. That makes Coupang the largest IPO in the U.S. this year and one of the&nbsp;top 25 biggest listings of all time stateside, by deal size.</p><p>The price is also above the company’s most recent&nbsp;expected range&nbsp;of between $32 and $34 a share.</p><p><b>Market leader</b></p><p>Yoo explained that the valuation and IPO price likely rose because Coupang is the only e-commerce company in South Korea that showed a sizeable gain in market share last year. He said its market size rose from 18.1% in 2019 to about 24.6% last year due to the coronavirus pandemic.</p><p>“Most of the other competitors really did not show any type of changes in terms of market share,” he said. Coupang’s rivals include eBay-owned Gmarket, WeMakePrice, Naver Shopping among others.</p><p>“The fact is that (Coupang is) becoming the biggest e-commerce business within Korea and 24% market share, I think, it might actually even rise further,” Yoo said. “It is possible that they can actually gain as much as 30%+ over the next few years.” That, he explained, would justify why the company’s IPO price has increased.</p><p>Coupang’s regulatory filing showed the company sustained losses over eight quarters through Dec. 31. But a sharp jump in sales last year helped narrow net losses from $770.2 million in 2019 to $567.6 million in 2020</p><p><b>Comparisons with Alibaba, Amazon</b></p><p>The company, whose prominent backers include SoftBank’s Vision Fund and Sequoia Capital, has drawn comparisons with&nbsp;Amazon&nbsp;and&nbsp;Alibaba. Those firms have become tech behemoths after making their public debuts.</p><p>But Yoo said that the consumer markets in the U.S. and China are significantly larger than South Korea. So, even if Coupang is able to increase its market share, he said it is unlikely to see the same kind of sales growth the other two companies saw in the last decade.</p><p>South Korea’s e-commerce market has an estimated value of $90.1 billion in 2020 with an annual growth rate of 22.3%, according to&nbsp;data analytics firm GlobalData. That is expected to grow at a compounded annual rate of 12% to reach $141.8 billion in 2024.</p><p>Spending some of its IPO proceeds on building out a strong distribution platform within Korea could benefit Coupang, according to Yoo.</p><p>The e-commerce firm was founded by Korean-American billionaire Bom Suk Kim in 2010 and is headquartered in Seoul. It has more than 100 fulfilment and logistics centers in over 30 cities that provide next-day delivery for orders placed before midnight. Coupang employs 15,000 drivers in South Korea for its deliveries and has branched out into other services such as food and grocery delivery.</p><p></p><p></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>Coupang spikes 85% on its first day of trading</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\">\nCoupang spikes 85% on its first day of trading\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\">2021-03-12 01:27</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Coupang shares opened at $64.8&nbsp;each on Thursday, about 85% higher than the company’s IPO price.</p><p><img src=\"https://static.tigerbbs.com/6d8a7bec648b4a2f82e6b4923e6d594e\" tg-width=\"1843\" tg-height=\"913\" referrerpolicy=\"no-referrer\"></p><p>Investors looking to buy shares of South Korean e-commerce firm&nbsp;Coupang&nbsp;when it goes public in New York should consider if the company has what it takes to be profitable in the future.</p><p>That’s the advice Daniel Yoo, head of global asset allocation at Yuanta Securities, Korea, has for clients.</p><p>“What you really need to know is whether or not, in the business environment of Korea and e-commerce, can they be able to generate a huge, profitable return on capital,” Yoo said Thursday on CNBC’s “Street Signs Asia.”</p><p>Coupang is set to debut on the New York Stock Exchange under the ticker “CPNG” later in the day when U.S. markets open.</p><p>The company said it had&nbsp;priced 130 million shares at $35 apiece, raising $4.55 billion and valuing the company around $60 billion. That makes Coupang the largest IPO in the U.S. this year and one of the&nbsp;top 25 biggest listings of all time stateside, by deal size.</p><p>The price is also above the company’s most recent&nbsp;expected range&nbsp;of between $32 and $34 a share.</p><p><b>Market leader</b></p><p>Yoo explained that the valuation and IPO price likely rose because Coupang is the only e-commerce company in South Korea that showed a sizeable gain in market share last year. He said its market size rose from 18.1% in 2019 to about 24.6% last year due to the coronavirus pandemic.</p><p>“Most of the other competitors really did not show any type of changes in terms of market share,” he said. Coupang’s rivals include eBay-owned Gmarket, WeMakePrice, Naver Shopping among others.</p><p>“The fact is that (Coupang is) becoming the biggest e-commerce business within Korea and 24% market share, I think, it might actually even rise further,” Yoo said. “It is possible that they can actually gain as much as 30%+ over the next few years.” That, he explained, would justify why the company’s IPO price has increased.</p><p>Coupang’s regulatory filing showed the company sustained losses over eight quarters through Dec. 31. But a sharp jump in sales last year helped narrow net losses from $770.2 million in 2019 to $567.6 million in 2020</p><p><b>Comparisons with Alibaba, Amazon</b></p><p>The company, whose prominent backers include SoftBank’s Vision Fund and Sequoia Capital, has drawn comparisons with&nbsp;Amazon&nbsp;and&nbsp;Alibaba. Those firms have become tech behemoths after making their public debuts.</p><p>But Yoo said that the consumer markets in the U.S. and China are significantly larger than South Korea. So, even if Coupang is able to increase its market share, he said it is unlikely to see the same kind of sales growth the other two companies saw in the last decade.</p><p>South Korea’s e-commerce market has an estimated value of $90.1 billion in 2020 with an annual growth rate of 22.3%, according to&nbsp;data analytics firm GlobalData. That is expected to grow at a compounded annual rate of 12% to reach $141.8 billion in 2024.</p><p>Spending some of its IPO proceeds on building out a strong distribution platform within Korea could benefit Coupang, according to Yoo.</p><p>The e-commerce firm was founded by Korean-American billionaire Bom Suk Kim in 2010 and is headquartered in Seoul. It has more than 100 fulfilment and logistics centers in over 30 cities that provide next-day delivery for orders placed before midnight. Coupang employs 15,000 drivers in South Korea for its deliveries and has branched out into other services such as food and grocery delivery.</p><p></p><p></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CPNG":"Coupang, Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1117588517","content_text":"Coupang shares opened at $64.8 each on Thursday, about 85% higher than the company’s IPO price.Investors looking to buy shares of South Korean e-commerce firm Coupang when it goes public in New York should consider if the company has what it takes to be profitable in the future.That’s the advice Daniel Yoo, head of global asset allocation at Yuanta Securities, Korea, has for clients.“What you really need to know is whether or not, in the business environment of Korea and e-commerce, can they be able to generate a huge, profitable return on capital,” Yoo said Thursday on CNBC’s “Street Signs Asia.”Coupang is set to debut on the New York Stock Exchange under the ticker “CPNG” later in the day when U.S. markets open.The company said it had priced 130 million shares at $35 apiece, raising $4.55 billion and valuing the company around $60 billion. That makes Coupang the largest IPO in the U.S. this year and one of the top 25 biggest listings of all time stateside, by deal size.The price is also above the company’s most recent expected range of between $32 and $34 a share.Market leaderYoo explained that the valuation and IPO price likely rose because Coupang is the only e-commerce company in South Korea that showed a sizeable gain in market share last year. He said its market size rose from 18.1% in 2019 to about 24.6% last year due to the coronavirus pandemic.“Most of the other competitors really did not show any type of changes in terms of market share,” he said. Coupang’s rivals include eBay-owned Gmarket, WeMakePrice, Naver Shopping among others.“The fact is that (Coupang is) becoming the biggest e-commerce business within Korea and 24% market share, I think, it might actually even rise further,” Yoo said. “It is possible that they can actually gain as much as 30%+ over the next few years.” That, he explained, would justify why the company’s IPO price has increased.Coupang’s regulatory filing showed the company sustained losses over eight quarters through Dec. 31. But a sharp jump in sales last year helped narrow net losses from $770.2 million in 2019 to $567.6 million in 2020Comparisons with Alibaba, AmazonThe company, whose prominent backers include SoftBank’s Vision Fund and Sequoia Capital, has drawn comparisons with Amazon and Alibaba. Those firms have become tech behemoths after making their public debuts.But Yoo said that the consumer markets in the U.S. and China are significantly larger than South Korea. So, even if Coupang is able to increase its market share, he said it is unlikely to see the same kind of sales growth the other two companies saw in the last decade.South Korea’s e-commerce market has an estimated value of $90.1 billion in 2020 with an annual growth rate of 22.3%, according to data analytics firm GlobalData. That is expected to grow at a compounded annual rate of 12% to reach $141.8 billion in 2024.Spending some of its IPO proceeds on building out a strong distribution platform within Korea could benefit Coupang, according to Yoo.The e-commerce firm was founded by Korean-American billionaire Bom Suk Kim in 2010 and is headquartered in Seoul. It has more than 100 fulfilment and logistics centers in over 30 cities that provide next-day delivery for orders placed before midnight. Coupang employs 15,000 drivers in South Korea for its deliveries and has branched out into other services such as food and grocery delivery.","news_type":1},"isVote":1,"tweetType":1,"viewCount":150,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":383975454,"gmtCreate":1612834216378,"gmtModify":1704874766075,"author":{"id":"3556089233206356","authorId":"3556089233206356","name":"Mafia86","avatar":"https://static.tigerbbs.com/b725a09e5ac03f88838e7a00305c1253","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3556089233206356","authorIdStr":"3556089233206356"},"themes":[],"htmlText":"Load up !!","listText":"Load up !!","text":"Load up !!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/383975454","repostId":"1193450954","repostType":4,"repost":{"id":"1193450954","pubTimestamp":1612782273,"share":"https://ttm.financial/m/news/1193450954?lang=&edition=fundamental","pubTime":"2021-02-08 19:04","market":"us","language":"en","title":"Carmakers have been hit hard by a global chip shortage — here’s why","url":"https://stock-news.laohu8.com/highlight/detail?id=1193450954","media":"cnbc","summary":"Demand for these chips has soared during the coronavirus pandemic as people snapped up games consoles, laptops and TVs to help get through lockdowns.Now, many of these products — including certain Chromebook laptops and next-generation consoles like the Xbox Series X and the PlayStation 5 — are sold out, or subject to lengthy shipping times.It’s just one of a number of factors that has driven demand for semiconductors, but as supply struggles to keep up, it’s the chip-reliant car industry that h","content":"<div>\n<p>KEY POINTSDemand for these chips has soared during the coronavirus pandemic as people snapped up games consoles, laptops and TVs to help get through lockdowns.Now, many of these products — including ...</p>\n\n<a href=\"https://www.cnbc.com/2021/02/08/carmakers-have-been-hit-hard-by-a-global-chip-shortage-heres-why-.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","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>Carmakers have been hit hard by a global chip shortage — here’s why</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; 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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\">\nCarmakers have been hit hard by a global chip shortage — here’s why\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-08 19:04 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/02/08/carmakers-have-been-hit-hard-by-a-global-chip-shortage-heres-why-.html><strong>cnbc</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>KEY POINTSDemand for these chips has soared during the coronavirus pandemic as people snapped up games consoles, laptops and TVs to help get through lockdowns.Now, many of these products — including ...</p>\n\n<a href=\"https://www.cnbc.com/2021/02/08/carmakers-have-been-hit-hard-by-a-global-chip-shortage-heres-why-.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"F":"福特汽车","VLKAY":"大众汽车",".IXIC":"NASDAQ Composite","TSM":"台积电","SSNLF":"三星电子",".SPX":"S&P 500 Index","GM":"通用汽车",".DJI":"道琼斯"},"source_url":"https://www.cnbc.com/2021/02/08/carmakers-have-been-hit-hard-by-a-global-chip-shortage-heres-why-.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1193450954","content_text":"KEY POINTSDemand for these chips has soared during the coronavirus pandemic as people snapped up games consoles, laptops and TVs to help get through lockdowns.Now, many of these products — including certain Chromebook laptops and next-generation consoles like the Xbox Series X and the PlayStation 5 — are sold out, or subject to lengthy shipping times.It’s just one of a number of factors that has driven demand for semiconductors, but as supply struggles to keep up, it’s the chip-reliant car industry that has been hit especially hard.Silicon chips are the lifeblood of the tech-obsessed world we live in, but today they’re in short supply.Demand for these chips, or semiconductors, has soared during the coronavirus pandemic as people snapped up games consoles, laptops and TVs to help get through lockdowns. Now, many of these products — including certain Chromebook laptops and next-generation consoles like the Xbox Series X and the PlayStation 5 — are sold out, or subject to lengthy shipping times.It’s just one of a number of factors that has driven demand for semiconductors, but as supply struggles to keep up, it’s the chip-reliant car industry that has been hit especially hard.“We have seen in the short term, the automotive industry has been very adversely affected,” Bryce Johnstone, director of automotive segment marketing at chip designer Imagination Technologies, told CNBC via email. “This stems from their just-in-time production methodology and their incredibly complicated supply chains.”Carmakers uses semiconductors in everything from power steering and brake sensors, to entertainment systems and parking cameras. The smarter cars get, the more chips they use.“If the chip that powers the in-car dials or automatic braking are delayed, then so will the rest of the vehicle,” said Johnstone.Closed car plantsU.S. car giant General Motorsannounced last Wednesdaythat it is shutting three plants and slowing production at a fourth due to the semiconductor shortage. The Detroit car manufacturer said it could miss its 2021 targets as a result.“Despite our mitigation efforts, the semiconductor shortage will impact GM production in 2021,” a company spokesman said in a statement.“Semiconductor supply for the global auto industry remains very fluid,” they added. “Our supply chain organization is working closely with our supply base to find solutions for our suppliers’ semiconductor requirements and to mitigate impacts on GM.”Several other car manufacturers have also put production on hold in recent weeks. Honda U.K.’s main plant in Swindon wasshut down for several dayslast month due to a chip shortage, for example. Elsewhere, Ford and Volkswagen have also shut plants or cut production while they wait for supplies to pick up.Ford said in January that it wasshutting a factory in Germany for a month, while Volkswagen said in December it willmake 100,000 fewer carsthis quarter as a result of the shortage.Speaking about the chip shortage on a Davos panel on Jan. 25, VW CEO Herbert Diess said: “We have to make sure that the markets and supply chains remain intact.”Swings in demand; long lead timesFalan Yinug, director of industry statistics and economic policy at the Semiconductor Industry Association, says the chip shortage in the automotive industry is largely the result of substantial swings in demand due to the pandemic and the increased use of semiconductors in advanced vehicles.“The events leading to the current auto chip shortage began during the second quarter of 2020, when automakers understandably reduced production and chip purchases as the virus spread across the globe,” Yinug wrote ina bloglast Thursday.At the same time, chipmakers saw a pickup in demand for semiconductors used to support remote healthcare, work-at-home, and virtual learning, which were required during the pandemic, according to Yinug.“In the months that followed, demand for automotive semiconductors rallied much more quickly than most anticipated,” Yinug said.“The clear decrease in monthly year-over-year (YoY) sales growth for application-specific chips used in the automotive market was sudden and precipitous in March and April, when the pandemic was shuttering auto plants globally. Equally as pronounced was the rapid recovery in YoY sales during Q3 and Q4 (third and fourth quarters). In fact, monthly YoY Q4 sales had recovered to be positive again.”The semiconductor industry has been trying to ramp up production but Yinug said the supply-demand imbalance cannot be remedied with the flip of a switch.“Making a semiconductor is one of the most complex manufacturing processes,” he said. “Lead times of up to 26 weeks are the norm in the industry to produce a finished chip. Most industry analysts believe the current short-term supply shortage will ease in the coming months as supply adjusts to meet demand.”Cost conscious industryHermann Hauser, the co-founder of British chip designer Arm, told CNBC that the automotive industry has been hurt the most because it is “incredibly cost conscious.”“When the chip industry decides should we allocate our capacity to the car industry or the telecoms industry or the server industry, it’s an easy decision,” he said. “Go for the server industry because their gross margins are so much better. That’s why the car industry is in a particularly tight spot.”Hauser said there isn’t enough competition in the semiconductor manufacturing market, pointing to the fact that it has a very high Herfindahl–Hirschman index, which measures market concentration in a specific industry. It is calculated by squaring the market share of each company competing in a market and then adding the resulting numbers.For example, chip manufacturers have battled it out to build the smallest chips possible over the years, but only a couple of companies can create the new five nanometer (or 5nm) chips on a commercial level.“Samsung and TSMC are the only two semiconductor companies in the world that have a working 5nm process,” he said. “It’s just too high a concentration.”One of the reasons there are so few 5nm chip manufacturing plants is because they’re expensive, according to Hauser. Building something so small requires hi-tech equipment that isn’t cheap.Expanding factoriesNewport Wafer Fab in South Wales, Britain’s largest chip factory,raised over £50 million($68 million) in January to try and cash in on the global semiconductor supply shortage.It said it would use the funding to almost double the number of chip wafers — thin slices of a semiconductor — it makes from 8,000 to 14,000, according to The Telegraph newspaper. The company did not immediately respond to CNBC’s request for comment.Newport Wafer Fab Chairman Drew Nelson reportedly said demand had “absolutely skyrocketed” in the last three months, fueled by both the global shortage and the rise of electric cars.","news_type":1},"isVote":1,"tweetType":1,"viewCount":108,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":111976109,"gmtCreate":1622651153501,"gmtModify":1704188199457,"author":{"id":"3556089233206356","authorId":"3556089233206356","name":"Mafia86","avatar":"https://static.tigerbbs.com/b725a09e5ac03f88838e7a00305c1253","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3556089233206356","authorIdStr":"3556089233206356"},"themes":[],"htmlText":"Cool ?","listText":"Cool ?","text":"Cool ?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/111976109","repostId":"2140617694","repostType":4,"repost":{"id":"2140617694","pubTimestamp":1622560398,"share":"https://ttm.financial/m/news/2140617694?lang=&edition=fundamental","pubTime":"2021-06-01 23:13","market":"us","language":"en","title":"The Top 50 Robinhood Stocks in June","url":"https://stock-news.laohu8.com/highlight/detail?id=2140617694","media":"Motley Fool","summary":"Millennial investors can't stop buying into these companies.","content":"<p>Volatility is always present in the stock market, but it's been especially prominent since February 2020. Though patience has, once again, paid off for investors, their gains have come after the benchmark <b>S&amp;P 500</b> lost 34% of its value in less than five weeks during the first quarter of 2020.</p>\n<p>Some investors absolutely shy away when heightened volatility rears its head. But that's not what we've witnessed from retail investors.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/99b3853458b2424e2901821012f5502f\" tg-width=\"700\" tg-height=\"466\"><span>Image source: Getty Images.</span></p>\n<p>Even though retail investors have been putting their money to work on Wall Street for more than a century, they used the wild volatility on Wall Street over the past 16 months as their cue to really ramp up their buying. How do we know this? Just take a look at online investing app Robinhood, which gained approximately 3 million new users last year.</p>\n<p>Millennial investors have found a home at Robinhood for a bevy of reasons. The app doesn't charge commissions for buying or selling on major exchanges, and it allows fractional shares&nbsp;for a number of securities. The company even awards new members with free shares of stock.</p>\n<p>While it's fantastic to see young investors putting their money to work in the greatest wealth creator on the planet, it's also disturbing to see what they've been buying. Instead of taking the tried-and-true long-term investing approach, many are chasing momentum plays, penny stocks, and companies with poor operating performance.</p>\n<p>Don't believe me? Here are the 50 most-held stocks on Robinhood's leaderboard as we enter June:</p>\n<table width=\"492\">\n <thead>\n  <tr>\n   <th>Company</th>\n   <th>Company</th>\n  </tr>\n </thead>\n <tbody>\n  <tr>\n   <td>1. <b>Tesla </b>(NASDAQ:TSLA)</td>\n   <td>26. <b>OrganiGram Holdings</b></td>\n  </tr>\n  <tr>\n   <td>2. <b>Apple&nbsp;</b></td>\n   <td>27. <b>Bank of America</b></td>\n  </tr>\n  <tr>\n   <td>3. <b>AMC Entertainment Holdings</b> (NYSE:AMC)</td>\n   <td>28. <b>Coinbase Global</b></td>\n  </tr>\n  <tr>\n   <td>4. <b>Sundial Growers</b> (NASDAQ:SNDL)</td>\n   <td>29. <b>Tilray</b></td>\n  </tr>\n  <tr>\n   <td>5. <b>Ford Motor</b></td>\n   <td>30. <b><a href=\"https://laohu8.com/S/FB\">Facebook</a></b></td>\n  </tr>\n  <tr>\n   <td>6. <b>General Electric</b></td>\n   <td>31. <b>Canopy Growth</b> (NASDAQ:CGC)</td>\n  </tr>\n  <tr>\n   <td>7. <b>NIO&nbsp;</b></td>\n   <td>32. <b>Advanced Micro Devices</b></td>\n  </tr>\n  <tr>\n   <td>8. <b>Walt Disney</b></td>\n   <td>33. <b><a href=\"https://laohu8.com/S/TWTR\">Twitter</a></b></td>\n  </tr>\n  <tr>\n   <td>9. <b>Microsoft</b></td>\n   <td>34. <b>Starbucks</b> (NASDAQ:SBUX)</td>\n  </tr>\n  <tr>\n   <td>10. <b>Amazon&nbsp;</b></td>\n   <td>35. <b>Moderna</b></td>\n  </tr>\n  <tr>\n   <td>11. <b>American Airlines Group</b></td>\n   <td>36. <b>AT&amp;T</b></td>\n  </tr>\n  <tr>\n   <td>12. <b>Plug Power</b></td>\n   <td>37. <b>FuelCell Energy</b></td>\n  </tr>\n  <tr>\n   <td>13. <b>Nokia&nbsp;</b></td>\n   <td>38. <b>Virgin Galactic Holdings&nbsp;</b></td>\n  </tr>\n  <tr>\n   <td>14. <b>Pfizer&nbsp;</b></td>\n   <td>39. <b>Ideanomics&nbsp;</b></td>\n  </tr>\n  <tr>\n   <td>15. <b>Aurora Cannabis</b> (NASDAQ:ACB)</td>\n   <td>40. <b>Norwegian Cruise Line Holdings</b></td>\n  </tr>\n  <tr>\n   <td>16. <b>Carnival</b></td>\n   <td>41. <b>Vanguard S&amp;P 500 ETF</b></td>\n  </tr>\n  <tr>\n   <td>17. <b>GameStop</b> (NYSE:GME)</td>\n   <td>42. <b>Coca-Cola</b></td>\n  </tr>\n  <tr>\n   <td>18. <b>Zomedica</b> (NYSEMKT:ZOM)</td>\n   <td>43. <b>General Motors</b></td>\n  </tr>\n  <tr>\n   <td>19. <b><a href=\"https://laohu8.com/S/GPRO\">GoPro</a>&nbsp;</b></td>\n   <td>44. <b>NVIDIA</b></td>\n  </tr>\n  <tr>\n   <td>20. <b>Palantir Technologies</b></td>\n   <td>45. <b>SPDR S&amp;P 500 ETF</b></td>\n  </tr>\n  <tr>\n   <td>21. <b><a href=\"https://laohu8.com/S/CCC.U\">Churchill Capital</a></b></td>\n   <td>46. <b>United Airlines Holdings</b></td>\n  </tr>\n  <tr>\n   <td>22. <b>Delta Air Lines</b></td>\n   <td>47. <b>Uber Technologies</b></td>\n  </tr>\n  <tr>\n   <td>23. <b>Snap&nbsp;</b></td>\n   <td>48. <b><a href=\"https://laohu8.com/S/ZNGA\">Zynga</a></b></td>\n  </tr>\n  <tr>\n   <td>24. <b>Netflix&nbsp;</b></td>\n   <td>49. <b>Boeing</b></td>\n  </tr>\n  <tr>\n   <td>25. <b>Alibaba Group Holding</b></td>\n   <td>50. <b>Workhorse Group</b></td>\n  </tr>\n </tbody>\n</table>\n<p>Data source: Robinhood, as of May 28, 2021.</p>\n<h2>Meme-mania doesn't stop</h2>\n<p>With retail investors acting as the catalyst behind the meme stock craze (meme stocks are companies lauded for their social media popularity, not their fundamentals), it should come as no surprise that companies like AMC Entertainment, GameStop, and Sundial Growers are among the most-held on Robinhood.</p>\n<p>AMC, GameStop, and Sundial were some of the most heavily short-sold companies earlier this year, which made them logical targets by investors on Reddit who were looking for short-squeeze opportunities. Though we witnessed these squeezes take place in January and February, the recent trading in these names looks to be more hype or mania than short-covering.</p>\n<p>History is pretty clear that hype-driven stocks will eventually have the rug pulled out from under them. AMC, for example, is going to struggle just to service its more than $5.4 billion in corporate debt and doesn't appear to have a chance to pay back what comes due in 2026. It also has $473 million in deferred rent obligations to contend with.</p>\n<p>As for GameStop, it boasts a healthy net cash position following a recent share offering. But it was very late in transitioning to digital gaming, and as a result will see its sales go nowhere for years to come. GameStop's core strategy for the time being is to keep closing physical stores to cut down on operating expenses.</p>\n<p>In sum, meme stocks are bad news.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/86c5f70d97c3ea9f633e0f2dbad565ba\" tg-width=\"700\" tg-height=\"466\"><span>Image source: Getty Images.</span></p>\n<h2>Penny for your thoughts</h2>\n<p>Robinhood investors have also demonstrated that they love penny stocks. Sundial Growers and Zomedica are two of the 18 most-held stocks on the platform, yet both can be purchased for under $1 a share.</p>\n<p>Psychologically, young and/or novice investors believe that owning more shares of stock will give them a better chance to make a lot of money. There's also the belief that it's easier to double a stock from $1 a share to $2 than, say, $100 to $200. But the reality is that penny stocks almost always trade at a low share price for very good reasons.</p>\n<p>In the case of pot stock Sundial Growers, it's because the company's management team can't stop drowning its investors in share offerings. Earlier this year, the company's board OK'd an additional $800 million at-the-market share offering. Since the end of September, more than 1.35 billion shares have been issued. With 1.86 billion shares now outstanding, Sundial has almost no chance of ever generating meaningful earnings per share, or perhaps even remaining listed on the <b>Nasdaq</b>&nbsp;exchange.</p>\n<p>As for veterinary health company Zomedica, it only began commercializing its first product in mid-March. Shares are currently valued at close to 40 times sales looking three years into the future. Though it does have a healthy cash position, Zomedica has buried its investors with share offerings and is closing in on 1 billion shares outstanding.</p>\n<p>Penny stocks are rarely cheap.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5811406aed4001edc942cb25310a21cf\" tg-width=\"700\" tg-height=\"467\"><span>Image source: Getty Images.</span></p>\n<h2>\"Merry-juana\"</h2>\n<p>Another trend you'll note about millennial investors is that they really love the prospects for marijuana stocks. In this respect, I agree with them.</p>\n<p>Unfortunately, Robinhood is shortchanging its users in the cannabis department. Since the trading platform won't allow its users to buy and sell stocks listed on the over-the-counter exchange, and U.S. pot stocks can't list on major exchanges due to cannabis being illicit at the federal level, Robinhood users are stuck buying Canadian weed stocks. To put things as nicely as possible, the Canadian pot stocks have been a disaster.</p>\n<p>Aurora Cannabis, which at <a href=\"https://laohu8.com/S/AONE\">one</a> time was the most-held stock on Robinhood, has been burying its shareholders in dilution for years. It used its stock as collateral for around a dozen deals and grossly overpaid for all of its acquisitions. Even with legal Canadian weed sales climbing, Aurora's top line has been stuck in neutral or gone in reverse.</p>\n<p>Canopy Growth is another popular marijuana stock that's been an utter disappointment. The company's cash pile has dwindled significantly over the past couple of years, and Canopy is still nowhere close to generating a profit, even after closing two large greenhouses in British Columbia.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/11b7b594784b441dbeb82fcdb187aac3\" tg-width=\"700\" tg-height=\"466\"><span>Image source: Starbucks.</span></p>\n<h2>Brand-name companies are popular with millennials</h2>\n<p>Lastly, you'll note that among the meme stocks, pot stocks, and penny stocks, millennial investors have also piled into brand-name companies that they're familiar with or regularly engage with.</p>\n<p>For instance, electric-vehicle (EV) manufacturer Tesla has supplanted Apple as the most-held stock in the Robinhood universe. Generally speaking, the desire to take action against climate change increases the younger someone is. Motivated young investors who want to see positive climate action taken, and who have a favorable view of CEO Elon Musk, have flocked to Tesla. In kind, Tesla's production numbers have risen significantly, and could near 800,000 EVs in 2021.</p>\n<p>Coffee giant Starbucks has also been rising up the leaderboard in recent months. It has used its mobile app and rewards as a means to keep the younger generation loyal to its brand. It has also introduced an array of healthier lunches and snack options to improve foot traffic. It definitely doesn't hurt that Starbucks is <a href=\"https://laohu8.com/S/AONE.U\">one</a> of the most-recognized brands in the world.</p>\n<p>Brand-name companies that can engage with young investors are always a good bet to work their way onto Robinhood's leaderboard.</p>","source":"fool_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Top 50 Robinhood Stocks in June</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 Top 50 Robinhood Stocks in June\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-01 23:13 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2021/06/01/the-top-50-robinhood-stocks-in-june/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Volatility is always present in the stock market, but it's been especially prominent since February 2020. Though patience has, once again, paid off for investors, their gains have come after the ...</p>\n\n<a href=\"https://www.fool.com/investing/2021/06/01/the-top-50-robinhood-stocks-in-june/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GPRO":"GoPro","FCEL":"燃料电池能源","GE":"GE航空航天","PLTR":"Palantir Technologies Inc.","BA":"波音","KO":"可口可乐","T":"美国电话电报","SNAP":"Snap Inc","NOK":"诺基亚","SBUX":"星巴克","TSLA":"特斯拉","OGI":"ORGANIGRAM HOLD","DAL":"达美航空","AAL":"美国航空","MSFT":"微软","MRNA":"Moderna, Inc.","AAPL":"苹果","BABA":"阿里巴巴","AMD":"美国超微公司","PLUG":"普拉格能源","F":"福特汽车","TWTR":"Twitter","SPCE":"维珍银河","GME":"游戏驿站","GM":"通用汽车","PFE":"辉瑞","CCL":"嘉年华邮轮","CGC":"Canopy Growth Corporation","COIN":"Coinbase Global, Inc.","UBER":"优步","UAL":"联合大陆航空","DIS":"迪士尼","NFLX":"奈飞","TLRY":"Tilray Inc.","SNDL":"SNDL Inc.","WKHS":"Workhorse Group, Inc.","AMC":"AMC院线","ACB":"奥罗拉大麻公司","BAC":"美国银行","ZOM":"Zomedica Pharmaceuticals Corp.","NVDA":"英伟达","NIO":"蔚来"},"source_url":"https://www.fool.com/investing/2021/06/01/the-top-50-robinhood-stocks-in-june/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2140617694","content_text":"Volatility is always present in the stock market, but it's been especially prominent since February 2020. Though patience has, once again, paid off for investors, their gains have come after the benchmark S&P 500 lost 34% of its value in less than five weeks during the first quarter of 2020.\nSome investors absolutely shy away when heightened volatility rears its head. But that's not what we've witnessed from retail investors.\nImage source: Getty Images.\nEven though retail investors have been putting their money to work on Wall Street for more than a century, they used the wild volatility on Wall Street over the past 16 months as their cue to really ramp up their buying. How do we know this? Just take a look at online investing app Robinhood, which gained approximately 3 million new users last year.\nMillennial investors have found a home at Robinhood for a bevy of reasons. The app doesn't charge commissions for buying or selling on major exchanges, and it allows fractional shares for a number of securities. The company even awards new members with free shares of stock.\nWhile it's fantastic to see young investors putting their money to work in the greatest wealth creator on the planet, it's also disturbing to see what they've been buying. Instead of taking the tried-and-true long-term investing approach, many are chasing momentum plays, penny stocks, and companies with poor operating performance.\nDon't believe me? Here are the 50 most-held stocks on Robinhood's leaderboard as we enter June:\n\n\n\nCompany\nCompany\n\n\n\n\n1. Tesla (NASDAQ:TSLA)\n26. OrganiGram Holdings\n\n\n2. Apple \n27. Bank of America\n\n\n3. AMC Entertainment Holdings (NYSE:AMC)\n28. Coinbase Global\n\n\n4. Sundial Growers (NASDAQ:SNDL)\n29. Tilray\n\n\n5. Ford Motor\n30. Facebook\n\n\n6. General Electric\n31. Canopy Growth (NASDAQ:CGC)\n\n\n7. NIO \n32. Advanced Micro Devices\n\n\n8. Walt Disney\n33. Twitter\n\n\n9. Microsoft\n34. Starbucks (NASDAQ:SBUX)\n\n\n10. Amazon \n35. Moderna\n\n\n11. American Airlines Group\n36. AT&T\n\n\n12. Plug Power\n37. FuelCell Energy\n\n\n13. Nokia \n38. Virgin Galactic Holdings \n\n\n14. Pfizer \n39. Ideanomics \n\n\n15. Aurora Cannabis (NASDAQ:ACB)\n40. Norwegian Cruise Line Holdings\n\n\n16. Carnival\n41. Vanguard S&P 500 ETF\n\n\n17. GameStop (NYSE:GME)\n42. Coca-Cola\n\n\n18. Zomedica (NYSEMKT:ZOM)\n43. General Motors\n\n\n19. GoPro \n44. NVIDIA\n\n\n20. Palantir Technologies\n45. SPDR S&P 500 ETF\n\n\n21. Churchill Capital\n46. United Airlines Holdings\n\n\n22. Delta Air Lines\n47. Uber Technologies\n\n\n23. Snap \n48. Zynga\n\n\n24. Netflix \n49. Boeing\n\n\n25. Alibaba Group Holding\n50. Workhorse Group\n\n\n\nData source: Robinhood, as of May 28, 2021.\nMeme-mania doesn't stop\nWith retail investors acting as the catalyst behind the meme stock craze (meme stocks are companies lauded for their social media popularity, not their fundamentals), it should come as no surprise that companies like AMC Entertainment, GameStop, and Sundial Growers are among the most-held on Robinhood.\nAMC, GameStop, and Sundial were some of the most heavily short-sold companies earlier this year, which made them logical targets by investors on Reddit who were looking for short-squeeze opportunities. Though we witnessed these squeezes take place in January and February, the recent trading in these names looks to be more hype or mania than short-covering.\nHistory is pretty clear that hype-driven stocks will eventually have the rug pulled out from under them. AMC, for example, is going to struggle just to service its more than $5.4 billion in corporate debt and doesn't appear to have a chance to pay back what comes due in 2026. It also has $473 million in deferred rent obligations to contend with.\nAs for GameStop, it boasts a healthy net cash position following a recent share offering. But it was very late in transitioning to digital gaming, and as a result will see its sales go nowhere for years to come. GameStop's core strategy for the time being is to keep closing physical stores to cut down on operating expenses.\nIn sum, meme stocks are bad news.\nImage source: Getty Images.\nPenny for your thoughts\nRobinhood investors have also demonstrated that they love penny stocks. Sundial Growers and Zomedica are two of the 18 most-held stocks on the platform, yet both can be purchased for under $1 a share.\nPsychologically, young and/or novice investors believe that owning more shares of stock will give them a better chance to make a lot of money. There's also the belief that it's easier to double a stock from $1 a share to $2 than, say, $100 to $200. But the reality is that penny stocks almost always trade at a low share price for very good reasons.\nIn the case of pot stock Sundial Growers, it's because the company's management team can't stop drowning its investors in share offerings. Earlier this year, the company's board OK'd an additional $800 million at-the-market share offering. Since the end of September, more than 1.35 billion shares have been issued. With 1.86 billion shares now outstanding, Sundial has almost no chance of ever generating meaningful earnings per share, or perhaps even remaining listed on the Nasdaq exchange.\nAs for veterinary health company Zomedica, it only began commercializing its first product in mid-March. Shares are currently valued at close to 40 times sales looking three years into the future. Though it does have a healthy cash position, Zomedica has buried its investors with share offerings and is closing in on 1 billion shares outstanding.\nPenny stocks are rarely cheap.\nImage source: Getty Images.\n\"Merry-juana\"\nAnother trend you'll note about millennial investors is that they really love the prospects for marijuana stocks. In this respect, I agree with them.\nUnfortunately, Robinhood is shortchanging its users in the cannabis department. Since the trading platform won't allow its users to buy and sell stocks listed on the over-the-counter exchange, and U.S. pot stocks can't list on major exchanges due to cannabis being illicit at the federal level, Robinhood users are stuck buying Canadian weed stocks. To put things as nicely as possible, the Canadian pot stocks have been a disaster.\nAurora Cannabis, which at one time was the most-held stock on Robinhood, has been burying its shareholders in dilution for years. It used its stock as collateral for around a dozen deals and grossly overpaid for all of its acquisitions. Even with legal Canadian weed sales climbing, Aurora's top line has been stuck in neutral or gone in reverse.\nCanopy Growth is another popular marijuana stock that's been an utter disappointment. The company's cash pile has dwindled significantly over the past couple of years, and Canopy is still nowhere close to generating a profit, even after closing two large greenhouses in British Columbia.\nImage source: Starbucks.\nBrand-name companies are popular with millennials\nLastly, you'll note that among the meme stocks, pot stocks, and penny stocks, millennial investors have also piled into brand-name companies that they're familiar with or regularly engage with.\nFor instance, electric-vehicle (EV) manufacturer Tesla has supplanted Apple as the most-held stock in the Robinhood universe. Generally speaking, the desire to take action against climate change increases the younger someone is. Motivated young investors who want to see positive climate action taken, and who have a favorable view of CEO Elon Musk, have flocked to Tesla. In kind, Tesla's production numbers have risen significantly, and could near 800,000 EVs in 2021.\nCoffee giant Starbucks has also been rising up the leaderboard in recent months. It has used its mobile app and rewards as a means to keep the younger generation loyal to its brand. It has also introduced an array of healthier lunches and snack options to improve foot traffic. It definitely doesn't hurt that Starbucks is one of the most-recognized brands in the world.\nBrand-name companies that can engage with young investors are always a good bet to work their way onto Robinhood's leaderboard.","news_type":1},"isVote":1,"tweetType":1,"viewCount":174,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":344496101,"gmtCreate":1618422395303,"gmtModify":1704710675169,"author":{"id":"3556089233206356","authorId":"3556089233206356","name":"Mafia86","avatar":"https://static.tigerbbs.com/b725a09e5ac03f88838e7a00305c1253","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3556089233206356","authorIdStr":"3556089233206356"},"themes":[],"htmlText":"Woah..","listText":"Woah..","text":"Woah..","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/344496101","repostId":"1145468327","repostType":4,"repost":{"id":"1145468327","pubTimestamp":1618413259,"share":"https://ttm.financial/m/news/1145468327?lang=&edition=fundamental","pubTime":"2021-04-14 23:14","market":"us","language":"en","title":"Thinking About Buying Coinbase? - Here's Your Note","url":"https://stock-news.laohu8.com/highlight/detail?id=1145468327","media":"seekingalpha","summary":"Wednesday,Coinbase shares open at $381 on Nasdaq, valuing cryptocurrency exchange at $99.6 billion.S","content":"<p>Wednesday,Coinbase shares open at $381 on Nasdaq, valuing cryptocurrency exchange at $99.6 billion.</p><p><img src=\"https://static.tigerbbs.com/a50d61593da06ef4cdd7abd4eb27fc76\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><b>Summary</b></p><ul><li>Coinbase is going public today.</li><li>Instead of reading their +300 page S-1, read our 19 page note.</li><li>We discuss: digital currencies, store of value, medium of exchange.</li><li>Plus, a deep dive into COIN's model, storage, trading, price target.</li></ul><p>Manole Capital Management - Bitcoin &amp; Coinbase (COIN) - April 2021What is FINTECH?</p><p>Manole Capital Management exclusively focuses on the emerging FINTECH sector. For some investors, FINTECH means We define FINTECH as \"anything utilizing technology to improve an established process.\"</p><p><img src=\"https://static.tigerbbs.com/2ef8760c1da50e1776b14e4c10295f65\" tg-width=\"1133\" tg-height=\"692\" referrerpolicy=\"no-referrer\"></p><p><i>* Source: This is a Business Insider slide on the FINTECH Ecosystem</i></p><p>For us, the quintessential FINTECH business is the payment industry. As you can see in this FINTECH ecosystem Business Insider slide, we bolded the<i>Payments and Remittances</i>space, as that is our preferred area to invest. Others can invest in FINTECH's through Alternative Finance companies or digital banks or Insurtechs, but for us, we love the payment sector. We are attracted to the predictable, sustainable and recurring revenues of their businesses, where they essentially earn revenue per swipe economics.</p><p>When most investors discuss FINTECH, they rarely (if ever) discuss the exchanges. Similar to these payment and transaction-based models, many of the exchanges also earn revenue, free cash flow and profits per transaction or trade. When it comes to trading certain assets (interest rates, equities, commodities, foreign currency, etc), there tends to be high barriers to entry or an impregnable moat around certain franchises. While many of these businesses are not recession proof, they have proven to be recession resistant.</p><p><b>Financials:</b></p><p>While Financials only represent 11.3% of the S&amp;P 500 (as of March 2021), roughly 3/4rd's of this sector's weight is comprised of traditional financial institutions, like banks and insurance companies. These businesses are typically credit sensitive, with opaque and complex balance sheets. To simplify the banking model, the underlying asset is the US dollar and they simply look to borrow that capital at a low fee and lend it out to borrowers at a higher rate. This spread business can generate excellent returns, but it comes with a risk. Is the bank following a solid and time-tested risk model? Are borrowers credit worthy?</p><p>If an investor has exposure to the Financial sector, one should have a strong opinion on the 10-year yield. The 10-year stands at 1.7% and has significantly risen over the last several months. The Financial sector has a 5-year rolling correlation with the 10-year Treasury of 67% (per Scotiabank and Bloomberg research). We simply choose to not invest in banks and business models that don't have ourideal characteristics (click here).</p><p>As we stated above, we are attracted to businesses that generate steady and recurring and free cash flow. Unfortunately, most Financials are not transaction based business models.</p><p><b>Our Goal:</b></p><p>This note will review digital currencies, Bitcoin and the opportunity in the exchange space. We will use our over two decades of experience following and owning exchanges to draw some parallels for this new asset class. For example, there are \"big picture\" matters concerning storage, access, theft, usage, documentation, identity, rights and dozens of other issues. Blockchain and technology advancements theoretically solve some of these problems, but unfortunately not all.</p><p>Some digital currency or technology experts might find this analysis rudimentary. Others are new to this asset class and want a primer on the industry. That's our primary goal or target, is to provide an initial 30,000 foot view on digital currencies and then dive into the details of the largest (and soon to be public) exchange.</p><p>As always, we strive to present our work in a very readable format. If they had the patience to read our research, we attempt to write our notes so our 80-year father or 14-year old son could easily understand. We will try our best to review the requirements to be considered a currency, volatility, pricing, digital wallets, NFT's (non-fungible tokens), stable coins and some other digital currency issues. After that, we will do a fairly deep dive into Coinbase (ticker COIN). You can read their nearly 300-page S-1 filing with theSEC (click here)or you can let us serve as your \"Cliff Notes\" version. We will discuss their business model, how they generate revenue, their advantages and disadvantages, as well as provide a framework for valuation and a price target. We hope you find this latest research from Manole Capital topical and interesting.</p><p><b>Digital Currencies:</b></p><p>In our 1st quarter 2021 investor newsletter, which we published on Seeking Alpha, we discussed COIN's business and its opportunity. We wrote a couple pages on the subject, but felt it deserved a much larger and dedicated piece of research.</p><p>Before we dive into Coinbase, we wanted to provide our thoughts on Bitcoin and digital currencies. As we stated in the opening paragraph, Manole Capital believes the payments industry is the dominant FINTECH sector. Over the last 5 years, we have done a significant amount of work on digital currencies, trying to understand their best usage, functionality and role in the future of payments. Are digital currencies a threat to the payment networks, processors and merchant acquirers? In order to answer these questions, one has to understand how a typical payment transaction occurs. Who processes, clears and settles a card transaction?</p><p>We have written dozens of articles on this subject, which can easily be viewed here. In our opinion, there are two main requirements for something to be considered a viable currency. One is that it must be a \"store of value\" and the second is that it must be a \"medium of exchange\".</p><p><b>The Requirements To Be A Currency:</b></p><p>In order to be a viable currency, two specific requirements are needed. One is that the currency should be a<b>\"store of value\".</b>This is often defined as any asset that can smoothly maintain its economic value, rather than rapidly depreciating. The other requirement is that the currency should be a<b>\"medium of exchange</b>\" or an instrument used to facilitate the sale, purchase or trade of goods between parties.</p><p>In terms of speed and efficiency, there is no comparison when comparing the centralized payment system to Bitcoin's decentralized platform. Visa processes 1,700 transactions per second and it claims to have 40x the spare capacity, to handle 65,000 transactions per second. PayPal (PYPL) stated that during the 2020 holiday shopping season, it processed over 1,000 transactions per second. Using Bitcoin and its blockchain for global purchases and payments can process roughly 7 transactions per second.</p><p>As technology improves, one could argue Bitcoin processing will improve. However, if Bitcoin were to get used for payments, the conversion of crypto holdings into US dollars will dramatically increase overall network transactions. We are big believers in the concept of...\"if it ain't broke, don't fix it!\"</p><p>There are significant acceptance advantages to the existing payment ecosystem. Visa and Mastercard are accepted in over 200 countries and at over 40 million global merchants. Their payment acceptance brands stand for trust and allows billions of purchase transactions to occur each year. The Visa and Mastercard logos are known around the world, permitting the exchange of goods and services in seconds. While Bitcoin is slowly becoming more recognizable, it simply does not have the same acceptance. We believe the existing payment ecosystem handles the \"medium of exchange\" process well. The overall payment landscape is a well-oiled machine, that involves three to four parties, approving transactions in in roughly 1 to 2 seconds.</p><p>We have discussed the long-term opportunity for a FINTECH company or two to create a \"Super App Holy Grail\". This would be allowing customers to transact with their mobile phone, in whatever currency they wish, at all global merchants. Getting consumers to get rid of their leather wallets is easier said than done. Even though we consider ourselves to be fairly technologically savvy, we still have a wallet that looks a lot like Seinfeld's George Costanza's.</p><p>Several companies have recently announced their intentions to help spur Bitcoin acceptance. On March 30th, 2021, PYPL announced the launch of its \"Checkout with Crypto\" option. Participating merchants (initially ½ of PYPL's 29 million) can offer their customers the ability to pay for purchases using Bitcoin, Litecoin, Ethereum or Bitcoin Cash. How will this work? Once a PYPL customer purchases or stores crypto holdings in their PYPL digital wallet, he/she will be permitted to use those funds at checkout. When a transaction occurs, PYPL users will see the option to apply their balance to complete a purchase. When customers choose this payment option, PYPL will exchange their crypto for US dollars through its clearinghouse partner, Paxos. The transaction will occur based upon a spot market rate, with a 50 basis point spread built in. PYPL will then remit payment (in US dollars) to the merchant, to satisfy the exchange of goods or services.</p><p>While this sounds easy, there are significant hurdles. Certain details are still emerging, but customers using this service must buy their crypto within their PYPL digital wallet. This will satisfy PYPL's adherence to Know Your Customer (KYC) guidelines, but it doesn't solve all potential hiccups. The four cryptocurrencies PYPL said customers can use, are likely to cause problems. The SEC and IRS have not deemed these to be currencies, but instead, consider them capital assets. If they were to be used for payment, the underlying client will potentially have capital gain taxes, if their PYPL digital wallet has paper gains. If you are making a $20 purchase at Walgreen's, we don't believe customers are wanting to consider the tax ramifications of using their Bitcoin balance in their digital wallet. That potential $20 purchase could potentially cost you a tax liability of 100%.</p><p>Even if we ignore the large tax issues, there are additional worries. So, if the cryptocurrency in your digital wallet is going to be used to fund purchases, who is going to pay for it? Merchants will have to pay for the cost of converting cryptocurrencies into US dollars, whatever that cost might be. There will be the traditional merchant discount rates applied, but this will ultimately be another cost for merchants to bear. Besides a company like Tesla, that has a dynamic CEO, do you envision merchant's dying to accept additional costs to help their customers transact? Especially when cards are so ubiquitous?</p><p>So,Teslahas decided it will accept Bitcoin as a form of payment. What does this really mean? If a consumer has a sizeable gain in Bitcoin and wishes to use it to purchase a \"free\" Tesla, there are serious tax consequences. Just like selling an appreciated stock, where a consumer has to pay capital gains taxes, Bitcoin would be under the same burden. Until the IRS classifies Bitcoin as a currency, and not property, this tax problem will remain.</p><p>The second problem comes if the Tesla buyer decides to return his/her new vehicle. Tesla reserves the right to pay the consumer back in cash, worth the original purchase price, not in Bitcoin. If Bitcoin jumps in value since the original transaction date, the consumer would be negatively impacted. If Bitcoin falls in price, Tesla could return a depreciated Bitcoin to the car buyer. Are there hundreds of thousands of consumers yearning to purchase a Tesla with Bitcoin? We doubt there's too many, especially if they are aware of the tax issues.</p><p>Last week, Visa announced it would use various FINTECH API's (application programming interface) offered by cryptocurrency custodian and privately-held Anchorage. Visa plans to settle transactions using US dollar stablecoin, powered by the Ethereum blockchain. Once again, this is exciting news, but will likely encounter problems and take a while to come to fruition.</p><p>Before one uses Bitcoin to transact at the POS (point of sale), be actually believe it can become an excellent opportunity for money transfer. Western Union is about to turn 170 years old and can be considered the original FINTECH company. However, moving paper currency around the world is not terribly technologically advanced. Visa has launched an expanded version of its<i>Direct</i>platform, which will allow for cross border disbursements. Visa's platform supports real-time domestic and cross-border person-to-person, business-to-small business and business-to-consumer use cases, so the options are endless. Bill Sheley is the global head of Visa Direct, and he stated, \"Visa is innovating to give financial institutions, governments, individuals and businesses new ways to pay and get paid beyond the card.\"</p><p>On the \"store of value\" front, the total addressable market for assets is enormous. For example, art and collectibles are a $20 trillion market, gold is $10 trillion, real estate is $200 trillion, bonds are $100 trillion and equities are another $30 trillion.</p><p>50% of gold is used in jewelry and another 1/3 is used in electronics. While gold used to back fiat currencies, Britain dropped the gold standard in 1931. The US followed suit in 1933 and totally abandoned the gold standard in 1973. There are additional issues to consider like fixed or variable supply, as well as volatility concerns.</p><p>We agree that digital currencies are becoming a feasible \"store of value\". In our opinion, digital currencies have significant challenges to becoming a \"medium of exchange\". With that caveat, the opportunity for the crypto-economy and digital currencies to thrive is still open ended and vast.</p><p><b>Inflation:</b></p><p>The world is always looking for additional asset classes and stores of value, especially as governments keep the currency printing presses running 24 hours a day, 7 days a week.</p><p>Last year, the Federal Reserve printed an unprecedented amount of dollars, roughly 1/5 th of all US dollars ever printed. On a daily basis, the Bureau of Engraving and Printing produces over $500 million over 38 million notes.</p><p>If you are the United States and the dollar is considered the dominant global currency, your perception of Bitcoin (or any digital assets) should be of concern. The ability of countries to simply print money should inherently be inflationary, yet Federal Reserve Chairman Jerome Powell continues to seek to get the US at and above 2% annually.</p><p>A couple of weeks ago, the Biden administration announced an infrastructure bill, called the American Jobs Plan, with a $2 trillion spending target. In March of 2021, US government passed a $1.9 trillion stimulus package. This followed a December of 2020 stimulus package of $900 billion, as well as a CARES Act in March 2020 bill of $2.2 trillion. We are not making a statement about the merits of any of these packages and stimulus programs. We simply are trying to point out the massive amount of money that is getting printed.</p><p>Many cryptocurrency bulls will cite inflationary worries with fiat currencies for why their digital cryptocurrencies assets are undervalued. We understand this argument, but always come back to an initial framework. If you are the US or the European Union or Chinese government, would you be able to control your society if there wasn't a viable currency in place? Would economies function without government control of its fiat currency? If cryptocurrencies become widely accepted and are considered a better version of payment, would governments be able to function? If the US couldn't issue additional debt to fund its spending initiatives, would it even exist? We just don't believe government regulators will allow certain cryptocurrencies to thrive, especially if it threatens their sovereign currencies.</p><p>We tend to look at this as a simple supply and demand equation. While Bitcoin has currently issued 18.7 million tokens, there is only a maximum of 21 million that can be created. That fixed supply is counter to some governments. For example, there are countries that have taken the printing of fiat currency too far. Zimbabwe is but one example of runaway inflation. Here's a picture of one of their 100 trillion bills. Yes, that's a 100 trillion. Do you want to be a trillionaire? Simply buy one on eBay for $8.99,by clicking here.</p><p><img src=\"https://static.tigerbbs.com/375ab15b324158141f0eceee4633e5ca\" tg-width=\"900\" tg-height=\"900\" referrerpolicy=\"no-referrer\"></p><p><i>Source: This is a picture of Zimbabere's currency, that I took on myiPhone</i></p><p>As this Piper Sandler chart shows, Bitcoin now has a market capitalization of roughly $1 trillion. If we look at the top 10 digital assets by market capitalization, the vast majority of market share falls to just 2 currencies.</p><p><img src=\"https://static.tigerbbs.com/4f0caa7a9dbd54216c5e67fb83199d42\" tg-width=\"859\" tg-height=\"576\" referrerpolicy=\"no-referrer\"></p><p><i>* Source: This is a Piper Sandler slide/chart</i></p><p>It is estimated that Bitcoin is over 55% of all cryptocurrency market capitalization and Ethereum is roughly 11%. Cryptocurrencies like Tether, Binance Coin, Stellar, Cardano, Litecoin have a modest following and just 1% to 2% market share (all under $50 million in market cap).</p><p>Digital currencies should be considered assets, as they can be represented digitally, dynamically transmitted, and stored safely in the cloud. However, digital assets and cryptocurrencies have a long way to go to become used in our globally interconnected economies.</p><p><b>Rules &amp; Regulations:</b></p><p>In a perfect world, we think all assets should trade 365 days a year and 24 hours a day. In this hypothetical environment, assets should immediately process and settle and fees to transact should be modest. Why does the NYSE only officially operate from 9:30 am to 4:00 pm EST Monday through Friday (and not on holidays)? There are trades that occur pre-market and post-market hours, but liquidity and volumes are sparse. The simple answer is that this is the way it has always occurred and why should we change something that isn't broken.</p><p>The traditional exchanges have always had a set period of time where they are \"open for business\", but this is changing. For example, the technology backbone of the CME Group (ticker CME) is called Globex. It essentially permits 24/7 trading to occur on its electronic platform for equities, interest rates, commodities, foreign exchange and other assets. After years of investing in international growth, roughly 1/5 th of all volumes come from outside of the US.</p><p>In order to have access to Globex, there are rules one needs to adhere to, as exchanges are heavily regulated entities. Just like banks need to conduct AML (anti-money laundering) and KYC (know your customer) due diligence on its customer base, the exchanges need to follow strict guidelines enforced by their regulators.</p><p>As of today, we believe there are over 50 distinct blockchain protocols which support more than 7,500 various digital assets. Unfortunately, the financial systems are not known as entities that are quick to adopt change and technology. The world has embraced the internet, as a revolutionary and transformational platform. However, financial systems are not comfortable seamlessly exchanging data, information and assets. There are numerous activities like cross border payments or peer-to-peer payments that are ideally suited for technological advancements, but rules and regulations exist to stymie growth.</p><p>The goal of an open and transparent financial system is honorable, but not terribly realistic. In terms of managing one's assets, especially money, the process can be cumbersome.</p><p><b>Volatility:</b></p><p>If we accept cryptocurrency as a digital asset, we then want to better understand how value is determined, where it can be stored and how best to process and handle its exchange. With decentralized assets, the network allows participants to transact without intermediaries. Who sets the value and determines price?</p><p>The most notable cryptocurrency is Bitcoin and it has a CAGR of over 150%, from 2013 to 2020. In 2017, it rose 1,318%, but then fell by (72.6%) in 2018. In 2020, it rose over 302% and it currently is up well over 50% this year. Since January of 2017, there have been 5 corrections of 50% of more in Bitcoin, so it can be wildly volatile.</p><p>We are slowly getting comfortable with digital assets and cryptocurrencies as a \"store of value\" and believe they will become a viable asset in one's diversified portfolio. Each individual or entity needs to determine their own risk and reward framework, so cryptocurrency might be 10 basis points or 10% of one's portfolio.</p><p>Opinions on Bitcoin are changing every day. Back in 2018, the CEO of Blackrock (Larry Fink) called Bitcoin a currency \"for money launderers.\" A year earlier, JP Morgan CEO, Jaime Dimon called Bitcoin a \"fraud\" and threated to fire any bank employee who dealt with the currency. Fast forward to today: Blackrock (in January 2021) enabled two of its mutual funds to purchase Bitcoin, and a JP Morgan analyst recently published that he thinks Bitcoin could rise to $146,000.</p><p>Recently, large institutional interest has boosted the price of certain digital assets. High profile investors like John Tudor Jones (May 2020) and Stanley Druckenmiller have made sizeable purchases of various digital currencies. Other companies like Microstrategy (August 2020) and Tesla (Feb 2021) have made sizeable transactions for their firm's balance sheet.</p><p><b>Stable Coins:</b></p><p>A stable coin is simply a digital asset that is attempts to lower volatility by pegging itself to an actual fiat currency or physical asset (ex: gold). For example, Tether has a market capitalization of over $40 billion, is backed by US dollars and it's the largest cryptocurrency stable coin. One of the risks associated with stable coins is ensuring that the proper amount of fiat currency is held in reserve to match the amount of stable coins in circulation.</p><p>In prior official commentary, the Governor of the Central Bank of Russia - Elvira Nabiullina - stated that Russa was against any form of private currency, as it threatened financial sovereignty. Russia's Ministry of Internal Affairs also was considering seizing all digital currencies and claiming cryptocurrencies criminal activity. Now, in January 2021, the Bank of Russia began to test a ruble-based stable coin. While starting cautiously, the Russian Central Bank is exploring the possibility of issuing its own digital currency. There are numerous countries that are investigating the process of issuing CBDC's or Central Bank Digital Currencies. China has studied the process of issuing a digital yuan, the European Central Bank is looking into a digital Euro.</p><p>Other governments and regulators have highlighted the risks of digital currencies. The UK's Financial Conduct Authority called crypto assets \"high risk, speculative investments\" where investors \"should be prepared to lose all their money.\" US Treasury Secretary (and former Federal Reserve Chairwoman) Janet Yellen has warned on investing in digital currencies too. Just a week ago, India's Reserve Bank took a fairly bearish tone on digital currencies. Rumors are that India is looking to pass a law outlawing cryptocurrencies and making anyone trading or holding them punishable with sizeable fines. India's Finance minister is Nirmala Sitharaman and she said India's Cabinet will shortly issue a final ruling on the matter and that the governments ruling is \"under preparation and nearing completion\".</p><p>Will additional countries look to make cryptocurrencies illegal? These type of comments act as a governor to adoption and change. Politicians and governments are worried about losing control of their economies. Statements like this are further evidence that governments will remain a headwind. We aren't going to put this in the realm of a new \"space race\", but the country that embraces this technology first might have an early advantage versus those that are afraid of change.</p><p><b>Digital Currency Conclusion:</b></p><p>This quick digital currency discussion was created to set the framework for an analysis of Coinbase (ticker COIN). Will digital currencies replace traditional payment systems? We do not believe it will, but continued adoption and traction in digital currencies is noticeable.</p><p>Is Bitcoin poised to climb higher, or will it crash? We simply don't know. What we do know is that we prefer to own the medium where these \"assets\" trade. We would compare this to the Gold Rush of the mid-1800's. Back in 1849, owning Levi Strauss made a fortune selling picks, pans and shovels to '49ers looking for gold. Back then, some would say, \"There's gold in those mountains.\"</p><p>Nowadays, there's a huge opportunity in the collection of data and information. We truly have no idea what the price of Bitcoin will do, except we know that it will be very volatile. As we know, volatility leads to trading, which should equate to profits for the exchanges. Speaking of exchanges, let's now discuss another exchange and upcoming FINTECH direct listing - COIN.</p><p><b>Introduction to Coinbase (ticker COIN):</b></p><p>The stated goal of COIN is \"to create an open financial system for the world.\" While this is altruistic, it seems to be fairly broad based goal. It is noble to strive to create a financial system that is transparent for all mankind. It might be more prudent to strive to provide an end-to-end infrastructure and technology platform for all types of cryptocurrencies.</p><p>From our perspective, it might be judicious for COIN to focus its attention on providing value adding services for all types of digital currencies. If COIN becomes the dominant exchange where anyone can easily and securely send and receive Bitcoin, it will thrive. If COIN can create an efficient and accessible marketplace for the emerging digital assets community, it can be a massive success. There are hundreds of platforms that want to democratize access to the crypto-economy, but COIN (as the oldest and most recognizable brand) seems to have an early lead in this race.</p><p>Coinbase:</p><p>COIN was started in 2012 and it has built a trusted platform for accessing various crypto currencies. Using blockchain technology, COIN has simplified the user experience and reduced the complexity of purchasing, selling and holding digital currencies. In its early days, COIN was primarily just used for sending and receiving cryptocurrencies. Then, it became a trusted platform for those seeking to invest in various currencies. We liken this period as COIN's realization that it needed to become an \"exchange\" or intermediary between buyers and sellers. It has since launched cryptocurrency payments, distribution capabilities, storage, borrowing and lending services.</p><p>As this chart from COIN shows, there are over 45 different cryptocurrencies investors can purchase and another 90 that can be stored at COIN.</p><p><img src=\"https://static.tigerbbs.com/f91cd70c100e3a8159938dd730935867\" tg-width=\"767\" tg-height=\"319\" referrerpolicy=\"no-referrer\"></p><p><i>* Source: This is a slide/chart from COIN's S-1</i></p><p>However, two primary digital currencies dominate COIN's total trading volumes. In 2020, Bitcoin represented 41% of COIN's trading volumes and 15% came from Ethereum. While this 56% is a decline from 2019 levels (72% of the total mix), we envision both will remain the primary digital currencies traded on COIN.</p><p><b>Revenue:</b></p><p>Over the last several years, COIN has materially grown its revenue. In 2019, revenue $533 million and it impressively grew to $1.3 billion last year. As we show in our pie chart, in 2020, COIN's $1.28 billion of revenue grew 130% year-over-year and was a mix of 86% Transactional, 3% Subscription &amp; Services and 11% \"Other\".</p><p>On April 6th, COIN reported 1st quarter 2021 results and the metrics were eye popping. Last quarter, COIN generated $1.8 billion in revenue, which exceeded the prior two years combined.</p><p>In 2020, 86% of COIN's total revenue was<i><b>Transactional</b></i>in nature. This means revenue was derived from sending, receiving, investing and spending cryptocurrencies. When it comes to Transactional revenue, we like to look at the fee as a percentage of total volume traded.</p><p>COIN provided this diagram and it shows exactly what products are inside of each of its revenue classifications. The remaining 15% of total revenue came from<i><b>Subscription &amp; Services,</b></i>which COIN classifies as paying, distributing, storage, and from borrowing and lending cryptocurrencies.</p><p><img src=\"https://static.tigerbbs.com/b0466f39ad66c6fefeaeee25b50847fb\" tg-width=\"922\" tg-height=\"716\" referrerpolicy=\"no-referrer\"></p><p><i>* Source: This is a slide/chart from COIN's S-1</i></p><p>Storing earns custodial fee revenue, which we will dissect in a couple of pages. Staking revenue comes from validation on a proof-of-stake blockchain transaction. License revenue is generated from users of its Analytics services. Lastly, COIN can earn campaign revenue or distribution fees when its constructs educational materials for issuers. For cryptocurrency issuers, COIN earns revenue for helping the platform engage with its users, in the form of educational videos or tasks, when cryptocurrencies are attempting to widen their distribution, marketing and acceptance. While these ancillary services are nice, the real opportunity is trading.</p><p><b>Customer Type:</b></p><p>In its S-1 regulatory filing, COIN showed its product portfolio, separated from retail users, institutions and other ecosystem partners. One has to understand that different clients are paying different rates. Over the last 8 quarters, this revenue rate has averaged 0.61%, with a high of 0.80% in the 1st quarter of 2019 and a low of 0.50% in the 4th quarter of 2020.</p><p>Looking at the last 8 quarters, we can clearly see that both retail and institutional trading volumes have exploded higher. It is interesting to see that Retail was bigger at $45 billion in the 1 st quarter of 2018 than it was at the end of last year at $32 billion. Also, one can see that Institutional trading volumes have gone from $11 billion in the 1 st quarter of 2018 and now are over $57 billion.</p><p><img src=\"https://static.tigerbbs.com/6b80fa39db4f3163a635e88da58642ed\" tg-width=\"846\" tg-height=\"524\" referrerpolicy=\"no-referrer\"></p><p><i>* Source: This is a slide/chart from COIN's S-1</i></p><p>COIN has different fees depending on whether or not the client is retail or institutional, as well as whether or not the client uses Coinbase or Coinbase Pro, which we will discuss this later on, in our pricing section.</p><p><b>Trading volumes:</b></p><p>In terms of exchanges, it all comes down to volumes. Crypto exchange volumes have soared, because of strong interest from both retail and institutional clients. This type of growth will not continue, but volatility tends to drive overall volumes.</p><p>Looking at this Compass table, one can clearly see that volumes noticeably increased in 2018, following the rise of Bitcoin in December of 2017. What happened in late 2017 that helped drive future trading volumes? Well, CBOE and CME both launched Bitcoin future contracts that month.</p><p><img src=\"https://static.tigerbbs.com/7170f3967e17422584307fc937c403b5\" tg-width=\"689\" tg-height=\"691\" referrerpolicy=\"no-referrer\"></p><p><i>* Source: This is a slide/chart from Compass</i></p><p>So far in 2021, COIN has experienced 298% growth in ADV (average daily volumes). What did Bitcoin increase last year? Just over 300%. There's clearly a very high correlation between Bitcoin's recent price and COIN's future ADV.</p><p>One of our favorites aspects of investing in the exchanges is the ability to simply model the businesses in Excel. The large, publicly-traded exchanges provide wonderful transparency for investors, by posting daily volumes. We liken this to Goldman Sachs or Morgan Stanley providing real-time insights into their prop desk trading results. You shouldn't hold your breath for that level of transparency, right?</p><p><b>Bitcoin, Bitcoin and Bitcoin:</b></p><p>In the real estate business, the common phrase is that the 3 most important items are \"location, location and location.\" For digital currency exchanges, we believe the 3 most important products are \"Bitcoin, Bitcoin and more Bitcoin.\"</p><p>On COIN's platform, the volumes tend to be concentrated in a few different currencies. In 2019, BTC or Bitcoin was 58% of COIN's trading volumes, but that fell to 41% in 2020. ETH or Ethereum was 14% in 2019 and that grew slightly last year to 15% of COIN's total. The biggest category jump came from \"other\", which was 18% in 2019 and grew to 44% last year.</p><p>Having multiple products to transact in is obviously key, but COIN is cryptocurrency dependent. Yes, tokens like Dogecoin might come in and out of favor, but COIN is dependent upon higher Bitcoin and Ethereum prices.</p><p>A great aspect to owning CME is their transparency. Not only does CME provide daily ADV, but they provide details on open interest. We like to follow open interest, as it is a leading indicator of future volumes. Also, CME provides details on large open interest holders (called LOIH's) or those owners of a minimum of $7.5 million of Bitcoin futures. Over the last couple of months, CME has hit all-time highs in volumes in Bitcoin futures trading. This year, Bitcoin futures contracts on the CME have averaged 13,800 contracts per day, up 42% year-over-year.</p><p>Like CME, COIN has invested heavily in its technology to give its customers access to a deep pool of cryptocurrency liquidity. Like we just described, this liquidity can act as a virtuous cycle. Volumes beget more volumes and leading more customers onto the platform.</p><p><b>Pricing:</b></p><p>We focus on the trading volume of an exchange, but also try to model how revenues are generated from this volume. Each trade does not generate the same level of revenue, as different traders tend to pay different prices.</p><p>In derivative exchange land, we often look at commission prices as RPC or rate per contract. For example, CME charges $0.478 a contract to trade interest rates, $0.545 to trade equities, $0.764 to trade foreign currency, $1.397 to trade metals, $1.336 to trade agricultural commodities and $1.124 to trade energy. Within each product, prices can vary. For example, WTI crude is a different trading price versus natural gas contracts. While CME is trying to get more retail customers into trading futures and options, the vast majority of its volumes are from institutions.</p><p>At COIN, there are different fees for different clients. COIN has two main fee structures, one called Coinbase Pro and the other called Coinbase Prime. Here's a quick look at the pricing tiers, as discussed in the S-1 filing, based upon whether or not a client is taking or providing liquidity (called taker fee and maker fee).</p><p><img src=\"https://static.tigerbbs.com/cba2058d6aac36d1f5fa59d2261be3c1\" tg-width=\"527\" tg-height=\"649\" referrerpolicy=\"no-referrer\"></p><p><i>* Source: This is a slide/chart from Compass</i></p><p>Transaction revenue, as a percentage of total volumes traded, has averaged 0.61% over the last 8 quarters. Over these 2 years, retail client transactional revenue has increased from 1.27% up to 1.47%. For institutional clients, revenues as a percentage of volumes traded has fallen from 0.07% down to 0.05%. Clearly, retail customers pay significantly more than institutional clients to trade.</p><p>Also, unlike transacting in a stock, COIN calls its transaction based revenue \"staking\" revenue. This is earned from transaction validation on a proof-of-stake blockchain, when COIN's nodes successfully creates or validates a certain block. This revenue is recognized when the rewards are available for transfer and at the point when the block creator or validation is complete. The metrics that determine the staking revenue are driven by quantity, price and rewards rate.</p><p><b>Customers:</b></p><p>The strengths of COIN's platform seem to be its vast and extensive network of contacts. COIN is leveraging its trusted brand to attract those that want access to transact or store cryptocurrencies.</p><p>COIN's growth strategy is based upon driving more customers onto its platform and becoming the de-facto platform for cryptocurrency. Just like the online brokers did in the 1990's, the key to growth was adding new accounts and clients to the platform.</p><p>In this COIN chart, one can see the exceptional growth in verified users or those that have \"demonstrated an interest\" in COIN's platform. In addition to these users, there are another 7,000 institutional customers, across roughly 100 countries.</p><p><img src=\"https://static.tigerbbs.com/0b0ae20183f76b5f50213a6fba41d49f\" tg-width=\"671\" tg-height=\"663\" referrerpolicy=\"no-referrer\"></p><p><i>* Source: This is a slide/chart from COIN's S-1</i></p><p>These verified users have registered for an account and confirmed either their email address or a phone number. In our model, we are not terribly interested in tracking verified users as a key metric. While it is nice to know who interested in cryptocurrencies, it is much more important to understand who is willing to transact.</p><p>As you can see in this Compass Point chart, COIN has 2.8 million MTU or monthly transacting users. In order to be considered a customer needs to have logged in and transacted one time, over a 28-day rolling period.</p><p><img src=\"https://static.tigerbbs.com/37e82feeeec96702e21745ad5bdc1c48\" tg-width=\"706\" tg-height=\"416\" referrerpolicy=\"no-referrer\"></p><p><i>* Source: This is a slide/chart from Compass</i></p><p>It is interesting to see that there were 2.7 million MTU's in the 1 st quarter of 2018 and 2.8 million MTU's at the end of last year. Over those 2 years, MTU's dramatically declined and then lifted. As of today, COIN has roughly 3 million MTUs, which was up +180% year-over-year, but we like to think of it as only 7% of its verified total accounts.</p><p>This reminds us of the online brokerage business, back in the 1990's and 2000's. For years, the primary goal of marketing executives at the online brokers was to generate more and more accounts. The theory was that with new accounts, clients would eventually look to consolidate their relationships with one or possibly two firms. Once an account was opened, the goal was to increase wallet share from that satisfied customer.</p><p>For online brokerages, driving customers typically comes from TV advertising. One cannot watch CNBC or Bloomberg or Fox Business without seeing advertisements for Schwab, TD Ameritrade, E*Trade, Fidelity or Interactive Brokers. Robinhood was very successful in opening up investment accounts for the emerging Gen-Z demographic, but its well-publicized issues in late January (regarding prohibiting \"meme stocks\" purchases) might impact its torrid account growth.</p><p>How does COIN plan on increasing its exposure and customer base? Our guess is that it will look to increase its marketing spend. The ROI or return on investment of TV marketing is somewhat opaque. We anticipate COIN learning from its foray into marketing and advertising, with some successes, as well as some failures.</p><p>The best avenue to increase accounts and customers is to offer a product that cannot be easily replicated. COIN can continue its account growth by launching new and innovative products, as well as offering access to new cryptocurrencies.</p><p>While BTC or Bitcoin is the dominant cryptocurrency today, maybe there will be a new and exciting cryptocurrency in vogue tomorrow. Over the last few months, Dogecoin has garnered significant attention and media coverage. While we shake our head and do not understand the fascination with this cryptocurrency, the goal for COIN is to attract and become the go to platform for those that wish to transact. COIN needs to expand its support of all digitally native cryptocurrencies and help to tokenize new assets.</p><p><b>Storage:</b></p><p>While the vast majority of COIN's revenue is trading based, COIN does earns subscription and service revenue when customers choose to safely store their cryptocurrencies on its platform.</p><p>COIN is one of the most trusted exchanges in the crypto space and operate as a \"qualified custodian\". This means that they have a separate company, called Coinbase Custody, which operates as a standalone, independently-capitalized business. Under New York State Banking Law, Coinbase Custody is considered a fiduciary. All digital assets are segregated and held in a trust. COIN has never suffered a hack that led to loss of funds and cannot afford to ever have that breached.</p><p>As you can see in this COIN asset chart shows, there has been excellent growth on the platform. At the end of 2020, COIN had $90.3 billion in assets on its platform, which was up +432% year-over-year.</p><p><img src=\"https://static.tigerbbs.com/fa49892f328f6968397671bfc6bfbab1\" tg-width=\"887\" tg-height=\"689\" referrerpolicy=\"no-referrer\"></p><p><i>* Source: This is a slide/chart from COIN's S-1</i></p><p>Of these assets, 70% was from Bitcoin and another 13% were Ethereum. Clearly, those two currencies represent the bulk of COIN's platform assets.</p><p><b>Wallets:</b></p><p>The leather wallet in your pocket holds a combination of cash and credit/debit cards. However, cryptocurrencies and tokens need to be kept in a crypto wallet. \"Hot wallets\" are connected to the internet and are considered much less secure, while \"cold wallets\" are kept offline. Most cryptocurrency custodians employ \"cold\" storage to safely hold a client's digital assets.</p><p>Acting as a cold cryptocurrency custodian (say that 3x fast), COIN derives fee revenue based on a percentage of the daily value of customer accounts. The assets under custody are a function of quantity, price and type of cryptocurrency asset.</p><p><b>Custody:</b></p><p>In addition to hot versus cold wallets, there are two primary ways to store your Bitcoin. The first is called self-custody. This is when an individual or entity has complete control of their Bitcoin. This entails maintaining and controlling your own private key. When it comes to Bitcoin storage, there is a popular self-custody mantra that says, \"not your keys, not your coins\". This implies that if you do not control the private key for your Bitcoin, it is not truly your Bitcoin.</p><p>The second way to store your Bitcoin is to outsource it to a trusted custodian, like Kraken, Coinbase, Anchorage or others. In this case, the custodian stores your Bitcoin for you and they have control over its private key. Kraken is security focused and has an time-tested private key management practice. In its 10-years of existence, it has never been hacked.</p><p>Whether one decides to self-custody or use an outsourced custody provider for storing your Bitcoin, two critical issues must be discussed. The first is trust. Do you trust the custodial firm that holds your Bitcoin? If one self-custodies, they bear the risk of lost private keys, break-ins or natural disasters. On the other hand, self-custody ensures you control your own Bitcoin. The obvious downside of self-custody is that one can lose all of your Bitcoin, if it is not stored properly.</p><p>Do you trust the bank that holds your checking account or brokerage firm that holds your stocks? US financial institutions are some of the most highly regulated companies in the world and most have proven themselves to be good custodians of our assets. Maybe we can exclude Lehman Brothers and AIG from that statement, but it is fair statement for the other 10,000+ financial institutions in the US.</p><p>Does trusting a firm called Kraken, with millions of dollars' worth of Bitcoin, sound like a sound idea? Some might prefer to custody with a firm like Bank of New York, which announced in March of 2021, that it intends to enter the Bitcoin custody business. However, does Bank of New York have the technological expertise and security protocols of newer entrants like Kraken? With a random name like Manole Capital, we clearly don't place too much emphasis on one's name. We do however appreciate 3 rd party, independent industry rankings. Kraken has been voted the #1 most secure cryptocurrency exchange by ICO Ratings.</p><p>The second key issue to consider is protection and safety. Cryptocurrency custodians and exchanges are a prime target for hackers. There are hundreds and potentially thousands of thieves looking to steal your Bitcoin private key. PayPal and Robinhood recently sent warnings instructing their clients to install two factor authentication onto their digital wallets / account. Also, governments can force companies to freeze funds, if they perceive illegal activity or fraudulent behavior.</p><p>Trusting someone else to store and manage your Bitcoin is a challenging decision. There have been a few custody firms to have disastrous results (i.e. Mt. Gox), but there are also extremely competent businesses that can trusted to hold your cryptocurrencies. For us, we prefer an expert store our assets, as opposed to keeping it under the proverbial mattress.</p><p><b>Characteristics:</b></p><p>As we mentioned earlier, there are certainideal characteristicswe look for in our investments. COIN has a strong brand name and dominates its cryptocurrency niche. Its platform is scalable and by leveraging certain blockchain advancements, COIN can provide a safe and secure environment for its customers.</p><p>We often look for our companies to have dominant market shares, high barriers to entry and what Warren Buffett calls a \"moat around the franchise\". Regardless of industry, we always focus on an investment's market share. In terms of COIN's cryptocurrency market share, it has risen from 4.5% in 2018 to 8.3% in 2019 up to 11.0% in 2020.</p><p>For exchanges, there is typically 1 or 2 firms that dominate the trading of a specific asset. These exchanges have the best liquidity and the tightest bid/ask spreads. For example, the CME dominates US interest rate trading, as well as WTI crude trading. Intercontinental Exchange dominates the Brent crude marketplace. Once an exchange begins to control trading for a certain asset, it is very difficult for a competitor to steal market share. Some try to lower trading pricing and commissions, but this usually is only temporary. Investors are always seeking best execution and will usually return to the marketplace with the most liquidity and tightest bid/ask spreads. From an exchange standpoint, this is definition of dominant market share, competitive advantage or possessing a moat around your franchise.</p><p>Ideally, COIN is looking to become the one-stop shop for those wishing to buy, sell and/or store cryptocurrency. COIN has many of the desirable characteristics we look for in an investment, but it does have risks.</p><p><b>Risk #1: Bitcoin</b></p><p>For a business like COIN, there are literally dozens of risks. For starters, cryptocurrencies are volatile and we anticipate COIN's stock will be highly correlated to the price of BTC, Bitcoin and other important cryptocurrencies.</p><p>As we have mentioned, the underlying price of these cryptocurrencies helps to determine COIN's revenue and profits. Possibly the biggest risk for owning COIN stock will be its reliance and dependency on rising Bitcoin and Ethereum prices.</p><p><b>Risk #2: Competition</b></p><p>On the retail front, COIN has numerous competitors. For example, both Square's Cash App (36 million users) and PayPal (375 million accounts) are offering mobile-based wallets, primarily to retail clients. Customers can purchase various cryptocurrencies on both Square and PayPal and store them for free.</p><p>Over time, we expect both of these firms to begin to allow wallet holders to transact in whatever currency he/she wishes. For example, a customer can use their Square Cash App wallet to transact at over 3 million Square merchant acquiring locations. This mobile wallet will permit credit or debit transactions, but might also permit the user to utilize their Bitcoin balance. There are numerous issues that still need to be resolved on this front, but this is what we have been calling \"closing-the-loop\".</p><p><b>Risk #3: Regulations</b></p><p>Exchanges are highly regulated entities and they must learn to engage with their regulators for the benefit of all market participants. COIN is subject to a regulated environment, but the rules and landscape are dynamic. Unlike US financials, with a known regulator, the laws and rules cryptocurrencies are subject to are constantly changing. As COIN moves more of its business to international markets, it will have additional governmental issues to deal with.</p><p>The new SEC Chairman is Gary Gensler. Gensler was the head of the CFTC from May 2009 to January 2014 and was the primary regulator for the derivative exchanges. In his tenure at the CFTC, Gensler attempted to write rules and regulations for the swap markets, as suggested in the Dodd Frank Act of 2010 (following the Financial Crisis). Now that Gensler is at the SEC, one of his first challenges is what to do about regulating and providing oversight on Bitcoin and other digital currencies. He is not new to digital currencies, as he was a professor at MIT's Sloan School of Management after his stint at the CFTC. He primarily taught about blockchain technology and cryptocurrencies.</p><p>As of today, there are only a few crypto funds available to investors. Grayscale has over $38 billion in assets and is the sponsor of the Grayscale Bitcoin Trust (OTC:GBTC), which is provides Bitcoin exposure for qualified investors. GBT investors have a $25,000 minimum investment and currently pay a 2.5% management fee.</p><p>Many firms (Skybridge Capital, Valkyrie Digital, Fidelity Investments, VanEck, WisdomTree, etc) have announced their intention to offer Bitcoin ETF's. attempted to get the SEC to approve Bitcoin ETF's. As of now, the SEC has not approved any of these filings, but it will ultimately have to make a decision on the subject. Earlier SEC rejections were based upon problems with volatility, transparency, market surveillance and market and price manipulation. We expect a positive Bitcoin ETF to be approved by the SEC in 2021.</p><p>In addition to SEC regulation, we anticipate the Federal Reserve to explore the subject too. Chairman Jay Powell, in official Congressional testimony, has officially stated that the Fed is looking into the idea of a \"fully digital dollar\". This type of \"Fed coin\" would likely need Congressional and White House approval and it is very much in the early innings of its examination. Chairman Powell is still dealing with the ramifications of a global pandemic and a soft US economy, so a CBDC might not be his first or even second priority right now.</p><p><b>Risk #4: Security</b></p><p>As with any exchange, security and safety is paramount. We anticipate that COIN will be subject to thousands of cybersecurity attacks. Hackers, criminals and even foreign countries might find it worthwhile to breach COIN's platform. COIN's valuation is dependent upon it keeping its first-mover advantage and its reputation as a dominant cryptocurrency custodian. Security, for customers and partners, cannot be underestimated and COIN will have a very large target on its back.</p><p>Scale &amp; EBITDA Margins:</p><p>For us, we always like to model in operating or EBITDA margins, as well as free cash flow for our exchanges. In 2020, EBITDA margins for the largest exchanges were impressive. Here is a table of the dominant four exchanges and their EBITDA margins last year, as compared to COIN. Looking at the 2020 EBITDA margins of its publicly-traded exchange peers, provides interesting insights. Last year, CBOE posted 68% EBITDA margins and CME and ICE each posted margins in the 62% to 63% range. Despite trailing their competitors, Nasdaq had impressive EBITDA margins of 55%, that would be the envy of most companies. One key takeaway is that all of the exchanges are generating impressive margins with excellent leverage and scale opportunities.</p><p><b>Exchanges: CBOE CME ICE NDAQ vs COIN</b></p><p>2020 EBITDA Margins 68% 62% 63% 55% 41%</p><p>These exchanges have spent billions of dollars building out a scalable platform, that has enormous operating leverage. Each and every transaction that occurs is extremely high incremental margins. Most do not provide guidance on future or forward revenue, but they do have decent insight into expenses. The CME typically will provide forward expense guidance in the 2% to 5% range each year. Expenses don't dramatically increase each and every year, but do modestly rise.</p><p>How does COIN compare? Well, COIN is still constructing its exchange and heavily investing in its infrastructure. Last year, technology and development expenses were $271.7 million or 21% of COIN's total revenue. In 2019, this expense line item was 35% of revenue.</p><p>In 2020, COIN's expenses grew 50% year-over-year to $868.5 million. At this early stage of its lifecycle, we are pleasantly surprised to see that COIN is generating positive operating leverage (expense growth less than revenue growth).</p><p>As you can see in this Compass Point chart, over the last 8 quarters, COIN's Adjusted EBITDA margins have steadily improved. Are they peaking or at an all-time high? No, but the best part about COIN's current margin trajectory is where we see it going.</p><p><img src=\"https://static.tigerbbs.com/44d11356cbdbc81549a9f5422e6e0e4f\" tg-width=\"567\" tg-height=\"426\" referrerpolicy=\"no-referrer\"></p><p><i>* Source: This is a slide/chart from Compass</i></p><p>In its S-1, Brian Armstrong (COIN's CEO) stated a focus on operating profits, as it tries to manage its expense growth. He said, \"We may earn a profit when revenues are high, and we may lose money when revenues are low.\" He then went on to state that \"our goal is to roughly operate the company at break even, smoothed out over time.\"</p><p>This has proven to be true, when one considers that COIN generated $533 million in revenue in 2019, but lost $30m of profit that year. Then, in 2020, COIN produced $527 million of EBITDA on $1.2 billion of revenue. Clearly, the exchanges can generate very impressive profit margins, at scale.</p><p>The real benefit for the exchanges comes when volatility spikes and volumes soar. As this happens, assuming the exchanges properly manages this rising volatility, profitability climbs. As more and more volumes transact on a platform, free cash flow (and margins) is very attractive. Operating margins at its other publicly-traded exchanges have been high for years and do not fluctuate significantly from year-to-year. As revenues surprise to the upside, because volatility spikes, these exchanges typically reward their shareholders with buybacks and special dividends. As much more mature businesses, these exchanges tend to allow this leverage upside to fall to the bottom line. We anticipate that COIN will choose to re-invest any revenue upside towards marketing, growing its customer base, improving its platform, and building up its infrastructure.</p><p><b>Valuation:</b></p><p>In their 1st quarter 2021 release, management provided a low-to-mid-to-high range for a number of key metrics. In terms of MTU's, COIN management provided low guidance of 4.0 million and high guidance of 7.0 million. In 2019, the net revenue per MTU was $37 and it increased to $49 last year. Over the last 8 quarters, the net revenue per MTU range has grown from $26 in the 1 st quarter of 2019 up to $59 in the last quarter of 2020.</p><p>In our modeling and analysis, we will stick with management guidance, which ranges from $35 million to $45 million in net revenue per MTU. This implies revenue for the final three quarters of the year could be in the $3.48 billion on the low side and up to $4.64 billion on the high side. If we simply average these low and high ranges, 2021 revenue would be $4.1 billion. Considering COIN did $1.8 billion in revenue in the 1 st quarter alone, it is probably safe to assume that 2021 revenue will approach $4 billion this year. Our model is fairly detailed, but for this exercise, we will use a nice round $4.0 billion in 2021 revenue. Then, for 2022, we will assume 15% growth, to $4.6 billion. This does not seem like we are being aggressive. In fact, we wouldn't be surprised if COIN generates this level of revenue a full year earlier.</p><p>Without making an assumption on future volume growth, we need to estimate profit margins for COIN. Over the next decade, we would expect COIN to post EBITDA margins into the mid-50's%. Over the next one to two years, we would like COIN to annually increase margins by 200 basis points. This should be do-able, even with COIN making significant investments in their operational technology and platform.</p><p><b>Stock Trading vs Fundamentals:</b></p><p>It can be challenging to sometimes separate the volatility of a stock from its underlying fundamentals. For example, the primary exchange to trade interest rates is the CME. When it comes to trading Brent crude, most traders prefer ICE (although WTI is primarily traded on CME). While both of these exchanges trade hundreds of other products and assets, those two products (interest rates and Brent crude) tend to materially impact the exchange stock price.</p><p>When it comes to COIN, we anticipate the stock will trade very closely to the price of Bitcoin and Ethereum. If both digital currencies continue to rise, COIN's stock will be a solid success. If Bitcoin falls by (80%), like it did in 2019, COIN's stock will dramatically fall. In a world with massive Bitcoin volatility, COIN's underlying fundamentals should be good. In theory, COIN's stock should correlate and reflect the volatility of Bitcoin and Ethereum, not just their upward trajectory. However, we fully anticipate COIN's stock to trade in-line with the success or failure of Bitcoin.</p><p>Today's reality is that certain market participants are not long-term investors. Many unfortunately consider stocks as pieces of paper, as short-term trading instruments. If Bitcoin were to struggle and decline in value, that volatility and environment would be excellent for COIN. In fact, that might be a great time to \"dip one's toe\" into a position. However, the Reddit and Wall Street Bets community is more likely to consider short-term trading momentum than bottoms up, underlying fundamentals.</p><p>As we discussed earlier, COIN generated an impressive 2020 operating margin of 32%, compared to a (9%) in 2019. While some companies can post steady and smooth operating margins, COIN's will be much lumpier, at least until it is less Bitcoin becomes less volatile. Also, COIN has $188 million of cryptocurrencies on its balance sheet, comprised mainly of $130 million of Bitcoin and $24 million of Ether. There will be opportunities to purchase COIN, when short-term investors sell. This will likely occur as COIN ramps up its expenses or when Bitcoin falls.</p><p><b>Price Target:</b></p><p>Over the next month or so, we anticipate most sell-side analysts will publish targets on COIN. Unfortunately, most will use revenue multiples to determine their price targets. Manole Capital only owns companies that generate earnings and free cash flow, so we are loathe to utilize revenue multiples for price targets. We find that companies that use revenue multiples to justify a valuation are often incapable of generating important free cash flow. We are fine with companies investing in their future to ensure growth, but we cannot invest in companies that aren't concerned with free cash flow. For us, using the crutch of a revenue multiples isn't something we are comfortable doing.</p><p>Fortunately, for this analysis of COIN, the company generates plenty of profit and free cash flow. We conservatively model COIN's revenue next year at $4.6 billion. Also, we believe it can add a point or two to EBITDA margins, into the mid-40% range. That would be 2021 EBITDA of $2.1 billion or $11.89 per share. We don't want to sound like a \"wise old sage\", but in the \"olden days\", investors could utilize reasonable EV (enterprise value) to EBITDA multiples in the 10x to 15x range. Maybe, if a company was experiencing fantastic growth and was getting acquired, you might see an EBITDA multiple approach 20x. Nasdaq, ICE and CBOE all have trailing EV to EBITDA multiples in the mid-to-high teens. In order to be remotely close to where COIN will trade this week, we would have to use a MarketAxess (MKTX) or Tradeweb (TW) lofty TTM EV to EBITDA multiples of roughly 45x. We just don't believe EV to EBITDA is the proper valuation metric to currently use. Should we use another cryptocurrency company like Silvergate (SI) and estimate a valuation using their EV to EBITDA multiple? At 108x trailing EBITDA, that would be a waste of time.</p><p>To arrive at a realistic COIN price target, let's just model earnings and use a premium forward P/E multiple. If we apply a tax rate of 25% (not assuming any tax loss carryovers), we can estimate an EPS in 2021 of $8.50.</p><p>Using that $8.50 per share in EPS, we then want to apply an exchange-like multiple, adding in a premium for COIN due to its exceptional growth. The average publicly-traded exchange trades at a forward P/E multiple of 20x. The table below provides some different targets, based upon the premium P/E one believes COIN deserves.</p><p><b>Forward P/E Multiple 25x 30x 40x 45x 50x</b></p><p>Premium to Peers 20% 50% 100%</p><p>COIN Target $213 $255 $340 $381 $426</p><p>On Wednesday, initial projections are looking for COIN to trade towards $65 billion, which implies $350 per share. We fully anticipate COIN rocketing past $400 and potentially closing the day in the $500 per share range. This would imply a market capitalization of COIN of $93 billion, which is approaching the $100 billion level that have been rumored to have occurred on some private exchanges.</p><p><b>Conclusion:</b></p><p>We expect COIN's direct listing on April 14th to be \"hot\".</p><p>In a typical IPO, companies raise capital and provide exclusive, early access to large institutions. With wire houses placing shares into large institutions and asset managers first, retail investors often get shut out. Retail platforms like Schwab, Ameritrade, Robinhood, Fidelity typically cannot access IPOs for their customers.</p><p>Since COIN has over $1 billion of cash on its balance sheet and does not need capital, it has decided to do a direct listing. The advantage of a direct listing is that it will enable retail investors to purchase COIN at the same time as larger institutions. Once COIN begins to trade freely on the Nasdaq exchange, both retail and institutional traders can participate. With 186 million shares outstanding, the market will ultimately determine what share price COIN trades at. We expect a flood of market orders, creating an interesting first day of trading.</p><p>Is the lofty valuation we just laid out fair? Probably not, but that's what the market will determine. Is this a realistic scenario? Are our forecasts too conservative? Should you be an aggressive buyer? We think our estimates are fair, but COIN will likely immediately trade towards an aggressive multiple.</p><p>If you don't want to pay that kind of forward multiple for COIN, there are other alternative. Maybe you should consider an investment in some of the other (and less expensive) exchanges, like Nasdaq or CBOE? These companies do not have the same growth prospects as COIN, but they do come with a much smaller price tag.</p><p>We believe that COIN is a safe, trusted and easy-to-use platform for trading digital currencies. Some investors believe that they have \"missed out\" on the meteoric rise of Bitcoin, so they might chase a position in COIN. Others will look at COIN as a long-term opportunity to own the dominant digital currency exchange.</p><p>In our opinion, owners should be willing to pay a premium for COIN shares, but they should also be prepared for significant volatility and competition. Only you know your specific risk/reward tolerances. Only time will tell the answers to some of these questions, but we'll get a good idea on Wednesday, once COIN trading begins.</p>","source":"seekingalpha","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Thinking About Buying Coinbase? - Here's Your Note</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\">\nThinking About Buying Coinbase? - Here's Your Note\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-14 23:14 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4419039-thinking-of-buying-coinbase><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Wednesday,Coinbase shares open at $381 on Nasdaq, valuing cryptocurrency exchange at $99.6 billion.SummaryCoinbase is going public today.Instead of reading their +300 page S-1, read our 19 page note....</p>\n\n<a href=\"https://seekingalpha.com/article/4419039-thinking-of-buying-coinbase\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc."},"source_url":"https://seekingalpha.com/article/4419039-thinking-of-buying-coinbase","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1145468327","content_text":"Wednesday,Coinbase shares open at $381 on Nasdaq, valuing cryptocurrency exchange at $99.6 billion.SummaryCoinbase is going public today.Instead of reading their +300 page S-1, read our 19 page note.We discuss: digital currencies, store of value, medium of exchange.Plus, a deep dive into COIN's model, storage, trading, price target.Manole Capital Management - Bitcoin & Coinbase (COIN) - April 2021What is FINTECH?Manole Capital Management exclusively focuses on the emerging FINTECH sector. For some investors, FINTECH means We define FINTECH as \"anything utilizing technology to improve an established process.\"* Source: This is a Business Insider slide on the FINTECH EcosystemFor us, the quintessential FINTECH business is the payment industry. As you can see in this FINTECH ecosystem Business Insider slide, we bolded thePayments and Remittancesspace, as that is our preferred area to invest. Others can invest in FINTECH's through Alternative Finance companies or digital banks or Insurtechs, but for us, we love the payment sector. We are attracted to the predictable, sustainable and recurring revenues of their businesses, where they essentially earn revenue per swipe economics.When most investors discuss FINTECH, they rarely (if ever) discuss the exchanges. Similar to these payment and transaction-based models, many of the exchanges also earn revenue, free cash flow and profits per transaction or trade. When it comes to trading certain assets (interest rates, equities, commodities, foreign currency, etc), there tends to be high barriers to entry or an impregnable moat around certain franchises. While many of these businesses are not recession proof, they have proven to be recession resistant.Financials:While Financials only represent 11.3% of the S&P 500 (as of March 2021), roughly 3/4rd's of this sector's weight is comprised of traditional financial institutions, like banks and insurance companies. These businesses are typically credit sensitive, with opaque and complex balance sheets. To simplify the banking model, the underlying asset is the US dollar and they simply look to borrow that capital at a low fee and lend it out to borrowers at a higher rate. This spread business can generate excellent returns, but it comes with a risk. Is the bank following a solid and time-tested risk model? Are borrowers credit worthy?If an investor has exposure to the Financial sector, one should have a strong opinion on the 10-year yield. The 10-year stands at 1.7% and has significantly risen over the last several months. The Financial sector has a 5-year rolling correlation with the 10-year Treasury of 67% (per Scotiabank and Bloomberg research). We simply choose to not invest in banks and business models that don't have ourideal characteristics (click here).As we stated above, we are attracted to businesses that generate steady and recurring and free cash flow. Unfortunately, most Financials are not transaction based business models.Our Goal:This note will review digital currencies, Bitcoin and the opportunity in the exchange space. We will use our over two decades of experience following and owning exchanges to draw some parallels for this new asset class. For example, there are \"big picture\" matters concerning storage, access, theft, usage, documentation, identity, rights and dozens of other issues. Blockchain and technology advancements theoretically solve some of these problems, but unfortunately not all.Some digital currency or technology experts might find this analysis rudimentary. Others are new to this asset class and want a primer on the industry. That's our primary goal or target, is to provide an initial 30,000 foot view on digital currencies and then dive into the details of the largest (and soon to be public) exchange.As always, we strive to present our work in a very readable format. If they had the patience to read our research, we attempt to write our notes so our 80-year father or 14-year old son could easily understand. We will try our best to review the requirements to be considered a currency, volatility, pricing, digital wallets, NFT's (non-fungible tokens), stable coins and some other digital currency issues. After that, we will do a fairly deep dive into Coinbase (ticker COIN). You can read their nearly 300-page S-1 filing with theSEC (click here)or you can let us serve as your \"Cliff Notes\" version. We will discuss their business model, how they generate revenue, their advantages and disadvantages, as well as provide a framework for valuation and a price target. We hope you find this latest research from Manole Capital topical and interesting.Digital Currencies:In our 1st quarter 2021 investor newsletter, which we published on Seeking Alpha, we discussed COIN's business and its opportunity. We wrote a couple pages on the subject, but felt it deserved a much larger and dedicated piece of research.Before we dive into Coinbase, we wanted to provide our thoughts on Bitcoin and digital currencies. As we stated in the opening paragraph, Manole Capital believes the payments industry is the dominant FINTECH sector. Over the last 5 years, we have done a significant amount of work on digital currencies, trying to understand their best usage, functionality and role in the future of payments. Are digital currencies a threat to the payment networks, processors and merchant acquirers? In order to answer these questions, one has to understand how a typical payment transaction occurs. Who processes, clears and settles a card transaction?We have written dozens of articles on this subject, which can easily be viewed here. In our opinion, there are two main requirements for something to be considered a viable currency. One is that it must be a \"store of value\" and the second is that it must be a \"medium of exchange\".The Requirements To Be A Currency:In order to be a viable currency, two specific requirements are needed. One is that the currency should be a\"store of value\".This is often defined as any asset that can smoothly maintain its economic value, rather than rapidly depreciating. The other requirement is that the currency should be a\"medium of exchange\" or an instrument used to facilitate the sale, purchase or trade of goods between parties.In terms of speed and efficiency, there is no comparison when comparing the centralized payment system to Bitcoin's decentralized platform. Visa processes 1,700 transactions per second and it claims to have 40x the spare capacity, to handle 65,000 transactions per second. PayPal (PYPL) stated that during the 2020 holiday shopping season, it processed over 1,000 transactions per second. Using Bitcoin and its blockchain for global purchases and payments can process roughly 7 transactions per second.As technology improves, one could argue Bitcoin processing will improve. However, if Bitcoin were to get used for payments, the conversion of crypto holdings into US dollars will dramatically increase overall network transactions. We are big believers in the concept of...\"if it ain't broke, don't fix it!\"There are significant acceptance advantages to the existing payment ecosystem. Visa and Mastercard are accepted in over 200 countries and at over 40 million global merchants. Their payment acceptance brands stand for trust and allows billions of purchase transactions to occur each year. The Visa and Mastercard logos are known around the world, permitting the exchange of goods and services in seconds. While Bitcoin is slowly becoming more recognizable, it simply does not have the same acceptance. We believe the existing payment ecosystem handles the \"medium of exchange\" process well. The overall payment landscape is a well-oiled machine, that involves three to four parties, approving transactions in in roughly 1 to 2 seconds.We have discussed the long-term opportunity for a FINTECH company or two to create a \"Super App Holy Grail\". This would be allowing customers to transact with their mobile phone, in whatever currency they wish, at all global merchants. Getting consumers to get rid of their leather wallets is easier said than done. Even though we consider ourselves to be fairly technologically savvy, we still have a wallet that looks a lot like Seinfeld's George Costanza's.Several companies have recently announced their intentions to help spur Bitcoin acceptance. On March 30th, 2021, PYPL announced the launch of its \"Checkout with Crypto\" option. Participating merchants (initially ½ of PYPL's 29 million) can offer their customers the ability to pay for purchases using Bitcoin, Litecoin, Ethereum or Bitcoin Cash. How will this work? Once a PYPL customer purchases or stores crypto holdings in their PYPL digital wallet, he/she will be permitted to use those funds at checkout. When a transaction occurs, PYPL users will see the option to apply their balance to complete a purchase. When customers choose this payment option, PYPL will exchange their crypto for US dollars through its clearinghouse partner, Paxos. The transaction will occur based upon a spot market rate, with a 50 basis point spread built in. PYPL will then remit payment (in US dollars) to the merchant, to satisfy the exchange of goods or services.While this sounds easy, there are significant hurdles. Certain details are still emerging, but customers using this service must buy their crypto within their PYPL digital wallet. This will satisfy PYPL's adherence to Know Your Customer (KYC) guidelines, but it doesn't solve all potential hiccups. The four cryptocurrencies PYPL said customers can use, are likely to cause problems. The SEC and IRS have not deemed these to be currencies, but instead, consider them capital assets. If they were to be used for payment, the underlying client will potentially have capital gain taxes, if their PYPL digital wallet has paper gains. If you are making a $20 purchase at Walgreen's, we don't believe customers are wanting to consider the tax ramifications of using their Bitcoin balance in their digital wallet. That potential $20 purchase could potentially cost you a tax liability of 100%.Even if we ignore the large tax issues, there are additional worries. So, if the cryptocurrency in your digital wallet is going to be used to fund purchases, who is going to pay for it? Merchants will have to pay for the cost of converting cryptocurrencies into US dollars, whatever that cost might be. There will be the traditional merchant discount rates applied, but this will ultimately be another cost for merchants to bear. Besides a company like Tesla, that has a dynamic CEO, do you envision merchant's dying to accept additional costs to help their customers transact? Especially when cards are so ubiquitous?So,Teslahas decided it will accept Bitcoin as a form of payment. What does this really mean? If a consumer has a sizeable gain in Bitcoin and wishes to use it to purchase a \"free\" Tesla, there are serious tax consequences. Just like selling an appreciated stock, where a consumer has to pay capital gains taxes, Bitcoin would be under the same burden. Until the IRS classifies Bitcoin as a currency, and not property, this tax problem will remain.The second problem comes if the Tesla buyer decides to return his/her new vehicle. Tesla reserves the right to pay the consumer back in cash, worth the original purchase price, not in Bitcoin. If Bitcoin jumps in value since the original transaction date, the consumer would be negatively impacted. If Bitcoin falls in price, Tesla could return a depreciated Bitcoin to the car buyer. Are there hundreds of thousands of consumers yearning to purchase a Tesla with Bitcoin? We doubt there's too many, especially if they are aware of the tax issues.Last week, Visa announced it would use various FINTECH API's (application programming interface) offered by cryptocurrency custodian and privately-held Anchorage. Visa plans to settle transactions using US dollar stablecoin, powered by the Ethereum blockchain. Once again, this is exciting news, but will likely encounter problems and take a while to come to fruition.Before one uses Bitcoin to transact at the POS (point of sale), be actually believe it can become an excellent opportunity for money transfer. Western Union is about to turn 170 years old and can be considered the original FINTECH company. However, moving paper currency around the world is not terribly technologically advanced. Visa has launched an expanded version of itsDirectplatform, which will allow for cross border disbursements. Visa's platform supports real-time domestic and cross-border person-to-person, business-to-small business and business-to-consumer use cases, so the options are endless. Bill Sheley is the global head of Visa Direct, and he stated, \"Visa is innovating to give financial institutions, governments, individuals and businesses new ways to pay and get paid beyond the card.\"On the \"store of value\" front, the total addressable market for assets is enormous. For example, art and collectibles are a $20 trillion market, gold is $10 trillion, real estate is $200 trillion, bonds are $100 trillion and equities are another $30 trillion.50% of gold is used in jewelry and another 1/3 is used in electronics. While gold used to back fiat currencies, Britain dropped the gold standard in 1931. The US followed suit in 1933 and totally abandoned the gold standard in 1973. There are additional issues to consider like fixed or variable supply, as well as volatility concerns.We agree that digital currencies are becoming a feasible \"store of value\". In our opinion, digital currencies have significant challenges to becoming a \"medium of exchange\". With that caveat, the opportunity for the crypto-economy and digital currencies to thrive is still open ended and vast.Inflation:The world is always looking for additional asset classes and stores of value, especially as governments keep the currency printing presses running 24 hours a day, 7 days a week.Last year, the Federal Reserve printed an unprecedented amount of dollars, roughly 1/5 th of all US dollars ever printed. On a daily basis, the Bureau of Engraving and Printing produces over $500 million over 38 million notes.If you are the United States and the dollar is considered the dominant global currency, your perception of Bitcoin (or any digital assets) should be of concern. The ability of countries to simply print money should inherently be inflationary, yet Federal Reserve Chairman Jerome Powell continues to seek to get the US at and above 2% annually.A couple of weeks ago, the Biden administration announced an infrastructure bill, called the American Jobs Plan, with a $2 trillion spending target. In March of 2021, US government passed a $1.9 trillion stimulus package. This followed a December of 2020 stimulus package of $900 billion, as well as a CARES Act in March 2020 bill of $2.2 trillion. We are not making a statement about the merits of any of these packages and stimulus programs. We simply are trying to point out the massive amount of money that is getting printed.Many cryptocurrency bulls will cite inflationary worries with fiat currencies for why their digital cryptocurrencies assets are undervalued. We understand this argument, but always come back to an initial framework. If you are the US or the European Union or Chinese government, would you be able to control your society if there wasn't a viable currency in place? Would economies function without government control of its fiat currency? If cryptocurrencies become widely accepted and are considered a better version of payment, would governments be able to function? If the US couldn't issue additional debt to fund its spending initiatives, would it even exist? We just don't believe government regulators will allow certain cryptocurrencies to thrive, especially if it threatens their sovereign currencies.We tend to look at this as a simple supply and demand equation. While Bitcoin has currently issued 18.7 million tokens, there is only a maximum of 21 million that can be created. That fixed supply is counter to some governments. For example, there are countries that have taken the printing of fiat currency too far. Zimbabwe is but one example of runaway inflation. Here's a picture of one of their 100 trillion bills. Yes, that's a 100 trillion. Do you want to be a trillionaire? Simply buy one on eBay for $8.99,by clicking here.Source: This is a picture of Zimbabere's currency, that I took on myiPhoneAs this Piper Sandler chart shows, Bitcoin now has a market capitalization of roughly $1 trillion. If we look at the top 10 digital assets by market capitalization, the vast majority of market share falls to just 2 currencies.* Source: This is a Piper Sandler slide/chartIt is estimated that Bitcoin is over 55% of all cryptocurrency market capitalization and Ethereum is roughly 11%. Cryptocurrencies like Tether, Binance Coin, Stellar, Cardano, Litecoin have a modest following and just 1% to 2% market share (all under $50 million in market cap).Digital currencies should be considered assets, as they can be represented digitally, dynamically transmitted, and stored safely in the cloud. However, digital assets and cryptocurrencies have a long way to go to become used in our globally interconnected economies.Rules & Regulations:In a perfect world, we think all assets should trade 365 days a year and 24 hours a day. In this hypothetical environment, assets should immediately process and settle and fees to transact should be modest. Why does the NYSE only officially operate from 9:30 am to 4:00 pm EST Monday through Friday (and not on holidays)? There are trades that occur pre-market and post-market hours, but liquidity and volumes are sparse. The simple answer is that this is the way it has always occurred and why should we change something that isn't broken.The traditional exchanges have always had a set period of time where they are \"open for business\", but this is changing. For example, the technology backbone of the CME Group (ticker CME) is called Globex. It essentially permits 24/7 trading to occur on its electronic platform for equities, interest rates, commodities, foreign exchange and other assets. After years of investing in international growth, roughly 1/5 th of all volumes come from outside of the US.In order to have access to Globex, there are rules one needs to adhere to, as exchanges are heavily regulated entities. Just like banks need to conduct AML (anti-money laundering) and KYC (know your customer) due diligence on its customer base, the exchanges need to follow strict guidelines enforced by their regulators.As of today, we believe there are over 50 distinct blockchain protocols which support more than 7,500 various digital assets. Unfortunately, the financial systems are not known as entities that are quick to adopt change and technology. The world has embraced the internet, as a revolutionary and transformational platform. However, financial systems are not comfortable seamlessly exchanging data, information and assets. There are numerous activities like cross border payments or peer-to-peer payments that are ideally suited for technological advancements, but rules and regulations exist to stymie growth.The goal of an open and transparent financial system is honorable, but not terribly realistic. In terms of managing one's assets, especially money, the process can be cumbersome.Volatility:If we accept cryptocurrency as a digital asset, we then want to better understand how value is determined, where it can be stored and how best to process and handle its exchange. With decentralized assets, the network allows participants to transact without intermediaries. Who sets the value and determines price?The most notable cryptocurrency is Bitcoin and it has a CAGR of over 150%, from 2013 to 2020. In 2017, it rose 1,318%, but then fell by (72.6%) in 2018. In 2020, it rose over 302% and it currently is up well over 50% this year. Since January of 2017, there have been 5 corrections of 50% of more in Bitcoin, so it can be wildly volatile.We are slowly getting comfortable with digital assets and cryptocurrencies as a \"store of value\" and believe they will become a viable asset in one's diversified portfolio. Each individual or entity needs to determine their own risk and reward framework, so cryptocurrency might be 10 basis points or 10% of one's portfolio.Opinions on Bitcoin are changing every day. Back in 2018, the CEO of Blackrock (Larry Fink) called Bitcoin a currency \"for money launderers.\" A year earlier, JP Morgan CEO, Jaime Dimon called Bitcoin a \"fraud\" and threated to fire any bank employee who dealt with the currency. Fast forward to today: Blackrock (in January 2021) enabled two of its mutual funds to purchase Bitcoin, and a JP Morgan analyst recently published that he thinks Bitcoin could rise to $146,000.Recently, large institutional interest has boosted the price of certain digital assets. High profile investors like John Tudor Jones (May 2020) and Stanley Druckenmiller have made sizeable purchases of various digital currencies. Other companies like Microstrategy (August 2020) and Tesla (Feb 2021) have made sizeable transactions for their firm's balance sheet.Stable Coins:A stable coin is simply a digital asset that is attempts to lower volatility by pegging itself to an actual fiat currency or physical asset (ex: gold). For example, Tether has a market capitalization of over $40 billion, is backed by US dollars and it's the largest cryptocurrency stable coin. One of the risks associated with stable coins is ensuring that the proper amount of fiat currency is held in reserve to match the amount of stable coins in circulation.In prior official commentary, the Governor of the Central Bank of Russia - Elvira Nabiullina - stated that Russa was against any form of private currency, as it threatened financial sovereignty. Russia's Ministry of Internal Affairs also was considering seizing all digital currencies and claiming cryptocurrencies criminal activity. Now, in January 2021, the Bank of Russia began to test a ruble-based stable coin. While starting cautiously, the Russian Central Bank is exploring the possibility of issuing its own digital currency. There are numerous countries that are investigating the process of issuing CBDC's or Central Bank Digital Currencies. China has studied the process of issuing a digital yuan, the European Central Bank is looking into a digital Euro.Other governments and regulators have highlighted the risks of digital currencies. The UK's Financial Conduct Authority called crypto assets \"high risk, speculative investments\" where investors \"should be prepared to lose all their money.\" US Treasury Secretary (and former Federal Reserve Chairwoman) Janet Yellen has warned on investing in digital currencies too. Just a week ago, India's Reserve Bank took a fairly bearish tone on digital currencies. Rumors are that India is looking to pass a law outlawing cryptocurrencies and making anyone trading or holding them punishable with sizeable fines. India's Finance minister is Nirmala Sitharaman and she said India's Cabinet will shortly issue a final ruling on the matter and that the governments ruling is \"under preparation and nearing completion\".Will additional countries look to make cryptocurrencies illegal? These type of comments act as a governor to adoption and change. Politicians and governments are worried about losing control of their economies. Statements like this are further evidence that governments will remain a headwind. We aren't going to put this in the realm of a new \"space race\", but the country that embraces this technology first might have an early advantage versus those that are afraid of change.Digital Currency Conclusion:This quick digital currency discussion was created to set the framework for an analysis of Coinbase (ticker COIN). Will digital currencies replace traditional payment systems? We do not believe it will, but continued adoption and traction in digital currencies is noticeable.Is Bitcoin poised to climb higher, or will it crash? We simply don't know. What we do know is that we prefer to own the medium where these \"assets\" trade. We would compare this to the Gold Rush of the mid-1800's. Back in 1849, owning Levi Strauss made a fortune selling picks, pans and shovels to '49ers looking for gold. Back then, some would say, \"There's gold in those mountains.\"Nowadays, there's a huge opportunity in the collection of data and information. We truly have no idea what the price of Bitcoin will do, except we know that it will be very volatile. As we know, volatility leads to trading, which should equate to profits for the exchanges. Speaking of exchanges, let's now discuss another exchange and upcoming FINTECH direct listing - COIN.Introduction to Coinbase (ticker COIN):The stated goal of COIN is \"to create an open financial system for the world.\" While this is altruistic, it seems to be fairly broad based goal. It is noble to strive to create a financial system that is transparent for all mankind. It might be more prudent to strive to provide an end-to-end infrastructure and technology platform for all types of cryptocurrencies.From our perspective, it might be judicious for COIN to focus its attention on providing value adding services for all types of digital currencies. If COIN becomes the dominant exchange where anyone can easily and securely send and receive Bitcoin, it will thrive. If COIN can create an efficient and accessible marketplace for the emerging digital assets community, it can be a massive success. There are hundreds of platforms that want to democratize access to the crypto-economy, but COIN (as the oldest and most recognizable brand) seems to have an early lead in this race.Coinbase:COIN was started in 2012 and it has built a trusted platform for accessing various crypto currencies. Using blockchain technology, COIN has simplified the user experience and reduced the complexity of purchasing, selling and holding digital currencies. In its early days, COIN was primarily just used for sending and receiving cryptocurrencies. Then, it became a trusted platform for those seeking to invest in various currencies. We liken this period as COIN's realization that it needed to become an \"exchange\" or intermediary between buyers and sellers. It has since launched cryptocurrency payments, distribution capabilities, storage, borrowing and lending services.As this chart from COIN shows, there are over 45 different cryptocurrencies investors can purchase and another 90 that can be stored at COIN.* Source: This is a slide/chart from COIN's S-1However, two primary digital currencies dominate COIN's total trading volumes. In 2020, Bitcoin represented 41% of COIN's trading volumes and 15% came from Ethereum. While this 56% is a decline from 2019 levels (72% of the total mix), we envision both will remain the primary digital currencies traded on COIN.Revenue:Over the last several years, COIN has materially grown its revenue. In 2019, revenue $533 million and it impressively grew to $1.3 billion last year. As we show in our pie chart, in 2020, COIN's $1.28 billion of revenue grew 130% year-over-year and was a mix of 86% Transactional, 3% Subscription & Services and 11% \"Other\".On April 6th, COIN reported 1st quarter 2021 results and the metrics were eye popping. Last quarter, COIN generated $1.8 billion in revenue, which exceeded the prior two years combined.In 2020, 86% of COIN's total revenue wasTransactionalin nature. This means revenue was derived from sending, receiving, investing and spending cryptocurrencies. When it comes to Transactional revenue, we like to look at the fee as a percentage of total volume traded.COIN provided this diagram and it shows exactly what products are inside of each of its revenue classifications. The remaining 15% of total revenue came fromSubscription & Services,which COIN classifies as paying, distributing, storage, and from borrowing and lending cryptocurrencies.* Source: This is a slide/chart from COIN's S-1Storing earns custodial fee revenue, which we will dissect in a couple of pages. Staking revenue comes from validation on a proof-of-stake blockchain transaction. License revenue is generated from users of its Analytics services. Lastly, COIN can earn campaign revenue or distribution fees when its constructs educational materials for issuers. For cryptocurrency issuers, COIN earns revenue for helping the platform engage with its users, in the form of educational videos or tasks, when cryptocurrencies are attempting to widen their distribution, marketing and acceptance. While these ancillary services are nice, the real opportunity is trading.Customer Type:In its S-1 regulatory filing, COIN showed its product portfolio, separated from retail users, institutions and other ecosystem partners. One has to understand that different clients are paying different rates. Over the last 8 quarters, this revenue rate has averaged 0.61%, with a high of 0.80% in the 1st quarter of 2019 and a low of 0.50% in the 4th quarter of 2020.Looking at the last 8 quarters, we can clearly see that both retail and institutional trading volumes have exploded higher. It is interesting to see that Retail was bigger at $45 billion in the 1 st quarter of 2018 than it was at the end of last year at $32 billion. Also, one can see that Institutional trading volumes have gone from $11 billion in the 1 st quarter of 2018 and now are over $57 billion.* Source: This is a slide/chart from COIN's S-1COIN has different fees depending on whether or not the client is retail or institutional, as well as whether or not the client uses Coinbase or Coinbase Pro, which we will discuss this later on, in our pricing section.Trading volumes:In terms of exchanges, it all comes down to volumes. Crypto exchange volumes have soared, because of strong interest from both retail and institutional clients. This type of growth will not continue, but volatility tends to drive overall volumes.Looking at this Compass table, one can clearly see that volumes noticeably increased in 2018, following the rise of Bitcoin in December of 2017. What happened in late 2017 that helped drive future trading volumes? Well, CBOE and CME both launched Bitcoin future contracts that month.* Source: This is a slide/chart from CompassSo far in 2021, COIN has experienced 298% growth in ADV (average daily volumes). What did Bitcoin increase last year? Just over 300%. There's clearly a very high correlation between Bitcoin's recent price and COIN's future ADV.One of our favorites aspects of investing in the exchanges is the ability to simply model the businesses in Excel. The large, publicly-traded exchanges provide wonderful transparency for investors, by posting daily volumes. We liken this to Goldman Sachs or Morgan Stanley providing real-time insights into their prop desk trading results. You shouldn't hold your breath for that level of transparency, right?Bitcoin, Bitcoin and Bitcoin:In the real estate business, the common phrase is that the 3 most important items are \"location, location and location.\" For digital currency exchanges, we believe the 3 most important products are \"Bitcoin, Bitcoin and more Bitcoin.\"On COIN's platform, the volumes tend to be concentrated in a few different currencies. In 2019, BTC or Bitcoin was 58% of COIN's trading volumes, but that fell to 41% in 2020. ETH or Ethereum was 14% in 2019 and that grew slightly last year to 15% of COIN's total. The biggest category jump came from \"other\", which was 18% in 2019 and grew to 44% last year.Having multiple products to transact in is obviously key, but COIN is cryptocurrency dependent. Yes, tokens like Dogecoin might come in and out of favor, but COIN is dependent upon higher Bitcoin and Ethereum prices.A great aspect to owning CME is their transparency. Not only does CME provide daily ADV, but they provide details on open interest. We like to follow open interest, as it is a leading indicator of future volumes. Also, CME provides details on large open interest holders (called LOIH's) or those owners of a minimum of $7.5 million of Bitcoin futures. Over the last couple of months, CME has hit all-time highs in volumes in Bitcoin futures trading. This year, Bitcoin futures contracts on the CME have averaged 13,800 contracts per day, up 42% year-over-year.Like CME, COIN has invested heavily in its technology to give its customers access to a deep pool of cryptocurrency liquidity. Like we just described, this liquidity can act as a virtuous cycle. Volumes beget more volumes and leading more customers onto the platform.Pricing:We focus on the trading volume of an exchange, but also try to model how revenues are generated from this volume. Each trade does not generate the same level of revenue, as different traders tend to pay different prices.In derivative exchange land, we often look at commission prices as RPC or rate per contract. For example, CME charges $0.478 a contract to trade interest rates, $0.545 to trade equities, $0.764 to trade foreign currency, $1.397 to trade metals, $1.336 to trade agricultural commodities and $1.124 to trade energy. Within each product, prices can vary. For example, WTI crude is a different trading price versus natural gas contracts. While CME is trying to get more retail customers into trading futures and options, the vast majority of its volumes are from institutions.At COIN, there are different fees for different clients. COIN has two main fee structures, one called Coinbase Pro and the other called Coinbase Prime. Here's a quick look at the pricing tiers, as discussed in the S-1 filing, based upon whether or not a client is taking or providing liquidity (called taker fee and maker fee).* Source: This is a slide/chart from CompassTransaction revenue, as a percentage of total volumes traded, has averaged 0.61% over the last 8 quarters. Over these 2 years, retail client transactional revenue has increased from 1.27% up to 1.47%. For institutional clients, revenues as a percentage of volumes traded has fallen from 0.07% down to 0.05%. Clearly, retail customers pay significantly more than institutional clients to trade.Also, unlike transacting in a stock, COIN calls its transaction based revenue \"staking\" revenue. This is earned from transaction validation on a proof-of-stake blockchain, when COIN's nodes successfully creates or validates a certain block. This revenue is recognized when the rewards are available for transfer and at the point when the block creator or validation is complete. The metrics that determine the staking revenue are driven by quantity, price and rewards rate.Customers:The strengths of COIN's platform seem to be its vast and extensive network of contacts. COIN is leveraging its trusted brand to attract those that want access to transact or store cryptocurrencies.COIN's growth strategy is based upon driving more customers onto its platform and becoming the de-facto platform for cryptocurrency. Just like the online brokers did in the 1990's, the key to growth was adding new accounts and clients to the platform.In this COIN chart, one can see the exceptional growth in verified users or those that have \"demonstrated an interest\" in COIN's platform. In addition to these users, there are another 7,000 institutional customers, across roughly 100 countries.* Source: This is a slide/chart from COIN's S-1These verified users have registered for an account and confirmed either their email address or a phone number. In our model, we are not terribly interested in tracking verified users as a key metric. While it is nice to know who interested in cryptocurrencies, it is much more important to understand who is willing to transact.As you can see in this Compass Point chart, COIN has 2.8 million MTU or monthly transacting users. In order to be considered a customer needs to have logged in and transacted one time, over a 28-day rolling period.* Source: This is a slide/chart from CompassIt is interesting to see that there were 2.7 million MTU's in the 1 st quarter of 2018 and 2.8 million MTU's at the end of last year. Over those 2 years, MTU's dramatically declined and then lifted. As of today, COIN has roughly 3 million MTUs, which was up +180% year-over-year, but we like to think of it as only 7% of its verified total accounts.This reminds us of the online brokerage business, back in the 1990's and 2000's. For years, the primary goal of marketing executives at the online brokers was to generate more and more accounts. The theory was that with new accounts, clients would eventually look to consolidate their relationships with one or possibly two firms. Once an account was opened, the goal was to increase wallet share from that satisfied customer.For online brokerages, driving customers typically comes from TV advertising. One cannot watch CNBC or Bloomberg or Fox Business without seeing advertisements for Schwab, TD Ameritrade, E*Trade, Fidelity or Interactive Brokers. Robinhood was very successful in opening up investment accounts for the emerging Gen-Z demographic, but its well-publicized issues in late January (regarding prohibiting \"meme stocks\" purchases) might impact its torrid account growth.How does COIN plan on increasing its exposure and customer base? Our guess is that it will look to increase its marketing spend. The ROI or return on investment of TV marketing is somewhat opaque. We anticipate COIN learning from its foray into marketing and advertising, with some successes, as well as some failures.The best avenue to increase accounts and customers is to offer a product that cannot be easily replicated. COIN can continue its account growth by launching new and innovative products, as well as offering access to new cryptocurrencies.While BTC or Bitcoin is the dominant cryptocurrency today, maybe there will be a new and exciting cryptocurrency in vogue tomorrow. Over the last few months, Dogecoin has garnered significant attention and media coverage. While we shake our head and do not understand the fascination with this cryptocurrency, the goal for COIN is to attract and become the go to platform for those that wish to transact. COIN needs to expand its support of all digitally native cryptocurrencies and help to tokenize new assets.Storage:While the vast majority of COIN's revenue is trading based, COIN does earns subscription and service revenue when customers choose to safely store their cryptocurrencies on its platform.COIN is one of the most trusted exchanges in the crypto space and operate as a \"qualified custodian\". This means that they have a separate company, called Coinbase Custody, which operates as a standalone, independently-capitalized business. Under New York State Banking Law, Coinbase Custody is considered a fiduciary. All digital assets are segregated and held in a trust. COIN has never suffered a hack that led to loss of funds and cannot afford to ever have that breached.As you can see in this COIN asset chart shows, there has been excellent growth on the platform. At the end of 2020, COIN had $90.3 billion in assets on its platform, which was up +432% year-over-year.* Source: This is a slide/chart from COIN's S-1Of these assets, 70% was from Bitcoin and another 13% were Ethereum. Clearly, those two currencies represent the bulk of COIN's platform assets.Wallets:The leather wallet in your pocket holds a combination of cash and credit/debit cards. However, cryptocurrencies and tokens need to be kept in a crypto wallet. \"Hot wallets\" are connected to the internet and are considered much less secure, while \"cold wallets\" are kept offline. Most cryptocurrency custodians employ \"cold\" storage to safely hold a client's digital assets.Acting as a cold cryptocurrency custodian (say that 3x fast), COIN derives fee revenue based on a percentage of the daily value of customer accounts. The assets under custody are a function of quantity, price and type of cryptocurrency asset.Custody:In addition to hot versus cold wallets, there are two primary ways to store your Bitcoin. The first is called self-custody. This is when an individual or entity has complete control of their Bitcoin. This entails maintaining and controlling your own private key. When it comes to Bitcoin storage, there is a popular self-custody mantra that says, \"not your keys, not your coins\". This implies that if you do not control the private key for your Bitcoin, it is not truly your Bitcoin.The second way to store your Bitcoin is to outsource it to a trusted custodian, like Kraken, Coinbase, Anchorage or others. In this case, the custodian stores your Bitcoin for you and they have control over its private key. Kraken is security focused and has an time-tested private key management practice. In its 10-years of existence, it has never been hacked.Whether one decides to self-custody or use an outsourced custody provider for storing your Bitcoin, two critical issues must be discussed. The first is trust. Do you trust the custodial firm that holds your Bitcoin? If one self-custodies, they bear the risk of lost private keys, break-ins or natural disasters. On the other hand, self-custody ensures you control your own Bitcoin. The obvious downside of self-custody is that one can lose all of your Bitcoin, if it is not stored properly.Do you trust the bank that holds your checking account or brokerage firm that holds your stocks? US financial institutions are some of the most highly regulated companies in the world and most have proven themselves to be good custodians of our assets. Maybe we can exclude Lehman Brothers and AIG from that statement, but it is fair statement for the other 10,000+ financial institutions in the US.Does trusting a firm called Kraken, with millions of dollars' worth of Bitcoin, sound like a sound idea? Some might prefer to custody with a firm like Bank of New York, which announced in March of 2021, that it intends to enter the Bitcoin custody business. However, does Bank of New York have the technological expertise and security protocols of newer entrants like Kraken? With a random name like Manole Capital, we clearly don't place too much emphasis on one's name. We do however appreciate 3 rd party, independent industry rankings. Kraken has been voted the #1 most secure cryptocurrency exchange by ICO Ratings.The second key issue to consider is protection and safety. Cryptocurrency custodians and exchanges are a prime target for hackers. There are hundreds and potentially thousands of thieves looking to steal your Bitcoin private key. PayPal and Robinhood recently sent warnings instructing their clients to install two factor authentication onto their digital wallets / account. Also, governments can force companies to freeze funds, if they perceive illegal activity or fraudulent behavior.Trusting someone else to store and manage your Bitcoin is a challenging decision. There have been a few custody firms to have disastrous results (i.e. Mt. Gox), but there are also extremely competent businesses that can trusted to hold your cryptocurrencies. For us, we prefer an expert store our assets, as opposed to keeping it under the proverbial mattress.Characteristics:As we mentioned earlier, there are certainideal characteristicswe look for in our investments. COIN has a strong brand name and dominates its cryptocurrency niche. Its platform is scalable and by leveraging certain blockchain advancements, COIN can provide a safe and secure environment for its customers.We often look for our companies to have dominant market shares, high barriers to entry and what Warren Buffett calls a \"moat around the franchise\". Regardless of industry, we always focus on an investment's market share. In terms of COIN's cryptocurrency market share, it has risen from 4.5% in 2018 to 8.3% in 2019 up to 11.0% in 2020.For exchanges, there is typically 1 or 2 firms that dominate the trading of a specific asset. These exchanges have the best liquidity and the tightest bid/ask spreads. For example, the CME dominates US interest rate trading, as well as WTI crude trading. Intercontinental Exchange dominates the Brent crude marketplace. Once an exchange begins to control trading for a certain asset, it is very difficult for a competitor to steal market share. Some try to lower trading pricing and commissions, but this usually is only temporary. Investors are always seeking best execution and will usually return to the marketplace with the most liquidity and tightest bid/ask spreads. From an exchange standpoint, this is definition of dominant market share, competitive advantage or possessing a moat around your franchise.Ideally, COIN is looking to become the one-stop shop for those wishing to buy, sell and/or store cryptocurrency. COIN has many of the desirable characteristics we look for in an investment, but it does have risks.Risk #1: BitcoinFor a business like COIN, there are literally dozens of risks. For starters, cryptocurrencies are volatile and we anticipate COIN's stock will be highly correlated to the price of BTC, Bitcoin and other important cryptocurrencies.As we have mentioned, the underlying price of these cryptocurrencies helps to determine COIN's revenue and profits. Possibly the biggest risk for owning COIN stock will be its reliance and dependency on rising Bitcoin and Ethereum prices.Risk #2: CompetitionOn the retail front, COIN has numerous competitors. For example, both Square's Cash App (36 million users) and PayPal (375 million accounts) are offering mobile-based wallets, primarily to retail clients. Customers can purchase various cryptocurrencies on both Square and PayPal and store them for free.Over time, we expect both of these firms to begin to allow wallet holders to transact in whatever currency he/she wishes. For example, a customer can use their Square Cash App wallet to transact at over 3 million Square merchant acquiring locations. This mobile wallet will permit credit or debit transactions, but might also permit the user to utilize their Bitcoin balance. There are numerous issues that still need to be resolved on this front, but this is what we have been calling \"closing-the-loop\".Risk #3: RegulationsExchanges are highly regulated entities and they must learn to engage with their regulators for the benefit of all market participants. COIN is subject to a regulated environment, but the rules and landscape are dynamic. Unlike US financials, with a known regulator, the laws and rules cryptocurrencies are subject to are constantly changing. As COIN moves more of its business to international markets, it will have additional governmental issues to deal with.The new SEC Chairman is Gary Gensler. Gensler was the head of the CFTC from May 2009 to January 2014 and was the primary regulator for the derivative exchanges. In his tenure at the CFTC, Gensler attempted to write rules and regulations for the swap markets, as suggested in the Dodd Frank Act of 2010 (following the Financial Crisis). Now that Gensler is at the SEC, one of his first challenges is what to do about regulating and providing oversight on Bitcoin and other digital currencies. He is not new to digital currencies, as he was a professor at MIT's Sloan School of Management after his stint at the CFTC. He primarily taught about blockchain technology and cryptocurrencies.As of today, there are only a few crypto funds available to investors. Grayscale has over $38 billion in assets and is the sponsor of the Grayscale Bitcoin Trust (OTC:GBTC), which is provides Bitcoin exposure for qualified investors. GBT investors have a $25,000 minimum investment and currently pay a 2.5% management fee.Many firms (Skybridge Capital, Valkyrie Digital, Fidelity Investments, VanEck, WisdomTree, etc) have announced their intention to offer Bitcoin ETF's. attempted to get the SEC to approve Bitcoin ETF's. As of now, the SEC has not approved any of these filings, but it will ultimately have to make a decision on the subject. Earlier SEC rejections were based upon problems with volatility, transparency, market surveillance and market and price manipulation. We expect a positive Bitcoin ETF to be approved by the SEC in 2021.In addition to SEC regulation, we anticipate the Federal Reserve to explore the subject too. Chairman Jay Powell, in official Congressional testimony, has officially stated that the Fed is looking into the idea of a \"fully digital dollar\". This type of \"Fed coin\" would likely need Congressional and White House approval and it is very much in the early innings of its examination. Chairman Powell is still dealing with the ramifications of a global pandemic and a soft US economy, so a CBDC might not be his first or even second priority right now.Risk #4: SecurityAs with any exchange, security and safety is paramount. We anticipate that COIN will be subject to thousands of cybersecurity attacks. Hackers, criminals and even foreign countries might find it worthwhile to breach COIN's platform. COIN's valuation is dependent upon it keeping its first-mover advantage and its reputation as a dominant cryptocurrency custodian. Security, for customers and partners, cannot be underestimated and COIN will have a very large target on its back.Scale & EBITDA Margins:For us, we always like to model in operating or EBITDA margins, as well as free cash flow for our exchanges. In 2020, EBITDA margins for the largest exchanges were impressive. Here is a table of the dominant four exchanges and their EBITDA margins last year, as compared to COIN. Looking at the 2020 EBITDA margins of its publicly-traded exchange peers, provides interesting insights. Last year, CBOE posted 68% EBITDA margins and CME and ICE each posted margins in the 62% to 63% range. Despite trailing their competitors, Nasdaq had impressive EBITDA margins of 55%, that would be the envy of most companies. One key takeaway is that all of the exchanges are generating impressive margins with excellent leverage and scale opportunities.Exchanges: CBOE CME ICE NDAQ vs COIN2020 EBITDA Margins 68% 62% 63% 55% 41%These exchanges have spent billions of dollars building out a scalable platform, that has enormous operating leverage. Each and every transaction that occurs is extremely high incremental margins. Most do not provide guidance on future or forward revenue, but they do have decent insight into expenses. The CME typically will provide forward expense guidance in the 2% to 5% range each year. Expenses don't dramatically increase each and every year, but do modestly rise.How does COIN compare? Well, COIN is still constructing its exchange and heavily investing in its infrastructure. Last year, technology and development expenses were $271.7 million or 21% of COIN's total revenue. In 2019, this expense line item was 35% of revenue.In 2020, COIN's expenses grew 50% year-over-year to $868.5 million. At this early stage of its lifecycle, we are pleasantly surprised to see that COIN is generating positive operating leverage (expense growth less than revenue growth).As you can see in this Compass Point chart, over the last 8 quarters, COIN's Adjusted EBITDA margins have steadily improved. Are they peaking or at an all-time high? No, but the best part about COIN's current margin trajectory is where we see it going.* Source: This is a slide/chart from CompassIn its S-1, Brian Armstrong (COIN's CEO) stated a focus on operating profits, as it tries to manage its expense growth. He said, \"We may earn a profit when revenues are high, and we may lose money when revenues are low.\" He then went on to state that \"our goal is to roughly operate the company at break even, smoothed out over time.\"This has proven to be true, when one considers that COIN generated $533 million in revenue in 2019, but lost $30m of profit that year. Then, in 2020, COIN produced $527 million of EBITDA on $1.2 billion of revenue. Clearly, the exchanges can generate very impressive profit margins, at scale.The real benefit for the exchanges comes when volatility spikes and volumes soar. As this happens, assuming the exchanges properly manages this rising volatility, profitability climbs. As more and more volumes transact on a platform, free cash flow (and margins) is very attractive. Operating margins at its other publicly-traded exchanges have been high for years and do not fluctuate significantly from year-to-year. As revenues surprise to the upside, because volatility spikes, these exchanges typically reward their shareholders with buybacks and special dividends. As much more mature businesses, these exchanges tend to allow this leverage upside to fall to the bottom line. We anticipate that COIN will choose to re-invest any revenue upside towards marketing, growing its customer base, improving its platform, and building up its infrastructure.Valuation:In their 1st quarter 2021 release, management provided a low-to-mid-to-high range for a number of key metrics. In terms of MTU's, COIN management provided low guidance of 4.0 million and high guidance of 7.0 million. In 2019, the net revenue per MTU was $37 and it increased to $49 last year. Over the last 8 quarters, the net revenue per MTU range has grown from $26 in the 1 st quarter of 2019 up to $59 in the last quarter of 2020.In our modeling and analysis, we will stick with management guidance, which ranges from $35 million to $45 million in net revenue per MTU. This implies revenue for the final three quarters of the year could be in the $3.48 billion on the low side and up to $4.64 billion on the high side. If we simply average these low and high ranges, 2021 revenue would be $4.1 billion. Considering COIN did $1.8 billion in revenue in the 1 st quarter alone, it is probably safe to assume that 2021 revenue will approach $4 billion this year. Our model is fairly detailed, but for this exercise, we will use a nice round $4.0 billion in 2021 revenue. Then, for 2022, we will assume 15% growth, to $4.6 billion. This does not seem like we are being aggressive. In fact, we wouldn't be surprised if COIN generates this level of revenue a full year earlier.Without making an assumption on future volume growth, we need to estimate profit margins for COIN. Over the next decade, we would expect COIN to post EBITDA margins into the mid-50's%. Over the next one to two years, we would like COIN to annually increase margins by 200 basis points. This should be do-able, even with COIN making significant investments in their operational technology and platform.Stock Trading vs Fundamentals:It can be challenging to sometimes separate the volatility of a stock from its underlying fundamentals. For example, the primary exchange to trade interest rates is the CME. When it comes to trading Brent crude, most traders prefer ICE (although WTI is primarily traded on CME). While both of these exchanges trade hundreds of other products and assets, those two products (interest rates and Brent crude) tend to materially impact the exchange stock price.When it comes to COIN, we anticipate the stock will trade very closely to the price of Bitcoin and Ethereum. If both digital currencies continue to rise, COIN's stock will be a solid success. If Bitcoin falls by (80%), like it did in 2019, COIN's stock will dramatically fall. In a world with massive Bitcoin volatility, COIN's underlying fundamentals should be good. In theory, COIN's stock should correlate and reflect the volatility of Bitcoin and Ethereum, not just their upward trajectory. However, we fully anticipate COIN's stock to trade in-line with the success or failure of Bitcoin.Today's reality is that certain market participants are not long-term investors. Many unfortunately consider stocks as pieces of paper, as short-term trading instruments. If Bitcoin were to struggle and decline in value, that volatility and environment would be excellent for COIN. In fact, that might be a great time to \"dip one's toe\" into a position. However, the Reddit and Wall Street Bets community is more likely to consider short-term trading momentum than bottoms up, underlying fundamentals.As we discussed earlier, COIN generated an impressive 2020 operating margin of 32%, compared to a (9%) in 2019. While some companies can post steady and smooth operating margins, COIN's will be much lumpier, at least until it is less Bitcoin becomes less volatile. Also, COIN has $188 million of cryptocurrencies on its balance sheet, comprised mainly of $130 million of Bitcoin and $24 million of Ether. There will be opportunities to purchase COIN, when short-term investors sell. This will likely occur as COIN ramps up its expenses or when Bitcoin falls.Price Target:Over the next month or so, we anticipate most sell-side analysts will publish targets on COIN. Unfortunately, most will use revenue multiples to determine their price targets. Manole Capital only owns companies that generate earnings and free cash flow, so we are loathe to utilize revenue multiples for price targets. We find that companies that use revenue multiples to justify a valuation are often incapable of generating important free cash flow. We are fine with companies investing in their future to ensure growth, but we cannot invest in companies that aren't concerned with free cash flow. For us, using the crutch of a revenue multiples isn't something we are comfortable doing.Fortunately, for this analysis of COIN, the company generates plenty of profit and free cash flow. We conservatively model COIN's revenue next year at $4.6 billion. Also, we believe it can add a point or two to EBITDA margins, into the mid-40% range. That would be 2021 EBITDA of $2.1 billion or $11.89 per share. We don't want to sound like a \"wise old sage\", but in the \"olden days\", investors could utilize reasonable EV (enterprise value) to EBITDA multiples in the 10x to 15x range. Maybe, if a company was experiencing fantastic growth and was getting acquired, you might see an EBITDA multiple approach 20x. Nasdaq, ICE and CBOE all have trailing EV to EBITDA multiples in the mid-to-high teens. In order to be remotely close to where COIN will trade this week, we would have to use a MarketAxess (MKTX) or Tradeweb (TW) lofty TTM EV to EBITDA multiples of roughly 45x. We just don't believe EV to EBITDA is the proper valuation metric to currently use. Should we use another cryptocurrency company like Silvergate (SI) and estimate a valuation using their EV to EBITDA multiple? At 108x trailing EBITDA, that would be a waste of time.To arrive at a realistic COIN price target, let's just model earnings and use a premium forward P/E multiple. If we apply a tax rate of 25% (not assuming any tax loss carryovers), we can estimate an EPS in 2021 of $8.50.Using that $8.50 per share in EPS, we then want to apply an exchange-like multiple, adding in a premium for COIN due to its exceptional growth. The average publicly-traded exchange trades at a forward P/E multiple of 20x. The table below provides some different targets, based upon the premium P/E one believes COIN deserves.Forward P/E Multiple 25x 30x 40x 45x 50xPremium to Peers 20% 50% 100%COIN Target $213 $255 $340 $381 $426On Wednesday, initial projections are looking for COIN to trade towards $65 billion, which implies $350 per share. We fully anticipate COIN rocketing past $400 and potentially closing the day in the $500 per share range. This would imply a market capitalization of COIN of $93 billion, which is approaching the $100 billion level that have been rumored to have occurred on some private exchanges.Conclusion:We expect COIN's direct listing on April 14th to be \"hot\".In a typical IPO, companies raise capital and provide exclusive, early access to large institutions. With wire houses placing shares into large institutions and asset managers first, retail investors often get shut out. Retail platforms like Schwab, Ameritrade, Robinhood, Fidelity typically cannot access IPOs for their customers.Since COIN has over $1 billion of cash on its balance sheet and does not need capital, it has decided to do a direct listing. The advantage of a direct listing is that it will enable retail investors to purchase COIN at the same time as larger institutions. Once COIN begins to trade freely on the Nasdaq exchange, both retail and institutional traders can participate. With 186 million shares outstanding, the market will ultimately determine what share price COIN trades at. We expect a flood of market orders, creating an interesting first day of trading.Is the lofty valuation we just laid out fair? Probably not, but that's what the market will determine. Is this a realistic scenario? Are our forecasts too conservative? Should you be an aggressive buyer? We think our estimates are fair, but COIN will likely immediately trade towards an aggressive multiple.If you don't want to pay that kind of forward multiple for COIN, there are other alternative. Maybe you should consider an investment in some of the other (and less expensive) exchanges, like Nasdaq or CBOE? These companies do not have the same growth prospects as COIN, but they do come with a much smaller price tag.We believe that COIN is a safe, trusted and easy-to-use platform for trading digital currencies. Some investors believe that they have \"missed out\" on the meteoric rise of Bitcoin, so they might chase a position in COIN. Others will look at COIN as a long-term opportunity to own the dominant digital currency exchange.In our opinion, owners should be willing to pay a premium for COIN shares, but they should also be prepared for significant volatility and competition. Only you know your specific risk/reward tolerances. Only time will tell the answers to some of these questions, but we'll get a good idea on Wednesday, once COIN trading begins.","news_type":1},"isVote":1,"tweetType":1,"viewCount":75,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":380383531,"gmtCreate":1612515991623,"gmtModify":1704872212133,"author":{"id":"3556089233206356","authorId":"3556089233206356","name":"Mafia86","avatar":"https://static.tigerbbs.com/b725a09e5ac03f88838e7a00305c1253","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3556089233206356","authorIdStr":"3556089233206356"},"themes":[],"htmlText":"Like a casino ?","listText":"Like a casino ?","text":"Like a casino ?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/380383531","repostId":"2109072140","repostType":4,"isVote":1,"tweetType":1,"viewCount":167,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":313906841,"gmtCreate":1611648657483,"gmtModify":1704861658581,"author":{"id":"3556089233206356","authorId":"3556089233206356","name":"Mafia86","avatar":"https://static.tigerbbs.com/b725a09e5ac03f88838e7a00305c1253","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3556089233206356","authorIdStr":"3556089233206356"},"themes":[],"htmlText":"Nice !","listText":"Nice !","text":"Nice !","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/313906841","repostId":"319621325","repostType":1,"repost":{"id":319621325,"gmtCreate":1611580660367,"gmtModify":1704860934970,"author":{"id":"3562909664933798","authorId":"3562909664933798","name":"特斯拉TESLA","avatar":"https://static.tigerbbs.com/2a10a299123b86d5a56448aaa04336b4","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562909664933798","authorIdStr":"3562909664933798"},"themes":[],"title":"2021，再遠的旅程，特斯拉一路相伴","htmlText":"\n \n \n  180多家特斯拉中心，超過5700個超級充電樁，覆蓋300多座城市...從繁華都市到郊外小城，特斯拉潛移默化地改變着更多人的出行方式。感謝有共同信念的你，與特斯拉一起實現夢想與使命。2021，再遠的旅程，特斯拉一路相伴。點擊「特斯拉TESLA」頭像賬號跳轉至主頁面，於展位區選擇心儀的車型感受特斯拉驚喜試駕體驗吧！\n \n","listText":"180多家特斯拉中心，超過5700個超級充電樁，覆蓋300多座城市...從繁華都市到郊外小城，特斯拉潛移默化地改變着更多人的出行方式。感謝有共同信念的你，與特斯拉一起實現夢想與使命。2021，再遠的旅程，特斯拉一路相伴。點擊「特斯拉TESLA」頭像賬號跳轉至主頁面，於展位區選擇心儀的車型感受特斯拉驚喜試駕體驗吧！","text":"180多家特斯拉中心，超過5700個超級充電樁，覆蓋300多座城市...從繁華都市到郊外小城，特斯拉潛移默化地改變着更多人的出行方式。感謝有共同信念的你，與特斯拉一起實現夢想與使命。2021，再遠的旅程，特斯拉一路相伴。點擊「特斯拉TESLA」頭像賬號跳轉至主頁面，於展位區選擇心儀的車型感受特斯拉驚喜試駕體驗吧！","images":[{"img":"https://static.tigerbbs.com/94f65857144d021933ca52f308fc2250","width":"0","height":"0"}],"top":1,"highlighted":2,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/319621325","isVote":1,"tweetType":2,"object":{"id":"32819c41ef764f49a127bf68eef5f0ba","tweetId":"319621325","videoUrl":"https://1254107296.vod2.myqcloud.com/8e2bc32evodtranshk1254107296/1cc538d65285890813232111510/v.f30.mp4","poster":"https://static.tigerbbs.com/94f65857144d021933ca52f308fc2250"},"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":98,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":313908718,"gmtCreate":1611648601734,"gmtModify":1704861657611,"author":{"id":"3556089233206356","authorId":"3556089233206356","name":"Mafia86","avatar":"https://static.tigerbbs.com/b725a09e5ac03f88838e7a00305c1253","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3556089233206356","authorIdStr":"3556089233206356"},"themes":[],"htmlText":"Awesome ??","listText":"Awesome ??","text":"Awesome ??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/313908718","repostId":"1108685615","repostType":4,"isVote":1,"tweetType":1,"viewCount":123,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}