AhTi personal page - To The Moon

AhTi

AhTi

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01-15

$WINTO GROUP(08238)$ is time to buy... up to the star. 😎😎😎😎

2023-03-10

K

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2023-03-10

K

Amazon, Alphabet, and Other Growth Stocks Appeal to This Value Investor -- Barrons.com

2023-03-10

K

US STOCKS-Wall St falls with banks tumbling, pre-jobs report jitters

2023-03-10

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GE Aerospace could branch into new lines of business as standalone company

2023-03-10

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2023-02-08

$Grab Holdings(GRAB)$

2023-02-07

$Tiger Brokers(TIGR)$

2023-01-18

[Happy] [Happy]

@Jasonc13:Apple-M2 Pro and M2 Max chips.

2022-12-26

$FOSUN PHARMA(02196)$ 😂😂😂

2022-11-04

$GoHealth(GOCO)$😱😱

2022-11-04

$JOYY Inc.(YY)$Gogogo

Go to Tiger App to see more news

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href=\"https://ttm.financial/S/08238\">$WINTO GROUP(08238)$</a> is time to buy... up to the star. 😎😎😎😎","listText":"<a href=\"https://ttm.financial/S/08238\">$WINTO GROUP(08238)$</a> is time to buy... up to the star. 😎😎😎😎","text":"$WINTO GROUP(08238)$ is time to buy... up to the star. 😎😎😎😎","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/263323551822000","isVote":1,"tweetType":1,"viewCount":591,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9949355908,"gmtCreate":1678392650204,"gmtModify":1678392654349,"author":{"id":"3563701454020193","authorId":"3563701454020193","name":"AhTi","avatar":"https://community-static.tradeup.com/news/6a2733366156bee5d4fcade2ce777d84","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3563701454020193","authorIdStr":"3563701454020193"},"themes":[],"htmlText":"K","listText":"K","text":"K","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9949355908","repostId":"2318560211","repostType":2,"isVote":1,"tweetType":1,"viewCount":493,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9949355093,"gmtCreate":1678392638812,"gmtModify":1678392642573,"author":{"id":"3563701454020193","authorId":"3563701454020193","name":"AhTi","avatar":"https://community-static.tradeup.com/news/6a2733366156bee5d4fcade2ce777d84","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3563701454020193","authorIdStr":"3563701454020193"},"themes":[],"htmlText":"K","listText":"K","text":"K","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9949355093","repostId":"2318211694","repostType":2,"repost":{"id":"2318211694","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":1678390380,"share":"https://ttm.financial/m/news/2318211694?lang=&edition=fundamental","pubTime":"2023-03-10 03:33","market":"hk","language":"en","title":"Amazon, Alphabet, and Other Growth Stocks Appeal to This Value Investor -- Barrons.com","url":"https://stock-news.laohu8.com/highlight/detail?id=2318211694","media":"Dow Jones","summary":"By Lauren R. Rublin \n\n\n  As 2014 was drawing to a close, money manager Adam Seessel faced a reckonin","content":"<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n  By Lauren R. Rublin \n</p>\n<p>\n  As 2014 was drawing to a close, money manager Adam Seessel faced a reckoning: It was time to rethink his devotion to value stocks and view investing through a more growth-tinged lens. Seessel's portfolio, stuffed with \"old economy\" names, had lost 4% to 5% that year, while the broad market had rallied 13% to 14%. The digital revolution was on, and Seessel had missed it. \n</p>\n<p>\n     Not any more. Seessel loaded up on technology stocks, and today his New York investment firm, Gravity Capital Management, owns companies such as Amazon.com [ticker: AMZN] and Alphabet [GOOGL] -- neither one cheap (at least, not until recently) based on value-investing metrics such as price-to-book value or price-to-current earnings. Last year's tech-sector selloff was no picnic for these stocks or Gravity, which directly manages about $100 million and advises on assets of roughly $8 billion. The Nasdaq Composite fell 33%, while Seessel's portfolio declined 21%, net of fees. But that loss followed two years in which Gravity gained well above 20%, net of fees. \n</p>\n<p>\n     Seessel, a former journalist and sometime contributor to Barron's , described his evolution into a \"value 3.0\" investor in Where the Money Is: Value Investing in the Digital Age, published last year by an imprint of Simon &amp; Schuster. He also paid tribute in the book to the late Benjamin Graham, considered the father of value investing (1.0), and Graham's student, Warren Buffett (2.0), chairman and CEO of Berkshire Hathaway [BRK.A, BRK.B]. \n</p>\n<p>\n     Seessel provided an update in a March 1 interview with Barron's, and discussed some of his favorite stocks. An edited version follows. \n</p>\n<p>\n     Barron's: How did you come to realize that the tools of value investing had failed to capture the value of emerging tech companies? \n</p>\n<p>\n     Adam Seessel: My portfolio was full of classic value names: an oil-services company that was cheap based on earnings, a railcar company that was cheap based on net asset value. I also owned Avon Products and Tribune Media. All these businesses were cheap, yet their shares weren't appreciating. I took a good, hard look and realized their best days were behind them. It occurred to me that I was barking up the wrong tree and needed to re-evaluate my approach. \n</p>\n<p>\n     So, what did you do? \n</p>\n<p>\n     I took a deep dive into tech. Like most value investors, I had sniffed at tech companies' lofty valuations. But two things occurred to me. The tech companies of the 2010s weren't the tech companies of the dot-com era. Google [now Alphabet] and Amazon.com had become battleships. They were durable, branded franchises with strong businesses. Second, while they were optically expensive, if I loosened up the rigid value framework I had adhered to for my entire investment career, these companies started to look cheaper. \n</p>\n<p>\n     These and smaller companies, whether <a href=\"https://laohu8.com/S/ADBE\">Adobe</a> [ADBE] or Intuit [INTU], have looked expensive from a value perspective since their initial public offerings. Yet, they have massively outperformed since then, notwithstanding last year's market correction. And, they have a bright future; they have a small market share in large markets. Either the market was wrong and we were in for a tech-stock reckoning that would make the dot-com bust look trivial, or something about value investing wasn't capturing the value these companies were creating. \n</p>\n<p>\n     Didn't a multiyear decline in interest rates have a lot to do with these companies' impressive valuations? \n</p>\n<p>\n     That's a popular narrative. But did the shares of all these digital businesses go up just because rates were low, or because these companies were serving huge markets with a long growth path ahead? It seems pretty clear the latter was true. \n</p>\n<p>\n     Do you consider yourself a growth-stock investor now? \n</p>\n<p>\n     I wouldn't say I'm a growth investor. I'm a new value investor. Buffett himself has said there is no distinction between value and growth. The higher a company's growth rate, the higher its terminal value. Buffett has gotten more comfortable paying higher valuations for businesses because he understands that business quality is the main driver of value. My three variables are business, management, and then price. If you start with price, you tend to be looking at subpar businesses. That's why they're cheap, and that's why value investors so often succumb to \"value traps.\" \n</p>\n<p>\n     How did you \"loosen up\" your value framework? \n</p>\n<p>\n     When I started researching Google in early 2016, it was trading for $37 a share. It had $5 a share of cash, so it was effectively a $32 stock after its 20-for-1 split. The company had earned about $1.15 a share in 2015, so it was trading for 28 times earrings. It was showing an operating profit margin of 25%. \n</p>\n<p>\n     Facebook [now <a href=\"https://laohu8.com/S/META\">Meta Platforms</a> <a href=\"https://laohu8.com/S/META\">$(META)$</a>] and Alibaba Group Holding [BABA] were smaller companies but in the same sort of asset-light, software-driven business, and reporting margins of 40% to 50%. This meant either Google was an inferior business or spending more through its P&amp;L [profit and loss statement] to grow. I concluded the latter was true, and that its earnings power implied a 40% margin. \n</p>\n<p>\n     How do you define earnings power? \n</p>\n<p>\n     Earnings power attempts to quantify a company's latent, underlying ability to generate profits. It tries to get at not what a company is reporting in its GAAP [general accepted accounting principles] financials, but what it could report if it were run as a mature business like Coca-Cola [KO]. Buffett's holdings, like Coke and American Express [AXP], don't have to spend billions of dollars trying to find a new frontier. It wasn't fair to compare tech companies' earnings to those of mature companies. So, I made an adjustment. \n</p>\n<p>\n     Assuming Google's earnings power allowed for 40% margins, earnings were close to $2 a share, which meant I was paying more like 16 to 17 times earnings for the stock. People might say my adjustment was magical thinking, but guess who made a similar adjustment when his company bought Geico? The Oracle of Omaha himself. It is an instructive example. \n</p>\n<p>\n     But not of magical thinking. \n</p>\n<p>\n     Berkshire owned 51% of Geico and agreed in 1995 to buy the rest. In the last year in which it published financials, Geico had $250 million of net income and spent $30 million marketing its products. Within a few years of the acquisition, reading between the lines, Geico was spending $250 million on marketing. Accounting rules forced the company to run 100% of these expenses through the P&amp;L, which depressed earnings. It couldn't capitalize them, unlike a manufacturer. \n</p>\n<p>\n     Yet, functionally, the marketing was a factory in the sense that it had a long life. Geico had to spend up front to acquire customers, and then they would stay with the company, generating more revenue. As Buffett said in his 1999 annual report, he was investing today for tomorrow. And this is exactly what Amazon, Alphabet, and Intuit are doing -- investing to grow. It isn't crazy math. But GAAP accounting, codified in the 1930s when industrial companies ruled the roost, wasn't designed for today's tech companies. It penalizes outlays for marketing and research and development by forcing such long-term investments to be accounted for as one-year expense items. \n</p>\n<p>\n     What excites you now about Amazon? \n</p>\n<p>\n     It dominates two huge markets: e-commerce and cloud computing. It has moats around its brand and infrastructure in both businesses. Amazon is so huge that people think its business must be mature. Yet, online shopping accounts for only 15% of U.S. retail sales. Amazon has a 40% to 50% market share, and delivers more packages than FedEx [FDX]. \n</p>\n<p>\n     Reported earnings don't look great, but again, if you look through the investments made to build out that infrastructure, the earnings power is huge. In 2021, ex-Amazon Web Services, the cloud-computing business, Amazon's reported operating margins were 1.5%. It's absurd to think this company's margins would be a third of Walmart's. When you work through what Amazon could earn if it went into \"harvest mode,\" I calculate that margins are around 15%. The company's earnings power is 16 times reported earnings. The valuation looks much more reasonable on that basis. \n</p>\n<p>\n     Same question for Alphabet: What excites you now? \n</p>\n<p>\n     Alphabet's stock is so cheap and out of favor that it trades for 16 times consensus 2023 earnings estimates without any earnings-power adjustments. Management has been buying back stock. \n</p>\n<p>\n     To me, Alphabet has a bit of a culture problem. It has 10 or 12 platforms with more than a billion users each. Its engineers are geniuses at creating great applications that people love, but management just isn't as mercenary as Amazon's Jeff Bezos or Meta's Mark Zuckerberg in monetizing them. The non-search businesses collectively break even or lose money. \n</p>\n<p>\n     Sundar Pichai, the CEO, is trying to make the company's non-Google \"other bets\" businesses more disciplined. An activist investor is making some of the same points as me. I said in my book that it would be good if Alphabet were broken up by regulators. The non-Google franchises would be forced to make money. \n</p>\n<p>\n     Texas Instruments [TXN] is another of your favorite stocks. Why? \n</p>\n<p>\n     Texas Instruments is the only vertically integrated producer of analog chips, which regulate physical sensations such as temperature and motion, as opposed to digital semiconductors that are used for memory and storage. TI has an advantage in product depth, and is a great capital allocator. \n</p>\n<p>\n     I also like Intuit. Its QuickBooks Online product has about a 2% share of the addressable market in small-business accounting software, so there is a long way to go. Intuit spends about 10 times more than its nearest competitor on marketing and product development. It has a moat in terms of brand recognition and those expenditures. \n</p>\n<p>\n     Tech stocks account for about half your portfolio. Where else have you made big bets? \n</p>\n<p>\n  (MORE TO FOLLOW) Dow Jones Newswires\n</p>\n<p>\n  March 09, 2023 14:33 ET (19:33 GMT)\n</p>\n<p>\n  Copyright (c) 2023 Dow Jones &amp; Company, Inc.\n</p>\n</font>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Amazon, Alphabet, and Other Growth Stocks Appeal to This Value Investor -- Barrons.com</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\">\nAmazon, Alphabet, and Other Growth Stocks Appeal to This Value Investor -- Barrons.com\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2023-03-10 03:33</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n  By Lauren R. Rublin \n</p>\n<p>\n  As 2014 was drawing to a close, money manager Adam Seessel faced a reckoning: It was time to rethink his devotion to value stocks and view investing through a more growth-tinged lens. Seessel's portfolio, stuffed with \"old economy\" names, had lost 4% to 5% that year, while the broad market had rallied 13% to 14%. The digital revolution was on, and Seessel had missed it. \n</p>\n<p>\n     Not any more. Seessel loaded up on technology stocks, and today his New York investment firm, Gravity Capital Management, owns companies such as Amazon.com [ticker: AMZN] and Alphabet [GOOGL] -- neither one cheap (at least, not until recently) based on value-investing metrics such as price-to-book value or price-to-current earnings. Last year's tech-sector selloff was no picnic for these stocks or Gravity, which directly manages about $100 million and advises on assets of roughly $8 billion. The Nasdaq Composite fell 33%, while Seessel's portfolio declined 21%, net of fees. But that loss followed two years in which Gravity gained well above 20%, net of fees. \n</p>\n<p>\n     Seessel, a former journalist and sometime contributor to Barron's , described his evolution into a \"value 3.0\" investor in Where the Money Is: Value Investing in the Digital Age, published last year by an imprint of Simon &amp; Schuster. He also paid tribute in the book to the late Benjamin Graham, considered the father of value investing (1.0), and Graham's student, Warren Buffett (2.0), chairman and CEO of Berkshire Hathaway [BRK.A, BRK.B]. \n</p>\n<p>\n     Seessel provided an update in a March 1 interview with Barron's, and discussed some of his favorite stocks. An edited version follows. \n</p>\n<p>\n     Barron's: How did you come to realize that the tools of value investing had failed to capture the value of emerging tech companies? \n</p>\n<p>\n     Adam Seessel: My portfolio was full of classic value names: an oil-services company that was cheap based on earnings, a railcar company that was cheap based on net asset value. I also owned Avon Products and Tribune Media. All these businesses were cheap, yet their shares weren't appreciating. I took a good, hard look and realized their best days were behind them. It occurred to me that I was barking up the wrong tree and needed to re-evaluate my approach. \n</p>\n<p>\n     So, what did you do? \n</p>\n<p>\n     I took a deep dive into tech. Like most value investors, I had sniffed at tech companies' lofty valuations. But two things occurred to me. The tech companies of the 2010s weren't the tech companies of the dot-com era. Google [now Alphabet] and Amazon.com had become battleships. They were durable, branded franchises with strong businesses. Second, while they were optically expensive, if I loosened up the rigid value framework I had adhered to for my entire investment career, these companies started to look cheaper. \n</p>\n<p>\n     These and smaller companies, whether <a href=\"https://laohu8.com/S/ADBE\">Adobe</a> [ADBE] or Intuit [INTU], have looked expensive from a value perspective since their initial public offerings. Yet, they have massively outperformed since then, notwithstanding last year's market correction. And, they have a bright future; they have a small market share in large markets. Either the market was wrong and we were in for a tech-stock reckoning that would make the dot-com bust look trivial, or something about value investing wasn't capturing the value these companies were creating. \n</p>\n<p>\n     Didn't a multiyear decline in interest rates have a lot to do with these companies' impressive valuations? \n</p>\n<p>\n     That's a popular narrative. But did the shares of all these digital businesses go up just because rates were low, or because these companies were serving huge markets with a long growth path ahead? It seems pretty clear the latter was true. \n</p>\n<p>\n     Do you consider yourself a growth-stock investor now? \n</p>\n<p>\n     I wouldn't say I'm a growth investor. I'm a new value investor. Buffett himself has said there is no distinction between value and growth. The higher a company's growth rate, the higher its terminal value. Buffett has gotten more comfortable paying higher valuations for businesses because he understands that business quality is the main driver of value. My three variables are business, management, and then price. If you start with price, you tend to be looking at subpar businesses. That's why they're cheap, and that's why value investors so often succumb to \"value traps.\" \n</p>\n<p>\n     How did you \"loosen up\" your value framework? \n</p>\n<p>\n     When I started researching Google in early 2016, it was trading for $37 a share. It had $5 a share of cash, so it was effectively a $32 stock after its 20-for-1 split. The company had earned about $1.15 a share in 2015, so it was trading for 28 times earrings. It was showing an operating profit margin of 25%. \n</p>\n<p>\n     Facebook [now <a href=\"https://laohu8.com/S/META\">Meta Platforms</a> <a href=\"https://laohu8.com/S/META\">$(META)$</a>] and Alibaba Group Holding [BABA] were smaller companies but in the same sort of asset-light, software-driven business, and reporting margins of 40% to 50%. This meant either Google was an inferior business or spending more through its P&amp;L [profit and loss statement] to grow. I concluded the latter was true, and that its earnings power implied a 40% margin. \n</p>\n<p>\n     How do you define earnings power? \n</p>\n<p>\n     Earnings power attempts to quantify a company's latent, underlying ability to generate profits. It tries to get at not what a company is reporting in its GAAP [general accepted accounting principles] financials, but what it could report if it were run as a mature business like Coca-Cola [KO]. Buffett's holdings, like Coke and American Express [AXP], don't have to spend billions of dollars trying to find a new frontier. It wasn't fair to compare tech companies' earnings to those of mature companies. So, I made an adjustment. \n</p>\n<p>\n     Assuming Google's earnings power allowed for 40% margins, earnings were close to $2 a share, which meant I was paying more like 16 to 17 times earnings for the stock. People might say my adjustment was magical thinking, but guess who made a similar adjustment when his company bought Geico? The Oracle of Omaha himself. It is an instructive example. \n</p>\n<p>\n     But not of magical thinking. \n</p>\n<p>\n     Berkshire owned 51% of Geico and agreed in 1995 to buy the rest. In the last year in which it published financials, Geico had $250 million of net income and spent $30 million marketing its products. Within a few years of the acquisition, reading between the lines, Geico was spending $250 million on marketing. Accounting rules forced the company to run 100% of these expenses through the P&amp;L, which depressed earnings. It couldn't capitalize them, unlike a manufacturer. \n</p>\n<p>\n     Yet, functionally, the marketing was a factory in the sense that it had a long life. Geico had to spend up front to acquire customers, and then they would stay with the company, generating more revenue. As Buffett said in his 1999 annual report, he was investing today for tomorrow. And this is exactly what Amazon, Alphabet, and Intuit are doing -- investing to grow. It isn't crazy math. But GAAP accounting, codified in the 1930s when industrial companies ruled the roost, wasn't designed for today's tech companies. It penalizes outlays for marketing and research and development by forcing such long-term investments to be accounted for as one-year expense items. \n</p>\n<p>\n     What excites you now about Amazon? \n</p>\n<p>\n     It dominates two huge markets: e-commerce and cloud computing. It has moats around its brand and infrastructure in both businesses. Amazon is so huge that people think its business must be mature. Yet, online shopping accounts for only 15% of U.S. retail sales. Amazon has a 40% to 50% market share, and delivers more packages than FedEx [FDX]. \n</p>\n<p>\n     Reported earnings don't look great, but again, if you look through the investments made to build out that infrastructure, the earnings power is huge. In 2021, ex-Amazon Web Services, the cloud-computing business, Amazon's reported operating margins were 1.5%. It's absurd to think this company's margins would be a third of Walmart's. When you work through what Amazon could earn if it went into \"harvest mode,\" I calculate that margins are around 15%. The company's earnings power is 16 times reported earnings. The valuation looks much more reasonable on that basis. \n</p>\n<p>\n     Same question for Alphabet: What excites you now? \n</p>\n<p>\n     Alphabet's stock is so cheap and out of favor that it trades for 16 times consensus 2023 earnings estimates without any earnings-power adjustments. Management has been buying back stock. \n</p>\n<p>\n     To me, Alphabet has a bit of a culture problem. It has 10 or 12 platforms with more than a billion users each. Its engineers are geniuses at creating great applications that people love, but management just isn't as mercenary as Amazon's Jeff Bezos or Meta's Mark Zuckerberg in monetizing them. The non-search businesses collectively break even or lose money. \n</p>\n<p>\n     Sundar Pichai, the CEO, is trying to make the company's non-Google \"other bets\" businesses more disciplined. An activist investor is making some of the same points as me. I said in my book that it would be good if Alphabet were broken up by regulators. The non-Google franchises would be forced to make money. \n</p>\n<p>\n     Texas Instruments [TXN] is another of your favorite stocks. Why? \n</p>\n<p>\n     Texas Instruments is the only vertically integrated producer of analog chips, which regulate physical sensations such as temperature and motion, as opposed to digital semiconductors that are used for memory and storage. TI has an advantage in product depth, and is a great capital allocator. \n</p>\n<p>\n     I also like Intuit. Its QuickBooks Online product has about a 2% share of the addressable market in small-business accounting software, so there is a long way to go. Intuit spends about 10 times more than its nearest competitor on marketing and product development. It has a moat in terms of brand recognition and those expenditures. \n</p>\n<p>\n     Tech stocks account for about half your portfolio. Where else have you made big bets? \n</p>\n<p>\n  (MORE TO FOLLOW) Dow Jones Newswires\n</p>\n<p>\n  March 09, 2023 14:33 ET (19:33 GMT)\n</p>\n<p>\n  Copyright (c) 2023 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU1803068979.SGD":"FTIF - Franklin Technology A (acc) SGD-H1","LU2237443622.USD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A Acc USD","BK4554":"元宇宙及AR概念","IE00BJJMRY28.SGD":"Janus Henderson Balanced A Inc SGD","SGXZ81514606.USD":"大华环球创新基金A Acc USD","LU2210150020.SGD":"Natixis Thematics Subscription Economy R/A SGD","IE0004445239.USD":"JANUS HENDERSON US FORTY \"A2\" (USD) ACC","LU0234572021.USD":"高盛美国核心股票组合Acc","BK4576":"AR","ADBE":"Adobe","IE0004445015.USD":"JANUS HENDERSON BALANCED \"A2\" (USD) ACC","LU1489326972.SGD":"First Eagle Amundi International AHS-MD SGD-H","BK4587":"ChatGPT概念","LU0648000940.SGD":"Natixis Harris Associates Global Equity RA SGD","LU0312595415.SGD":"Schroder ISF Global Climate Change Equity A Acc SGD","LU0097036916.USD":"贝莱德美国增长A2 USD","LU2087621335.USD":"ALLSPRING GLOBAL FACTOR ENHANCED EQUITY \"A\" (USD) ACC","BK4559":"巴菲特持仓","BK4525":"远程办公概念","LU0061475181.USD":"THREADNEEDLE (LUX) AMERICAN \"AU\" (USD) ACC","LU0444971666.USD":"天利全球科技基金","LU2089283258.USD":"安联环球可持续基金Cl AM Dis","BK4579":"人工智能","LU0786609619.USD":"高盛全球千禧一代股票组合Acc","LU0276348264.USD":"THREADNEEDLE (LUX) GLOBAL DYNAMIC REAL RETURN\"AUP\" (USD) INC","LU0708995401.HKD":"FRANKLIN U.S. OPPORTUNITIES \"A\" (HKD) ACC","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","LU0820561818.USD":"安联收益及增长平衡基金Cl AM DIS","LU0149725797.USD":"汇丰美国股市经济规模基金","LU1201861165.SGD":"Natixis Harris Associates Global Equity PA SGD","LU0878866978.SGD":"First Eagle Amundi International AHS-QD SGD-H","BK4574":"无人驾驶","LU0738911758.USD":"Blackrock Global Equity Income A6 USD","IE00BJTD4N35.SGD":"Neuberger Berman US Long Short Equity A1  Acc SGD-H","BK4551":"寇图资本持仓","IE00BKVL7J92.USD":"Legg Mason ClearBridge - US Equity Sustainability Leaders A Acc USD","LU0256863811.USD":"ALLIANZ US EQUITY \"A\" INC","BK4561":"索罗斯持仓","LU0211328371.USD":"TEMPLETON GLOBAL EQUITY INCOME \"A\" (MDIS) (USD)   INC","LU0433182093.SGD":"First Eagle Amundi International AS-C SGD","GOOGL":"谷歌A","LU0943347566.SGD":"安联收益及增长平衡基金AM H2-SGD","IE00BFSS7M15.SGD":"Janus Henderson Balanced A Acc SGD-H","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","BK4548":"巴美列捷福持仓","LU0417517546.SGD":"Allianz US Equity Cl AT Acc SGD","IE00B19Z3581.USD":"Legg Mason ClearBridge - Value A Acc USD","BK4528":"SaaS概念","SG9999001077.SGD":"United International Growth Fund SGD","LU0079474960.USD":"联博美国增长基金A"},"source_url":"http://dowjonesnews.com/newdjn/logon.aspx?AL=N","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2318211694","content_text":"By Lauren R. Rublin \n\n\n  As 2014 was drawing to a close, money manager Adam Seessel faced a reckoning: It was time to rethink his devotion to value stocks and view investing through a more growth-tinged lens. Seessel's portfolio, stuffed with \"old economy\" names, had lost 4% to 5% that year, while the broad market had rallied 13% to 14%. The digital revolution was on, and Seessel had missed it. \n\n\n     Not any more. Seessel loaded up on technology stocks, and today his New York investment firm, Gravity Capital Management, owns companies such as Amazon.com [ticker: AMZN] and Alphabet [GOOGL] -- neither one cheap (at least, not until recently) based on value-investing metrics such as price-to-book value or price-to-current earnings. Last year's tech-sector selloff was no picnic for these stocks or Gravity, which directly manages about $100 million and advises on assets of roughly $8 billion. The Nasdaq Composite fell 33%, while Seessel's portfolio declined 21%, net of fees. But that loss followed two years in which Gravity gained well above 20%, net of fees. \n\n\n     Seessel, a former journalist and sometime contributor to Barron's , described his evolution into a \"value 3.0\" investor in Where the Money Is: Value Investing in the Digital Age, published last year by an imprint of Simon & Schuster. He also paid tribute in the book to the late Benjamin Graham, considered the father of value investing (1.0), and Graham's student, Warren Buffett (2.0), chairman and CEO of Berkshire Hathaway [BRK.A, BRK.B]. \n\n\n     Seessel provided an update in a March 1 interview with Barron's, and discussed some of his favorite stocks. An edited version follows. \n\n\n     Barron's: How did you come to realize that the tools of value investing had failed to capture the value of emerging tech companies? \n\n\n     Adam Seessel: My portfolio was full of classic value names: an oil-services company that was cheap based on earnings, a railcar company that was cheap based on net asset value. I also owned Avon Products and Tribune Media. All these businesses were cheap, yet their shares weren't appreciating. I took a good, hard look and realized their best days were behind them. It occurred to me that I was barking up the wrong tree and needed to re-evaluate my approach. \n\n\n     So, what did you do? \n\n\n     I took a deep dive into tech. Like most value investors, I had sniffed at tech companies' lofty valuations. But two things occurred to me. The tech companies of the 2010s weren't the tech companies of the dot-com era. Google [now Alphabet] and Amazon.com had become battleships. They were durable, branded franchises with strong businesses. Second, while they were optically expensive, if I loosened up the rigid value framework I had adhered to for my entire investment career, these companies started to look cheaper. \n\n\n     These and smaller companies, whether Adobe [ADBE] or Intuit [INTU], have looked expensive from a value perspective since their initial public offerings. Yet, they have massively outperformed since then, notwithstanding last year's market correction. And, they have a bright future; they have a small market share in large markets. Either the market was wrong and we were in for a tech-stock reckoning that would make the dot-com bust look trivial, or something about value investing wasn't capturing the value these companies were creating. \n\n\n     Didn't a multiyear decline in interest rates have a lot to do with these companies' impressive valuations? \n\n\n     That's a popular narrative. But did the shares of all these digital businesses go up just because rates were low, or because these companies were serving huge markets with a long growth path ahead? It seems pretty clear the latter was true. \n\n\n     Do you consider yourself a growth-stock investor now? \n\n\n     I wouldn't say I'm a growth investor. I'm a new value investor. Buffett himself has said there is no distinction between value and growth. The higher a company's growth rate, the higher its terminal value. Buffett has gotten more comfortable paying higher valuations for businesses because he understands that business quality is the main driver of value. My three variables are business, management, and then price. If you start with price, you tend to be looking at subpar businesses. That's why they're cheap, and that's why value investors so often succumb to \"value traps.\" \n\n\n     How did you \"loosen up\" your value framework? \n\n\n     When I started researching Google in early 2016, it was trading for $37 a share. It had $5 a share of cash, so it was effectively a $32 stock after its 20-for-1 split. The company had earned about $1.15 a share in 2015, so it was trading for 28 times earrings. It was showing an operating profit margin of 25%. \n\n\n     Facebook [now Meta Platforms $(META)$] and Alibaba Group Holding [BABA] were smaller companies but in the same sort of asset-light, software-driven business, and reporting margins of 40% to 50%. This meant either Google was an inferior business or spending more through its P&L [profit and loss statement] to grow. I concluded the latter was true, and that its earnings power implied a 40% margin. \n\n\n     How do you define earnings power? \n\n\n     Earnings power attempts to quantify a company's latent, underlying ability to generate profits. It tries to get at not what a company is reporting in its GAAP [general accepted accounting principles] financials, but what it could report if it were run as a mature business like Coca-Cola [KO]. Buffett's holdings, like Coke and American Express [AXP], don't have to spend billions of dollars trying to find a new frontier. It wasn't fair to compare tech companies' earnings to those of mature companies. So, I made an adjustment. \n\n\n     Assuming Google's earnings power allowed for 40% margins, earnings were close to $2 a share, which meant I was paying more like 16 to 17 times earnings for the stock. People might say my adjustment was magical thinking, but guess who made a similar adjustment when his company bought Geico? The Oracle of Omaha himself. It is an instructive example. \n\n\n     But not of magical thinking. \n\n\n     Berkshire owned 51% of Geico and agreed in 1995 to buy the rest. In the last year in which it published financials, Geico had $250 million of net income and spent $30 million marketing its products. Within a few years of the acquisition, reading between the lines, Geico was spending $250 million on marketing. Accounting rules forced the company to run 100% of these expenses through the P&L, which depressed earnings. It couldn't capitalize them, unlike a manufacturer. \n\n\n     Yet, functionally, the marketing was a factory in the sense that it had a long life. Geico had to spend up front to acquire customers, and then they would stay with the company, generating more revenue. As Buffett said in his 1999 annual report, he was investing today for tomorrow. And this is exactly what Amazon, Alphabet, and Intuit are doing -- investing to grow. It isn't crazy math. But GAAP accounting, codified in the 1930s when industrial companies ruled the roost, wasn't designed for today's tech companies. It penalizes outlays for marketing and research and development by forcing such long-term investments to be accounted for as one-year expense items. \n\n\n     What excites you now about Amazon? \n\n\n     It dominates two huge markets: e-commerce and cloud computing. It has moats around its brand and infrastructure in both businesses. Amazon is so huge that people think its business must be mature. Yet, online shopping accounts for only 15% of U.S. retail sales. Amazon has a 40% to 50% market share, and delivers more packages than FedEx [FDX]. \n\n\n     Reported earnings don't look great, but again, if you look through the investments made to build out that infrastructure, the earnings power is huge. In 2021, ex-Amazon Web Services, the cloud-computing business, Amazon's reported operating margins were 1.5%. It's absurd to think this company's margins would be a third of Walmart's. When you work through what Amazon could earn if it went into \"harvest mode,\" I calculate that margins are around 15%. The company's earnings power is 16 times reported earnings. The valuation looks much more reasonable on that basis. \n\n\n     Same question for Alphabet: What excites you now? \n\n\n     Alphabet's stock is so cheap and out of favor that it trades for 16 times consensus 2023 earnings estimates without any earnings-power adjustments. Management has been buying back stock. \n\n\n     To me, Alphabet has a bit of a culture problem. It has 10 or 12 platforms with more than a billion users each. Its engineers are geniuses at creating great applications that people love, but management just isn't as mercenary as Amazon's Jeff Bezos or Meta's Mark Zuckerberg in monetizing them. The non-search businesses collectively break even or lose money. \n\n\n     Sundar Pichai, the CEO, is trying to make the company's non-Google \"other bets\" businesses more disciplined. An activist investor is making some of the same points as me. I said in my book that it would be good if Alphabet were broken up by regulators. The non-Google franchises would be forced to make money. \n\n\n     Texas Instruments [TXN] is another of your favorite stocks. Why? \n\n\n     Texas Instruments is the only vertically integrated producer of analog chips, which regulate physical sensations such as temperature and motion, as opposed to digital semiconductors that are used for memory and storage. TI has an advantage in product depth, and is a great capital allocator. \n\n\n     I also like Intuit. Its QuickBooks Online product has about a 2% share of the addressable market in small-business accounting software, so there is a long way to go. Intuit spends about 10 times more than its nearest competitor on marketing and product development. It has a moat in terms of brand recognition and those expenditures. \n\n\n     Tech stocks account for about half your portfolio. Where else have you made big bets? \n\n\n  (MORE TO FOLLOW) Dow Jones Newswires\n\n\n  March 09, 2023 14:33 ET (19:33 GMT)\n\n\n  Copyright (c) 2023 Dow Jones & Company, Inc.","news_type":1},"isVote":1,"tweetType":1,"viewCount":433,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9949352729,"gmtCreate":1678392629461,"gmtModify":1678392632777,"author":{"id":"3563701454020193","authorId":"3563701454020193","name":"AhTi","avatar":"https://community-static.tradeup.com/news/6a2733366156bee5d4fcade2ce777d84","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3563701454020193","authorIdStr":"3563701454020193"},"themes":[],"htmlText":"K","listText":"K","text":"K","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9949352729","repostId":"2318211300","repostType":2,"repost":{"id":"2318211300","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":1678390488,"share":"https://ttm.financial/m/news/2318211300?lang=&edition=fundamental","pubTime":"2023-03-10 03:34","market":"sh","language":"en","title":"US STOCKS-Wall St falls with banks tumbling, pre-jobs report jitters","url":"https://stock-news.laohu8.com/highlight/detail?id=2318211300","media":"Reuters","summary":"(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news","content":"<html><body><p>(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window.)</p><p>        * </p><p>     Initial weekly jobless claims rise more than expected</p><p>        * </p><p>     Bank stocks tumble after SVB announces share sale</p><p>        * </p><p>     General Electric rises after reiterating forecast</p><p>        * </p><p>     Indexes down: Dow 0.93%, S&amp;P 1.14%, Nasdaq 1.37%</p><p>(New throughout, updates prices, market activity and comments; adds second byline)</p><p>   By Sinéad Carew and Amruta Khandekar</p><p>      March 9 (Reuters) - Wall Street fell on Thursday, with bank stocks dragging all three major stock indexes down as investors worried that a jobs report on Friday could spur aggressive interest rate hikes by the Federal Reserve.   </p><p>   Stocks had risen early in the session after data showed jobless claims increased by the most in five months last week, providing some hopes for a looser labor market, which could dampen inflation. </p><p>   But investors remained focused mostly on Friday's closely watched non-farm payrolls report for February with expectations for a large wage increase on their minds. Hawkish comments this week from Fed Chair Jerome Powell had exacerbated concerns about upcoming interest rate hikes.</p><p>   Traders were betting that chances of a 50 basis point rate hike at the Fed's March meeting were around 80%, according to CME Group's FedWatch tool, up sharply from a probability of 31% before Powell's Tuesday and Wednesday appearances in Congress. </p><p>   \"There's a lot of anticipation around tomorrow's jobs report. We're going to get a slew of data in the next week and a half,\" said Mona Mahajan, Senior Investment Strategist, Edward Jones, New York, also citing inflation and retail sales reports all due out before the next Fed meeting which ends March 22.   </p><p>   Initial claims for state unemployment benefits rose 21,000 to a seasonally adjusted 211,000 for the week ended March 4, the Labor Department said on Thursday. Economists polled by Reuters had forecast 195,000 claims for the latest week.</p><p>   While last week's increased jobless claims may be \"the first sign the labor market may be showing signs of loosening,\" Mahajan wants to see \"more data points to establish a trend.\"</p><p>   The February non-farm payrolls report is expected to show payrolls rose by 205,000 last month after January's blowout 517,000 figure, which had first led markets to reprice their expectations for U.S. interest rates.</p><p>   But with expected February wage increases at 4.7% compared with 4.4% in January, \"it feels like its ticking in the wrong direction even if we just meet expectations, \" Mahajan said.  </p><p>   The Dow Jones Industrial Average    fell 304.59 points, or 0.93%, to 32,493.81, the S&amp;P 500    lost 45.32 points, or 1.14%, to 3,946.69 and the Nasdaq Composite    dropped 158.94 points, or 1.37%, to 11,417.07.   </p><p>   The biggest drag on the S&amp;P 500 came from the financial sector   , down 3.4% as it was weighed down by bank stocks with S&amp;P banks    falling more than 6%, putting it on track for its biggest <a href=\"https://laohu8.com/S/AONE.U\">one</a>-day percentage drop since June 2020.  </p><p>   Only on S&amp;P sector was showing gains with utilities</p><p>  up 0.3%.</p><p>   <a href=\"https://laohu8.com/S/SIVBO\">SVB Financial Group</a>    fell more than 50% hitting its lowest level since Sept. 2016 and was on track for a record one-day percentage loss after the lender slashed its 2023 outlook and launched a share sale to shore up its balance sheet.</p><p>   Also weighing on the sub-index, <a href=\"https://laohu8.com/S/SBNY\">Signature Bank</a>    was down 10% after its crypto-bank peer <a href=\"https://laohu8.com/S/SI\">Silvergate Capital</a> Corp</p><p>  disclosed plans to voluntarily liquidate.</p><p>   General Electric Co    rose 6% as the industrial conglomerate reiterated its 2023 earnings forecast. </p><p>   Declining issues outnumbered advancing ones on the NYSE by a 2.81-to-1 ratio; on Nasdaq, a 2.84-to-1 ratio favored decliners.</p><p>       The S&amp;P 500 posted 5 new 52-week highs and 16 new lows; the Nasdaq Composite recorded 50 new highs and 222 new lows.</p><p> (Reporting by Sinéad Carew in New York, Amruta Khandekar, Shristi Achar A and Johann M Cherian in Bengaluru, additional reporting by Medha Singh Editing by Vinay Dwivedi and Sriraj Kalluvila and David Gregorio)</p><p>((sinead.carew@thomsonreuters.com))</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>US STOCKS-Wall St falls with banks tumbling, pre-jobs report jitters</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nUS STOCKS-Wall St falls with banks tumbling, pre-jobs report jitters\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2023-03-10 03:34</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><body><p>(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window.)</p><p>        * </p><p>     Initial weekly jobless claims rise more than expected</p><p>        * </p><p>     Bank stocks tumble after SVB announces share sale</p><p>        * </p><p>     General Electric rises after reiterating forecast</p><p>        * </p><p>     Indexes down: Dow 0.93%, S&amp;P 1.14%, Nasdaq 1.37%</p><p>(New throughout, updates prices, market activity and comments; adds second byline)</p><p>   By Sinéad Carew and Amruta Khandekar</p><p>      March 9 (Reuters) - Wall Street fell on Thursday, with bank stocks dragging all three major stock indexes down as investors worried that a jobs report on Friday could spur aggressive interest rate hikes by the Federal Reserve.   </p><p>   Stocks had risen early in the session after data showed jobless claims increased by the most in five months last week, providing some hopes for a looser labor market, which could dampen inflation. </p><p>   But investors remained focused mostly on Friday's closely watched non-farm payrolls report for February with expectations for a large wage increase on their minds. Hawkish comments this week from Fed Chair Jerome Powell had exacerbated concerns about upcoming interest rate hikes.</p><p>   Traders were betting that chances of a 50 basis point rate hike at the Fed's March meeting were around 80%, according to CME Group's FedWatch tool, up sharply from a probability of 31% before Powell's Tuesday and Wednesday appearances in Congress. </p><p>   \"There's a lot of anticipation around tomorrow's jobs report. We're going to get a slew of data in the next week and a half,\" said Mona Mahajan, Senior Investment Strategist, Edward Jones, New York, also citing inflation and retail sales reports all due out before the next Fed meeting which ends March 22.   </p><p>   Initial claims for state unemployment benefits rose 21,000 to a seasonally adjusted 211,000 for the week ended March 4, the Labor Department said on Thursday. Economists polled by Reuters had forecast 195,000 claims for the latest week.</p><p>   While last week's increased jobless claims may be \"the first sign the labor market may be showing signs of loosening,\" Mahajan wants to see \"more data points to establish a trend.\"</p><p>   The February non-farm payrolls report is expected to show payrolls rose by 205,000 last month after January's blowout 517,000 figure, which had first led markets to reprice their expectations for U.S. interest rates.</p><p>   But with expected February wage increases at 4.7% compared with 4.4% in January, \"it feels like its ticking in the wrong direction even if we just meet expectations, \" Mahajan said.  </p><p>   The Dow Jones Industrial Average    fell 304.59 points, or 0.93%, to 32,493.81, the S&amp;P 500    lost 45.32 points, or 1.14%, to 3,946.69 and the Nasdaq Composite    dropped 158.94 points, or 1.37%, to 11,417.07.   </p><p>   The biggest drag on the S&amp;P 500 came from the financial sector   , down 3.4% as it was weighed down by bank stocks with S&amp;P banks    falling more than 6%, putting it on track for its biggest <a href=\"https://laohu8.com/S/AONE.U\">one</a>-day percentage drop since June 2020.  </p><p>   Only on S&amp;P sector was showing gains with utilities</p><p>  up 0.3%.</p><p>   <a href=\"https://laohu8.com/S/SIVBO\">SVB Financial Group</a>    fell more than 50% hitting its lowest level since Sept. 2016 and was on track for a record one-day percentage loss after the lender slashed its 2023 outlook and launched a share sale to shore up its balance sheet.</p><p>   Also weighing on the sub-index, <a href=\"https://laohu8.com/S/SBNY\">Signature Bank</a>    was down 10% after its crypto-bank peer <a href=\"https://laohu8.com/S/SI\">Silvergate Capital</a> Corp</p><p>  disclosed plans to voluntarily liquidate.</p><p>   General Electric Co    rose 6% as the industrial conglomerate reiterated its 2023 earnings forecast. </p><p>   Declining issues outnumbered advancing ones on the NYSE by a 2.81-to-1 ratio; on Nasdaq, a 2.84-to-1 ratio favored decliners.</p><p>       The S&amp;P 500 posted 5 new 52-week highs and 16 new lows; the Nasdaq Composite recorded 50 new highs and 222 new lows.</p><p> (Reporting by Sinéad Carew in New York, Amruta Khandekar, Shristi Achar A and Johann M Cherian in Bengaluru, additional reporting by Medha Singh Editing by Vinay Dwivedi and Sriraj Kalluvila and David Gregorio)</p><p>((sinead.carew@thomsonreuters.com))</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU0149725797.USD":"汇丰美国股市经济规模基金","DDM":"道指两倍做多ETF","GE":"GE航空航天","TQQQ":"纳指三倍做多ETF","BK4585":"ETF&股票定投概念","DJX":"1/100道琼斯","BK4566":"资本集团","QQQ":"纳指100ETF","BK4211":"区域性银行","DOG":"道指反向ETF","BK4206":"工业集团企业","BK4501":"段永平概念","LU0390134368.USD":"FRANKLIN GLOBAL GROWTH \"A\" (USD) ACC","UDOW":"道指三倍做多ETF-ProShares","BK4588":"碎股","SBNY":"签字银行","QID":"纳指两倍做空ETF","LU1861217088.USD":"贝莱德金融科技A2",".DJI":"道琼斯","LU1861220207.SGD":"Blackrock FinTech A2 SGD-H","SQQQ":"纳指三倍做空ETF",".IXIC":"NASDAQ Composite","QLD":"纳指两倍做多ETF","DXD":"道指两倍做空ETF",".SPX":"S&P 500 Index","PSQ":"纳指反向ETF","SDOW":"道指三倍做空ETF-ProShares"},"source_url":"http://api.rkd.refinitiv.com/api/News/News.svc/REST/News_1/RetrieveStoryML_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2318211300","content_text":"(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window.)        *      Initial weekly jobless claims rise more than expected        *      Bank stocks tumble after SVB announces share sale        *      General Electric rises after reiterating forecast        *      Indexes down: Dow 0.93%, S&P 1.14%, Nasdaq 1.37%(New throughout, updates prices, market activity and comments; adds second byline)   By Sinéad Carew and Amruta Khandekar      March 9 (Reuters) - Wall Street fell on Thursday, with bank stocks dragging all three major stock indexes down as investors worried that a jobs report on Friday could spur aggressive interest rate hikes by the Federal Reserve.      Stocks had risen early in the session after data showed jobless claims increased by the most in five months last week, providing some hopes for a looser labor market, which could dampen inflation.    But investors remained focused mostly on Friday's closely watched non-farm payrolls report for February with expectations for a large wage increase on their minds. Hawkish comments this week from Fed Chair Jerome Powell had exacerbated concerns about upcoming interest rate hikes.   Traders were betting that chances of a 50 basis point rate hike at the Fed's March meeting were around 80%, according to CME Group's FedWatch tool, up sharply from a probability of 31% before Powell's Tuesday and Wednesday appearances in Congress.    \"There's a lot of anticipation around tomorrow's jobs report. We're going to get a slew of data in the next week and a half,\" said Mona Mahajan, Senior Investment Strategist, Edward Jones, New York, also citing inflation and retail sales reports all due out before the next Fed meeting which ends March 22.      Initial claims for state unemployment benefits rose 21,000 to a seasonally adjusted 211,000 for the week ended March 4, the Labor Department said on Thursday. Economists polled by Reuters had forecast 195,000 claims for the latest week.   While last week's increased jobless claims may be \"the first sign the labor market may be showing signs of loosening,\" Mahajan wants to see \"more data points to establish a trend.\"   The February non-farm payrolls report is expected to show payrolls rose by 205,000 last month after January's blowout 517,000 figure, which had first led markets to reprice their expectations for U.S. interest rates.   But with expected February wage increases at 4.7% compared with 4.4% in January, \"it feels like its ticking in the wrong direction even if we just meet expectations, \" Mahajan said.     The Dow Jones Industrial Average    fell 304.59 points, or 0.93%, to 32,493.81, the S&P 500    lost 45.32 points, or 1.14%, to 3,946.69 and the Nasdaq Composite    dropped 158.94 points, or 1.37%, to 11,417.07.      The biggest drag on the S&P 500 came from the financial sector   , down 3.4% as it was weighed down by bank stocks with S&P banks    falling more than 6%, putting it on track for its biggest one-day percentage drop since June 2020.     Only on S&P sector was showing gains with utilities  up 0.3%. SVB Financial Group    fell more than 50% hitting its lowest level since Sept. 2016 and was on track for a record one-day percentage loss after the lender slashed its 2023 outlook and launched a share sale to shore up its balance sheet.   Also weighing on the sub-index, Signature Bank    was down 10% after its crypto-bank peer Silvergate Capital Corp  disclosed plans to voluntarily liquidate.   General Electric Co    rose 6% as the industrial conglomerate reiterated its 2023 earnings forecast.    Declining issues outnumbered advancing ones on the NYSE by a 2.81-to-1 ratio; on Nasdaq, a 2.84-to-1 ratio favored decliners.       The S&P 500 posted 5 new 52-week highs and 16 new lows; the Nasdaq Composite recorded 50 new highs and 222 new lows. (Reporting by Sinéad Carew in New York, Amruta Khandekar, Shristi Achar A and Johann M Cherian in Bengaluru, additional reporting by Medha Singh Editing by Vinay Dwivedi and Sriraj Kalluvila and David Gregorio)((sinead.carew@thomsonreuters.com))","news_type":1},"isVote":1,"tweetType":1,"viewCount":321,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9949352493,"gmtCreate":1678392617413,"gmtModify":1678392621164,"author":{"id":"3563701454020193","authorId":"3563701454020193","name":"AhTi","avatar":"https://community-static.tradeup.com/news/6a2733366156bee5d4fcade2ce777d84","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3563701454020193","authorIdStr":"3563701454020193"},"themes":[],"htmlText":"K","listText":"K","text":"K","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9949352493","repostId":"2318114952","repostType":2,"repost":{"id":"2318114952","pubTimestamp":1678390646,"share":"https://ttm.financial/m/news/2318114952?lang=&edition=fundamental","pubTime":"2023-03-10 03:37","market":"us","language":"en","title":"GE Aerospace could branch into new lines of business as standalone company","url":"https://stock-news.laohu8.com/highlight/detail?id=2318114952","media":"The Business Journals","summary":"GE Aerospace could branch into new lines of business as standalone company","content":"<div>\n<p>GE Aerospace could branch into new lines of business as standalone company</p>\n\n<a href=\"https://news.google.com/rss/articles/CBMiYmh0dHBzOi8vd3d3LmJpempvdXJuYWxzLmNvbS9jaW5jaW5uYXRpL25ld3MvMjAyMy8wMy8wOS9nZS1hZXJvc3BhY2Utd2lkZW4tc2NvcGUtYXMtc3RhbmRhbG9uZS5odG1s0gFmaHR0cHM6Ly93d3cuYml6am91cm5hbHMuY29tL2NpbmNpbm5hdGkvbmV3cy8yMDIzLzAzLzA5L2dlLWFlcm9zcGFjZS13aWRlbi1zY29wZS1hcy1zdGFuZGFsb25lLmFtcC5odG1s?oc=5\">Web Link</a>\n\n</div>\n","source":"redbox_crawler","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>GE Aerospace could branch into new lines of business as standalone company</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\">\nGE Aerospace could branch into new lines of business as standalone company\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-03-10 03:37 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://news.google.com/rss/articles/CBMiYmh0dHBzOi8vd3d3LmJpempvdXJuYWxzLmNvbS9jaW5jaW5uYXRpL25ld3MvMjAyMy8wMy8wOS9nZS1hZXJvc3BhY2Utd2lkZW4tc2NvcGUtYXMtc3RhbmRhbG9uZS5odG1s0gFmaHR0cHM6Ly93d3cuYml6am91cm5hbHMuY29tL2NpbmNpbm5hdGkvbmV3cy8yMDIzLzAzLzA5L2dlLWFlcm9zcGFjZS13aWRlbi1zY29wZS1hcy1zdGFuZGFsb25lLmFtcC5odG1s?oc=5><strong>The Business Journals</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>GE Aerospace could branch into new lines of business as standalone company</p>\n\n<a href=\"https://news.google.com/rss/articles/CBMiYmh0dHBzOi8vd3d3LmJpempvdXJuYWxzLmNvbS9jaW5jaW5uYXRpL25ld3MvMjAyMy8wMy8wOS9nZS1hZXJvc3BhY2Utd2lkZW4tc2NvcGUtYXMtc3RhbmRhbG9uZS5odG1s0gFmaHR0cHM6Ly93d3cuYml6am91cm5hbHMuY29tL2NpbmNpbm5hdGkvbmV3cy8yMDIzLzAzLzA5L2dlLWFlcm9zcGFjZS13aWRlbi1zY29wZS1hcy1zdGFuZGFsb25lLmFtcC5odG1s?oc=5\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4501":"段永平概念","BK4588":"碎股","BK4566":"资本集团","LU0149725797.USD":"汇丰美国股市经济规模基金","GE":"GE航空航天","BK4206":"工业集团企业","BK4585":"ETF&股票定投概念"},"source_url":"https://news.google.com/rss/articles/CBMiYmh0dHBzOi8vd3d3LmJpempvdXJuYWxzLmNvbS9jaW5jaW5uYXRpL25ld3MvMjAyMy8wMy8wOS9nZS1hZXJvc3BhY2Utd2lkZW4tc2NvcGUtYXMtc3RhbmRhbG9uZS5odG1s0gFmaHR0cHM6Ly93d3cuYml6am91cm5hbHMuY29tL2NpbmNpbm5hdGkvbmV3cy8yMDIzLzAzLzA5L2dlLWFlcm9zcGFjZS13aWRlbi1zY29wZS1hcy1zdGFuZGFsb25lLmFtcC5odG1s?oc=5","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2318114952","content_text":"GE Aerospace could branch into new lines of business as standalone 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PHARMA(02196)$&nbsp;</a>😂😂😂","text":"$FOSUN PHARMA(02196)$ 😂😂😂","images":[{"img":"https://community-static.tradeup.com/news/bf4550547b081d84c68df940220a9261","width":"750","height":"1486"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9925672516","isVote":1,"tweetType":1,"viewCount":516,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9984377982,"gmtCreate":1667549754447,"gmtModify":1676537936226,"author":{"id":"3563701454020193","authorId":"3563701454020193","name":"AhTi","avatar":"https://community-static.tradeup.com/news/6a2733366156bee5d4fcade2ce777d84","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3563701454020193","authorIdStr":"3563701454020193"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/YY\">$JOYY Inc.(YY)$</a>Gogogo&nbsp;","listText":"<a href=\"https://ttm.financial/S/YY\">$JOYY Inc.(YY)$</a>Gogogo&nbsp;","text":"$JOYY Inc.(YY)$Gogogo","images":[{"img":"https://community-static.tradeup.com/news/35c91148a23c702508b052916f9bff89","width":"750","height":"1421"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9984377982","isVote":1,"tweetType":1,"viewCount":270,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":263323551822000,"gmtCreate":1705322516510,"gmtModify":1705322519547,"author":{"id":"3563701454020193","authorId":"3563701454020193","name":"AhTi","avatar":"https://community-static.tradeup.com/news/6a2733366156bee5d4fcade2ce777d84","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3563701454020193","authorIdStr":"3563701454020193"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/08238\">$WINTO GROUP(08238)$</a> is time to buy... up to the star. 😎😎😎😎","listText":"<a 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😎😎😎😎","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/263323551822000","isVote":1,"tweetType":1,"viewCount":591,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9949355908,"gmtCreate":1678392650204,"gmtModify":1678392654349,"author":{"id":"3563701454020193","authorId":"3563701454020193","name":"AhTi","avatar":"https://community-static.tradeup.com/news/6a2733366156bee5d4fcade2ce777d84","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3563701454020193","authorIdStr":"3563701454020193"},"themes":[],"htmlText":"K","listText":"K","text":"K","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9949355908","repostId":"2318560211","repostType":2,"repost":{"id":"2318560211","pubTimestamp":1678390346,"share":"https://ttm.financial/m/news/2318560211?lang=&edition=fundamental","pubTime":"2023-03-10 03:32","market":"hk","language":"en","title":"Natalia Vodianova Invests in AI-based App for Pregnant Women, Parenthood","url":"https://stock-news.laohu8.com/highlight/detail?id=2318560211","media":"Yahoo Life","summary":"Natalia Vodianova Invests in AI-based App for Pregnant Women, Parenthood","content":"<div>\n<p>Natalia Vodianova Invests in AI-based App for Pregnant Women, Parenthood</p>\n\n<a href=\"https://news.google.com/rss/articles/CBMiUWh0dHBzOi8vd3d3LnlhaG9vLmNvbS9saWZlc3R5bGUvbmF0YWxpYS12b2RpYW5vdmEtaW52ZXN0cy1haS1iYXNlZC0xODMxMzkyMzguaHRtbNIBWWh0dHBzOi8vd3d3LnlhaG9vLmNvbS9hbXBodG1sL2xpZmVzdHlsZS9uYXRhbGlhLXZvZGlhbm92YS1pbnZlc3RzLWFpLWJhc2VkLTE4MzEzOTIzOC5odG1s?oc=5\">Web Link</a>\n\n</div>\n","source":"redbox_crawler","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\" 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href=https://news.google.com/rss/articles/CBMiUWh0dHBzOi8vd3d3LnlhaG9vLmNvbS9saWZlc3R5bGUvbmF0YWxpYS12b2RpYW5vdmEtaW52ZXN0cy1haS1iYXNlZC0xODMxMzkyMzguaHRtbNIBWWh0dHBzOi8vd3d3LnlhaG9vLmNvbS9hbXBodG1sL2xpZmVzdHlsZS9uYXRhbGlhLXZvZGlhbm92YS1pbnZlc3RzLWFpLWJhc2VkLTE4MzEzOTIzOC5odG1s?oc=5><strong>Yahoo Life</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Natalia Vodianova Invests in AI-based App for Pregnant Women, Parenthood</p>\n\n<a href=\"https://news.google.com/rss/articles/CBMiUWh0dHBzOi8vd3d3LnlhaG9vLmNvbS9saWZlc3R5bGUvbmF0YWxpYS12b2RpYW5vdmEtaW52ZXN0cy1haS1iYXNlZC0xODMxMzkyMzguaHRtbNIBWWh0dHBzOi8vd3d3LnlhaG9vLmNvbS9hbXBodG1sL2xpZmVzdHlsZS9uYXRhbGlhLXZvZGlhbm92YS1pbnZlc3RzLWFpLWJhc2VkLTE4MzEzOTIzOC5odG1s?oc=5\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4588":"碎股","AI":"C3.ai, 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