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Peanutschez
2021-04-28
Wow
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Peanutschez
2021-04-27
Nice
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Peanutschez
2021-04-27
Oh
Archegos Collapse Exposes an SEC Blind Spot
Peanutschez
2021-04-27
Oh no
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Peanutschez
2021-04-27
Oh
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Go to Tiger App to see more news
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","listText":"Nice ","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/374544331","repostId":"1111949311","repostType":4,"isVote":1,"tweetType":1,"viewCount":214,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":374544903,"gmtCreate":1619470957402,"gmtModify":1704724305361,"author":{"id":"3566370712497974","authorId":"3566370712497974","authorIdStr":"3566370712497974","name":"Peanutschez","avatar":"https://static.tigerbbs.com/2d70c19af05c37b08df1881c97681749","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3566370712497974"},"themes":[],"htmlText":"Oh ","listText":"Oh ","text":"Oh","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/374544903","repostId":"1149183354","repostType":4,"repost":{"id":"1149183354","pubTimestamp":1619440351,"share":"https://ttm.financial/m/news/1149183354?lang=&edition=fundamental","pubTime":"2021-04-26 20:32","market":"us","language":"en","title":"Archegos Collapse Exposes an SEC Blind Spot","url":"https://stock-news.laohu8.com/highlight/detail?id=1149183354","media":"Bloomberg","summary":"No financial market is without its risks, but if there’s one thing I’ve learned in a career as a sec","content":"<p>No financial market is without its risks, but if there’s one thing I’ve learned in a career as a securities regulator, market chairman, corporate director and investor, it’s this: The more you know, the less risk you take.</p>\n<p>That's why I support greater disclosure requirements for the kinds of investments that are often held in the shadows, away from public scrutiny and awareness despite their size and potential impact on other investors and markets.</p>\n<p>Private investors, hedge funds and others have long been able to take short positions in companies — betting against their future rise in value — without disclosure. And with the collapse of Archegos Capital Management, greater attention is now being paid to the ability of institutional investors and money managers to hold highly complex and risky derivative-based investments without letting anyone know — including their own investors and counterparties.</p>\n<p>This can't continue. First of all, disclosure requirements shouldn’t treat certain kinds of investments differently than others. If a hedge fund or investor takes a major long position in a company, defined as greater than 5% of outstanding shares, that has to be disclosed. Why shouldn’t the same standard apply to the same investor taking a major short position?</p>\n<p>More critically, greater disclosure helps markets price risk better. Financial crises and major losses often emerge from unseen and undisclosed risks, when nobody understands the size of the potential problem until it’s too late. We always hear after these explosions: “If only we had known.” Right now, the knowing isn't possible. There’s no reason for these risky investments to be disclosed publicly because it’s not required.</p>\n<p>The Securities and Exchange Commission and its new Chairman Gary Gensler can and should fix this. Ample and timely disclosure requirements similar to 13F and 13G filings on major short positions and derivative-based strategies would give market participants the information they need to better understand the risks they take, whether they want to be on the other side of those positions or join them.</p>\n<p>This is an urgent matter. More of today’s financial markets are controlled by complex, derivative-based and highly leveraged investment strategies. They are often bespoke and hard to value at any given time. And too often, investors in these strategies — including highly sophisticated investors, endowments and other funds — are being told to accept their merits on faith, as well as the risk that goes with them.</p>\n<p>Maybe this is fine for some investors, especially those receiving an attractive return. But there is risk in any investment, and the person who takes a large position using an inscrutable strategy is himself a source of unseen risk. A highly leveraged strategy can involve people and institutions who had no idea they were depending on the success of a complex instrument. The cascading effect, as we know from the global financial crisis, is profound. And unseen.</p>\n<p>I'm aware, of course, that disclosure requirements can be expensive and create complexity. They may also deprive investors of the secrecy their strategies depend on. But think of the overriding benefits: Greater disclosure brings greater transparency, which leads to healthy markets. The more you know, the less risk you take.</p>\n<p>I saw it firsthand at the SEC, which I led for eight years. There, we introduced several important disclosure requirements that revolutionized Wall Street’s practices and brought greater confidence in, for example, financial audits, the release of material information to the public, mutual funds pricing, performance ratings and risk profiles. When we first proposed greater disclosure requirements for these areas, we were told it would be too expensive and too radical. Now, investors and public companies embrace them.</p>\n<p>That being said, disclosure can often be used to hide, not reveal. At the SEC I fought hard for “plain language” requirements in prospectuses for companies and mutual funds. It seemed to me then, and still does today, that a convoluted or deliberately dense prospectus is as good as no prospectus as all. Disclosure is not the same as transparency.</p>\n<p>I've also seen lawyers use disclosure requirements to present a picture of reality that is opposite the truth. We must remember that the complexity of derivative-based strategies is not a bug but a feature. Any eventual rule should have one overriding goal: Explain the investment as clearly as possible and, importantly, its potential risks, including the amount of potential loss the investment entails.</p>\n<p>There is yet another good reason for the SEC to act energetically to promote greater and more useful disclosure requirements: The investing public wants it. Whether it’s in the area of shareholder activism, or the claims made by companies regarding their environmental, social or governance (ESG) efforts, or their political contributions, investors want to know more about how their companies are performing.</p>\n<p>This is a good thing. In fact, it’s the very best expression of free market economics. Free people want to make informed decisions about how they invest their money. That’s no impingement on a free market. It’s how we get one.</p>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Archegos Collapse Exposes an SEC Blind Spot</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\">\nArchegos Collapse Exposes an SEC Blind Spot\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-26 20:32 GMT+8 <a href=https://www.bloomberg.com/opinion/articles/2021-04-26/archegos-collapse-exposes-an-sec-blind-spot?srnd=premium-asia><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>No financial market is without its risks, but if there’s one thing I’ve learned in a career as a securities regulator, market chairman, corporate director and investor, it’s this: The more you know, ...</p>\n\n<a href=\"https://www.bloomberg.com/opinion/articles/2021-04-26/archegos-collapse-exposes-an-sec-blind-spot?srnd=premium-asia\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.bloomberg.com/opinion/articles/2021-04-26/archegos-collapse-exposes-an-sec-blind-spot?srnd=premium-asia","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1149183354","content_text":"No financial market is without its risks, but if there’s one thing I’ve learned in a career as a securities regulator, market chairman, corporate director and investor, it’s this: The more you know, the less risk you take.\nThat's why I support greater disclosure requirements for the kinds of investments that are often held in the shadows, away from public scrutiny and awareness despite their size and potential impact on other investors and markets.\nPrivate investors, hedge funds and others have long been able to take short positions in companies — betting against their future rise in value — without disclosure. And with the collapse of Archegos Capital Management, greater attention is now being paid to the ability of institutional investors and money managers to hold highly complex and risky derivative-based investments without letting anyone know — including their own investors and counterparties.\nThis can't continue. First of all, disclosure requirements shouldn’t treat certain kinds of investments differently than others. If a hedge fund or investor takes a major long position in a company, defined as greater than 5% of outstanding shares, that has to be disclosed. Why shouldn’t the same standard apply to the same investor taking a major short position?\nMore critically, greater disclosure helps markets price risk better. Financial crises and major losses often emerge from unseen and undisclosed risks, when nobody understands the size of the potential problem until it’s too late. We always hear after these explosions: “If only we had known.” Right now, the knowing isn't possible. There’s no reason for these risky investments to be disclosed publicly because it’s not required.\nThe Securities and Exchange Commission and its new Chairman Gary Gensler can and should fix this. Ample and timely disclosure requirements similar to 13F and 13G filings on major short positions and derivative-based strategies would give market participants the information they need to better understand the risks they take, whether they want to be on the other side of those positions or join them.\nThis is an urgent matter. More of today’s financial markets are controlled by complex, derivative-based and highly leveraged investment strategies. They are often bespoke and hard to value at any given time. And too often, investors in these strategies — including highly sophisticated investors, endowments and other funds — are being told to accept their merits on faith, as well as the risk that goes with them.\nMaybe this is fine for some investors, especially those receiving an attractive return. But there is risk in any investment, and the person who takes a large position using an inscrutable strategy is himself a source of unseen risk. A highly leveraged strategy can involve people and institutions who had no idea they were depending on the success of a complex instrument. The cascading effect, as we know from the global financial crisis, is profound. And unseen.\nI'm aware, of course, that disclosure requirements can be expensive and create complexity. They may also deprive investors of the secrecy their strategies depend on. But think of the overriding benefits: Greater disclosure brings greater transparency, which leads to healthy markets. The more you know, the less risk you take.\nI saw it firsthand at the SEC, which I led for eight years. There, we introduced several important disclosure requirements that revolutionized Wall Street’s practices and brought greater confidence in, for example, financial audits, the release of material information to the public, mutual funds pricing, performance ratings and risk profiles. When we first proposed greater disclosure requirements for these areas, we were told it would be too expensive and too radical. Now, investors and public companies embrace them.\nThat being said, disclosure can often be used to hide, not reveal. At the SEC I fought hard for “plain language” requirements in prospectuses for companies and mutual funds. It seemed to me then, and still does today, that a convoluted or deliberately dense prospectus is as good as no prospectus as all. Disclosure is not the same as transparency.\nI've also seen lawyers use disclosure requirements to present a picture of reality that is opposite the truth. We must remember that the complexity of derivative-based strategies is not a bug but a feature. Any eventual rule should have one overriding goal: Explain the investment as clearly as possible and, importantly, its potential risks, including the amount of potential loss the investment entails.\nThere is yet another good reason for the SEC to act energetically to promote greater and more useful disclosure requirements: The investing public wants it. Whether it’s in the area of shareholder activism, or the claims made by companies regarding their environmental, social or governance (ESG) efforts, or their political contributions, investors want to know more about how their companies are performing.\nThis is a good thing. In fact, it’s the very best expression of free market economics. Free people want to make informed decisions about how they invest their money. That’s no impingement on a free market. It’s how we get one.","news_type":1},"isVote":1,"tweetType":1,"viewCount":351,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":374545651,"gmtCreate":1619470727273,"gmtModify":1704724304714,"author":{"id":"3566370712497974","authorId":"3566370712497974","authorIdStr":"3566370712497974","name":"Peanutschez","avatar":"https://static.tigerbbs.com/2d70c19af05c37b08df1881c97681749","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3566370712497974"},"themes":[],"htmlText":"Oh no","listText":"Oh no","text":"Oh no","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/374545651","repostId":"1125777657","repostType":4,"isVote":1,"tweetType":1,"viewCount":287,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":374545345,"gmtCreate":1619470619887,"gmtModify":1704724303907,"author":{"id":"3566370712497974","authorId":"3566370712497974","authorIdStr":"3566370712497974","name":"Peanutschez","avatar":"https://static.tigerbbs.com/2d70c19af05c37b08df1881c97681749","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3566370712497974"},"themes":[],"htmlText":"Oh","listText":"Oh","text":"Oh","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/374545345","repostId":"1143873248","repostType":4,"isVote":1,"tweetType":1,"viewCount":298,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":374544903,"gmtCreate":1619470957402,"gmtModify":1704724305361,"author":{"id":"3566370712497974","authorId":"3566370712497974","authorIdStr":"3566370712497974","name":"Peanutschez","avatar":"https://static.tigerbbs.com/2d70c19af05c37b08df1881c97681749","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3566370712497974"},"themes":[],"htmlText":"Oh ","listText":"Oh ","text":"Oh","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/374544903","repostId":"1149183354","repostType":4,"isVote":1,"tweetType":1,"viewCount":351,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":374545345,"gmtCreate":1619470619887,"gmtModify":1704724303907,"author":{"id":"3566370712497974","authorId":"3566370712497974","authorIdStr":"3566370712497974","name":"Peanutschez","avatar":"https://static.tigerbbs.com/2d70c19af05c37b08df1881c97681749","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3566370712497974"},"themes":[],"htmlText":"Oh","listText":"Oh","text":"Oh","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/374545345","repostId":"1143873248","repostType":4,"repost":{"id":"1143873248","pubTimestamp":1619446533,"share":"https://ttm.financial/m/news/1143873248?lang=&edition=fundamental","pubTime":"2021-04-26 22:15","market":"us","language":"en","title":"Cathie Wood's Bloated ARK Forges Forward","url":"https://stock-news.laohu8.com/highlight/detail?id=1143873248","media":"ZeroHedge","summary":"We've been documenting Cathie Wood's adventures in active management over at ARK Invest for the bett","content":"<p>We've been documenting Cathie Wood's adventures in active management over at ARK Invest for the better part of the last year and a half now.</p>\n<p>Whatstartedas a look into how the law of large numbers and Wood's popularity presented numerous pitfalls back in December 2020 has now become something of a financial world soap opera, with many observers watching ARK funds extremely closely as the NASDAQ teeters on the brink of a fever pitch and Tesla hits a patch of rocky road in China.</p>\n<p>Most recently, we've written about Wood for several reasons: the first is that shewas backed by Bill Hwang, who was at the helm of the massive Archegos Capital blowup that singlehandedly pasted numerous equities to the tune of more than 50% each, while also doling out a multi-billion dollar loss to Credit Suisse and other counterparties caught \"holding the hot potato\". The link drew obvious comparisons, although we're certain Wood isn't employing the insane leverage that catalyzed Hwang's blowup.</p>\n<p>The second isbecause the launchof her newest actively managed \"Space Exploration ETF\" has included some curious names. For example, it owns names like John Deere, which many find curious, while excluding space exploration pure plays like Maxar.</p>\n<p>But something else is going on that has piqued our curiosity as of late. Wood's actively managed style seems to be drifting further away from risk-adverse and closer to just \"risk\". Sure, we have pointed out in the past Wood's propensity to sell large, liquid tech names like Microsoft in favor of buying speculative early stage names like Workhorse and Vuzix.</p>\n<p>And now people are also pointing out that ARK's funds have been taking sizeable stakes in <i>other</i>ARK funds. ARK's Space Exploration ETF now owns 7.2% of ARK's 3D printing ETF, for example.</p>\n<p>Additionally, Wood has alsoalready amasseda several hundred million dollar position in the newly listed Coinbase IPO, which is down almost 20% from its $350 reference price when it listed. Despite your take on crypto, it's tough to deny that piling into a sizeable equity position based mostly on super-volatile cryptocurrencies is a risk adverse strategy.</p>\n<p>And this has caused many on FinTwit to think about the feedback loop that is slowly determining whether or not ARK funds see success. This diagram appeared over the weekend, and shows exactly how - should inflows into ARK funds slow or reverse - their intrinsic value could collapse.</p>\n<p>Not unlike the Allied Capitals of the world, ARK looks more and more like a BDC marking its own book up as the cycle continues to feed off itself. The further along the cycle gets, the easier it becomes for a pin to prick the entire bubble.</p>\n<p>The question then turns to how much further ARK wants to \"push it\" and - not unlike the overall market which is seeing record levels of margin debt......how big the bloodbath could wind up being if the stock market decides to buck the Fed and simply decide \"enough is enough\", before puking up all of the malinvestment that has taken place over the last decade.</p>\n<p>But for now - maybe for one more day, one more week, or maybe even another month, Cathie Wood's ARK forges forward.</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>Cathie Wood's Bloated ARK Forges Forward</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\">\nCathie Wood's Bloated ARK Forges Forward\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-26 22:15 GMT+8 <a href=https://www.zerohedge.com/markets/cathie-woods-bloated-ark-forges-forward><strong>ZeroHedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>We've been documenting Cathie Wood's adventures in active management over at ARK Invest for the better part of the last year and a half now.\nWhatstartedas a look into how the law of large numbers and ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/cathie-woods-bloated-ark-forges-forward\">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.zerohedge.com/markets/cathie-woods-bloated-ark-forges-forward","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1143873248","content_text":"We've been documenting Cathie Wood's adventures in active management over at ARK Invest for the better part of the last year and a half now.\nWhatstartedas a look into how the law of large numbers and Wood's popularity presented numerous pitfalls back in December 2020 has now become something of a financial world soap opera, with many observers watching ARK funds extremely closely as the NASDAQ teeters on the brink of a fever pitch and Tesla hits a patch of rocky road in China.\nMost recently, we've written about Wood for several reasons: the first is that shewas backed by Bill Hwang, who was at the helm of the massive Archegos Capital blowup that singlehandedly pasted numerous equities to the tune of more than 50% each, while also doling out a multi-billion dollar loss to Credit Suisse and other counterparties caught \"holding the hot potato\". The link drew obvious comparisons, although we're certain Wood isn't employing the insane leverage that catalyzed Hwang's blowup.\nThe second isbecause the launchof her newest actively managed \"Space Exploration ETF\" has included some curious names. For example, it owns names like John Deere, which many find curious, while excluding space exploration pure plays like Maxar.\nBut something else is going on that has piqued our curiosity as of late. Wood's actively managed style seems to be drifting further away from risk-adverse and closer to just \"risk\". Sure, we have pointed out in the past Wood's propensity to sell large, liquid tech names like Microsoft in favor of buying speculative early stage names like Workhorse and Vuzix.\nAnd now people are also pointing out that ARK's funds have been taking sizeable stakes in otherARK funds. ARK's Space Exploration ETF now owns 7.2% of ARK's 3D printing ETF, for example.\nAdditionally, Wood has alsoalready amasseda several hundred million dollar position in the newly listed Coinbase IPO, which is down almost 20% from its $350 reference price when it listed. Despite your take on crypto, it's tough to deny that piling into a sizeable equity position based mostly on super-volatile cryptocurrencies is a risk adverse strategy.\nAnd this has caused many on FinTwit to think about the feedback loop that is slowly determining whether or not ARK funds see success. This diagram appeared over the weekend, and shows exactly how - should inflows into ARK funds slow or reverse - their intrinsic value could collapse.\nNot unlike the Allied Capitals of the world, ARK looks more and more like a BDC marking its own book up as the cycle continues to feed off itself. The further along the cycle gets, the easier it becomes for a pin to prick the entire bubble.\nThe question then turns to how much further ARK wants to \"push it\" and - not unlike the overall market which is seeing record levels of margin debt......how big the bloodbath could wind up being if the stock market decides to buck the Fed and simply decide \"enough is enough\", before puking up all of the malinvestment that has taken place over the last decade.\nBut for now - maybe for one more day, one more week, or maybe even another month, Cathie Wood's ARK forges forward.","news_type":1},"isVote":1,"tweetType":1,"viewCount":298,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":374544331,"gmtCreate":1619470991323,"gmtModify":1704724305685,"author":{"id":"3566370712497974","authorId":"3566370712497974","authorIdStr":"3566370712497974","name":"Peanutschez","avatar":"https://static.tigerbbs.com/2d70c19af05c37b08df1881c97681749","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3566370712497974"},"themes":[],"htmlText":"Nice ","listText":"Nice ","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/374544331","repostId":"1111949311","repostType":4,"repost":{"id":"1111949311","pubTimestamp":1619436683,"share":"https://ttm.financial/m/news/1111949311?lang=&edition=fundamental","pubTime":"2021-04-26 19:31","market":"us","language":"en","title":"Stabilis Solutions Announces Approval to List on the Nasdaq Capital Market","url":"https://stock-news.laohu8.com/highlight/detail?id=1111949311","media":"seekingalpha","summary":"HOUSTON, TX/ ACCESSWIRE / April 26, 2021 / Stabilis Solutions, Inc. (SLNG) (\"Stabilis\" or the \"Compa","content":"<p>HOUSTON, TX/ ACCESSWIRE / April 26, 2021 / Stabilis Solutions, Inc. (SLNG) (\"Stabilis\" or the \"Company\") (OTCQX:SLNG), a leading provider of energy transition services including hydrogen and liquefied natural gas (\"LNG\") fueling solutions, announced today that the Company's common stock has been approved for listing on The Nasdaq Capital Market (\"Nasdaq\"). Trading on Nasdaq is expected to begin at the opening of trading on April 29, 2021, under the Company's existing ticker symbol \"SLNG\".</p>\n<p>\"I am pleased to announce that the Company has been approved to commence trading on Nasdaq,\" saidJim Reddinger, Stabilis' President and Chief Executive Officer. \"This is a key milestone in attracting a much broader pool of investors, improving the trading liquidity in our shares, and unlocking value for existing shareholders.\"</p>\n<p>About Stabilis</p>\n<p>Stabilis Solutions, Inc. is a vertically integrated energy transition company that provides clean energy solutions to our customers. Our solutions include small-scale liquefied natural gas (\"LNG\") production, distribution and fueling services to multiple end markets inNorth America. Stabilis also provides hydrogen fueling services to its customers. Stabilis has safely delivered over 250 million gallons of LNG through more than 25,000 truck deliveries during its 16-year operating history in the LNG industry, which we believe makes us one of the largest and most experienced small-scale LNG providers inNorth America. Stabilis' customers use LNG and hydrogen as a fuel sources in a variety of applications in the industrial, energy, mining, utilities and pipelines, commercial, and high horsepower transportation markets. Stabilis' customers use LNG and hydrogen as alternatives to traditional fuel sources, such as distillate fuel oil and propane, to lower fuel costs and reduce harmful environmental emissions. Stabilis' customers also use LNG as a \"virtual pipeline\" solution when natural gas pipelines are not available or volumes are curtailed. </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>Stabilis Solutions Announces Approval to List on the Nasdaq Capital Market</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nStabilis Solutions Announces Approval to List on the Nasdaq Capital Market\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-26 19:31 GMT+8 <a href=https://seekingalpha.com/pr/18286414-stabilis-solutions-announces-approval-to-list-on-nasdaq-capital-market><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>HOUSTON, TX/ ACCESSWIRE / April 26, 2021 / Stabilis Solutions, Inc. (SLNG) (\"Stabilis\" or the \"Company\") (OTCQX:SLNG), a leading provider of energy transition services including hydrogen and liquefied...</p>\n\n<a href=\"https://seekingalpha.com/pr/18286414-stabilis-solutions-announces-approval-to-list-on-nasdaq-capital-market\">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://seekingalpha.com/pr/18286414-stabilis-solutions-announces-approval-to-list-on-nasdaq-capital-market","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1111949311","content_text":"HOUSTON, TX/ ACCESSWIRE / April 26, 2021 / Stabilis Solutions, Inc. (SLNG) (\"Stabilis\" or the \"Company\") (OTCQX:SLNG), a leading provider of energy transition services including hydrogen and liquefied natural gas (\"LNG\") fueling solutions, announced today that the Company's common stock has been approved for listing on The Nasdaq Capital Market (\"Nasdaq\"). Trading on Nasdaq is expected to begin at the opening of trading on April 29, 2021, under the Company's existing ticker symbol \"SLNG\".\n\"I am pleased to announce that the Company has been approved to commence trading on Nasdaq,\" saidJim Reddinger, Stabilis' President and Chief Executive Officer. \"This is a key milestone in attracting a much broader pool of investors, improving the trading liquidity in our shares, and unlocking value for existing shareholders.\"\nAbout Stabilis\nStabilis Solutions, Inc. is a vertically integrated energy transition company that provides clean energy solutions to our customers. Our solutions include small-scale liquefied natural gas (\"LNG\") production, distribution and fueling services to multiple end markets inNorth America. Stabilis also provides hydrogen fueling services to its customers. Stabilis has safely delivered over 250 million gallons of LNG through more than 25,000 truck deliveries during its 16-year operating history in the LNG industry, which we believe makes us one of the largest and most experienced small-scale LNG providers inNorth America. Stabilis' customers use LNG and hydrogen as a fuel sources in a variety of applications in the industrial, energy, mining, utilities and pipelines, commercial, and high horsepower transportation markets. Stabilis' customers use LNG and hydrogen as alternatives to traditional fuel sources, such as distillate fuel oil and propane, to lower fuel costs and reduce harmful environmental emissions. Stabilis' customers also use LNG as a \"virtual pipeline\" solution when natural gas pipelines are not available or volumes are curtailed.","news_type":1},"isVote":1,"tweetType":1,"viewCount":214,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":100810239,"gmtCreate":1619598441221,"gmtModify":1704726560092,"author":{"id":"3566370712497974","authorId":"3566370712497974","authorIdStr":"3566370712497974","name":"Peanutschez","avatar":"https://static.tigerbbs.com/2d70c19af05c37b08df1881c97681749","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3566370712497974"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/100810239","repostId":"1173867072","repostType":4,"repost":{"id":"1173867072","pubTimestamp":1619595824,"share":"https://ttm.financial/m/news/1173867072?lang=&edition=fundamental","pubTime":"2021-04-28 15:43","market":"us","language":"en","title":"IBM: Things Are Changing","url":"https://stock-news.laohu8.com/highlight/detail?id=1173867072","media":"seekingalpha","summary":"Summary\n\nIBM reported its first revenue growth (excluding currency effects) in four quarters as its ","content":"<p><b>Summary</b></p>\n<ul>\n <li>IBM reported its first revenue growth (excluding currency effects) in four quarters as its hybrid cloud effort grows.</li>\n <li>The company is improving capital allocation by deleveraging and has stated that they are committed to the dividend.</li>\n <li>The dividend is safe, and IBM has paid a consecutive dividend for 100+ years, and the company is also a Dividend Aristocrat.</li>\n <li>The divestment of Kyndryl should improve companywide pre-tax profit margins.</li>\n <li>The yield is still more than double that of the average for the S&P 500.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/932097482bbae82cfbeb4d43ea68c9dd\" tg-width=\"768\" tg-height=\"512\"><span>Photo by JHVEPhoto/iStock Editorial via Getty Images</span></p>\n<p>I have written positively about International Business Machines (NYSE:IBM) for some time on Seeking Alpha. In fact, I even included IBM in my Top 3 Dividend Growth Stocks for 2021. There are some readers who questioned my positive call. They rightly pointed out past mistakes by IBM, poor management, too much debt, debt-fueled share buybacks, and so on. There was even criticism of the acquisition of RedHat and the price that was paid.</p>\n<p>However, that was the past and things are changing for IBM. The most recent earnings release was the first growth in revenue (not accounting for currency effects) after four straight quarters of declines. In general, the latest quarter was much more positive as earnings per share was above consensus. Gross margins improved 120 bps. Three operating segments reported sales growth. Granted, IBM is still work in progress but seemingly IBM has hit an inflection point. It must still be determined if IBM can generate momentum and sustained growth with their hybrid cloud strategy in face of strong competition. However, I discuss below the reasons why I think IBM is long term buy.</p>\n<p><b>Hybrid Cloud Is Gaining Traction</b></p>\n<p>One of the major criticisms about IBM in the past decade was declining revenue and management’s inability to turn that around. For context, total revenue was $104,784 million in 2011 and $72,488 million in 2020. Simultaneously, operating income and net profit declined as well. Some of this was due to divestments of the hardware divisions. But in general IBM was not able to stop the trend of declining revenue as the nature of Information Technology changed with the growth of the cloud. IBM had cloud offerings but was seemingly focused on Watson and Cognitive applications. An interesting historical footnote was that Watson won on Jeopardy in early-2011 approximately when total revenue peaked.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fe3029624cbb02fd5b446856c706b710\" tg-width=\"640\" tg-height=\"384\"><span>Source: TIKR.com</span></p>\n<p>IBM pursued a change in strategy by acquiring RedHat in 2019 for $34 billion. It was an expensive acquisition, but seemingly it has reinvigorated IBM’s products and gave IBM a stronger foothold in hybrid cloud. IBM now has approximately 3,000 hybrid cloud platform clients. Cloud revenue grew 18% year-over-year resulting from a 34% increase in cloud and cognitive software revenue and a 28% increase in cloud revenue in Global Business Services. Cloud revenue was $6.5 billion in Q1 2021 out of $17.7 billion total revenue or nearly 37%. IBM’s cloud revenue continues to grow. For the LTM, cloud revenue was $27.7 billion, which is about one-third of total revenue. A decent part of that is RedHat revenue, which continues to grow in the high teens. When IBM bought RedHat it had $3.4 billion in revenue. IBM does not report RedHat’s revenue separately but it is likely based on 15% to 20% annual growth since the acquisition that RedHat’s revenue roughly $4 billion or more</p>\n<p>The real question though, will IBM’s cloud revenue continue to grow? Some analysts are skeptical of IBM’s ability to generate revenue growth in CY22. But realistically cloud applications and software are growing, and hybrid cloud will be a part of that. IBM outlines its strategy with this platform approach in the chart below. IBM can provide services, software, hybrid cloud, and infrastructure. Not too many of its competitors can do that.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c9c4d803ea20cd93286c4731a3f5abb8\" tg-width=\"640\" tg-height=\"357\"><span>Source: IBM 1Q 2021 Earnings Presentation</span></p>\n<p>Clearly though IBM must execute on its strategy of getting existing clients to adapt hybrid cloud products and on this front IBM seems to be at least starting to deliver. IBM reported ~3,000 clients to date. IBM must also expand its software partners in this area and gain new clients. IBM has recently partnered with Palantir (PLTR) and other organizations. If IBM’s hybrid cloud platform is to be successful, then its partners must help drive adoption. IBM must also deliver on innovation. IBM is prolific in generating patents, and the company had the most patents in 2020 and has maintained leadership in patents issued for 28 consecutive years. But IBM must translate those patents and other product developments to the marketplace to drive revenue growth.</p>\n<p><b>IBM Has New Management</b></p>\n<p>One the main criticisms by small investors about IBM was the prior CEO and management. Today, IBM has a new CEO, Arvind Krishna. Krishna has been longtime IBM employee and was the company’s senior vice president of cloud and cognitive software before becoming the CEO. He has seemingly moved decisively to transform IBM into a hybrid cloud provider. After the acquisition of RedHat, the major move by Krishna has been to divest Kyndryl that will contain most of the Managed Infrastructure Services business from the Global Technology Service segment. This will remove what is arguably a drag on top line and bottom line growth. In the most recent quarter revenue declined another (5%) continuing the trend for the past two years.</p>\n<p>IBM also has a new President, James Whitehurst. Whitehurst was CEO of RedHat for 12 years and is thus an outsider. He was also the COO of Delta before that and helped the airline recover during its bankruptcy. The important thing is that Whitehurst was successful at RedHat and drove its growth. In 2008, full year revenue was about $523 million and by 2019 total revenue was $3.4 billion. Furthermore, many of the RedHat leadership team is still in place after the acquisition by IBM. I view it as unlikely that RedHat’s growth will slow down too much under IBM at least in the near future despite some analyst misgivings.</p>\n<p><b>IBM’s Capital Allocation is Improving</b></p>\n<p>IBM’s capital allocation is improving, which I attribute to current management. Since the RedHat acquisition there has been no debt-fueled share buybacks. Instead, IBM is focused on reducing debt and leverage, conducting bolt-on acquisitions in the cloud space, and the dividend (more on that below).</p>\n<p>For debt, the Q1 2020 earnings release indicated that IBM reduced total debt by $5 billion. At end of March 2021, cash, cash equivalents, and marketable securities were $11.3 billion. However, core debt was down to $38.1 billion giving net debt of $26.8 billion. For perspective, core debt was $48 billion before closing on the RedHat acquisition in Q2 2019. Global Financing debt is down as well to $18.3 billion at end of March 2021. This debt was $25 billion before completion of the RedHat acquisition. IBM is slowly winding down Global Financing.</p>\n<p>Deleveraging is reducing interest payments. Before the RedHat acquisition interest expense was roughly $200 million. It went to $432 million in the quarter after the acquisition and is now down to $280 million in Q1 2021. However, it is not clear what IBM’s target is for leverage ratio. The leverage ratio peaked at ~3.1X and is now down to 2.7X in the TTM. I would like to see this come down to below 2.5X by end of 2021 and below 2X by end of 2022. Simultaneously, interest coverage was reduced to about 6.6X but is now ~7.7X in the TTM. I would like to see this come up to over 10X.</p>\n<p><b>Kyndryl Divestment Should Be a Positive</b></p>\n<p>IBM has named its Managed Infrastructure Services spinout Kyndryl and is slowly filling the management team. Kyndryl will have about $19 billion in revenue and the separation should be completed by end of CY 2021. Of the four operating segments, Global Technology Services has the second lowest pre-tax income margin at 2.1% in the most recent quarter. The chart below shows the pre-tax income margins for the past several quarters. It is clear that Cloud & Cognitive Services generates the highest pre-tax margins followed by Global Business Services. On the other hand, pre-tax margins at Global Technology Services are lower than these two segments. Systems margins are cyclical probably reflecting product cycles.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7c25f37fd921f43c2dc07216fdc847c1\" tg-width=\"682\" tg-height=\"804\"><span>Source: IBM Earnings Releases and Presentations</span></p>\n<p>Global Technology Services had revenue of about $25.8 billion in 2020. Of this, Infrastructure & Cloud Services had revenue $19.7 billion, and Technology Support Services had revenue of $6.1 billion. This segment had declining revenue in 2019 and 2020. In addition, with low pre-tax margins it is not surprising that IBM desires to spin out the business.</p>\n<p>However, Global Technology Services is the largest business segment but once Kyndryl is spun out, the largest business segment will be Cloud & Cognitive Software. This segment also has the highest pre-tax margin business and revenue is growing. The net effect of the Kyndryl spinoff will be a positive for IBM as the largest remaining business segment is focused on software and hybrid cloud should be able to grow at a sustained mid-single digit rate. The second largest remaining segment, Global Business Services, should be able to at least maintain revenue. While the smallest remaining segment, Systems representing only $7 billion in revenue in 2020, would be cyclical depending on product cycles.</p>\n<p><b>IBM’s Dividend and Safety</b></p>\n<p>IBM was a deal when the yield was over 5% and certainly over 6%. IBM’s dividend is now near its trailing 5-year average but that is still above 4.5%. The yield is more than double that of the average for the S&P 500. It is also more than many utilities.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4efa8c44c5598a78a23546b34c20912b\" tg-width=\"640\" tg-height=\"334\"><span>Source: Portfolio Insight</span></p>\n<p>A few authors on SA and elsewhere have commented on the safety of IBM’s revenue. Their argument is that earnings per share and free cash flow do not support the current dividend. I think it unlikely that the dividend is cut based on earnings and free cash flow.</p>\n<p>The forward dividend is $6.52 and consensus 2021 earnings per share is $10.93. This gives a payout ratio of about 60%. Granted, this value can be lower, but it is still below my threshold of 65%.</p>\n<p>In the LTM, operating cash was $18,635 million. Capital expenditures were $2,410 million giving free cash flow of $16,225 million. The dividend required $5,814 million. This gives a dividend-to-FCF ratio of 35.8%. This is a solid value and well below my criterion of 70%.</p>\n<p>Furthermore, IBM is one of only 18 companies to have paid a dividend consecutively for 100+ years. IBM started to pay a dividend in 1916. IBM is also a Dividend Aristocrat having raised the dividend for 26 years. I view it as very unlikely that IBM will let either streak end. Indeed, in the most recent earnings release slides,the CFO stated,</p>\n<blockquote>\n In the first quarter we continued to improve the fundamentals of our business model. With strong cash generation and disciplined financial management, we increased investments in our hybrid cloud and AI capabilities, while significantly deleveraging in the quarter and supporting our commitment to a secure and growing dividend.\n</blockquote>\n<p>Hence, IBM is certainly focused on maintaining and growing the dividend.</p>\n<p><b>Final Thoughts on IBM</b></p>\n<p>IBM is still work in progress. There are investors and analysts who doubt the company’s ability to generate consistent top line growth. That said, the company’s new strategy is seemingly moving in the right direction. The stock is trading near its 52-week high after hitting 10-year lows in during 2020 and the COVID-19 pandemic but the dividend yield is still high relative to the S&P 500. I continue to view IBM as a long term buy.</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>IBM: Things Are Changing</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\">\nIBM: Things Are Changing\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-28 15:43 GMT+8 <a href=https://seekingalpha.com/article/4421480-ibm-stock-things-are-changing><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nIBM reported its first revenue growth (excluding currency effects) in four quarters as its hybrid cloud effort grows.\nThe company is improving capital allocation by deleveraging and has ...</p>\n\n<a href=\"https://seekingalpha.com/article/4421480-ibm-stock-things-are-changing\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"IBM":"IBM"},"source_url":"https://seekingalpha.com/article/4421480-ibm-stock-things-are-changing","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1173867072","content_text":"Summary\n\nIBM reported its first revenue growth (excluding currency effects) in four quarters as its hybrid cloud effort grows.\nThe company is improving capital allocation by deleveraging and has stated that they are committed to the dividend.\nThe dividend is safe, and IBM has paid a consecutive dividend for 100+ years, and the company is also a Dividend Aristocrat.\nThe divestment of Kyndryl should improve companywide pre-tax profit margins.\nThe yield is still more than double that of the average for the S&P 500.\n\nPhoto by JHVEPhoto/iStock Editorial via Getty Images\nI have written positively about International Business Machines (NYSE:IBM) for some time on Seeking Alpha. In fact, I even included IBM in my Top 3 Dividend Growth Stocks for 2021. There are some readers who questioned my positive call. They rightly pointed out past mistakes by IBM, poor management, too much debt, debt-fueled share buybacks, and so on. There was even criticism of the acquisition of RedHat and the price that was paid.\nHowever, that was the past and things are changing for IBM. The most recent earnings release was the first growth in revenue (not accounting for currency effects) after four straight quarters of declines. In general, the latest quarter was much more positive as earnings per share was above consensus. Gross margins improved 120 bps. Three operating segments reported sales growth. Granted, IBM is still work in progress but seemingly IBM has hit an inflection point. It must still be determined if IBM can generate momentum and sustained growth with their hybrid cloud strategy in face of strong competition. However, I discuss below the reasons why I think IBM is long term buy.\nHybrid Cloud Is Gaining Traction\nOne of the major criticisms about IBM in the past decade was declining revenue and management’s inability to turn that around. For context, total revenue was $104,784 million in 2011 and $72,488 million in 2020. Simultaneously, operating income and net profit declined as well. Some of this was due to divestments of the hardware divisions. But in general IBM was not able to stop the trend of declining revenue as the nature of Information Technology changed with the growth of the cloud. IBM had cloud offerings but was seemingly focused on Watson and Cognitive applications. An interesting historical footnote was that Watson won on Jeopardy in early-2011 approximately when total revenue peaked.\nSource: TIKR.com\nIBM pursued a change in strategy by acquiring RedHat in 2019 for $34 billion. It was an expensive acquisition, but seemingly it has reinvigorated IBM’s products and gave IBM a stronger foothold in hybrid cloud. IBM now has approximately 3,000 hybrid cloud platform clients. Cloud revenue grew 18% year-over-year resulting from a 34% increase in cloud and cognitive software revenue and a 28% increase in cloud revenue in Global Business Services. Cloud revenue was $6.5 billion in Q1 2021 out of $17.7 billion total revenue or nearly 37%. IBM’s cloud revenue continues to grow. For the LTM, cloud revenue was $27.7 billion, which is about one-third of total revenue. A decent part of that is RedHat revenue, which continues to grow in the high teens. When IBM bought RedHat it had $3.4 billion in revenue. IBM does not report RedHat’s revenue separately but it is likely based on 15% to 20% annual growth since the acquisition that RedHat’s revenue roughly $4 billion or more\nThe real question though, will IBM’s cloud revenue continue to grow? Some analysts are skeptical of IBM’s ability to generate revenue growth in CY22. But realistically cloud applications and software are growing, and hybrid cloud will be a part of that. IBM outlines its strategy with this platform approach in the chart below. IBM can provide services, software, hybrid cloud, and infrastructure. Not too many of its competitors can do that.\nSource: IBM 1Q 2021 Earnings Presentation\nClearly though IBM must execute on its strategy of getting existing clients to adapt hybrid cloud products and on this front IBM seems to be at least starting to deliver. IBM reported ~3,000 clients to date. IBM must also expand its software partners in this area and gain new clients. IBM has recently partnered with Palantir (PLTR) and other organizations. If IBM’s hybrid cloud platform is to be successful, then its partners must help drive adoption. IBM must also deliver on innovation. IBM is prolific in generating patents, and the company had the most patents in 2020 and has maintained leadership in patents issued for 28 consecutive years. But IBM must translate those patents and other product developments to the marketplace to drive revenue growth.\nIBM Has New Management\nOne the main criticisms by small investors about IBM was the prior CEO and management. Today, IBM has a new CEO, Arvind Krishna. Krishna has been longtime IBM employee and was the company’s senior vice president of cloud and cognitive software before becoming the CEO. He has seemingly moved decisively to transform IBM into a hybrid cloud provider. After the acquisition of RedHat, the major move by Krishna has been to divest Kyndryl that will contain most of the Managed Infrastructure Services business from the Global Technology Service segment. This will remove what is arguably a drag on top line and bottom line growth. In the most recent quarter revenue declined another (5%) continuing the trend for the past two years.\nIBM also has a new President, James Whitehurst. Whitehurst was CEO of RedHat for 12 years and is thus an outsider. He was also the COO of Delta before that and helped the airline recover during its bankruptcy. The important thing is that Whitehurst was successful at RedHat and drove its growth. In 2008, full year revenue was about $523 million and by 2019 total revenue was $3.4 billion. Furthermore, many of the RedHat leadership team is still in place after the acquisition by IBM. I view it as unlikely that RedHat’s growth will slow down too much under IBM at least in the near future despite some analyst misgivings.\nIBM’s Capital Allocation is Improving\nIBM’s capital allocation is improving, which I attribute to current management. Since the RedHat acquisition there has been no debt-fueled share buybacks. Instead, IBM is focused on reducing debt and leverage, conducting bolt-on acquisitions in the cloud space, and the dividend (more on that below).\nFor debt, the Q1 2020 earnings release indicated that IBM reduced total debt by $5 billion. At end of March 2021, cash, cash equivalents, and marketable securities were $11.3 billion. However, core debt was down to $38.1 billion giving net debt of $26.8 billion. For perspective, core debt was $48 billion before closing on the RedHat acquisition in Q2 2019. Global Financing debt is down as well to $18.3 billion at end of March 2021. This debt was $25 billion before completion of the RedHat acquisition. IBM is slowly winding down Global Financing.\nDeleveraging is reducing interest payments. Before the RedHat acquisition interest expense was roughly $200 million. It went to $432 million in the quarter after the acquisition and is now down to $280 million in Q1 2021. However, it is not clear what IBM’s target is for leverage ratio. The leverage ratio peaked at ~3.1X and is now down to 2.7X in the TTM. I would like to see this come down to below 2.5X by end of 2021 and below 2X by end of 2022. Simultaneously, interest coverage was reduced to about 6.6X but is now ~7.7X in the TTM. I would like to see this come up to over 10X.\nKyndryl Divestment Should Be a Positive\nIBM has named its Managed Infrastructure Services spinout Kyndryl and is slowly filling the management team. Kyndryl will have about $19 billion in revenue and the separation should be completed by end of CY 2021. Of the four operating segments, Global Technology Services has the second lowest pre-tax income margin at 2.1% in the most recent quarter. The chart below shows the pre-tax income margins for the past several quarters. It is clear that Cloud & Cognitive Services generates the highest pre-tax margins followed by Global Business Services. On the other hand, pre-tax margins at Global Technology Services are lower than these two segments. Systems margins are cyclical probably reflecting product cycles.\nSource: IBM Earnings Releases and Presentations\nGlobal Technology Services had revenue of about $25.8 billion in 2020. Of this, Infrastructure & Cloud Services had revenue $19.7 billion, and Technology Support Services had revenue of $6.1 billion. This segment had declining revenue in 2019 and 2020. In addition, with low pre-tax margins it is not surprising that IBM desires to spin out the business.\nHowever, Global Technology Services is the largest business segment but once Kyndryl is spun out, the largest business segment will be Cloud & Cognitive Software. This segment also has the highest pre-tax margin business and revenue is growing. The net effect of the Kyndryl spinoff will be a positive for IBM as the largest remaining business segment is focused on software and hybrid cloud should be able to grow at a sustained mid-single digit rate. The second largest remaining segment, Global Business Services, should be able to at least maintain revenue. While the smallest remaining segment, Systems representing only $7 billion in revenue in 2020, would be cyclical depending on product cycles.\nIBM’s Dividend and Safety\nIBM was a deal when the yield was over 5% and certainly over 6%. IBM’s dividend is now near its trailing 5-year average but that is still above 4.5%. The yield is more than double that of the average for the S&P 500. It is also more than many utilities.\nSource: Portfolio Insight\nA few authors on SA and elsewhere have commented on the safety of IBM’s revenue. Their argument is that earnings per share and free cash flow do not support the current dividend. I think it unlikely that the dividend is cut based on earnings and free cash flow.\nThe forward dividend is $6.52 and consensus 2021 earnings per share is $10.93. This gives a payout ratio of about 60%. Granted, this value can be lower, but it is still below my threshold of 65%.\nIn the LTM, operating cash was $18,635 million. Capital expenditures were $2,410 million giving free cash flow of $16,225 million. The dividend required $5,814 million. This gives a dividend-to-FCF ratio of 35.8%. This is a solid value and well below my criterion of 70%.\nFurthermore, IBM is one of only 18 companies to have paid a dividend consecutively for 100+ years. IBM started to pay a dividend in 1916. IBM is also a Dividend Aristocrat having raised the dividend for 26 years. I view it as very unlikely that IBM will let either streak end. Indeed, in the most recent earnings release slides,the CFO stated,\n\n In the first quarter we continued to improve the fundamentals of our business model. With strong cash generation and disciplined financial management, we increased investments in our hybrid cloud and AI capabilities, while significantly deleveraging in the quarter and supporting our commitment to a secure and growing dividend.\n\nHence, IBM is certainly focused on maintaining and growing the dividend.\nFinal Thoughts on IBM\nIBM is still work in progress. There are investors and analysts who doubt the company’s ability to generate consistent top line growth. That said, the company’s new strategy is seemingly moving in the right direction. The stock is trading near its 52-week high after hitting 10-year lows in during 2020 and the COVID-19 pandemic but the dividend yield is still high relative to the S&P 500. I continue to view IBM as a long term buy.","news_type":1},"isVote":1,"tweetType":1,"viewCount":165,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":374545651,"gmtCreate":1619470727273,"gmtModify":1704724304714,"author":{"id":"3566370712497974","authorId":"3566370712497974","authorIdStr":"3566370712497974","name":"Peanutschez","avatar":"https://static.tigerbbs.com/2d70c19af05c37b08df1881c97681749","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3566370712497974"},"themes":[],"htmlText":"Oh no","listText":"Oh no","text":"Oh no","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/374545651","repostId":"1125777657","repostType":4,"repost":{"id":"1125777657","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":1619445274,"share":"https://ttm.financial/m/news/1125777657?lang=&edition=fundamental","pubTime":"2021-04-26 21:54","market":"us","language":"en","title":"Meituan ADR fell by 6.84%","url":"https://stock-news.laohu8.com/highlight/detail?id=1125777657","media":"Tiger Newspress","summary":"Meituan ADR fell by 6.84%. Today, the State Administration of Market Supervision filed an investigat","content":"<p>Meituan ADR fell by 6.84%. Today, the State Administration of Market Supervision filed an investigation into Meituan’s \"choice of two\" and other suspected monopolistic behaviors in accordance with the report.</p>\n<p><img src=\"https://static.tigerbbs.com/30036bb510caca429649b75e1910b891\" tg-width=\"1302\" tg-height=\"833\"></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>Meituan ADR fell by 6.84%</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\">\nMeituan ADR fell by 6.84%\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\">2021-04-26 21:54</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Meituan ADR fell by 6.84%. Today, the State Administration of Market Supervision filed an investigation into Meituan’s \"choice of two\" and other suspected monopolistic behaviors in accordance with the report.</p>\n<p><img src=\"https://static.tigerbbs.com/30036bb510caca429649b75e1910b891\" tg-width=\"1302\" tg-height=\"833\"></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MPNGY":"美团ADR"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1125777657","content_text":"Meituan ADR fell by 6.84%. Today, the State Administration of Market Supervision filed an investigation into Meituan’s \"choice of two\" and other suspected monopolistic behaviors in accordance with the report.","news_type":1},"isVote":1,"tweetType":1,"viewCount":287,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}
