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2021-06-22

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2021-06-19

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16:36","market":"us","language":"en","title":"Pfizer: A Wide Moat Business At A Fair Price","url":"https://stock-news.laohu8.com/highlight/detail?id=1137537223","media":"seekingalpha","summary":"Summary\n\nAt its current price levels (~$39), an investment in Pfizer represents a wide moat business","content":"<p><b>Summary</b></p>\n<ul>\n <li>At its current price levels (~$39), an investment in Pfizer represents a wide moat business for sale at a fair price.</li>\n <li>The moat is rooted in technological lead, scale, intellectual property, and a strong pipeline.</li>\n <li>As a result, the business enjoys high profitability, return on capital employed, and heathy perpetual growth prospects – the hallmarks of a long-term compounder.</li>\n <li>Investment at the current price provides excellent potential for double-digit return in the long term.</li>\n</ul>\n<p><b>Thesis and Background</b></p>\n<p>The healthcare sector is a great place for value investors, ranging from legends like Warren Buffett to ordinary investors like myself for many good reasons. It caters to fundamental human needs that are not going to change or go away anytime soon. All signs show that the need will only intensify with population growth, longer life expectancy, more interconnected world, et al. The major players like Pfizer Inc (PFE), due to their established lead and scale, are especially well poised to capitalize on such secular trend.</p>\n<p>At its current price levels (~$39), an investment in PFE represents a wide moat business for sale at a fair price. The short-term risk is very manageable given the current entry valuation, the success with their COVID vaccine, and the support from the dividend yield. In the long term, thanks to their profitability and return on capital employed, investment at the current price provides excellent potential for double digit return.</p>\n<p>Before going into any further details, it would help to briefly summarize my investment philosophy to provide a context. I am a long-term, conservative, and value-oriented investor. I hold a rather concentrated portfolio with about a dozen stocks. I rarely buy and very rarely sell. So you will see me writing about a handful of holdings multiple times from different angles. If you like reading in-depth and multifaceted coverage on the same holdings, I am your guy.</p>\n<p>My goal for my stock holdings is to generate<b>D</b>ouble-<b>D</b>igit return during a<b>D</b>ecade, and that is why I nickname my portfolio the DDD portfolio. Currently my portfolio holds the following 9 stocks. Using the date Ifirst publishedthe DDD portfolio on 5/31/2021 as the inception date, its performance on a weekly basis is summarized in the following two charts. It has been a really short time compared to my horizon, but so far so good fortunately.</p>\n<p><img src=\"https://static.tigerbbs.com/4cb3acede81613b3761fd70078b79286\" tg-width=\"640\" tg-height=\"420\"></p>\n<p>Source: Author</p>\n<p><img src=\"https://static.tigerbbs.com/11117eef882381e86fc7ad1e929b15d8\" tg-width=\"640\" tg-height=\"364\" referrerpolicy=\"no-referrer\"></p>\n<p>Source: Author</p>\n<p><b>The businesses and the moat</b></p>\n<p>Pfizer Inc. is a research-based, global biopharmaceutical leader engaged in the discovery, development, manufacture, and distribution of healthcare products. It offers medicines and vaccines in various therapeutic areas, encompassing internal medicine, oncology, vaccines, immunology, rare disease, et al.</p>\n<p>For pharmaceutical companies at this scale, it is all about A) bringing blockbuster drugs (with market value exceeding $1B per year) to market, and B) having a healthy pipeline of potential blockbusters. And PFE is doing a terrific job on both fronts as you can see from the following two charts.</p>\n<p>As seen from the first chart, PFE boasts a collection of blockbuster drugs including Vyndaqel ($1.2B sales in 2020), Prevnar ($5.8B sales), Xeljanz ($2.4B), et al. And in 2021, PFE just added another blockbuster into its production line: the Covid vaccine. PFE was the first to gain FDA approval for its COVID-19 vaccine, and the vaccine is already PFE's top-selling drug as of 2021 Q1. The vaccine brought in $3.4B of sales during 2021 Q1! These blockbuster drugs are about 5 years on average away from patent expiration.</p>\n<p>This where the pipeline comes in. As seen in the second chart, PFE also maintains a healthy pipeline to prepare for the future. This large pipeline consists of ~100 total drugs. The lifecycle for a drug development (from the lab to the market) could take more than a decade. And therefore, the drugs in the later stage of the development, i.e., Phase 3 or later, are more important. And as can be seen, PFE has a total of 33 of them currently. Not all of them will be a blockbuster. And here is how the scale of PFE matters. Thanks to its scale, it does not need all of them to be blockbusters. It can afford the inevitable misses.</p>\n<p><img src=\"https://static.tigerbbs.com/274b7e5bc8ed32603e922232dbdba5d0\" tg-width=\"640\" tg-height=\"349\" referrerpolicy=\"no-referrer\"></p>\n<p>Source:Pfizer 2020 annual report</p>\n<p><img src=\"https://static.tigerbbs.com/8eba34c481717e6f2cfaa6f316498aa2\" tg-width=\"640\" tg-height=\"181\"></p>\n<p>Source: Pfizer 2020 annual report</p>\n<p><b>Profitability and Financial Strength</b></p>\n<p>Thanks to its technological lead and scale, PFE enjoys superior profitability and financial strengths both relative to other peers in the same sector and also to the overall market, as illustrated by the following chart. The profitability is simply superb on every metric - both in absolute terms and in relative terms when compared to its peers.</p>\n<p>The business is also in a very strong financial position, as exemplified by the next chart. Its interest coverage (operation income divided by interest expense) is more than 16x. In other words, it only takes about 6% of its operation income to cover its interest expenses. In contrast, the interest coverage for the overall market represented by S&amp;P 500 is about 6x. Also as shown by the orange line in the chart, thanks to its strong profitability (and terrific return on capital to be detailed later), the business can also afford to pay off pretty much all the remaining income as dividend after covering its debt and maintenance CAPEx.</p>\n<p><img src=\"https://static.tigerbbs.com/2df9ddd5bfc780fb81922d0bf07dfb2f\" tg-width=\"640\" tg-height=\"315\"></p>\n<p>Source: Seeking Alpha.</p>\n<p><img src=\"https://static.tigerbbs.com/b29a25abfa0354c92c5dfb7ab49243ff\" tg-width=\"640\" tg-height=\"398\" referrerpolicy=\"no-referrer\"></p>\n<p>Source: Author based on data from Seeking Alpha</p>\n<p><b>The valuation</b></p>\n<p>As can be seen from the following numbers in the table, at its current price levels, PEF is about fairly valued or slightly discounted depending on which valuation metric you use based on its historical valuations. In terms of absolute valuation, its current valuations (price/cash flow ratio around 14.5x) is also very reasonable for a wide moat business leader. Many consumer staple businesses (like food and drinks business) are valued above 20x cash flow because they cater to an eternal human need. Yet in my view, PFE caters to an equally eternal human need with a wider moat.</p>\n<p>As such, the short-term risk is very manageable given the current entry valuation, especially considering the upcoming boost from their COVID vaccine. And also, the above average dividend yield would help to support the return should any short term turmoil occur.</p>\n<p><img src=\"https://static.tigerbbs.com/28f2c7c3ec96007a14b507da34b0eb02\" tg-width=\"640\" tg-height=\"88\" referrerpolicy=\"no-referrer\">Source: author and Seeking Alpha</p>\n<p><b>Long-term return and perpetual growth rate</b></p>\n<p>If you, like this author, are a long-term investor who subscribes to the concepts of owner's earning, perpetual growth rate, and equity bond, then the long-term return is simpler. It is \"simply\" the summation of the owner's earning yield (\"OEY\") and the perpetual growth rate (\"PGR\"), i.e.,</p>\n<p>Longer-Term ROI = OEY + PGR</p>\n<p>Because in the long term, all fluctuations in valuation are averaged out (all luck at the end even out). And it doesn't really matter how the business uses the earnings (pay out as dividend, retained in the bank account, or repurchase stocks). As long as used sensibly (as PFE has done in the past), it will be reflected as a return to the business owner.</p>\n<p>OEY is the owner's earnings divided by the entry price. All the complications are in the estimation of the owner's earnings - the real economic earnings of the business, not the nominal accounting earnings. Here as a crude and conservative estimate, I will just use the free cash flow (\"FCF\") as the owner's earnings. It is conservative in the sense that rigorously speaking, the owner's earnings should be free cash flow plus the portion of CAPEx that is used to fuel the growth (i.e., the growth CAPEx). At its current price levels, the OEY is ~6.6% for PFE (~15x price to FCF).</p>\n<p>The next and more important item is the PGR. To understand and estimate it, we will need to first estimate the return on capital employed (\"ROCE\"). Note that ROCE is different from the return on equity (and more fundamental and important in my view). ROCE considers the return of capital ACTUALLY employed, and therefore provides insight into how much additional capital a business needs to invest in order to earn a given extra amount of income - a key to estimate the PGR. For businesses like PFE, I consider the following items capital actually employed:</p>\n<p>1. Working capital, including payables, receivables, inventory. These are the capitals required for the daily operation of their businesses.</p>\n<p>2. Gross Property, Plant, and Equipment. These are the capitals required to actually conduct business and manufacture their products.</p>\n<p>3. There are the following two possible routes here:</p>\n<p>3.1. The first route is to include research and development expenses as a capital investment. As mentioned above, the R&amp;D is the lifeblood for a sustainable pharmaceutical business and is not really an optional expense.</p>\n<p>3.2. The second route is to amortize its intangible book value, mainly consisting of intellectual property and patents. This essentially treats the intellectual properties as capital with a finite lifetime, which I will assume to be five years, the average number of years away from its current blockbuster drugs' patent expiration.</p>\n<p>Based on the above considerations, the ROCE of PFE over the past decade are shown below. As seen, both approaches provided similar results, a good sign of the assumptions. PFE was able to maintain a remarkably high and stable ROCE over the long term: on average 44% for the past decade. To put things in perspective, as detailed in myprevious articlesfor Lockheed Martin (LMT) and General Dynamics (GD), ROCEs for these defense business leaders, who almost enjoy a monopoly moat, are \"only\" in the range of 20% to 30%.</p>\n<p><img src=\"https://static.tigerbbs.com/2bcb7c6b4fc7360c3140a7cbcd7aa511\" tg-width=\"640\" tg-height=\"398\"></p>\n<p>Source: Author and Seeking Alpha</p>\n<p>With a 44% ROCE, it means that even if PFE only reinvests 1/10 of its earnings to expand the capital employed, it could maintain a 4.4% PGR (PGR = ROCE * fraction of earnings reinvested = 10% * 44% = 4.4%). And 10% reinvestment rate is indeed the situation here for PFE based on my analyses. As aforementioned, this is a reason that PFE can afford to pay off pretty much all the remaining income as dividend after covering its debt and maintenance CAPEx as dividend (or share repurchase). Of course, another reason is that businesses at this scale simply are not able to find that many opportunities to reinvest their earnings. But after all, 4.4% PGR already makes it a long term compounder with 10% income reinvested!</p>\n<p>Now we have both pieces of the puzzle in place to estimate the long-term return. At its current price levels, the OEY is estimated to be ~6.6% for PFE (~15x price to FCF), and the PGR is about 4.4%. So the total return in the long term at current valuation would be a double digit around 11% as shown in the chart below. Also as seen, even when ROCE fluctuates somewhat, the fluctuations wouldn't change the long-term return dramatically.</p>\n<p><img src=\"https://static.tigerbbs.com/bc98d9c0dd33069c7237e253e96f624b\" tg-width=\"640\" tg-height=\"416\" referrerpolicy=\"no-referrer\"></p>\n<p>Source: Author and Seeking Alpha.</p>\n<p>And for those of us who would like to wait for a better entry price, the next chart shows how much the long-term return potential would change as a function of the entry price. As can be seen, the long-term return potential doesn't change that much within a pretty wide range of entry price, as shown in the green box. This probably confirms something that you've already heard before - if you hold something for the long term, the entry price does not matter that much.</p>\n<p>However, many investors seem to interpret this one-sided and I'd like to do a bit of hairsplitting here. The above statement refers to the long-term RATE of return, not the absolute DOLLAR AMOUNT of return. When your entry price is decreased by 10%, yes, it is correct that this wouldn't impact your long-term rate of return by a lot as seen. But a 10% lower entry price would give you at least 10% more return in absolute dollar amount - because you get to buy 10% more shares with the same dollar amount you have, plus the whatever extra return brought about by the higher RATE of return.</p>\n<p>And as a final note before ending this section, this might be the most valuable insight that I've learned by studying Warren Buffett's investment philosophy. The insight really is that I do not need a business with double-digit growth to generate double-digit returns. A reliable business that can offer a stable growth at a boring rate of a few percent (like ~4% in the examples of PFE) can already provide double-digit returns with good certainty as long as A) they are purchased at a reasonable valuation, and B) they have ROCE sufficiently high so that the growth can be driven by reinvesting a small fraction of the income. In the long run, assuming a growth rate more than a few percent probably is a dangerous assumption to start with anyway.</p>\n<p><img src=\"https://static.tigerbbs.com/cca693c6f94c74a4aebd1de7b8392612\" tg-width=\"640\" tg-height=\"422\"></p>\n<p>Source: Author and Seeking Alpha</p>\n<p><b>Conclusion and final thoughts</b></p>\n<p>The healthcare sector is a great place for value investors and enjoys long-term secular headwinds. Major players like Pfizer, due to their established lead and scale, are especially well-poised to capitalize on such secular trend. At its current price levels (~$39), an investment in PFE represents a wide moat business for sale at a fair price. The short-term risk is very manageable given the current entry valuation, the success with their COVID vaccine, and the support from the dividend yield. In the long term, the business features all the hallmarks of a long-term compounder - high profitability, high return on capital employed, and healthy perpetual growth prospects. An investment at the current price provides excellent potential for double-digit return in the long term.</p>\n<p>I am not buying only because my portfolio already holds enough healthcare stocks, which have similar return/risk profiles as I see. I just cannot have all of them and have to choose.</p>\n<p>Thanks for reading! And look forward to hearing your thoughts and comments.</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>Pfizer: A Wide Moat Business At A Fair Price</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\">\nPfizer: A Wide Moat Business At A Fair Price\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-24 16:36 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4436314-pfizer-wide-moat-business-fair-price><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nAt its current price levels (~$39), an investment in Pfizer represents a wide moat business for sale at a fair price.\nThe moat is rooted in technological lead, scale, intellectual property, ...</p>\n\n<a href=\"https://seekingalpha.com/article/4436314-pfizer-wide-moat-business-fair-price\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PFE":"辉瑞"},"source_url":"https://seekingalpha.com/article/4436314-pfizer-wide-moat-business-fair-price","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1137537223","content_text":"Summary\n\nAt its current price levels (~$39), an investment in Pfizer represents a wide moat business for sale at a fair price.\nThe moat is rooted in technological lead, scale, intellectual property, and a strong pipeline.\nAs a result, the business enjoys high profitability, return on capital employed, and heathy perpetual growth prospects – the hallmarks of a long-term compounder.\nInvestment at the current price provides excellent potential for double-digit return in the long term.\n\nThesis and Background\nThe healthcare sector is a great place for value investors, ranging from legends like Warren Buffett to ordinary investors like myself for many good reasons. It caters to fundamental human needs that are not going to change or go away anytime soon. All signs show that the need will only intensify with population growth, longer life expectancy, more interconnected world, et al. The major players like Pfizer Inc (PFE), due to their established lead and scale, are especially well poised to capitalize on such secular trend.\nAt its current price levels (~$39), an investment in PFE represents a wide moat business for sale at a fair price. The short-term risk is very manageable given the current entry valuation, the success with their COVID vaccine, and the support from the dividend yield. In the long term, thanks to their profitability and return on capital employed, investment at the current price provides excellent potential for double digit return.\nBefore going into any further details, it would help to briefly summarize my investment philosophy to provide a context. I am a long-term, conservative, and value-oriented investor. I hold a rather concentrated portfolio with about a dozen stocks. I rarely buy and very rarely sell. So you will see me writing about a handful of holdings multiple times from different angles. If you like reading in-depth and multifaceted coverage on the same holdings, I am your guy.\nMy goal for my stock holdings is to generateDouble-Digit return during aDecade, and that is why I nickname my portfolio the DDD portfolio. Currently my portfolio holds the following 9 stocks. Using the date Ifirst publishedthe DDD portfolio on 5/31/2021 as the inception date, its performance on a weekly basis is summarized in the following two charts. It has been a really short time compared to my horizon, but so far so good fortunately.\n\nSource: Author\n\nSource: Author\nThe businesses and the moat\nPfizer Inc. is a research-based, global biopharmaceutical leader engaged in the discovery, development, manufacture, and distribution of healthcare products. It offers medicines and vaccines in various therapeutic areas, encompassing internal medicine, oncology, vaccines, immunology, rare disease, et al.\nFor pharmaceutical companies at this scale, it is all about A) bringing blockbuster drugs (with market value exceeding $1B per year) to market, and B) having a healthy pipeline of potential blockbusters. And PFE is doing a terrific job on both fronts as you can see from the following two charts.\nAs seen from the first chart, PFE boasts a collection of blockbuster drugs including Vyndaqel ($1.2B sales in 2020), Prevnar ($5.8B sales), Xeljanz ($2.4B), et al. And in 2021, PFE just added another blockbuster into its production line: the Covid vaccine. PFE was the first to gain FDA approval for its COVID-19 vaccine, and the vaccine is already PFE's top-selling drug as of 2021 Q1. The vaccine brought in $3.4B of sales during 2021 Q1! These blockbuster drugs are about 5 years on average away from patent expiration.\nThis where the pipeline comes in. As seen in the second chart, PFE also maintains a healthy pipeline to prepare for the future. This large pipeline consists of ~100 total drugs. The lifecycle for a drug development (from the lab to the market) could take more than a decade. And therefore, the drugs in the later stage of the development, i.e., Phase 3 or later, are more important. And as can be seen, PFE has a total of 33 of them currently. Not all of them will be a blockbuster. And here is how the scale of PFE matters. Thanks to its scale, it does not need all of them to be blockbusters. It can afford the inevitable misses.\n\nSource:Pfizer 2020 annual report\n\nSource: Pfizer 2020 annual report\nProfitability and Financial Strength\nThanks to its technological lead and scale, PFE enjoys superior profitability and financial strengths both relative to other peers in the same sector and also to the overall market, as illustrated by the following chart. The profitability is simply superb on every metric - both in absolute terms and in relative terms when compared to its peers.\nThe business is also in a very strong financial position, as exemplified by the next chart. Its interest coverage (operation income divided by interest expense) is more than 16x. In other words, it only takes about 6% of its operation income to cover its interest expenses. In contrast, the interest coverage for the overall market represented by S&P 500 is about 6x. Also as shown by the orange line in the chart, thanks to its strong profitability (and terrific return on capital to be detailed later), the business can also afford to pay off pretty much all the remaining income as dividend after covering its debt and maintenance CAPEx.\n\nSource: Seeking Alpha.\n\nSource: Author based on data from Seeking Alpha\nThe valuation\nAs can be seen from the following numbers in the table, at its current price levels, PEF is about fairly valued or slightly discounted depending on which valuation metric you use based on its historical valuations. In terms of absolute valuation, its current valuations (price/cash flow ratio around 14.5x) is also very reasonable for a wide moat business leader. Many consumer staple businesses (like food and drinks business) are valued above 20x cash flow because they cater to an eternal human need. Yet in my view, PFE caters to an equally eternal human need with a wider moat.\nAs such, the short-term risk is very manageable given the current entry valuation, especially considering the upcoming boost from their COVID vaccine. And also, the above average dividend yield would help to support the return should any short term turmoil occur.\nSource: author and Seeking Alpha\nLong-term return and perpetual growth rate\nIf you, like this author, are a long-term investor who subscribes to the concepts of owner's earning, perpetual growth rate, and equity bond, then the long-term return is simpler. It is \"simply\" the summation of the owner's earning yield (\"OEY\") and the perpetual growth rate (\"PGR\"), i.e.,\nLonger-Term ROI = OEY + PGR\nBecause in the long term, all fluctuations in valuation are averaged out (all luck at the end even out). And it doesn't really matter how the business uses the earnings (pay out as dividend, retained in the bank account, or repurchase stocks). As long as used sensibly (as PFE has done in the past), it will be reflected as a return to the business owner.\nOEY is the owner's earnings divided by the entry price. All the complications are in the estimation of the owner's earnings - the real economic earnings of the business, not the nominal accounting earnings. Here as a crude and conservative estimate, I will just use the free cash flow (\"FCF\") as the owner's earnings. It is conservative in the sense that rigorously speaking, the owner's earnings should be free cash flow plus the portion of CAPEx that is used to fuel the growth (i.e., the growth CAPEx). At its current price levels, the OEY is ~6.6% for PFE (~15x price to FCF).\nThe next and more important item is the PGR. To understand and estimate it, we will need to first estimate the return on capital employed (\"ROCE\"). Note that ROCE is different from the return on equity (and more fundamental and important in my view). ROCE considers the return of capital ACTUALLY employed, and therefore provides insight into how much additional capital a business needs to invest in order to earn a given extra amount of income - a key to estimate the PGR. For businesses like PFE, I consider the following items capital actually employed:\n1. Working capital, including payables, receivables, inventory. These are the capitals required for the daily operation of their businesses.\n2. Gross Property, Plant, and Equipment. These are the capitals required to actually conduct business and manufacture their products.\n3. There are the following two possible routes here:\n3.1. The first route is to include research and development expenses as a capital investment. As mentioned above, the R&D is the lifeblood for a sustainable pharmaceutical business and is not really an optional expense.\n3.2. The second route is to amortize its intangible book value, mainly consisting of intellectual property and patents. This essentially treats the intellectual properties as capital with a finite lifetime, which I will assume to be five years, the average number of years away from its current blockbuster drugs' patent expiration.\nBased on the above considerations, the ROCE of PFE over the past decade are shown below. As seen, both approaches provided similar results, a good sign of the assumptions. PFE was able to maintain a remarkably high and stable ROCE over the long term: on average 44% for the past decade. To put things in perspective, as detailed in myprevious articlesfor Lockheed Martin (LMT) and General Dynamics (GD), ROCEs for these defense business leaders, who almost enjoy a monopoly moat, are \"only\" in the range of 20% to 30%.\n\nSource: Author and Seeking Alpha\nWith a 44% ROCE, it means that even if PFE only reinvests 1/10 of its earnings to expand the capital employed, it could maintain a 4.4% PGR (PGR = ROCE * fraction of earnings reinvested = 10% * 44% = 4.4%). And 10% reinvestment rate is indeed the situation here for PFE based on my analyses. As aforementioned, this is a reason that PFE can afford to pay off pretty much all the remaining income as dividend after covering its debt and maintenance CAPEx as dividend (or share repurchase). Of course, another reason is that businesses at this scale simply are not able to find that many opportunities to reinvest their earnings. But after all, 4.4% PGR already makes it a long term compounder with 10% income reinvested!\nNow we have both pieces of the puzzle in place to estimate the long-term return. At its current price levels, the OEY is estimated to be ~6.6% for PFE (~15x price to FCF), and the PGR is about 4.4%. So the total return in the long term at current valuation would be a double digit around 11% as shown in the chart below. Also as seen, even when ROCE fluctuates somewhat, the fluctuations wouldn't change the long-term return dramatically.\n\nSource: Author and Seeking Alpha.\nAnd for those of us who would like to wait for a better entry price, the next chart shows how much the long-term return potential would change as a function of the entry price. As can be seen, the long-term return potential doesn't change that much within a pretty wide range of entry price, as shown in the green box. This probably confirms something that you've already heard before - if you hold something for the long term, the entry price does not matter that much.\nHowever, many investors seem to interpret this one-sided and I'd like to do a bit of hairsplitting here. The above statement refers to the long-term RATE of return, not the absolute DOLLAR AMOUNT of return. When your entry price is decreased by 10%, yes, it is correct that this wouldn't impact your long-term rate of return by a lot as seen. But a 10% lower entry price would give you at least 10% more return in absolute dollar amount - because you get to buy 10% more shares with the same dollar amount you have, plus the whatever extra return brought about by the higher RATE of return.\nAnd as a final note before ending this section, this might be the most valuable insight that I've learned by studying Warren Buffett's investment philosophy. The insight really is that I do not need a business with double-digit growth to generate double-digit returns. A reliable business that can offer a stable growth at a boring rate of a few percent (like ~4% in the examples of PFE) can already provide double-digit returns with good certainty as long as A) they are purchased at a reasonable valuation, and B) they have ROCE sufficiently high so that the growth can be driven by reinvesting a small fraction of the income. In the long run, assuming a growth rate more than a few percent probably is a dangerous assumption to start with anyway.\n\nSource: Author and Seeking Alpha\nConclusion and final thoughts\nThe healthcare sector is a great place for value investors and enjoys long-term secular headwinds. Major players like Pfizer, due to their established lead and scale, are especially well-poised to capitalize on such secular trend. At its current price levels (~$39), an investment in PFE represents a wide moat business for sale at a fair price. The short-term risk is very manageable given the current entry valuation, the success with their COVID vaccine, and the support from the dividend yield. In the long term, the business features all the hallmarks of a long-term compounder - high profitability, high return on capital employed, and healthy perpetual growth prospects. An investment at the current price provides excellent potential for double-digit return in the long term.\nI am not buying only because my portfolio already holds enough healthcare stocks, which have similar return/risk profiles as I see. I just cannot have all of them and have to choose.\nThanks for reading! And look forward to hearing your thoughts and comments.","news_type":1},"isVote":1,"tweetType":1,"viewCount":168,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":128490784,"gmtCreate":1624526338948,"gmtModify":1703839352987,"author":{"id":"3570339219507045","authorId":"3570339219507045","name":"yuyaangg","avatar":"https://static.tigerbbs.com/e66b4a21c318404d41aae01b2483fdd4","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3570339219507045","authorIdStr":"3570339219507045"},"themes":[],"htmlText":"yeboi","listText":"yeboi","text":"yeboi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/128490784","isVote":1,"tweetType":1,"viewCount":342,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":123142731,"gmtCreate":1624413576423,"gmtModify":1703835922854,"author":{"id":"3570339219507045","authorId":"3570339219507045","name":"yuyaangg","avatar":"https://static.tigerbbs.com/e66b4a21c318404d41aae01b2483fdd4","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3570339219507045","authorIdStr":"3570339219507045"},"themes":[],"htmlText":"lol","listText":"lol","text":"lol","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/123142731","repostId":"1126572310","repostType":4,"repost":{"id":"1126572310","kind":"news","pubTimestamp":1624412273,"share":"https://ttm.financial/m/news/1126572310?lang=&edition=fundamental","pubTime":"2021-06-23 09:37","market":"us","language":"en","title":"Fed Pivot Seen as Bump, Not Dead End for Reflation Trade","url":"https://stock-news.laohu8.com/highlight/detail?id=1126572310","media":"Bloomberg","summary":"(Bloomberg) -- Markets were upended last week after the U.S. Federal Reserve signaled it would begin","content":"<p>(Bloomberg) -- Markets were upended last week after the U.S. Federal Reserve signaled it would begin to dial back the stimulus that has fueled the recovery from the pandemic.</p>\n<p>This slammed the brakes on the reflation trade -- bets on stocks that benefit from faster economic growth -- which had been humming along since November’s breakthrough vaccine announcements.</p>\n<p>Now that traders have been able to take a few deep breaths and markets have regained their footing, strategists including Natixis Investment Managers and JPMorgan Chase &amp; Co. say that it’s time to reload reflation trades. If anything, the latest wobbles actually strengthened their conviction.</p>\n<p>The selloff was “bewildering” and a downright overreaction given the long runway until the first potential rate hike in 2023 and the unreliability of dot plots as a predictor, said Jack Janasiewicz, portfolio manager and strategist at Natixis, which has more than $1 trillion under management.</p>\n<p>“This caused a nice quick flush out of some weak hands riding the reflation trade and likely reset positioning to a better place,” he said in an email. “As for the reflation trade, it remains intact. We still find many of the inflation-related worries as transitory which makes us give a more nuanced definition to our outlook: reflation, but not inflation.”</p>\n<p>Natixis is sticking with cyclical positions and expects those trades to continue to work, with energy remaining a favorite, Janasiewicz added.</p>\n<p>JPMorgan also sees buying opportunities after reflation trades suffered a “technically driven pullback,” strategists including Marko Kolanovic and Nikolaos Panigirtzoglou wrote in a note Monday.</p>\n<p>“We expect the trade to resume and see this move as an opportunity to add exposure to cyclical equities and commodities,” they said. “Inflation is likely to continue to realize above both the Fed’s and markets’ expectations, driving bond yields higher and value outperformance.”</p>\n<p>Emerging markets are also poised for further outperformance over developed peers, with JPMorgan raising its year-end target for the MSCI Emerging Markets Index to 1,550 from 1,450, implying about a 15% upside from current levels. The S&amp;P 500, which fell for four straight sessions last week, has since rebounded to return to the same level as it was the day before the Fed announcement last Wednesday.</p>\n<p>Still, the whipsawing market reactions to the Fed have spurred debate among investors over what to do if reflation trades falter.</p>\n<p>Goldman Sachs Group Inc. strategists led by Christian Mueller-Glissmann see a greater focus on short-term rates sensitivity than in the past. Markets are looking to labor and inflation data for clues, as rapid improvements there might bring earlier Fed tightening, according to a note Monday.</p>\n<p>“Coupled with slowing growth momentum, this might continue to weigh on risk appetite in the near term, although the repricing across reflationary assets has already been large,” they said.</p>\n<p>The 2004 Model</p>\n<p>The best yardstick for measuring out a path from here could be found by looking at the market’s performance in 2004, according to Morgan Stanley strategist Andrew Sheets. It offers the closest comparison to the current mix of a booming post-pandemic recovery, fiscal easing, high savings, low rates, higher inflation and tighter labor markets.</p>\n<p>At that time, an extended malaise following the 2001 U.S. recession only troughed in 2003, followed by a surge in equity and credit markets as confidence returned. That means 2004 saw similar valuations in global equities, credit spreads and even volatility as those apparent today, Sheets noted in a report Sunday.</p>\n<p>“In short, 2004 represents a more mid-cycle market after a strong, early-cycle rally,” he said. “It saw similar valuations, and what happened next is similar to some key Morgan Stanley forecasts: a pause in equities within an ongoing bull market, lower default rates but slightly wider spreads, modest dollar strength and more mixed equity leadership.”</p>\n<p>While there are some key differences -- 2004 was a U.S. election year, there was no quantitative easing and China and emerging-market dynamics were vastly different -- one key lesson to take away is how quickly the Fed moved from preaching patience at the start of the year to hiking rates by June, pushing target rates up 425 basis points over the next two years.</p>\n<p>“History always seems more orderly in hindsight,” he said. “Things can change.”</p>","source":"lsy1612507957220","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>Fed Pivot Seen as Bump, Not Dead End for Reflation Trade</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nFed Pivot Seen as Bump, Not Dead End for Reflation Trade\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-23 09:37 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/fed-pivot-seen-more-detour-072942536.html><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(Bloomberg) -- Markets were upended last week after the U.S. Federal Reserve signaled it would begin to dial back the stimulus that has fueled the recovery from the pandemic.\nThis slammed the brakes ...</p>\n\n<a href=\"https://finance.yahoo.com/news/fed-pivot-seen-more-detour-072942536.html\">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://finance.yahoo.com/news/fed-pivot-seen-more-detour-072942536.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1126572310","content_text":"(Bloomberg) -- Markets were upended last week after the U.S. Federal Reserve signaled it would begin to dial back the stimulus that has fueled the recovery from the pandemic.\nThis slammed the brakes on the reflation trade -- bets on stocks that benefit from faster economic growth -- which had been humming along since November’s breakthrough vaccine announcements.\nNow that traders have been able to take a few deep breaths and markets have regained their footing, strategists including Natixis Investment Managers and JPMorgan Chase & Co. say that it’s time to reload reflation trades. If anything, the latest wobbles actually strengthened their conviction.\nThe selloff was “bewildering” and a downright overreaction given the long runway until the first potential rate hike in 2023 and the unreliability of dot plots as a predictor, said Jack Janasiewicz, portfolio manager and strategist at Natixis, which has more than $1 trillion under management.\n“This caused a nice quick flush out of some weak hands riding the reflation trade and likely reset positioning to a better place,” he said in an email. “As for the reflation trade, it remains intact. We still find many of the inflation-related worries as transitory which makes us give a more nuanced definition to our outlook: reflation, but not inflation.”\nNatixis is sticking with cyclical positions and expects those trades to continue to work, with energy remaining a favorite, Janasiewicz added.\nJPMorgan also sees buying opportunities after reflation trades suffered a “technically driven pullback,” strategists including Marko Kolanovic and Nikolaos Panigirtzoglou wrote in a note Monday.\n“We expect the trade to resume and see this move as an opportunity to add exposure to cyclical equities and commodities,” they said. “Inflation is likely to continue to realize above both the Fed’s and markets’ expectations, driving bond yields higher and value outperformance.”\nEmerging markets are also poised for further outperformance over developed peers, with JPMorgan raising its year-end target for the MSCI Emerging Markets Index to 1,550 from 1,450, implying about a 15% upside from current levels. The S&P 500, which fell for four straight sessions last week, has since rebounded to return to the same level as it was the day before the Fed announcement last Wednesday.\nStill, the whipsawing market reactions to the Fed have spurred debate among investors over what to do if reflation trades falter.\nGoldman Sachs Group Inc. strategists led by Christian Mueller-Glissmann see a greater focus on short-term rates sensitivity than in the past. Markets are looking to labor and inflation data for clues, as rapid improvements there might bring earlier Fed tightening, according to a note Monday.\n“Coupled with slowing growth momentum, this might continue to weigh on risk appetite in the near term, although the repricing across reflationary assets has already been large,” they said.\nThe 2004 Model\nThe best yardstick for measuring out a path from here could be found by looking at the market’s performance in 2004, according to Morgan Stanley strategist Andrew Sheets. It offers the closest comparison to the current mix of a booming post-pandemic recovery, fiscal easing, high savings, low rates, higher inflation and tighter labor markets.\nAt that time, an extended malaise following the 2001 U.S. recession only troughed in 2003, followed by a surge in equity and credit markets as confidence returned. That means 2004 saw similar valuations in global equities, credit spreads and even volatility as those apparent today, Sheets noted in a report Sunday.\n“In short, 2004 represents a more mid-cycle market after a strong, early-cycle rally,” he said. “It saw similar valuations, and what happened next is similar to some key Morgan Stanley forecasts: a pause in equities within an ongoing bull market, lower default rates but slightly wider spreads, modest dollar strength and more mixed equity leadership.”\nWhile there are some key differences -- 2004 was a U.S. election year, there was no quantitative easing and China and emerging-market dynamics were vastly different -- one key lesson to take away is how quickly the Fed moved from preaching patience at the start of the year to hiking rates by June, pushing target rates up 425 basis points over the next two years.\n“History always seems more orderly in hindsight,” he said. “Things can 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機器人和自動化技術在製造業、農業、建築業、能源、政府和其他行業的應用日益增加，與此同時，許多公司也一直致力於讓要求嚴苛的應用也能受益於AI和深度學習。 在一些嚴苛的環境中，安全性和可靠性至關重要，而通過全新NVIDIA Jetson AGX Xavier 工業級模組，NVIDIA使這些環境中的邊緣AI部署成爲可能。 Jetson AGX Xavier 工業級模組 這種新型工業級模組擴展了 Jetson AGX Xavier 系統級模組的功能，使開發者能夠構建先進、支持AI的堅固耐用型系統。Jetson AGX Xavier 工業級模組專爲嚴苛環境中的智能視頻分析、光學檢測、機器人技術、計算機視覺、自主運行和AI而打造。 該模組採用緊湊、節能的設計，能夠可靠地提供每秒30 TOPS的AI性能。基於經過嚴格工業標準測試的組件，以及在功能安全方面的全新功能，它能夠承受劇烈的衝擊和振動，以及極端的溫度範圍。此外，它在引腳、軟件和外形方面還與現有Jetson AGX Xavier模組兼容，因此易於升級。 全新堅固耐用型Jetson模組的關鍵工業級特徵 耐衝擊性 Operational: 50G, 11 ms, Half Sine Non-operational: 140G, 2 ms, Half sine, 3-axis, FCT/DPA, extend to 340G 耐振動性 Operational: 10-500 Hz, 5G RMS&nbsp; (random/sinusoidal) Non-operational: 10-1000 Hz, 3G","text":"從工廠和農場到煉油廠和建築工地，全球範圍內不乏炎熱、衛生條件差、嘈雜、存在潛在危險的地點，但這些地點對維持工業運轉至關重要。 這些地點都需要在日常運營的同時接受檢查和維護，但鑑於安全問題和工作條件，由人類去完成這些任務並非最佳選擇。 機器人和自動化技術在製造業、農業、建築業、能源、政府和其他行業的應用日益增加，與此同時，許多公司也一直致力於讓要求嚴苛的應用也能受益於AI和深度學習。 在一些嚴苛的環境中，安全性和可靠性至關重要，而通過全新NVIDIA Jetson AGX Xavier 工業級模組，NVIDIA使這些環境中的邊緣AI部署成爲可能。 Jetson AGX Xavier 工業級模組 這種新型工業級模組擴展了 Jetson AGX Xavier 系統級模組的功能，使開發者能夠構建先進、支持AI的堅固耐用型系統。Jetson AGX Xavier 工業級模組專爲嚴苛環境中的智能視頻分析、光學檢測、機器人技術、計算機視覺、自主運行和AI而打造。 該模組採用緊湊、節能的設計，能夠可靠地提供每秒30 TOPS的AI性能。基於經過嚴格工業標準測試的組件，以及在功能安全方面的全新功能，它能夠承受劇烈的衝擊和振動，以及極端的溫度範圍。此外，它在引腳、軟件和外形方面還與現有Jetson AGX Xavier模組兼容，因此易於升級。 全新堅固耐用型Jetson模組的關鍵工業級特徵 耐衝擊性 Operational: 50G, 11 ms, Half Sine Non-operational: 140G, 2 ms, Half sine, 3-axis, FCT/DPA, extend to 340G 耐振動性 Operational: 10-500 Hz, 5G RMS (random/sinusoidal) Non-operational: 10-1000 Hz, 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and sharing of user data with advertisers across websites and mobile apps—one of the newest areas of antitrust scrutiny for the company.</p>\n<p>Some of the EU’s investigation will cover similar ground to a case filed last year against Google by agroup of U.S. states led by Texas. Similar areas include Google’s allegedly favoring its own ad-buying tools in the advertising auctions it runs.</p>\n<p>But the EU probe will also cover complaints that haven’t yet been the subject of formal inquiries anywhere, including Google’s alleged exclusion of competitors from brokering ad buys on Google-owned video site YouTube.</p>\n<p>The EU investigation is also examining Google’s plans to block certain kinds of user-tracking technologies on its platforms, such as the Chrome browser and Android mobile operating system. Curtailing such tracking responds, at least in part, to pressure from privacy regulators and activists, but has led to antitrust complaints from competitors in the advertising-technology industry.</p>\n<p>“Online advertising services are at the heart of how Google and publishers monetize their online services,” said Margrethe Vestager, the EU’s antitrust chief. “We are concerned that Google has made it harder for rival online advertising services to compete in the so-called ad tech stack.”</p>\n<p>Google didn’t immediately respond to a request for comment.</p>\n<p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Google Faces EU Antitrust Probe of Alleged Ad-Tech Abuses</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\">\nGoogle Faces EU Antitrust Probe of Alleged Ad-Tech Abuses\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-22 18:11 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.wsj.com/articles/google-faces-eu-antitrust-probe-of-alleged-ad-tech-abuses-11624355128?mod=hp_lead_pos1><strong>The Wall Street Journal</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>EU probe increases scrutiny of Google’s leading role brokering digital ads across the internet.\n\nThe European Union opened a formal antitrust investigation into allegations that Google abuses its ...</p>\n\n<a href=\"https://www.wsj.com/articles/google-faces-eu-antitrust-probe-of-alleged-ad-tech-abuses-11624355128?mod=hp_lead_pos1\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GOOGL":"谷歌A","GOOG":"谷歌"},"source_url":"https://www.wsj.com/articles/google-faces-eu-antitrust-probe-of-alleged-ad-tech-abuses-11624355128?mod=hp_lead_pos1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1158893202","content_text":"EU probe increases scrutiny of Google’s leading role brokering digital ads across the internet.\n\nThe European Union opened a formal antitrust investigation into allegations that Google abuses its leading role in the advertising-technology sector, the most wide-ranging case yet to look at that pillar of the tech giant’s business.\nThe European Commission, the EU’s top antitrust enforcer, said Tuesday that its investigation, which has been under way informally since at least 2019, will look at a broad array of allegedly anticompetitive business practices around theAlphabetInc.GOOG0.71%unit’s brokering of advertisements and sharing of user data with advertisers across websites and mobile apps—one of the newest areas of antitrust scrutiny for the company.\nSome of the EU’s investigation will cover similar ground to a case filed last year against Google by agroup of U.S. states led by Texas. Similar areas include Google’s allegedly favoring its own ad-buying tools in the advertising auctions it runs.\nBut the EU probe will also cover complaints that haven’t yet been the subject of formal inquiries anywhere, including Google’s alleged exclusion of competitors from brokering ad buys on Google-owned video site YouTube.\nThe EU investigation is also examining Google’s plans to block certain kinds of user-tracking technologies on its platforms, such as the Chrome browser and Android mobile operating system. Curtailing such tracking responds, at least in part, to pressure from privacy regulators and activists, but has led to antitrust complaints from competitors in the advertising-technology industry.\n“Online advertising services are at the heart of how Google and publishers monetize their online services,” said Margrethe Vestager, the EU’s antitrust chief. “We are concerned that Google has made it harder for rival online advertising services to compete in the so-called ad tech stack.”\nGoogle didn’t immediately respond to a request for comment.","news_type":1},"isVote":1,"tweetType":1,"viewCount":289,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":123142731,"gmtCreate":1624413576423,"gmtModify":1703835922854,"author":{"id":"3570339219507045","authorId":"3570339219507045","name":"yuyaangg","avatar":"https://static.tigerbbs.com/e66b4a21c318404d41aae01b2483fdd4","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570339219507045","idStr":"3570339219507045"},"themes":[],"htmlText":"lol","listText":"lol","text":"lol","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/123142731","repostId":"1126572310","repostType":4,"repost":{"id":"1126572310","kind":"news","pubTimestamp":1624412273,"share":"https://ttm.financial/m/news/1126572310?lang=&edition=fundamental","pubTime":"2021-06-23 09:37","market":"us","language":"en","title":"Fed Pivot Seen as Bump, Not Dead End for Reflation Trade","url":"https://stock-news.laohu8.com/highlight/detail?id=1126572310","media":"Bloomberg","summary":"(Bloomberg) -- Markets were upended last week after the U.S. Federal Reserve signaled it would begin","content":"<p>(Bloomberg) -- Markets were upended last week after the U.S. Federal Reserve signaled it would begin to dial back the stimulus that has fueled the recovery from the pandemic.</p>\n<p>This slammed the brakes on the reflation trade -- bets on stocks that benefit from faster economic growth -- which had been humming along since November’s breakthrough vaccine announcements.</p>\n<p>Now that traders have been able to take a few deep breaths and markets have regained their footing, strategists including Natixis Investment Managers and JPMorgan Chase &amp; Co. say that it’s time to reload reflation trades. If anything, the latest wobbles actually strengthened their conviction.</p>\n<p>The selloff was “bewildering” and a downright overreaction given the long runway until the first potential rate hike in 2023 and the unreliability of dot plots as a predictor, said Jack Janasiewicz, portfolio manager and strategist at Natixis, which has more than $1 trillion under management.</p>\n<p>“This caused a nice quick flush out of some weak hands riding the reflation trade and likely reset positioning to a better place,” he said in an email. “As for the reflation trade, it remains intact. We still find many of the inflation-related worries as transitory which makes us give a more nuanced definition to our outlook: reflation, but not inflation.”</p>\n<p>Natixis is sticking with cyclical positions and expects those trades to continue to work, with energy remaining a favorite, Janasiewicz added.</p>\n<p>JPMorgan also sees buying opportunities after reflation trades suffered a “technically driven pullback,” strategists including Marko Kolanovic and Nikolaos Panigirtzoglou wrote in a note Monday.</p>\n<p>“We expect the trade to resume and see this move as an opportunity to add exposure to cyclical equities and commodities,” they said. “Inflation is likely to continue to realize above both the Fed’s and markets’ expectations, driving bond yields higher and value outperformance.”</p>\n<p>Emerging markets are also poised for further outperformance over developed peers, with JPMorgan raising its year-end target for the MSCI Emerging Markets Index to 1,550 from 1,450, implying about a 15% upside from current levels. The S&amp;P 500, which fell for four straight sessions last week, has since rebounded to return to the same level as it was the day before the Fed announcement last Wednesday.</p>\n<p>Still, the whipsawing market reactions to the Fed have spurred debate among investors over what to do if reflation trades falter.</p>\n<p>Goldman Sachs Group Inc. strategists led by Christian Mueller-Glissmann see a greater focus on short-term rates sensitivity than in the past. Markets are looking to labor and inflation data for clues, as rapid improvements there might bring earlier Fed tightening, according to a note Monday.</p>\n<p>“Coupled with slowing growth momentum, this might continue to weigh on risk appetite in the near term, although the repricing across reflationary assets has already been large,” they said.</p>\n<p>The 2004 Model</p>\n<p>The best yardstick for measuring out a path from here could be found by looking at the market’s performance in 2004, according to Morgan Stanley strategist Andrew Sheets. It offers the closest comparison to the current mix of a booming post-pandemic recovery, fiscal easing, high savings, low rates, higher inflation and tighter labor markets.</p>\n<p>At that time, an extended malaise following the 2001 U.S. recession only troughed in 2003, followed by a surge in equity and credit markets as confidence returned. That means 2004 saw similar valuations in global equities, credit spreads and even volatility as those apparent today, Sheets noted in a report Sunday.</p>\n<p>“In short, 2004 represents a more mid-cycle market after a strong, early-cycle rally,” he said. “It saw similar valuations, and what happened next is similar to some key Morgan Stanley forecasts: a pause in equities within an ongoing bull market, lower default rates but slightly wider spreads, modest dollar strength and more mixed equity leadership.”</p>\n<p>While there are some key differences -- 2004 was a U.S. election year, there was no quantitative easing and China and emerging-market dynamics were vastly different -- one key lesson to take away is how quickly the Fed moved from preaching patience at the start of the year to hiking rates by June, pushing target rates up 425 basis points over the next two years.</p>\n<p>“History always seems more orderly in hindsight,” he said. “Things can change.”</p>","source":"lsy1612507957220","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>Fed Pivot Seen as Bump, Not Dead End for Reflation Trade</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nFed Pivot Seen as Bump, Not Dead End for Reflation Trade\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-23 09:37 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/fed-pivot-seen-more-detour-072942536.html><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(Bloomberg) -- Markets were upended last week after the U.S. Federal Reserve signaled it would begin to dial back the stimulus that has fueled the recovery from the pandemic.\nThis slammed the brakes ...</p>\n\n<a href=\"https://finance.yahoo.com/news/fed-pivot-seen-more-detour-072942536.html\">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://finance.yahoo.com/news/fed-pivot-seen-more-detour-072942536.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1126572310","content_text":"(Bloomberg) -- Markets were upended last week after the U.S. Federal Reserve signaled it would begin to dial back the stimulus that has fueled the recovery from the pandemic.\nThis slammed the brakes on the reflation trade -- bets on stocks that benefit from faster economic growth -- which had been humming along since November’s breakthrough vaccine announcements.\nNow that traders have been able to take a few deep breaths and markets have regained their footing, strategists including Natixis Investment Managers and JPMorgan Chase & Co. say that it’s time to reload reflation trades. If anything, the latest wobbles actually strengthened their conviction.\nThe selloff was “bewildering” and a downright overreaction given the long runway until the first potential rate hike in 2023 and the unreliability of dot plots as a predictor, said Jack Janasiewicz, portfolio manager and strategist at Natixis, which has more than $1 trillion under management.\n“This caused a nice quick flush out of some weak hands riding the reflation trade and likely reset positioning to a better place,” he said in an email. “As for the reflation trade, it remains intact. We still find many of the inflation-related worries as transitory which makes us give a more nuanced definition to our outlook: reflation, but not inflation.”\nNatixis is sticking with cyclical positions and expects those trades to continue to work, with energy remaining a favorite, Janasiewicz added.\nJPMorgan also sees buying opportunities after reflation trades suffered a “technically driven pullback,” strategists including Marko Kolanovic and Nikolaos Panigirtzoglou wrote in a note Monday.\n“We expect the trade to resume and see this move as an opportunity to add exposure to cyclical equities and commodities,” they said. “Inflation is likely to continue to realize above both the Fed’s and markets’ expectations, driving bond yields higher and value outperformance.”\nEmerging markets are also poised for further outperformance over developed peers, with JPMorgan raising its year-end target for the MSCI Emerging Markets Index to 1,550 from 1,450, implying about a 15% upside from current levels. The S&P 500, which fell for four straight sessions last week, has since rebounded to return to the same level as it was the day before the Fed announcement last Wednesday.\nStill, the whipsawing market reactions to the Fed have spurred debate among investors over what to do if reflation trades falter.\nGoldman Sachs Group Inc. strategists led by Christian Mueller-Glissmann see a greater focus on short-term rates sensitivity than in the past. Markets are looking to labor and inflation data for clues, as rapid improvements there might bring earlier Fed tightening, according to a note Monday.\n“Coupled with slowing growth momentum, this might continue to weigh on risk appetite in the near term, although the repricing across reflationary assets has already been large,” they said.\nThe 2004 Model\nThe best yardstick for measuring out a path from here could be found by looking at the market’s performance in 2004, according to Morgan Stanley strategist Andrew Sheets. It offers the closest comparison to the current mix of a booming post-pandemic recovery, fiscal easing, high savings, low rates, higher inflation and tighter labor markets.\nAt that time, an extended malaise following the 2001 U.S. recession only troughed in 2003, followed by a surge in equity and credit markets as confidence returned. That means 2004 saw similar valuations in global equities, credit spreads and even volatility as those apparent today, Sheets noted in a report Sunday.\n“In short, 2004 represents a more mid-cycle market after a strong, early-cycle rally,” he said. “It saw similar valuations, and what happened next is similar to some key Morgan Stanley forecasts: a pause in equities within an ongoing bull market, lower default rates but slightly wider spreads, modest dollar strength and more mixed equity leadership.”\nWhile there are some key differences -- 2004 was a U.S. election year, there was no quantitative easing and China and emerging-market dynamics were vastly different -- one key lesson to take away is how quickly the Fed moved from preaching patience at the start of the year to hiking rates by June, pushing target rates up 425 basis points over the next two years.\n“History always seems more orderly in hindsight,” he said. “Things can change.”","news_type":1},"isVote":1,"tweetType":1,"viewCount":279,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":167181256,"gmtCreate":1624252156275,"gmtModify":1703831639763,"author":{"id":"3570339219507045","authorId":"3570339219507045","name":"yuyaangg","avatar":"https://static.tigerbbs.com/e66b4a21c318404d41aae01b2483fdd4","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570339219507045","idStr":"3570339219507045"},"themes":[],"htmlText":"cool","listText":"cool","text":"cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/167181256","repostId":"1113916113","repostType":4,"repost":{"id":"1113916113","kind":"news","pubTimestamp":1624246009,"share":"https://ttm.financial/m/news/1113916113?lang=&edition=fundamental","pubTime":"2021-06-21 11:26","market":"us","language":"en","title":"Opinion: 5 smart ways to shift your investments as the Fed gets ready for a big move","url":"https://stock-news.laohu8.com/highlight/detail?id=1113916113","media":"marketwatch","summary":"Fed policymakers surprised a lot of investors on Wednesday by signaling that tapering and interest-r","content":"<p>Fed policymakers surprised a lot of investors on Wednesday by signaling that tapering and interest-rate hikes are finally on the way.</p>\n<p>Investors sat up and noticed because “taking away the punch bowl” has doomed many a growth cycle. That’s not probably not likely any time soon. But this was a key turning point for the Fed — with clear implications for investors.</p>\n<p>Here are the five key takeaways.</p>\n<p><b>1. You should now favor quality</b></p>\n<p>The Fed policy shift confirms we are moving toward the middle of the economic cycle from the early stage where rip-roaring growth is the norm – which benefits more speculative stocks. This means it’s time to favor quality in the stock market, says Emily Roland, the co-chief investment strategist at John Hancock Investment Management.</p>\n<p>What does “quality” mean? Companies with characteristics like better profit margins, strong balance sheets, good free cash flow and higher returns on equity, she says.</p>\n<p>You could set up a screen for all these qualities. But here’s a shortcut. “The sector that has highest overlap with quality is technology,” says Roland. “Technology can weather a more modest growth climate.”</p>\n<p>Roland declined to suggest individual names, but here are a few ideas. One is Asana&nbsp;,which offers software that helps workers compartmentalize all the time vampires at work – like email and other communications — and better define and understand complex issues in the workplace like descriptions of who is responsible for what, the details of tasks on hand, and overarching missions and goals. The stock is up 123% from where I first highlighted it in my stock letter Brush Up on Stocks (link in my bio below) in November 2020, and 13% from where I just reiterated it on June 15.</p>\n<p>I suggested and bought this as a multiyear position, and it has more room to run from here, given the growth trends. Sales grew 61% in the first quarter, and company raised full-year guidance.</p>\n<p>Next, I recently reiterated Microsoft&nbsp;in my stock letter because of some insider buying and exposure to the cloud computing transition mega trend. You can see more on Microsoftin my overview here.</p>\n<p><b>2. Stay with reopening plays</b></p>\n<p>For Brian Barish, a portfolio manager at Cambiar Investors, the biggest takeaway on the Fed this week was its acknowledgement that extreme monetary accommodation needs to come to an end relatively soon. That’s good news.</p>\n<p>“There is a perception among a lot of people that the Fed has had a somewhat reckless posture,” says Barish. “It has had a policy consistent with another Great Financial Crisis type recession. In a very positive surprise, that is not what happened.”</p>\n<p>But while it’s due time to cut back stimulus, a more aggressive Fed also makes investors nervous because of the possibility for policy errors that create the next recession. Barish is not concerned about that just yet. So he’s sticking with reopening plays, like the casino company Penn National Gaming&nbsp;.Besides picking up business as people come out of hiding and visit casinos again, Penn National Gaming has solid exposure to online gaming through its ownership of Barstool Sports.</p>\n<p>“Online gaming is a big, long-term market. We are literally in the first inning,” he says. Only one of the big four states in the country — New York — has approved online gaming. Barish thinks California, Texas and Florida will also go along; the tax revenue is just too tempting.</p>\n<p>Barish is worth listening to because the Cambiar&nbsp;Opportunity Fund&nbsp;he helps manage beats its Morningstar large value category and Russell 1000 Value&nbsp;benchmark by 3.5 percentage points annualized over the past five years.</p>\n<p>Next, Barish likes Uber,,the ride-hailing software company. It has the advantage of size over competitor Lyft&nbsp;.New management has cut back on more speculative investment projects like flying taxis. “As we get to other side of the pandemic, Uber will be an indispensable service,” says Barish. You can seemy overview of Uber and Lyft here.</p>\n<p>Barish likes Sysco&nbsp;as a reopening play because it supplies food and equipment to restaurants. He also cites Bed Bath &amp; Beyond&nbsp;in retail, a turnaround led by Anu Gupta who brings experience from Target. The home-goods chain is improving the business by reducing the number of products on offer, cutting back on coupons and introducing store brands.</p>\n<p>Sandy Villere, portfolio manager with Villere &amp; Co. in New Orleans, also thinks it makes sense to stay with reopening plays — because the projected Fed rate hikes are in the distant future. “If rates are going to stay low until the end of 2023, that is still a long time to have low rates. I am not going to cash any time soon.”</p>\n<p>He likes the casino company Caesars&nbsp;Entertainment&nbsp;in part because it, too, has exposure to online gaming through its recent acquisition of William Hill. He also owns the bank First Hawaiian&nbsp;,which should benefit from a lift to the Hawaiian economy as tourists come back.</p>\n<p><b>3. Be careful with meme stocks and cryptocurrencies</b></p>\n<p>The Fed sent a confusing mixed signal on Wednesday, points out Roland, the John Hancock Investment Management strategist. On the one hand, it clearly stated it thinks the recent inflation spike is transitory. This makes sense because a lot of the inflation spike is linked to supply-chain issues and shortages. The recent sharp rise in inflation is also a bit of a mirage since the comparison is to temporarily suppressed prices during the depths of the pandemic a year ago.</p>\n<p>But on the other hand, the Fed pulled forward the timeline for rate hikes. “If they believe inflation is transitory, why are they stepping up rate-hike expectations? One theory is the Fed is concerned about excesses in the market in meme stocks and cryptocurrencies,” says Roland.</p>\n<p>Excess liquidity created by the Fed and spending by politicians in Washington have clearly contributed to these pockets of speculative excess. The Fed may be interesting in curtailing the excesses contributing to huge spikes in bitcoin&nbsp;,and stocks like GameStop&nbsp;&nbsp;and AMC Entertainment&nbsp;.</p>\n<p><b>4. Trim real estate, energy and materials stocks</b></p>\n<p>For Tim Murray a capital market strategist in the multi-asset division of T. Rowe Price, the big takeaway on the Fed last week is that it is getting more vigilant about inflation. “The Fed is no longer on autopilot,” he says.</p>\n<p>That’s bad news for areas of the market that benefit the most from inflation. This means companies with exposure to real assets that go up in value with inflation — like real estate, energy and materials. But Murray doesn’t think the Fed will be so vigilant that it stamps out economic growth. So, there’s life left in other cyclical stocks in sectors like industrials.</p>\n<p><b>5. Don’t lose sleep worrying about a taper tantrum</b></p>\n<p>Tapering is on the table now, and it is likely to start by the end of the year. In the past, this has created big selloffs in the S&amp;P 500&nbsp;,Nasdaq Composite&nbsp;and the Dow Jones Industrial Average&nbsp;– known as taper tantrums. Will we get a repeat?</p>\n<p>“Probably not,” says Murray. “In 2013 investors were not expecting it, whereas this time the Fed has been preparing everyone for it.”</p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Opinion: 5 smart ways to shift your investments as the Fed gets ready for a big move</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\">\nOpinion: 5 smart ways to shift your investments as the Fed gets ready for a big move\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-21 11:26 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.marketwatch.com/story/5-smart-ways-to-shift-your-investments-as-the-fed-gets-ready-for-a-big-move-11624028517?mod=newsviewer_click><strong>marketwatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Fed policymakers surprised a lot of investors on Wednesday by signaling that tapering and interest-rate hikes are finally on the way.\nInvestors sat up and noticed because “taking away the punch bowl” ...</p>\n\n<a href=\"https://www.marketwatch.com/story/5-smart-ways-to-shift-your-investments-as-the-fed-gets-ready-for-a-big-move-11624028517?mod=newsviewer_click\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BBBY":"3B家居","LYFT":"Lyft, Inc.","MSFT":"微软","UBER":"优步","ASAN":"阿莎娜","PENN":"佩恩国民博彩","CZR":"凯撒娱乐","AMC":"AMC院线","FHB":"First Hawaiian Inc.","SYY":"西思科公司","GME":"游戏驿站"},"source_url":"https://www.marketwatch.com/story/5-smart-ways-to-shift-your-investments-as-the-fed-gets-ready-for-a-big-move-11624028517?mod=newsviewer_click","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1113916113","content_text":"Fed policymakers surprised a lot of investors on Wednesday by signaling that tapering and interest-rate hikes are finally on the way.\nInvestors sat up and noticed because “taking away the punch bowl” has doomed many a growth cycle. That’s not probably not likely any time soon. But this was a key turning point for the Fed — with clear implications for investors.\nHere are the five key takeaways.\n1. You should now favor quality\nThe Fed policy shift confirms we are moving toward the middle of the economic cycle from the early stage where rip-roaring growth is the norm – which benefits more speculative stocks. This means it’s time to favor quality in the stock market, says Emily Roland, the co-chief investment strategist at John Hancock Investment Management.\nWhat does “quality” mean? Companies with characteristics like better profit margins, strong balance sheets, good free cash flow and higher returns on equity, she says.\nYou could set up a screen for all these qualities. But here’s a shortcut. “The sector that has highest overlap with quality is technology,” says Roland. “Technology can weather a more modest growth climate.”\nRoland declined to suggest individual names, but here are a few ideas. One is Asana ,which offers software that helps workers compartmentalize all the time vampires at work – like email and other communications — and better define and understand complex issues in the workplace like descriptions of who is responsible for what, the details of tasks on hand, and overarching missions and goals. The stock is up 123% from where I first highlighted it in my stock letter Brush Up on Stocks (link in my bio below) in November 2020, and 13% from where I just reiterated it on June 15.\nI suggested and bought this as a multiyear position, and it has more room to run from here, given the growth trends. Sales grew 61% in the first quarter, and company raised full-year guidance.\nNext, I recently reiterated Microsoft in my stock letter because of some insider buying and exposure to the cloud computing transition mega trend. You can see more on Microsoftin my overview here.\n2. Stay with reopening plays\nFor Brian Barish, a portfolio manager at Cambiar Investors, the biggest takeaway on the Fed this week was its acknowledgement that extreme monetary accommodation needs to come to an end relatively soon. That’s good news.\n“There is a perception among a lot of people that the Fed has had a somewhat reckless posture,” says Barish. “It has had a policy consistent with another Great Financial Crisis type recession. In a very positive surprise, that is not what happened.”\nBut while it’s due time to cut back stimulus, a more aggressive Fed also makes investors nervous because of the possibility for policy errors that create the next recession. Barish is not concerned about that just yet. So he’s sticking with reopening plays, like the casino company Penn National Gaming .Besides picking up business as people come out of hiding and visit casinos again, Penn National Gaming has solid exposure to online gaming through its ownership of Barstool Sports.\n“Online gaming is a big, long-term market. We are literally in the first inning,” he says. Only one of the big four states in the country — New York — has approved online gaming. Barish thinks California, Texas and Florida will also go along; the tax revenue is just too tempting.\nBarish is worth listening to because the Cambiar Opportunity Fund he helps manage beats its Morningstar large value category and Russell 1000 Value benchmark by 3.5 percentage points annualized over the past five years.\nNext, Barish likes Uber,,the ride-hailing software company. It has the advantage of size over competitor Lyft .New management has cut back on more speculative investment projects like flying taxis. “As we get to other side of the pandemic, Uber will be an indispensable service,” says Barish. You can seemy overview of Uber and Lyft here.\nBarish likes Sysco as a reopening play because it supplies food and equipment to restaurants. He also cites Bed Bath & Beyond in retail, a turnaround led by Anu Gupta who brings experience from Target. The home-goods chain is improving the business by reducing the number of products on offer, cutting back on coupons and introducing store brands.\nSandy Villere, portfolio manager with Villere & Co. in New Orleans, also thinks it makes sense to stay with reopening plays — because the projected Fed rate hikes are in the distant future. “If rates are going to stay low until the end of 2023, that is still a long time to have low rates. I am not going to cash any time soon.”\nHe likes the casino company Caesars Entertainment in part because it, too, has exposure to online gaming through its recent acquisition of William Hill. He also owns the bank First Hawaiian ,which should benefit from a lift to the Hawaiian economy as tourists come back.\n3. Be careful with meme stocks and cryptocurrencies\nThe Fed sent a confusing mixed signal on Wednesday, points out Roland, the John Hancock Investment Management strategist. On the one hand, it clearly stated it thinks the recent inflation spike is transitory. This makes sense because a lot of the inflation spike is linked to supply-chain issues and shortages. The recent sharp rise in inflation is also a bit of a mirage since the comparison is to temporarily suppressed prices during the depths of the pandemic a year ago.\nBut on the other hand, the Fed pulled forward the timeline for rate hikes. “If they believe inflation is transitory, why are they stepping up rate-hike expectations? One theory is the Fed is concerned about excesses in the market in meme stocks and cryptocurrencies,” says Roland.\nExcess liquidity created by the Fed and spending by politicians in Washington have clearly contributed to these pockets of speculative excess. The Fed may be interesting in curtailing the excesses contributing to huge spikes in bitcoin ,and stocks like GameStop  and AMC Entertainment .\n4. Trim real estate, energy and materials stocks\nFor Tim Murray a capital market strategist in the multi-asset division of T. Rowe Price, the big takeaway on the Fed last week is that it is getting more vigilant about inflation. “The Fed is no longer on autopilot,” he says.\nThat’s bad news for areas of the market that benefit the most from inflation. This means companies with exposure to real assets that go up in value with inflation — like real estate, energy and materials. But Murray doesn’t think the Fed will be so vigilant that it stamps out economic growth. So, there’s life left in other cyclical stocks in sectors like industrials.\n5. Don’t lose sleep worrying about a taper tantrum\nTapering is on the table now, and it is likely to start by the end of the year. In the past, this has created big selloffs in the S&P 500 ,Nasdaq Composite and the Dow Jones Industrial Average – known as taper tantrums. Will we get a repeat?\n“Probably not,” says Murray. “In 2013 investors were not expecting it, whereas this time the Fed has been preparing everyone for it.”","news_type":1},"isVote":1,"tweetType":1,"viewCount":197,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":128499505,"gmtCreate":1624526358807,"gmtModify":1703839357507,"author":{"id":"3570339219507045","authorId":"3570339219507045","name":"yuyaangg","avatar":"https://static.tigerbbs.com/e66b4a21c318404d41aae01b2483fdd4","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570339219507045","idStr":"3570339219507045"},"themes":[],"htmlText":"true","listText":"true","text":"true","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/128499505","repostId":"1137537223","repostType":4,"isVote":1,"tweetType":1,"viewCount":168,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":128490784,"gmtCreate":1624526338948,"gmtModify":1703839352987,"author":{"id":"3570339219507045","authorId":"3570339219507045","name":"yuyaangg","avatar":"https://static.tigerbbs.com/e66b4a21c318404d41aae01b2483fdd4","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570339219507045","idStr":"3570339219507045"},"themes":[],"htmlText":"yeboi","listText":"yeboi","text":"yeboi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/128490784","isVote":1,"tweetType":1,"viewCount":342,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":123142397,"gmtCreate":1624413552919,"gmtModify":1703835922366,"author":{"id":"3570339219507045","authorId":"3570339219507045","name":"yuyaangg","avatar":"https://static.tigerbbs.com/e66b4a21c318404d41aae01b2483fdd4","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570339219507045","idStr":"3570339219507045"},"themes":[],"htmlText":"stonks","listText":"stonks","text":"stonks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/123142397","isVote":1,"tweetType":1,"viewCount":244,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":129391805,"gmtCreate":1624356817507,"gmtModify":1703834262300,"author":{"id":"3570339219507045","authorId":"3570339219507045","name":"yuyaangg","avatar":"https://static.tigerbbs.com/e66b4a21c318404d41aae01b2483fdd4","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570339219507045","idStr":"3570339219507045"},"themes":[],"htmlText":"you dont lose if you dont sell","listText":"you dont lose if you dont sell","text":"you dont lose if you dont sell","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/129391805","isVote":1,"tweetType":1,"viewCount":316,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":167116338,"gmtCreate":1624251728624,"gmtModify":1703831630145,"author":{"id":"3570339219507045","authorId":"3570339219507045","name":"yuyaangg","avatar":"https://static.tigerbbs.com/e66b4a21c318404d41aae01b2483fdd4","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570339219507045","idStr":"3570339219507045"},"themes":[],"htmlText":"lol","listText":"lol","text":"lol","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/167116338","repostId":"1135860567","repostType":4,"repost":{"id":"1135860567","kind":"news","pubTimestamp":1624243350,"share":"https://ttm.financial/m/news/1135860567?lang=&edition=fundamental","pubTime":"2021-06-21 10:42","market":"us","language":"en","title":"Troubled Companies Take Page From AMC Playbook in Seeking Stock-Market Lifelines","url":"https://stock-news.laohu8.com/highlight/detail?id=1135860567","media":"WSJ","summary":"The frenzied stock-buying activity that may have saved AMC Entertainment Holdings Inc.from bankruptcy is opening up a potential escape hatch for other troubled borrowers as well.More companies with steep financial challenges are seeking a lifeline from equity markets, eager to capitalize on thesurge of interest in stock buyingfrom nonprofessional investors. Earlier this month, coal miner Peabody Energy Corp.,offshore drilling contractor Transocean Ltd.and retailer Express Inc.,all announced plan","content":"<p>The frenzied stock-buying activity that may have saved&nbsp;AMC Entertainment Holdings Inc.from bankruptcy is opening up a potential escape hatch for other troubled borrowers as well.</p>\n<p>More companies with steep financial challenges are seeking a lifeline from equity markets, eager to capitalize on thesurge of interest in stock buyingfrom nonprofessional investors. Earlier this month, coal miner&nbsp;Peabody Energy Corp.,offshore drilling contractor&nbsp;Transocean Ltd.and retailer&nbsp;Express Inc.,all announced plans to sell stock, betting equity markets will support them despite heavy debt loads, recent losses and industry headwinds.</p>\n<p>Selling stock isn’t the typical way for distressed companies to grab a lifeline. More often, they are forced to seek out rescue loans, sell off assets or pursue a merger, which can be difficult because of their existing debt.</p>\n<p>But equity markets now are more open to supporting troubled issuers, in large part because of risk-hungry individual investors eager to speculate, according to bankers and investors following the trend.</p>\n<p>The planned equity sales, if successful, mark another way nonprofessional investors have reshaped financial markets since they began to demonstrate their collective power last year,creating opportunitiesfor finance executives in the process.</p>\n<p>“It’s a new phenomenon for some of these distressed companies,” said Scott Hartman, partner and co-head of corporate and traded credit at asset manager Värde Partners. “If I were in their seat, it makes a lot of sense to take equity capital when they can.”</p>\n<p>Peabody,Transoceanand Express are seeking to replicate—on a smaller scale—the capital-raising success of AMC, a favorite pick of individual investors who gather in online investing forums such as Reddit’s WallStreetBets.</p>\n<p>AMC raised $2.2 billionthrough several stock salesduring the pandemic, largely to an enthusiastic following of day traders, despite warnings it was at risk of bankruptcy.</p>\n<p>It is difficult to classify even a highly leveraged company as distressed when its access to equity is “seemingly infinite,” said Andy Moore, chief executive of B. Riley Securities Inc. His firm is acting as sales agent for Peabody, which earlier this month kicked off an effort to sell up to 12.5 million shares through an “at-the-market” offering. In such offerings, companies sell shares bit-by-bit at market prices in a manner that is accessible to individual investors as well as institutional ones.</p>\n<p>Since exiting bankruptcy in 2017, Peabody has faced difficulties as utilities rely less on coal, and it restructured debt in February to avert a default. The company’s bonds trade at discounts of between 69 and 78 cents on the dollar, indicating market doubts they will be fully repaid. It reported an $80 million net loss in the first quarter amid continued weak conditions for the coal industry.</p>\n<p>Express, the apparel retailer, borrowed money from private-equity firm Sycamore Partners in January to stockpile cash for surviving the pandemic. Then the company launched an ATM stock sale earlier this month, aiming to sell up to 15 million new shares, despite reporting a loss of $405 million for the last fiscal year as a result of the pandemic and its impact on shopping.</p>\n<p>On Tuesday, offshore drillerTransoceanjoined in with an offering of up to $400 million in shares despite a junk credit rating, more than $7 billion in debt, andongoing creditor litigationover its restructuring efforts last year.</p>\n<p>Peabody and Express didn’t respond to requests for comment. Transocean referred inquiries to its securities filings.</p>\n<p>Jamie Zimmerman, founder and CEO of hedge-fund manager Litespeed Management LLC, said that some troubled companies may be unable to raise new debt, and selling stock may be their only path to obtain financing.</p>\n<p>“You don’t get unless you ask,” said Dan Zwirn, founder and chief executive of asset manager Arena Investors LP. “If I’m structurally insolvent and can’t refinance myself into extending the life of the enterprise, I might as well take this shot.”</p>\n<p>“With this infusion of retail people, there are more counterparties for such a transaction,” Mr. Zwirn added.</p>\n<p>Inflows of capital from individual investors, some using money from federal stimulus funds to open trading accounts, have buoyed the broader stock market, driving gains of more than10% year-to-datefor the Dow Jones Industrial Average and Nasdaq Composite Index.</p>\n<p>Individual investors’ share of overall U.S. equities trading volume rose last year to roughly double what it was a decade before andcontinues to grow. At times, their bets on beaten-down stocks havebeat out institutional investors.</p>\n<p>Howard Fischer, a securities lawyer with Moses &amp; Singer LLP, said that the underlying economic health now seems less important than the unbridled enthusiasm of individual investors, even if that enthusiasm is divorced from any rational economic analysis.</p>\n<p>Hertz Global Holdings Inc.tried to ride a wave of interest from retail traders to finance itself last year while it was under bankruptcy protection, and ended up scrapping the effort under pressure from the Securities and Exchange Commission.</p>\n<p>The bullish individual investors who bet on the business shortly after it filed for chapter 11 were vindicated when Hertz found buyers agreeing to pay up to $8 a share in value.</p>\n<p>Adi Habbu, a director on the credit trading desk atBarclays PLC,said widespread bullishness in equity markets goes beyond retail traders, and is fueled by the economic recovery and the easing of pandemic restrictions.</p>\n<p>“It’s certainly not a bad time to try,” he said. “The core trend is that there is positive reopening sentiment that is driven not just by retail but by institutional players as well.”</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>Troubled Companies Take Page From AMC Playbook in Seeking Stock-Market Lifelines</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTroubled Companies Take Page From AMC Playbook in Seeking Stock-Market Lifelines\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-21 10:42 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.wsj.com/articles/troubled-companies-take-page-from-amc-playbook-in-seeking-stock-market-lifelines-11624190402?mod=markets_lead_pos6><strong>WSJ</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The frenzied stock-buying activity that may have saved AMC Entertainment Holdings Inc.from bankruptcy is opening up a potential escape hatch for other troubled borrowers as well.\nMore companies with ...</p>\n\n<a href=\"https://www.wsj.com/articles/troubled-companies-take-page-from-amc-playbook-in-seeking-stock-market-lifelines-11624190402?mod=markets_lead_pos6\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BTU":"Peabody","RIG":"Transocean Ltd.","AMC":"AMC院线","EXPR":"Express, Inc."},"source_url":"https://www.wsj.com/articles/troubled-companies-take-page-from-amc-playbook-in-seeking-stock-market-lifelines-11624190402?mod=markets_lead_pos6","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1135860567","content_text":"The frenzied stock-buying activity that may have saved AMC Entertainment Holdings Inc.from bankruptcy is opening up a potential escape hatch for other troubled borrowers as well.\nMore companies with steep financial challenges are seeking a lifeline from equity markets, eager to capitalize on thesurge of interest in stock buyingfrom nonprofessional investors. Earlier this month, coal miner Peabody Energy Corp.,offshore drilling contractor Transocean Ltd.and retailer Express Inc.,all announced plans to sell stock, betting equity markets will support them despite heavy debt loads, recent losses and industry headwinds.\nSelling stock isn’t the typical way for distressed companies to grab a lifeline. More often, they are forced to seek out rescue loans, sell off assets or pursue a merger, which can be difficult because of their existing debt.\nBut equity markets now are more open to supporting troubled issuers, in large part because of risk-hungry individual investors eager to speculate, according to bankers and investors following the trend.\nThe planned equity sales, if successful, mark another way nonprofessional investors have reshaped financial markets since they began to demonstrate their collective power last year,creating opportunitiesfor finance executives in the process.\n“It’s a new phenomenon for some of these distressed companies,” said Scott Hartman, partner and co-head of corporate and traded credit at asset manager Värde Partners. “If I were in their seat, it makes a lot of sense to take equity capital when they can.”\nPeabody,Transoceanand Express are seeking to replicate—on a smaller scale—the capital-raising success of AMC, a favorite pick of individual investors who gather in online investing forums such as Reddit’s WallStreetBets.\nAMC raised $2.2 billionthrough several stock salesduring the pandemic, largely to an enthusiastic following of day traders, despite warnings it was at risk of bankruptcy.\nIt is difficult to classify even a highly leveraged company as distressed when its access to equity is “seemingly infinite,” said Andy Moore, chief executive of B. Riley Securities Inc. His firm is acting as sales agent for Peabody, which earlier this month kicked off an effort to sell up to 12.5 million shares through an “at-the-market” offering. In such offerings, companies sell shares bit-by-bit at market prices in a manner that is accessible to individual investors as well as institutional ones.\nSince exiting bankruptcy in 2017, Peabody has faced difficulties as utilities rely less on coal, and it restructured debt in February to avert a default. The company’s bonds trade at discounts of between 69 and 78 cents on the dollar, indicating market doubts they will be fully repaid. It reported an $80 million net loss in the first quarter amid continued weak conditions for the coal industry.\nExpress, the apparel retailer, borrowed money from private-equity firm Sycamore Partners in January to stockpile cash for surviving the pandemic. Then the company launched an ATM stock sale earlier this month, aiming to sell up to 15 million new shares, despite reporting a loss of $405 million for the last fiscal year as a result of the pandemic and its impact on shopping.\nOn Tuesday, offshore drillerTransoceanjoined in with an offering of up to $400 million in shares despite a junk credit rating, more than $7 billion in debt, andongoing creditor litigationover its restructuring efforts last year.\nPeabody and Express didn’t respond to requests for comment. Transocean referred inquiries to its securities filings.\nJamie Zimmerman, founder and CEO of hedge-fund manager Litespeed Management LLC, said that some troubled companies may be unable to raise new debt, and selling stock may be their only path to obtain financing.\n“You don’t get unless you ask,” said Dan Zwirn, founder and chief executive of asset manager Arena Investors LP. “If I’m structurally insolvent and can’t refinance myself into extending the life of the enterprise, I might as well take this shot.”\n“With this infusion of retail people, there are more counterparties for such a transaction,” Mr. Zwirn added.\nInflows of capital from individual investors, some using money from federal stimulus funds to open trading accounts, have buoyed the broader stock market, driving gains of more than10% year-to-datefor the Dow Jones Industrial Average and Nasdaq Composite Index.\nIndividual investors’ share of overall U.S. equities trading volume rose last year to roughly double what it was a decade before andcontinues to grow. At times, their bets on beaten-down stocks havebeat out institutional investors.\nHoward Fischer, a securities lawyer with Moses & Singer LLP, said that the underlying economic health now seems less important than the unbridled enthusiasm of individual investors, even if that enthusiasm is divorced from any rational economic analysis.\nHertz Global Holdings Inc.tried to ride a wave of interest from retail traders to finance itself last year while it was under bankruptcy protection, and ended up scrapping the effort under pressure from the Securities and Exchange Commission.\nThe bullish individual investors who bet on the business shortly after it filed for chapter 11 were vindicated when Hertz found buyers agreeing to pay up to $8 a share in value.\nAdi Habbu, a director on the credit trading desk atBarclays PLC,said widespread bullishness in equity markets goes beyond retail traders, and is fueled by the economic recovery and the easing of pandemic restrictions.\n“It’s certainly not a bad time to try,” he said. “The core trend is that there is positive reopening sentiment that is driven not just by retail but by institutional players as well.”","news_type":1},"isVote":1,"tweetType":1,"viewCount":271,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":167118650,"gmtCreate":1624251695170,"gmtModify":1703831631795,"author":{"id":"3570339219507045","authorId":"3570339219507045","name":"yuyaangg","avatar":"https://static.tigerbbs.com/e66b4a21c318404d41aae01b2483fdd4","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570339219507045","idStr":"3570339219507045"},"themes":[],"htmlText":"jjnnn","listText":"jjnnn","text":"jjnnn","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/167118650","isVote":1,"tweetType":1,"viewCount":195,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":162768667,"gmtCreate":1624076102159,"gmtModify":1703828347506,"author":{"id":"3570339219507045","authorId":"3570339219507045","name":"yuyaangg","avatar":"https://static.tigerbbs.com/e66b4a21c318404d41aae01b2483fdd4","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570339219507045","idStr":"3570339219507045"},"themes":[],"htmlText":"h","listText":"h","text":"h","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/162768667","repostId":"161846285","repostType":1,"repost":{"id":161846285,"gmtCreate":1623859200000,"gmtModify":1703823503002,"author":{"id":"3570684952272154","authorId":"3570684952272154","name":"英伟达官方","avatar":"https://static.tigerbbs.com/a032ec5702e8405d9f658cdcb484031c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570684952272154","idStr":"3570684952272154"},"themes":[],"title":"NVIDIA發佈專爲高要求客戶打造的 Jetson AGX Xavier 工業級模組","htmlText":"從工廠和農場到煉油廠和建築工地，全球範圍內不乏炎熱、衛生條件差、嘈雜、存在潛在危險的地點，但這些地點對維持工業運轉至關重要。 這些地點都需要在日常運營的同時接受檢查和維護，但鑑於安全問題和工作條件，由人類去完成這些任務並非最佳選擇。 機器人和自動化技術在製造業、農業、建築業、能源、政府和其他行業的應用日益增加，與此同時，許多公司也一直致力於讓要求嚴苛的應用也能受益於AI和深度學習。 在一些嚴苛的環境中，安全性和可靠性至關重要，而通過全新NVIDIA Jetson AGX Xavier 工業級模組，NVIDIA使這些環境中的邊緣AI部署成爲可能。 Jetson AGX Xavier 工業級模組 這種新型工業級模組擴展了 Jetson AGX Xavier 系統級模組的功能，使開發者能夠構建先進、支持AI的堅固耐用型系統。Jetson AGX Xavier 工業級模組專爲嚴苛環境中的智能視頻分析、光學檢測、機器人技術、計算機視覺、自主運行和AI而打造。 該模組採用緊湊、節能的設計，能夠可靠地提供每秒30 TOPS的AI性能。基於經過嚴格工業標準測試的組件，以及在功能安全方面的全新功能，它能夠承受劇烈的衝擊和振動，以及極端的溫度範圍。此外，它在引腳、軟件和外形方面還與現有Jetson AGX Xavier模組兼容，因此易於升級。 全新堅固耐用型Jetson模組的關鍵工業級特徵 耐衝擊性 Operational: 50G, 11 ms, Half Sine Non-operational: 140G, 2 ms, Half sine, 3-axis, FCT/DPA, extend to 340G 耐振動性 Operational: 10-500 Hz, 5G RMS&nbsp; 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