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2021-05-12

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2021-05-11

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Perrigo Q1 adj. EPS 50 cents, FactSet consensus 57 cents

2021-05-11

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Investors are ignoring a ticking-time-bomb stock market, says this money manager

2021-05-11

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2021-05-11

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2021-04-15

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TSMC Is On Fire. Just Beware of the Flames

2021-04-15

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2021-04-15

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2021-04-14

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5 Stocks To Watch For April 14, 2021

2021-03-01

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'Build Me An Ark': The Tsunami Of Risk Of Tesla-Bitcoin-Cathie Wood Is Coming

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stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1620729672,"share":"https://ttm.financial/m/news/1156133416?lang=&edition=fundamental","pubTime":"2021-05-11 18:41","market":"us","language":"en","title":"Perrigo Q1 adj. EPS 50 cents, FactSet consensus 57 cents","url":"https://stock-news.laohu8.com/highlight/detail?id=1156133416","media":"Tiger Newspress","summary":"(May 11) Perrigo Q1 EPS 2 cents vs. 42 cents a year ago.Perrigo Q1 adj. EPS 50 cents, FactSet consen","content":"<p>(May 11)&nbsp;Perrigo Q1 EPS 2 cents vs. 42 cents a year ago.</p><p>Perrigo Q1 adj. EPS 50 cents, FactSet consensus 57 cents.</p><p>Perrigo Q1 sales $1.010 bln vs. $1.083 bln a year ago. FactSet consensus $1.025 bln.</p><p>Perrigo now sees FY21 adj. EPS $2.50 to $2.70; FactSet consensus $2.62.</p><p>Perrigo&nbsp;fell&nbsp;over&nbsp;1%&nbsp;after&nbsp;posted&nbsp;the&nbsp;earning.<img src=\"https://static.tigerbbs.com/708b6910a02e0419aa1047c9ab3b516a\" tg-width=\"786\" tg-height=\"494\" referrerpolicy=\"no-referrer\"></p><p></p><p></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Perrigo Q1 adj. EPS 50 cents, FactSet consensus 57 cents</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\">\nPerrigo Q1 adj. EPS 50 cents, FactSet consensus 57 cents\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-05-11 18:41</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>(May 11)&nbsp;Perrigo Q1 EPS 2 cents vs. 42 cents a year ago.</p><p>Perrigo Q1 adj. EPS 50 cents, FactSet consensus 57 cents.</p><p>Perrigo Q1 sales $1.010 bln vs. $1.083 bln a year ago. FactSet consensus $1.025 bln.</p><p>Perrigo now sees FY21 adj. EPS $2.50 to $2.70; FactSet consensus $2.62.</p><p>Perrigo&nbsp;fell&nbsp;over&nbsp;1%&nbsp;after&nbsp;posted&nbsp;the&nbsp;earning.<img src=\"https://static.tigerbbs.com/708b6910a02e0419aa1047c9ab3b516a\" tg-width=\"786\" tg-height=\"494\" referrerpolicy=\"no-referrer\"></p><p></p><p></p><p></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PRGO":"百利高"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1156133416","content_text":"(May 11) Perrigo Q1 EPS 2 cents vs. 42 cents a year ago.Perrigo Q1 adj. EPS 50 cents, FactSet consensus 57 cents.Perrigo Q1 sales $1.010 bln vs. $1.083 bln a year ago. FactSet consensus $1.025 bln.Perrigo now sees FY21 adj. EPS $2.50 to $2.70; FactSet consensus $2.62.Perrigo fell over 1% after posted the earning.","news_type":1},"isVote":1,"tweetType":1,"viewCount":337,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":199761563,"gmtCreate":1620734885852,"gmtModify":1704347537246,"author":{"id":"3572823125154234","authorId":"3572823125154234","name":"EquityQueen","avatar":"https://static.tigerbbs.com/16b53344c47c1093f70ab9c7ce6b9f3b","crmLevel":6,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3572823125154234","authorIdStr":"3572823125154234"},"themes":[],"htmlText":"What ?","listText":"What ?","text":"What ?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/199761563","repostId":"1146338556","repostType":4,"repost":{"id":"1146338556","kind":"news","pubTimestamp":1620732653,"share":"https://ttm.financial/m/news/1146338556?lang=&edition=fundamental","pubTime":"2021-05-11 19:30","market":"us","language":"en","title":"Investors are ignoring a ticking-time-bomb stock market, says this money manager","url":"https://stock-news.laohu8.com/highlight/detail?id=1146338556","media":"MarketWatch","summary":"Critical information for the U.S. trading day.Tuesday is looking dicey for stocks, notably the techn","content":"<blockquote><b>Critical information for the U.S. trading day.</b></blockquote><p>Tuesday is looking dicey for stocks, notably the technology space, as inflation jitters continue to ripple across markets. The sector has been bearing the brunt of concerns that higher inflation may prompt an early end to the Federal Reserve’s COVID-19 pandemic-driven accommodative stance.</p><p>After last week’s downside jobs surprise, some fear Wednesday’s consumer price datacould also deliver a nasty shock. Not helping are fresh Chinese data on Tuesday showingsurgingfactory-gate prices, though the consumer side was subdued. That is as investors continue to monitor fallout from a downed U.S. energy pipeline.</p><p>Inflation is the “worst-case scenario” for this ticking-time-bomb market full of complacent investors, warns our<b>call of the day</b>from Thomas H. Kee Jr., president and chief executive of&nbsp;Stock Traders Daily&nbsp;and portfolio manager at&nbsp;Equity Logic.</p><p>“Arguably, the ONLY reason stimulus has even been possible is because there has been no inflation. If inflation comes back, all of the safeguards investors have been given (free money from stimulus) will be dissolved and won’t be able to come back to save the day,” Kee told MarketWatch on Monday in an interview via LinkedIn. He said recent jobs data indeed suggest price rises will be “more serious than previously thought.”</p><p>Investors are disregarding the fact that stocks are very expensive right now, said Kee, wholast Novemberpredicted a 25% drop for the Dow Jones Industrial AverageDJIA,-0.10%by year-end based on high price/earnings multiples.</p><p>Last year, he expected Dow earnings-per-share growth at 32% for 2021, but now sees it surging to 62%, before collapsing to 2.42% in 2022.</p><p><img src=\"https://static.tigerbbs.com/365ed838e230cb045d05fffe774347e1\" tg-width=\"1260\" tg-height=\"692\" referrerpolicy=\"no-referrer\">“The declines can be much worse than 25% and if the FOMC [Federal Open Market Committee] is handcuffed because of inflation, the swift bounce back that investors have been used to will not happen either,” said Kee. “The fair value multiple on the SPXSPX,-1.04%is not 30 – [to] 35x. It’s more like 15x.”</p><p>And the price/earnings to growth ratio, which adds in future earnings growth, for the Dow next year is “over 7, and normal fair value is 1.5. It is way overvalued based on that,” said Kee.</p><p><img src=\"https://static.tigerbbs.com/c89bacf663a55cc9456589447184123a\" tg-width=\"1260\" tg-height=\"688\" referrerpolicy=\"no-referrer\">What would bring that down to earth is the return of natural-risk perceptions among investors — severely lacking right now. “They have been given free money by the government, stimulus programs are in full effect, and investors don’t perceive any risk at all. That is the most dangerous thing!” Kee said.</p><p>He advised investors continue rotating between the SPRD S&amp;P 500 ETF trustSPY,-0.99%and cash. Kee suggested last year staying that course until signs of reversals or that investors were getting worried about central bank stimulus stopping. No signs so far, he said.</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>Investors are ignoring a ticking-time-bomb stock market, says this money manager</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\">\nInvestors are ignoring a ticking-time-bomb stock market, says this money manager\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-11 19:30 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.marketwatch.com/story/investors-are-ignoring-a-ticking-time-bomb-stock-market-says-this-money-manager-11620731899?mod=home-page><strong>MarketWatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Critical information for the U.S. trading day.Tuesday is looking dicey for stocks, notably the technology space, as inflation jitters continue to ripple across markets. The sector has been bearing the...</p>\n\n<a href=\"https://www.marketwatch.com/story/investors-are-ignoring-a-ticking-time-bomb-stock-market-says-this-money-manager-11620731899?mod=home-page\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://www.marketwatch.com/story/investors-are-ignoring-a-ticking-time-bomb-stock-market-says-this-money-manager-11620731899?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1146338556","content_text":"Critical information for the U.S. trading day.Tuesday is looking dicey for stocks, notably the technology space, as inflation jitters continue to ripple across markets. The sector has been bearing the brunt of concerns that higher inflation may prompt an early end to the Federal Reserve’s COVID-19 pandemic-driven accommodative stance.After last week’s downside jobs surprise, some fear Wednesday’s consumer price datacould also deliver a nasty shock. Not helping are fresh Chinese data on Tuesday showingsurgingfactory-gate prices, though the consumer side was subdued. That is as investors continue to monitor fallout from a downed U.S. energy pipeline.Inflation is the “worst-case scenario” for this ticking-time-bomb market full of complacent investors, warns ourcall of the dayfrom Thomas H. Kee Jr., president and chief executive of Stock Traders Daily and portfolio manager at Equity Logic.“Arguably, the ONLY reason stimulus has even been possible is because there has been no inflation. If inflation comes back, all of the safeguards investors have been given (free money from stimulus) will be dissolved and won’t be able to come back to save the day,” Kee told MarketWatch on Monday in an interview via LinkedIn. He said recent jobs data indeed suggest price rises will be “more serious than previously thought.”Investors are disregarding the fact that stocks are very expensive right now, said Kee, wholast Novemberpredicted a 25% drop for the Dow Jones Industrial AverageDJIA,-0.10%by year-end based on high price/earnings multiples.Last year, he expected Dow earnings-per-share growth at 32% for 2021, but now sees it surging to 62%, before collapsing to 2.42% in 2022.“The declines can be much worse than 25% and if the FOMC [Federal Open Market Committee] is handcuffed because of inflation, the swift bounce back that investors have been used to will not happen either,” said Kee. “The fair value multiple on the SPXSPX,-1.04%is not 30 – [to] 35x. It’s more like 15x.”And the price/earnings to growth ratio, which adds in future earnings growth, for the Dow next year is “over 7, and normal fair value is 1.5. It is way overvalued based on that,” said Kee.What would bring that down to earth is the return of natural-risk perceptions among investors — severely lacking right now. “They have been given free money by the government, stimulus programs are in full effect, and investors don’t perceive any risk at all. That is the most dangerous thing!” Kee said.He advised investors continue rotating between the SPRD S&P 500 ETF trustSPY,-0.99%and cash. Kee suggested last year staying that course until signs of reversals or that investors were getting worried about central bank stimulus stopping. No signs so far, he said.","news_type":1},"isVote":1,"tweetType":1,"viewCount":342,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":199769280,"gmtCreate":1620734774140,"gmtModify":1704347534462,"author":{"id":"3572823125154234","authorId":"3572823125154234","name":"EquityQueen","avatar":"https://static.tigerbbs.com/16b53344c47c1093f70ab9c7ce6b9f3b","crmLevel":6,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3572823125154234","authorIdStr":"3572823125154234"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/199769280","repostId":"1146338556","repostType":4,"isVote":1,"tweetType":1,"viewCount":176,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":199769974,"gmtCreate":1620734742098,"gmtModify":1704347534138,"author":{"id":"3572823125154234","authorId":"3572823125154234","name":"EquityQueen","avatar":"https://static.tigerbbs.com/16b53344c47c1093f70ab9c7ce6b9f3b","crmLevel":6,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3572823125154234","authorIdStr":"3572823125154234"},"themes":[],"htmlText":"Hi&nbsp;","listText":"Hi&nbsp;","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/199769974","repostId":"1146338556","repostType":4,"isVote":1,"tweetType":1,"viewCount":303,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":347849244,"gmtCreate":1618488783688,"gmtModify":1704711589857,"author":{"id":"3572823125154234","authorId":"3572823125154234","name":"EquityQueen","avatar":"https://static.tigerbbs.com/16b53344c47c1093f70ab9c7ce6b9f3b","crmLevel":6,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3572823125154234","authorIdStr":"3572823125154234"},"themes":[],"htmlText":"Yes","listText":"Yes","text":"Yes","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/347849244","repostId":"1165601522","repostType":4,"repost":{"id":"1165601522","kind":"news","pubTimestamp":1618486737,"share":"https://ttm.financial/m/news/1165601522?lang=&edition=fundamental","pubTime":"2021-04-15 19:38","market":"us","language":"en","title":"TSMC Is On Fire. Just Beware of the Flames","url":"https://stock-news.laohu8.com/highlight/detail?id=1165601522","media":"Bloomberg","summary":"The company’s incredible confidence in its technology means signing big checks to buy increasingly m","content":"<blockquote>\n The company’s incredible confidence in its technology means signing big checks to buy increasingly more expensive equipment.\n</blockquote>\n<p>Just three months after Taiwan Semiconductor Manufacturing Co. shocked investors with a record spending plan, the world’s most important chipmaker doubled down with an even bigger budget.</p>\n<p>Apparently an eye-watering $25 billion to $28 billion in capital expenditure just wasn’t enough to satiate global demand, so the Hsinchu-based company raised it to $30 billion. The maker of chips for Apple Inc., Qualcomm Inc. and Nvidia Corp. backed up this aggressive view by raising its revenue growth outlook this year to 20% from 15%.</p>\n<p>Driving that optimism is demand for high-performance computing and smartphones. These two categories require the latest semiconductors, which are a combination of powerful, small and energy-efficient. High-performance computing is a grab bag that includes artificial intelligence and machine learning, yet also games consoles, servers and telecommunications base stations. While the automotive industry has been loud in its complaints about chip shortages, TSMC got just 4% of its revenue from that sector last quarter, and sees the shortfall greatly reduced by next quarter.</p>\n<p>Yet caution is warranted throughout TSMC’s earnings statement. That impressive top-line growth forecast definitely helps justify a bigger spending plan, but management also admits that capital intensity — a metric that charts spending against sales — will stay higher than average for a few years. With depreciation being the major contributor to costs, the end result will likely be downward pressure on gross margin. We’ve already seen this in the company’s second-quarter outlook announced Thursday, with predictions the figure may fall below 50% for the first time in almost two years.</p>\n<p></p>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>TSMC Is On Fire. Just Beware of the Flames</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\">\nTSMC Is On Fire. Just Beware of the Flames\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-15 19:38 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/opinion/articles/2021-04-15/tsmc-earnings-signing-big-checks-to-buy-expensive-equipment-could-backfire?srnd=premium-asia><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The company’s incredible confidence in its technology means signing big checks to buy increasingly more expensive equipment.\n\nJust three months after Taiwan Semiconductor Manufacturing Co. shocked ...</p>\n\n<a href=\"https://www.bloomberg.com/opinion/articles/2021-04-15/tsmc-earnings-signing-big-checks-to-buy-expensive-equipment-could-backfire?srnd=premium-asia\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSM":"台积电"},"source_url":"https://www.bloomberg.com/opinion/articles/2021-04-15/tsmc-earnings-signing-big-checks-to-buy-expensive-equipment-could-backfire?srnd=premium-asia","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1165601522","content_text":"The company’s incredible confidence in its technology means signing big checks to buy increasingly more expensive equipment.\n\nJust three months after Taiwan Semiconductor Manufacturing Co. shocked investors with a record spending plan, the world’s most important chipmaker doubled down with an even bigger budget.\nApparently an eye-watering $25 billion to $28 billion in capital expenditure just wasn’t enough to satiate global demand, so the Hsinchu-based company raised it to $30 billion. The maker of chips for Apple Inc., Qualcomm Inc. and Nvidia Corp. backed up this aggressive view by raising its revenue growth outlook this year to 20% from 15%.\nDriving that optimism is demand for high-performance computing and smartphones. These two categories require the latest semiconductors, which are a combination of powerful, small and energy-efficient. High-performance computing is a grab bag that includes artificial intelligence and machine learning, yet also games consoles, servers and telecommunications base stations. While the automotive industry has been loud in its complaints about chip shortages, TSMC got just 4% of its revenue from that sector last quarter, and sees the shortfall greatly reduced by next quarter.\nYet caution is warranted throughout TSMC’s earnings statement. That impressive top-line growth forecast definitely helps justify a bigger spending plan, but management also admits that capital intensity — a metric that charts spending against sales — will stay higher than average for a few years. With depreciation being the major contributor to costs, the end result will likely be downward pressure on gross margin. We’ve already seen this in the company’s second-quarter outlook announced Thursday, with predictions the figure may fall below 50% for the first time in almost two years.","news_type":1},"isVote":1,"tweetType":1,"viewCount":339,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":347840795,"gmtCreate":1618488740217,"gmtModify":1704711588204,"author":{"id":"3572823125154234","authorId":"3572823125154234","name":"EquityQueen","avatar":"https://static.tigerbbs.com/16b53344c47c1093f70ab9c7ce6b9f3b","crmLevel":6,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3572823125154234","authorIdStr":"3572823125154234"},"themes":[],"htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/347840795","repostId":"1170915040","repostType":4,"isVote":1,"tweetType":1,"viewCount":463,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":347854656,"gmtCreate":1618488544675,"gmtModify":1704711585230,"author":{"id":"3572823125154234","authorId":"3572823125154234","name":"EquityQueen","avatar":"https://static.tigerbbs.com/16b53344c47c1093f70ab9c7ce6b9f3b","crmLevel":6,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3572823125154234","authorIdStr":"3572823125154234"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/347854656","repostId":"1170915040","repostType":4,"isVote":1,"tweetType":1,"viewCount":281,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":344123980,"gmtCreate":1618389108440,"gmtModify":1704710040224,"author":{"id":"3572823125154234","authorId":"3572823125154234","name":"EquityQueen","avatar":"https://static.tigerbbs.com/16b53344c47c1093f70ab9c7ce6b9f3b","crmLevel":6,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3572823125154234","authorIdStr":"3572823125154234"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/344123980","repostId":"2127302804","repostType":4,"repost":{"id":"2127302804","kind":"highlight","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1618388521,"share":"https://ttm.financial/m/news/2127302804?lang=&edition=fundamental","pubTime":"2021-04-14 16:22","market":"us","language":"en","title":"5 Stocks To Watch For April 14, 2021","url":"https://stock-news.laohu8.com/highlight/detail?id=2127302804","media":"Benzinga","summary":"Some of the stocks that may grab investor focus today are:","content":"<p>Some of the stocks that may grab investor focus today are:</p><ul><li>Wall Street expects <b> JPMorgan Chase &amp; Co.</b> (NYSE:JPM) to report quarterly earnings of $3.10 per share on revenue of $30.52 billion before the opening bell. JPMorgan shares fell 0.2% to $153.82 in after-hours trading.</li><li><b><a href=\"https://laohu8.com/S/TEAM\">Atlassian Corporation PLC</a></b> (NASDAQ:TEAM) reported strong preliminary sales results for the third quarter. The company said it sees preliminary Q3 sales of $566 million to $572 million, versus analysts’ estimates of $487.49 million. Atlassian shares gained 2.4% to $248.00 in the after-hours trading session.</li><li>Analysts are expecting <b> Goldman Sachs Group Inc</b> (NYSE:GS) to have earned $10.22 per share on revenue of $12.61 billion for the latest quarter. The bank will release earnings before the markets open. Goldman Sachs shares rose 0.1% to $328.01 in after-hours trading.</li></ul><ul><li><b>Bruker Corporation</b> (NASDAQ:BRKR) reported strong preliminary revenue for its first quarter. The company posted preliminary sales of $549 million to $554 million, versus analysts’ expectations of $506.86 million. Bruker shares gained 3.3% to $71.23 in the after-hours trading session.</li><li>Analysts expect <b> Wells Fargo &amp; Co</b> (NYSE:WFC) to report quarterly earnings at $0.70 per share on revenue of $17.50 billion before the opening bell. Wells Fargo shares slipped 0.1% to $39.75 in after-hours trading.</li></ul>","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>5 Stocks To Watch For April 14, 2021</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\">\n5 Stocks To Watch For April 14, 2021\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga </p>\n<p class=\"h-time\">2021-04-14 16:22</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<p>Some of the stocks that may grab investor focus today are:</p><ul><li>Wall Street expects <b> JPMorgan Chase &amp; Co.</b> (NYSE:JPM) to report quarterly earnings of $3.10 per share on revenue of $30.52 billion before the opening bell. JPMorgan shares fell 0.2% to $153.82 in after-hours trading.</li><li><b><a href=\"https://laohu8.com/S/TEAM\">Atlassian Corporation PLC</a></b> (NASDAQ:TEAM) reported strong preliminary sales results for the third quarter. The company said it sees preliminary Q3 sales of $566 million to $572 million, versus analysts’ estimates of $487.49 million. Atlassian shares gained 2.4% to $248.00 in the after-hours trading session.</li><li>Analysts are expecting <b> Goldman Sachs Group Inc</b> (NYSE:GS) to have earned $10.22 per share on revenue of $12.61 billion for the latest quarter. The bank will release earnings before the markets open. Goldman Sachs shares rose 0.1% to $328.01 in after-hours trading.</li></ul><ul><li><b>Bruker Corporation</b> (NASDAQ:BRKR) reported strong preliminary revenue for its first quarter. The company posted preliminary sales of $549 million to $554 million, versus analysts’ expectations of $506.86 million. Bruker shares gained 3.3% to $71.23 in the after-hours trading session.</li><li>Analysts expect <b> Wells Fargo &amp; Co</b> (NYSE:WFC) to report quarterly earnings at $0.70 per share on revenue of $17.50 billion before the opening bell. Wells Fargo shares slipped 0.1% to $39.75 in after-hours trading.</li></ul>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GS":"高盛","TEAM":"Atlassian Corporation PLC","BRKR":"布鲁克","JPM":"摩根大通","WFC":"富国银行"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2127302804","content_text":"Some of the stocks that may grab investor focus today are:Wall Street expects  JPMorgan Chase & Co. (NYSE:JPM) to report quarterly earnings of $3.10 per share on revenue of $30.52 billion before the opening bell. JPMorgan shares fell 0.2% to $153.82 in after-hours trading.Atlassian Corporation PLC (NASDAQ:TEAM) reported strong preliminary sales results for the third quarter. The company said it sees preliminary Q3 sales of $566 million to $572 million, versus analysts’ estimates of $487.49 million. Atlassian shares gained 2.4% to $248.00 in the after-hours trading session.Analysts are expecting  Goldman Sachs Group Inc (NYSE:GS) to have earned $10.22 per share on revenue of $12.61 billion for the latest quarter. The bank will release earnings before the markets open. Goldman Sachs shares rose 0.1% to $328.01 in after-hours trading.Bruker Corporation (NASDAQ:BRKR) reported strong preliminary revenue for its first quarter. The company posted preliminary sales of $549 million to $554 million, versus analysts’ expectations of $506.86 million. Bruker shares gained 3.3% to $71.23 in the after-hours trading session.Analysts expect  Wells Fargo & Co (NYSE:WFC) to report quarterly earnings at $0.70 per share on revenue of $17.50 billion before the opening bell. Wells Fargo shares slipped 0.1% to $39.75 in after-hours trading.","news_type":1},"isVote":1,"tweetType":1,"viewCount":515,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":362881128,"gmtCreate":1614612297264,"gmtModify":1704773115509,"author":{"id":"3572823125154234","authorId":"3572823125154234","name":"EquityQueen","avatar":"https://static.tigerbbs.com/16b53344c47c1093f70ab9c7ce6b9f3b","crmLevel":6,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3572823125154234","authorIdStr":"3572823125154234"},"themes":[],"htmlText":"Wow&nbsp;","listText":"Wow&nbsp;","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/362881128","repostId":"1105841550","repostType":2,"repost":{"id":"1105841550","kind":"news","pubTimestamp":1614600153,"share":"https://ttm.financial/m/news/1105841550?lang=&edition=fundamental","pubTime":"2021-03-01 20:02","market":"us","language":"en","title":"'Build Me An Ark': The Tsunami Of Risk Of Tesla-Bitcoin-Cathie Wood Is Coming","url":"https://stock-news.laohu8.com/highlight/detail?id=1105841550","media":"zerohedge","summary":"Summary:\n\n In today's equity update we are following up on our\n analysis of the Tesla-Bitcoin-Ark ri","content":"<p><u><b>Summary:</b></u></p>\n<blockquote>\n In today's equity update we are following up on our\n <b>analysis of the Tesla-Bitcoin-Ark risk cluster</b>showing an updated positions analysis, cross-correlations in the flagship Ark Innovation ETF, and an drawdown analysis. Yesterday, was another bad session for this risk cluster and Ark Invest had a day with outflows across all their ETFs highlighting that risk sentiment has changed. With the founder's bold move to increase the position in Tesla during the week the risk has gone up that this risk cluster could turn into an ugly forced selling dynamic causing pain in not only Tesla, Bitcoin, and Ark funds, but also US biotechnology stocks where Ark Invest is a major holder with high ownership in selected names.\n</blockquote>\n<p>A little over a month ago we first flagged the Tesla-Bitcoin-Ark risk cluster as something to take note off as short-term correlation between Tesla and Bitcoin was shooting up. A survey from Charles Schwab also confirmed our suspicion that there is a big overlap as these two instruments are among the top five holdings by millennials. Our analysis quickly led us to Ark Invest with its famous Ark Innovation ETF which had a big position in Tesla and its charismatic founder Cathie Wood is a big believer in the so-called disruptive innovation culture of Silicon Valley. This class of people believe firmly in technology as mainly good for society in all its aspects and that&nbsp;Bitcoin is a protection against future wealth confiscation&nbsp;which is most likely inevitable due to historically high wealth inequality.</p>\n<p>This disruptive innovation culture is powerful. It is presented by some of the wealthiest people of this planet. Endless presentation about innovation and institutions like the Singularity University promote these views. Behind Bitcoin you find a huge online marketing machine sucking ordinary people into the game. Recently wealthy people such as Elon Musk has openly supported Bitcoin, first in writing and later in action adding $1.5bn to Tesla’s balance sheet and thereby significantly increasing its earnings volatility. The triangle of Tesla-Bitcoin-Ark and their respective momentum has reinforced each other creating a positive feedback loop luring more investors into these instruments. As we have seen this week the ‘tower of risk’ is beginning to show cracks.</p>\n<p><b>Ark position update and Cathie Wood’s bold move and the risk to biotechnology</b></p>\n<p>This week Tesla-Bitcoin-Ark all came under pressure from negative voices in governments over Bitcoin and beginning noise over real competition for Tesla in the coming years. The risk cluster was clearly moving together, and correlations started rising. On Tuesday, volatility picked up across the board and at one point Cathie Wood felt it was necessary to go public supporting her funds and said that&nbsp;she had increased their position in Tesla&nbsp;using big numbers in the future to justify increasing the risk. This is a bold move, but it increases the risk considerably. When you are at risk of seeing sizeable outflows, you should start reducing the most illiquid positions first while you can control the situation. Because if you are forced to do it by redemptions the game changes dramatically.</p>\n<p>The tables below show updated Ark Invest positions as of yesterday’s close. There are still 26 stocks where Ark Invest holds more than 10% of the outstanding shares. This could become a serious problem if Ark Invest is suddenly caught in a negative feedback loop together with Tesla and Bitcoin. But also note how US biotechnology stocks are overrepresented in this list of stocks with high ownership in percentage of outstanding shares. If Ark Invest suddenly experience across the board outflows, like it did yesterday, then they can suddenly be the forced seller in US biotechnology stocks where they are the whale. This could cascade into the overall US biotechnology segment although the group is diverse.</p>\n<p><i>Stocks held by Ark Invest funds with combined ownership above 10% of outstanding shares</i></p>\n<p><img src=\"https://static.tigerbbs.com/b97684f80243d32efc06f3379d51d4fb\" tg-width=\"500\" tg-height=\"353\">Source: Ark Invest, Bloomberg, and Saxo Group</p>\n<p>The table below shows the largest positions across all funds. Here Tesla has now jumped to 7% of AUM and the first five positions now account for 21.6% of AUM. The five biggest stocks are Tesla, Teladoc Health, Square, Roku, and Baidu. Square just recently reported disappointing Q4 earnings and announced the purchase of $170mn of Bitcoin increasing the risk and feedback loop further in this risk cluster. In the Ark Innovation ETF itself, Tesla is now 10.2% of assets and together with Roku (6%) and Square (5.4%) these three stocks represent 21.6% of assets. If you look at the 10 largest positions in the Ark Innovation ETF then the red thread is that they all come with very high equity valuations and thus low implied equity risk premiums. They are all also mostly equity financed, except for Tesla, which means that the WACC, cost of capital, predominantly come from the cost of equity. With low implied equity risk premiums, the risk-free rate dominates much more than for a company such as say Microsoft or Apple. This means that the rising interest rates could suddenly cause a huge shift in equity valuations. Not because the future is different but because the cost of capital has changed.</p>\n<p><i>Top positions in terms of Ark Invest AUM across all funds</i></p>\n<p><img src=\"https://static.tigerbbs.com/7e06fcb66d5a52e629b48c9cab492586\" tg-width=\"500\" tg-height=\"302\">Source: Ark Invest, Bloomberg, and Saxo Group</p>\n<p><u><b>Correlations on the rise and drawdown outlier</b></u></p>\n<p>The best sign of risk going haywire is always fast rising cross-correlations whether it is on asset classes or single stocks. The chart below shows the 10-day moving cross-correlation in the Ark Innovation ETF since early 2020. It has recently moved to around 0.6 and while it is not a new record the direction is up and has been fast coming from only 0.2 from a few weeks ago. The next week will be critical for the Tesla-Bitcoin-Ark risk cluster as negative feedback loops can be violent and very unpredictable in their outcome.</p>\n<p><img src=\"https://static.tigerbbs.com/ab96aaafda10c2371b1d3a1a14c4a48a\" tg-width=\"500\" tg-height=\"280\"><i>Source: Bloomberg and Saxo Group</i></p>\n<p>Another way of looking at risk is by plotting Ark Innovation ETF drawdowns against that of Nasdaq 100 since December 2015.<b>The ETF has typically experienced a drawdown that is 1.22 times larger than that of Nasdaq 100</b>. As of yesterday, the ratio stands at 2.44 and thus illustrates that something idiosyncratic is taking place at Ark Innovation ETF.</p>\n<p><img src=\"https://static.tigerbbs.com/80db26e42e2910071718ff22a1ff3f2b\" tg-width=\"500\" tg-height=\"308\"><b>If outflows continue today and Tesla comes under pressure again then this indicator could very well hit a new record in terms of being an outlier signaling a negative feedback loop on risk has started.</b></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>'Build Me An Ark': The Tsunami Of Risk Of Tesla-Bitcoin-Cathie Wood Is Coming</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\">\n'Build Me An Ark': The Tsunami Of Risk Of Tesla-Bitcoin-Cathie Wood Is Coming\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-01 20:02 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/build-me-ark-tsunami-risk-tesla-bitcoin-cathie-wood-coming><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary:\n\n In today's equity update we are following up on our\n analysis of the Tesla-Bitcoin-Ark risk clustershowing an updated positions analysis, cross-correlations in the flagship Ark Innovation ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/build-me-ark-tsunami-risk-tesla-bitcoin-cathie-wood-coming\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉","ARKK":"ARK Innovation ETF","ARKR":"Ark Restaurants Corp","ARKQ":"ARK Autonomous Technology & Robotics ETF","GBTC":"Grayscale Bitcoin Trust","ARKW":"ARK Next Generation Internation ETF","ARKF":"ARK Fintech Innovation ETF","ARKG":"ARK Genomic Revolution ETF"},"source_url":"https://www.zerohedge.com/markets/build-me-ark-tsunami-risk-tesla-bitcoin-cathie-wood-coming","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1105841550","content_text":"Summary:\n\n In today's equity update we are following up on our\n analysis of the Tesla-Bitcoin-Ark risk clustershowing an updated positions analysis, cross-correlations in the flagship Ark Innovation ETF, and an drawdown analysis. Yesterday, was another bad session for this risk cluster and Ark Invest had a day with outflows across all their ETFs highlighting that risk sentiment has changed. With the founder's bold move to increase the position in Tesla during the week the risk has gone up that this risk cluster could turn into an ugly forced selling dynamic causing pain in not only Tesla, Bitcoin, and Ark funds, but also US biotechnology stocks where Ark Invest is a major holder with high ownership in selected names.\n\nA little over a month ago we first flagged the Tesla-Bitcoin-Ark risk cluster as something to take note off as short-term correlation between Tesla and Bitcoin was shooting up. A survey from Charles Schwab also confirmed our suspicion that there is a big overlap as these two instruments are among the top five holdings by millennials. Our analysis quickly led us to Ark Invest with its famous Ark Innovation ETF which had a big position in Tesla and its charismatic founder Cathie Wood is a big believer in the so-called disruptive innovation culture of Silicon Valley. This class of people believe firmly in technology as mainly good for society in all its aspects and that Bitcoin is a protection against future wealth confiscation which is most likely inevitable due to historically high wealth inequality.\nThis disruptive innovation culture is powerful. It is presented by some of the wealthiest people of this planet. Endless presentation about innovation and institutions like the Singularity University promote these views. Behind Bitcoin you find a huge online marketing machine sucking ordinary people into the game. Recently wealthy people such as Elon Musk has openly supported Bitcoin, first in writing and later in action adding $1.5bn to Tesla’s balance sheet and thereby significantly increasing its earnings volatility. The triangle of Tesla-Bitcoin-Ark and their respective momentum has reinforced each other creating a positive feedback loop luring more investors into these instruments. As we have seen this week the ‘tower of risk’ is beginning to show cracks.\nArk position update and Cathie Wood’s bold move and the risk to biotechnology\nThis week Tesla-Bitcoin-Ark all came under pressure from negative voices in governments over Bitcoin and beginning noise over real competition for Tesla in the coming years. The risk cluster was clearly moving together, and correlations started rising. On Tuesday, volatility picked up across the board and at one point Cathie Wood felt it was necessary to go public supporting her funds and said that she had increased their position in Tesla using big numbers in the future to justify increasing the risk. This is a bold move, but it increases the risk considerably. When you are at risk of seeing sizeable outflows, you should start reducing the most illiquid positions first while you can control the situation. Because if you are forced to do it by redemptions the game changes dramatically.\nThe tables below show updated Ark Invest positions as of yesterday’s close. There are still 26 stocks where Ark Invest holds more than 10% of the outstanding shares. This could become a serious problem if Ark Invest is suddenly caught in a negative feedback loop together with Tesla and Bitcoin. But also note how US biotechnology stocks are overrepresented in this list of stocks with high ownership in percentage of outstanding shares. If Ark Invest suddenly experience across the board outflows, like it did yesterday, then they can suddenly be the forced seller in US biotechnology stocks where they are the whale. This could cascade into the overall US biotechnology segment although the group is diverse.\nStocks held by Ark Invest funds with combined ownership above 10% of outstanding shares\nSource: Ark Invest, Bloomberg, and Saxo Group\nThe table below shows the largest positions across all funds. Here Tesla has now jumped to 7% of AUM and the first five positions now account for 21.6% of AUM. The five biggest stocks are Tesla, Teladoc Health, Square, Roku, and Baidu. Square just recently reported disappointing Q4 earnings and announced the purchase of $170mn of Bitcoin increasing the risk and feedback loop further in this risk cluster. In the Ark Innovation ETF itself, Tesla is now 10.2% of assets and together with Roku (6%) and Square (5.4%) these three stocks represent 21.6% of assets. If you look at the 10 largest positions in the Ark Innovation ETF then the red thread is that they all come with very high equity valuations and thus low implied equity risk premiums. They are all also mostly equity financed, except for Tesla, which means that the WACC, cost of capital, predominantly come from the cost of equity. With low implied equity risk premiums, the risk-free rate dominates much more than for a company such as say Microsoft or Apple. This means that the rising interest rates could suddenly cause a huge shift in equity valuations. Not because the future is different but because the cost of capital has changed.\nTop positions in terms of Ark Invest AUM across all funds\nSource: Ark Invest, Bloomberg, and Saxo Group\nCorrelations on the rise and drawdown outlier\nThe best sign of risk going haywire is always fast rising cross-correlations whether it is on asset classes or single stocks. The chart below shows the 10-day moving cross-correlation in the Ark Innovation ETF since early 2020. It has recently moved to around 0.6 and while it is not a new record the direction is up and has been fast coming from only 0.2 from a few weeks ago. The next week will be critical for the Tesla-Bitcoin-Ark risk cluster as negative feedback loops can be violent and very unpredictable in their outcome.\nSource: Bloomberg and Saxo Group\nAnother way of looking at risk is by plotting Ark Innovation ETF drawdowns against that of Nasdaq 100 since December 2015.The ETF has typically experienced a drawdown that is 1.22 times larger than that of Nasdaq 100. As of yesterday, the ratio stands at 2.44 and thus illustrates that something idiosyncratic is taking place at Ark Innovation ETF.\nIf outflows continue today and Tesla comes under pressure again then this indicator could very well hit a new record in terms of being an outlier signaling a negative feedback loop on risk has started.","news_type":1},"isVote":1,"tweetType":1,"viewCount":210,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":347840795,"gmtCreate":1618488740217,"gmtModify":1704711588204,"author":{"id":"3572823125154234","authorId":"3572823125154234","name":"EquityQueen","avatar":"https://static.tigerbbs.com/16b53344c47c1093f70ab9c7ce6b9f3b","crmLevel":6,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3572823125154234","authorIdStr":"3572823125154234"},"themes":[],"htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/347840795","repostId":"1170915040","repostType":4,"repost":{"id":"1170915040","kind":"news","pubTimestamp":1618487434,"share":"https://ttm.financial/m/news/1170915040?lang=&edition=fundamental","pubTime":"2021-04-15 19:50","market":"us","language":"en","title":"GlaxoSmithKline gains on report of Elliott Management multibillion-pound stake","url":"https://stock-news.laohu8.com/highlight/detail?id=1170915040","media":"seekingalpha","summary":"GlaxoSmithKline rose 5.3% in premarket trading on a report that activist Elliott management has a bu","content":"<p>GlaxoSmithKline&nbsp;rose 5.3%&nbsp;in premarket trading on a report that activist Elliott management has a built a multibillion-pound stake inthe drugmaker.</p>\n<p><img src=\"https://static.tigerbbs.com/0698884951170c3c012414303aa45fc8\" tg-width=\"708\" tg-height=\"500\"></p>\n<p>The Elliott stake&nbsp; is a \"significant\" position, the FT reported, citing a person familiar.</p>\n<p>Last February, GSK announced it would tospin outconsumer business.</p>\n<p>Last month,GlaxoSmithKline was downgraded at SVB Leerink citing underperformance.</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>GlaxoSmithKline gains on report of Elliott Management multibillion-pound stake</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\">\nGlaxoSmithKline gains on report of Elliott Management multibillion-pound stake\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-15 19:50 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/news/3682032-glaxosmithkline-gains-of-report-of-elliott-management-stake><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>GlaxoSmithKline rose 5.3% in premarket trading on a report that activist Elliott management has a built a multibillion-pound stake inthe drugmaker.\n\nThe Elliott stake  is a \"significant\" position, the...</p>\n\n<a href=\"https://seekingalpha.com/news/3682032-glaxosmithkline-gains-of-report-of-elliott-management-stake\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GSK":"葛兰素史克"},"source_url":"https://seekingalpha.com/news/3682032-glaxosmithkline-gains-of-report-of-elliott-management-stake","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1170915040","content_text":"GlaxoSmithKline rose 5.3% in premarket trading on a report that activist Elliott management has a built a multibillion-pound stake inthe drugmaker.\n\nThe Elliott stake  is a \"significant\" position, the FT reported, citing a person familiar.\nLast February, GSK announced it would tospin outconsumer business.\nLast month,GlaxoSmithKline was downgraded at SVB Leerink citing underperformance.","news_type":1},"isVote":1,"tweetType":1,"viewCount":463,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":191997858,"gmtCreate":1620832001774,"gmtModify":1704349110308,"author":{"id":"3572823125154234","authorId":"3572823125154234","name":"EquityQueen","avatar":"https://static.tigerbbs.com/16b53344c47c1093f70ab9c7ce6b9f3b","crmLevel":6,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3572823125154234","authorIdStr":"3572823125154234"},"themes":[],"htmlText":"What","listText":"What","text":"What","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/191997858","repostId":"1165517668","repostType":4,"isVote":1,"tweetType":1,"viewCount":318,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":344123980,"gmtCreate":1618389108440,"gmtModify":1704710040224,"author":{"id":"3572823125154234","authorId":"3572823125154234","name":"EquityQueen","avatar":"https://static.tigerbbs.com/16b53344c47c1093f70ab9c7ce6b9f3b","crmLevel":6,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3572823125154234","authorIdStr":"3572823125154234"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/344123980","repostId":"2127302804","repostType":4,"isVote":1,"tweetType":1,"viewCount":515,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":199769974,"gmtCreate":1620734742098,"gmtModify":1704347534138,"author":{"id":"3572823125154234","authorId":"3572823125154234","name":"EquityQueen","avatar":"https://static.tigerbbs.com/16b53344c47c1093f70ab9c7ce6b9f3b","crmLevel":6,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3572823125154234","authorIdStr":"3572823125154234"},"themes":[],"htmlText":"Hi&nbsp;","listText":"Hi&nbsp;","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/199769974","repostId":"1146338556","repostType":4,"isVote":1,"tweetType":1,"viewCount":303,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":347854656,"gmtCreate":1618488544675,"gmtModify":1704711585230,"author":{"id":"3572823125154234","authorId":"3572823125154234","name":"EquityQueen","avatar":"https://static.tigerbbs.com/16b53344c47c1093f70ab9c7ce6b9f3b","crmLevel":6,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3572823125154234","authorIdStr":"3572823125154234"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/347854656","repostId":"1170915040","repostType":4,"isVote":1,"tweetType":1,"viewCount":281,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":199768445,"gmtCreate":1620735006687,"gmtModify":1704347538720,"author":{"id":"3572823125154234","authorId":"3572823125154234","name":"EquityQueen","avatar":"https://static.tigerbbs.com/16b53344c47c1093f70ab9c7ce6b9f3b","crmLevel":6,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3572823125154234","authorIdStr":"3572823125154234"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/199768445","repostId":"1156133416","repostType":4,"isVote":1,"tweetType":1,"viewCount":337,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":199761563,"gmtCreate":1620734885852,"gmtModify":1704347537246,"author":{"id":"3572823125154234","authorId":"3572823125154234","name":"EquityQueen","avatar":"https://static.tigerbbs.com/16b53344c47c1093f70ab9c7ce6b9f3b","crmLevel":6,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3572823125154234","authorIdStr":"3572823125154234"},"themes":[],"htmlText":"What ?","listText":"What ?","text":"What ?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/199761563","repostId":"1146338556","repostType":4,"isVote":1,"tweetType":1,"viewCount":342,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":199769280,"gmtCreate":1620734774140,"gmtModify":1704347534462,"author":{"id":"3572823125154234","authorId":"3572823125154234","name":"EquityQueen","avatar":"https://static.tigerbbs.com/16b53344c47c1093f70ab9c7ce6b9f3b","crmLevel":6,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3572823125154234","authorIdStr":"3572823125154234"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/199769280","repostId":"1146338556","repostType":4,"isVote":1,"tweetType":1,"viewCount":176,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":347849244,"gmtCreate":1618488783688,"gmtModify":1704711589857,"author":{"id":"3572823125154234","authorId":"3572823125154234","name":"EquityQueen","avatar":"https://static.tigerbbs.com/16b53344c47c1093f70ab9c7ce6b9f3b","crmLevel":6,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3572823125154234","authorIdStr":"3572823125154234"},"themes":[],"htmlText":"Yes","listText":"Yes","text":"Yes","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/347849244","repostId":"1165601522","repostType":4,"isVote":1,"tweetType":1,"viewCount":339,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":362881128,"gmtCreate":1614612297264,"gmtModify":1704773115509,"author":{"id":"3572823125154234","authorId":"3572823125154234","name":"EquityQueen","avatar":"https://static.tigerbbs.com/16b53344c47c1093f70ab9c7ce6b9f3b","crmLevel":6,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3572823125154234","authorIdStr":"3572823125154234"},"themes":[],"htmlText":"Wow&nbsp;","listText":"Wow&nbsp;","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/362881128","repostId":"1105841550","repostType":2,"repost":{"id":"1105841550","kind":"news","pubTimestamp":1614600153,"share":"https://ttm.financial/m/news/1105841550?lang=&edition=fundamental","pubTime":"2021-03-01 20:02","market":"us","language":"en","title":"'Build Me An Ark': The Tsunami Of Risk Of Tesla-Bitcoin-Cathie Wood Is Coming","url":"https://stock-news.laohu8.com/highlight/detail?id=1105841550","media":"zerohedge","summary":"Summary:\n\n In today's equity update we are following up on our\n analysis of the Tesla-Bitcoin-Ark ri","content":"<p><u><b>Summary:</b></u></p>\n<blockquote>\n In today's equity update we are following up on our\n <b>analysis of the Tesla-Bitcoin-Ark risk cluster</b>showing an updated positions analysis, cross-correlations in the flagship Ark Innovation ETF, and an drawdown analysis. Yesterday, was another bad session for this risk cluster and Ark Invest had a day with outflows across all their ETFs highlighting that risk sentiment has changed. With the founder's bold move to increase the position in Tesla during the week the risk has gone up that this risk cluster could turn into an ugly forced selling dynamic causing pain in not only Tesla, Bitcoin, and Ark funds, but also US biotechnology stocks where Ark Invest is a major holder with high ownership in selected names.\n</blockquote>\n<p>A little over a month ago we first flagged the Tesla-Bitcoin-Ark risk cluster as something to take note off as short-term correlation between Tesla and Bitcoin was shooting up. A survey from Charles Schwab also confirmed our suspicion that there is a big overlap as these two instruments are among the top five holdings by millennials. Our analysis quickly led us to Ark Invest with its famous Ark Innovation ETF which had a big position in Tesla and its charismatic founder Cathie Wood is a big believer in the so-called disruptive innovation culture of Silicon Valley. This class of people believe firmly in technology as mainly good for society in all its aspects and that&nbsp;Bitcoin is a protection against future wealth confiscation&nbsp;which is most likely inevitable due to historically high wealth inequality.</p>\n<p>This disruptive innovation culture is powerful. It is presented by some of the wealthiest people of this planet. Endless presentation about innovation and institutions like the Singularity University promote these views. Behind Bitcoin you find a huge online marketing machine sucking ordinary people into the game. Recently wealthy people such as Elon Musk has openly supported Bitcoin, first in writing and later in action adding $1.5bn to Tesla’s balance sheet and thereby significantly increasing its earnings volatility. The triangle of Tesla-Bitcoin-Ark and their respective momentum has reinforced each other creating a positive feedback loop luring more investors into these instruments. As we have seen this week the ‘tower of risk’ is beginning to show cracks.</p>\n<p><b>Ark position update and Cathie Wood’s bold move and the risk to biotechnology</b></p>\n<p>This week Tesla-Bitcoin-Ark all came under pressure from negative voices in governments over Bitcoin and beginning noise over real competition for Tesla in the coming years. The risk cluster was clearly moving together, and correlations started rising. On Tuesday, volatility picked up across the board and at one point Cathie Wood felt it was necessary to go public supporting her funds and said that&nbsp;she had increased their position in Tesla&nbsp;using big numbers in the future to justify increasing the risk. This is a bold move, but it increases the risk considerably. When you are at risk of seeing sizeable outflows, you should start reducing the most illiquid positions first while you can control the situation. Because if you are forced to do it by redemptions the game changes dramatically.</p>\n<p>The tables below show updated Ark Invest positions as of yesterday’s close. There are still 26 stocks where Ark Invest holds more than 10% of the outstanding shares. This could become a serious problem if Ark Invest is suddenly caught in a negative feedback loop together with Tesla and Bitcoin. But also note how US biotechnology stocks are overrepresented in this list of stocks with high ownership in percentage of outstanding shares. If Ark Invest suddenly experience across the board outflows, like it did yesterday, then they can suddenly be the forced seller in US biotechnology stocks where they are the whale. This could cascade into the overall US biotechnology segment although the group is diverse.</p>\n<p><i>Stocks held by Ark Invest funds with combined ownership above 10% of outstanding shares</i></p>\n<p><img src=\"https://static.tigerbbs.com/b97684f80243d32efc06f3379d51d4fb\" tg-width=\"500\" tg-height=\"353\">Source: Ark Invest, Bloomberg, and Saxo Group</p>\n<p>The table below shows the largest positions across all funds. Here Tesla has now jumped to 7% of AUM and the first five positions now account for 21.6% of AUM. The five biggest stocks are Tesla, Teladoc Health, Square, Roku, and Baidu. Square just recently reported disappointing Q4 earnings and announced the purchase of $170mn of Bitcoin increasing the risk and feedback loop further in this risk cluster. In the Ark Innovation ETF itself, Tesla is now 10.2% of assets and together with Roku (6%) and Square (5.4%) these three stocks represent 21.6% of assets. If you look at the 10 largest positions in the Ark Innovation ETF then the red thread is that they all come with very high equity valuations and thus low implied equity risk premiums. They are all also mostly equity financed, except for Tesla, which means that the WACC, cost of capital, predominantly come from the cost of equity. With low implied equity risk premiums, the risk-free rate dominates much more than for a company such as say Microsoft or Apple. This means that the rising interest rates could suddenly cause a huge shift in equity valuations. Not because the future is different but because the cost of capital has changed.</p>\n<p><i>Top positions in terms of Ark Invest AUM across all funds</i></p>\n<p><img src=\"https://static.tigerbbs.com/7e06fcb66d5a52e629b48c9cab492586\" tg-width=\"500\" tg-height=\"302\">Source: Ark Invest, Bloomberg, and Saxo Group</p>\n<p><u><b>Correlations on the rise and drawdown outlier</b></u></p>\n<p>The best sign of risk going haywire is always fast rising cross-correlations whether it is on asset classes or single stocks. The chart below shows the 10-day moving cross-correlation in the Ark Innovation ETF since early 2020. It has recently moved to around 0.6 and while it is not a new record the direction is up and has been fast coming from only 0.2 from a few weeks ago. The next week will be critical for the Tesla-Bitcoin-Ark risk cluster as negative feedback loops can be violent and very unpredictable in their outcome.</p>\n<p><img src=\"https://static.tigerbbs.com/ab96aaafda10c2371b1d3a1a14c4a48a\" tg-width=\"500\" tg-height=\"280\"><i>Source: Bloomberg and Saxo Group</i></p>\n<p>Another way of looking at risk is by plotting Ark Innovation ETF drawdowns against that of Nasdaq 100 since December 2015.<b>The ETF has typically experienced a drawdown that is 1.22 times larger than that of Nasdaq 100</b>. As of yesterday, the ratio stands at 2.44 and thus illustrates that something idiosyncratic is taking place at Ark Innovation ETF.</p>\n<p><img src=\"https://static.tigerbbs.com/80db26e42e2910071718ff22a1ff3f2b\" tg-width=\"500\" tg-height=\"308\"><b>If outflows continue today and Tesla comes under pressure again then this indicator could very well hit a new record in terms of being an outlier signaling a negative feedback loop on risk has started.</b></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>'Build Me An Ark': The Tsunami Of Risk Of Tesla-Bitcoin-Cathie Wood Is Coming</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\">\n'Build Me An Ark': The Tsunami Of Risk Of Tesla-Bitcoin-Cathie Wood Is Coming\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-01 20:02 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/build-me-ark-tsunami-risk-tesla-bitcoin-cathie-wood-coming><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary:\n\n In today's equity update we are following up on our\n analysis of the Tesla-Bitcoin-Ark risk clustershowing an updated positions analysis, cross-correlations in the flagship Ark Innovation ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/build-me-ark-tsunami-risk-tesla-bitcoin-cathie-wood-coming\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉","ARKK":"ARK Innovation ETF","ARKR":"Ark Restaurants Corp","ARKQ":"ARK Autonomous Technology & Robotics ETF","GBTC":"Grayscale Bitcoin Trust","ARKW":"ARK Next Generation Internation ETF","ARKF":"ARK Fintech Innovation ETF","ARKG":"ARK Genomic Revolution ETF"},"source_url":"https://www.zerohedge.com/markets/build-me-ark-tsunami-risk-tesla-bitcoin-cathie-wood-coming","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1105841550","content_text":"Summary:\n\n In today's equity update we are following up on our\n analysis of the Tesla-Bitcoin-Ark risk clustershowing an updated positions analysis, cross-correlations in the flagship Ark Innovation ETF, and an drawdown analysis. Yesterday, was another bad session for this risk cluster and Ark Invest had a day with outflows across all their ETFs highlighting that risk sentiment has changed. With the founder's bold move to increase the position in Tesla during the week the risk has gone up that this risk cluster could turn into an ugly forced selling dynamic causing pain in not only Tesla, Bitcoin, and Ark funds, but also US biotechnology stocks where Ark Invest is a major holder with high ownership in selected names.\n\nA little over a month ago we first flagged the Tesla-Bitcoin-Ark risk cluster as something to take note off as short-term correlation between Tesla and Bitcoin was shooting up. A survey from Charles Schwab also confirmed our suspicion that there is a big overlap as these two instruments are among the top five holdings by millennials. Our analysis quickly led us to Ark Invest with its famous Ark Innovation ETF which had a big position in Tesla and its charismatic founder Cathie Wood is a big believer in the so-called disruptive innovation culture of Silicon Valley. This class of people believe firmly in technology as mainly good for society in all its aspects and that Bitcoin is a protection against future wealth confiscation which is most likely inevitable due to historically high wealth inequality.\nThis disruptive innovation culture is powerful. It is presented by some of the wealthiest people of this planet. Endless presentation about innovation and institutions like the Singularity University promote these views. Behind Bitcoin you find a huge online marketing machine sucking ordinary people into the game. Recently wealthy people such as Elon Musk has openly supported Bitcoin, first in writing and later in action adding $1.5bn to Tesla’s balance sheet and thereby significantly increasing its earnings volatility. The triangle of Tesla-Bitcoin-Ark and their respective momentum has reinforced each other creating a positive feedback loop luring more investors into these instruments. As we have seen this week the ‘tower of risk’ is beginning to show cracks.\nArk position update and Cathie Wood’s bold move and the risk to biotechnology\nThis week Tesla-Bitcoin-Ark all came under pressure from negative voices in governments over Bitcoin and beginning noise over real competition for Tesla in the coming years. The risk cluster was clearly moving together, and correlations started rising. On Tuesday, volatility picked up across the board and at one point Cathie Wood felt it was necessary to go public supporting her funds and said that she had increased their position in Tesla using big numbers in the future to justify increasing the risk. This is a bold move, but it increases the risk considerably. When you are at risk of seeing sizeable outflows, you should start reducing the most illiquid positions first while you can control the situation. Because if you are forced to do it by redemptions the game changes dramatically.\nThe tables below show updated Ark Invest positions as of yesterday’s close. There are still 26 stocks where Ark Invest holds more than 10% of the outstanding shares. This could become a serious problem if Ark Invest is suddenly caught in a negative feedback loop together with Tesla and Bitcoin. But also note how US biotechnology stocks are overrepresented in this list of stocks with high ownership in percentage of outstanding shares. If Ark Invest suddenly experience across the board outflows, like it did yesterday, then they can suddenly be the forced seller in US biotechnology stocks where they are the whale. This could cascade into the overall US biotechnology segment although the group is diverse.\nStocks held by Ark Invest funds with combined ownership above 10% of outstanding shares\nSource: Ark Invest, Bloomberg, and Saxo Group\nThe table below shows the largest positions across all funds. Here Tesla has now jumped to 7% of AUM and the first five positions now account for 21.6% of AUM. The five biggest stocks are Tesla, Teladoc Health, Square, Roku, and Baidu. Square just recently reported disappointing Q4 earnings and announced the purchase of $170mn of Bitcoin increasing the risk and feedback loop further in this risk cluster. In the Ark Innovation ETF itself, Tesla is now 10.2% of assets and together with Roku (6%) and Square (5.4%) these three stocks represent 21.6% of assets. If you look at the 10 largest positions in the Ark Innovation ETF then the red thread is that they all come with very high equity valuations and thus low implied equity risk premiums. They are all also mostly equity financed, except for Tesla, which means that the WACC, cost of capital, predominantly come from the cost of equity. With low implied equity risk premiums, the risk-free rate dominates much more than for a company such as say Microsoft or Apple. This means that the rising interest rates could suddenly cause a huge shift in equity valuations. Not because the future is different but because the cost of capital has changed.\nTop positions in terms of Ark Invest AUM across all funds\nSource: Ark Invest, Bloomberg, and Saxo Group\nCorrelations on the rise and drawdown outlier\nThe best sign of risk going haywire is always fast rising cross-correlations whether it is on asset classes or single stocks. The chart below shows the 10-day moving cross-correlation in the Ark Innovation ETF since early 2020. It has recently moved to around 0.6 and while it is not a new record the direction is up and has been fast coming from only 0.2 from a few weeks ago. The next week will be critical for the Tesla-Bitcoin-Ark risk cluster as negative feedback loops can be violent and very unpredictable in their outcome.\nSource: Bloomberg and Saxo Group\nAnother way of looking at risk is by plotting Ark Innovation ETF drawdowns against that of Nasdaq 100 since December 2015.The ETF has typically experienced a drawdown that is 1.22 times larger than that of Nasdaq 100. As of yesterday, the ratio stands at 2.44 and thus illustrates that something idiosyncratic is taking place at Ark Innovation ETF.\nIf outflows continue today and Tesla comes under pressure again then this indicator could very well hit a new record in terms of being an outlier signaling a negative feedback loop on risk has started.","news_type":1},"isVote":1,"tweetType":1,"viewCount":210,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}