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Wil17

Wil17

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2022-11-30

Ok

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2022-12-04

Ok

11 Hours With Sam Bankman-Fried: Inside the Bahamian Penthouse After FTX’s Fall

2021-08-22

Medtec is an oversold stock at the moment. This company has been earning even before Cck is. Even it announced lesser profits than last year , it is still sustainable and in the Long-run, medical supplies are required to live with this endemic covid-19. As such I can conclude that this stock is sustainable and will earn for many years to come.

2023-02-10

Oic

@HelenJanet:Many EV stocks have risen sharply since Jan 2023 especially for $Tesla Motors(TSLA)$ stock which is now more than doubled from its 52 week low at $101,81. A few days ago I have started to use Auto-investing method to invest Tesla and I have earned a paper profit of almost 8% today as shown in the PnL% photo below. Auto-Investing helps to lower our average cost potentially through dollar cost averaging and reduce the risk of market timing.

2021-07-01

What goes up but cannot come down ?

Why NIO Stock Is Moving Higher Today

2022-01-25

Buy ?

Tesla Stock Is Getting Hammered. Here’s Where Shares Might Find Support.

2022-09-11

Ok

Disney Boss Rejects Dan Loeb’s Calls to Spin off ESPN

2021-07-11

To the moon

Sorry, the original content has been removed

2021-07-01

Great! All the way to the moon

S&P 500 notches fifth straight record closing high, fifth straight quarterly gain

2022-10-20

Oh

Sorry, the original content has been removed

2022-10-12

Oh

Sorry, the original content has been removed

2021-07-10

Great

The bull market in stocks may last up to five years — here are six reasons why

2021-07-04

Just buy it

Sorry, the original content has been removed

2022-01-28

Oh

U.S. Stocks Ends Lower after Another Wild Ride

2022-01-05

Wah

3 Wildly Undervalued Stocks to Buy and Hold for the Next Decade

2021-07-21

Great to the moon

AMC to reopen two of the top-grossing movie theaters in Los Angeles

2021-07-10

Yes time to get in soon

Sorry, the original content has been removed

2021-06-28

Gosh

Hong Kong Exchanges Cancels Morning Session Due to Rainstorm Warning

2021-06-25

Monitoring

Sorry, the original content has been removed

2022-01-22

Can buy

US STOCKS-S&P 500, Nasdaq Post Worst Weeks since Pandemic Start as Netflix Woes Deepen Slide

Go to Tiger App to see more news

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transaction","bigImgUrl":"https://static.tigerbbs.com/2e08a1cc2087a1de93402c2c290fa65b","smallImgUrl":"https://static.tigerbbs.com/4504a6397ce1137932d56e5f4ce27166","grayImgUrl":"https://static.tigerbbs.com/4b22c79415b4cd6e3d8ebc4a0fa32604","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100}],"userBadgeCount":4,"currentWearingBadge":null,"individualDisplayBadges":null,"crmLevel":3,"crmLevelSwitch":0,"location":null,"starInvestorFollowerNum":0,"starInvestorFlag":false,"starInvestorOrderShareNum":0,"subscribeStarInvestorNum":0,"ror":null,"winRationPercentage":null,"showRor":false,"investmentPhilosophy":null,"starInvestorSubscribeFlag":false},"baikeInfo":{},"tab":"hot","tweets":[{"id":9954973400,"gmtCreate":1675959072601,"gmtModify":1675959898095,"author":{"id":"3574687898874038","authorId":"3574687898874038","name":"Wil17","avatar":"https://static.tigerbbs.com/0cfd41bcd17de187675ea0796762da27","crmLevel":3,"crmLevelSwitch":0},"themes":[],"htmlText":"Oic","listText":"Oic","text":"Oic","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9954973400","repostId":"9954973041","repostType":1,"repost":{"id":9954973041,"gmtCreate":1675958429784,"gmtModify":1675958433682,"author":{"id":"3581735774790928","authorId":"3581735774790928","name":"HelenJanet","avatar":"https://static.tigerbbs.com/1730eb70f7129a82541df3a6f640a671","crmLevel":6,"crmLevelSwitch":0},"themes":[],"htmlText":"Many EV stocks have risen sharply since Jan 2023 especially for <a href=\"https://ttm.financial/S/TSLA\">$Tesla Motors(TSLA)$&nbsp;</a><v-v data-views=\"1\"></v-v>&nbsp;stock which is now more than doubled from its 52 week low at $101,81. A few days ago I have started to use Auto-investing method to invest Tesla and I have earned a paper profit of almost 8% today as shown in the PnL% photo below.&nbsp;Auto-Investing helps to lower our average cost potentially through dollar cost averaging and reduce the risk of market timing.","listText":"Many EV stocks have risen sharply since Jan 2023 especially for <a href=\"https://ttm.financial/S/TSLA\">$Tesla Motors(TSLA)$&nbsp;</a><v-v data-views=\"1\"></v-v>&nbsp;stock which is now more than doubled from its 52 week low at $101,81. A few days ago I have started to use Auto-investing method to invest Tesla and I have earned a paper profit of almost 8% today as shown in the PnL% photo below.&nbsp;Auto-Investing helps to lower our average cost potentially through dollar cost averaging and reduce the risk of market timing.","text":"Many EV stocks have risen sharply since Jan 2023 especially for $Tesla Motors(TSLA)$ stock which is now more than doubled from its 52 week low at $101,81. A few days ago I have started to use Auto-investing method to invest Tesla and I have earned a paper profit of almost 8% today as shown in the PnL% photo below. Auto-Investing helps to lower our average cost potentially through dollar cost averaging and reduce the risk of market timing.","images":[{"img":"https://community-static.tradeup.com/news/b53c3c15ce77352cc7bf6f065446d61e","width":"523","height":"673"}],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9954973041","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":155,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9964375337,"gmtCreate":1670089915130,"gmtModify":1676538300994,"author":{"id":"3574687898874038","authorId":"3574687898874038","name":"Wil17","avatar":"https://static.tigerbbs.com/0cfd41bcd17de187675ea0796762da27","crmLevel":3,"crmLevelSwitch":0},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9964375337","repostId":"1152464265","repostType":4,"repost":{"id":"1152464265","pubTimestamp":1670022054,"share":"https://www.laohu8.com/m/news/1152464265?lang=&edition=full","pubTime":"2022-12-03 07:00","market":"us","language":"en","title":"11 Hours With Sam Bankman-Fried: Inside the Bahamian Penthouse After FTX’s Fall","url":"https://stock-news.laohu8.com/highlight/detail?id=1152464265","media":"Bloomberg","summary":"Sam Bankman-Fried’s $30 million Bahamas penthouse looks like a dorm after the students have left for winter break. The dishwasher is full. Towels are piled in the laundry room. Bat streamers from a Ha","content":"<html><head></head><body><p><img src=\"https://static.tigerbbs.com/cb8b5a354d9d687bd95cdff74dddc508\" tg-width=\"1214\" tg-height=\"811\" width=\"100%\" height=\"auto\"/></p><p>Sam Bankman-Fried’s $30 million Bahamas penthouse looks like a dorm after the students have left for winter break. The dishwasher is full. Towels are piled in the laundry room. Bat streamers from a Halloween party are still hanging from a doorway. Two boxes of Legos sit on the floor of one bedroom. And then there are the shoes—dozens of sneakers and heels piled in the foyer, left behind by employees who fled the island of New Providence last month when his cryptocurrency exchangeFTX imploded.</p><p>“It’s been an interesting few weeks,” Bankman-Fried says in a chipper tone as he greets me. It’s a muggy Saturday afternoon, eight days after FTX filed for bankruptcy. He’s shoeless, in white gym socks, a red T-shirt and wrinkled khaki shorts. His standard uniform.</p><p>This isn’t part of the typical tour Bankman-Fried gave to the many reporters who came to tell the tale of the boy-genius-crypto-billionaire who slept on a beanbag chair next to his desk and only got rich so he could give it all away, and it’s easy to see why. The apartment is at the top of one of the luxury condo buildings that border a marina in a gated community called Albany. Outside, deckhands buff the stanchions of a 200-foot yacht owned by a fracking billionaire. A bronze replica of Wall Street’s<i>Charging Bull</i>statue stands on the lawn, which is as manicured as the residents. I feel like I’ve crash-landed on an alien planet populated solely by the very rich and the people who work for them.</p><p>Bankman-Fried leads me down a marble-floored hallway to a small bedroom, where he perches on a plush brown couch. Always known for being jittery, he taps his foot so hard it rattles a coffee table, smacks gum and rubs his index finger with his thumb like he’s twirling an invisible fidget spinner. But he seems almost cheerful as he explains why he’s invited me into his 12,000-square-foot bolthole, against the advice of his lawyers, even as investigators from theUS Department of Justice probewhether he used customers’ funds to prop up his hedge fund, a crime that could send him to prison for years. (Spoiler alert: It sure looks like he did.)</p><p>“What I’m focusing on is what I can do, right now, to try and make things as right as possible,” Bankman-Fried says. “I can’t do that if I’m just focused on covering my ass.”</p><p>But he seems to be doing just that, with me here and all along the apology tour he’ll later embark on, which will include a video appearance at a<i>New York Times</i>conference and an interview on<i>Good Morning America</i>. He’s been trying to blame his firm’s failure on a hazy combination of comically poor bookkeeping, wildly misjudged risks and complete ignorance of what his hedge fund was doing. In other words, an alumnus of both MIT and the elite Wall Street trading firmJane Streetis arguing that he was just dumb with the numbers—not pulling a conscious fraud. Talking in detail to journalists about what’s certain to be the subject of extensive litigation seems like an unusual strategy, but it makes sense: The press helped him create his only-honest-man-in-crypto image, so why not use them to talk his way out of trouble?</p><p><img src=\"https://static.tigerbbs.com/79b2ba9ef6da8454146f200cdc460f6e\" tg-width=\"1000\" tg-height=\"666\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>Bankman-Fried after an interview on<i>Bloomberg Wealth With David Rubenstein</i>on Aug. 17, 2022.Photographer: Jeenah Moon/Bloomberg</p><p>He doesn’t say so, but one reason he might be willing to speak with me is that I’m one of the reporters who helped build him up. After spending two days at FTX’s offices in February, I flew past the brightred flagsat his company—its lack of corporate governance, the ties to his Alameda Research hedge fund, its profligate spending on marketing, the fact that it operated largely outside US jurisdiction. Iwrote a storyfocused on whether Bankman-Fried would follow through on his plans to donate huge sums to charity and his connections to an unusual philanthropic movement calledeffective altruism.</p><p>It wasn’t the most embarrassingly puffy of the many puff pieces that came out about him. (“After my interview with SBF, I was convinced: I was talking to a future trillionaire,” one writer said in an article commissioned by a venture capital firm.) But my tone wasn’t entirely dissimilar. “Bankman-Fried is a thought experiment from a college philosophy seminar come to life,” I wrote. “Should someone who wants to save the world first amass as much money and power as possible, or will the pursuit corrupt him along the way?” Now it seems pretty clear that a better question would’ve been whether the business was ascam from the start.</p><p>I tell Bankman-Fried I want to talk about the decisions that led to FTX’s collapse, and why he took them. Earlier in the week, inlate-night DM exchangeswith a<i>Vox</i>reporter and on a phone call with a YouTuber, he made comments that many interpreted as an admission that everything he said was a lie. (“So the ethics stuff, mostly a front?” the<i>Vox</i>reporter asked. “Yeah,” Bankman-Fried replied.) He’d spoken so cynically about his motivations that to many it seemed like a comic book character was pulling off his mask to reveal the villain who’d been hiding there all along.</p><p>I set out on this visit with a different working theory. Maybe I was feeling the tug of my past reporting, but I still didn’t think the talk about charity was all made up. Since he was a teenager, Bankman-Fried has described himself as utilitarian—following the philosophy that the correct action is the one likely to result in the greatest good for the greatest number of people. He said his endgame was making and donating enough money to prevent pandemics and stop runaway artificial intelligence from destroying humanity. Faced with a crisis, and believing he was the hero of his own sci-fi movie, he might’ve thought it was right to make a crazy, even illegal, gamble to save his company.</p><p>To be clear, if that’s what happened, it’s the logic of a megalomaniac, not a martyr. The money wasn’t his to gamble with, and “the ends justify the means” is a cliché of bad ethics. But if it’s what he believed, he might still think he’d made the right decision, even if it didn’t work out. It seemed to me that’s what he meant when he messaged<i>Vox</i>, “The worst quadrant is sketchy + lose. The best is win + ???” I want to probe that, in part because it might get him to talk more candidly about what had happened to his customers’ money.</p><p>I decide to approach the topic gingerly, on terms I think he’ll relate to, as it seems he’s in less of a crime-confess-y mood. He’s said he likes to evaluate decisions in terms of expected value—the odds of success times the likely payoff—so I begin by asking: “Should I judge you by your impact, or by the expected value of your decision?”</p><p>“When all is said and done, what matters is your actual realized impact. Like, that’s what actually matters to the world,” he says. “But, obviously, there’s luck.”</p><p>That’s the in I’m looking for. For the next 11 hours—with breaks for fundraising calls and a very awkward dinner—I try to get him to tell me exactly what he meant. He denies that he’s committed fraud or lied to anyone and blames FTX’s failure on his sloppiness and inattention. But at points it seems like he’s saying he got<i>un</i>lucky, or miscalculated the odds.</p><p>Bankman-Fried tells me he’s still got a chance to raise $8 billion to save his company. He seems delusional, or committed to pretending this is still an error he can fix, and either way, the few supporters remaining at his penthouse seem unlikely to set him straight. The grim scene reminds me a bit of the end of<i>Scarface</i>, with Tony Montana holed up in his mansion, semi-incoherent, his unknown enemies sneaking closer. But instead of mountains of cocaine, Bankman-Fried is clinging to spreadsheet tabs filled with wildly optimistic cryptocurrency valuations.</p><p>Think of FTX like an offshore casino. Customers sent in money, then gambled on the price of hundreds ofcryptocurrencies—not just Bitcoin or Ether, but more obscure coins. In crypto slang, the latter are called shitcoins, because almost no one knows what they’re for. But in the past few years, otherwise respectable people, from retired dentists to heads of state, convinced themselves that these coins werethe future of finance. Or at least that enough other people might think so to make the price go up. Bankman-Fried’s casino was growing so fast that earlier this year some of Silicon Valley’s top venture capitalists invested in it at a $32 billion valuation.</p><p>The problem surfaced last month. After a rival crypto-casino kingpin raised concerns about FTX on Twitter, customers rushed to cash in their chips. But when Bankman-Fried’s casino opened the vault, their money wasn’t there. According to multiple news reports citing people familiar with the matter, it had been secretly lent to Bankman-Fried’s hedge fund, which had lost it in some mix of bad bets, insane spending and perhaps something even sketchier. John Ray III, the lawyer who’s now chief executive officer of the bankrupt exchange, has alleged in court that FTX covered up the loans using secret software.</p><p>Bankman-Fried denies this again to me. Returning to the framework of expected value, I ask him if the decisions he made were correct.</p><p>“I think that I’ve made a lot of plus-EV decisions and a few very large boneheaded decisions,” he says. “Certainly in retrospect, those very large decisions were very bad, and may end up overwhelming everything else.”</p><p>The chain of events, in his telling, started about four years ago. Bankman-Fried was in Hong Kong, where he’d moved from Berkeley, California, with a small group of friends from the effective-altruism community. Together they ran a successful startup crypto hedge fund,Alameda Research. (The name itself was an early example of his casual attitude toward rules—it was chosen to avoid scrutiny from banks, which frequently closed its accounts. “If we named our company like, Shitcoin Daytraders Inc., they’d probably just reject us,” Bankman-Fried told a podcaster in 2021. “But, I mean, no one doesn’t like research.”)</p><p>The fund had made millions of dollars exploiting inefficiencies across cryptocurrency exchanges. (Ex-employees, even those otherwise critical of Bankman-Fried, have said this is true, though some have said Alameda then lost some of that money because of bad trades and mismanagement.) Bankman-Fried and his friends began considering starting their own exchange—what would become FTX.</p><p>The way Bankman-Fried later described this decision reveals his attitude toward risk. He estimated there was an 80% chance the exchange would fail to attract enough customers. But he’s said one should always take a bet, even a long-shot one, if the expected value is positive, calling this stance “risk neutral.” But it actually meant he would take risks that to a normal person sound insane. “As an individual, to make a bet where it’s like, ‘I’m going to gamble my $10 billion and either get $20 billion or $0, with equal probability,’ would be madness,” Rob Wiblin, host of an effective-altruism podcast, said to Bankman-Fried in April. “But from an altruistic point of view, it’s not so crazy.”</p><p>“Completely agree,” Bankman-Fried replied. He told another interviewer that he’d make a bet described as a chance of “51% you double the earth out somewhere else, 49% it all disappears.”</p><p>Bankman-Fried and his friends jump-started FTX by having Alameda provide liquidity. It was a huge conflict of interest. Imagine if the top executives at an online poker site also entered its high-stakes tournaments—the temptation to cheat by peeking at other players’ cards would be huge. But Bankman-Fried assured customers that Alameda would play by the same rules as everyone else, and enough people came to trade that FTX took off. “Having Alameda provide liquidity on FTX early on was the right decision, because I think that helped make FTX a great product for users, even though it obviously ended up backfiring,” Bankman-Fried tells me.</p><p>Part of FTX’s appeal was that it was mostly a derivatives exchange, which allowed customers to trade “on margin,” meaning with borrowed money. That’s a key to his defense. Bankman-Fried argues no one should be surprised that big traders on FTX, including Alameda, were borrowing from the exchange, and that his fund’s position just somehow got out of hand. “Everyone was borrowing and lending,” he says. “That’s been its calling card.” But FTX’s normal margin system, crypto traders tell me, would never have permitted anyone to accumulate a debt that looked like Alameda’s. When I ask if Alameda had to follow the same margin rules as other traders, he admits the fund did not. “There was more leeway,” he says.</p><p>That wouldn’t have been so important had Alameda stuck to its original trading strategy of relatively low-risk arbitrage trades. But in 2020 and 2021, as Bankman-Fried became the face of FTX, amajor political donorand a favorite of Silicon Valley, Alameda faced more competition in that market-making business. It shifted its strategy to, essentially, gambling on shitcoins.</p><p>As Caroline Ellison, then Alameda’s co-CEO, explained in aMarch 2021 post on Twitter: “The way to really make money is figure out when the market is going to go up and get balls long before that,” she wrote, adding that she’d learned the strategy from the classic market-manipulation memoir,<i>Reminiscences of a Stock Operator.</i>Her co-CEO said in another tweet that a profitable strategy was buying Dogecoin becauseElon Musktweeted about it.</p><p>The reason they were bragging about what sounded like a high schooler’s tactics was that it was working better than anyone knew. When we spoke in February 2022, Bankman-Fried told me that Alameda had made $1 billion the previous year. He now says that was Alameda’s arbitrage profits. On top of that, its shitcoins gained tens of billions of dollars of value, at least on paper. “If you mark everything to market, I do believe at one point my net worth got to $100 billion,” Bankman-Fried says.</p><p>Any trader would know this wasn’t nearly as good as it sounded. The large pile of tokens couldn’t be turned into cash without crashing the market. Much of it was even made of tokens that Bankman-Fried and his friends had spun up themselves, such as FTT, Serum or Maps—the official currency of a nonsensical crypto-meets-mapping app—or were closely affiliated with, like Solana. While Bankman-Fried acknowledges the pile was worth something less than $100 billion—maybe he’d mark it down a third, he says—he maintains that he could have extracted quite a lot of real money from his holdings.</p><p>But he didn’t. Instead, Alameda borrowed billions of dollars from other crypto lenders—not FTX—and sunk them into more crypto bets. Publicly, Bankman-Fried presented himself as an ethical operator andcalled for regulationto rein in crypto’s worst excesses. But through his hedge fund, he’d actually become the market’s most degenerate gambler. I ask him why, if he really thought he could sell the tokens, he didn’t. “Why not, like, take some risk off?”</p><p>“OK. In retrospect, absolutely. That would’ve been the right, like, unambiguously the right thing to do,” he says. “But also it was just, like, hilariously well-capitalized.”</p><p>Near the peak of the great shitcoin boom, in April 2022, FTX hosted a lavish conference at a resort and casino in Nassau. It was Bankman-Fried’s coming out party. He got to share the stage with quarterback Tom Brady. Also there: former Prime Minister Tony Blair and ex-President Bill Clinton, who extended a fatherly hand when the young crypto executive seemed nervous. The author Michael Lewis, who’s working on a book about Bankman-Fried, praised him in a fawning interview onstage. “You’re breaking land speed records. And I don’t think people are really noticing what’s happened, just how dramatic the revolution has become,” Lewis said, asking when crypto would take over Wall Street.</p><p>The next month, thecrypto crash began. It started when a popular set of coins called Terra and Luna collapsed, wiping out $60 billion. Terra and Luna were almost openly a Ponzi scheme, but some of the biggest crypto funds had invested in them with borrowed money and went bankrupt. This made the lenders who’d lent billions of dollars to Alameda nervous. They asked Alameda to repay the loans, with real money. It needed billions of dollars, fast, or it would go bust.</p><p>There are two different versions of what happened next. Two people with knowledge of the matter told me that Ellison, by then the sole head of Alameda, had told her side of the story to her staff amid the crisis. Ellison said that she, Bankman-Fried and his two top lieutenants—Gary Wang and Nishad Singh—had discussed the shortfall. Instead of admitting Alameda’s failure, they decided to use FTX customer funds to cover it, according to the people. If that’s true, all four executives would’ve knowingly committed fraud. (Ellison, Wang and Singh didn’t respond to messages seeking comment.)</p><p>When I put this to Bankman-Fried, he screws up his eyes, furrows his eyebrows, puts his hands in his hair and thinks for a few seconds.</p><p>“So, it’s not how I remember what happened,” Bankman-Fried says. But he surprises me by acknowledging that there had been a meeting, post-Luna crash, where they debated what to do about Alameda’s debts. The way he tells it, he was packing for a trip to DC and “only kibitzing on parts of the discussion.” It didn’t seem like a crisis, he says. It was a matter of extending a bit more credit to a fund that already traded on margin and still had a pile of collateral worth way more than enough to cover the loan. (Although the pile of collateral was largely shitcoins.)</p><p>“That was the point at which Alameda’s margin position on FTX got, well, it got more leveraged substantially,” he says. “Obviously, in retrospect, we should’ve just said no. I sort of didn’t realize then how large the position had gotten.”</p><p>“You were all aware there was a chance this would not work,” I say.</p><p>“That’s right,” he says. “But I thought that the risk was substantially smaller.”</p><p>I try to imagine what he could’ve been thinking. If FTX had liquidated Alameda’s position, the fund would’ve gone bankrupt, and even if the exchange didn’t take direct losses, customers would’ve lost confidence in it. Bankman-Fried points out that the companies that lent money to Alameda might have failed, too, causing a hard-to-predict cascade of events.</p><p>“Now let’s say you don’t margin call Alameda,” I posit. “Maybe you think there’s like a 70% chance everything will be OK, it’ll all work out?”</p><p>“Yes, but also in the cases where it didn’t work out, I thought the downside was not nearly as high as it was,” he says. “I thought that there was the risk of a much smaller hole. I thought it was going to be manageable.”</p><p>Bankman-Fried pulls out his laptop (an Acer Predator) and opens a spreadsheet to show what he meant. It’s similar to thebalance sheethe reportedly showed investors when he was seeking a last-minute bailout, which he says consolidated FTX and Alameda’s positions because by then the fund had defaulted on its debt. On one line—labeled “What I *thought*”—he lists $8.9 billion in debts and way more than enough money to pay them: $9 billion in liquid assets, $15.4 billion in “less liquid” assets and $3.2 billion in “illiquid” ones. He tells me this was more or less the position he was considering when he had the meeting with the other executives.</p><p>“It looks naively to me like, you know, there’s still some significant liabilities out there, but, like, we should be able to cover it,” he says.</p><p>“So what’s the problem, then?”</p><p>Bankman-Fried points to another place on the spreadsheet, which he says shows the actual truth of the situation at the time of the meeting. This one shows similar numbers, but with $8 billion less liquid assets.</p><p>“What’s the difference between these two rows here?” he asks.</p><p>“You didn’t have $8 billion in cash that you thought you had,” I say.</p><p>“That’s correct. Yes.”</p><p>“You misplaced $8 billion?” I ask.</p><p>“Misaccounted,” Bankman-Fried says, sounding almost proud of his explanation. Sometimes, he says, customers would wire money to Alameda Research instead of sending it directly to FTX. (Some banks were more willing to work with the hedge fund than the exchange, for some reason.) He claims that somehow, FTX’s internal accounting system double-counted this money, essentially crediting it to both the exchange and the fund.</p><p>That still doesn’t explain why the money was gone. “Where did the $8 billion go?” I ask.</p><p>To answer, Bankman-Fried creates a new tab on the spreadsheet and starts typing. He lists Alameda and FTX’s biggest cash flows. One of the biggest expenses is paying a net $2.5 billion toBinance, a rival, to buy out its investment in FTX. He also lists $250 million for real estate, $1.5 billion for expenses, $4 billion for venture capital investments, $1.5 billion for acquisitions and $1 billion labeled “fuckups.” Even accounting for both firms’ profits, and all the venture capital money raised by FTX, it tallies to negative $6.5 billion.</p><p>Bankman-Fried is telling me that the billions of dollars customers wired to Alameda is gone simply because the companies spent way more than they made. He claims he paid so little attention to his expenses that he didn’t realize he was spending more than he was taking in. “I was real lazy about this mental math,” the former physics major says. He creates another column in his spreadsheet and types in much lower numbers to show what he thought he was spending at the time.</p><p>It seems to me like he is, without saying it exactly, blaming his underlings for FTX’s failure, especially Ellison, the head of Alameda. The two had dated and lived together at times. She was part of Bankman-Fried’s Future Fund, which was supposed to distribute FTX and Alameda’s earnings to effective-altruist-approved causes. It seems unlikely she would’ve blown billions of dollars without asking. “People might take, like, the TLDR as, like, it was my ex-girlfriend’s fault,” I tell him. “That is sort of what you’re saying.”</p><p>“I think the biggest failure was that it wasn’t entirely clear whose fault it was,” he says.</p><p>Bankman-Fried tells me he has to make a call. After a while, the sun goes down and I’m hungry. I’m allowed to join a group of Bankman-Fried’s supporters for dinner, as long as I don’t mention their names.</p><p>With the curtains drawn, the living room looks considerably less grand than it does in pictures. I’ve been told that FTX employees gathered here amid the crisis, while Bankman-Fried worked in another apartment. Addled by stress and sleep deprivation, they wept and hugged one another. Most didn’t say goodbye as they left the island, one by one. Many flew back to their childhood homes to be with their parents.</p><p>The supporters at the dinner tell me they feel like the press has been unfair. They say that Bankman-Fried and his friends weren’t the polyamorous partiers the tabloids have portrayed and that they did little besides work. Earlier in the week, a Bahamian man who’d served as FTX’s round-the-clock chauffeur and gofer also told me the reports weren’t true. “People make it seem like this big<i>Wolf of Wall Street</i>thing,” he said. “Bro, it was a bunch of nerds.”</p><p><img src=\"https://static.tigerbbs.com/b87535c118f069e782e80762398d0a9c\" tg-width=\"1000\" tg-height=\"1000\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>Illustration: Maxime Mouysset for Bloomberg Businessweek</p><p>By the time I finish my plate of off-the-record rice and beans, Bankman-Fried is free again. We return to the study. He’s barefoot now, having balled up his gym socks and stuffed them behind a couch cushion. He lies on the couch, his computer on his lap. The light from the screen casts shadows of his curls on his forehead.</p><p>I notice a skin-colored patch on his arm. He tells me it’s a transdermal antidepressant, selegiline. I ask if he’s using it as a performance enhancer or to treat depression. “Nothing’s binary,” he says. “But I’ve been borderline depressed for my whole life.” He adds that he also sometimes takes Adderall—“10 milligrams at a time, a few times a day”—as did some of his colleagues, but that talk of drug use is overblown. “I don’t think that was the problem,” he says.</p><p>I tell Bankman-Fried my theory about his motivation, sidestepping the question of whether he misappropriated customer funds. Bankman-Fried denies that his world-saving goals made him willing to take giant gambles. As we talk more, it seems like he’s saying he made some kind of bet but hadn’t calculated the expected value properly.</p><p>“I was comfortable taking the risk that, like, I may end up kind of falling flat,” he says, staring at his computer screen, where he had pulled up a game and was leading an army of cartoon knights and fairies into battle. “But what actually happened was disastrously bad and, like, no significant chance of that happening would’ve made sense to risk, and that was a fuckup. Like, that was a mass miscalculation in downside.”</p><p>I read Bankman-Fried a post by Will MacAskill, one of the founders of the effective-altruism movement. He recruited Bankman-Fried into it when he was a junior at MIT and this year had joined the board of Bankman-Fried’s Future Fund. On Nov. 11,MacAskill wrote on Twitterthat Bankman-Fried had betrayed him. “For years, the EA community has emphasized the importance of integrity, honesty and the respect of common-sense moral constraints,” MacAskill wrote. “If customer funds were misused, then Sam did not listen; he must have thought he was above such considerations.”</p><p>Bankman-Fried closes his eyes and pushes his toes against one arm of the couch, clenching the other arm with his hands. “That’s not how I view what happened,” he says. “But I did fuck up. I think really what I want to say is, like, I’m really fucking sorry. By far the worst thing about this is that it will tarnish the reputation of people who are dedicated to doing nothing but what they thought was best for the world.” Bankman-Fried trails off. On his computer screen, his army casts spells and swings swords unattended.</p><p>I ask what he’d say to people who are comparing him to the most famous Ponzi schemer of recent times. “Bernie Madoff also said he had good intentions and gave a lot to charity,” I say.</p><p>“FTX was a legitimate, profitable, thriving business. And I fucked up by, like, allowing a margin position to get too big on it. One that endangered the platform. It was a completely unnecessary and unforced error, which like maybe I got super unlucky on, but, like, that was my bad.”</p><p>“It fucking sucks,” he adds. “But it wasn’t inherent to what the business was. It was just a fuckup. A huge fuckup.”</p><p>To me, it doesn’t really seem like a fuckup. Even if I believe that he misplaced and accidentally spent $8 billion, he’s already told me that Alameda had been allowed to violate FTX’s margin rules. This wasn’t some little technical thing. He was so proud of FTX’s margining system that he’d been lobbying regulators for it to be used on US exchanges instead of traditional safeguards. In May, Bankman-Fried himself said on Twitter that exchanges should never extend credit to a fund and put other customers’ assets at risk. He wrote that the idea an exchange would even have that discretion was “scary.” I read him the tweets and ask: “Isn’t that, like, exactly what you did, right around that time?”</p><p>“Yeah, I guess that’s kind of fair,” he says. Then he seems to claim that this was evidence the rules he was lobbying for were a good idea. “I think this is one of the things that would have stopped.”</p><p>“You had a rule on your platform. You didn’t follow it,” I say.</p><p>By now it’s past midnight, and—operating without the benefit of any prescription stimulants—I’m worn out. I ask Bankman-Fried if I can see the apartment’s deck before I leave. Outside, crickets chirp as we stand by the pool. The marina is dark, lit only by the spotlights of yachts. As I say goodbye, Bankman-Fried bites into a burger bun and starts talking about potential bailouts with one of his supporters.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>11 Hours With Sam Bankman-Fried: Inside the Bahamian Penthouse After FTX’s Fall</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\">\n11 Hours With Sam Bankman-Fried: Inside the Bahamian Penthouse After FTX’s Fall\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-12-03 07:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/features/2022-12-02/inside-sam-bankman-fried-s-bahamian-penthouse-after-ftx-s-collapse?srnd=premium-asia><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Sam Bankman-Fried’s $30 million Bahamas penthouse looks like a dorm after the students have left for winter break. The dishwasher is full. Towels are piled in the laundry room. Bat streamers from a ...</p>\n\n<a href=\"https://www.bloomberg.com/news/features/2022-12-02/inside-sam-bankman-fried-s-bahamian-penthouse-after-ftx-s-collapse?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":{"COIN":"Coinbase Global, Inc.","GBTC":"Grayscale Bitcoin Trust"},"source_url":"https://www.bloomberg.com/news/features/2022-12-02/inside-sam-bankman-fried-s-bahamian-penthouse-after-ftx-s-collapse?srnd=premium-asia","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1152464265","content_text":"Sam Bankman-Fried’s $30 million Bahamas penthouse looks like a dorm after the students have left for winter break. The dishwasher is full. Towels are piled in the laundry room. Bat streamers from a Halloween party are still hanging from a doorway. Two boxes of Legos sit on the floor of one bedroom. And then there are the shoes—dozens of sneakers and heels piled in the foyer, left behind by employees who fled the island of New Providence last month when his cryptocurrency exchangeFTX imploded.“It’s been an interesting few weeks,” Bankman-Fried says in a chipper tone as he greets me. It’s a muggy Saturday afternoon, eight days after FTX filed for bankruptcy. He’s shoeless, in white gym socks, a red T-shirt and wrinkled khaki shorts. His standard uniform.This isn’t part of the typical tour Bankman-Fried gave to the many reporters who came to tell the tale of the boy-genius-crypto-billionaire who slept on a beanbag chair next to his desk and only got rich so he could give it all away, and it’s easy to see why. The apartment is at the top of one of the luxury condo buildings that border a marina in a gated community called Albany. Outside, deckhands buff the stanchions of a 200-foot yacht owned by a fracking billionaire. A bronze replica of Wall Street’sCharging Bullstatue stands on the lawn, which is as manicured as the residents. I feel like I’ve crash-landed on an alien planet populated solely by the very rich and the people who work for them.Bankman-Fried leads me down a marble-floored hallway to a small bedroom, where he perches on a plush brown couch. Always known for being jittery, he taps his foot so hard it rattles a coffee table, smacks gum and rubs his index finger with his thumb like he’s twirling an invisible fidget spinner. But he seems almost cheerful as he explains why he’s invited me into his 12,000-square-foot bolthole, against the advice of his lawyers, even as investigators from theUS Department of Justice probewhether he used customers’ funds to prop up his hedge fund, a crime that could send him to prison for years. (Spoiler alert: It sure looks like he did.)“What I’m focusing on is what I can do, right now, to try and make things as right as possible,” Bankman-Fried says. “I can’t do that if I’m just focused on covering my ass.”But he seems to be doing just that, with me here and all along the apology tour he’ll later embark on, which will include a video appearance at aNew York Timesconference and an interview onGood Morning America. He’s been trying to blame his firm’s failure on a hazy combination of comically poor bookkeeping, wildly misjudged risks and complete ignorance of what his hedge fund was doing. In other words, an alumnus of both MIT and the elite Wall Street trading firmJane Streetis arguing that he was just dumb with the numbers—not pulling a conscious fraud. Talking in detail to journalists about what’s certain to be the subject of extensive litigation seems like an unusual strategy, but it makes sense: The press helped him create his only-honest-man-in-crypto image, so why not use them to talk his way out of trouble?Bankman-Fried after an interview onBloomberg Wealth With David Rubensteinon Aug. 17, 2022.Photographer: Jeenah Moon/BloombergHe doesn’t say so, but one reason he might be willing to speak with me is that I’m one of the reporters who helped build him up. After spending two days at FTX’s offices in February, I flew past the brightred flagsat his company—its lack of corporate governance, the ties to his Alameda Research hedge fund, its profligate spending on marketing, the fact that it operated largely outside US jurisdiction. Iwrote a storyfocused on whether Bankman-Fried would follow through on his plans to donate huge sums to charity and his connections to an unusual philanthropic movement calledeffective altruism.It wasn’t the most embarrassingly puffy of the many puff pieces that came out about him. (“After my interview with SBF, I was convinced: I was talking to a future trillionaire,” one writer said in an article commissioned by a venture capital firm.) But my tone wasn’t entirely dissimilar. “Bankman-Fried is a thought experiment from a college philosophy seminar come to life,” I wrote. “Should someone who wants to save the world first amass as much money and power as possible, or will the pursuit corrupt him along the way?” Now it seems pretty clear that a better question would’ve been whether the business was ascam from the start.I tell Bankman-Fried I want to talk about the decisions that led to FTX’s collapse, and why he took them. Earlier in the week, inlate-night DM exchangeswith aVoxreporter and on a phone call with a YouTuber, he made comments that many interpreted as an admission that everything he said was a lie. (“So the ethics stuff, mostly a front?” theVoxreporter asked. “Yeah,” Bankman-Fried replied.) He’d spoken so cynically about his motivations that to many it seemed like a comic book character was pulling off his mask to reveal the villain who’d been hiding there all along.I set out on this visit with a different working theory. Maybe I was feeling the tug of my past reporting, but I still didn’t think the talk about charity was all made up. Since he was a teenager, Bankman-Fried has described himself as utilitarian—following the philosophy that the correct action is the one likely to result in the greatest good for the greatest number of people. He said his endgame was making and donating enough money to prevent pandemics and stop runaway artificial intelligence from destroying humanity. Faced with a crisis, and believing he was the hero of his own sci-fi movie, he might’ve thought it was right to make a crazy, even illegal, gamble to save his company.To be clear, if that’s what happened, it’s the logic of a megalomaniac, not a martyr. The money wasn’t his to gamble with, and “the ends justify the means” is a cliché of bad ethics. But if it’s what he believed, he might still think he’d made the right decision, even if it didn’t work out. It seemed to me that’s what he meant when he messagedVox, “The worst quadrant is sketchy + lose. The best is win + ???” I want to probe that, in part because it might get him to talk more candidly about what had happened to his customers’ money.I decide to approach the topic gingerly, on terms I think he’ll relate to, as it seems he’s in less of a crime-confess-y mood. He’s said he likes to evaluate decisions in terms of expected value—the odds of success times the likely payoff—so I begin by asking: “Should I judge you by your impact, or by the expected value of your decision?”“When all is said and done, what matters is your actual realized impact. Like, that’s what actually matters to the world,” he says. “But, obviously, there’s luck.”That’s the in I’m looking for. For the next 11 hours—with breaks for fundraising calls and a very awkward dinner—I try to get him to tell me exactly what he meant. He denies that he’s committed fraud or lied to anyone and blames FTX’s failure on his sloppiness and inattention. But at points it seems like he’s saying he gotunlucky, or miscalculated the odds.Bankman-Fried tells me he’s still got a chance to raise $8 billion to save his company. He seems delusional, or committed to pretending this is still an error he can fix, and either way, the few supporters remaining at his penthouse seem unlikely to set him straight. The grim scene reminds me a bit of the end ofScarface, with Tony Montana holed up in his mansion, semi-incoherent, his unknown enemies sneaking closer. But instead of mountains of cocaine, Bankman-Fried is clinging to spreadsheet tabs filled with wildly optimistic cryptocurrency valuations.Think of FTX like an offshore casino. Customers sent in money, then gambled on the price of hundreds ofcryptocurrencies—not just Bitcoin or Ether, but more obscure coins. In crypto slang, the latter are called shitcoins, because almost no one knows what they’re for. But in the past few years, otherwise respectable people, from retired dentists to heads of state, convinced themselves that these coins werethe future of finance. Or at least that enough other people might think so to make the price go up. Bankman-Fried’s casino was growing so fast that earlier this year some of Silicon Valley’s top venture capitalists invested in it at a $32 billion valuation.The problem surfaced last month. After a rival crypto-casino kingpin raised concerns about FTX on Twitter, customers rushed to cash in their chips. But when Bankman-Fried’s casino opened the vault, their money wasn’t there. According to multiple news reports citing people familiar with the matter, it had been secretly lent to Bankman-Fried’s hedge fund, which had lost it in some mix of bad bets, insane spending and perhaps something even sketchier. John Ray III, the lawyer who’s now chief executive officer of the bankrupt exchange, has alleged in court that FTX covered up the loans using secret software.Bankman-Fried denies this again to me. Returning to the framework of expected value, I ask him if the decisions he made were correct.“I think that I’ve made a lot of plus-EV decisions and a few very large boneheaded decisions,” he says. “Certainly in retrospect, those very large decisions were very bad, and may end up overwhelming everything else.”The chain of events, in his telling, started about four years ago. Bankman-Fried was in Hong Kong, where he’d moved from Berkeley, California, with a small group of friends from the effective-altruism community. Together they ran a successful startup crypto hedge fund,Alameda Research. (The name itself was an early example of his casual attitude toward rules—it was chosen to avoid scrutiny from banks, which frequently closed its accounts. “If we named our company like, Shitcoin Daytraders Inc., they’d probably just reject us,” Bankman-Fried told a podcaster in 2021. “But, I mean, no one doesn’t like research.”)The fund had made millions of dollars exploiting inefficiencies across cryptocurrency exchanges. (Ex-employees, even those otherwise critical of Bankman-Fried, have said this is true, though some have said Alameda then lost some of that money because of bad trades and mismanagement.) Bankman-Fried and his friends began considering starting their own exchange—what would become FTX.The way Bankman-Fried later described this decision reveals his attitude toward risk. He estimated there was an 80% chance the exchange would fail to attract enough customers. But he’s said one should always take a bet, even a long-shot one, if the expected value is positive, calling this stance “risk neutral.” But it actually meant he would take risks that to a normal person sound insane. “As an individual, to make a bet where it’s like, ‘I’m going to gamble my $10 billion and either get $20 billion or $0, with equal probability,’ would be madness,” Rob Wiblin, host of an effective-altruism podcast, said to Bankman-Fried in April. “But from an altruistic point of view, it’s not so crazy.”“Completely agree,” Bankman-Fried replied. He told another interviewer that he’d make a bet described as a chance of “51% you double the earth out somewhere else, 49% it all disappears.”Bankman-Fried and his friends jump-started FTX by having Alameda provide liquidity. It was a huge conflict of interest. Imagine if the top executives at an online poker site also entered its high-stakes tournaments—the temptation to cheat by peeking at other players’ cards would be huge. But Bankman-Fried assured customers that Alameda would play by the same rules as everyone else, and enough people came to trade that FTX took off. “Having Alameda provide liquidity on FTX early on was the right decision, because I think that helped make FTX a great product for users, even though it obviously ended up backfiring,” Bankman-Fried tells me.Part of FTX’s appeal was that it was mostly a derivatives exchange, which allowed customers to trade “on margin,” meaning with borrowed money. That’s a key to his defense. Bankman-Fried argues no one should be surprised that big traders on FTX, including Alameda, were borrowing from the exchange, and that his fund’s position just somehow got out of hand. “Everyone was borrowing and lending,” he says. “That’s been its calling card.” But FTX’s normal margin system, crypto traders tell me, would never have permitted anyone to accumulate a debt that looked like Alameda’s. When I ask if Alameda had to follow the same margin rules as other traders, he admits the fund did not. “There was more leeway,” he says.That wouldn’t have been so important had Alameda stuck to its original trading strategy of relatively low-risk arbitrage trades. But in 2020 and 2021, as Bankman-Fried became the face of FTX, amajor political donorand a favorite of Silicon Valley, Alameda faced more competition in that market-making business. It shifted its strategy to, essentially, gambling on shitcoins.As Caroline Ellison, then Alameda’s co-CEO, explained in aMarch 2021 post on Twitter: “The way to really make money is figure out when the market is going to go up and get balls long before that,” she wrote, adding that she’d learned the strategy from the classic market-manipulation memoir,Reminiscences of a Stock Operator.Her co-CEO said in another tweet that a profitable strategy was buying Dogecoin becauseElon Musktweeted about it.The reason they were bragging about what sounded like a high schooler’s tactics was that it was working better than anyone knew. When we spoke in February 2022, Bankman-Fried told me that Alameda had made $1 billion the previous year. He now says that was Alameda’s arbitrage profits. On top of that, its shitcoins gained tens of billions of dollars of value, at least on paper. “If you mark everything to market, I do believe at one point my net worth got to $100 billion,” Bankman-Fried says.Any trader would know this wasn’t nearly as good as it sounded. The large pile of tokens couldn’t be turned into cash without crashing the market. Much of it was even made of tokens that Bankman-Fried and his friends had spun up themselves, such as FTT, Serum or Maps—the official currency of a nonsensical crypto-meets-mapping app—or were closely affiliated with, like Solana. While Bankman-Fried acknowledges the pile was worth something less than $100 billion—maybe he’d mark it down a third, he says—he maintains that he could have extracted quite a lot of real money from his holdings.But he didn’t. Instead, Alameda borrowed billions of dollars from other crypto lenders—not FTX—and sunk them into more crypto bets. Publicly, Bankman-Fried presented himself as an ethical operator andcalled for regulationto rein in crypto’s worst excesses. But through his hedge fund, he’d actually become the market’s most degenerate gambler. I ask him why, if he really thought he could sell the tokens, he didn’t. “Why not, like, take some risk off?”“OK. In retrospect, absolutely. That would’ve been the right, like, unambiguously the right thing to do,” he says. “But also it was just, like, hilariously well-capitalized.”Near the peak of the great shitcoin boom, in April 2022, FTX hosted a lavish conference at a resort and casino in Nassau. It was Bankman-Fried’s coming out party. He got to share the stage with quarterback Tom Brady. Also there: former Prime Minister Tony Blair and ex-President Bill Clinton, who extended a fatherly hand when the young crypto executive seemed nervous. The author Michael Lewis, who’s working on a book about Bankman-Fried, praised him in a fawning interview onstage. “You’re breaking land speed records. And I don’t think people are really noticing what’s happened, just how dramatic the revolution has become,” Lewis said, asking when crypto would take over Wall Street.The next month, thecrypto crash began. It started when a popular set of coins called Terra and Luna collapsed, wiping out $60 billion. Terra and Luna were almost openly a Ponzi scheme, but some of the biggest crypto funds had invested in them with borrowed money and went bankrupt. This made the lenders who’d lent billions of dollars to Alameda nervous. They asked Alameda to repay the loans, with real money. It needed billions of dollars, fast, or it would go bust.There are two different versions of what happened next. Two people with knowledge of the matter told me that Ellison, by then the sole head of Alameda, had told her side of the story to her staff amid the crisis. Ellison said that she, Bankman-Fried and his two top lieutenants—Gary Wang and Nishad Singh—had discussed the shortfall. Instead of admitting Alameda’s failure, they decided to use FTX customer funds to cover it, according to the people. If that’s true, all four executives would’ve knowingly committed fraud. (Ellison, Wang and Singh didn’t respond to messages seeking comment.)When I put this to Bankman-Fried, he screws up his eyes, furrows his eyebrows, puts his hands in his hair and thinks for a few seconds.“So, it’s not how I remember what happened,” Bankman-Fried says. But he surprises me by acknowledging that there had been a meeting, post-Luna crash, where they debated what to do about Alameda’s debts. The way he tells it, he was packing for a trip to DC and “only kibitzing on parts of the discussion.” It didn’t seem like a crisis, he says. It was a matter of extending a bit more credit to a fund that already traded on margin and still had a pile of collateral worth way more than enough to cover the loan. (Although the pile of collateral was largely shitcoins.)“That was the point at which Alameda’s margin position on FTX got, well, it got more leveraged substantially,” he says. “Obviously, in retrospect, we should’ve just said no. I sort of didn’t realize then how large the position had gotten.”“You were all aware there was a chance this would not work,” I say.“That’s right,” he says. “But I thought that the risk was substantially smaller.”I try to imagine what he could’ve been thinking. If FTX had liquidated Alameda’s position, the fund would’ve gone bankrupt, and even if the exchange didn’t take direct losses, customers would’ve lost confidence in it. Bankman-Fried points out that the companies that lent money to Alameda might have failed, too, causing a hard-to-predict cascade of events.“Now let’s say you don’t margin call Alameda,” I posit. “Maybe you think there’s like a 70% chance everything will be OK, it’ll all work out?”“Yes, but also in the cases where it didn’t work out, I thought the downside was not nearly as high as it was,” he says. “I thought that there was the risk of a much smaller hole. I thought it was going to be manageable.”Bankman-Fried pulls out his laptop (an Acer Predator) and opens a spreadsheet to show what he meant. It’s similar to thebalance sheethe reportedly showed investors when he was seeking a last-minute bailout, which he says consolidated FTX and Alameda’s positions because by then the fund had defaulted on its debt. On one line—labeled “What I *thought*”—he lists $8.9 billion in debts and way more than enough money to pay them: $9 billion in liquid assets, $15.4 billion in “less liquid” assets and $3.2 billion in “illiquid” ones. He tells me this was more or less the position he was considering when he had the meeting with the other executives.“It looks naively to me like, you know, there’s still some significant liabilities out there, but, like, we should be able to cover it,” he says.“So what’s the problem, then?”Bankman-Fried points to another place on the spreadsheet, which he says shows the actual truth of the situation at the time of the meeting. This one shows similar numbers, but with $8 billion less liquid assets.“What’s the difference between these two rows here?” he asks.“You didn’t have $8 billion in cash that you thought you had,” I say.“That’s correct. Yes.”“You misplaced $8 billion?” I ask.“Misaccounted,” Bankman-Fried says, sounding almost proud of his explanation. Sometimes, he says, customers would wire money to Alameda Research instead of sending it directly to FTX. (Some banks were more willing to work with the hedge fund than the exchange, for some reason.) He claims that somehow, FTX’s internal accounting system double-counted this money, essentially crediting it to both the exchange and the fund.That still doesn’t explain why the money was gone. “Where did the $8 billion go?” I ask.To answer, Bankman-Fried creates a new tab on the spreadsheet and starts typing. He lists Alameda and FTX’s biggest cash flows. One of the biggest expenses is paying a net $2.5 billion toBinance, a rival, to buy out its investment in FTX. He also lists $250 million for real estate, $1.5 billion for expenses, $4 billion for venture capital investments, $1.5 billion for acquisitions and $1 billion labeled “fuckups.” Even accounting for both firms’ profits, and all the venture capital money raised by FTX, it tallies to negative $6.5 billion.Bankman-Fried is telling me that the billions of dollars customers wired to Alameda is gone simply because the companies spent way more than they made. He claims he paid so little attention to his expenses that he didn’t realize he was spending more than he was taking in. “I was real lazy about this mental math,” the former physics major says. He creates another column in his spreadsheet and types in much lower numbers to show what he thought he was spending at the time.It seems to me like he is, without saying it exactly, blaming his underlings for FTX’s failure, especially Ellison, the head of Alameda. The two had dated and lived together at times. She was part of Bankman-Fried’s Future Fund, which was supposed to distribute FTX and Alameda’s earnings to effective-altruist-approved causes. It seems unlikely she would’ve blown billions of dollars without asking. “People might take, like, the TLDR as, like, it was my ex-girlfriend’s fault,” I tell him. “That is sort of what you’re saying.”“I think the biggest failure was that it wasn’t entirely clear whose fault it was,” he says.Bankman-Fried tells me he has to make a call. After a while, the sun goes down and I’m hungry. I’m allowed to join a group of Bankman-Fried’s supporters for dinner, as long as I don’t mention their names.With the curtains drawn, the living room looks considerably less grand than it does in pictures. I’ve been told that FTX employees gathered here amid the crisis, while Bankman-Fried worked in another apartment. Addled by stress and sleep deprivation, they wept and hugged one another. Most didn’t say goodbye as they left the island, one by one. Many flew back to their childhood homes to be with their parents.The supporters at the dinner tell me they feel like the press has been unfair. They say that Bankman-Fried and his friends weren’t the polyamorous partiers the tabloids have portrayed and that they did little besides work. Earlier in the week, a Bahamian man who’d served as FTX’s round-the-clock chauffeur and gofer also told me the reports weren’t true. “People make it seem like this bigWolf of Wall Streetthing,” he said. “Bro, it was a bunch of nerds.”Illustration: Maxime Mouysset for Bloomberg BusinessweekBy the time I finish my plate of off-the-record rice and beans, Bankman-Fried is free again. We return to the study. He’s barefoot now, having balled up his gym socks and stuffed them behind a couch cushion. He lies on the couch, his computer on his lap. The light from the screen casts shadows of his curls on his forehead.I notice a skin-colored patch on his arm. He tells me it’s a transdermal antidepressant, selegiline. I ask if he’s using it as a performance enhancer or to treat depression. “Nothing’s binary,” he says. “But I’ve been borderline depressed for my whole life.” He adds that he also sometimes takes Adderall—“10 milligrams at a time, a few times a day”—as did some of his colleagues, but that talk of drug use is overblown. “I don’t think that was the problem,” he says.I tell Bankman-Fried my theory about his motivation, sidestepping the question of whether he misappropriated customer funds. Bankman-Fried denies that his world-saving goals made him willing to take giant gambles. As we talk more, it seems like he’s saying he made some kind of bet but hadn’t calculated the expected value properly.“I was comfortable taking the risk that, like, I may end up kind of falling flat,” he says, staring at his computer screen, where he had pulled up a game and was leading an army of cartoon knights and fairies into battle. “But what actually happened was disastrously bad and, like, no significant chance of that happening would’ve made sense to risk, and that was a fuckup. Like, that was a mass miscalculation in downside.”I read Bankman-Fried a post by Will MacAskill, one of the founders of the effective-altruism movement. He recruited Bankman-Fried into it when he was a junior at MIT and this year had joined the board of Bankman-Fried’s Future Fund. On Nov. 11,MacAskill wrote on Twitterthat Bankman-Fried had betrayed him. “For years, the EA community has emphasized the importance of integrity, honesty and the respect of common-sense moral constraints,” MacAskill wrote. “If customer funds were misused, then Sam did not listen; he must have thought he was above such considerations.”Bankman-Fried closes his eyes and pushes his toes against one arm of the couch, clenching the other arm with his hands. “That’s not how I view what happened,” he says. “But I did fuck up. I think really what I want to say is, like, I’m really fucking sorry. By far the worst thing about this is that it will tarnish the reputation of people who are dedicated to doing nothing but what they thought was best for the world.” Bankman-Fried trails off. On his computer screen, his army casts spells and swings swords unattended.I ask what he’d say to people who are comparing him to the most famous Ponzi schemer of recent times. “Bernie Madoff also said he had good intentions and gave a lot to charity,” I say.“FTX was a legitimate, profitable, thriving business. And I fucked up by, like, allowing a margin position to get too big on it. One that endangered the platform. It was a completely unnecessary and unforced error, which like maybe I got super unlucky on, but, like, that was my bad.”“It fucking sucks,” he adds. “But it wasn’t inherent to what the business was. It was just a fuckup. A huge fuckup.”To me, it doesn’t really seem like a fuckup. Even if I believe that he misplaced and accidentally spent $8 billion, he’s already told me that Alameda had been allowed to violate FTX’s margin rules. This wasn’t some little technical thing. He was so proud of FTX’s margining system that he’d been lobbying regulators for it to be used on US exchanges instead of traditional safeguards. In May, Bankman-Fried himself said on Twitter that exchanges should never extend credit to a fund and put other customers’ assets at risk. He wrote that the idea an exchange would even have that discretion was “scary.” I read him the tweets and ask: “Isn’t that, like, exactly what you did, right around that time?”“Yeah, I guess that’s kind of fair,” he says. Then he seems to claim that this was evidence the rules he was lobbying for were a good idea. “I think this is one of the things that would have stopped.”“You had a rule on your platform. You didn’t follow it,” I say.By now it’s past midnight, and—operating without the benefit of any prescription stimulants—I’m worn out. I ask Bankman-Fried if I can see the apartment’s deck before I leave. Outside, crickets chirp as we stand by the pool. The marina is dark, lit only by the spotlights of yachts. As I say goodbye, Bankman-Fried bites into a burger bun and starts talking about potential bailouts with one of his supporters.","news_type":1},"isVote":1,"tweetType":1,"viewCount":222,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9962694646,"gmtCreate":1669767437185,"gmtModify":1676538238151,"author":{"id":"3574687898874038","authorId":"3574687898874038","name":"Wil17","avatar":"https://static.tigerbbs.com/0cfd41bcd17de187675ea0796762da27","crmLevel":3,"crmLevelSwitch":0},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/9962694646","repostId":"1130792345","repostType":4,"repost":{"id":"1130792345","pubTimestamp":1669765658,"share":"https://www.laohu8.com/m/news/1130792345?lang=&edition=full","pubTime":"2022-11-30 07:47","market":"us","language":"en","title":"\"It Was Not Sustainable Or Real\": Tech Layoffs Approach Great Recession Levels ","url":"https://stock-news.laohu8.com/highlight/detail?id=1130792345","media":"MarketWatch","summary":"The number of tech layoffs this year is nearing annual levels seen during the Great Recession, but is far from dot-com-bust territory.As technology companies deal with declining stock prices, inflatio","content":"<html><head></head><body><p>The number of tech layoffs this year is nearing annual levels seen during the Great Recession, but is far from dot-com-bust territory.</p><p>As technology companies deal with declining stock prices, inflation, rising interest rates and a possible recession, they have announced more than 60,000 job cuts this year, with indications — such as from Amazon.com Inc. Chief Executive Andy Jassy; HP Inc. announcing cuts over the next three years; and a report that Google is considering thousands of layoffs — that there will be more to come.</p><p>By comparison, about 65,000 tech jobs were lost each year in 2008 and 2009 during the recession, according to Challenger, Gray &amp; Christmas. Whether all the slashing will approach levels only previously seen during the dot-com bust, when almost 300,000 tech jobs were lost over two years, remains to be seen.</p><p>Some longtime Silicon Valley observers and experts say this downturn is not like the dot-com bust of 2001 and 2002, because many of the companies that failed back then weren’t “real” companies. And though their estimates of how long this bust will last vary, they mostly agree that the impact will be significant and affect workers and others who power the industry.</p><p>This time around, the companies making cuts may have grown too quickly or added too many employees during the pandemic and may need to reset or go back to normal, experts say. But they offer real goods or services, and they have revenue coming in.</p><p><b>For more: Here are the tech companies that have announced layoffs</b></p><p>“The dot-com bust was primarily, if not exclusively, companies that had no customers and no revenues,” said Stephen Levy, director and senior economist of the Center for Continuing Study of the California Economy. “The companies that are laying off, like Amazon, or freezing hiring, like Google or Apple have millions and millions of customers and are profitable,” he added.</p><p>This tech downturn is not a surprise to others like Levy, who have lived through previous ones. Their forecasts range from cautious optimism to calamitous.</p><p>“Silicon Valley has cycles,” said Russell Hancock, CEO of Joint Venture Silicon Valley. “We go up, we go down. It happens with regularity about every 10 years.” Hancock, who said he thought it was too early to say “the sky is falling,” added that he thought the beginning of the pandemic would spark the downturn. Instead, he said, “the pandemic turned out to be bonanza for tech… but it just turned out to be a spike and didn’t lead us to a new plateau. Now, demand is tapering.”</p><p>But Tom Siebel, a billionaire serial entrepreneur whose latest title is CEO of C3.ai is more pessimistic. “This is just starting,” he told MarketWatch. “Before this is over, everyone will feel the sting, large companies and small. It will be hard, but the industry will be healthy once we get through it.”</p><p>“All this weird, entitled behavior is coming to an end. No more people working in pajamas at home, being paid in bitcoin. This era will be a zinger, unfortunately,” he said. The downturn, he cautioned, will last at least two years and “look like something out of the 1970s. This recession took 15 years to happen. Companies were literally printing billions of dollars a month. It was not sustainable or real.”</p><p>To further put the numbers in perspective:</p><ul><li>Today’s tech job cuts are also approaching the number of jobs lost in the industry when the COVID-19 pandemic upended everything. In 2020, 83,000 people in the tech industry lost their jobs, according to Challenger, Gray &amp; Christmas.</li><li>The 60,000-plus jobs lost this year is getting close to the equivalent of the number of U.S. tech jobs added by Silicon Valley’s biggest tech companies from 2020 to 2021, which was 68,558, according to an analysis of hiring data by the Silicon Valley Institute for Regional Studies.</li></ul><p>Some companies making job cuts have their own reasons and circumstances — but most of them have been affected by declining stock prices this year. The dramatic slashing of the staff of Twitter has everything to do with Elon Musk taking the helm, but before he bought the company its stock had traded as much as 73% lower than the $54.20 he paid per share. The slowdown in real estate activity is affecting related, fairly young companies. Yet other companies, such as ride-hailing giant Lyft Inc. have been under pressure to prove they can turn a profit.</p><p>“These are scary times: A lot of tech companies have not been through a downturn,” Scott Russell, an SAP executive board member, told MarketWatch. “The mantra for nearly all of them the next few years is risk mitigation, controlled costs and operational efficiency,” he added. Some companies already started doing those things at the beginning of the pandemic. Others, such as Facebook parent Meta Platforms Inc. almost doubled their size in the past couple of years, and CEO Mark Zuckerberg blamed himself in his email to staff about the layoffs.</p><p>Tech employees of all stripes — those with different levels of experience, or those with H-1B visas and needing employer sponsorship to stay in this country — are losing their jobs, according to layoff lists seen by MarketWatch.</p><p>Some will fare better than others: Data from ZipRecruiter shows that there remains a healthy number of job openings for more senior positions: for example, for engineer 2 instead of engineer 1.</p><p>And some industries within tech are less affected than others, at least so far. A recruiter for semiconductor companies told MarketWatch that she sees few signs of a slowdown. Even Intel Corp. which has announced it wants to trim costs, continues to hire except for in certain locations, she said.</p><p>Venture capitalists are urging caution: “If you’re a growth-stage investor, it’s probably not the best time to be in that stage of investing, partly because companies were overcapitalized and with valuations that were unsustainable,” said Barmak Mehta, founding partner atBallistic Ventures in Silicon Valley.</p><p>All of this is going to affect not just highly paid tech employees but also the other workers who are part of tech’s giant ecosystem.</p><p>A laid-off art-services provider for tech companies told MarketWatch he has become disillusioned with the industry. “I’ve now experienced a couple of times where companies do a hard turn, a pivot,” he said. “Tech feels like there’s this cult, like ‘we’re innovators and we’re gonna decide this is the next big thing,&#39;” no matter how it affects a company and its employees, he said.</p><p>A former Twitter employee who was laid off in early November after Musk took over the company and immediately slashed its workforce in half has already fielded calls from potential employers, he told MarketWatch. That’s because he has plenty of technical and management experience.</p><p>Does he think the downturn will help unions make inroads into tech? “I wish,” he said. “Getting these kinds of workers to organize is even more difficult than in other industries, and it’s not easy anywhere.”</p><p>But Maria Noel Fernandez, campaign director for Silicon Valley Rising, an alliance of labor groups and community leaders, is hopeful that this time presents an “opportunity to build a worker movement within the tech industry and the Bay Area.”</p><p>As for lower-wage workers, they were among the first to feel the pain. The biggest cuts in janitors and bus drivers in the San Francisco Bay Area since the pandemic happened at Meta right before the mass tech-worker layoffs.</p><p>Luis Fuentes, division director for SEIU-United Service Workers West, said unionized service workers in Silicon Valley have made “substantial gains,” but that a majority of them make less than $50,000 a year.  He’s worried about a possible erosion in the progress they have made if the tech industry cuts go deeper or are prolonged.</p><p>“For somebody being laid off from Meta, it might mean they delay a vacation — they have more wiggle room,” Fuentes said. “For service workers, it’s going to come down to whether they can pay rent or put food on the table.”</p></body></html>","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>\"It Was Not Sustainable Or Real\": Tech Layoffs Approach Great Recession Levels </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\"It Was Not Sustainable Or Real\": Tech Layoffs Approach Great Recession Levels \n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-11-30 07:47 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.marketwatch.com/story/it-was-not-sustainable-or-real-tech-layoffs-approach-great-recession-levels-11669741730?mod=home-page><strong>MarketWatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The number of tech layoffs this year is nearing annual levels seen during the Great Recession, but is far from dot-com-bust territory.As technology companies deal with declining stock prices, ...</p>\n\n<a href=\"https://www.marketwatch.com/story/it-was-not-sustainable-or-real-tech-layoffs-approach-great-recession-levels-11669741730?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":{"AMZN":"亚马逊","GOOG":"谷歌"},"source_url":"https://www.marketwatch.com/story/it-was-not-sustainable-or-real-tech-layoffs-approach-great-recession-levels-11669741730?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1130792345","content_text":"The number of tech layoffs this year is nearing annual levels seen during the Great Recession, but is far from dot-com-bust territory.As technology companies deal with declining stock prices, inflation, rising interest rates and a possible recession, they have announced more than 60,000 job cuts this year, with indications — such as from Amazon.com Inc. Chief Executive Andy Jassy; HP Inc. announcing cuts over the next three years; and a report that Google is considering thousands of layoffs — that there will be more to come.By comparison, about 65,000 tech jobs were lost each year in 2008 and 2009 during the recession, according to Challenger, Gray & Christmas. Whether all the slashing will approach levels only previously seen during the dot-com bust, when almost 300,000 tech jobs were lost over two years, remains to be seen.Some longtime Silicon Valley observers and experts say this downturn is not like the dot-com bust of 2001 and 2002, because many of the companies that failed back then weren’t “real” companies. And though their estimates of how long this bust will last vary, they mostly agree that the impact will be significant and affect workers and others who power the industry.This time around, the companies making cuts may have grown too quickly or added too many employees during the pandemic and may need to reset or go back to normal, experts say. But they offer real goods or services, and they have revenue coming in.For more: Here are the tech companies that have announced layoffs“The dot-com bust was primarily, if not exclusively, companies that had no customers and no revenues,” said Stephen Levy, director and senior economist of the Center for Continuing Study of the California Economy. “The companies that are laying off, like Amazon, or freezing hiring, like Google or Apple have millions and millions of customers and are profitable,” he added.This tech downturn is not a surprise to others like Levy, who have lived through previous ones. Their forecasts range from cautious optimism to calamitous.“Silicon Valley has cycles,” said Russell Hancock, CEO of Joint Venture Silicon Valley. “We go up, we go down. It happens with regularity about every 10 years.” Hancock, who said he thought it was too early to say “the sky is falling,” added that he thought the beginning of the pandemic would spark the downturn. Instead, he said, “the pandemic turned out to be bonanza for tech… but it just turned out to be a spike and didn’t lead us to a new plateau. Now, demand is tapering.”But Tom Siebel, a billionaire serial entrepreneur whose latest title is CEO of C3.ai is more pessimistic. “This is just starting,” he told MarketWatch. “Before this is over, everyone will feel the sting, large companies and small. It will be hard, but the industry will be healthy once we get through it.”“All this weird, entitled behavior is coming to an end. No more people working in pajamas at home, being paid in bitcoin. This era will be a zinger, unfortunately,” he said. The downturn, he cautioned, will last at least two years and “look like something out of the 1970s. This recession took 15 years to happen. Companies were literally printing billions of dollars a month. It was not sustainable or real.”To further put the numbers in perspective:Today’s tech job cuts are also approaching the number of jobs lost in the industry when the COVID-19 pandemic upended everything. In 2020, 83,000 people in the tech industry lost their jobs, according to Challenger, Gray & Christmas.The 60,000-plus jobs lost this year is getting close to the equivalent of the number of U.S. tech jobs added by Silicon Valley’s biggest tech companies from 2020 to 2021, which was 68,558, according to an analysis of hiring data by the Silicon Valley Institute for Regional Studies.Some companies making job cuts have their own reasons and circumstances — but most of them have been affected by declining stock prices this year. The dramatic slashing of the staff of Twitter has everything to do with Elon Musk taking the helm, but before he bought the company its stock had traded as much as 73% lower than the $54.20 he paid per share. The slowdown in real estate activity is affecting related, fairly young companies. Yet other companies, such as ride-hailing giant Lyft Inc. have been under pressure to prove they can turn a profit.“These are scary times: A lot of tech companies have not been through a downturn,” Scott Russell, an SAP executive board member, told MarketWatch. “The mantra for nearly all of them the next few years is risk mitigation, controlled costs and operational efficiency,” he added. Some companies already started doing those things at the beginning of the pandemic. Others, such as Facebook parent Meta Platforms Inc. almost doubled their size in the past couple of years, and CEO Mark Zuckerberg blamed himself in his email to staff about the layoffs.Tech employees of all stripes — those with different levels of experience, or those with H-1B visas and needing employer sponsorship to stay in this country — are losing their jobs, according to layoff lists seen by MarketWatch.Some will fare better than others: Data from ZipRecruiter shows that there remains a healthy number of job openings for more senior positions: for example, for engineer 2 instead of engineer 1.And some industries within tech are less affected than others, at least so far. A recruiter for semiconductor companies told MarketWatch that she sees few signs of a slowdown. Even Intel Corp. which has announced it wants to trim costs, continues to hire except for in certain locations, she said.Venture capitalists are urging caution: “If you’re a growth-stage investor, it’s probably not the best time to be in that stage of investing, partly because companies were overcapitalized and with valuations that were unsustainable,” said Barmak Mehta, founding partner atBallistic Ventures in Silicon Valley.All of this is going to affect not just highly paid tech employees but also the other workers who are part of tech’s giant ecosystem.A laid-off art-services provider for tech companies told MarketWatch he has become disillusioned with the industry. “I’ve now experienced a couple of times where companies do a hard turn, a pivot,” he said. “Tech feels like there’s this cult, like ‘we’re innovators and we’re gonna decide this is the next big thing,'” no matter how it affects a company and its employees, he said.A former Twitter employee who was laid off in early November after Musk took over the company and immediately slashed its workforce in half has already fielded calls from potential employers, he told MarketWatch. That’s because he has plenty of technical and management experience.Does he think the downturn will help unions make inroads into tech? “I wish,” he said. “Getting these kinds of workers to organize is even more difficult than in other industries, and it’s not easy anywhere.”But Maria Noel Fernandez, campaign director for Silicon Valley Rising, an alliance of labor groups and community leaders, is hopeful that this time presents an “opportunity to build a worker movement within the tech industry and the Bay Area.”As for lower-wage workers, they were among the first to feel the pain. The biggest cuts in janitors and bus drivers in the San Francisco Bay Area since the pandemic happened at Meta right before the mass tech-worker layoffs.Luis Fuentes, division director for SEIU-United Service Workers West, said unionized service workers in Silicon Valley have made “substantial gains,” but that a majority of them make less than $50,000 a year.  He’s worried about a possible erosion in the progress they have made if the tech industry cuts go deeper or are prolonged.“For somebody being laid off from Meta, it might mean they delay a vacation — they have more wiggle room,” Fuentes said. “For service workers, it’s going to come down to whether they can pay rent or put food on the table.”","news_type":1},"isVote":1,"tweetType":1,"viewCount":476,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9968679283,"gmtCreate":1669221648243,"gmtModify":1676538169861,"author":{"id":"3574687898874038","authorId":"3574687898874038","name":"Wil17","avatar":"https://static.tigerbbs.com/0cfd41bcd17de187675ea0796762da27","crmLevel":3,"crmLevelSwitch":0},"themes":[],"htmlText":"Oh","listText":"Oh","text":"Oh","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9968679283","repostId":"1168042484","repostType":4,"repost":{"id":"1168042484","pubTimestamp":1669207575,"share":"https://www.laohu8.com/m/news/1168042484?lang=&edition=full","pubTime":"2022-11-23 20:46","market":"us","language":"en","title":"Tesla’s Stock Slump Has Gone Too Far, Morgan Stanley Says","url":"https://stock-news.laohu8.com/highlight/detail?id=1168042484","media":"Bloomberg","summary":"Shares slumped 52% this year with $300b wipeout in two monthsMorgan Stanley sees value opportunity while Citi upgradesElon Musk.Photographer: Carina Johansen/AFPAfter losing nearly $300 billion in mar","content":"<html><head></head><body><ul><li>Shares slumped 52% this year with $300b wipeout in two months</li><li>Morgan Stanley sees value opportunity while Citi upgrades</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/76d786e2fc285c0e8faa9755ba109fa5\" tg-width=\"1000\" tg-height=\"665\" referrerpolicy=\"no-referrer\"/><span>Elon Musk.Photographer: Carina Johansen/AFP</span></p><p>After losing nearly $300 billion in market value in two months, a growing chorus of Tesla Inc. analysts say the share-price decline has gone far enough.</p><p>Morgan Stanley analyst Adam Jonas said on Wednesday that Tesla is approaching his “bear case” price target of $150, presenting an opportunity for investors to buy at a bargain price. Citi analysts upgraded the shares to neutral from sell, saying that a more than 50% slump this year “has balanced out the near-term risk/reward.”</p><p>Despite challenges including decelerating demand andprice cutsin China, Tesla is the only electric vehicle maker covered by Morgan Stanley that generates a profit on the sale of its cars, Jonas wrote in a note. The analyst -- who also highlighted Tesla’s potential to benefit from consumer tax credits in the US -- reiterated his $330 price target.</p><p>Shares rose as much as 1.9% in premarket trading to $173.11. The stock has slumped this year amid rising raw materials costs,issueswith production and sales in China and pressure on customer budgets. Latterly, Chief Executive Officer Elon Musk’s focus on turning around Twitter Inc. has also hit sentiment, with $300 billion wiped off Tesla’s market cap in the past two months, according to Bloomberg calculations.</p><p><img src=\"https://static.tigerbbs.com/28418b2c1e10b82bdeec4788d9133a29\" tg-width=\"1235\" tg-height=\"695\" referrerpolicy=\"no-referrer\"/></p><p>The distraction caused by Twitter needs to end to stop the stock slide, according to Jonas. “There must be some form of sentiment ‘circuit breaker’ around the Twitter situation to calm investor concerns around Tesla,” he wrote.</p><p>Despite all of the challenges Tesla has faced this year, Wall Street has mainly stayed bullish. The majority of Tesla analysts tracked by Bloomberg rate the stock a buy or equivalent, while the shares would need to rally a whopping 80% to hit the median analyst target price. This year’s slump has left the stock trading at 31 times forward earnings, down from more than 200 times in early 2021.</p><p>Citi analyst Itay Michaeli, who upgraded the stock on Wednesday, has one of the lowest price targets on the Street, at $176. The analyst said he was turning more positive because Tesla’s slump means that some of the overly-bullish expectations in the stock, including on unit sales, have now been priced out.</p></body></html>","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>Tesla’s Stock Slump Has Gone Too Far, Morgan Stanley Says</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\">\nTesla’s Stock Slump Has Gone Too Far, Morgan Stanley Says\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-11-23 20:46 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2022-11-23/tesla-is-value-opportunity-as-it-nears-morgan-stanley-bear-case?srnd=markets-vp><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Shares slumped 52% this year with $300b wipeout in two monthsMorgan Stanley sees value opportunity while Citi upgradesElon Musk.Photographer: Carina Johansen/AFPAfter losing nearly $300 billion in ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2022-11-23/tesla-is-value-opportunity-as-it-nears-morgan-stanley-bear-case?srnd=markets-vp\">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"},"source_url":"https://www.bloomberg.com/news/articles/2022-11-23/tesla-is-value-opportunity-as-it-nears-morgan-stanley-bear-case?srnd=markets-vp","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1168042484","content_text":"Shares slumped 52% this year with $300b wipeout in two monthsMorgan Stanley sees value opportunity while Citi upgradesElon Musk.Photographer: Carina Johansen/AFPAfter losing nearly $300 billion in market value in two months, a growing chorus of Tesla Inc. analysts say the share-price decline has gone far enough.Morgan Stanley analyst Adam Jonas said on Wednesday that Tesla is approaching his “bear case” price target of $150, presenting an opportunity for investors to buy at a bargain price. Citi analysts upgraded the shares to neutral from sell, saying that a more than 50% slump this year “has balanced out the near-term risk/reward.”Despite challenges including decelerating demand andprice cutsin China, Tesla is the only electric vehicle maker covered by Morgan Stanley that generates a profit on the sale of its cars, Jonas wrote in a note. The analyst -- who also highlighted Tesla’s potential to benefit from consumer tax credits in the US -- reiterated his $330 price target.Shares rose as much as 1.9% in premarket trading to $173.11. The stock has slumped this year amid rising raw materials costs,issueswith production and sales in China and pressure on customer budgets. Latterly, Chief Executive Officer Elon Musk’s focus on turning around Twitter Inc. has also hit sentiment, with $300 billion wiped off Tesla’s market cap in the past two months, according to Bloomberg calculations.The distraction caused by Twitter needs to end to stop the stock slide, according to Jonas. “There must be some form of sentiment ‘circuit breaker’ around the Twitter situation to calm investor concerns around Tesla,” he wrote.Despite all of the challenges Tesla has faced this year, Wall Street has mainly stayed bullish. The majority of Tesla analysts tracked by Bloomberg rate the stock a buy or equivalent, while the shares would need to rally a whopping 80% to hit the median analyst target price. This year’s slump has left the stock trading at 31 times forward earnings, down from more than 200 times in early 2021.Citi analyst Itay Michaeli, who upgraded the stock on Wednesday, has one of the lowest price targets on the Street, at $176. The analyst said he was turning more positive because Tesla’s slump means that some of the overly-bullish expectations in the stock, including on unit sales, have now been priced out.","news_type":1},"isVote":1,"tweetType":1,"viewCount":292,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9960071067,"gmtCreate":1668038599059,"gmtModify":1676538001468,"author":{"id":"3574687898874038","authorId":"3574687898874038","name":"Wil17","avatar":"https://static.tigerbbs.com/0cfd41bcd17de187675ea0796762da27","crmLevel":3,"crmLevelSwitch":0},"themes":[],"htmlText":"&nbsp;Oic","listText":"&nbsp;Oic","text":"Oic","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9960071067","repostId":"2282353541","repostType":4,"repost":{"id":"2282353541","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1668047258,"share":"https://www.laohu8.com/m/news/2282353541?lang=&edition=full","pubTime":"2022-11-10 10:27","market":"us","language":"en","title":"Wall Street Ends Lower After Midterm Election, CPI in Focus","url":"https://stock-news.laohu8.com/highlight/detail?id=2282353541","media":"Reuters","summary":"*$Meta Platforms(META)$ gains on decision to cut 11,000 jobs*Disney sees biggest one-day drop since 2001 after report*Indexes: S&P 500 -2.08%, Nasdaq -2.48%, Dow -1.95%Nov 9 (Reuters) - Wall Street en","content":"<html><head></head><body><p>* <a href=\"https://laohu8.com/S/META\">Meta Platforms</a> gains on decision to cut 11,000 jobs</p><p>* Disney sees biggest one-day drop since 2001 after report</p><p>* Indexes: S&amp;P 500 -2.08%, Nasdaq -2.48%, Dow -1.95%</p><p><img src=\"https://static.tigerbbs.com/c7d9dcea179028fdb2feafbd467d08d9\" tg-width=\"1080\" tg-height=\"1920\" referrerpolicy=\"no-referrer\"/></p><p>Nov 9 (Reuters) - Wall Street ended sharply lower on Wednesday as Republican gains in midterm elections appeared more modest than some expected, with investors also focusing on upcoming inflation data that will provide clues about the severity of future interest rate hikes.</p><p>Republicans were still favored to win control of the House of Representatives but key races were too close to call, with a better-than-expected showing by Democrats diminishing the prospect of a so-called red wave of Republican gains.</p><p>&#34;What was really more expected in the market was a red wave,&#34; said Jay Hatfield, CEO of Infrastructure Capital Management in New York. &#34;I think we were in a unique situation where the more the Republicans won, the better off the market would have been. At least there would have been some stocks strongly rallying, like defense and energy stocks.&#34;</p><p>Also hurting sentiment, Walt Disney Co tumbled 13% - its biggest one-day drop since 2001 - after the entertainment heavyweight reported more losses from its push into streaming video.</p><p>Tesla Inc dropped 7.2% to a two-year low after Chief Executive Elon Musk late on Tuesday disclosed that he sold $3.95 billion worth of shares in the electric-vehicle maker days after he closed the $44 billion deal for Twitter Inc.</p><p>Clean energy shares, which typically benefit under a Democratic leadership, rose, with the Invesco Solar ETF up almost 1%.</p><p>Wednesday&#39;s drop on Wall Street ended a three-day rally in which the S&amp;P 500 had gained almost 3%.</p><p>With the election outcome still uncertain, investors were turning their attention to October inflation data due out on Thursday, which could shed more light on whether the Fed might soften its aggressive stance on interest rate hikes.</p><p>&#34;CPI is one of the more important inputs in terms of the inflation environment. You&#39;d be hard-pressed to find many investors that want to make a big bet in front of (the report),&#34; said Art Hogan, chief market strategist at B. Riley Financial.</p><p>Major indexes added to declines as Treasury yields climbed further after a poor auction of 10-year notes by the U.S. Treasury. Treasury yields reversed and fell later in the day.</p><p>Traders are split over whether the Fed will raise rates by 50 basis points or 75 basis points in December, according to CME Group&#39;s Fedwatch tool.</p><p>The S&amp;P 500 declined 2.08% to end the session at 3,748.57 points.</p><p>The Nasdaq declined 2.48% to 10,353.18 points, while the Dow Jones Industrial Average declined 1.95% to 32,513.94 points.</p><p>Investors also fretted about the health of major cryptocurrency exchange FTX after a deal to buy it collapsed as bigger rival Binance said it was pulling out.</p><p>Meta Platforms Inc jumped about 5% after the Facebook parent said it was cutting 13% of its workforce, or more than 11,000 employees, in one of the biggest tech layoffs this year.</p><p>Wendy&#39;s Co rallied 3% after the hamburger chain reported quarterly sales and profit that beat analysts&#39; estimates.</p><p>Declining stocks outnumbered rising ones within the S&amp;P 500 by a 11.9-to-one ratio.</p><p>The S&amp;P 500 posted 10 new highs and 16 new lows; the Nasdaq recorded 69 new highs and 463 new lows.</p><p>Volume on U.S. exchanges was relatively light, with 11.6 billion shares traded, compared with an average of 11.8 billion shares over the previous 20 sessions.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Wall Street Ends Lower After Midterm Election, CPI in Focus</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWall Street Ends Lower After Midterm Election, CPI in Focus\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2022-11-10 10:27</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>* <a href=\"https://laohu8.com/S/META\">Meta Platforms</a> gains on decision to cut 11,000 jobs</p><p>* Disney sees biggest one-day drop since 2001 after report</p><p>* Indexes: S&amp;P 500 -2.08%, Nasdaq -2.48%, Dow -1.95%</p><p><img src=\"https://static.tigerbbs.com/c7d9dcea179028fdb2feafbd467d08d9\" tg-width=\"1080\" tg-height=\"1920\" referrerpolicy=\"no-referrer\"/></p><p>Nov 9 (Reuters) - Wall Street ended sharply lower on Wednesday as Republican gains in midterm elections appeared more modest than some expected, with investors also focusing on upcoming inflation data that will provide clues about the severity of future interest rate hikes.</p><p>Republicans were still favored to win control of the House of Representatives but key races were too close to call, with a better-than-expected showing by Democrats diminishing the prospect of a so-called red wave of Republican gains.</p><p>&#34;What was really more expected in the market was a red wave,&#34; said Jay Hatfield, CEO of Infrastructure Capital Management in New York. &#34;I think we were in a unique situation where the more the Republicans won, the better off the market would have been. At least there would have been some stocks strongly rallying, like defense and energy stocks.&#34;</p><p>Also hurting sentiment, Walt Disney Co tumbled 13% - its biggest one-day drop since 2001 - after the entertainment heavyweight reported more losses from its push into streaming video.</p><p>Tesla Inc dropped 7.2% to a two-year low after Chief Executive Elon Musk late on Tuesday disclosed that he sold $3.95 billion worth of shares in the electric-vehicle maker days after he closed the $44 billion deal for Twitter Inc.</p><p>Clean energy shares, which typically benefit under a Democratic leadership, rose, with the Invesco Solar ETF up almost 1%.</p><p>Wednesday&#39;s drop on Wall Street ended a three-day rally in which the S&amp;P 500 had gained almost 3%.</p><p>With the election outcome still uncertain, investors were turning their attention to October inflation data due out on Thursday, which could shed more light on whether the Fed might soften its aggressive stance on interest rate hikes.</p><p>&#34;CPI is one of the more important inputs in terms of the inflation environment. You&#39;d be hard-pressed to find many investors that want to make a big bet in front of (the report),&#34; said Art Hogan, chief market strategist at B. Riley Financial.</p><p>Major indexes added to declines as Treasury yields climbed further after a poor auction of 10-year notes by the U.S. Treasury. Treasury yields reversed and fell later in the day.</p><p>Traders are split over whether the Fed will raise rates by 50 basis points or 75 basis points in December, according to CME Group&#39;s Fedwatch tool.</p><p>The S&amp;P 500 declined 2.08% to end the session at 3,748.57 points.</p><p>The Nasdaq declined 2.48% to 10,353.18 points, while the Dow Jones Industrial Average declined 1.95% to 32,513.94 points.</p><p>Investors also fretted about the health of major cryptocurrency exchange FTX after a deal to buy it collapsed as bigger rival Binance said it was pulling out.</p><p>Meta Platforms Inc jumped about 5% after the Facebook parent said it was cutting 13% of its workforce, or more than 11,000 employees, in one of the biggest tech layoffs this year.</p><p>Wendy&#39;s Co rallied 3% after the hamburger chain reported quarterly sales and profit that beat analysts&#39; estimates.</p><p>Declining stocks outnumbered rising ones within the S&amp;P 500 by a 11.9-to-one ratio.</p><p>The S&amp;P 500 posted 10 new highs and 16 new lows; the Nasdaq recorded 69 new highs and 463 new lows.</p><p>Volume on U.S. exchanges was relatively light, with 11.6 billion shares traded, compared with an average of 11.8 billion shares over the previous 20 sessions.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"DIS":"迪士尼",".SPX":"S&P 500 Index",".DJI":"道琼斯","TSLA":"特斯拉","META":"Meta Platforms","WEN":"温蒂汉堡",".IXIC":"NASDAQ Composite"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2282353541","content_text":"* Meta Platforms gains on decision to cut 11,000 jobs* Disney sees biggest one-day drop since 2001 after report* Indexes: S&P 500 -2.08%, Nasdaq -2.48%, Dow -1.95%Nov 9 (Reuters) - Wall Street ended sharply lower on Wednesday as Republican gains in midterm elections appeared more modest than some expected, with investors also focusing on upcoming inflation data that will provide clues about the severity of future interest rate hikes.Republicans were still favored to win control of the House of Representatives but key races were too close to call, with a better-than-expected showing by Democrats diminishing the prospect of a so-called red wave of Republican gains.\"What was really more expected in the market was a red wave,\" said Jay Hatfield, CEO of Infrastructure Capital Management in New York. \"I think we were in a unique situation where the more the Republicans won, the better off the market would have been. At least there would have been some stocks strongly rallying, like defense and energy stocks.\"Also hurting sentiment, Walt Disney Co tumbled 13% - its biggest one-day drop since 2001 - after the entertainment heavyweight reported more losses from its push into streaming video.Tesla Inc dropped 7.2% to a two-year low after Chief Executive Elon Musk late on Tuesday disclosed that he sold $3.95 billion worth of shares in the electric-vehicle maker days after he closed the $44 billion deal for Twitter Inc.Clean energy shares, which typically benefit under a Democratic leadership, rose, with the Invesco Solar ETF up almost 1%.Wednesday's drop on Wall Street ended a three-day rally in which the S&P 500 had gained almost 3%.With the election outcome still uncertain, investors were turning their attention to October inflation data due out on Thursday, which could shed more light on whether the Fed might soften its aggressive stance on interest rate hikes.\"CPI is one of the more important inputs in terms of the inflation environment. You'd be hard-pressed to find many investors that want to make a big bet in front of (the report),\" said Art Hogan, chief market strategist at B. Riley Financial.Major indexes added to declines as Treasury yields climbed further after a poor auction of 10-year notes by the U.S. Treasury. Treasury yields reversed and fell later in the day.Traders are split over whether the Fed will raise rates by 50 basis points or 75 basis points in December, according to CME Group's Fedwatch tool.The S&P 500 declined 2.08% to end the session at 3,748.57 points.The Nasdaq declined 2.48% to 10,353.18 points, while the Dow Jones Industrial Average declined 1.95% to 32,513.94 points.Investors also fretted about the health of major cryptocurrency exchange FTX after a deal to buy it collapsed as bigger rival Binance said it was pulling out.Meta Platforms Inc jumped about 5% after the Facebook parent said it was cutting 13% of its workforce, or more than 11,000 employees, in one of the biggest tech layoffs this year.Wendy's Co rallied 3% after the hamburger chain reported quarterly sales and profit that beat analysts' estimates.Declining stocks outnumbered rising ones within the S&P 500 by a 11.9-to-one ratio.The S&P 500 posted 10 new highs and 16 new lows; the Nasdaq recorded 69 new highs and 463 new lows.Volume on U.S. exchanges was relatively light, with 11.6 billion shares traded, compared with an average of 11.8 billion shares over the previous 20 sessions.","news_type":1},"isVote":1,"tweetType":1,"viewCount":128,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9983690961,"gmtCreate":1666224929753,"gmtModify":1676537724501,"author":{"id":"3574687898874038","authorId":"3574687898874038","name":"Wil17","avatar":"https://static.tigerbbs.com/0cfd41bcd17de187675ea0796762da27","crmLevel":3,"crmLevelSwitch":0},"themes":[],"htmlText":"Oh","listText":"Oh","text":"Oh","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9983690961","repostId":"2276387454","repostType":4,"repost":{"id":"2276387454","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1666211686,"share":"https://www.laohu8.com/m/news/2276387454?lang=&edition=full","pubTime":"2022-10-20 04:34","market":"us","language":"en","title":"US STOCKS-Equities Close Lower As Rise in Yields Overshadows Earnings","url":"https://stock-news.laohu8.com/highlight/detail?id=2276387454","media":"Reuters","summary":"(Reuters) - U.S. stocks snapped a two-day streak of gains on Wednesday as weakness in shares of Abbott Laboratories and a rise in Treasury yields sapped momentum from the current earnings season and o","content":"<html><head></head><body><p>(Reuters) - U.S. stocks snapped a two-day streak of gains on Wednesday as weakness in shares of Abbott Laboratories and a rise in Treasury yields sapped momentum from the current earnings season and outweighed a surge in Netflix Inc shares.</p><p>The yield on the 10-year U.S. Treasury note touched its highest level in more than 14 years as soft housing data did little to alter expectations the Federal Reserve will remain aggressive in hiking interest rates as it attempts to wrestle down stubbornly high inflation.</p><p>The rise in yields weighed on rate-sensitive names like real estate stocks, down 2.56% as the worst-performing S&amp;P sector on the day, and megacap growth names such as Microsoft Corp and Amazon.com Inc. Energy was the sole S&amp;P sector to end the session in positive territory with a gain of 2.94%.</p><p>Abbott Laboratories tumbled 6.5% after reporting lower-than-expected growth in international medical device sales, hit by a strong dollar and supply challenges in China.</p><p>Netflix shares, however, jumped 13.1% as the best perfomer operformerP 500 after it attracted 2.4 million new subscribers worldwide in the third quarter, more than double the consensus forecast, and guided for 4.5 million additions by year-end.</p><p>&#34;The bonds are just weighing so heavily on it ... it’s a shame to see good earnings be wasted,&#34; said JJ Kinahan, CEO of IG North America in Chicago.</p><p>&#34;Ultimately earnings drives stocks but when they are being overshadowed it is tough to have that optimism, but ultimately good earnings will lead to stocks going higher, it is a matter of how much the macroeconomic picture is going to continue to hurt those earnings.&#34;</p><p>The Dow Jones Industrial Average fell 99.99 points, or 0.33%, to 30,423.81, the S&amp;P 500 lost 24.82 points, or 0.67%, to 3,695.16 and the Nasdaq Composite dropped 91.89 points, or 0.85%, to 10,680.51.</p><p>Fed officials have largely been in sync in their public comments about the need to be aggressive in raising rates to tackle inflation. On Wednesday, Federal Reserve Bank of Minneapolis President Neel Kashkari said job market demand remains strong and underlying inflation pressures probably have not peaked yet.</p><p>The Fed&#39;s &#34;Beige Book&#34; survey of economic activity showed firms noted price pressures remained elevated, although there was some easing in several districts, while the labor market showed some signs of cooling.</p><p>The U.S. central bank is widely expected to raise rates by 75 basis points for the fourth straight time at its November meeting.</p><p>The Fed&#39;s effect on the housing market continues to grow. Housing starts, a measure of new residential construction, dropped 8.1% in September in the latest sign of the economy losing steam.</p><p>The PHLX Housing Index stumbled -4.50%, marking another sector unlikely to help stocks reverse months of declines, with the three main U.S. indexes still mired in bear markets.</p><p>Dow components Procter &amp; Gamble Co gained 0.93% and Travelers Companies Inc rose 4.44% after the companies posted better-than expected quarterly profit.</p><p>Third-quarter profit growth expectations for S&amp;P 500 companies have edged up to 3% from 2.8% on Tuesday, according to Refinitiv data, still well below the 11.1% increase forecast at the start of July.</p><p>Tesla Inc advanced 0.84% ahead of its earnings after the bell, with focus on any weakness in demand that is starting to weigh on the auto industry. Shares dropped 3.94% following the close as the electric vehicle maker missed revenue estimates for the third quarter.</p><p>Volume on U.S. exchanges was 11.05 billion shares, compared with the 11.62 billion average for the full session over the last 20 trading days.</p><p>Declining issues outnumbered advancing ones on the NYSE by a 3.28-to-1 ratio; on Nasdaq, a 2.69-to-1 ratio favored decliners.</p><p>The S&amp;P 500 posted 2 new 52-week highs and 9 new lows; the Nasdaq Composite recorded 42 new highs and 232 new lows.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>US STOCKS-Equities Close Lower As Rise in Yields Overshadows Earnings</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nUS STOCKS-Equities Close Lower As Rise in Yields Overshadows Earnings\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2022-10-20 04:34</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>(Reuters) - U.S. stocks snapped a two-day streak of gains on Wednesday as weakness in shares of Abbott Laboratories and a rise in Treasury yields sapped momentum from the current earnings season and outweighed a surge in Netflix Inc shares.</p><p>The yield on the 10-year U.S. Treasury note touched its highest level in more than 14 years as soft housing data did little to alter expectations the Federal Reserve will remain aggressive in hiking interest rates as it attempts to wrestle down stubbornly high inflation.</p><p>The rise in yields weighed on rate-sensitive names like real estate stocks, down 2.56% as the worst-performing S&amp;P sector on the day, and megacap growth names such as Microsoft Corp and Amazon.com Inc. Energy was the sole S&amp;P sector to end the session in positive territory with a gain of 2.94%.</p><p>Abbott Laboratories tumbled 6.5% after reporting lower-than-expected growth in international medical device sales, hit by a strong dollar and supply challenges in China.</p><p>Netflix shares, however, jumped 13.1% as the best perfomer operformerP 500 after it attracted 2.4 million new subscribers worldwide in the third quarter, more than double the consensus forecast, and guided for 4.5 million additions by year-end.</p><p>&#34;The bonds are just weighing so heavily on it ... it’s a shame to see good earnings be wasted,&#34; said JJ Kinahan, CEO of IG North America in Chicago.</p><p>&#34;Ultimately earnings drives stocks but when they are being overshadowed it is tough to have that optimism, but ultimately good earnings will lead to stocks going higher, it is a matter of how much the macroeconomic picture is going to continue to hurt those earnings.&#34;</p><p>The Dow Jones Industrial Average fell 99.99 points, or 0.33%, to 30,423.81, the S&amp;P 500 lost 24.82 points, or 0.67%, to 3,695.16 and the Nasdaq Composite dropped 91.89 points, or 0.85%, to 10,680.51.</p><p>Fed officials have largely been in sync in their public comments about the need to be aggressive in raising rates to tackle inflation. On Wednesday, Federal Reserve Bank of Minneapolis President Neel Kashkari said job market demand remains strong and underlying inflation pressures probably have not peaked yet.</p><p>The Fed&#39;s &#34;Beige Book&#34; survey of economic activity showed firms noted price pressures remained elevated, although there was some easing in several districts, while the labor market showed some signs of cooling.</p><p>The U.S. central bank is widely expected to raise rates by 75 basis points for the fourth straight time at its November meeting.</p><p>The Fed&#39;s effect on the housing market continues to grow. Housing starts, a measure of new residential construction, dropped 8.1% in September in the latest sign of the economy losing steam.</p><p>The PHLX Housing Index stumbled -4.50%, marking another sector unlikely to help stocks reverse months of declines, with the three main U.S. indexes still mired in bear markets.</p><p>Dow components Procter &amp; Gamble Co gained 0.93% and Travelers Companies Inc rose 4.44% after the companies posted better-than expected quarterly profit.</p><p>Third-quarter profit growth expectations for S&amp;P 500 companies have edged up to 3% from 2.8% on Tuesday, according to Refinitiv data, still well below the 11.1% increase forecast at the start of July.</p><p>Tesla Inc advanced 0.84% ahead of its earnings after the bell, with focus on any weakness in demand that is starting to weigh on the auto industry. Shares dropped 3.94% following the close as the electric vehicle maker missed revenue estimates for the third quarter.</p><p>Volume on U.S. exchanges was 11.05 billion shares, compared with the 11.62 billion average for the full session over the last 20 trading days.</p><p>Declining issues outnumbered advancing ones on the NYSE by a 3.28-to-1 ratio; on Nasdaq, a 2.69-to-1 ratio favored decliners.</p><p>The S&amp;P 500 posted 2 new 52-week highs and 9 new lows; the Nasdaq Composite recorded 42 new highs and 232 new lows.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2276387454","content_text":"(Reuters) - U.S. stocks snapped a two-day streak of gains on Wednesday as weakness in shares of Abbott Laboratories and a rise in Treasury yields sapped momentum from the current earnings season and outweighed a surge in Netflix Inc shares.The yield on the 10-year U.S. Treasury note touched its highest level in more than 14 years as soft housing data did little to alter expectations the Federal Reserve will remain aggressive in hiking interest rates as it attempts to wrestle down stubbornly high inflation.The rise in yields weighed on rate-sensitive names like real estate stocks, down 2.56% as the worst-performing S&P sector on the day, and megacap growth names such as Microsoft Corp and Amazon.com Inc. Energy was the sole S&P sector to end the session in positive territory with a gain of 2.94%.Abbott Laboratories tumbled 6.5% after reporting lower-than-expected growth in international medical device sales, hit by a strong dollar and supply challenges in China.Netflix shares, however, jumped 13.1% as the best perfomer operformerP 500 after it attracted 2.4 million new subscribers worldwide in the third quarter, more than double the consensus forecast, and guided for 4.5 million additions by year-end.\"The bonds are just weighing so heavily on it ... it’s a shame to see good earnings be wasted,\" said JJ Kinahan, CEO of IG North America in Chicago.\"Ultimately earnings drives stocks but when they are being overshadowed it is tough to have that optimism, but ultimately good earnings will lead to stocks going higher, it is a matter of how much the macroeconomic picture is going to continue to hurt those earnings.\"The Dow Jones Industrial Average fell 99.99 points, or 0.33%, to 30,423.81, the S&P 500 lost 24.82 points, or 0.67%, to 3,695.16 and the Nasdaq Composite dropped 91.89 points, or 0.85%, to 10,680.51.Fed officials have largely been in sync in their public comments about the need to be aggressive in raising rates to tackle inflation. On Wednesday, Federal Reserve Bank of Minneapolis President Neel Kashkari said job market demand remains strong and underlying inflation pressures probably have not peaked yet.The Fed's \"Beige Book\" survey of economic activity showed firms noted price pressures remained elevated, although there was some easing in several districts, while the labor market showed some signs of cooling.The U.S. central bank is widely expected to raise rates by 75 basis points for the fourth straight time at its November meeting.The Fed's effect on the housing market continues to grow. Housing starts, a measure of new residential construction, dropped 8.1% in September in the latest sign of the economy losing steam.The PHLX Housing Index stumbled -4.50%, marking another sector unlikely to help stocks reverse months of declines, with the three main U.S. indexes still mired in bear markets.Dow components Procter & Gamble Co gained 0.93% and Travelers Companies Inc rose 4.44% after the companies posted better-than expected quarterly profit.Third-quarter profit growth expectations for S&P 500 companies have edged up to 3% from 2.8% on Tuesday, according to Refinitiv data, still well below the 11.1% increase forecast at the start of July.Tesla Inc advanced 0.84% ahead of its earnings after the bell, with focus on any weakness in demand that is starting to weigh on the auto industry. Shares dropped 3.94% following the close as the electric vehicle maker missed revenue estimates for the third quarter.Volume on U.S. exchanges was 11.05 billion shares, compared with the 11.62 billion average for the full session over the last 20 trading days.Declining issues outnumbered advancing ones on the NYSE by a 3.28-to-1 ratio; on Nasdaq, a 2.69-to-1 ratio favored decliners.The S&P 500 posted 2 new 52-week highs and 9 new lows; the Nasdaq Composite recorded 42 new highs and 232 new lows.","news_type":1},"isVote":1,"tweetType":1,"viewCount":329,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9917444416,"gmtCreate":1665576531835,"gmtModify":1676537630040,"author":{"id":"3574687898874038","authorId":"3574687898874038","name":"Wil17","avatar":"https://static.tigerbbs.com/0cfd41bcd17de187675ea0796762da27","crmLevel":3,"crmLevelSwitch":0},"themes":[],"htmlText":"Oh","listText":"Oh","text":"Oh","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9917444416","repostId":"1180326920","repostType":4,"repost":{"id":"1180326920","pubTimestamp":1665588241,"share":"https://www.laohu8.com/m/news/1180326920?lang=&edition=full","pubTime":"2022-10-12 23:24","market":"us","language":"en","title":"Nvidia: Rising From The Ashes","url":"https://stock-news.laohu8.com/highlight/detail?id=1180326920","media":"Seeking Alpha","summary":"That should never happen again as some of NVIDIA's strongest supporters will carefully keep a cautious eye on valuation and multiples a few years down the road. Secular growth meets cyclical volatility.NVIDIA's Revenue Segments At this juncture, I believe that NVIDIA will come back stronger and product launches should be a key catalyst in resuming growth.Gaming - The RTX40 SeriesNVIDIA has won several plaudits for its new gaming series chips named after Ada Lovelace. Going after what NVIDIA beli","content":"<html><head></head><body><p><b>Summary</b></p><ul><li>A slew of new and innovative products such as the RTX40, the Hopper and Grace should overcome the setback from gaming.</li><li>Data Center will be front and center in FY-2024, while gaming will recover from Q2- FY 2024, as NVIDIA works through excess inventories.</li><li>NVIDIA has several competitive advantages and pricing power to continue growing.</li><li>Software and hardware integration allows it to build the best products in the priciest segments of every market it competes in, giving it the best net margins in the industry.</li></ul><p><b>When it Rains it Pours</b></p><p>NVIDIA (NASDAQ: NVDA) is as relevant and dominant today, even as it struggles to recover from the aftereffects of a crypto winter and the Ethereum Merge. It has been a very painful past twelve months for both the company and its shareholders. NVIDIA first started showing cracks in its armor when it walked away from the ARM deal, losing about $1.25Bn in fees. The second and bigger blow crystallized in August 2022 when NVIDIAguided early for a disastrous Q2-FY23, taking a charge of $1.3Bn for excess inventory and guiding for a steep 19% drop in sequential revenue to $6.7Bn against consensus estimates of $8.10Bn. On earnings day on August 24th, it guided to a further fall to $5.7Bn in revenues for Q3-FY23 - another sequential drop of 14%. To add insult to injury, this week, the US government decided to ban all semiconductor sales of strategic importance to Chinese companies.</p><p>The 66% drop from $340 in Nov 2021, to $116 today has been gut-wrenching, to say the least.</p><p><b>The Ethereum Merge</b></p><p>As one of my favorite investors, Peter Lynch said &#34;Fool me once, shame on you; fool me twice, shame on me!&#34;. This is the second time, Gaming has suffered from excess inventories built up from a fall in Crypto prices; this time, the fall was even steeper with Q2-FY23 revenues dropping 33% YoY and 44% sequentially. I estimate Gaming to drop to $1Bn in Q3-FY23, a 69% drop YoY!, as NVIDIA works through excessive inventory. For the past two years, NVIDIA rode the crypto boom as miners used its high-quality GPU cards for Ethereum mining, charging as much as 40% above list price. Now, with Ethereum moving to proof of stake instead of proof of work, used cards have flooded the market.</p><p>One of the biggest problems I see going forward is investors not giving the same multiples to NVIDIA; no more pie in the sky market cap of $800 Bn or 30X sales! That should never happen again as some of NVIDIA&#39;s strongest supporters will carefully keep a cautious eye on valuation and multiples a few years down the road. Secular growth meets cyclical volatility.</p><p><img src=\"https://static.tigerbbs.com/9db17497b1870412cc17d7a09737a2cc\" tg-width=\"640\" tg-height=\"434\" referrerpolicy=\"no-referrer\"/></p><p>NVIDIA&#39;s Revenue Segments (The Next Platform)</p><p>At this juncture, I believe that NVIDIA will come back stronger and product launches should be a key catalyst in resuming growth.</p><p><b>Gaming - The RTX40 Series</b></p><p>NVIDIA has won several plaudits for its new gaming series chips named after Ada Lovelace. Going after what NVIDIA believes will be the future of all high-end games, Ray Tracing, it has packed the RTX40 with features that bring out the rich visualization in games that pretty much no other chip can do. The RTX40 Series has been built in collaboration with TSMC (TSM) on the 4NM node and is easily one of the fastest and most powerful chips in gaming. A great Seeking Alpha article from Beth Kindigdescribing it in detail.</p><p>NVIDIA has always been the best in its class; it doesn&#39;t do windows and it doesn&#39;t do consoles; instead, it positions itself in a halo of super competence and charges a hefty price knowing that the discerning gamer will pay for quality. The innovative turn with the Lovelace, RTX40 is no exception and will be priced about 25-30% higher from its last RTX30 Ampere series and range from $899 to $1,599.<b>More importantly, it is backed with the strategic intent of not letting the used inventory of Ethereum cards take away from the sales of the newer cards.</b> Quite simply, the used Ethereum card cannot perform even close to the Lovelace.</p><p><b>Datacenter - The Hopper and the Grace</b></p><p>The H100 GPU, nicknamed the Hopper, built for the data center segment is also rated one of the best in its class for power and efficiency, with 50% more memory and bandwidth than its predecessor, the A100. It&#39;s also expected to have a 300% better performance and is supposed to be 6 times faster, besides delivering 9X better throughput in AI inference training. The Next Platform has done an excellent deep dive into the Hopper.</p><p>Importantly, the Hopper will be priced pretty high, compared to the rest of the market, and even below a strategic price point below $20,000 per unit will be 20-33% higher than its predecessor, the A100.</p><p>I expect Datacenter to grow 54% in FY 23 and 35% in FY 24, contributing more than 60% of NVIDIA&#39;s revenues.</p><p>Bank of America Analyst, Vivek Arya, updated his cloud spending forecast for 2023, saying he now expects it to rise 7.5%, a slowdown from 2022, but still up year-over-year. The analyst noted that macro turmoil has reduced the pace of growth, but cloud spending is still expected to reach $170B in 2022, up 20% from 2021 and 2023 should be even higher at $183B, which the analyst said would be &#34;in line with last down cycles when capex decelerated&#34;.</p><p>AMD (AMD), which also guided Q3 down on slowing PC sales, <b>crucially did not disappoint on datacenter, stating that datacenter revenue grew 8% sequentially and 45% YoY, boding well for NVIDIA.</b></p><p><b>Grace</b>- The Grace, ARM-based CPU is NVIDIA&#39;s first foray in CPUs, a field dominated by AMD and Intel (INTC). The CPU market in Datacenter was dominated by Intel till AMD started eating its lunch with stronger and more efficient products, packing more transistors in the 5 and 7nm nodes while Intel was struggling to go below 10nm.</p><p>Clearly, NVIDIA smelled opportunity, and it&#39;s only surprising why it took them so long to get into this segment. Sticking to its playbook, the Grace will also be a high-performance, pricey chip also on the 4Nm node. Initially, it will be a niche product mainly for AI. Importantly,NVIDIA will bundle the Hopper and the Grace to make inroads into this market.</p><p><b>The Chip War with China</b></p><p>The biggest threat I see for NVIDIA is the China chip blockade from the Biden administration. This is a take-no-prisoners approach, the salvo is broad-based and clearly aimed at restricting China&#39;s prowess in building high-performance chips. The term &#34;chips of strategic importance&#34; is loosely defined. Any sales to Chinese firms requiring high-performance chips need specific exemptions or licenses, which could easily be denied. NVIDIA is clearly the leader in high-performance computing and has the most at stake.</p><p><b>Investment Case</b></p><p>Resuming Growth</p><p>To value the company going forward, I&#39;ve taken a conservative approach, forecasting only $1Bn in gaming revenues in Q3 with a slight uptick in Q4 as NVIDIA works through excess inventory. I believe that Fiscal 2024 will see sufficient recoveries in gaming volumes aided by strong sticker prices and estimate that NVIDIA will have $7Bn in gaming revenues, still 9% below FY23 <b>butentirely without Crypto sales.</b> For more conservative investors, looking for recurring revenues, this is not a bad thing. Furthermore, having recurring and sustainable revenues recoups some of the ill-will and the loss of the lofty multiple, when NVIDIA failed to identify crypto sales and suffered the ignominy of changing guidance at the 11th hour. Even with conservative estimates, I expect NVIDIA to grow total revenues 20% next year in FY 24.</p><p><img src=\"https://static.tigerbbs.com/29bd0639f66c69fd4ae501e38d77c3a3\" tg-width=\"640\" tg-height=\"296\" referrerpolicy=\"no-referrer\"/></p><p>NVIDIA 10K, 10Q, Fountainhead</p><p>A silver lining of the entire Ethereum cards boom and bust is that NVIDIA took in close to an estimated $10Bn in &#34;extra&#34; revenues over the past two years. For a company that spent $5.2Bn in R&amp;D last year - that extra cash came in very handy. I also expect the solid growth in Auto to continue.</p><p>Attractive Valuation<img src=\"https://static.tigerbbs.com/1708cc96078b2ed02f57e6485bc9caef\" tg-width=\"610\" tg-height=\"217\" referrerpolicy=\"no-referrer\"/></p><p>NVIDIA, Fountainhead, Seeking Alpha</p><p>Based on my forecast through FY 2026, NVIDIA performs very well in spite of all these headwinds. My estimates are lower than Seeking Alpha consensus estimates and probably conservative given the speed at which NVIDIA has bounced back in the past. At $116, NVIDIA is reasonable at 28X FY 24 earnings and a steal at 19 and 14 times, FY25 and FY26 earnings, respectively.</p><p>Besides, the quality of earnings is far superior when they&#39;re free of cyclical crypto earnings.</p><p>NVIDIA&#39;s pole position as the best in its class ensures that it will constantly have better multiples than AMD and Intel.</p><p>It has the highest margins at over 30%. In FY 2022, NVIDIA had a net profit margin of 36%! - a lot of it crypto-driven. However, given its pricing power for the RTX40, the Grace and the Hopper in Datacenter, I&#39;m confident that it should reasonably earn net margins of around 30% in the next 4 years.</p><p><b>Conclusion</b></p><p>NVIDIA calls it the Omniverse platform, where it has positioned itself as a solution/license/subscription provider. Here, I believe it will have the first-mover advantage when the Metaverse takes off. Again, these will be high-quality earnings with very solid margins. In its pro visualization segment, NVIDIA has taken a solid lead in providing collaborative platforms. Pro-viz revenues doubled to $2Bn in FY 2022 on the back of hybrid and work-from-home trends. While it is now clearly digesting the big gains, it should resume double-digit growth in FY 2025.</p><p>One of its key growth drivers in collaborative use cases will be the quality of ray tracing graphics, which will entice more designers to use NVIDIA as a service tool or as a license. This is a competitive advantage and regardless of Meta Platforms&#39; (META) recent stumbles, Metaverse or Omniverse business uses are already in motion; for example, in car showrooms and surgical walk-throughs. NVIDIA should have a first-mover advantage as a subscription provider, as a complete solution. I believe this is <b>key and will remain a moat.</b> I believe that the Metaverse and Collaborative design markets are still in a very nascent stage and having the best and the most innovative products will give NVIDIA a huge advantage, and allow it to continue skimming the market till competing products emerge.</p><p>I&#39;ve owned NVIDIA for more than 5 years and usually bought on dips, sometimes selling when it became too large a part of my portfolio or taking some profits off the table.</p><p>Given the Fed&#39;s hawkishness and the US government&#39;s newfound belligerence towards China, there is potential for downside and I would spread my buying over 4-5 installments. I rate it a Buy and expect NVIDIA to double from this price of $116 in the next 3-4 years.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Nvidia: Rising From The Ashes</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\">\nNvidia: Rising From The Ashes\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-10-12 23:24 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4546014-nvidia-nvda-stock-rising-from-ashes?source=content_type%3Areact%7Cfirst_level_url%3Ahome%7Csection%3Aportfolio%7Csection_asset%3Aheadlines%7Cline%3A4><strong>Seeking Alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryA slew of new and innovative products such as the RTX40, the Hopper and Grace should overcome the setback from gaming.Data Center will be front and center in FY-2024, while gaming will recover ...</p>\n\n<a href=\"https://seekingalpha.com/article/4546014-nvidia-nvda-stock-rising-from-ashes?source=content_type%3Areact%7Cfirst_level_url%3Ahome%7Csection%3Aportfolio%7Csection_asset%3Aheadlines%7Cline%3A4\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NVDA":"英伟达"},"source_url":"https://seekingalpha.com/article/4546014-nvidia-nvda-stock-rising-from-ashes?source=content_type%3Areact%7Cfirst_level_url%3Ahome%7Csection%3Aportfolio%7Csection_asset%3Aheadlines%7Cline%3A4","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1180326920","content_text":"SummaryA slew of new and innovative products such as the RTX40, the Hopper and Grace should overcome the setback from gaming.Data Center will be front and center in FY-2024, while gaming will recover from Q2- FY 2024, as NVIDIA works through excess inventories.NVIDIA has several competitive advantages and pricing power to continue growing.Software and hardware integration allows it to build the best products in the priciest segments of every market it competes in, giving it the best net margins in the industry.When it Rains it PoursNVIDIA (NASDAQ: NVDA) is as relevant and dominant today, even as it struggles to recover from the aftereffects of a crypto winter and the Ethereum Merge. It has been a very painful past twelve months for both the company and its shareholders. NVIDIA first started showing cracks in its armor when it walked away from the ARM deal, losing about $1.25Bn in fees. The second and bigger blow crystallized in August 2022 when NVIDIAguided early for a disastrous Q2-FY23, taking a charge of $1.3Bn for excess inventory and guiding for a steep 19% drop in sequential revenue to $6.7Bn against consensus estimates of $8.10Bn. On earnings day on August 24th, it guided to a further fall to $5.7Bn in revenues for Q3-FY23 - another sequential drop of 14%. To add insult to injury, this week, the US government decided to ban all semiconductor sales of strategic importance to Chinese companies.The 66% drop from $340 in Nov 2021, to $116 today has been gut-wrenching, to say the least.The Ethereum MergeAs one of my favorite investors, Peter Lynch said \"Fool me once, shame on you; fool me twice, shame on me!\". This is the second time, Gaming has suffered from excess inventories built up from a fall in Crypto prices; this time, the fall was even steeper with Q2-FY23 revenues dropping 33% YoY and 44% sequentially. I estimate Gaming to drop to $1Bn in Q3-FY23, a 69% drop YoY!, as NVIDIA works through excessive inventory. For the past two years, NVIDIA rode the crypto boom as miners used its high-quality GPU cards for Ethereum mining, charging as much as 40% above list price. Now, with Ethereum moving to proof of stake instead of proof of work, used cards have flooded the market.One of the biggest problems I see going forward is investors not giving the same multiples to NVIDIA; no more pie in the sky market cap of $800 Bn or 30X sales! That should never happen again as some of NVIDIA's strongest supporters will carefully keep a cautious eye on valuation and multiples a few years down the road. Secular growth meets cyclical volatility.NVIDIA's Revenue Segments (The Next Platform)At this juncture, I believe that NVIDIA will come back stronger and product launches should be a key catalyst in resuming growth.Gaming - The RTX40 SeriesNVIDIA has won several plaudits for its new gaming series chips named after Ada Lovelace. Going after what NVIDIA believes will be the future of all high-end games, Ray Tracing, it has packed the RTX40 with features that bring out the rich visualization in games that pretty much no other chip can do. The RTX40 Series has been built in collaboration with TSMC (TSM) on the 4NM node and is easily one of the fastest and most powerful chips in gaming. A great Seeking Alpha article from Beth Kindigdescribing it in detail.NVIDIA has always been the best in its class; it doesn't do windows and it doesn't do consoles; instead, it positions itself in a halo of super competence and charges a hefty price knowing that the discerning gamer will pay for quality. The innovative turn with the Lovelace, RTX40 is no exception and will be priced about 25-30% higher from its last RTX30 Ampere series and range from $899 to $1,599.More importantly, it is backed with the strategic intent of not letting the used inventory of Ethereum cards take away from the sales of the newer cards. Quite simply, the used Ethereum card cannot perform even close to the Lovelace.Datacenter - The Hopper and the GraceThe H100 GPU, nicknamed the Hopper, built for the data center segment is also rated one of the best in its class for power and efficiency, with 50% more memory and bandwidth than its predecessor, the A100. It's also expected to have a 300% better performance and is supposed to be 6 times faster, besides delivering 9X better throughput in AI inference training. The Next Platform has done an excellent deep dive into the Hopper.Importantly, the Hopper will be priced pretty high, compared to the rest of the market, and even below a strategic price point below $20,000 per unit will be 20-33% higher than its predecessor, the A100.I expect Datacenter to grow 54% in FY 23 and 35% in FY 24, contributing more than 60% of NVIDIA's revenues.Bank of America Analyst, Vivek Arya, updated his cloud spending forecast for 2023, saying he now expects it to rise 7.5%, a slowdown from 2022, but still up year-over-year. The analyst noted that macro turmoil has reduced the pace of growth, but cloud spending is still expected to reach $170B in 2022, up 20% from 2021 and 2023 should be even higher at $183B, which the analyst said would be \"in line with last down cycles when capex decelerated\".AMD (AMD), which also guided Q3 down on slowing PC sales, crucially did not disappoint on datacenter, stating that datacenter revenue grew 8% sequentially and 45% YoY, boding well for NVIDIA.Grace- The Grace, ARM-based CPU is NVIDIA's first foray in CPUs, a field dominated by AMD and Intel (INTC). The CPU market in Datacenter was dominated by Intel till AMD started eating its lunch with stronger and more efficient products, packing more transistors in the 5 and 7nm nodes while Intel was struggling to go below 10nm.Clearly, NVIDIA smelled opportunity, and it's only surprising why it took them so long to get into this segment. Sticking to its playbook, the Grace will also be a high-performance, pricey chip also on the 4Nm node. Initially, it will be a niche product mainly for AI. Importantly,NVIDIA will bundle the Hopper and the Grace to make inroads into this market.The Chip War with ChinaThe biggest threat I see for NVIDIA is the China chip blockade from the Biden administration. This is a take-no-prisoners approach, the salvo is broad-based and clearly aimed at restricting China's prowess in building high-performance chips. The term \"chips of strategic importance\" is loosely defined. Any sales to Chinese firms requiring high-performance chips need specific exemptions or licenses, which could easily be denied. NVIDIA is clearly the leader in high-performance computing and has the most at stake.Investment CaseResuming GrowthTo value the company going forward, I've taken a conservative approach, forecasting only $1Bn in gaming revenues in Q3 with a slight uptick in Q4 as NVIDIA works through excess inventory. I believe that Fiscal 2024 will see sufficient recoveries in gaming volumes aided by strong sticker prices and estimate that NVIDIA will have $7Bn in gaming revenues, still 9% below FY23 butentirely without Crypto sales. For more conservative investors, looking for recurring revenues, this is not a bad thing. Furthermore, having recurring and sustainable revenues recoups some of the ill-will and the loss of the lofty multiple, when NVIDIA failed to identify crypto sales and suffered the ignominy of changing guidance at the 11th hour. Even with conservative estimates, I expect NVIDIA to grow total revenues 20% next year in FY 24.NVIDIA 10K, 10Q, FountainheadA silver lining of the entire Ethereum cards boom and bust is that NVIDIA took in close to an estimated $10Bn in \"extra\" revenues over the past two years. For a company that spent $5.2Bn in R&D last year - that extra cash came in very handy. I also expect the solid growth in Auto to continue.Attractive ValuationNVIDIA, Fountainhead, Seeking AlphaBased on my forecast through FY 2026, NVIDIA performs very well in spite of all these headwinds. My estimates are lower than Seeking Alpha consensus estimates and probably conservative given the speed at which NVIDIA has bounced back in the past. At $116, NVIDIA is reasonable at 28X FY 24 earnings and a steal at 19 and 14 times, FY25 and FY26 earnings, respectively.Besides, the quality of earnings is far superior when they're free of cyclical crypto earnings.NVIDIA's pole position as the best in its class ensures that it will constantly have better multiples than AMD and Intel.It has the highest margins at over 30%. In FY 2022, NVIDIA had a net profit margin of 36%! - a lot of it crypto-driven. However, given its pricing power for the RTX40, the Grace and the Hopper in Datacenter, I'm confident that it should reasonably earn net margins of around 30% in the next 4 years.ConclusionNVIDIA calls it the Omniverse platform, where it has positioned itself as a solution/license/subscription provider. Here, I believe it will have the first-mover advantage when the Metaverse takes off. Again, these will be high-quality earnings with very solid margins. In its pro visualization segment, NVIDIA has taken a solid lead in providing collaborative platforms. Pro-viz revenues doubled to $2Bn in FY 2022 on the back of hybrid and work-from-home trends. While it is now clearly digesting the big gains, it should resume double-digit growth in FY 2025.One of its key growth drivers in collaborative use cases will be the quality of ray tracing graphics, which will entice more designers to use NVIDIA as a service tool or as a license. This is a competitive advantage and regardless of Meta Platforms' (META) recent stumbles, Metaverse or Omniverse business uses are already in motion; for example, in car showrooms and surgical walk-throughs. NVIDIA should have a first-mover advantage as a subscription provider, as a complete solution. I believe this is key and will remain a moat. I believe that the Metaverse and Collaborative design markets are still in a very nascent stage and having the best and the most innovative products will give NVIDIA a huge advantage, and allow it to continue skimming the market till competing products emerge.I've owned NVIDIA for more than 5 years and usually bought on dips, sometimes selling when it became too large a part of my portfolio or taking some profits off the table.Given the Fed's hawkishness and the US government's newfound belligerence towards China, there is potential for downside and I would spread my buying over 4-5 installments. I rate it a Buy and expect NVIDIA to double from this price of $116 in the next 3-4 years.","news_type":1},"isVote":1,"tweetType":1,"viewCount":373,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9911949190,"gmtCreate":1664124222710,"gmtModify":1676537393556,"author":{"id":"3574687898874038","authorId":"3574687898874038","name":"Wil17","avatar":"https://static.tigerbbs.com/0cfd41bcd17de187675ea0796762da27","crmLevel":3,"crmLevelSwitch":0},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9911949190","repostId":"1148770889","repostType":4,"repost":{"id":"1148770889","pubTimestamp":1664107250,"share":"https://www.laohu8.com/m/news/1148770889?lang=&edition=full","pubTime":"2022-09-25 20:00","market":"us","language":"en","title":"JPMorgan Analyst Drops COIN Price Target","url":"https://stock-news.laohu8.com/highlight/detail?id=1148770889","media":"Yahoo Finance","summary":"JPMorgan’s North American equity team is lowering its price target for shares of Coinbase Global from $78 to $60 for December.The publicly listed crypto exchange draws the majority of its revenue from","content":"<html><head></head><body><p>JPMorgan’s North American equity team is lowering its price target for shares of Coinbase Global from $78 to $60 for December.</p><p>The publicly listed crypto exchange draws the majority of its revenue from U.S. crypto trading levels, meaning its third and fourth quarter earnings hinge on crypto trading interest.</p><p>“We think pressure on Coinbase revenue from falling cryptocurrency markets will pressure the stock price,” JPMorgan analysts wrote.</p><p>Shares of <a href=\"https://laohu8.com/S/COIN\">Coinbase Global </a> sold down from their $72 high Wednesday to $62 Friday. Still hanging above its June lows, the stock has fallen 11% over the past five days and 75% year to date.</p><p>Analysts said Coinbase is expected to see low trading volume by U.S. retail crypto investors through December with the expectation that activity will pick up at the beginning of the first quarter of next year.</p><p>According to crypto volume indexer, Nomics, current volumes for Coinbase have fallen 15% over the past month to $48 billion. The figure is only half of the volume Coinbase’s trading business received at the beginning of the year.</p><p>As of its second-quarter earnings, Coinbase&#39;s revenue depends heavily on trading volume over the near term. Its business strategy aims to reduce trading as a profit mix by growing subscription and services products, which made up 18% of revenue in its second quarter.</p><p>Staking is the Coinbase subscription service that’s recently received the most attention from customers. Critical for proof of stake blockchain protocols, staking rewards investors who pledge capital with a percentage yield.</p><p>Regulation of businesses offering staking services has become less certain in recent days with the Securities and Exchange Commission (SEC) alleging the activity may trigger U.S. securities laws.</p><p>Coinbase provides staking services for ETH, ADA, SOL, ATOM, ALGO, XTY.</p><p>Notably, staking interest earned through Ethereum has gained growing momentum with the Ethereum protocol’s Merge transition to proof of stake, which some analysts have projected to increase interest payouts over the coming months.</p><p>Both staking and interest income earned from holding the stablecoin USDC is part of the company’s subscription services revenue which are deemed as having lower volatility than trading.</p><p>In the second quarter, Coinbase reported two-thirds of its customers were engaged in what it calls these “non-investing activity” and that was largely due to staking Coinbase’s chief operating officer, Emilie Choi, said at a Goldman Sachs conference.</p><p>Based on the assumption that 20% to 40% of ether held by Coinbase is staked, Goldman Sachs projected earlier this month that Coinbase could generate $250 to $600 million in staking revenues from ether alone, partially offsetting its decline in trading volume during crypto’s bear market.</p><p>Though considered a less volatile revenue stream, JPMorgan’s equities team cut back their near-term expectations for Coinbase’s staking business, saying it “has less upside given the selloff in crypto” according to the note.</p><p>Holding a nearly 14.5% market share according to data published on Dune Analytics, Coinbase already represents a major player in ether staking.</p><p>Yet the activity also comes with “lockup risks” according to the note. Investors cannot withdraw staked ether until the Ethereum protocol implements its Shanghai upgrade set for sometime in the second quarter of 2023.</p><p>Though crypto trading volumes remain low, JPMorgan isn’t anticipating “much in terms of writedowns” for the third quarter based on cryptocurrency prices held on the company’s balance sheet.</p><p>“Although the quarter is not over and some tokens did see 3Q lows slightly below 2Q lows,” the team added.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>JPMorgan Analyst Drops COIN Price Target</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\">\nJPMorgan Analyst Drops COIN Price Target\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-09-25 20:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/jp-morgan-analyst-drops-coin-price-target-saying-falling-cryptocurrency-markets-will-pressure-the-stock-price-214222560.html><strong>Yahoo Finance</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>JPMorgan’s North American equity team is lowering its price target for shares of Coinbase Global from $78 to $60 for December.The publicly listed crypto exchange draws the majority of its revenue from...</p>\n\n<a href=\"https://finance.yahoo.com/news/jp-morgan-analyst-drops-coin-price-target-saying-falling-cryptocurrency-markets-will-pressure-the-stock-price-214222560.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc."},"source_url":"https://finance.yahoo.com/news/jp-morgan-analyst-drops-coin-price-target-saying-falling-cryptocurrency-markets-will-pressure-the-stock-price-214222560.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148770889","content_text":"JPMorgan’s North American equity team is lowering its price target for shares of Coinbase Global from $78 to $60 for December.The publicly listed crypto exchange draws the majority of its revenue from U.S. crypto trading levels, meaning its third and fourth quarter earnings hinge on crypto trading interest.“We think pressure on Coinbase revenue from falling cryptocurrency markets will pressure the stock price,” JPMorgan analysts wrote.Shares of Coinbase Global  sold down from their $72 high Wednesday to $62 Friday. Still hanging above its June lows, the stock has fallen 11% over the past five days and 75% year to date.Analysts said Coinbase is expected to see low trading volume by U.S. retail crypto investors through December with the expectation that activity will pick up at the beginning of the first quarter of next year.According to crypto volume indexer, Nomics, current volumes for Coinbase have fallen 15% over the past month to $48 billion. The figure is only half of the volume Coinbase’s trading business received at the beginning of the year.As of its second-quarter earnings, Coinbase's revenue depends heavily on trading volume over the near term. Its business strategy aims to reduce trading as a profit mix by growing subscription and services products, which made up 18% of revenue in its second quarter.Staking is the Coinbase subscription service that’s recently received the most attention from customers. Critical for proof of stake blockchain protocols, staking rewards investors who pledge capital with a percentage yield.Regulation of businesses offering staking services has become less certain in recent days with the Securities and Exchange Commission (SEC) alleging the activity may trigger U.S. securities laws.Coinbase provides staking services for ETH, ADA, SOL, ATOM, ALGO, XTY.Notably, staking interest earned through Ethereum has gained growing momentum with the Ethereum protocol’s Merge transition to proof of stake, which some analysts have projected to increase interest payouts over the coming months.Both staking and interest income earned from holding the stablecoin USDC is part of the company’s subscription services revenue which are deemed as having lower volatility than trading.In the second quarter, Coinbase reported two-thirds of its customers were engaged in what it calls these “non-investing activity” and that was largely due to staking Coinbase’s chief operating officer, Emilie Choi, said at a Goldman Sachs conference.Based on the assumption that 20% to 40% of ether held by Coinbase is staked, Goldman Sachs projected earlier this month that Coinbase could generate $250 to $600 million in staking revenues from ether alone, partially offsetting its decline in trading volume during crypto’s bear market.Though considered a less volatile revenue stream, JPMorgan’s equities team cut back their near-term expectations for Coinbase’s staking business, saying it “has less upside given the selloff in crypto” according to the note.Holding a nearly 14.5% market share according to data published on Dune Analytics, Coinbase already represents a major player in ether staking.Yet the activity also comes with “lockup risks” according to the note. Investors cannot withdraw staked ether until the Ethereum protocol implements its Shanghai upgrade set for sometime in the second quarter of 2023.Though crypto trading volumes remain low, JPMorgan isn’t anticipating “much in terms of writedowns” for the third quarter based on cryptocurrency prices held on the company’s balance sheet.“Although the quarter is not over and some tokens did see 3Q lows slightly below 2Q lows,” the team added.","news_type":1},"isVote":1,"tweetType":1,"viewCount":257,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9911949389,"gmtCreate":1664124193341,"gmtModify":1676537393548,"author":{"id":"3574687898874038","authorId":"3574687898874038","name":"Wil17","avatar":"https://static.tigerbbs.com/0cfd41bcd17de187675ea0796762da27","crmLevel":3,"crmLevelSwitch":0},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9911949389","repostId":"2269490734","repostType":4,"repost":{"id":"2269490734","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1664066508,"share":"https://www.laohu8.com/m/news/2269490734?lang=&edition=full","pubTime":"2022-09-25 08:41","market":"us","language":"en","title":"If You're Selling Stocks Because the Fed Is Hiking Interest Rates, You May Be Suffering From “Inflation Illusion”","url":"https://stock-news.laohu8.com/highlight/detail?id=2269490734","media":"Dow Jones","summary":"Forget everything you think you know about the relationship between interest rates and the stock market.Forget everything you think you know about the relationship between interest rates and the stock","content":"<html><head></head><body><p>Forget everything you think you know about the relationship between interest rates and the stock market.</p><p>Forget everything you think you know about the relationship between interest rates and the stock market. Take the notion that higher interest rates are bad for the stock market, which is almost universally believed on Wall Street. Plausible as this is, it is surprisingly difficult to support it empirically.</p><p>It would be important to challenge this notion at any time, but especially in light of the U.S. market&#39;s decline this past week following the Federal Reserve&#39;s most recent interest-rate hike announcement.</p><p>To show why higher interest rates aren&#39;t necessarily bad for equities, I compared the predictive power of the following two valuation indicators:</p><p>If higher interest rates were always bad for stocks, then the Fed Model&#39;s track record would be superior to that of the earnings yield.</p><p>It is not, as you can see from the table below. The table reports a statistic known as the r-squared, which reflects the degree to which one data series (in this case, the earnings yield or the Fed Model) predicts changes in a second series (in this case, the stock market&#39;s subsequent inflation-adjusted real return). The table reflects the U.S. stock market back to 1871, courtesy of data provided by Yale University&#39;s finance professor Robert Shiller.</p><p><img src=\"https://static.tigerbbs.com/64984acf0f40a1a5e886ef773747472a\" tg-width=\"939\" tg-height=\"268\" referrerpolicy=\"no-referrer\"/></p><p>In other words, the ability to predict the stock market&#39;s five- and 10-year returns goes down when taking interest rates into account.</p><h3>Money illusion</h3><p>These results are so surprising that it&#39;s important to explore why the conventional wisdom is wrong. That wisdom is based on the eminently plausible argument that higher interest rates mean that future years&#39; corporate earnings must be discounted at a higher rate when calculating their present value. While that argument is not wrong, Richard Warr,  a finance professor at North Carolina State University, told me, it&#39;s only half the story.</p><p>The other half of this story is that interest rates tend to be higher when inflation is higher, and average nominal earnings tend to grow faster in higher-inflation environments. Failing to appreciate this other half of the story is a fundamental mistake in economics known as &#34;inflation illusion&#34; -- confusing nominal with real, or inflation-adjusted, values.</p><p>According to research conducted by Warr, inflation&#39;s impact on nominal earnings and the discount rate largely cancel each other out over time. While earnings tend to grow faster when inflation is higher, they must be more heavily discounted when calculating their present value.</p><p>Investors were guilty of inflation illusion when they reacted to the Fed&#39;s latest interest rate announcement by selling stocks.</p><p>None of this means that the bear market shouldn&#39;t continue, or that equities aren&#39;t overvalued. Indeed, by many measures, stocks are still overvalued, despite the much cheaper prices wrought by the bear market. The point of this discussion is that higher interest rates are not an additional reason, above and beyond the other factors affecting the stock market, why the market should fall.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>If You're Selling Stocks Because the Fed Is Hiking Interest Rates, You May Be Suffering From “Inflation Illusion”</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\">\nIf You're Selling Stocks Because the Fed Is Hiking Interest Rates, You May Be Suffering From “Inflation Illusion”\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2022-09-25 08:41</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Forget everything you think you know about the relationship between interest rates and the stock market.</p><p>Forget everything you think you know about the relationship between interest rates and the stock market. Take the notion that higher interest rates are bad for the stock market, which is almost universally believed on Wall Street. Plausible as this is, it is surprisingly difficult to support it empirically.</p><p>It would be important to challenge this notion at any time, but especially in light of the U.S. market&#39;s decline this past week following the Federal Reserve&#39;s most recent interest-rate hike announcement.</p><p>To show why higher interest rates aren&#39;t necessarily bad for equities, I compared the predictive power of the following two valuation indicators:</p><p>If higher interest rates were always bad for stocks, then the Fed Model&#39;s track record would be superior to that of the earnings yield.</p><p>It is not, as you can see from the table below. The table reports a statistic known as the r-squared, which reflects the degree to which one data series (in this case, the earnings yield or the Fed Model) predicts changes in a second series (in this case, the stock market&#39;s subsequent inflation-adjusted real return). The table reflects the U.S. stock market back to 1871, courtesy of data provided by Yale University&#39;s finance professor Robert Shiller.</p><p><img src=\"https://static.tigerbbs.com/64984acf0f40a1a5e886ef773747472a\" tg-width=\"939\" tg-height=\"268\" referrerpolicy=\"no-referrer\"/></p><p>In other words, the ability to predict the stock market&#39;s five- and 10-year returns goes down when taking interest rates into account.</p><h3>Money illusion</h3><p>These results are so surprising that it&#39;s important to explore why the conventional wisdom is wrong. That wisdom is based on the eminently plausible argument that higher interest rates mean that future years&#39; corporate earnings must be discounted at a higher rate when calculating their present value. While that argument is not wrong, Richard Warr,  a finance professor at North Carolina State University, told me, it&#39;s only half the story.</p><p>The other half of this story is that interest rates tend to be higher when inflation is higher, and average nominal earnings tend to grow faster in higher-inflation environments. Failing to appreciate this other half of the story is a fundamental mistake in economics known as &#34;inflation illusion&#34; -- confusing nominal with real, or inflation-adjusted, values.</p><p>According to research conducted by Warr, inflation&#39;s impact on nominal earnings and the discount rate largely cancel each other out over time. While earnings tend to grow faster when inflation is higher, they must be more heavily discounted when calculating their present value.</p><p>Investors were guilty of inflation illusion when they reacted to the Fed&#39;s latest interest rate announcement by selling stocks.</p><p>None of this means that the bear market shouldn&#39;t continue, or that equities aren&#39;t overvalued. Indeed, by many measures, stocks are still overvalued, despite the much cheaper prices wrought by the bear market. The point of this discussion is that higher interest rates are not an additional reason, above and beyond the other factors affecting the stock market, why the market should fall.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2269490734","content_text":"Forget everything you think you know about the relationship between interest rates and the stock market.Forget everything you think you know about the relationship between interest rates and the stock market. Take the notion that higher interest rates are bad for the stock market, which is almost universally believed on Wall Street. Plausible as this is, it is surprisingly difficult to support it empirically.It would be important to challenge this notion at any time, but especially in light of the U.S. market's decline this past week following the Federal Reserve's most recent interest-rate hike announcement.To show why higher interest rates aren't necessarily bad for equities, I compared the predictive power of the following two valuation indicators:If higher interest rates were always bad for stocks, then the Fed Model's track record would be superior to that of the earnings yield.It is not, as you can see from the table below. The table reports a statistic known as the r-squared, which reflects the degree to which one data series (in this case, the earnings yield or the Fed Model) predicts changes in a second series (in this case, the stock market's subsequent inflation-adjusted real return). The table reflects the U.S. stock market back to 1871, courtesy of data provided by Yale University's finance professor Robert Shiller.In other words, the ability to predict the stock market's five- and 10-year returns goes down when taking interest rates into account.Money illusionThese results are so surprising that it's important to explore why the conventional wisdom is wrong. That wisdom is based on the eminently plausible argument that higher interest rates mean that future years' corporate earnings must be discounted at a higher rate when calculating their present value. While that argument is not wrong, Richard Warr,  a finance professor at North Carolina State University, told me, it's only half the story.The other half of this story is that interest rates tend to be higher when inflation is higher, and average nominal earnings tend to grow faster in higher-inflation environments. Failing to appreciate this other half of the story is a fundamental mistake in economics known as \"inflation illusion\" -- confusing nominal with real, or inflation-adjusted, values.According to research conducted by Warr, inflation's impact on nominal earnings and the discount rate largely cancel each other out over time. While earnings tend to grow faster when inflation is higher, they must be more heavily discounted when calculating their present value.Investors were guilty of inflation illusion when they reacted to the Fed's latest interest rate announcement by selling stocks.None of this means that the bear market shouldn't continue, or that equities aren't overvalued. Indeed, by many measures, stocks are still overvalued, despite the much cheaper prices wrought by the bear market. The point of this discussion is that higher interest rates are not an additional reason, above and beyond the other factors affecting the stock market, why the market should fall.","news_type":1},"isVote":1,"tweetType":1,"viewCount":463,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9910003403,"gmtCreate":1663519979902,"gmtModify":1676537282401,"author":{"id":"3574687898874038","authorId":"3574687898874038","name":"Wil17","avatar":"https://static.tigerbbs.com/0cfd41bcd17de187675ea0796762da27","crmLevel":3,"crmLevelSwitch":0},"themes":[],"htmlText":"Oh","listText":"Oh","text":"Oh","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9910003403","repostId":"2268120643","repostType":4,"repost":{"id":"2268120643","pubTimestamp":1663369990,"share":"https://www.laohu8.com/m/news/2268120643?lang=&edition=full","pubTime":"2022-09-17 07:13","market":"us","language":"en","title":"Facebook Stock Falls to yet Another Ignominious Level","url":"https://stock-news.laohu8.com/highlight/detail?id=2268120643","media":"MarketWatch","summary":"Meta Platforms’ market capitalization falls lower than $400 billion for the first time since January 2019 as it moves closer to wiping away all pandemic-era gainsMeta shares closed at their lowest lev","content":"<html><head></head><body><p>Meta Platforms’ market capitalization falls lower than $400 billion for the first time since January 2019 as it moves closer to wiping away all pandemic-era gains</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/56a09bacf091393f74c2566fa49a4912\" tg-width=\"700\" tg-height=\"446\" width=\"100%\" height=\"auto\"/><span>Meta shares closed at their lowest level since March 16, 2020 Friday. AGENCE FRANCE-PRESSE/GETTY IMAGES</span></p><p>Facebook was a member of the exclusive $1 trillion club a year ago, but it’s fallen a long way since then.</p><p>Now named Meta Platforms Inc.,the company saw its market value fall below $400 billion Friday for the first time since Jan. 7, 2019, according to Dow Jones Market Data. Meta’s valuation is 63.5% lower than its Sept. 7, 2021, peak of $1.078 trillion.</p><p><img src=\"https://static.tigerbbs.com/c1f0882447e68338df922db57227d6d6\" tg-width=\"699\" tg-height=\"372\" width=\"100%\" height=\"auto\"/></p><p>Meta shares dropped 2.2% Friday, closing the week down 13.5% after registering declines in all five sessions. Friday’s fall brought Meta shares to their lowest close since March 16, 2020, when they finished at $146.01, according to Dow Jones Market Data. Any close below that point would see Meta officially erase all of its pandemic-era stock gains.</p><p>The swift decline in Meta shares in recent months reflects more than just macroeconomic fears. Yes, Meta is exposed to pullbacks in advertiser spending due to a weakening economy, but the company must also contend with TikTok’s rising competitive threat, as well as the lingering impacts of Apple Inc.’s privacy-related changes that affect ad targeting.</p><p>Meta is now the 10th most valuable U.S. company by market capitalization, after falling behind Visa Inc. earlier this week. While Meta shares are off 61% over the past 12 months, Visa’s stock has only fallen 14%, and the payments giant’s business has been seen as relatively resilient in the current climate given that overall consumer spending levels remain healthy.</p><p>Now Meta risks dropping out of the top-10 entirely: The company finished Friday’s session with a $393.2 billion valuation, while 11th-place Exxon Mobil Corp. ended at $388.5 billion.</p></body></html>","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>Facebook Stock Falls to yet Another Ignominious Level</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\">\nFacebook Stock Falls to yet Another Ignominious Level\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-09-17 07:13 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.marketwatch.com/story/facebook-stock-falls-to-yet-another-ignominious-level-11663361887?mod=home-page><strong>MarketWatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Meta Platforms’ market capitalization falls lower than $400 billion for the first time since January 2019 as it moves closer to wiping away all pandemic-era gainsMeta shares closed at their lowest ...</p>\n\n<a href=\"https://www.marketwatch.com/story/facebook-stock-falls-to-yet-another-ignominious-level-11663361887?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":{"META":"Meta Platforms"},"source_url":"https://www.marketwatch.com/story/facebook-stock-falls-to-yet-another-ignominious-level-11663361887?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2268120643","content_text":"Meta Platforms’ market capitalization falls lower than $400 billion for the first time since January 2019 as it moves closer to wiping away all pandemic-era gainsMeta shares closed at their lowest level since March 16, 2020 Friday. AGENCE FRANCE-PRESSE/GETTY IMAGESFacebook was a member of the exclusive $1 trillion club a year ago, but it’s fallen a long way since then.Now named Meta Platforms Inc.,the company saw its market value fall below $400 billion Friday for the first time since Jan. 7, 2019, according to Dow Jones Market Data. Meta’s valuation is 63.5% lower than its Sept. 7, 2021, peak of $1.078 trillion.Meta shares dropped 2.2% Friday, closing the week down 13.5% after registering declines in all five sessions. Friday’s fall brought Meta shares to their lowest close since March 16, 2020, when they finished at $146.01, according to Dow Jones Market Data. Any close below that point would see Meta officially erase all of its pandemic-era stock gains.The swift decline in Meta shares in recent months reflects more than just macroeconomic fears. Yes, Meta is exposed to pullbacks in advertiser spending due to a weakening economy, but the company must also contend with TikTok’s rising competitive threat, as well as the lingering impacts of Apple Inc.’s privacy-related changes that affect ad targeting.Meta is now the 10th most valuable U.S. company by market capitalization, after falling behind Visa Inc. earlier this week. While Meta shares are off 61% over the past 12 months, Visa’s stock has only fallen 14%, and the payments giant’s business has been seen as relatively resilient in the current climate given that overall consumer spending levels remain healthy.Now Meta risks dropping out of the top-10 entirely: The company finished Friday’s session with a $393.2 billion valuation, while 11th-place Exxon Mobil Corp. ended at $388.5 billion.","news_type":1},"isVote":1,"tweetType":1,"viewCount":170,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9910003512,"gmtCreate":1663519952337,"gmtModify":1676537282400,"author":{"id":"3574687898874038","authorId":"3574687898874038","name":"Wil17","avatar":"https://static.tigerbbs.com/0cfd41bcd17de187675ea0796762da27","crmLevel":3,"crmLevelSwitch":0},"themes":[],"htmlText":"Oh","listText":"Oh","text":"Oh","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9910003512","repostId":"2268646686","repostType":4,"repost":{"id":"2268646686","pubTimestamp":1663382033,"share":"https://www.laohu8.com/m/news/2268646686?lang=&edition=full","pubTime":"2022-09-17 10:33","market":"us","language":"en","title":"Netflix and Disney+ Are About to Get Ads. What It Means for Streaming Stocks","url":"https://stock-news.laohu8.com/highlight/detail?id=2268646686","media":"Barrons","summary":"\"We'll be right back after these messages.\" The age-old commercial lead-in takes on new meaning at a","content":"<html><head></head><body><p>&#34;We&#39;ll be right back after these messages.&#34; The age-old commercial lead-in takes on new meaning at a time when a bounceback for Netflix and Walt Disney shares rests on the coming launch of ad-supported tiers for the two streaming leaders.</p><p>For Netflix (ticker: NFLX), the goal is to reverse subscriber losses with cheaper plans. For Disney+, it&#39;s to offset a recent acceleration in cable cord-cutting. Barron&#39;s laid out those concerns in a March cover story.</p><p>Much could go wrong in the near term for these companies and their rivals. A glut of advertising slots could push industry prices lower, especially if the economy weakens. Too many ads per hour could frustrate viewers. Too few could accelerate defections from full-price streaming tiers and cable.</p><p>Yet, if the television industry is successful, it could not only rekindle growth, but also pull back power that has been lost to the closed-off advertising economies of Google and Facebook.</p><p>&#34;Connected television is what will bring down the walls of walled gardens,&#34; says Jeff Green, founder and CEO of Trade Desk (TTD), which competes with Alphabet as an ad-buying platform and has partnered with Disney in streaming advertising. He means that streaming can match the targeting power of online search and social media while making the emotional connection of video. &#34;A banner ad has never made you cry,&#34; he says.</p><p>Trade Desk is poised to be a winner as more advertising dollars flow to streaming.</p><p>Microsoft (MSFT), a rising ad player, should benefit, as well. Roku (ROKU) could have better odds than its collapsed stock price suggests. Walt Disney (DIS) and Warner Bros. Discovery(WBD) (WBD) will benefit from rich content engines. Netflix, meanwhile, faces plenty of risk. And across the industry, more consolidation appears inevitable.</p><p>Advertising already abounds on streaming. What is changing now is the scale. Netflix dominates viewership. Its users took in 1.3 trillion minutes of content during the most recent TV season, roughly from late last September to early May, according to Nielsen data by way of BofA Securities. That&#39;s nearly double the attention paid over the same period to CBS, the ratings leader in traditional TV, and five times that of the next-biggest streamer, Disney+.</p><p>Netflix just moved up the launch of its ad-supported service to November to beat Disney+ on Dec. 8. That means it will want to lock in advertisers by the end of this month. It&#39;s expected to start at an &#34;ad load&#34; of four minutes per content hour.</p><p>Jessica Reif Ehrlich, a media analyst at BofA, predicts what she calls silent price hikes in the form of a quick rise in ads for each hour. &#34;There&#39;s no way it&#39;s going to stay at three, four, five minutes,&#34; she says. &#34;Hopefully it won&#39;t be what we see on linear, which is unbearable.&#34;</p><p>The TV business is packed with jargon. Here&#39;s a quick glossary for investors. Linear means that movies and shows run at scheduled times, and can refer to either old-fashioned broadcast and cable, or to FAST, which stands for free ad-supported streaming television. FAST services skimp on content costs and pack in the ads, but users can&#39;t beat the price. Paramount Global(PARA) (PARA) owns the FAST service Pluto TV; Comcast (CMCSA) has Xumo; and Fox (FOX) has Tubi.</p><p><img src=\"https://static.tigerbbs.com/3ebf88ec8afb5be0a500562b5b07ede3\" tg-width=\"700\" tg-height=\"405\" width=\"100%\" height=\"auto\"/></p><p>The better-known streaming services, where users pay subscriptions to start shows when they want, are called SVODs, for subscription video on demand. When the cost is subsidized with ads, like the new Netflix and Disney+ tiers, they&#39;re called AVODs. Some FASTs dabble in AVOD, and vice versa, and both services compete for the same ad budgets.</p><p>That&#39;s the taxonomy. Here&#39;s the moneymaking: Ad revenue is determined by ad load, audience size, and CPM, or cost per mille, which is Latin for thousand, and refers to the price of reaching that many screens. Ads are sold ahead of time during so-called upfront negotiations in late spring and early summer, and last-minute in what&#39;s called the scatter market. TV companies use a carrot-and-stick approach to get early commitments, offering choice spots during upfronts, and warning of higher rates for those who wait for scatter.</p><p>To sum up the current state of TV advertising, upfronts were solid this year, but scatter has turned choppy. Also, to date, streaming has made most of its advertising inroads in scatter, whereas traditional television still rules the upfronts. That&#39;s bound to change.</p><p>Now for the question that matters most: Where will CPMs come in for Netflix? If they&#39;re high, it could provide cover for the entire industry to prosper. If they&#39;re low, Netflix will need a hefty ad load in a hurry, and it still might not make up for customers who trade down from full-price subscriptions. The whisper number is that the company is looking for $65. Some on Wall Street are whispering back: &#34;Good luck.&#34;</p><p>Hulu is a veteran at selling streaming ads, and gets CPMs that are estimated in the $20s and low $30s. (Disney owns two-thirds of Hulu and will likely buy the rest from Comcast in 2024.) HBO Max is a top CPM draw, with rates pegged in the $40s. Nat Schindler, BofA&#39;s Netflix analyst, who is bearish on the stock, expects CPMs of $20 to $40. In one recent analysis, he calculated that Netflix could need $3.8 billion in yearly advertising revenue to make up for lost subscription fees, and will likely generate less than $1.8 billion to start.</p><p>Tim Nollen at Macquarie Research predicts that Netflix will secure CPMs of $50 by next year and $60 by 2025. By then, he sees the company bringing in $3.6 billion in U.S. and Canada advertising revenue, and $8.5 billion worldwide, or $2 billion more than the company would bring in without advertising. He recently upgraded the stock to Neutral.</p><p>Evercore ISI analyst Mark Mahaney upgraded Netflix to Outperform this past week. He sees $1 billion to $2 billion in incremental revenue by 2024 -- and 10 million more subscribers. A recent survey of &#34;churned&#34; or departed subscribers leads him to believe that 20% of them could return with a cheaper tier. Just how cheap it will be isn&#39;t yet known, but forecasts of $7 to $9 a month are common. The cheapest ad-free Netflix plan costs $9.99 a month, and the most popular one is $15.49. Disney recently priced its ad-supported Disney+ at $7.99 a month -- the same price as the current ad-free service, which will soon move to $10.99.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3ebad0a44b28daeb74305169595952a6\" tg-width=\"700\" tg-height=\"467\" width=\"100%\" height=\"auto\"/><span>ILLUSTRATION BY BARRON&#39;S STAFF; ALAMY (5); NETFLIX (2); DISNEY+ (2)</span></p><p>One factor that could weigh on Netflix&#39;s CPMs early on is that the company will offer little viewer information, which might have more to do with its abilities than privacy concerns. A partnership with Microsoft will help, eventually.</p><p>&#34;The ink isn&#39;t even dry on the agreement,&#34; says Ratko Vidakovic, founder of AdProfs, an ad-technology consultant. &#34;It&#39;s going to take a while for them to spin up the new advertising infrastructure that&#39;s going to allow them to offer more sophisticated ad targeting.&#34;</p><p>Traditional television has limited ability to target viewers with precision. The internet has plenty of ability, but it has long relied on technologies like tracking cookies that raise privacy concerns. Apple and Alphabet have cracked down on third-party cookies on their devices and software, and now advertisers are pondering a post-cookie world.</p><p>Meanwhile, streaming services have direct credit card relationships with customers, giving them valuable insights that could fetch top dollar from advertisers. What is needed is a way for advertisers to tailor their campaigns without Netflix sharing individual customer details or allowing outsiders to track Netflix users to other sites and advertise to them at lower cost.</p><p>One answer is called a data clean room, or software that allows collaboration without oversharing. Trade Desk is providing a data clean room for Disney. Microsoft, which just bought a programmatic advertising company called Xandr from AT&amp;T, is believed to be doing something similar for Netflix. Microsoft declined to comment.</p><p>That could eventually make Netflix an advertising powerhouse. But there&#39;s plenty of risk for investors between now and then. Free cash flow for the company hasn&#39;t quite turned meaningfully and consistently positive. Content costs have soared -- witness the more than $1 billion that Amazon.com is expected to spend on its new series loosely related to the Lord of the Rings books. Studios that once licensed shows cheaply are now hoarding them for their own streaming platforms.</p><p>Netflix has lost subscribers for two quarters running. The stock has rebounded 28% since the end of June in anticipation of a return to growth, versus 4% for the S&amp;P 500 index. Meanwhile, the U.S. advertising industry turned in its weakest performance in two years in July, with spending falling 12.7% from a year earlier, according to research group Standard Media Index.</p><p>Without more growth soon, investors could begin second-guessing whether Netflix&#39;s projected $4.5 billion in free cash flow in 2025 is worth $97 billion in stock market value today. One wild card: Microsoft is believed to have offered Netflix a minimum revenue guarantee of perhaps $500 million to $1 billion to help win its advertising business.</p><p>For the legacy players, pay-TV subscriptions have fallen from a peak of more than 100 million in 2015 to about 82 million, and losses have lately been accelerating. But at least the remaining cash flows offer a bridge until streaming pays off. Disney, with a market value of about $205 billion, could top $10 billion in free cash flow in three years. Paramount, valued at $15 billion, is expected to generate at least $1 billion.</p><p>The cash cow of the group is Warner Bros. Discovery. It&#39;s valued at $31 billion and is seen generating nearly $4 billion in free cash this year and well over $9 billion in three years. Peacock owner Comcast earns far more from home cable connections, especially for broadband service, than from show business.</p><p>There have already been two big streaming deals this year. Discovery completed its purchase of AT&amp;T’s WarnerMedia, and Amazon closed on TV and movie studio MGM. Warner now says it will consolidate its HBO Max and Discovery+ streaming platforms to hold down costs. Paramount is considering the same for Showtime and Paramount+.</p><p>This past week, activist investor Daniel Loeb backed off his demand that Disney sell ESPN, tweeting about a “better understanding” of its potential. Loeb had argued that ESPN would be worth more to a company that would pursue gambling. Disney CEO Bob Chapek, asked at a recent company event whether ESPN is developing a gambling app, said, “We’re working very hard on that.”</p><p>Ehrlich at BofA and Nollen at Macquarie both favor Disney and Warner for their mix of must-haves like storied studios, live news, and sports rights. If Disney’s price increase looks like a dare for subscribers to downgrade, there’s a good reason. “Disney will probably make more on their AVOD platform than the SVOD,” says Ehrlich.</p><p>Nollen is particularly bullish on Trade Desk. “Because they’re neutral, because they’ve got great scale, great relationships, great ability to tie very targeted ads into all of these services, we think they’re going to be one of the winners in this transition,” he says.</p><p>Alicia Reese, a media analyst at Wedbush, recommends former highflier Roku, whose stock has collapsed by 78% in a year. It has a TV operating system that allows set owners to search for programs across their streaming apps, plus an AVOD called Roku TV. The company was hit by high exposure to the weakened scatter market, says Reese. But the market value is down to $9.4 billion, and the consensus view is that free cash flow will reach $500 million in three to four years.</p><p>Streaming commercials could prove effective enough to siphon spending to TV from online display ads in the years ahead, says Brett Gordon, who teaches marketing at Northwestern University’s Kellogg School of Management.</p><p>At Trade Desk, CEO Green is eyeing a global ad budget approaching $1 trillion. “I want as much of that as possible,” he says. And although his buying platform plays in websites, apps, podcasts, and more, he makes no secret of where he thinks the money is headed. “Connected television,” he says, “is quickly becoming the most effective way to advertise on the planet at scale.”</p></body></html>","source":"lsy1601382232898","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>Netflix and Disney+ Are About to Get Ads. What It Means for Streaming Stocks</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\">\nNetflix and Disney+ Are About to Get Ads. What It Means for Streaming Stocks\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-09-17 10:33 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/netflix-disney-ads-stocks-streaming-wars-51663368286?mod=hp_HERO><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>\"We'll be right back after these messages.\" The age-old commercial lead-in takes on new meaning at a time when a bounceback for Netflix and Walt Disney shares rests on the coming launch of ad-...</p>\n\n<a href=\"https://www.barrons.com/articles/netflix-disney-ads-stocks-streaming-wars-51663368286?mod=hp_HERO\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"DIS":"迪士尼","TTD":"Trade Desk Inc.","FOXA":"福克斯-A","NFLX":"奈飞","FOX":"福克斯-B","WBD":"Warner Bros. Discovery","ROKU":"Roku Inc","CMCSA":"康卡斯特"},"source_url":"https://www.barrons.com/articles/netflix-disney-ads-stocks-streaming-wars-51663368286?mod=hp_HERO","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2268646686","content_text":"\"We'll be right back after these messages.\" The age-old commercial lead-in takes on new meaning at a time when a bounceback for Netflix and Walt Disney shares rests on the coming launch of ad-supported tiers for the two streaming leaders.For Netflix (ticker: NFLX), the goal is to reverse subscriber losses with cheaper plans. For Disney+, it's to offset a recent acceleration in cable cord-cutting. Barron's laid out those concerns in a March cover story.Much could go wrong in the near term for these companies and their rivals. A glut of advertising slots could push industry prices lower, especially if the economy weakens. Too many ads per hour could frustrate viewers. Too few could accelerate defections from full-price streaming tiers and cable.Yet, if the television industry is successful, it could not only rekindle growth, but also pull back power that has been lost to the closed-off advertising economies of Google and Facebook.\"Connected television is what will bring down the walls of walled gardens,\" says Jeff Green, founder and CEO of Trade Desk (TTD), which competes with Alphabet as an ad-buying platform and has partnered with Disney in streaming advertising. He means that streaming can match the targeting power of online search and social media while making the emotional connection of video. \"A banner ad has never made you cry,\" he says.Trade Desk is poised to be a winner as more advertising dollars flow to streaming.Microsoft (MSFT), a rising ad player, should benefit, as well. Roku (ROKU) could have better odds than its collapsed stock price suggests. Walt Disney (DIS) and Warner Bros. Discovery(WBD) (WBD) will benefit from rich content engines. Netflix, meanwhile, faces plenty of risk. And across the industry, more consolidation appears inevitable.Advertising already abounds on streaming. What is changing now is the scale. Netflix dominates viewership. Its users took in 1.3 trillion minutes of content during the most recent TV season, roughly from late last September to early May, according to Nielsen data by way of BofA Securities. That's nearly double the attention paid over the same period to CBS, the ratings leader in traditional TV, and five times that of the next-biggest streamer, Disney+.Netflix just moved up the launch of its ad-supported service to November to beat Disney+ on Dec. 8. That means it will want to lock in advertisers by the end of this month. It's expected to start at an \"ad load\" of four minutes per content hour.Jessica Reif Ehrlich, a media analyst at BofA, predicts what she calls silent price hikes in the form of a quick rise in ads for each hour. \"There's no way it's going to stay at three, four, five minutes,\" she says. \"Hopefully it won't be what we see on linear, which is unbearable.\"The TV business is packed with jargon. Here's a quick glossary for investors. Linear means that movies and shows run at scheduled times, and can refer to either old-fashioned broadcast and cable, or to FAST, which stands for free ad-supported streaming television. FAST services skimp on content costs and pack in the ads, but users can't beat the price. Paramount Global(PARA) (PARA) owns the FAST service Pluto TV; Comcast (CMCSA) has Xumo; and Fox (FOX) has Tubi.The better-known streaming services, where users pay subscriptions to start shows when they want, are called SVODs, for subscription video on demand. When the cost is subsidized with ads, like the new Netflix and Disney+ tiers, they're called AVODs. Some FASTs dabble in AVOD, and vice versa, and both services compete for the same ad budgets.That's the taxonomy. Here's the moneymaking: Ad revenue is determined by ad load, audience size, and CPM, or cost per mille, which is Latin for thousand, and refers to the price of reaching that many screens. Ads are sold ahead of time during so-called upfront negotiations in late spring and early summer, and last-minute in what's called the scatter market. TV companies use a carrot-and-stick approach to get early commitments, offering choice spots during upfronts, and warning of higher rates for those who wait for scatter.To sum up the current state of TV advertising, upfronts were solid this year, but scatter has turned choppy. Also, to date, streaming has made most of its advertising inroads in scatter, whereas traditional television still rules the upfronts. That's bound to change.Now for the question that matters most: Where will CPMs come in for Netflix? If they're high, it could provide cover for the entire industry to prosper. If they're low, Netflix will need a hefty ad load in a hurry, and it still might not make up for customers who trade down from full-price subscriptions. The whisper number is that the company is looking for $65. Some on Wall Street are whispering back: \"Good luck.\"Hulu is a veteran at selling streaming ads, and gets CPMs that are estimated in the $20s and low $30s. (Disney owns two-thirds of Hulu and will likely buy the rest from Comcast in 2024.) HBO Max is a top CPM draw, with rates pegged in the $40s. Nat Schindler, BofA's Netflix analyst, who is bearish on the stock, expects CPMs of $20 to $40. In one recent analysis, he calculated that Netflix could need $3.8 billion in yearly advertising revenue to make up for lost subscription fees, and will likely generate less than $1.8 billion to start.Tim Nollen at Macquarie Research predicts that Netflix will secure CPMs of $50 by next year and $60 by 2025. By then, he sees the company bringing in $3.6 billion in U.S. and Canada advertising revenue, and $8.5 billion worldwide, or $2 billion more than the company would bring in without advertising. He recently upgraded the stock to Neutral.Evercore ISI analyst Mark Mahaney upgraded Netflix to Outperform this past week. He sees $1 billion to $2 billion in incremental revenue by 2024 -- and 10 million more subscribers. A recent survey of \"churned\" or departed subscribers leads him to believe that 20% of them could return with a cheaper tier. Just how cheap it will be isn't yet known, but forecasts of $7 to $9 a month are common. The cheapest ad-free Netflix plan costs $9.99 a month, and the most popular one is $15.49. Disney recently priced its ad-supported Disney+ at $7.99 a month -- the same price as the current ad-free service, which will soon move to $10.99.ILLUSTRATION BY BARRON'S STAFF; ALAMY (5); NETFLIX (2); DISNEY+ (2)One factor that could weigh on Netflix's CPMs early on is that the company will offer little viewer information, which might have more to do with its abilities than privacy concerns. A partnership with Microsoft will help, eventually.\"The ink isn't even dry on the agreement,\" says Ratko Vidakovic, founder of AdProfs, an ad-technology consultant. \"It's going to take a while for them to spin up the new advertising infrastructure that's going to allow them to offer more sophisticated ad targeting.\"Traditional television has limited ability to target viewers with precision. The internet has plenty of ability, but it has long relied on technologies like tracking cookies that raise privacy concerns. Apple and Alphabet have cracked down on third-party cookies on their devices and software, and now advertisers are pondering a post-cookie world.Meanwhile, streaming services have direct credit card relationships with customers, giving them valuable insights that could fetch top dollar from advertisers. What is needed is a way for advertisers to tailor their campaigns without Netflix sharing individual customer details or allowing outsiders to track Netflix users to other sites and advertise to them at lower cost.One answer is called a data clean room, or software that allows collaboration without oversharing. Trade Desk is providing a data clean room for Disney. Microsoft, which just bought a programmatic advertising company called Xandr from AT&T, is believed to be doing something similar for Netflix. Microsoft declined to comment.That could eventually make Netflix an advertising powerhouse. But there's plenty of risk for investors between now and then. Free cash flow for the company hasn't quite turned meaningfully and consistently positive. Content costs have soared -- witness the more than $1 billion that Amazon.com is expected to spend on its new series loosely related to the Lord of the Rings books. Studios that once licensed shows cheaply are now hoarding them for their own streaming platforms.Netflix has lost subscribers for two quarters running. The stock has rebounded 28% since the end of June in anticipation of a return to growth, versus 4% for the S&P 500 index. Meanwhile, the U.S. advertising industry turned in its weakest performance in two years in July, with spending falling 12.7% from a year earlier, according to research group Standard Media Index.Without more growth soon, investors could begin second-guessing whether Netflix's projected $4.5 billion in free cash flow in 2025 is worth $97 billion in stock market value today. One wild card: Microsoft is believed to have offered Netflix a minimum revenue guarantee of perhaps $500 million to $1 billion to help win its advertising business.For the legacy players, pay-TV subscriptions have fallen from a peak of more than 100 million in 2015 to about 82 million, and losses have lately been accelerating. But at least the remaining cash flows offer a bridge until streaming pays off. Disney, with a market value of about $205 billion, could top $10 billion in free cash flow in three years. Paramount, valued at $15 billion, is expected to generate at least $1 billion.The cash cow of the group is Warner Bros. Discovery. It's valued at $31 billion and is seen generating nearly $4 billion in free cash this year and well over $9 billion in three years. Peacock owner Comcast earns far more from home cable connections, especially for broadband service, than from show business.There have already been two big streaming deals this year. Discovery completed its purchase of AT&T’s WarnerMedia, and Amazon closed on TV and movie studio MGM. Warner now says it will consolidate its HBO Max and Discovery+ streaming platforms to hold down costs. Paramount is considering the same for Showtime and Paramount+.This past week, activist investor Daniel Loeb backed off his demand that Disney sell ESPN, tweeting about a “better understanding” of its potential. Loeb had argued that ESPN would be worth more to a company that would pursue gambling. Disney CEO Bob Chapek, asked at a recent company event whether ESPN is developing a gambling app, said, “We’re working very hard on that.”Ehrlich at BofA and Nollen at Macquarie both favor Disney and Warner for their mix of must-haves like storied studios, live news, and sports rights. If Disney’s price increase looks like a dare for subscribers to downgrade, there’s a good reason. “Disney will probably make more on their AVOD platform than the SVOD,” says Ehrlich.Nollen is particularly bullish on Trade Desk. “Because they’re neutral, because they’ve got great scale, great relationships, great ability to tie very targeted ads into all of these services, we think they’re going to be one of the winners in this transition,” he says.Alicia Reese, a media analyst at Wedbush, recommends former highflier Roku, whose stock has collapsed by 78% in a year. It has a TV operating system that allows set owners to search for programs across their streaming apps, plus an AVOD called Roku TV. The company was hit by high exposure to the weakened scatter market, says Reese. But the market value is down to $9.4 billion, and the consensus view is that free cash flow will reach $500 million in three to four years.Streaming commercials could prove effective enough to siphon spending to TV from online display ads in the years ahead, says Brett Gordon, who teaches marketing at Northwestern University’s Kellogg School of Management.At Trade Desk, CEO Green is eyeing a global ad budget approaching $1 trillion. “I want as much of that as possible,” he says. And although his buying platform plays in websites, apps, podcasts, and more, he makes no secret of where he thinks the money is headed. “Connected television,” he says, “is quickly becoming the most effective way to advertise on the planet at scale.”","news_type":1},"isVote":1,"tweetType":1,"viewCount":241,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9932334102,"gmtCreate":1662872453006,"gmtModify":1676537155701,"author":{"id":"3574687898874038","authorId":"3574687898874038","name":"Wil17","avatar":"https://static.tigerbbs.com/0cfd41bcd17de187675ea0796762da27","crmLevel":3,"crmLevelSwitch":0},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/9932334102","repostId":"1168017166","repostType":4,"repost":{"id":"1168017166","pubTimestamp":1662861884,"share":"https://www.laohu8.com/m/news/1168017166?lang=&edition=full","pubTime":"2022-09-11 10:04","market":"us","language":"en","title":"Disney Boss Rejects Dan Loeb’s Calls to Spin off ESPN","url":"https://stock-news.laohu8.com/highlight/detail?id=1168017166","media":"Financial Times","summary":"Bob Chapek, Walt Disney chief executive, has rejected calls by activist investor Dan Loeb to sell or","content":"<html><head></head><body><p><img src=\"https://static.tigerbbs.com/00679153a5fcaf272c7dd3086b697c37\" tg-width=\"1400\" tg-height=\"788\" referrerpolicy=\"no-referrer\"/></p><p>Bob Chapek, Walt Disney chief executive, has rejected calls by activist investor Dan Loeb to sell or spin off the ESPN sports television network, vowing to restore the business to its onetime status as a growth engine of the company.</p><p>Loeb, whose Third Point hedge fund revealed in August that it had bought a $1bn stake in the company, called for ESPN to be spun off to reduce Disney’s debtload — just one element of a sweeping plan to shake up the media company.</p><p>In an interview with the FT, Chapek said Disney had been “deluged” with interest from companies seeking to buy ESPN earlier this year amid rumours that the company was weighing a sale of the cable network.</p><p>“If everyone wants to come in and buy it or spin it with us, I think that says something about its potential,” Chapek said. “I think its potential is within the Disney company.”</p><p>ESPN broadcasts live sports in the US, including games of the National Football League, National Basketball Association and Major League Baseball.</p><p>“We have a plan for it that will restore ESPN to its growth trajectory,” Chapek said. “When the rest of the world knows what our plans are they will be as confident about that proposition as we are.”</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a145f5f8f3be0effe2c12dfdbde647f3\" tg-width=\"700\" tg-height=\"467\" width=\"100%\" height=\"auto\"/><span>Bob Chapek speaks at the 2022 Disney Legends Awards during Disney’s D23 Expo on Saturday © REUTERS</span></p><p>Chapek said he has “regular conversations” with Loeb, who also took a stake in Disney in 2020 that he sold early this year. He characterised the conversations as “very collaborative, non-antagonistic and collegial”, including around Loeb’s recommendations to change the composition of the Disney board.</p><p>He defended the board, saying that the average tenure is four years and has a broad “range of skillsets”.</p><p>But he added: “We’re so consistent with Dan’s thinking that everything he’s talked about are either things we have considered in the past or are considering for the future.”</p><p>Loeb has also called on Disney to purchase Comcast’s 33 per cent stake in the Hulu streaming service earlier than January 2024, when Disney has the option to purchase the remaining stake. Some analysts on Wall Street are also calling for Disney to settle the Hulu ownership soon.</p><p>Chapek said he would “love” to settle the matter sooner but that Comcast has seemed reluctant.</p><p>“We have talked to them numerous times over the past year-plus,” he said. “If that were in the cards we would love to do that, but it takes two to tango.” He noted that market sentiment has changed significantly since the agreement was struck, when investors were more bullish on streaming.</p><p>Chapek spoke on the sidelines of the annual D23 conference in Anaheim, California, where the company revealed its streaming and theatrical slate to thousands of Disney fans. Disney showed off trailers of two highly anticipated films coming this autumn, the Black Panther sequel Wakanda Forever and Avatar: The Way of Water.</p><p>It also previewed a run of original series on Disney Plus, including the Star Wars prequel Andor and the Marvel series Secret Invasion.</p><p>Chapek said the autumn slate represented the end of a Covid-induced production bottleneck. “This is our new steady state (of production),” he said, saying that both the pace of production and the size of its content budget — currently about $30bn — would remain level.</p><p>Disney has continued to add new customers to its streaming services this year, and by some measures its overall streaming operations have surpassed Netflix in subscribers. But Netflix’s revelation that it has lost more than 1mn subscribers this year has cast a pall over the entire streaming business, with investors growing concerned over high content spending and clamouring for a clear path to profitability.</p><p>Disney’s theme park business is also recovering strongly despite the closure of parks in China, analysts said. But shares are down 26.5 per cent this year, compared to a decline of 15.2 per cent for the S&amp;P 500.</p><p>Chapek said Disney has “commercial momentum that is enviable” both in its content and theme parks businesses, but was suffering from investor “malaise” around streaming due to Netflix’s problems.</p><p>“For a long time we benefited from being just like Netflix because we were a streaming company,” he said. “It’s not unexpected that we would get painted with the same brush [but] we’re not the same company.”</p></body></html>","source":"lsy1580170736413","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Disney Boss Rejects Dan Loeb’s Calls to Spin off ESPN</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDisney Boss Rejects Dan Loeb’s Calls to Spin off ESPN\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-09-11 10:04 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.ft.com/content/78adc493-8d32-401f-afff-2dc3757c5c3c><strong>Financial Times</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Bob Chapek, Walt Disney chief executive, has rejected calls by activist investor Dan Loeb to sell or spin off the ESPN sports television network, vowing to restore the business to its onetime status ...</p>\n\n<a href=\"https://www.ft.com/content/78adc493-8d32-401f-afff-2dc3757c5c3c\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"DIS":"迪士尼"},"source_url":"https://www.ft.com/content/78adc493-8d32-401f-afff-2dc3757c5c3c","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1168017166","content_text":"Bob Chapek, Walt Disney chief executive, has rejected calls by activist investor Dan Loeb to sell or spin off the ESPN sports television network, vowing to restore the business to its onetime status as a growth engine of the company.Loeb, whose Third Point hedge fund revealed in August that it had bought a $1bn stake in the company, called for ESPN to be spun off to reduce Disney’s debtload — just one element of a sweeping plan to shake up the media company.In an interview with the FT, Chapek said Disney had been “deluged” with interest from companies seeking to buy ESPN earlier this year amid rumours that the company was weighing a sale of the cable network.“If everyone wants to come in and buy it or spin it with us, I think that says something about its potential,” Chapek said. “I think its potential is within the Disney company.”ESPN broadcasts live sports in the US, including games of the National Football League, National Basketball Association and Major League Baseball.“We have a plan for it that will restore ESPN to its growth trajectory,” Chapek said. “When the rest of the world knows what our plans are they will be as confident about that proposition as we are.”Bob Chapek speaks at the 2022 Disney Legends Awards during Disney’s D23 Expo on Saturday © REUTERSChapek said he has “regular conversations” with Loeb, who also took a stake in Disney in 2020 that he sold early this year. He characterised the conversations as “very collaborative, non-antagonistic and collegial”, including around Loeb’s recommendations to change the composition of the Disney board.He defended the board, saying that the average tenure is four years and has a broad “range of skillsets”.But he added: “We’re so consistent with Dan’s thinking that everything he’s talked about are either things we have considered in the past or are considering for the future.”Loeb has also called on Disney to purchase Comcast’s 33 per cent stake in the Hulu streaming service earlier than January 2024, when Disney has the option to purchase the remaining stake. Some analysts on Wall Street are also calling for Disney to settle the Hulu ownership soon.Chapek said he would “love” to settle the matter sooner but that Comcast has seemed reluctant.“We have talked to them numerous times over the past year-plus,” he said. “If that were in the cards we would love to do that, but it takes two to tango.” He noted that market sentiment has changed significantly since the agreement was struck, when investors were more bullish on streaming.Chapek spoke on the sidelines of the annual D23 conference in Anaheim, California, where the company revealed its streaming and theatrical slate to thousands of Disney fans. Disney showed off trailers of two highly anticipated films coming this autumn, the Black Panther sequel Wakanda Forever and Avatar: The Way of Water.It also previewed a run of original series on Disney Plus, including the Star Wars prequel Andor and the Marvel series Secret Invasion.Chapek said the autumn slate represented the end of a Covid-induced production bottleneck. “This is our new steady state (of production),” he said, saying that both the pace of production and the size of its content budget — currently about $30bn — would remain level.Disney has continued to add new customers to its streaming services this year, and by some measures its overall streaming operations have surpassed Netflix in subscribers. But Netflix’s revelation that it has lost more than 1mn subscribers this year has cast a pall over the entire streaming business, with investors growing concerned over high content spending and clamouring for a clear path to profitability.Disney’s theme park business is also recovering strongly despite the closure of parks in China, analysts said. But shares are down 26.5 per cent this year, compared to a decline of 15.2 per cent for the S&P 500.Chapek said Disney has “commercial momentum that is enviable” both in its content and theme parks businesses, but was suffering from investor “malaise” around streaming due to Netflix’s problems.“For a long time we benefited from being just like Netflix because we were a streaming company,” he said. “It’s not unexpected that we would get painted with the same brush [but] we’re not the same company.”","news_type":1},"isVote":1,"tweetType":1,"viewCount":264,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3571345352614779","authorId":"3571345352614779","name":"xiaobaii","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0},"content":"like & comment please","text":"like & comment please","html":"like & comment please"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9938109912,"gmtCreate":1662568500037,"gmtModify":1676537090234,"author":{"id":"3574687898874038","authorId":"3574687898874038","name":"Wil17","avatar":"https://static.tigerbbs.com/0cfd41bcd17de187675ea0796762da27","crmLevel":3,"crmLevelSwitch":0},"themes":[],"htmlText":"Oh","listText":"Oh","text":"Oh","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9938109912","repostId":"1150599799","repostType":4,"repost":{"id":"1150599799","pubTimestamp":1662563145,"share":"https://www.laohu8.com/m/news/1150599799?lang=&edition=full","pubTime":"2022-09-07 23:05","market":"us","language":"en","title":"Apple Cuts Shipment Forecasts for New MacBook Pro up to 30%: Analyst","url":"https://stock-news.laohu8.com/highlight/detail?id=1150599799","media":"Seeking Alpha","summary":"Apple (NASDAQ:AAPL) has reportedly cut shipment forecasts for its new MacBook Pro laptops up to 30% ","content":"<html><head></head><body><p>Apple (NASDAQ:AAPL) has reportedly cut shipment forecasts for its new MacBook Pro laptops up to 30% before the computer has gone into mass production, a top analyst said on Wednesday.</p><p>TF International Securities analyst Ming-Chi Kuo tweeted that the tech giant cut orders for both the 14-inch and 16-inch versions of the computer, which is expected to be announced later this year. Kuo called the development a &#34;structural risk&#34; to component suppliers.</p><p>&#34;It is infrequent for Apple to cut orders before the peak season/new product mass production, which means that the demand is significantly lower than Apple’s expectations, so MacBook shipments may continue to decline [year-over-year] at least in [first-half of 2023],&#34; Kuo wrote in a blog post.</p><p>Kuo added that the global economic weakness and decline in employees working from home are the &#34;main reasons&#34; for the order cut and the negative effects should last anywhere between six and nine months.</p><p>Apple (AAPL) shares fell less than 0.5% to $153.96 on Wednesday.</p><p>Kuo also pointed out that the new 14-inch and 16-inch MacBook Pros are expected to have new processors, which would be the &#34;main upgrade&#34; from past versions of the computer.</p><p>&#34;The biggest selling point of the MacBook Pro is the Apple processor (adopting high-end ABF substrate) and Mini-LED display, so the significantly lower-than-expected demand for MacBook Pro is a structural risk to the high-end ABF substrate and Mini-LED sectors,&#34; Kuo explained.</p><p>The analyst pointed out that while Apple&#39;s (AAPL) MacBook order cut is smaller than its competitors, it means its high-end products are &#34;not immune&#34; to the economic weakening.</p><p>Cupertino, California-based Apple (AAPL) is set to host a product event today, where it is widely expected to announce new versions of its iPhone, Apple Watch and AirPods.</p><p>On Tuesday, research firm Appsumer reported that Apple (AAPL) has seen a &#34;significant boost&#34;in its advertising business following the release of its App Tracking Transparency initiatives.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple Cuts Shipment Forecasts for New MacBook Pro up to 30%: Analyst</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\">\nApple Cuts Shipment Forecasts for New MacBook Pro up to 30%: Analyst\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-09-07 23:05 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/news/3880884-apple-cuts-shipment-forecasts-for-new-macbook-pro-up-to-30-analyst><strong>Seeking Alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Apple (NASDAQ:AAPL) has reportedly cut shipment forecasts for its new MacBook Pro laptops up to 30% before the computer has gone into mass production, a top analyst said on Wednesday.TF International ...</p>\n\n<a href=\"https://seekingalpha.com/news/3880884-apple-cuts-shipment-forecasts-for-new-macbook-pro-up-to-30-analyst\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://seekingalpha.com/news/3880884-apple-cuts-shipment-forecasts-for-new-macbook-pro-up-to-30-analyst","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1150599799","content_text":"Apple (NASDAQ:AAPL) has reportedly cut shipment forecasts for its new MacBook Pro laptops up to 30% before the computer has gone into mass production, a top analyst said on Wednesday.TF International Securities analyst Ming-Chi Kuo tweeted that the tech giant cut orders for both the 14-inch and 16-inch versions of the computer, which is expected to be announced later this year. Kuo called the development a \"structural risk\" to component suppliers.\"It is infrequent for Apple to cut orders before the peak season/new product mass production, which means that the demand is significantly lower than Apple’s expectations, so MacBook shipments may continue to decline [year-over-year] at least in [first-half of 2023],\" Kuo wrote in a blog post.Kuo added that the global economic weakness and decline in employees working from home are the \"main reasons\" for the order cut and the negative effects should last anywhere between six and nine months.Apple (AAPL) shares fell less than 0.5% to $153.96 on Wednesday.Kuo also pointed out that the new 14-inch and 16-inch MacBook Pros are expected to have new processors, which would be the \"main upgrade\" from past versions of the computer.\"The biggest selling point of the MacBook Pro is the Apple processor (adopting high-end ABF substrate) and Mini-LED display, so the significantly lower-than-expected demand for MacBook Pro is a structural risk to the high-end ABF substrate and Mini-LED sectors,\" Kuo explained.The analyst pointed out that while Apple's (AAPL) MacBook order cut is smaller than its competitors, it means its high-end products are \"not immune\" to the economic weakening.Cupertino, California-based Apple (AAPL) is set to host a product event today, where it is widely expected to announce new versions of its iPhone, Apple Watch and AirPods.On Tuesday, research firm Appsumer reported that Apple (AAPL) has seen a \"significant boost\"in its advertising business following the release of its App Tracking Transparency initiatives.","news_type":1},"isVote":1,"tweetType":1,"viewCount":117,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9930027528,"gmtCreate":1661875961400,"gmtModify":1676536594985,"author":{"id":"3574687898874038","authorId":"3574687898874038","name":"Wil17","avatar":"https://static.tigerbbs.com/0cfd41bcd17de187675ea0796762da27","crmLevel":3,"crmLevelSwitch":0},"themes":[],"htmlText":"Oh","listText":"Oh","text":"Oh","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9930027528","repostId":"2263103698","repostType":4,"repost":{"id":"2263103698","pubTimestamp":1661872784,"share":"https://www.laohu8.com/m/news/2263103698?lang=&edition=full","pubTime":"2022-08-30 23:19","market":"us","language":"en","title":"Why Nvidia Didn't Really Have a Bad Quarter","url":"https://stock-news.laohu8.com/highlight/detail?id=2263103698","media":"Motley Fool","summary":"Investors should account for industry cyclicality when considering Nvidia stock.","content":"<html><head></head><body><p>For the second quarter of its 2023 fiscal year, <a href=\"https://laohu8.com/S/NVDA\">Nvidia</a> released a report that appears lackluster on the surface. The company reported revenue growth in the low single digits year over year and showed a dramatic sequential revenue decline.</p><p>However, from a more macro point of view, the results may appear different. Given the behavior of the overall industry, Nvidia may have had a <i>good</i> quarter, and investors should consider a more positive perspective.</p><h2>The nature of the semiconductor market</h2><p>Semiconductor stocks have one key commonality with the economy -- both operate in cycles. In the case of the chip industry, it bounces between times of surplus and times of shortage.</p><p>Rising chip prices lead to foundries investing more heavily in capacity. As supplies rise, prices come down. If producers make too many chips (which usually happens), prices fall, and production slows. This leads to a surplus until demand rises and the cycle begins again.</p><p>The pandemic did not make these cycles disappear. Nonetheless, it changed them. For a time, the pandemic led to rising demand as production fell, leading to a severe shortage in some industry sectors.</p><h2>Sector cycles and Nvidia</h2><p>Consequently, some sectors have escaped the down effects, and Nvidia&#39;s results seem to show this bifurcating chip market. Overall, fiscal second-quarter revenue came in at $6.7 billion. That increased by 3% year over year but fell 19% versus the prior quarter.</p><p>Gaming took the most brutal hit on the revenue front amid a return to more offline activities. It brought in $2 billion, dropping 33% versus one year ago and 44% from the first quarter. Likewise, the $496 million in revenue reported in the professional visualization segment fell by 4% from 12 months before and 20% compared with the first quarter.</p><p>Nonetheless, the news was very positive in Nvidia&#39;s other two segments. Data center, its largest segment with $3.8 billion in revenue, surged 61% quarter over quarter and managed a 1% gain compared with the prior quarter. And despite automotive&#39;s modest $220 million in revenue, its registered 45% growth year over year and 59% versus Q1.</p><p>Still, the net income picture was bleaker. In Q2 2023, Nvidia earned $656 million, down 51% versus 12 months ago and off 62% from the prior quarter. This occurred as the cost of revenue surged 65%, and operating expenses rose by 36%. So high were the increases that the $181 million tax benefit failed to offset rising costs and expenses.</p><p>Also, the third-quarter outlook turned more negative as the company forecast approximately $5.9 billion in revenue. This is 12% less than the previous quarter and would be a 9% yearly decline. Also, as in the current quarter, Nvidia expects the automotive and data center to escape the effects of the down cycle.</p><h2>Investor reactions</h2><p>Still, the negative results give some latitude for investors to consider this a good quarter. The market has probably experienced a natural downward movement in the chip cycle, and smart investors seemed to have graded Nvidia&#39;s report on a curve. Despite lackluster short-term numbers, the stock rose 4% in Wednesday trading following the report.</p><p>Moreover, Nvidia&#39;s price-to-earnings (P/E) ratio of 48 is well above <b>AMD</b>&#39;s multiple of 41 and its primary fab, <b>Taiwan Semiconductor</b>, at 17 times earnings. Yet investors may not perceive the stock as expensive since lower profits placed upward pressure on the P/E ratio. Finally, considering that Nvidia stock sells for about half its peak price in late 2021, it may look like a bargain at current levels.</p></body></html>","source":"fool_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Nvidia Didn't Really Have a Bad Quarter</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\">\nWhy Nvidia Didn't Really Have a Bad Quarter\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-08-30 23:19 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2022/08/29/why-nvidia-didnt-really-have-a-bad-quarter/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>For the second quarter of its 2023 fiscal year, Nvidia released a report that appears lackluster on the surface. The company reported revenue growth in the low single digits year over year and showed ...</p>\n\n<a href=\"https://www.fool.com/investing/2022/08/29/why-nvidia-didnt-really-have-a-bad-quarter/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NVDA":"英伟达"},"source_url":"https://www.fool.com/investing/2022/08/29/why-nvidia-didnt-really-have-a-bad-quarter/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2263103698","content_text":"For the second quarter of its 2023 fiscal year, Nvidia released a report that appears lackluster on the surface. The company reported revenue growth in the low single digits year over year and showed a dramatic sequential revenue decline.However, from a more macro point of view, the results may appear different. Given the behavior of the overall industry, Nvidia may have had a good quarter, and investors should consider a more positive perspective.The nature of the semiconductor marketSemiconductor stocks have one key commonality with the economy -- both operate in cycles. In the case of the chip industry, it bounces between times of surplus and times of shortage.Rising chip prices lead to foundries investing more heavily in capacity. As supplies rise, prices come down. If producers make too many chips (which usually happens), prices fall, and production slows. This leads to a surplus until demand rises and the cycle begins again.The pandemic did not make these cycles disappear. Nonetheless, it changed them. For a time, the pandemic led to rising demand as production fell, leading to a severe shortage in some industry sectors.Sector cycles and NvidiaConsequently, some sectors have escaped the down effects, and Nvidia's results seem to show this bifurcating chip market. Overall, fiscal second-quarter revenue came in at $6.7 billion. That increased by 3% year over year but fell 19% versus the prior quarter.Gaming took the most brutal hit on the revenue front amid a return to more offline activities. It brought in $2 billion, dropping 33% versus one year ago and 44% from the first quarter. Likewise, the $496 million in revenue reported in the professional visualization segment fell by 4% from 12 months before and 20% compared with the first quarter.Nonetheless, the news was very positive in Nvidia's other two segments. Data center, its largest segment with $3.8 billion in revenue, surged 61% quarter over quarter and managed a 1% gain compared with the prior quarter. And despite automotive's modest $220 million in revenue, its registered 45% growth year over year and 59% versus Q1.Still, the net income picture was bleaker. In Q2 2023, Nvidia earned $656 million, down 51% versus 12 months ago and off 62% from the prior quarter. This occurred as the cost of revenue surged 65%, and operating expenses rose by 36%. So high were the increases that the $181 million tax benefit failed to offset rising costs and expenses.Also, the third-quarter outlook turned more negative as the company forecast approximately $5.9 billion in revenue. This is 12% less than the previous quarter and would be a 9% yearly decline. Also, as in the current quarter, Nvidia expects the automotive and data center to escape the effects of the down cycle.Investor reactionsStill, the negative results give some latitude for investors to consider this a good quarter. The market has probably experienced a natural downward movement in the chip cycle, and smart investors seemed to have graded Nvidia's report on a curve. Despite lackluster short-term numbers, the stock rose 4% in Wednesday trading following the report.Moreover, Nvidia's price-to-earnings (P/E) ratio of 48 is well above AMD's multiple of 41 and its primary fab, Taiwan Semiconductor, at 17 times earnings. Yet investors may not perceive the stock as expensive since lower profits placed upward pressure on the P/E ratio. Finally, considering that Nvidia stock sells for about half its peak price in late 2021, it may look like a bargain at current levels.","news_type":1},"isVote":1,"tweetType":1,"viewCount":122,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9994757822,"gmtCreate":1661704496970,"gmtModify":1676536563418,"author":{"id":"3574687898874038","authorId":"3574687898874038","name":"Wil17","avatar":"https://static.tigerbbs.com/0cfd41bcd17de187675ea0796762da27","crmLevel":3,"crmLevelSwitch":0},"themes":[],"htmlText":"Buy","listText":"Buy","text":"Buy","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9994757822","repostId":"2262187692","repostType":4,"repost":{"id":"2262187692","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":1,"media_name":"Dow Jones","id":"1012688067","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1661588520,"share":"https://www.laohu8.com/m/news/2262187692?lang=&edition=full","pubTime":"2022-08-27 16:22","market":"other","language":"en","title":"Bitcoin Dips Below $20,000, Extending Second Weekly Retreat","url":"https://stock-news.laohu8.com/highlight/detail?id=2262187692","media":"Dow Jones","summary":"Cryptocurrencies mirrored global markets and declined after Jerome Powell warned against prematurely","content":"<html><head></head><body><p>Cryptocurrencies mirrored global markets and declined after Jerome Powell warned against prematurely loosening policy, with Bitcoin dipping below the bottom end of the narrow range that it has traded in the past two weeks.</p><p>“Powell’s admission that there will be pain before there is relief is rather hawkish,” said Josh Olszewicz, head of research at digital asset fund manager Valkyrie Investments.</p><p>The largest cryptocurrency by market shed as much as 3.4% to $19,947.32 on Saturday as of 2:40 p.m. in Singapore, dipping below $20,000 for the first time since July 14 and extending its rout this year to 57%. It has traded in a range between that level and about $22,000 for the past week.</p><p>Ether slid as much as 5.5% to $1,471.41. Solana and Avalanche fared worse, dropping as much as 6.4% and 6.9%.</p><p>Even so, some analysts say that the recent trading pattern presents a buying opportunity:</p><ul><li>Onchain metrics “signal that the price is at the accumulation zone, which has been historically market bottom formations and value investing,” CryptoQuant said in a report Thursday.</li><li>“Friday’s break looks important and negative in the short run but should line up with buying opportunities into early September as cycles remain bullish and project higher prices into November 2022,” Mark Newton, technical strategist at Fundstrat, said in a note Friday.</li></ul><p>Powell, the Federal Reserve chairman, signaled the US central bank is likely to keep raising interest rates and leave them elevated for a while to stamp out inflation, and he pushed back against any idea that the Fed would soon reverse course. Low rates are seen as one of the catalysts for pushing investor into crypto during the Covid lockdowns.</p><p>Ether had been outperforming the broader crypto market in recent weeks amid optimism over a pending network software upgrade called the Merge.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Bitcoin Dips Below $20,000, Extending Second Weekly Retreat</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\">\nBitcoin Dips Below $20,000, Extending Second Weekly Retreat\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1012688067\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2022-08-27 16:22</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Cryptocurrencies mirrored global markets and declined after Jerome Powell warned against prematurely loosening policy, with Bitcoin dipping below the bottom end of the narrow range that it has traded in the past two weeks.</p><p>“Powell’s admission that there will be pain before there is relief is rather hawkish,” said Josh Olszewicz, head of research at digital asset fund manager Valkyrie Investments.</p><p>The largest cryptocurrency by market shed as much as 3.4% to $19,947.32 on Saturday as of 2:40 p.m. in Singapore, dipping below $20,000 for the first time since July 14 and extending its rout this year to 57%. It has traded in a range between that level and about $22,000 for the past week.</p><p>Ether slid as much as 5.5% to $1,471.41. Solana and Avalanche fared worse, dropping as much as 6.4% and 6.9%.</p><p>Even so, some analysts say that the recent trading pattern presents a buying opportunity:</p><ul><li>Onchain metrics “signal that the price is at the accumulation zone, which has been historically market bottom formations and value investing,” CryptoQuant said in a report Thursday.</li><li>“Friday’s break looks important and negative in the short run but should line up with buying opportunities into early September as cycles remain bullish and project higher prices into November 2022,” Mark Newton, technical strategist at Fundstrat, said in a note Friday.</li></ul><p>Powell, the Federal Reserve chairman, signaled the US central bank is likely to keep raising interest rates and leave them elevated for a while to stamp out inflation, and he pushed back against any idea that the Fed would soon reverse course. Low rates are seen as one of the catalysts for pushing investor into crypto during the Covid lockdowns.</p><p>Ether had been outperforming the broader crypto market in recent weeks amid optimism over a pending network software upgrade called the Merge.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2262187692","content_text":"Cryptocurrencies mirrored global markets and declined after Jerome Powell warned against prematurely loosening policy, with Bitcoin dipping below the bottom end of the narrow range that it has traded in the past two weeks.“Powell’s admission that there will be pain before there is relief is rather hawkish,” said Josh Olszewicz, head of research at digital asset fund manager Valkyrie Investments.The largest cryptocurrency by market shed as much as 3.4% to $19,947.32 on Saturday as of 2:40 p.m. in Singapore, dipping below $20,000 for the first time since July 14 and extending its rout this year to 57%. It has traded in a range between that level and about $22,000 for the past week.Ether slid as much as 5.5% to $1,471.41. Solana and Avalanche fared worse, dropping as much as 6.4% and 6.9%.Even so, some analysts say that the recent trading pattern presents a buying opportunity:Onchain metrics “signal that the price is at the accumulation zone, which has been historically market bottom formations and value investing,” CryptoQuant said in a report Thursday.“Friday’s break looks important and negative in the short run but should line up with buying opportunities into early September as cycles remain bullish and project higher prices into November 2022,” Mark Newton, technical strategist at Fundstrat, said in a note Friday.Powell, the Federal Reserve chairman, signaled the US central bank is likely to keep raising interest rates and leave them elevated for a while to stamp out inflation, and he pushed back against any idea that the Fed would soon reverse course. Low rates are seen as one of the catalysts for pushing investor into crypto during the Covid lockdowns.Ether had been outperforming the broader crypto market in recent weeks amid optimism over a pending network software upgrade called the Merge.","news_type":1},"isVote":1,"tweetType":1,"viewCount":287,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9994757115,"gmtCreate":1661704488939,"gmtModify":1676536563417,"author":{"id":"3574687898874038","authorId":"3574687898874038","name":"Wil17","avatar":"https://static.tigerbbs.com/0cfd41bcd17de187675ea0796762da27","crmLevel":3,"crmLevelSwitch":0},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9994757115","repostId":"2262137574","repostType":4,"repost":{"id":"2262137574","pubTimestamp":1661644448,"share":"https://www.laohu8.com/m/news/2262137574?lang=&edition=full","pubTime":"2022-08-28 07:54","market":"us","language":"en","title":"Memory Chip Makers Are Starting to Become Attractive, Even As Pessimism Rises","url":"https://stock-news.laohu8.com/highlight/detail?id=2262137574","media":"seekingalpha","summary":"The global memory market is weak and getting weaker, with investment firm J.P. Morgan expecting both","content":"<html><head></head><body><p>The global memory market is weak and getting weaker, with investment firm J.P. Morgan expecting both bit shipments and average selling prices for dynamic random access memory, or DRAM, and NAND to see &#34;meaningful&#34; declines the rest of this year and next.</p><p>But with all of the pessimism surrounding both markets, the DRAM market is expected to only decline 7% this year and 5% in 2023, with mid-teens growth for the NAND market, leaving the total size of the memory market bigger than it&#39;s ever been.</p><p>And memory chip makers are starting to look attractive, J.P. Morgan said.</p><p>A team of analysts, led by JJ Park, noted that the memory market is likely to see a U-shaped recovery rather than a V-shaped one. As such, the firm sees the biggest beneficiaries as SK Hynix, <a href=\"https://laohu8.com/S/MU\">Micron Technology</a> and <a href=\"https://laohu8.com/S/SSNLF\">Samsung</a> followed by Nanya Technology and Powertech. SK Hynix, Nanya Technology, Samsung (OTCPK:SSNLF) and Powertech don&#39;t trade on U.S. exchanges, but Micron (MU) has been beaten down this year, falling 36% since the start of the year, and more than 30% over the past six months.</p><p>However, Micron (MU) has started to see some investor interest, having gained more than 2% over the past month, despite the fact it issued a weak forecast for the fourth-quarter earlier this month, citing macroeconomic factors and supply chain constraints.</p><p>&#34;As the memory cycle is getting shorter, we recommend investors buy memory stocks during an [earnings-per-share] downward revision cycle when a pessimistic view is prevailing,&#34; the analysts from J.P. Morgan wrote, adding that the stocks have &#34;over-punished&#34; despite having a better margin profile than they did in the past.</p><p>Citi analyst Atif Malik noted that DRAM prices are set to fall below $100 per 32GB in the third-quarter, with memory makers getting &#34;aggressive&#34; to lower inventories in 2022 and 2023.</p><p>Malik added that the last time server DRAM prices fell below $100 was in the last 2019 DRAM cycle, which saw higher hyperscale channel inventories, at 14 weeks, compared to the current range of 10 to 12 weeks.</p><p>&#34;Memory pricing momentum is an important factor in our spring cyclical indicator framework,&#34; Malik said, adding that DRAM prices bottoming out in the third quarter would support a thesis that chip-equipment prices will also form a bottom sometime in September or October.</p><p>And while expectations are that the next couple of quarters likely see slow shipment growth - with J.P. Morgan saying bit shipment growth will be the &#34;lowest level ever&#34; - that dire outlook is not likely to go on for long. As such, inventories are expected to be worked through by the second-quarter and the memory market will &#34;likely bottom out&#34; in the first half of the year, with a recovery coming in the latter part of 2023.</p><p>Investment firm Raymond James recently downgraded Micron (MU), citing the fact that &#34;near-term news is likely to work against shares&#34; going into the next fiscal year.</p></body></html>","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>Memory Chip Makers Are Starting to Become Attractive, Even As Pessimism Rises</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\">\nMemory Chip Makers Are Starting to Become Attractive, Even As Pessimism Rises\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-08-28 07:54 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/news/3877056-memory-chip-makers-are-starting-to-become-attractive-even-as-pessimism-rises><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The global memory market is weak and getting weaker, with investment firm J.P. Morgan expecting both bit shipments and average selling prices for dynamic random access memory, or DRAM, and NAND to see...</p>\n\n<a href=\"https://seekingalpha.com/news/3877056-memory-chip-makers-are-starting-to-become-attractive-even-as-pessimism-rises\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MU":"美光科技","SSNLF":"三星电子"},"source_url":"https://seekingalpha.com/news/3877056-memory-chip-makers-are-starting-to-become-attractive-even-as-pessimism-rises","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"2262137574","content_text":"The global memory market is weak and getting weaker, with investment firm J.P. Morgan expecting both bit shipments and average selling prices for dynamic random access memory, or DRAM, and NAND to see \"meaningful\" declines the rest of this year and next.But with all of the pessimism surrounding both markets, the DRAM market is expected to only decline 7% this year and 5% in 2023, with mid-teens growth for the NAND market, leaving the total size of the memory market bigger than it's ever been.And memory chip makers are starting to look attractive, J.P. Morgan said.A team of analysts, led by JJ Park, noted that the memory market is likely to see a U-shaped recovery rather than a V-shaped one. As such, the firm sees the biggest beneficiaries as SK Hynix, Micron Technology and Samsung followed by Nanya Technology and Powertech. SK Hynix, Nanya Technology, Samsung (OTCPK:SSNLF) and Powertech don't trade on U.S. exchanges, but Micron (MU) has been beaten down this year, falling 36% since the start of the year, and more than 30% over the past six months.However, Micron (MU) has started to see some investor interest, having gained more than 2% over the past month, despite the fact it issued a weak forecast for the fourth-quarter earlier this month, citing macroeconomic factors and supply chain constraints.\"As the memory cycle is getting shorter, we recommend investors buy memory stocks during an [earnings-per-share] downward revision cycle when a pessimistic view is prevailing,\" the analysts from J.P. Morgan wrote, adding that the stocks have \"over-punished\" despite having a better margin profile than they did in the past.Citi analyst Atif Malik noted that DRAM prices are set to fall below $100 per 32GB in the third-quarter, with memory makers getting \"aggressive\" to lower inventories in 2022 and 2023.Malik added that the last time server DRAM prices fell below $100 was in the last 2019 DRAM cycle, which saw higher hyperscale channel inventories, at 14 weeks, compared to the current range of 10 to 12 weeks.\"Memory pricing momentum is an important factor in our spring cyclical indicator framework,\" Malik said, adding that DRAM prices bottoming out in the third quarter would support a thesis that chip-equipment prices will also form a bottom sometime in September or October.And while expectations are that the next couple of quarters likely see slow shipment growth - with J.P. Morgan saying bit shipment growth will be the \"lowest level ever\" - that dire outlook is not likely to go on for long. As such, inventories are expected to be worked through by the second-quarter and the memory market will \"likely bottom out\" in the first half of the year, with a recovery coming in the latter part of 2023.Investment firm Raymond James recently downgraded Micron (MU), citing the fact that \"near-term news is likely to work against shares\" going into the next fiscal year.","news_type":1},"isVote":1,"tweetType":1,"viewCount":120,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9906026370,"gmtCreate":1659460009495,"gmtModify":1705980558752,"author":{"id":"3574687898874038","authorId":"3574687898874038","name":"Wil17","avatar":"https://static.tigerbbs.com/0cfd41bcd17de187675ea0796762da27","crmLevel":3,"crmLevelSwitch":0},"themes":[],"htmlText":"Oh","listText":"Oh","text":"Oh","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9906026370","repostId":"1110799720","repostType":4,"repost":{"id":"1110799720","pubTimestamp":1659454654,"share":"https://www.laohu8.com/m/news/1110799720?lang=&edition=full","pubTime":"2022-08-02 23:37","market":"us","language":"en","title":"S&P 500: Taking Profit On The Long Positions","url":"https://stock-news.laohu8.com/highlight/detail?id=1110799720","media":"Seeking Alpha","summary":"SummaryI am taking profits on the tactical long positions.At this point, I am neutral, with a bearis","content":"<html><head></head><body><p><b>Summary</b></p><ul><li>I am taking profits on the tactical long positions.</li><li>At this point, I am neutral, with a bearish bias.</li><li>The fundamentals have deteriorated, while stocks sharply bounced.</li></ul><p><b>Recent Recommendations of S&amp;P 500</b></p><p>Here is my recent record on S&amp;P 500 (NYSEARCA:SPY) (SP500) (SPX):</p><ul><li>After being a long-term bull, I turned bearish and recommended asellonSPYon March 25th 2022, at 451 on SPY. My bearish thesis was very simple: I anticipated that the Fed would increase the interest rates aggressively to combat the rising inflation, which will cause a recession and the recessionary bear market.</li><li>On April 22, I reiterated the expectation that the Fed would aggressively raise interest rates in 2022, when I recommended a sell on SP500 with the index value at 4271.</li><li>On May 3rd, I pointed out that the liquidity risk due to expectations of monetary policy tightening is easing and that monetary policy expectations are priced in (the peak Fed hawkishness) and I suggested covering short positions and going neutral on SPY at around 415.</li><li>On May 30, I recommended to start buying S&amp;P 500, with SPY at 413, and continued to recommend buying S&amp;P 500 on June 27with SPY at 388, and July 18 with SPY at 388. The bullish thesis was also very simple: we were past the peak inflation and expected to be past the peak headline inflation given the falling commodity prices, and thus, past the Fed hawkishness. Further, given the still positive yield curve spread between the 10Y Treasury Bond and the 3-month Treasury Bill, the probability of an imminent recession was very low. Thus, I expected at least a nice (and significant) counter-trend summer rally.</li></ul><p><b>Downgrade from buy to neutral</b></p><p>Since reaching the (cycle) bottom on June 16th, S&amp;P 500 is up almost 13%, and SPY is currently at 411 near the breakeven of my May 30th buying point, and significantly higher than my June 27th and July 18th buying points. I am willing to take profits on these long positions. Here is the SPY chart that illustrates the significant countertrend bounce to the top range:</p><p><img src=\"https://static.tigerbbs.com/8922eaf1a5e1edfdacb69e1c401c3bc9\" tg-width=\"1280\" tg-height=\"852\" referrerpolicy=\"no-referrer\"/>SPY data by YCharts</p><p>I am downgrading SPY to neutral for these reasons:</p><p>1) The 10Y-3mo spread has significantly narrowed to 0.26%, which is although still positive, getting really close to inversion. Thus, the probability of an imminent recession is too high to ignore now. Here is the chart;</p><p><img src=\"https://static.tigerbbs.com/2d6a289024ab1fe23863cb2e03cafdaa\" tg-width=\"640\" tg-height=\"221\" referrerpolicy=\"no-referrer\"/></p><p>FRED</p><p>2) Even more problematic is that the narrowing of the 10Y-3mo is also created by the falling 10Y yields, which signals the economic slowdown. More importantly, the 10Y yields are falling due to the falling real rates, which is signaling a possible flight to quality and expectations on policy easing (not tightening). Here is the chart of 10Y TIPS (real interest rates), which have fallen towards the zero percent level (0.20%):</p><p><img src=\"https://static.tigerbbs.com/c3a40a5667fce1317ab25f12a2362313\" tg-width=\"640\" tg-height=\"201\" referrerpolicy=\"no-referrer\"/></p><p>FRED</p><p>3) The credit risk is rising. The spread between BBB-10Y is reaching the cyclical high at 2.42%. Although this spread is still modest and requires the rise above 3% to be considered high, the trend is to the upside.</p><p>4) The market is now pricing that the Fed would start cutting interest rates in July of 2023, which indicates the expectations of a possible recession in 2023. Here are the current monetary policy expectations, based on Global Academic View report:</p><p><img src=\"https://static.tigerbbs.com/b1a4d5b38a7bfe1df8cb60589bfba130\" tg-width=\"640\" tg-height=\"138\" referrerpolicy=\"no-referrer\"/></p><p>Global Academic View</p><p>Considering the point 2 (falling real interest rates) and 4 (expectations on interest rate cuts), the market is likely to respond negatively to slowing economic data and start pricing the <b>Phase 2</b>of the bear market - an imminent recession selloff.</p><p>Thus, I am willing to take profit on the summer rally bounce and evaluate what exactly the market is pricing next and initiate the new positions accordingly.</p><p><b>The Bearish case</b></p><p>The bearish case is now the baseline expectations, as long as the 10y-3mo spreads invert, and the 10Y continues to fall. The bearish case is the Phase 2 of the full bear market - the pricing of an imminent recession, where the economic data slows and corporate earnings get downgraded.</p><p><b>The Bullish case</b></p><p>The bullish case is the soft landing case, where the Fed makes the full dovish pivot and does not increase interest rates above the 10Y yields.</p><p><b>The Neutral case</b></p><p>The fact is, we still don&#39;t have enough information with respect to the bearish case or the bullish case. We don&#39;t know how is the Fed reacting to the potential rising unemployment, with still elevated inflation. Will the Fed tolerate a higher inflation to prevent a rising unemployment? Will the Fed specifically acknowledge that the 10Y yields are the celling for the Federal Funds rate?</p><p>The Fed Chair Powell indicated that the Fed is currently in the neutral, but also that further interest rate hikes are warranted. Well, this will invert the 10y-3mo curve and likely cause a recession.</p><p>More importantly, the S&amp;P500 is now rising, and many are likely to start buying, while the shorts are likely to be forced to cover. So, the summer rally could continue - despite the worsening fundamentals.</p><p>I view this technical picture more as an opportunity to initiate short positions (if the bear case prevails). Thus, at this point, the neutral position means, I am not buying the summer rally anymore, and taking profits and tactical longs. It also means, I am waiting to initiate new positions, as the new set up emerges.</p><p><b>Note on recent SPY performance</b></p><p>Over the last month, SPY, which is the ETF that tracks S&amp;P500, is up by 8.16%, led by Consumer Discretionary sector (XLY) up by 16.7% and Technology (XLK) up by 12%. Both of these are cyclical sectors that have bounced from the deep sell-offs, but given the expectations of an imminent recession, the performance of these sectors is unsustainable. It is likely that the recent performance is just a bounce, meaning, as the economy starts to visibly slow down, these cyclical sectors are more likely to continue to sell off, dragging the SPY to the next leg lower.</p><p><img src=\"https://static.tigerbbs.com/f2ecfe935e912e330cbe58152e9c0c7e\" tg-width=\"640\" tg-height=\"704\" referrerpolicy=\"no-referrer\"/></p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>S&P 500: Taking Profit On The Long Positions</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\">\nS&P 500: Taking Profit On The Long Positions\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-08-02 23:37 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4528449-sp500-taking-profit-on-long-positions><strong>Seeking Alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryI am taking profits on the tactical long positions.At this point, I am neutral, with a bearish bias.The fundamentals have deteriorated, while stocks sharply bounced.Recent Recommendations of S&...</p>\n\n<a href=\"https://seekingalpha.com/article/4528449-sp500-taking-profit-on-long-positions\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".SPX":"S&P 500 Index"},"source_url":"https://seekingalpha.com/article/4528449-sp500-taking-profit-on-long-positions","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1110799720","content_text":"SummaryI am taking profits on the tactical long positions.At this point, I am neutral, with a bearish bias.The fundamentals have deteriorated, while stocks sharply bounced.Recent Recommendations of S&P 500Here is my recent record on S&P 500 (NYSEARCA:SPY) (SP500) (SPX):After being a long-term bull, I turned bearish and recommended asellonSPYon March 25th 2022, at 451 on SPY. My bearish thesis was very simple: I anticipated that the Fed would increase the interest rates aggressively to combat the rising inflation, which will cause a recession and the recessionary bear market.On April 22, I reiterated the expectation that the Fed would aggressively raise interest rates in 2022, when I recommended a sell on SP500 with the index value at 4271.On May 3rd, I pointed out that the liquidity risk due to expectations of monetary policy tightening is easing and that monetary policy expectations are priced in (the peak Fed hawkishness) and I suggested covering short positions and going neutral on SPY at around 415.On May 30, I recommended to start buying S&P 500, with SPY at 413, and continued to recommend buying S&P 500 on June 27with SPY at 388, and July 18 with SPY at 388. The bullish thesis was also very simple: we were past the peak inflation and expected to be past the peak headline inflation given the falling commodity prices, and thus, past the Fed hawkishness. Further, given the still positive yield curve spread between the 10Y Treasury Bond and the 3-month Treasury Bill, the probability of an imminent recession was very low. Thus, I expected at least a nice (and significant) counter-trend summer rally.Downgrade from buy to neutralSince reaching the (cycle) bottom on June 16th, S&P 500 is up almost 13%, and SPY is currently at 411 near the breakeven of my May 30th buying point, and significantly higher than my June 27th and July 18th buying points. I am willing to take profits on these long positions. Here is the SPY chart that illustrates the significant countertrend bounce to the top range:SPY data by YChartsI am downgrading SPY to neutral for these reasons:1) The 10Y-3mo spread has significantly narrowed to 0.26%, which is although still positive, getting really close to inversion. Thus, the probability of an imminent recession is too high to ignore now. Here is the chart;FRED2) Even more problematic is that the narrowing of the 10Y-3mo is also created by the falling 10Y yields, which signals the economic slowdown. More importantly, the 10Y yields are falling due to the falling real rates, which is signaling a possible flight to quality and expectations on policy easing (not tightening). Here is the chart of 10Y TIPS (real interest rates), which have fallen towards the zero percent level (0.20%):FRED3) The credit risk is rising. The spread between BBB-10Y is reaching the cyclical high at 2.42%. Although this spread is still modest and requires the rise above 3% to be considered high, the trend is to the upside.4) The market is now pricing that the Fed would start cutting interest rates in July of 2023, which indicates the expectations of a possible recession in 2023. Here are the current monetary policy expectations, based on Global Academic View report:Global Academic ViewConsidering the point 2 (falling real interest rates) and 4 (expectations on interest rate cuts), the market is likely to respond negatively to slowing economic data and start pricing the Phase 2of the bear market - an imminent recession selloff.Thus, I am willing to take profit on the summer rally bounce and evaluate what exactly the market is pricing next and initiate the new positions accordingly.The Bearish caseThe bearish case is now the baseline expectations, as long as the 10y-3mo spreads invert, and the 10Y continues to fall. The bearish case is the Phase 2 of the full bear market - the pricing of an imminent recession, where the economic data slows and corporate earnings get downgraded.The Bullish caseThe bullish case is the soft landing case, where the Fed makes the full dovish pivot and does not increase interest rates above the 10Y yields.The Neutral caseThe fact is, we still don't have enough information with respect to the bearish case or the bullish case. We don't know how is the Fed reacting to the potential rising unemployment, with still elevated inflation. Will the Fed tolerate a higher inflation to prevent a rising unemployment? Will the Fed specifically acknowledge that the 10Y yields are the celling for the Federal Funds rate?The Fed Chair Powell indicated that the Fed is currently in the neutral, but also that further interest rate hikes are warranted. Well, this will invert the 10y-3mo curve and likely cause a recession.More importantly, the S&P500 is now rising, and many are likely to start buying, while the shorts are likely to be forced to cover. So, the summer rally could continue - despite the worsening fundamentals.I view this technical picture more as an opportunity to initiate short positions (if the bear case prevails). Thus, at this point, the neutral position means, I am not buying the summer rally anymore, and taking profits and tactical longs. It also means, I am waiting to initiate new positions, as the new set up emerges.Note on recent SPY performanceOver the last month, SPY, which is the ETF that tracks S&P500, is up by 8.16%, led by Consumer Discretionary sector (XLY) up by 16.7% and Technology (XLK) up by 12%. Both of these are cyclical sectors that have bounced from the deep sell-offs, but given the expectations of an imminent recession, the performance of these sectors is unsustainable. It is likely that the recent performance is just a bounce, meaning, as the economy starts to visibly slow down, these cyclical sectors are more likely to continue to sell off, dragging the SPY to the next leg lower.","news_type":1},"isVote":1,"tweetType":1,"viewCount":247,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9078411561,"gmtCreate":1657728255253,"gmtModify":1676536052345,"author":{"id":"3574687898874038","authorId":"3574687898874038","name":"Wil17","avatar":"https://static.tigerbbs.com/0cfd41bcd17de187675ea0796762da27","crmLevel":3,"crmLevelSwitch":0},"themes":[],"htmlText":"Oh","listText":"Oh","text":"Oh","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9078411561","repostId":"1130107669","repostType":4,"repost":{"id":"1130107669","pubTimestamp":1657725801,"share":"https://www.laohu8.com/m/news/1130107669?lang=&edition=full","pubTime":"2022-07-13 23:23","market":"us","language":"en","title":"QQQ: It's Make It Or Break It For The Summer Rally","url":"https://stock-news.laohu8.com/highlight/detail?id=1130107669","media":"Seeking Alpha","summary":"SummaryTech stocks are potentially staging the summer rally.Technically, the 50dma is the key resist","content":"<html><head></head><body><p><b>Summary</b></p><ul><li>Tech stocks are potentially staging the summer rally.</li><li>Technically, the 50dma is the key resistance.</li><li>Fundamentally, the headline CPI on July 13th must surprise to the downside to support the rally.</li></ul><p><b>The Summer Rally</b></p><p>I made an argument on June 27th that stocks are likely staging a sustainable summer rally. The bullish case (at the time) was as follows:</p><p>The carnage in commodity prices will likely produce a falling headlineCPI inflation reading over the next few months, which will allow the Fed to implement the signaled dovish turn- or pause in September to evaluate the effect of already implemented monetary policy tightening. Thus, the CPI report on July 13th holds the key on whether the summer rally can be sustained.</p><p>In fact, stocks are well of their lows, and it appears that the summer rally is well underway. More importantly, the recent rally has been led by Tech stocks (XLK), and the tech-like stocks in the Consumer Discretionary (XLY) and the Communication (XLC) sectors. Here is the sector performance over the last 5 days:</p><p><img src=\"https://static.tigerbbs.com/b7b06df3855ab0b09e8f279df716f4d2\" tg-width=\"640\" tg-height=\"645\" referrerpolicy=\"no-referrer\"/></p><p>SelectSectorSPDR</p><p>The most efficient and liquid to play the summer rally is by buying the tech heavy Invesco Nasdaq ETF (NASDAQ:QQQ), where investors can get exposure to these large tech stocks expected to lead the bounce, and yet, to avoid the large single-stock exposure risk by stock picking. Here is the chart showing the recent QQQ performance:</p><p><img src=\"https://static.tigerbbs.com/8a21e71fe7a071f8aa45bfdeebe87a5d\" tg-width=\"635\" tg-height=\"450\" referrerpolicy=\"no-referrer\"/>Data by YCharts</p><p>At this point, the QQQ chart shows the price is well of the lows, but down more than 26% YTD. More importantly, the chart shows the &#34;higher low&#34; and the bounce to the first and the key technical resistance - the 50dma. The last time QQQ was above the 50dma was on April 8th, and since, the 50dma was the reliable downtrend resistance level. Thus, technically, the 50dma breakout is the necessary pre-requisite to the sustainable summer rally, which could extend to a much higher resistance level at the 200dma (currently around 350).</p><p>Note on QQQ, the top 4 stocks account for almost 40% of the index, so QQQ is heavily concentrated on big-tech leaders. The broader market simply cannot bounce without the significant participation of these stocks, so the exposure to QQQ gives the direct but diversified participation to the market cap leaders. Here is the table of the top 4 QQQ stocks:</p><table><tbody><tr><td>Apple (AAPL)</td><td>11%</td></tr><tr><td>Microsoft (MSFT)</td><td>10%</td></tr><tr><td>Amazon (AMZN)</td><td>8%</td></tr><tr><td>Alphabet A and B (GOOG)</td><td>8%</td></tr></tbody></table><p><b>Fundamental triggers to watch</b></p><p>So far, I explained that technically the QQQ is at the important resistance, and the break above the 50dma is likely to propel the index towards to 200dma. Also, note that the technical breakout above the 50dma could trigger short covering, which by itself could sustain the summer rally.</p><p>However, the summer rally can be cut short by renewed selling by fundamentally driven investors, which could push the index to new lows. Thus, it is important to consider the fundamental triggers.</p><p><b>The bearish case:</b></p><p>The bearish case is simple, every recession since 1945 has been preceded by the Fed&#39;s monetary policy tightening cycle. Thus, the market participants expect the current Fed&#39;s monetary policy tightening cycle will also cause the next recession, and the recessionary bear market.</p><p>In other words, the bearish investors expect the Fed-induced recession, and with that the significant downgrade in corporate earnings, and possibly the increase in credit risk leading to more corporate bankruptcies. Higher multiple tech stocks are particularly vulnerable in such environment.</p><p><b>The bullish case:</b></p><p>Note, there were 13 Fed&#39;s interest rate hiking cycles since 1945, which caused a recession 10 times with 3 exceptions: 1994-95, 1983-84, 1965-66. The bulls argue that the nearly 30% correction since Jan 4th has removed the speculative excess from tech valuations, and if the Fed is able to engineer a soft-landing (another exception), the QQQ has likely already bottomed, and it&#39;s time to start buying.</p><p>In other words, the bullish investors do not expect the Fed-induced recession, or possibly expect a very shallow and short recession that has been already priced in.</p><p><b>The key disagreement: the recession expectations</b></p><p>Thus, the bulls and the bears disagree whether there will be the Fed-induced recession, and if yes, the depth and length of such recession. Obviously, the key to the eventual resolution of this disagreement is heavily dependent on the actual Fed tightening policy.</p><p>Specifically, the recession will be very likely if the Fed inverts the 10Y-3mo spread. Currently, the spread is at 1.11%, but it&#39;s narrowing quickly, and it&#39;s expected to invert by the end of 2022. Practically, if the yield on 10Y Treasury stays around 3%, the Fed would have to exceed the 3% level on the Federal Funds rate. Currently, the Fed is expected to hike to 3.49% by the end of 2022. Thus, the market expects the recession sometimes in the second half of 2023.</p><p>However, the depth and the length of the expected recession is the function of whether the Fed causes the bust of the housing bubble and, thus the increase in the credit risk. At this point we don&#39;t have enough information to forecast the credit risk in 2023.</p><p><b>What to watch next?</b></p><p>Obviously, the Fed&#39;s monetary tightening path is the key on whether the recession occurs next year, and whether the recession causes the spike in credit risk.</p><p>The Fed has indicated that it does not intend to cause the recession, and the desire to pause the monetary policy tightening in Sep of 2022 to evaluate the effects of higher interest rates on economy before deciding on the next policy action.</p><p>However, the surprise in the May headline CPI caused the significant hawkish repricing of monetary policy tightening and led to an actual oversized 75bpt hike in June, with another 75bpt or 50bpt excepted in July. However, note, the Fed indicated that it needs to see &#34;several months&#34; of declining headline CPI to consider the dovish turn.</p><p>That brings us to the July 13th CPI inflation release. The current expectations are for 8.8% headline CPI or the new cycle high! However, given the correction in oil prices, as well as prices of other commodities, it is likely that <i>the headline CPI could surprise to the downside</i>- which could be the trigger to push the QQQ over 50dma and propel the summer rally.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>QQQ: It's Make It Or Break It For The Summer Rally</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\">\nQQQ: It's Make It Or Break It For The Summer Rally\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-07-13 23:23 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4522847-qqq-make-or-break-for-summer-rally?source=content_type%3Aall%7Cfirst_level_url%3Aportfolio%7Csection%3Aportfolio_content_unit%7Csection_asset%3Alatest%7Cline%3A15><strong>Seeking Alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryTech stocks are potentially staging the summer rally.Technically, the 50dma is the key resistance.Fundamentally, the headline CPI on July 13th must surprise to the downside to support the rally...</p>\n\n<a href=\"https://seekingalpha.com/article/4522847-qqq-make-or-break-for-summer-rally?source=content_type%3Aall%7Cfirst_level_url%3Aportfolio%7Csection%3Aportfolio_content_unit%7Csection_asset%3Alatest%7Cline%3A15\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"QQQ":"纳指100ETF"},"source_url":"https://seekingalpha.com/article/4522847-qqq-make-or-break-for-summer-rally?source=content_type%3Aall%7Cfirst_level_url%3Aportfolio%7Csection%3Aportfolio_content_unit%7Csection_asset%3Alatest%7Cline%3A15","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1130107669","content_text":"SummaryTech stocks are potentially staging the summer rally.Technically, the 50dma is the key resistance.Fundamentally, the headline CPI on July 13th must surprise to the downside to support the rally.The Summer RallyI made an argument on June 27th that stocks are likely staging a sustainable summer rally. The bullish case (at the time) was as follows:The carnage in commodity prices will likely produce a falling headlineCPI inflation reading over the next few months, which will allow the Fed to implement the signaled dovish turn- or pause in September to evaluate the effect of already implemented monetary policy tightening. Thus, the CPI report on July 13th holds the key on whether the summer rally can be sustained.In fact, stocks are well of their lows, and it appears that the summer rally is well underway. More importantly, the recent rally has been led by Tech stocks (XLK), and the tech-like stocks in the Consumer Discretionary (XLY) and the Communication (XLC) sectors. Here is the sector performance over the last 5 days:SelectSectorSPDRThe most efficient and liquid to play the summer rally is by buying the tech heavy Invesco Nasdaq ETF (NASDAQ:QQQ), where investors can get exposure to these large tech stocks expected to lead the bounce, and yet, to avoid the large single-stock exposure risk by stock picking. Here is the chart showing the recent QQQ performance:Data by YChartsAt this point, the QQQ chart shows the price is well of the lows, but down more than 26% YTD. More importantly, the chart shows the \"higher low\" and the bounce to the first and the key technical resistance - the 50dma. The last time QQQ was above the 50dma was on April 8th, and since, the 50dma was the reliable downtrend resistance level. Thus, technically, the 50dma breakout is the necessary pre-requisite to the sustainable summer rally, which could extend to a much higher resistance level at the 200dma (currently around 350).Note on QQQ, the top 4 stocks account for almost 40% of the index, so QQQ is heavily concentrated on big-tech leaders. The broader market simply cannot bounce without the significant participation of these stocks, so the exposure to QQQ gives the direct but diversified participation to the market cap leaders. Here is the table of the top 4 QQQ stocks:Apple (AAPL)11%Microsoft (MSFT)10%Amazon (AMZN)8%Alphabet A and B (GOOG)8%Fundamental triggers to watchSo far, I explained that technically the QQQ is at the important resistance, and the break above the 50dma is likely to propel the index towards to 200dma. Also, note that the technical breakout above the 50dma could trigger short covering, which by itself could sustain the summer rally.However, the summer rally can be cut short by renewed selling by fundamentally driven investors, which could push the index to new lows. Thus, it is important to consider the fundamental triggers.The bearish case:The bearish case is simple, every recession since 1945 has been preceded by the Fed's monetary policy tightening cycle. Thus, the market participants expect the current Fed's monetary policy tightening cycle will also cause the next recession, and the recessionary bear market.In other words, the bearish investors expect the Fed-induced recession, and with that the significant downgrade in corporate earnings, and possibly the increase in credit risk leading to more corporate bankruptcies. Higher multiple tech stocks are particularly vulnerable in such environment.The bullish case:Note, there were 13 Fed's interest rate hiking cycles since 1945, which caused a recession 10 times with 3 exceptions: 1994-95, 1983-84, 1965-66. The bulls argue that the nearly 30% correction since Jan 4th has removed the speculative excess from tech valuations, and if the Fed is able to engineer a soft-landing (another exception), the QQQ has likely already bottomed, and it's time to start buying.In other words, the bullish investors do not expect the Fed-induced recession, or possibly expect a very shallow and short recession that has been already priced in.The key disagreement: the recession expectationsThus, the bulls and the bears disagree whether there will be the Fed-induced recession, and if yes, the depth and length of such recession. Obviously, the key to the eventual resolution of this disagreement is heavily dependent on the actual Fed tightening policy.Specifically, the recession will be very likely if the Fed inverts the 10Y-3mo spread. Currently, the spread is at 1.11%, but it's narrowing quickly, and it's expected to invert by the end of 2022. Practically, if the yield on 10Y Treasury stays around 3%, the Fed would have to exceed the 3% level on the Federal Funds rate. Currently, the Fed is expected to hike to 3.49% by the end of 2022. Thus, the market expects the recession sometimes in the second half of 2023.However, the depth and the length of the expected recession is the function of whether the Fed causes the bust of the housing bubble and, thus the increase in the credit risk. At this point we don't have enough information to forecast the credit risk in 2023.What to watch next?Obviously, the Fed's monetary tightening path is the key on whether the recession occurs next year, and whether the recession causes the spike in credit risk.The Fed has indicated that it does not intend to cause the recession, and the desire to pause the monetary policy tightening in Sep of 2022 to evaluate the effects of higher interest rates on economy before deciding on the next policy action.However, the surprise in the May headline CPI caused the significant hawkish repricing of monetary policy tightening and led to an actual oversized 75bpt hike in June, with another 75bpt or 50bpt excepted in July. However, note, the Fed indicated that it needs to see \"several months\" of declining headline CPI to consider the dovish turn.That brings us to the July 13th CPI inflation release. The current expectations are for 8.8% headline CPI or the new cycle high! However, given the correction in oil prices, as well as prices of other commodities, it is likely that the headline CPI could surprise to the downside- which could be the trigger to push the QQQ over 50dma and propel the summer rally.","news_type":1},"isVote":1,"tweetType":1,"viewCount":175,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9071178811,"gmtCreate":1657505037433,"gmtModify":1676536015538,"author":{"id":"3574687898874038","authorId":"3574687898874038","name":"Wil17","avatar":"https://static.tigerbbs.com/0cfd41bcd17de187675ea0796762da27","crmLevel":3,"crmLevelSwitch":0},"themes":[],"htmlText":"Err","listText":"Err","text":"Err","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9071178811","repostId":"1100813454","repostType":4,"repost":{"id":"1100813454","pubTimestamp":1657520064,"share":"https://www.laohu8.com/m/news/1100813454?lang=&edition=full","pubTime":"2022-07-11 14:14","market":"other","language":"en","title":"Bitcoin Is More Likely to Hit $10,000 Than $30,000, Survey Finds","url":"https://stock-news.laohu8.com/highlight/detail?id=1100813454","media":"Bloomberg","summary":"(Bloomberg) -- Bitcoin bulls beware: Wall Street expects the cryptocurrency’s crash to get a whole l","content":"<html><head></head><body><p>(Bloomberg) -- Bitcoin bulls beware: Wall Street expects the cryptocurrency’s crash to get a whole lot worse.</p><p>The token is more likely to tumble to $10,000, cutting its value roughly in half, than it is to rally back to $30,000, according to 60% of the 950 investors who responded to the latest MLIV Pulse survey. Forty percent saw it going the other way. It was around $21,850 late Friday afternoon, ending the week up over 12%.</p><h2>Big Drop</h2><p>Investors think Bitcoin is heading lower</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/23678ece63857ba3ddf1e586d79dfcae\" tg-width=\"706\" tg-height=\"239\" referrerpolicy=\"no-referrer\"/><span>Source: MLIV Pulse Survey running July 5th to 8th. Respondents were asked: &#34;Which level will Bitcoin trade at first? $10k or $30k&#34;</span></p><p>The lopsided prediction underscores how bearish investors have become. The crypto industry has been rocked by troubled lenders, collapsed currencies, and an end to the easy money policies of the pandemic that fueled a speculative frenzy in financial markets.</p><p>Some $2 trillion has vanished from the market value of cryptocurrencies since late last year, according to data compiled by CoinGecko.</p><p>Retail investors were more apprehensive about cryptocurrencies than their institutional counterparts, with almost a quarter declaring the asset class to be garbage. Professional investors were more open-minded toward digital assets.</p><p>But overall, this sector remains a polarizing one: while some 28% of the overall respondents expressed strong confidence that cryptocurrencies are the future of finance, 20% said they’re worthless.</p><h2>Crypto Anxious</h2><p>Most respondents were at least slightly skeptical about cryptocurrencies</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/95ae6536082b79774191b6ef13a1fc08\" tg-width=\"671\" tg-height=\"358\" referrerpolicy=\"no-referrer\"/><span>Source: MLIV Pulse Survey running July 5th to 8th. Respondents were asked: &#34;In relation to cryptocurrencies, which of the below best describes your attitude&#34;</span></p><p>Bitcoin has already lost more than two-thirds of its value since hitting nearly $69,000 in November and hasn’t traded as low as $10,000 since September 2020.</p><p>“It’s very easy to be fearful right now, not only in crypto, but generally in the world,” said Jared Madfes, partner at Tribe Capital, a venture capital firm. He said the expectations for a further drop in Bitcoin reflect “people’s inherent fear in the market.”</p><p>The crypto crash is likely to put further pressures on governments to step up regulations of the industry. Such supervision is seen as positive by majority of respondents, since it could improve confidence and lead to broader acceptance among institutional and retail investors.</p><p>Government intervention will also probably be welcomed by consumers burned by the collapse of so-called stablecoin TerraUSD and troubled middlemen like Celsius Network and broker Voyager Digital Ltd.</p><p>Central banks are also considering developing their own digital currencies for use in digital payments.</p><p>But neither the recent price drops -- nor the potential challenge from central banks -- are expected to significantly upend the industry by dethroning the two dominant tokens, Bitcoin and Ether. A majority of respondents anticipate that one of those two will remain a driving force in five years even while a significant share sees central bank digital currencies taking on a key role.</p><p>“Bitcoin still is powering large parts of the cryptoverse, while Ethereum is losing its lead,” said Ed Moya, senior market analyst at Oanda Corp., a foreign-exchange broker.</p><p>There was a broader consensus about one corner of the market: Nonfungible tokens. NFTs became famous for attraction valuations in the millions of dollars for pictures of monkeys during the height of the crypto boom. But the overwhelming majority of those surveyed consider them to be just art projects or status symbols, with only 9% seeing them as an investment opportunity.</p><p>Moreover, those hunting for the next asset-price bubble may do well to look elsewhere, since speculative manias rarely strike the same asset class twice. Ultimately, the next big run-up is expected by most respondents to be entirely unrelated to cryptocurrencies, with NFTs, the next generation of the internet known as web3 and other blockchain developments seen as having low chances of setting off the next frenzy.</p><p>“The next financial bubble is always something different than the last bubble, so the majority is absolutely right on this one,” said Matt Maley, chief market strategist at Miller Tabak + Co.</p></body></html>","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>Bitcoin Is More Likely to Hit $10,000 Than $30,000, Survey Finds</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\">\nBitcoin Is More Likely to Hit $10,000 Than $30,000, Survey Finds\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-07-11 14:14 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2022-07-10/bitcoin-faces-another-50-drop-wall-street-says-mliv-pulse><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(Bloomberg) -- Bitcoin bulls beware: Wall Street expects the cryptocurrency’s crash to get a whole lot worse.The token is more likely to tumble to $10,000, cutting its value roughly in half, than it ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2022-07-10/bitcoin-faces-another-50-drop-wall-street-says-mliv-pulse\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"Grayscale Bitcoin Trust"},"source_url":"https://www.bloomberg.com/news/articles/2022-07-10/bitcoin-faces-another-50-drop-wall-street-says-mliv-pulse","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1100813454","content_text":"(Bloomberg) -- Bitcoin bulls beware: Wall Street expects the cryptocurrency’s crash to get a whole lot worse.The token is more likely to tumble to $10,000, cutting its value roughly in half, than it is to rally back to $30,000, according to 60% of the 950 investors who responded to the latest MLIV Pulse survey. Forty percent saw it going the other way. It was around $21,850 late Friday afternoon, ending the week up over 12%.Big DropInvestors think Bitcoin is heading lowerSource: MLIV Pulse Survey running July 5th to 8th. Respondents were asked: \"Which level will Bitcoin trade at first? $10k or $30k\"The lopsided prediction underscores how bearish investors have become. The crypto industry has been rocked by troubled lenders, collapsed currencies, and an end to the easy money policies of the pandemic that fueled a speculative frenzy in financial markets.Some $2 trillion has vanished from the market value of cryptocurrencies since late last year, according to data compiled by CoinGecko.Retail investors were more apprehensive about cryptocurrencies than their institutional counterparts, with almost a quarter declaring the asset class to be garbage. Professional investors were more open-minded toward digital assets.But overall, this sector remains a polarizing one: while some 28% of the overall respondents expressed strong confidence that cryptocurrencies are the future of finance, 20% said they’re worthless.Crypto AnxiousMost respondents were at least slightly skeptical about cryptocurrenciesSource: MLIV Pulse Survey running July 5th to 8th. Respondents were asked: \"In relation to cryptocurrencies, which of the below best describes your attitude\"Bitcoin has already lost more than two-thirds of its value since hitting nearly $69,000 in November and hasn’t traded as low as $10,000 since September 2020.“It’s very easy to be fearful right now, not only in crypto, but generally in the world,” said Jared Madfes, partner at Tribe Capital, a venture capital firm. He said the expectations for a further drop in Bitcoin reflect “people’s inherent fear in the market.”The crypto crash is likely to put further pressures on governments to step up regulations of the industry. Such supervision is seen as positive by majority of respondents, since it could improve confidence and lead to broader acceptance among institutional and retail investors.Government intervention will also probably be welcomed by consumers burned by the collapse of so-called stablecoin TerraUSD and troubled middlemen like Celsius Network and broker Voyager Digital Ltd.Central banks are also considering developing their own digital currencies for use in digital payments.But neither the recent price drops -- nor the potential challenge from central banks -- are expected to significantly upend the industry by dethroning the two dominant tokens, Bitcoin and Ether. A majority of respondents anticipate that one of those two will remain a driving force in five years even while a significant share sees central bank digital currencies taking on a key role.“Bitcoin still is powering large parts of the cryptoverse, while Ethereum is losing its lead,” said Ed Moya, senior market analyst at Oanda Corp., a foreign-exchange broker.There was a broader consensus about one corner of the market: Nonfungible tokens. NFTs became famous for attraction valuations in the millions of dollars for pictures of monkeys during the height of the crypto boom. But the overwhelming majority of those surveyed consider them to be just art projects or status symbols, with only 9% seeing them as an investment opportunity.Moreover, those hunting for the next asset-price bubble may do well to look elsewhere, since speculative manias rarely strike the same asset class twice. Ultimately, the next big run-up is expected by most respondents to be entirely unrelated to cryptocurrencies, with NFTs, the next generation of the internet known as web3 and other blockchain developments seen as having low chances of setting off the next frenzy.“The next financial bubble is always something different than the last bubble, so the majority is absolutely right on this one,” said Matt Maley, chief market strategist at Miller Tabak + Co.","news_type":1},"isVote":1,"tweetType":1,"viewCount":202,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9053047052,"gmtCreate":1654472191176,"gmtModify":1676535451121,"author":{"id":"3574687898874038","authorId":"3574687898874038","name":"Wil17","avatar":"https://static.tigerbbs.com/0cfd41bcd17de187675ea0796762da27","crmLevel":3,"crmLevelSwitch":0},"themes":[],"htmlText":"Wah","listText":"Wah","text":"Wah","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9053047052","repostId":"2240277145","repostType":4,"repost":{"id":"2240277145","pubTimestamp":1654306051,"share":"https://www.laohu8.com/m/news/2240277145?lang=&edition=full","pubTime":"2022-06-04 09:27","market":"us","language":"en","title":"Why Occidental Petroleum Jumped Nearly 26% Higher in May","url":"https://stock-news.laohu8.com/highlight/detail?id=2240277145","media":"Motley Fool","summary":"A big and famous shareholder took on an even bigger stake in the energy giant.","content":"<html><head></head><body><h2>What happened</h2><p>Shares of U.S. energy giant <a href=\"https://laohu8.com/S/OXY\">Occidental Petroleum</a> increased 25.8% in May 2022, according to data from S&amp;P Global Market Intelligence. As of June 3, the stock is now up over 140% so far in 2022 alone. Why the big run-up? It certainly helped that energy prices remained high during the month, as did a solid first-quarter earnings report Occidental released on May 10.</p><p>The biggest reason for another leg higher, though, could likely be attributed to news that a famous investor by the name of Warren Buffett increased his stake in the oil company.</p><h2>So what</h2><p>In a series of filings with the Securities and Exchange Commission (SEC) in early May, it was revealed that Buffett&#39;s <b>Berkshire Hathaway </b>(BRK.A) (BRK.B) has once again boosted its stake in Occidental Petroleum stock. Though still a small piece of the whole Berkshire stock portfolio pie, OXY is now a more than $10 billion position for Buffett and company, or over 15% of Occidental&#39;s total market cap.</p><p>As a reminder, Berkshire first got involved with Occidental back in 2019 when the energy major was bidding against <a href=\"https://laohu8.com/S/CVX\">Chevron </a> for the privilege of acquiring energy exploration company Anadarko. Occidental&#39;s winning bid was a very high premium of $55 billion. To pay the bill, funding was secured from Berkshire, yielding Buffett&#39;s investment conglomerate preferred stock (which pays a high-yield dividend) and warrants to purchase more common stock at a favorable price.</p><p>Fast forward to 2022 -- Berkshire is exercising those rights and being rewarded handsomely.</p><h2>Now what</h2><p>To be sure, Occidental can still be viewed as a higher-risk integrated oil play. It carries a large burden of long-term debt totaling $25.7 billion -- even after repaying nearly $3.3 billion worth of that debt in Q1 2022. By comparison, mighty Chevron and its far larger operation had total debt of $29.3 billion.</p><p>Nevertheless, Occidental is using the windfall of high energy prices to work its way back into financial shape. Record quarterly free cash flow of nearly $2.4 billion was also reported in Q1, easily covering the company&#39;s dividend payment (which currently yields 0.8%). Shares currently trade for just 6.8 times trailing-12-month free cash flow. This energy stock is &#34;cheap&#34; for a reason, but certainly a worthy addition to the Berkshire portfolio if it can continue to make hay from the current inflationary environment.</p></body></html>","source":"fool_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Occidental Petroleum Jumped Nearly 26% Higher in May</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\">\nWhy Occidental Petroleum Jumped Nearly 26% Higher in May\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-06-04 09:27 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2022/06/03/why-occidental-petroleum-jumped-nearly-26-higher-i/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>What happenedShares of U.S. energy giant Occidental Petroleum increased 25.8% in May 2022, according to data from S&P Global Market Intelligence. As of June 3, the stock is now up over 140% so far in ...</p>\n\n<a href=\"https://www.fool.com/investing/2022/06/03/why-occidental-petroleum-jumped-nearly-26-higher-i/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"OXY":"西方石油"},"source_url":"https://www.fool.com/investing/2022/06/03/why-occidental-petroleum-jumped-nearly-26-higher-i/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2240277145","content_text":"What happenedShares of U.S. energy giant Occidental Petroleum increased 25.8% in May 2022, according to data from S&P Global Market Intelligence. As of June 3, the stock is now up over 140% so far in 2022 alone. Why the big run-up? It certainly helped that energy prices remained high during the month, as did a solid first-quarter earnings report Occidental released on May 10.The biggest reason for another leg higher, though, could likely be attributed to news that a famous investor by the name of Warren Buffett increased his stake in the oil company.So whatIn a series of filings with the Securities and Exchange Commission (SEC) in early May, it was revealed that Buffett's Berkshire Hathaway (BRK.A) (BRK.B) has once again boosted its stake in Occidental Petroleum stock. Though still a small piece of the whole Berkshire stock portfolio pie, OXY is now a more than $10 billion position for Buffett and company, or over 15% of Occidental's total market cap.As a reminder, Berkshire first got involved with Occidental back in 2019 when the energy major was bidding against Chevron  for the privilege of acquiring energy exploration company Anadarko. Occidental's winning bid was a very high premium of $55 billion. To pay the bill, funding was secured from Berkshire, yielding Buffett's investment conglomerate preferred stock (which pays a high-yield dividend) and warrants to purchase more common stock at a favorable price.Fast forward to 2022 -- Berkshire is exercising those rights and being rewarded handsomely.Now whatTo be sure, Occidental can still be viewed as a higher-risk integrated oil play. It carries a large burden of long-term debt totaling $25.7 billion -- even after repaying nearly $3.3 billion worth of that debt in Q1 2022. By comparison, mighty Chevron and its far larger operation had total debt of $29.3 billion.Nevertheless, Occidental is using the windfall of high energy prices to work its way back into financial shape. Record quarterly free cash flow of nearly $2.4 billion was also reported in Q1, easily covering the company's dividend payment (which currently yields 0.8%). Shares currently trade for just 6.8 times trailing-12-month free cash flow. This energy stock is \"cheap\" for a reason, but certainly a worthy addition to the Berkshire portfolio if it can continue to make hay from the current inflationary environment.","news_type":1},"isVote":1,"tweetType":1,"viewCount":238,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":9962694646,"gmtCreate":1669767437185,"gmtModify":1676538238151,"author":{"id":"3574687898874038","authorId":"3574687898874038","name":"Wil17","avatar":"https://static.tigerbbs.com/0cfd41bcd17de187675ea0796762da27","crmLevel":3,"crmLevelSwitch":0},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/9962694646","repostId":"1130792345","repostType":4,"isVote":1,"tweetType":1,"viewCount":476,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9964375337,"gmtCreate":1670089915130,"gmtModify":1676538300994,"author":{"id":"3574687898874038","authorId":"3574687898874038","name":"Wil17","avatar":"https://static.tigerbbs.com/0cfd41bcd17de187675ea0796762da27","crmLevel":3,"crmLevelSwitch":0},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9964375337","repostId":"1152464265","repostType":4,"repost":{"id":"1152464265","pubTimestamp":1670022054,"share":"https://www.laohu8.com/m/news/1152464265?lang=&edition=full","pubTime":"2022-12-03 07:00","market":"us","language":"en","title":"11 Hours With Sam Bankman-Fried: Inside the Bahamian Penthouse After FTX’s Fall","url":"https://stock-news.laohu8.com/highlight/detail?id=1152464265","media":"Bloomberg","summary":"Sam Bankman-Fried’s $30 million Bahamas penthouse looks like a dorm after the students have left for winter break. The dishwasher is full. Towels are piled in the laundry room. Bat streamers from a Ha","content":"<html><head></head><body><p><img src=\"https://static.tigerbbs.com/cb8b5a354d9d687bd95cdff74dddc508\" tg-width=\"1214\" tg-height=\"811\" width=\"100%\" height=\"auto\"/></p><p>Sam Bankman-Fried’s $30 million Bahamas penthouse looks like a dorm after the students have left for winter break. The dishwasher is full. Towels are piled in the laundry room. Bat streamers from a Halloween party are still hanging from a doorway. Two boxes of Legos sit on the floor of one bedroom. And then there are the shoes—dozens of sneakers and heels piled in the foyer, left behind by employees who fled the island of New Providence last month when his cryptocurrency exchangeFTX imploded.</p><p>“It’s been an interesting few weeks,” Bankman-Fried says in a chipper tone as he greets me. It’s a muggy Saturday afternoon, eight days after FTX filed for bankruptcy. He’s shoeless, in white gym socks, a red T-shirt and wrinkled khaki shorts. His standard uniform.</p><p>This isn’t part of the typical tour Bankman-Fried gave to the many reporters who came to tell the tale of the boy-genius-crypto-billionaire who slept on a beanbag chair next to his desk and only got rich so he could give it all away, and it’s easy to see why. The apartment is at the top of one of the luxury condo buildings that border a marina in a gated community called Albany. Outside, deckhands buff the stanchions of a 200-foot yacht owned by a fracking billionaire. A bronze replica of Wall Street’s<i>Charging Bull</i>statue stands on the lawn, which is as manicured as the residents. I feel like I’ve crash-landed on an alien planet populated solely by the very rich and the people who work for them.</p><p>Bankman-Fried leads me down a marble-floored hallway to a small bedroom, where he perches on a plush brown couch. Always known for being jittery, he taps his foot so hard it rattles a coffee table, smacks gum and rubs his index finger with his thumb like he’s twirling an invisible fidget spinner. But he seems almost cheerful as he explains why he’s invited me into his 12,000-square-foot bolthole, against the advice of his lawyers, even as investigators from theUS Department of Justice probewhether he used customers’ funds to prop up his hedge fund, a crime that could send him to prison for years. (Spoiler alert: It sure looks like he did.)</p><p>“What I’m focusing on is what I can do, right now, to try and make things as right as possible,” Bankman-Fried says. “I can’t do that if I’m just focused on covering my ass.”</p><p>But he seems to be doing just that, with me here and all along the apology tour he’ll later embark on, which will include a video appearance at a<i>New York Times</i>conference and an interview on<i>Good Morning America</i>. He’s been trying to blame his firm’s failure on a hazy combination of comically poor bookkeeping, wildly misjudged risks and complete ignorance of what his hedge fund was doing. In other words, an alumnus of both MIT and the elite Wall Street trading firmJane Streetis arguing that he was just dumb with the numbers—not pulling a conscious fraud. Talking in detail to journalists about what’s certain to be the subject of extensive litigation seems like an unusual strategy, but it makes sense: The press helped him create his only-honest-man-in-crypto image, so why not use them to talk his way out of trouble?</p><p><img src=\"https://static.tigerbbs.com/79b2ba9ef6da8454146f200cdc460f6e\" tg-width=\"1000\" tg-height=\"666\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>Bankman-Fried after an interview on<i>Bloomberg Wealth With David Rubenstein</i>on Aug. 17, 2022.Photographer: Jeenah Moon/Bloomberg</p><p>He doesn’t say so, but one reason he might be willing to speak with me is that I’m one of the reporters who helped build him up. After spending two days at FTX’s offices in February, I flew past the brightred flagsat his company—its lack of corporate governance, the ties to his Alameda Research hedge fund, its profligate spending on marketing, the fact that it operated largely outside US jurisdiction. Iwrote a storyfocused on whether Bankman-Fried would follow through on his plans to donate huge sums to charity and his connections to an unusual philanthropic movement calledeffective altruism.</p><p>It wasn’t the most embarrassingly puffy of the many puff pieces that came out about him. (“After my interview with SBF, I was convinced: I was talking to a future trillionaire,” one writer said in an article commissioned by a venture capital firm.) But my tone wasn’t entirely dissimilar. “Bankman-Fried is a thought experiment from a college philosophy seminar come to life,” I wrote. “Should someone who wants to save the world first amass as much money and power as possible, or will the pursuit corrupt him along the way?” Now it seems pretty clear that a better question would’ve been whether the business was ascam from the start.</p><p>I tell Bankman-Fried I want to talk about the decisions that led to FTX’s collapse, and why he took them. Earlier in the week, inlate-night DM exchangeswith a<i>Vox</i>reporter and on a phone call with a YouTuber, he made comments that many interpreted as an admission that everything he said was a lie. (“So the ethics stuff, mostly a front?” the<i>Vox</i>reporter asked. “Yeah,” Bankman-Fried replied.) He’d spoken so cynically about his motivations that to many it seemed like a comic book character was pulling off his mask to reveal the villain who’d been hiding there all along.</p><p>I set out on this visit with a different working theory. Maybe I was feeling the tug of my past reporting, but I still didn’t think the talk about charity was all made up. Since he was a teenager, Bankman-Fried has described himself as utilitarian—following the philosophy that the correct action is the one likely to result in the greatest good for the greatest number of people. He said his endgame was making and donating enough money to prevent pandemics and stop runaway artificial intelligence from destroying humanity. Faced with a crisis, and believing he was the hero of his own sci-fi movie, he might’ve thought it was right to make a crazy, even illegal, gamble to save his company.</p><p>To be clear, if that’s what happened, it’s the logic of a megalomaniac, not a martyr. The money wasn’t his to gamble with, and “the ends justify the means” is a cliché of bad ethics. But if it’s what he believed, he might still think he’d made the right decision, even if it didn’t work out. It seemed to me that’s what he meant when he messaged<i>Vox</i>, “The worst quadrant is sketchy + lose. The best is win + ???” I want to probe that, in part because it might get him to talk more candidly about what had happened to his customers’ money.</p><p>I decide to approach the topic gingerly, on terms I think he’ll relate to, as it seems he’s in less of a crime-confess-y mood. He’s said he likes to evaluate decisions in terms of expected value—the odds of success times the likely payoff—so I begin by asking: “Should I judge you by your impact, or by the expected value of your decision?”</p><p>“When all is said and done, what matters is your actual realized impact. Like, that’s what actually matters to the world,” he says. “But, obviously, there’s luck.”</p><p>That’s the in I’m looking for. For the next 11 hours—with breaks for fundraising calls and a very awkward dinner—I try to get him to tell me exactly what he meant. He denies that he’s committed fraud or lied to anyone and blames FTX’s failure on his sloppiness and inattention. But at points it seems like he’s saying he got<i>un</i>lucky, or miscalculated the odds.</p><p>Bankman-Fried tells me he’s still got a chance to raise $8 billion to save his company. He seems delusional, or committed to pretending this is still an error he can fix, and either way, the few supporters remaining at his penthouse seem unlikely to set him straight. The grim scene reminds me a bit of the end of<i>Scarface</i>, with Tony Montana holed up in his mansion, semi-incoherent, his unknown enemies sneaking closer. But instead of mountains of cocaine, Bankman-Fried is clinging to spreadsheet tabs filled with wildly optimistic cryptocurrency valuations.</p><p>Think of FTX like an offshore casino. Customers sent in money, then gambled on the price of hundreds ofcryptocurrencies—not just Bitcoin or Ether, but more obscure coins. In crypto slang, the latter are called shitcoins, because almost no one knows what they’re for. But in the past few years, otherwise respectable people, from retired dentists to heads of state, convinced themselves that these coins werethe future of finance. Or at least that enough other people might think so to make the price go up. Bankman-Fried’s casino was growing so fast that earlier this year some of Silicon Valley’s top venture capitalists invested in it at a $32 billion valuation.</p><p>The problem surfaced last month. After a rival crypto-casino kingpin raised concerns about FTX on Twitter, customers rushed to cash in their chips. But when Bankman-Fried’s casino opened the vault, their money wasn’t there. According to multiple news reports citing people familiar with the matter, it had been secretly lent to Bankman-Fried’s hedge fund, which had lost it in some mix of bad bets, insane spending and perhaps something even sketchier. John Ray III, the lawyer who’s now chief executive officer of the bankrupt exchange, has alleged in court that FTX covered up the loans using secret software.</p><p>Bankman-Fried denies this again to me. Returning to the framework of expected value, I ask him if the decisions he made were correct.</p><p>“I think that I’ve made a lot of plus-EV decisions and a few very large boneheaded decisions,” he says. “Certainly in retrospect, those very large decisions were very bad, and may end up overwhelming everything else.”</p><p>The chain of events, in his telling, started about four years ago. Bankman-Fried was in Hong Kong, where he’d moved from Berkeley, California, with a small group of friends from the effective-altruism community. Together they ran a successful startup crypto hedge fund,Alameda Research. (The name itself was an early example of his casual attitude toward rules—it was chosen to avoid scrutiny from banks, which frequently closed its accounts. “If we named our company like, Shitcoin Daytraders Inc., they’d probably just reject us,” Bankman-Fried told a podcaster in 2021. “But, I mean, no one doesn’t like research.”)</p><p>The fund had made millions of dollars exploiting inefficiencies across cryptocurrency exchanges. (Ex-employees, even those otherwise critical of Bankman-Fried, have said this is true, though some have said Alameda then lost some of that money because of bad trades and mismanagement.) Bankman-Fried and his friends began considering starting their own exchange—what would become FTX.</p><p>The way Bankman-Fried later described this decision reveals his attitude toward risk. He estimated there was an 80% chance the exchange would fail to attract enough customers. But he’s said one should always take a bet, even a long-shot one, if the expected value is positive, calling this stance “risk neutral.” But it actually meant he would take risks that to a normal person sound insane. “As an individual, to make a bet where it’s like, ‘I’m going to gamble my $10 billion and either get $20 billion or $0, with equal probability,’ would be madness,” Rob Wiblin, host of an effective-altruism podcast, said to Bankman-Fried in April. “But from an altruistic point of view, it’s not so crazy.”</p><p>“Completely agree,” Bankman-Fried replied. He told another interviewer that he’d make a bet described as a chance of “51% you double the earth out somewhere else, 49% it all disappears.”</p><p>Bankman-Fried and his friends jump-started FTX by having Alameda provide liquidity. It was a huge conflict of interest. Imagine if the top executives at an online poker site also entered its high-stakes tournaments—the temptation to cheat by peeking at other players’ cards would be huge. But Bankman-Fried assured customers that Alameda would play by the same rules as everyone else, and enough people came to trade that FTX took off. “Having Alameda provide liquidity on FTX early on was the right decision, because I think that helped make FTX a great product for users, even though it obviously ended up backfiring,” Bankman-Fried tells me.</p><p>Part of FTX’s appeal was that it was mostly a derivatives exchange, which allowed customers to trade “on margin,” meaning with borrowed money. That’s a key to his defense. Bankman-Fried argues no one should be surprised that big traders on FTX, including Alameda, were borrowing from the exchange, and that his fund’s position just somehow got out of hand. “Everyone was borrowing and lending,” he says. “That’s been its calling card.” But FTX’s normal margin system, crypto traders tell me, would never have permitted anyone to accumulate a debt that looked like Alameda’s. When I ask if Alameda had to follow the same margin rules as other traders, he admits the fund did not. “There was more leeway,” he says.</p><p>That wouldn’t have been so important had Alameda stuck to its original trading strategy of relatively low-risk arbitrage trades. But in 2020 and 2021, as Bankman-Fried became the face of FTX, amajor political donorand a favorite of Silicon Valley, Alameda faced more competition in that market-making business. It shifted its strategy to, essentially, gambling on shitcoins.</p><p>As Caroline Ellison, then Alameda’s co-CEO, explained in aMarch 2021 post on Twitter: “The way to really make money is figure out when the market is going to go up and get balls long before that,” she wrote, adding that she’d learned the strategy from the classic market-manipulation memoir,<i>Reminiscences of a Stock Operator.</i>Her co-CEO said in another tweet that a profitable strategy was buying Dogecoin becauseElon Musktweeted about it.</p><p>The reason they were bragging about what sounded like a high schooler’s tactics was that it was working better than anyone knew. When we spoke in February 2022, Bankman-Fried told me that Alameda had made $1 billion the previous year. He now says that was Alameda’s arbitrage profits. On top of that, its shitcoins gained tens of billions of dollars of value, at least on paper. “If you mark everything to market, I do believe at one point my net worth got to $100 billion,” Bankman-Fried says.</p><p>Any trader would know this wasn’t nearly as good as it sounded. The large pile of tokens couldn’t be turned into cash without crashing the market. Much of it was even made of tokens that Bankman-Fried and his friends had spun up themselves, such as FTT, Serum or Maps—the official currency of a nonsensical crypto-meets-mapping app—or were closely affiliated with, like Solana. While Bankman-Fried acknowledges the pile was worth something less than $100 billion—maybe he’d mark it down a third, he says—he maintains that he could have extracted quite a lot of real money from his holdings.</p><p>But he didn’t. Instead, Alameda borrowed billions of dollars from other crypto lenders—not FTX—and sunk them into more crypto bets. Publicly, Bankman-Fried presented himself as an ethical operator andcalled for regulationto rein in crypto’s worst excesses. But through his hedge fund, he’d actually become the market’s most degenerate gambler. I ask him why, if he really thought he could sell the tokens, he didn’t. “Why not, like, take some risk off?”</p><p>“OK. In retrospect, absolutely. That would’ve been the right, like, unambiguously the right thing to do,” he says. “But also it was just, like, hilariously well-capitalized.”</p><p>Near the peak of the great shitcoin boom, in April 2022, FTX hosted a lavish conference at a resort and casino in Nassau. It was Bankman-Fried’s coming out party. He got to share the stage with quarterback Tom Brady. Also there: former Prime Minister Tony Blair and ex-President Bill Clinton, who extended a fatherly hand when the young crypto executive seemed nervous. The author Michael Lewis, who’s working on a book about Bankman-Fried, praised him in a fawning interview onstage. “You’re breaking land speed records. And I don’t think people are really noticing what’s happened, just how dramatic the revolution has become,” Lewis said, asking when crypto would take over Wall Street.</p><p>The next month, thecrypto crash began. It started when a popular set of coins called Terra and Luna collapsed, wiping out $60 billion. Terra and Luna were almost openly a Ponzi scheme, but some of the biggest crypto funds had invested in them with borrowed money and went bankrupt. This made the lenders who’d lent billions of dollars to Alameda nervous. They asked Alameda to repay the loans, with real money. It needed billions of dollars, fast, or it would go bust.</p><p>There are two different versions of what happened next. Two people with knowledge of the matter told me that Ellison, by then the sole head of Alameda, had told her side of the story to her staff amid the crisis. Ellison said that she, Bankman-Fried and his two top lieutenants—Gary Wang and Nishad Singh—had discussed the shortfall. Instead of admitting Alameda’s failure, they decided to use FTX customer funds to cover it, according to the people. If that’s true, all four executives would’ve knowingly committed fraud. (Ellison, Wang and Singh didn’t respond to messages seeking comment.)</p><p>When I put this to Bankman-Fried, he screws up his eyes, furrows his eyebrows, puts his hands in his hair and thinks for a few seconds.</p><p>“So, it’s not how I remember what happened,” Bankman-Fried says. But he surprises me by acknowledging that there had been a meeting, post-Luna crash, where they debated what to do about Alameda’s debts. The way he tells it, he was packing for a trip to DC and “only kibitzing on parts of the discussion.” It didn’t seem like a crisis, he says. It was a matter of extending a bit more credit to a fund that already traded on margin and still had a pile of collateral worth way more than enough to cover the loan. (Although the pile of collateral was largely shitcoins.)</p><p>“That was the point at which Alameda’s margin position on FTX got, well, it got more leveraged substantially,” he says. “Obviously, in retrospect, we should’ve just said no. I sort of didn’t realize then how large the position had gotten.”</p><p>“You were all aware there was a chance this would not work,” I say.</p><p>“That’s right,” he says. “But I thought that the risk was substantially smaller.”</p><p>I try to imagine what he could’ve been thinking. If FTX had liquidated Alameda’s position, the fund would’ve gone bankrupt, and even if the exchange didn’t take direct losses, customers would’ve lost confidence in it. Bankman-Fried points out that the companies that lent money to Alameda might have failed, too, causing a hard-to-predict cascade of events.</p><p>“Now let’s say you don’t margin call Alameda,” I posit. “Maybe you think there’s like a 70% chance everything will be OK, it’ll all work out?”</p><p>“Yes, but also in the cases where it didn’t work out, I thought the downside was not nearly as high as it was,” he says. “I thought that there was the risk of a much smaller hole. I thought it was going to be manageable.”</p><p>Bankman-Fried pulls out his laptop (an Acer Predator) and opens a spreadsheet to show what he meant. It’s similar to thebalance sheethe reportedly showed investors when he was seeking a last-minute bailout, which he says consolidated FTX and Alameda’s positions because by then the fund had defaulted on its debt. On one line—labeled “What I *thought*”—he lists $8.9 billion in debts and way more than enough money to pay them: $9 billion in liquid assets, $15.4 billion in “less liquid” assets and $3.2 billion in “illiquid” ones. He tells me this was more or less the position he was considering when he had the meeting with the other executives.</p><p>“It looks naively to me like, you know, there’s still some significant liabilities out there, but, like, we should be able to cover it,” he says.</p><p>“So what’s the problem, then?”</p><p>Bankman-Fried points to another place on the spreadsheet, which he says shows the actual truth of the situation at the time of the meeting. This one shows similar numbers, but with $8 billion less liquid assets.</p><p>“What’s the difference between these two rows here?” he asks.</p><p>“You didn’t have $8 billion in cash that you thought you had,” I say.</p><p>“That’s correct. Yes.”</p><p>“You misplaced $8 billion?” I ask.</p><p>“Misaccounted,” Bankman-Fried says, sounding almost proud of his explanation. Sometimes, he says, customers would wire money to Alameda Research instead of sending it directly to FTX. (Some banks were more willing to work with the hedge fund than the exchange, for some reason.) He claims that somehow, FTX’s internal accounting system double-counted this money, essentially crediting it to both the exchange and the fund.</p><p>That still doesn’t explain why the money was gone. “Where did the $8 billion go?” I ask.</p><p>To answer, Bankman-Fried creates a new tab on the spreadsheet and starts typing. He lists Alameda and FTX’s biggest cash flows. One of the biggest expenses is paying a net $2.5 billion toBinance, a rival, to buy out its investment in FTX. He also lists $250 million for real estate, $1.5 billion for expenses, $4 billion for venture capital investments, $1.5 billion for acquisitions and $1 billion labeled “fuckups.” Even accounting for both firms’ profits, and all the venture capital money raised by FTX, it tallies to negative $6.5 billion.</p><p>Bankman-Fried is telling me that the billions of dollars customers wired to Alameda is gone simply because the companies spent way more than they made. He claims he paid so little attention to his expenses that he didn’t realize he was spending more than he was taking in. “I was real lazy about this mental math,” the former physics major says. He creates another column in his spreadsheet and types in much lower numbers to show what he thought he was spending at the time.</p><p>It seems to me like he is, without saying it exactly, blaming his underlings for FTX’s failure, especially Ellison, the head of Alameda. The two had dated and lived together at times. She was part of Bankman-Fried’s Future Fund, which was supposed to distribute FTX and Alameda’s earnings to effective-altruist-approved causes. It seems unlikely she would’ve blown billions of dollars without asking. “People might take, like, the TLDR as, like, it was my ex-girlfriend’s fault,” I tell him. “That is sort of what you’re saying.”</p><p>“I think the biggest failure was that it wasn’t entirely clear whose fault it was,” he says.</p><p>Bankman-Fried tells me he has to make a call. After a while, the sun goes down and I’m hungry. I’m allowed to join a group of Bankman-Fried’s supporters for dinner, as long as I don’t mention their names.</p><p>With the curtains drawn, the living room looks considerably less grand than it does in pictures. I’ve been told that FTX employees gathered here amid the crisis, while Bankman-Fried worked in another apartment. Addled by stress and sleep deprivation, they wept and hugged one another. Most didn’t say goodbye as they left the island, one by one. Many flew back to their childhood homes to be with their parents.</p><p>The supporters at the dinner tell me they feel like the press has been unfair. They say that Bankman-Fried and his friends weren’t the polyamorous partiers the tabloids have portrayed and that they did little besides work. Earlier in the week, a Bahamian man who’d served as FTX’s round-the-clock chauffeur and gofer also told me the reports weren’t true. “People make it seem like this big<i>Wolf of Wall Street</i>thing,” he said. “Bro, it was a bunch of nerds.”</p><p><img src=\"https://static.tigerbbs.com/b87535c118f069e782e80762398d0a9c\" tg-width=\"1000\" tg-height=\"1000\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>Illustration: Maxime Mouysset for Bloomberg Businessweek</p><p>By the time I finish my plate of off-the-record rice and beans, Bankman-Fried is free again. We return to the study. He’s barefoot now, having balled up his gym socks and stuffed them behind a couch cushion. He lies on the couch, his computer on his lap. The light from the screen casts shadows of his curls on his forehead.</p><p>I notice a skin-colored patch on his arm. He tells me it’s a transdermal antidepressant, selegiline. I ask if he’s using it as a performance enhancer or to treat depression. “Nothing’s binary,” he says. “But I’ve been borderline depressed for my whole life.” He adds that he also sometimes takes Adderall—“10 milligrams at a time, a few times a day”—as did some of his colleagues, but that talk of drug use is overblown. “I don’t think that was the problem,” he says.</p><p>I tell Bankman-Fried my theory about his motivation, sidestepping the question of whether he misappropriated customer funds. Bankman-Fried denies that his world-saving goals made him willing to take giant gambles. As we talk more, it seems like he’s saying he made some kind of bet but hadn’t calculated the expected value properly.</p><p>“I was comfortable taking the risk that, like, I may end up kind of falling flat,” he says, staring at his computer screen, where he had pulled up a game and was leading an army of cartoon knights and fairies into battle. “But what actually happened was disastrously bad and, like, no significant chance of that happening would’ve made sense to risk, and that was a fuckup. Like, that was a mass miscalculation in downside.”</p><p>I read Bankman-Fried a post by Will MacAskill, one of the founders of the effective-altruism movement. He recruited Bankman-Fried into it when he was a junior at MIT and this year had joined the board of Bankman-Fried’s Future Fund. On Nov. 11,MacAskill wrote on Twitterthat Bankman-Fried had betrayed him. “For years, the EA community has emphasized the importance of integrity, honesty and the respect of common-sense moral constraints,” MacAskill wrote. “If customer funds were misused, then Sam did not listen; he must have thought he was above such considerations.”</p><p>Bankman-Fried closes his eyes and pushes his toes against one arm of the couch, clenching the other arm with his hands. “That’s not how I view what happened,” he says. “But I did fuck up. I think really what I want to say is, like, I’m really fucking sorry. By far the worst thing about this is that it will tarnish the reputation of people who are dedicated to doing nothing but what they thought was best for the world.” Bankman-Fried trails off. On his computer screen, his army casts spells and swings swords unattended.</p><p>I ask what he’d say to people who are comparing him to the most famous Ponzi schemer of recent times. “Bernie Madoff also said he had good intentions and gave a lot to charity,” I say.</p><p>“FTX was a legitimate, profitable, thriving business. And I fucked up by, like, allowing a margin position to get too big on it. One that endangered the platform. It was a completely unnecessary and unforced error, which like maybe I got super unlucky on, but, like, that was my bad.”</p><p>“It fucking sucks,” he adds. “But it wasn’t inherent to what the business was. It was just a fuckup. A huge fuckup.”</p><p>To me, it doesn’t really seem like a fuckup. Even if I believe that he misplaced and accidentally spent $8 billion, he’s already told me that Alameda had been allowed to violate FTX’s margin rules. This wasn’t some little technical thing. He was so proud of FTX’s margining system that he’d been lobbying regulators for it to be used on US exchanges instead of traditional safeguards. In May, Bankman-Fried himself said on Twitter that exchanges should never extend credit to a fund and put other customers’ assets at risk. He wrote that the idea an exchange would even have that discretion was “scary.” I read him the tweets and ask: “Isn’t that, like, exactly what you did, right around that time?”</p><p>“Yeah, I guess that’s kind of fair,” he says. Then he seems to claim that this was evidence the rules he was lobbying for were a good idea. “I think this is one of the things that would have stopped.”</p><p>“You had a rule on your platform. You didn’t follow it,” I say.</p><p>By now it’s past midnight, and—operating without the benefit of any prescription stimulants—I’m worn out. I ask Bankman-Fried if I can see the apartment’s deck before I leave. Outside, crickets chirp as we stand by the pool. The marina is dark, lit only by the spotlights of yachts. As I say goodbye, Bankman-Fried bites into a burger bun and starts talking about potential bailouts with one of his supporters.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>11 Hours With Sam Bankman-Fried: Inside the Bahamian Penthouse After FTX’s Fall</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\">\n11 Hours With Sam Bankman-Fried: Inside the Bahamian Penthouse After FTX’s Fall\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-12-03 07:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/features/2022-12-02/inside-sam-bankman-fried-s-bahamian-penthouse-after-ftx-s-collapse?srnd=premium-asia><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Sam Bankman-Fried’s $30 million Bahamas penthouse looks like a dorm after the students have left for winter break. The dishwasher is full. Towels are piled in the laundry room. Bat streamers from a ...</p>\n\n<a href=\"https://www.bloomberg.com/news/features/2022-12-02/inside-sam-bankman-fried-s-bahamian-penthouse-after-ftx-s-collapse?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":{"COIN":"Coinbase Global, Inc.","GBTC":"Grayscale Bitcoin Trust"},"source_url":"https://www.bloomberg.com/news/features/2022-12-02/inside-sam-bankman-fried-s-bahamian-penthouse-after-ftx-s-collapse?srnd=premium-asia","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1152464265","content_text":"Sam Bankman-Fried’s $30 million Bahamas penthouse looks like a dorm after the students have left for winter break. The dishwasher is full. Towels are piled in the laundry room. Bat streamers from a Halloween party are still hanging from a doorway. Two boxes of Legos sit on the floor of one bedroom. And then there are the shoes—dozens of sneakers and heels piled in the foyer, left behind by employees who fled the island of New Providence last month when his cryptocurrency exchangeFTX imploded.“It’s been an interesting few weeks,” Bankman-Fried says in a chipper tone as he greets me. It’s a muggy Saturday afternoon, eight days after FTX filed for bankruptcy. He’s shoeless, in white gym socks, a red T-shirt and wrinkled khaki shorts. His standard uniform.This isn’t part of the typical tour Bankman-Fried gave to the many reporters who came to tell the tale of the boy-genius-crypto-billionaire who slept on a beanbag chair next to his desk and only got rich so he could give it all away, and it’s easy to see why. The apartment is at the top of one of the luxury condo buildings that border a marina in a gated community called Albany. Outside, deckhands buff the stanchions of a 200-foot yacht owned by a fracking billionaire. A bronze replica of Wall Street’sCharging Bullstatue stands on the lawn, which is as manicured as the residents. I feel like I’ve crash-landed on an alien planet populated solely by the very rich and the people who work for them.Bankman-Fried leads me down a marble-floored hallway to a small bedroom, where he perches on a plush brown couch. Always known for being jittery, he taps his foot so hard it rattles a coffee table, smacks gum and rubs his index finger with his thumb like he’s twirling an invisible fidget spinner. But he seems almost cheerful as he explains why he’s invited me into his 12,000-square-foot bolthole, against the advice of his lawyers, even as investigators from theUS Department of Justice probewhether he used customers’ funds to prop up his hedge fund, a crime that could send him to prison for years. (Spoiler alert: It sure looks like he did.)“What I’m focusing on is what I can do, right now, to try and make things as right as possible,” Bankman-Fried says. “I can’t do that if I’m just focused on covering my ass.”But he seems to be doing just that, with me here and all along the apology tour he’ll later embark on, which will include a video appearance at aNew York Timesconference and an interview onGood Morning America. He’s been trying to blame his firm’s failure on a hazy combination of comically poor bookkeeping, wildly misjudged risks and complete ignorance of what his hedge fund was doing. In other words, an alumnus of both MIT and the elite Wall Street trading firmJane Streetis arguing that he was just dumb with the numbers—not pulling a conscious fraud. Talking in detail to journalists about what’s certain to be the subject of extensive litigation seems like an unusual strategy, but it makes sense: The press helped him create his only-honest-man-in-crypto image, so why not use them to talk his way out of trouble?Bankman-Fried after an interview onBloomberg Wealth With David Rubensteinon Aug. 17, 2022.Photographer: Jeenah Moon/BloombergHe doesn’t say so, but one reason he might be willing to speak with me is that I’m one of the reporters who helped build him up. After spending two days at FTX’s offices in February, I flew past the brightred flagsat his company—its lack of corporate governance, the ties to his Alameda Research hedge fund, its profligate spending on marketing, the fact that it operated largely outside US jurisdiction. Iwrote a storyfocused on whether Bankman-Fried would follow through on his plans to donate huge sums to charity and his connections to an unusual philanthropic movement calledeffective altruism.It wasn’t the most embarrassingly puffy of the many puff pieces that came out about him. (“After my interview with SBF, I was convinced: I was talking to a future trillionaire,” one writer said in an article commissioned by a venture capital firm.) But my tone wasn’t entirely dissimilar. “Bankman-Fried is a thought experiment from a college philosophy seminar come to life,” I wrote. “Should someone who wants to save the world first amass as much money and power as possible, or will the pursuit corrupt him along the way?” Now it seems pretty clear that a better question would’ve been whether the business was ascam from the start.I tell Bankman-Fried I want to talk about the decisions that led to FTX’s collapse, and why he took them. Earlier in the week, inlate-night DM exchangeswith aVoxreporter and on a phone call with a YouTuber, he made comments that many interpreted as an admission that everything he said was a lie. (“So the ethics stuff, mostly a front?” theVoxreporter asked. “Yeah,” Bankman-Fried replied.) He’d spoken so cynically about his motivations that to many it seemed like a comic book character was pulling off his mask to reveal the villain who’d been hiding there all along.I set out on this visit with a different working theory. Maybe I was feeling the tug of my past reporting, but I still didn’t think the talk about charity was all made up. Since he was a teenager, Bankman-Fried has described himself as utilitarian—following the philosophy that the correct action is the one likely to result in the greatest good for the greatest number of people. He said his endgame was making and donating enough money to prevent pandemics and stop runaway artificial intelligence from destroying humanity. Faced with a crisis, and believing he was the hero of his own sci-fi movie, he might’ve thought it was right to make a crazy, even illegal, gamble to save his company.To be clear, if that’s what happened, it’s the logic of a megalomaniac, not a martyr. The money wasn’t his to gamble with, and “the ends justify the means” is a cliché of bad ethics. But if it’s what he believed, he might still think he’d made the right decision, even if it didn’t work out. It seemed to me that’s what he meant when he messagedVox, “The worst quadrant is sketchy + lose. The best is win + ???” I want to probe that, in part because it might get him to talk more candidly about what had happened to his customers’ money.I decide to approach the topic gingerly, on terms I think he’ll relate to, as it seems he’s in less of a crime-confess-y mood. He’s said he likes to evaluate decisions in terms of expected value—the odds of success times the likely payoff—so I begin by asking: “Should I judge you by your impact, or by the expected value of your decision?”“When all is said and done, what matters is your actual realized impact. Like, that’s what actually matters to the world,” he says. “But, obviously, there’s luck.”That’s the in I’m looking for. For the next 11 hours—with breaks for fundraising calls and a very awkward dinner—I try to get him to tell me exactly what he meant. He denies that he’s committed fraud or lied to anyone and blames FTX’s failure on his sloppiness and inattention. But at points it seems like he’s saying he gotunlucky, or miscalculated the odds.Bankman-Fried tells me he’s still got a chance to raise $8 billion to save his company. He seems delusional, or committed to pretending this is still an error he can fix, and either way, the few supporters remaining at his penthouse seem unlikely to set him straight. The grim scene reminds me a bit of the end ofScarface, with Tony Montana holed up in his mansion, semi-incoherent, his unknown enemies sneaking closer. But instead of mountains of cocaine, Bankman-Fried is clinging to spreadsheet tabs filled with wildly optimistic cryptocurrency valuations.Think of FTX like an offshore casino. Customers sent in money, then gambled on the price of hundreds ofcryptocurrencies—not just Bitcoin or Ether, but more obscure coins. In crypto slang, the latter are called shitcoins, because almost no one knows what they’re for. But in the past few years, otherwise respectable people, from retired dentists to heads of state, convinced themselves that these coins werethe future of finance. Or at least that enough other people might think so to make the price go up. Bankman-Fried’s casino was growing so fast that earlier this year some of Silicon Valley’s top venture capitalists invested in it at a $32 billion valuation.The problem surfaced last month. After a rival crypto-casino kingpin raised concerns about FTX on Twitter, customers rushed to cash in their chips. But when Bankman-Fried’s casino opened the vault, their money wasn’t there. According to multiple news reports citing people familiar with the matter, it had been secretly lent to Bankman-Fried’s hedge fund, which had lost it in some mix of bad bets, insane spending and perhaps something even sketchier. John Ray III, the lawyer who’s now chief executive officer of the bankrupt exchange, has alleged in court that FTX covered up the loans using secret software.Bankman-Fried denies this again to me. Returning to the framework of expected value, I ask him if the decisions he made were correct.“I think that I’ve made a lot of plus-EV decisions and a few very large boneheaded decisions,” he says. “Certainly in retrospect, those very large decisions were very bad, and may end up overwhelming everything else.”The chain of events, in his telling, started about four years ago. Bankman-Fried was in Hong Kong, where he’d moved from Berkeley, California, with a small group of friends from the effective-altruism community. Together they ran a successful startup crypto hedge fund,Alameda Research. (The name itself was an early example of his casual attitude toward rules—it was chosen to avoid scrutiny from banks, which frequently closed its accounts. “If we named our company like, Shitcoin Daytraders Inc., they’d probably just reject us,” Bankman-Fried told a podcaster in 2021. “But, I mean, no one doesn’t like research.”)The fund had made millions of dollars exploiting inefficiencies across cryptocurrency exchanges. (Ex-employees, even those otherwise critical of Bankman-Fried, have said this is true, though some have said Alameda then lost some of that money because of bad trades and mismanagement.) Bankman-Fried and his friends began considering starting their own exchange—what would become FTX.The way Bankman-Fried later described this decision reveals his attitude toward risk. He estimated there was an 80% chance the exchange would fail to attract enough customers. But he’s said one should always take a bet, even a long-shot one, if the expected value is positive, calling this stance “risk neutral.” But it actually meant he would take risks that to a normal person sound insane. “As an individual, to make a bet where it’s like, ‘I’m going to gamble my $10 billion and either get $20 billion or $0, with equal probability,’ would be madness,” Rob Wiblin, host of an effective-altruism podcast, said to Bankman-Fried in April. “But from an altruistic point of view, it’s not so crazy.”“Completely agree,” Bankman-Fried replied. He told another interviewer that he’d make a bet described as a chance of “51% you double the earth out somewhere else, 49% it all disappears.”Bankman-Fried and his friends jump-started FTX by having Alameda provide liquidity. It was a huge conflict of interest. Imagine if the top executives at an online poker site also entered its high-stakes tournaments—the temptation to cheat by peeking at other players’ cards would be huge. But Bankman-Fried assured customers that Alameda would play by the same rules as everyone else, and enough people came to trade that FTX took off. “Having Alameda provide liquidity on FTX early on was the right decision, because I think that helped make FTX a great product for users, even though it obviously ended up backfiring,” Bankman-Fried tells me.Part of FTX’s appeal was that it was mostly a derivatives exchange, which allowed customers to trade “on margin,” meaning with borrowed money. That’s a key to his defense. Bankman-Fried argues no one should be surprised that big traders on FTX, including Alameda, were borrowing from the exchange, and that his fund’s position just somehow got out of hand. “Everyone was borrowing and lending,” he says. “That’s been its calling card.” But FTX’s normal margin system, crypto traders tell me, would never have permitted anyone to accumulate a debt that looked like Alameda’s. When I ask if Alameda had to follow the same margin rules as other traders, he admits the fund did not. “There was more leeway,” he says.That wouldn’t have been so important had Alameda stuck to its original trading strategy of relatively low-risk arbitrage trades. But in 2020 and 2021, as Bankman-Fried became the face of FTX, amajor political donorand a favorite of Silicon Valley, Alameda faced more competition in that market-making business. It shifted its strategy to, essentially, gambling on shitcoins.As Caroline Ellison, then Alameda’s co-CEO, explained in aMarch 2021 post on Twitter: “The way to really make money is figure out when the market is going to go up and get balls long before that,” she wrote, adding that she’d learned the strategy from the classic market-manipulation memoir,Reminiscences of a Stock Operator.Her co-CEO said in another tweet that a profitable strategy was buying Dogecoin becauseElon Musktweeted about it.The reason they were bragging about what sounded like a high schooler’s tactics was that it was working better than anyone knew. When we spoke in February 2022, Bankman-Fried told me that Alameda had made $1 billion the previous year. He now says that was Alameda’s arbitrage profits. On top of that, its shitcoins gained tens of billions of dollars of value, at least on paper. “If you mark everything to market, I do believe at one point my net worth got to $100 billion,” Bankman-Fried says.Any trader would know this wasn’t nearly as good as it sounded. The large pile of tokens couldn’t be turned into cash without crashing the market. Much of it was even made of tokens that Bankman-Fried and his friends had spun up themselves, such as FTT, Serum or Maps—the official currency of a nonsensical crypto-meets-mapping app—or were closely affiliated with, like Solana. While Bankman-Fried acknowledges the pile was worth something less than $100 billion—maybe he’d mark it down a third, he says—he maintains that he could have extracted quite a lot of real money from his holdings.But he didn’t. Instead, Alameda borrowed billions of dollars from other crypto lenders—not FTX—and sunk them into more crypto bets. Publicly, Bankman-Fried presented himself as an ethical operator andcalled for regulationto rein in crypto’s worst excesses. But through his hedge fund, he’d actually become the market’s most degenerate gambler. I ask him why, if he really thought he could sell the tokens, he didn’t. “Why not, like, take some risk off?”“OK. In retrospect, absolutely. That would’ve been the right, like, unambiguously the right thing to do,” he says. “But also it was just, like, hilariously well-capitalized.”Near the peak of the great shitcoin boom, in April 2022, FTX hosted a lavish conference at a resort and casino in Nassau. It was Bankman-Fried’s coming out party. He got to share the stage with quarterback Tom Brady. Also there: former Prime Minister Tony Blair and ex-President Bill Clinton, who extended a fatherly hand when the young crypto executive seemed nervous. The author Michael Lewis, who’s working on a book about Bankman-Fried, praised him in a fawning interview onstage. “You’re breaking land speed records. And I don’t think people are really noticing what’s happened, just how dramatic the revolution has become,” Lewis said, asking when crypto would take over Wall Street.The next month, thecrypto crash began. It started when a popular set of coins called Terra and Luna collapsed, wiping out $60 billion. Terra and Luna were almost openly a Ponzi scheme, but some of the biggest crypto funds had invested in them with borrowed money and went bankrupt. This made the lenders who’d lent billions of dollars to Alameda nervous. They asked Alameda to repay the loans, with real money. It needed billions of dollars, fast, or it would go bust.There are two different versions of what happened next. Two people with knowledge of the matter told me that Ellison, by then the sole head of Alameda, had told her side of the story to her staff amid the crisis. Ellison said that she, Bankman-Fried and his two top lieutenants—Gary Wang and Nishad Singh—had discussed the shortfall. Instead of admitting Alameda’s failure, they decided to use FTX customer funds to cover it, according to the people. If that’s true, all four executives would’ve knowingly committed fraud. (Ellison, Wang and Singh didn’t respond to messages seeking comment.)When I put this to Bankman-Fried, he screws up his eyes, furrows his eyebrows, puts his hands in his hair and thinks for a few seconds.“So, it’s not how I remember what happened,” Bankman-Fried says. But he surprises me by acknowledging that there had been a meeting, post-Luna crash, where they debated what to do about Alameda’s debts. The way he tells it, he was packing for a trip to DC and “only kibitzing on parts of the discussion.” It didn’t seem like a crisis, he says. It was a matter of extending a bit more credit to a fund that already traded on margin and still had a pile of collateral worth way more than enough to cover the loan. (Although the pile of collateral was largely shitcoins.)“That was the point at which Alameda’s margin position on FTX got, well, it got more leveraged substantially,” he says. “Obviously, in retrospect, we should’ve just said no. I sort of didn’t realize then how large the position had gotten.”“You were all aware there was a chance this would not work,” I say.“That’s right,” he says. “But I thought that the risk was substantially smaller.”I try to imagine what he could’ve been thinking. If FTX had liquidated Alameda’s position, the fund would’ve gone bankrupt, and even if the exchange didn’t take direct losses, customers would’ve lost confidence in it. Bankman-Fried points out that the companies that lent money to Alameda might have failed, too, causing a hard-to-predict cascade of events.“Now let’s say you don’t margin call Alameda,” I posit. “Maybe you think there’s like a 70% chance everything will be OK, it’ll all work out?”“Yes, but also in the cases where it didn’t work out, I thought the downside was not nearly as high as it was,” he says. “I thought that there was the risk of a much smaller hole. I thought it was going to be manageable.”Bankman-Fried pulls out his laptop (an Acer Predator) and opens a spreadsheet to show what he meant. It’s similar to thebalance sheethe reportedly showed investors when he was seeking a last-minute bailout, which he says consolidated FTX and Alameda’s positions because by then the fund had defaulted on its debt. On one line—labeled “What I *thought*”—he lists $8.9 billion in debts and way more than enough money to pay them: $9 billion in liquid assets, $15.4 billion in “less liquid” assets and $3.2 billion in “illiquid” ones. He tells me this was more or less the position he was considering when he had the meeting with the other executives.“It looks naively to me like, you know, there’s still some significant liabilities out there, but, like, we should be able to cover it,” he says.“So what’s the problem, then?”Bankman-Fried points to another place on the spreadsheet, which he says shows the actual truth of the situation at the time of the meeting. This one shows similar numbers, but with $8 billion less liquid assets.“What’s the difference between these two rows here?” he asks.“You didn’t have $8 billion in cash that you thought you had,” I say.“That’s correct. Yes.”“You misplaced $8 billion?” I ask.“Misaccounted,” Bankman-Fried says, sounding almost proud of his explanation. Sometimes, he says, customers would wire money to Alameda Research instead of sending it directly to FTX. (Some banks were more willing to work with the hedge fund than the exchange, for some reason.) He claims that somehow, FTX’s internal accounting system double-counted this money, essentially crediting it to both the exchange and the fund.That still doesn’t explain why the money was gone. “Where did the $8 billion go?” I ask.To answer, Bankman-Fried creates a new tab on the spreadsheet and starts typing. He lists Alameda and FTX’s biggest cash flows. One of the biggest expenses is paying a net $2.5 billion toBinance, a rival, to buy out its investment in FTX. He also lists $250 million for real estate, $1.5 billion for expenses, $4 billion for venture capital investments, $1.5 billion for acquisitions and $1 billion labeled “fuckups.” Even accounting for both firms’ profits, and all the venture capital money raised by FTX, it tallies to negative $6.5 billion.Bankman-Fried is telling me that the billions of dollars customers wired to Alameda is gone simply because the companies spent way more than they made. He claims he paid so little attention to his expenses that he didn’t realize he was spending more than he was taking in. “I was real lazy about this mental math,” the former physics major says. He creates another column in his spreadsheet and types in much lower numbers to show what he thought he was spending at the time.It seems to me like he is, without saying it exactly, blaming his underlings for FTX’s failure, especially Ellison, the head of Alameda. The two had dated and lived together at times. She was part of Bankman-Fried’s Future Fund, which was supposed to distribute FTX and Alameda’s earnings to effective-altruist-approved causes. It seems unlikely she would’ve blown billions of dollars without asking. “People might take, like, the TLDR as, like, it was my ex-girlfriend’s fault,” I tell him. “That is sort of what you’re saying.”“I think the biggest failure was that it wasn’t entirely clear whose fault it was,” he says.Bankman-Fried tells me he has to make a call. After a while, the sun goes down and I’m hungry. I’m allowed to join a group of Bankman-Fried’s supporters for dinner, as long as I don’t mention their names.With the curtains drawn, the living room looks considerably less grand than it does in pictures. I’ve been told that FTX employees gathered here amid the crisis, while Bankman-Fried worked in another apartment. Addled by stress and sleep deprivation, they wept and hugged one another. Most didn’t say goodbye as they left the island, one by one. Many flew back to their childhood homes to be with their parents.The supporters at the dinner tell me they feel like the press has been unfair. They say that Bankman-Fried and his friends weren’t the polyamorous partiers the tabloids have portrayed and that they did little besides work. Earlier in the week, a Bahamian man who’d served as FTX’s round-the-clock chauffeur and gofer also told me the reports weren’t true. “People make it seem like this bigWolf of Wall Streetthing,” he said. “Bro, it was a bunch of nerds.”Illustration: Maxime Mouysset for Bloomberg BusinessweekBy the time I finish my plate of off-the-record rice and beans, Bankman-Fried is free again. We return to the study. He’s barefoot now, having balled up his gym socks and stuffed them behind a couch cushion. He lies on the couch, his computer on his lap. The light from the screen casts shadows of his curls on his forehead.I notice a skin-colored patch on his arm. He tells me it’s a transdermal antidepressant, selegiline. I ask if he’s using it as a performance enhancer or to treat depression. “Nothing’s binary,” he says. “But I’ve been borderline depressed for my whole life.” He adds that he also sometimes takes Adderall—“10 milligrams at a time, a few times a day”—as did some of his colleagues, but that talk of drug use is overblown. “I don’t think that was the problem,” he says.I tell Bankman-Fried my theory about his motivation, sidestepping the question of whether he misappropriated customer funds. Bankman-Fried denies that his world-saving goals made him willing to take giant gambles. As we talk more, it seems like he’s saying he made some kind of bet but hadn’t calculated the expected value properly.“I was comfortable taking the risk that, like, I may end up kind of falling flat,” he says, staring at his computer screen, where he had pulled up a game and was leading an army of cartoon knights and fairies into battle. “But what actually happened was disastrously bad and, like, no significant chance of that happening would’ve made sense to risk, and that was a fuckup. Like, that was a mass miscalculation in downside.”I read Bankman-Fried a post by Will MacAskill, one of the founders of the effective-altruism movement. He recruited Bankman-Fried into it when he was a junior at MIT and this year had joined the board of Bankman-Fried’s Future Fund. On Nov. 11,MacAskill wrote on Twitterthat Bankman-Fried had betrayed him. “For years, the EA community has emphasized the importance of integrity, honesty and the respect of common-sense moral constraints,” MacAskill wrote. “If customer funds were misused, then Sam did not listen; he must have thought he was above such considerations.”Bankman-Fried closes his eyes and pushes his toes against one arm of the couch, clenching the other arm with his hands. “That’s not how I view what happened,” he says. “But I did fuck up. I think really what I want to say is, like, I’m really fucking sorry. By far the worst thing about this is that it will tarnish the reputation of people who are dedicated to doing nothing but what they thought was best for the world.” Bankman-Fried trails off. On his computer screen, his army casts spells and swings swords unattended.I ask what he’d say to people who are comparing him to the most famous Ponzi schemer of recent times. “Bernie Madoff also said he had good intentions and gave a lot to charity,” I say.“FTX was a legitimate, profitable, thriving business. And I fucked up by, like, allowing a margin position to get too big on it. One that endangered the platform. It was a completely unnecessary and unforced error, which like maybe I got super unlucky on, but, like, that was my bad.”“It fucking sucks,” he adds. “But it wasn’t inherent to what the business was. It was just a fuckup. A huge fuckup.”To me, it doesn’t really seem like a fuckup. Even if I believe that he misplaced and accidentally spent $8 billion, he’s already told me that Alameda had been allowed to violate FTX’s margin rules. This wasn’t some little technical thing. He was so proud of FTX’s margining system that he’d been lobbying regulators for it to be used on US exchanges instead of traditional safeguards. In May, Bankman-Fried himself said on Twitter that exchanges should never extend credit to a fund and put other customers’ assets at risk. He wrote that the idea an exchange would even have that discretion was “scary.” I read him the tweets and ask: “Isn’t that, like, exactly what you did, right around that time?”“Yeah, I guess that’s kind of fair,” he says. Then he seems to claim that this was evidence the rules he was lobbying for were a good idea. “I think this is one of the things that would have stopped.”“You had a rule on your platform. You didn’t follow it,” I say.By now it’s past midnight, and—operating without the benefit of any prescription stimulants—I’m worn out. I ask Bankman-Fried if I can see the apartment’s deck before I leave. Outside, crickets chirp as we stand by the pool. The marina is dark, lit only by the spotlights of yachts. As I say goodbye, Bankman-Fried bites into a burger bun and starts talking about potential bailouts with one of his supporters.","news_type":1},"isVote":1,"tweetType":1,"viewCount":222,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":832115710,"gmtCreate":1629598057630,"gmtModify":1676530075898,"author":{"id":"3574687898874038","authorId":"3574687898874038","name":"Wil17","avatar":"https://static.tigerbbs.com/0cfd41bcd17de187675ea0796762da27","crmLevel":3,"crmLevelSwitch":0},"themes":[],"htmlText":"Medtec is an oversold stock at the moment. &nbsp;This company has been earning even before Cck is. Even it announced&nbsp;lesser profits than last year , it is still sustainable and in the Long-run, medical supplies are required to live with this endemic covid-19. As such I can conclude that this stock&nbsp;is sustainable and will earn for many years to come.","listText":"Medtec is an oversold stock at the moment. &nbsp;This company has been earning even before Cck is. Even it announced&nbsp;lesser profits than last year , it is still sustainable and in the Long-run, medical supplies are required to live with this endemic covid-19. As such I can conclude that this stock&nbsp;is sustainable and will earn for many years to come.","text":"Medtec is an oversold stock at the moment. This company has been earning even before Cck is. Even it announced lesser profits than last year , it is still sustainable and in the Long-run, medical supplies are required to live with this endemic covid-19. As such I can conclude that this stock is sustainable and will earn for many years to come.","images":[{"img":"https://static.tigerbbs.com/786b3499728911100448fe921c26b9a9","width":"1170","height":"2532"}],"top":1,"highlighted":1,"essential":2,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/832115710","isVote":1,"tweetType":1,"viewCount":7871,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3575329601771279","authorId":"3575329601771279","name":"cweida","avatar":"https://static.tigerbbs.com/b4cca1fdd58d7739662f062d01a402cf","crmLevel":5,"crmLevelSwitch":1},"content":"is a long term stock","text":"is a long term stock","html":"is a long term stock"}],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9954973400,"gmtCreate":1675959072601,"gmtModify":1675959898095,"author":{"id":"3574687898874038","authorId":"3574687898874038","name":"Wil17","avatar":"https://static.tigerbbs.com/0cfd41bcd17de187675ea0796762da27","crmLevel":3,"crmLevelSwitch":0},"themes":[],"htmlText":"Oic","listText":"Oic","text":"Oic","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9954973400","repostId":"9954973041","repostType":1,"repost":{"id":9954973041,"gmtCreate":1675958429784,"gmtModify":1675958433682,"author":{"id":"3581735774790928","authorId":"3581735774790928","name":"HelenJanet","avatar":"https://static.tigerbbs.com/1730eb70f7129a82541df3a6f640a671","crmLevel":6,"crmLevelSwitch":0},"themes":[],"htmlText":"Many EV stocks have risen sharply since Jan 2023 especially for <a href=\"https://ttm.financial/S/TSLA\">$Tesla Motors(TSLA)$&nbsp;</a><v-v data-views=\"1\"></v-v>&nbsp;stock which is now more than doubled from its 52 week low at $101,81. A few days ago I have started to use Auto-investing method to invest Tesla and I have earned a paper profit of almost 8% today as shown in the PnL% photo below.&nbsp;Auto-Investing helps to lower our average cost potentially through dollar cost averaging and reduce the risk of market timing.","listText":"Many EV stocks have risen sharply since Jan 2023 especially for <a href=\"https://ttm.financial/S/TSLA\">$Tesla Motors(TSLA)$&nbsp;</a><v-v data-views=\"1\"></v-v>&nbsp;stock which is now more than doubled from its 52 week low at $101,81. A few days ago I have started to use Auto-investing method to invest Tesla and I have earned a paper profit of almost 8% today as shown in the PnL% photo below.&nbsp;Auto-Investing helps to lower our average cost potentially through dollar cost averaging and reduce the risk of market timing.","text":"Many EV stocks have risen sharply since Jan 2023 especially for $Tesla Motors(TSLA)$ stock which is now more than doubled from its 52 week low at $101,81. A few days ago I have started to use Auto-investing method to invest Tesla and I have earned a paper profit of almost 8% today as shown in the PnL% photo below. Auto-Investing helps to lower our average cost potentially through dollar cost averaging and reduce the risk of market timing.","images":[{"img":"https://community-static.tradeup.com/news/b53c3c15ce77352cc7bf6f065446d61e","width":"523","height":"673"}],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9954973041","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":155,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":151173301,"gmtCreate":1625069166603,"gmtModify":1703735507186,"author":{"id":"3574687898874038","authorId":"3574687898874038","name":"Wil17","avatar":"https://static.tigerbbs.com/0cfd41bcd17de187675ea0796762da27","crmLevel":3,"crmLevelSwitch":0},"themes":[],"htmlText":"What goes up but cannot come down ?&nbsp;","listText":"What goes up but cannot come down ?&nbsp;","text":"What goes up but cannot come down ?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/151173301","repostId":"1121473384","repostType":4,"repost":{"id":"1121473384","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1625067394,"share":"https://www.laohu8.com/m/news/1121473384?lang=&edition=full","pubTime":"2021-06-30 23:36","market":"us","language":"en","title":"Why NIO Stock Is Moving Higher Today","url":"https://stock-news.laohu8.com/highlight/detail?id=1121473384","media":"Tiger Newspress","summary":"A bullish note from Wall Street is raising expectations ahead of NIO's June sales report.Shares of Chinese electric-vehicle maker NIOwere moving higher in early trading on Wednesday, after a Wall Street analyst raised his bank's price target for the shares in a bullish note.As of 11:35 a.m. EDT, NIO's American depositary shares were up about 5.9% from Tuesday's closing price.In a note released on Tuesday afternoon. Citibank analyst Jeff Chung raised the bank's price target on NIO to $72, from $5","content":"<p>A bullish note from Wall Street is raising expectations ahead of NIO's June sales report.</p>\n<p>Shares of Chinese electric-vehicle maker&nbsp;<b>NIO</b>(NYSE:NIO)were moving higher in early trading on Wednesday, after a Wall Street analyst raised his bank's price target for the shares in a bullish note.</p>\n<p>As of 11:35 a.m. EDT, NIO's American depositary shares were up about 5.9% from Tuesday's closing price.</p>\n<p>In a note released on Tuesday afternoon. Citibank analyst Jeff Chung raised the bank's price target on NIO to $72, from $58.30, while reiterating his previous buy rating on the shares.</p>\n<p>Chung wrote that he expects NIO to report \"robust shipment volume\" for June, which he thinks will be followed by sequential quarter-over-quarter growth in the third and fourth quarters of 2021. He now sees NIO delivering 93,000 vehicles in 2021, up from his earlier estimate of 90,000, and has raised his forecasts for 2022 and 2024 while also increasing his target&nbsp;price-to-earnings multiple&nbsp;for NIO's shares.</p>\n<p>NIO typically releases its monthly delivery totals shortly after month-end, meaning we could see NIO's results for June as soon as Thursday morning. The company's guidance, which it reiterated earlier this month, calls for a delivery total of&nbsp;between 21,000 and 22,000 vehicles&nbsp;for the second quarter. Through the end of May, it had&nbsp;delivered 13,183 vehicles&nbsp;despite production disruptions caused by shortages of computer chips.</p>\n<p>Will NIO outperform its own guidance? I think it's possible but unlikely, given the continued chip-shortage issues. I won't be surprised, however, if its June result puts its second-quarter total at the high end of its guidance range. We'll find out in a day or two.</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>Why NIO Stock Is Moving Higher Today</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\">\nWhy NIO Stock Is Moving Higher Today\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\">2021-06-30 23:36</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>A bullish note from Wall Street is raising expectations ahead of NIO's June sales report.</p>\n<p>Shares of Chinese electric-vehicle maker&nbsp;<b>NIO</b>(NYSE:NIO)were moving higher in early trading on Wednesday, after a Wall Street analyst raised his bank's price target for the shares in a bullish note.</p>\n<p>As of 11:35 a.m. EDT, NIO's American depositary shares were up about 5.9% from Tuesday's closing price.</p>\n<p>In a note released on Tuesday afternoon. Citibank analyst Jeff Chung raised the bank's price target on NIO to $72, from $58.30, while reiterating his previous buy rating on the shares.</p>\n<p>Chung wrote that he expects NIO to report \"robust shipment volume\" for June, which he thinks will be followed by sequential quarter-over-quarter growth in the third and fourth quarters of 2021. He now sees NIO delivering 93,000 vehicles in 2021, up from his earlier estimate of 90,000, and has raised his forecasts for 2022 and 2024 while also increasing his target&nbsp;price-to-earnings multiple&nbsp;for NIO's shares.</p>\n<p>NIO typically releases its monthly delivery totals shortly after month-end, meaning we could see NIO's results for June as soon as Thursday morning. The company's guidance, which it reiterated earlier this month, calls for a delivery total of&nbsp;between 21,000 and 22,000 vehicles&nbsp;for the second quarter. Through the end of May, it had&nbsp;delivered 13,183 vehicles&nbsp;despite production disruptions caused by shortages of computer chips.</p>\n<p>Will NIO outperform its own guidance? I think it's possible but unlikely, given the continued chip-shortage issues. I won't be surprised, however, if its June result puts its second-quarter total at the high end of its guidance range. We'll find out in a day or two.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NIO":"蔚来"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1121473384","content_text":"A bullish note from Wall Street is raising expectations ahead of NIO's June sales report.\nShares of Chinese electric-vehicle maker NIO(NYSE:NIO)were moving higher in early trading on Wednesday, after a Wall Street analyst raised his bank's price target for the shares in a bullish note.\nAs of 11:35 a.m. EDT, NIO's American depositary shares were up about 5.9% from Tuesday's closing price.\nIn a note released on Tuesday afternoon. Citibank analyst Jeff Chung raised the bank's price target on NIO to $72, from $58.30, while reiterating his previous buy rating on the shares.\nChung wrote that he expects NIO to report \"robust shipment volume\" for June, which he thinks will be followed by sequential quarter-over-quarter growth in the third and fourth quarters of 2021. He now sees NIO delivering 93,000 vehicles in 2021, up from his earlier estimate of 90,000, and has raised his forecasts for 2022 and 2024 while also increasing his target price-to-earnings multiple for NIO's shares.\nNIO typically releases its monthly delivery totals shortly after month-end, meaning we could see NIO's results for June as soon as Thursday morning. The company's guidance, which it reiterated earlier this month, calls for a delivery total of between 21,000 and 22,000 vehicles for the second quarter. Through the end of May, it had delivered 13,183 vehicles despite production disruptions caused by shortages of computer chips.\nWill NIO outperform its own guidance? I think it's possible but unlikely, given the continued chip-shortage issues. I won't be surprised, however, if its June result puts its second-quarter total at the high end of its guidance range. We'll find out in a day or two.","news_type":1},"isVote":1,"tweetType":1,"viewCount":62,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9090352621,"gmtCreate":1643094103598,"gmtModify":1676533773500,"author":{"id":"3574687898874038","authorId":"3574687898874038","name":"Wil17","avatar":"https://static.tigerbbs.com/0cfd41bcd17de187675ea0796762da27","crmLevel":3,"crmLevelSwitch":0},"themes":[],"htmlText":"Buy ?","listText":"Buy ?","text":"Buy ?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9090352621","repostId":"1169452881","repostType":4,"repost":{"id":"1169452881","pubTimestamp":1643078452,"share":"https://www.laohu8.com/m/news/1169452881?lang=&edition=full","pubTime":"2022-01-25 10:40","market":"us","language":"en","title":"Tesla Stock Is Getting Hammered. Here’s Where Shares Might Find Support.","url":"https://stock-news.laohu8.com/highlight/detail?id=1169452881","media":"Barrons","summary":"The Tesla selloff turned into a bloodbath briefly Monday, leaving dazed bulls are searching for wher","content":"<html><head></head><body><p>The Tesla selloff turned into a bloodbath briefly Monday, leaving dazed bulls are searching for where the stock will bottom out, when the selling will finally be done.</p><p>Tesla shares (ticker: TSLA) bounced back with the rest of the market to close Monday trading. That offered some relief. Looking ahead, investors should keep a couple of moving averages in mind when thinking about where Tesla stock is headed in the short run.</p><p>Shares of Tesla were down 9.8% to $851.47 at Monday’s lows. They bounced back, up more than $78, to close at $930, a 1.5% drop. Nearly all stocks rebounded, but Tesla fared worse than the S&amp;P 500 and Dow Jones Industrial Average — both of which were up 0.3% on the day. The Nasdaq Composite Index rose 0.6%.</p><p>It was, frankly, a wild day for markets. The Dow was down more than 1,000 points at one point—and it has never closed positive after being down at least 1,000 points, according to Dow Jones Market Data. The Nasdaq Composite was down 4.9% at its low. It posted the largest comeback to close into the green since Oct. 10, 2008, when the index was down 6.2%, but closed up 0.3%.</p><p>Monday’s action adds to the wild recent ride for Tesla stock. Shares started the year like a rocket, soaring 13.5% in the first trading session after fourth-quarter deliveries smashed expectations. The company delivered almost 309,000 vehicles; Wall Street was expecting roughly 270,000.</p><p>But then rising interest rates, inflation. and macroeconomic fears started to drag down high-growth stocks. From that first trading session though Monday, shares are down about 22%. The Nasdaq Composite was off about 12%.</p><p>Nothing seems to be fundamentally wrong. Rising rates simply hurt fast-growing stocks more. Growth companies generate most of their earnings and cash flow far in the future—and that future cash flow becomes worth less in today’s dollars when discounted back at a higher rate.</p><p>With fundamentals apparently not the problem, Tesla stock is in the hands of the traders who—oftentimes—look at charts and patterns to determine when a stock has fallen too deep.</p><p>Tesla looked in trouble after shares fell below both their 50-day and 100-day moving averages last week. Moving averages are one of the important metrics used by traders. A stock can find support at one moving average but also can have trouble breaking through another one when shares are rising.</p><p>With Tesla at $930 a share, the next significant benchmark on the downside is the auto maker’s 200-day moving average of about $810 a share. There are many other technical indicators to watch, but that moving average is key for investors to watch in coming days. It should be the worse-case scenario for shares if the selling hasn’t stopped.</p><p>Tesla stock’s 100-day moving average is about $960. If shares can punch through that, then they could head back above $1,000. The stock’s 50-day moving average is about $1,050. That could represent the next level of resistance in an up market.</p><p>Tesla is set to report fourth-quarter earnings on Wednesday evening, and a beat could stem the tide of recent selling pressure. Analysts are projecting Tesla to earn about $2.30 a share, and the highest estimates are nearly $3. Anything close to that number should give the stock a boost. Tesla’s growth is so steep, a comparison with the year-ago fourth quarter isn’t meaningful, but the company earned $1.86 a share in the most recent third quarter.</p><p>Of course, the market could stop dropping too. That would ease the pressure on Tesla stock as well.</p></body></html>","source":"lsy1601382232898","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>Tesla Stock Is Getting Hammered. Here’s Where Shares Might Find Support.</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\">\nTesla Stock Is Getting Hammered. Here’s Where Shares Might Find Support.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-01-25 10:40 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/tesla-stock-earnings-51643044836?mod=hp_LEADSUPP_2><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The Tesla selloff turned into a bloodbath briefly Monday, leaving dazed bulls are searching for where the stock will bottom out, when the selling will finally be done.Tesla shares (ticker: TSLA) ...</p>\n\n<a href=\"https://www.barrons.com/articles/tesla-stock-earnings-51643044836?mod=hp_LEADSUPP_2\">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"},"source_url":"https://www.barrons.com/articles/tesla-stock-earnings-51643044836?mod=hp_LEADSUPP_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1169452881","content_text":"The Tesla selloff turned into a bloodbath briefly Monday, leaving dazed bulls are searching for where the stock will bottom out, when the selling will finally be done.Tesla shares (ticker: TSLA) bounced back with the rest of the market to close Monday trading. That offered some relief. Looking ahead, investors should keep a couple of moving averages in mind when thinking about where Tesla stock is headed in the short run.Shares of Tesla were down 9.8% to $851.47 at Monday’s lows. They bounced back, up more than $78, to close at $930, a 1.5% drop. Nearly all stocks rebounded, but Tesla fared worse than the S&P 500 and Dow Jones Industrial Average — both of which were up 0.3% on the day. The Nasdaq Composite Index rose 0.6%.It was, frankly, a wild day for markets. The Dow was down more than 1,000 points at one point—and it has never closed positive after being down at least 1,000 points, according to Dow Jones Market Data. The Nasdaq Composite was down 4.9% at its low. It posted the largest comeback to close into the green since Oct. 10, 2008, when the index was down 6.2%, but closed up 0.3%.Monday’s action adds to the wild recent ride for Tesla stock. Shares started the year like a rocket, soaring 13.5% in the first trading session after fourth-quarter deliveries smashed expectations. The company delivered almost 309,000 vehicles; Wall Street was expecting roughly 270,000.But then rising interest rates, inflation. and macroeconomic fears started to drag down high-growth stocks. From that first trading session though Monday, shares are down about 22%. The Nasdaq Composite was off about 12%.Nothing seems to be fundamentally wrong. Rising rates simply hurt fast-growing stocks more. Growth companies generate most of their earnings and cash flow far in the future—and that future cash flow becomes worth less in today’s dollars when discounted back at a higher rate.With fundamentals apparently not the problem, Tesla stock is in the hands of the traders who—oftentimes—look at charts and patterns to determine when a stock has fallen too deep.Tesla looked in trouble after shares fell below both their 50-day and 100-day moving averages last week. Moving averages are one of the important metrics used by traders. A stock can find support at one moving average but also can have trouble breaking through another one when shares are rising.With Tesla at $930 a share, the next significant benchmark on the downside is the auto maker’s 200-day moving average of about $810 a share. There are many other technical indicators to watch, but that moving average is key for investors to watch in coming days. It should be the worse-case scenario for shares if the selling hasn’t stopped.Tesla stock’s 100-day moving average is about $960. If shares can punch through that, then they could head back above $1,000. The stock’s 50-day moving average is about $1,050. That could represent the next level of resistance in an up market.Tesla is set to report fourth-quarter earnings on Wednesday evening, and a beat could stem the tide of recent selling pressure. Analysts are projecting Tesla to earn about $2.30 a share, and the highest estimates are nearly $3. Anything close to that number should give the stock a boost. Tesla’s growth is so steep, a comparison with the year-ago fourth quarter isn’t meaningful, but the company earned $1.86 a share in the most recent third quarter.Of course, the market could stop dropping too. That would ease the pressure on Tesla stock as well.","news_type":1},"isVote":1,"tweetType":1,"viewCount":496,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9932334102,"gmtCreate":1662872453006,"gmtModify":1676537155701,"author":{"id":"3574687898874038","authorId":"3574687898874038","name":"Wil17","avatar":"https://static.tigerbbs.com/0cfd41bcd17de187675ea0796762da27","crmLevel":3,"crmLevelSwitch":0},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/9932334102","repostId":"1168017166","repostType":4,"repost":{"id":"1168017166","pubTimestamp":1662861884,"share":"https://www.laohu8.com/m/news/1168017166?lang=&edition=full","pubTime":"2022-09-11 10:04","market":"us","language":"en","title":"Disney Boss Rejects Dan Loeb’s Calls to Spin off ESPN","url":"https://stock-news.laohu8.com/highlight/detail?id=1168017166","media":"Financial Times","summary":"Bob Chapek, Walt Disney chief executive, has rejected calls by activist investor Dan Loeb to sell or","content":"<html><head></head><body><p><img src=\"https://static.tigerbbs.com/00679153a5fcaf272c7dd3086b697c37\" tg-width=\"1400\" tg-height=\"788\" referrerpolicy=\"no-referrer\"/></p><p>Bob Chapek, Walt Disney chief executive, has rejected calls by activist investor Dan Loeb to sell or spin off the ESPN sports television network, vowing to restore the business to its onetime status as a growth engine of the company.</p><p>Loeb, whose Third Point hedge fund revealed in August that it had bought a $1bn stake in the company, called for ESPN to be spun off to reduce Disney’s debtload — just one element of a sweeping plan to shake up the media company.</p><p>In an interview with the FT, Chapek said Disney had been “deluged” with interest from companies seeking to buy ESPN earlier this year amid rumours that the company was weighing a sale of the cable network.</p><p>“If everyone wants to come in and buy it or spin it with us, I think that says something about its potential,” Chapek said. “I think its potential is within the Disney company.”</p><p>ESPN broadcasts live sports in the US, including games of the National Football League, National Basketball Association and Major League Baseball.</p><p>“We have a plan for it that will restore ESPN to its growth trajectory,” Chapek said. “When the rest of the world knows what our plans are they will be as confident about that proposition as we are.”</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a145f5f8f3be0effe2c12dfdbde647f3\" tg-width=\"700\" tg-height=\"467\" width=\"100%\" height=\"auto\"/><span>Bob Chapek speaks at the 2022 Disney Legends Awards during Disney’s D23 Expo on Saturday © REUTERS</span></p><p>Chapek said he has “regular conversations” with Loeb, who also took a stake in Disney in 2020 that he sold early this year. He characterised the conversations as “very collaborative, non-antagonistic and collegial”, including around Loeb’s recommendations to change the composition of the Disney board.</p><p>He defended the board, saying that the average tenure is four years and has a broad “range of skillsets”.</p><p>But he added: “We’re so consistent with Dan’s thinking that everything he’s talked about are either things we have considered in the past or are considering for the future.”</p><p>Loeb has also called on Disney to purchase Comcast’s 33 per cent stake in the Hulu streaming service earlier than January 2024, when Disney has the option to purchase the remaining stake. Some analysts on Wall Street are also calling for Disney to settle the Hulu ownership soon.</p><p>Chapek said he would “love” to settle the matter sooner but that Comcast has seemed reluctant.</p><p>“We have talked to them numerous times over the past year-plus,” he said. “If that were in the cards we would love to do that, but it takes two to tango.” He noted that market sentiment has changed significantly since the agreement was struck, when investors were more bullish on streaming.</p><p>Chapek spoke on the sidelines of the annual D23 conference in Anaheim, California, where the company revealed its streaming and theatrical slate to thousands of Disney fans. Disney showed off trailers of two highly anticipated films coming this autumn, the Black Panther sequel Wakanda Forever and Avatar: The Way of Water.</p><p>It also previewed a run of original series on Disney Plus, including the Star Wars prequel Andor and the Marvel series Secret Invasion.</p><p>Chapek said the autumn slate represented the end of a Covid-induced production bottleneck. “This is our new steady state (of production),” he said, saying that both the pace of production and the size of its content budget — currently about $30bn — would remain level.</p><p>Disney has continued to add new customers to its streaming services this year, and by some measures its overall streaming operations have surpassed Netflix in subscribers. But Netflix’s revelation that it has lost more than 1mn subscribers this year has cast a pall over the entire streaming business, with investors growing concerned over high content spending and clamouring for a clear path to profitability.</p><p>Disney’s theme park business is also recovering strongly despite the closure of parks in China, analysts said. But shares are down 26.5 per cent this year, compared to a decline of 15.2 per cent for the S&amp;P 500.</p><p>Chapek said Disney has “commercial momentum that is enviable” both in its content and theme parks businesses, but was suffering from investor “malaise” around streaming due to Netflix’s problems.</p><p>“For a long time we benefited from being just like Netflix because we were a streaming company,” he said. “It’s not unexpected that we would get painted with the same brush [but] we’re not the same company.”</p></body></html>","source":"lsy1580170736413","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Disney Boss Rejects Dan Loeb’s Calls to Spin off ESPN</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDisney Boss Rejects Dan Loeb’s Calls to Spin off ESPN\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-09-11 10:04 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.ft.com/content/78adc493-8d32-401f-afff-2dc3757c5c3c><strong>Financial Times</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Bob Chapek, Walt Disney chief executive, has rejected calls by activist investor Dan Loeb to sell or spin off the ESPN sports television network, vowing to restore the business to its onetime status ...</p>\n\n<a href=\"https://www.ft.com/content/78adc493-8d32-401f-afff-2dc3757c5c3c\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"DIS":"迪士尼"},"source_url":"https://www.ft.com/content/78adc493-8d32-401f-afff-2dc3757c5c3c","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1168017166","content_text":"Bob Chapek, Walt Disney chief executive, has rejected calls by activist investor Dan Loeb to sell or spin off the ESPN sports television network, vowing to restore the business to its onetime status as a growth engine of the company.Loeb, whose Third Point hedge fund revealed in August that it had bought a $1bn stake in the company, called for ESPN to be spun off to reduce Disney’s debtload — just one element of a sweeping plan to shake up the media company.In an interview with the FT, Chapek said Disney had been “deluged” with interest from companies seeking to buy ESPN earlier this year amid rumours that the company was weighing a sale of the cable network.“If everyone wants to come in and buy it or spin it with us, I think that says something about its potential,” Chapek said. “I think its potential is within the Disney company.”ESPN broadcasts live sports in the US, including games of the National Football League, National Basketball Association and Major League Baseball.“We have a plan for it that will restore ESPN to its growth trajectory,” Chapek said. “When the rest of the world knows what our plans are they will be as confident about that proposition as we are.”Bob Chapek speaks at the 2022 Disney Legends Awards during Disney’s D23 Expo on Saturday © REUTERSChapek said he has “regular conversations” with Loeb, who also took a stake in Disney in 2020 that he sold early this year. He characterised the conversations as “very collaborative, non-antagonistic and collegial”, including around Loeb’s recommendations to change the composition of the Disney board.He defended the board, saying that the average tenure is four years and has a broad “range of skillsets”.But he added: “We’re so consistent with Dan’s thinking that everything he’s talked about are either things we have considered in the past or are considering for the future.”Loeb has also called on Disney to purchase Comcast’s 33 per cent stake in the Hulu streaming service earlier than January 2024, when Disney has the option to purchase the remaining stake. Some analysts on Wall Street are also calling for Disney to settle the Hulu ownership soon.Chapek said he would “love” to settle the matter sooner but that Comcast has seemed reluctant.“We have talked to them numerous times over the past year-plus,” he said. “If that were in the cards we would love to do that, but it takes two to tango.” He noted that market sentiment has changed significantly since the agreement was struck, when investors were more bullish on streaming.Chapek spoke on the sidelines of the annual D23 conference in Anaheim, California, where the company revealed its streaming and theatrical slate to thousands of Disney fans. Disney showed off trailers of two highly anticipated films coming this autumn, the Black Panther sequel Wakanda Forever and Avatar: The Way of Water.It also previewed a run of original series on Disney Plus, including the Star Wars prequel Andor and the Marvel series Secret Invasion.Chapek said the autumn slate represented the end of a Covid-induced production bottleneck. “This is our new steady state (of production),” he said, saying that both the pace of production and the size of its content budget — currently about $30bn — would remain level.Disney has continued to add new customers to its streaming services this year, and by some measures its overall streaming operations have surpassed Netflix in subscribers. But Netflix’s revelation that it has lost more than 1mn subscribers this year has cast a pall over the entire streaming business, with investors growing concerned over high content spending and clamouring for a clear path to profitability.Disney’s theme park business is also recovering strongly despite the closure of parks in China, analysts said. But shares are down 26.5 per cent this year, compared to a decline of 15.2 per cent for the S&P 500.Chapek said Disney has “commercial momentum that is enviable” both in its content and theme parks businesses, but was suffering from investor “malaise” around streaming due to Netflix’s problems.“For a long time we benefited from being just like Netflix because we were a streaming company,” he said. “It’s not unexpected that we would get painted with the same brush [but] we’re not the same company.”","news_type":1},"isVote":1,"tweetType":1,"viewCount":264,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3571345352614779","authorId":"3571345352614779","name":"xiaobaii","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0},"content":"like & comment please","text":"like & comment please","html":"like & comment please"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":148801813,"gmtCreate":1625964784732,"gmtModify":1703751225406,"author":{"id":"3574687898874038","authorId":"3574687898874038","name":"Wil17","avatar":"https://static.tigerbbs.com/0cfd41bcd17de187675ea0796762da27","crmLevel":3,"crmLevelSwitch":0},"themes":[],"htmlText":"To the moon","listText":"To the moon","text":"To the moon","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/148801813","repostId":"1185154176","repostType":4,"isVote":1,"tweetType":1,"viewCount":164,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":151519377,"gmtCreate":1625098099799,"gmtModify":1703735990949,"author":{"id":"3574687898874038","authorId":"3574687898874038","name":"Wil17","avatar":"https://static.tigerbbs.com/0cfd41bcd17de187675ea0796762da27","crmLevel":3,"crmLevelSwitch":0},"themes":[],"htmlText":"Great! All the way to the moon","listText":"Great! All the way to the moon","text":"Great! All the way to the moon","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/151519377","repostId":"1178516480","repostType":4,"repost":{"id":"1178516480","pubTimestamp":1625094708,"share":"https://www.laohu8.com/m/news/1178516480?lang=&edition=full","pubTime":"2021-07-01 07:11","market":"us","language":"en","title":"S&P 500 notches fifth straight record closing high, fifth straight quarterly gain","url":"https://stock-news.laohu8.com/highlight/detail?id=1178516480","media":"Reuters","summary":"NEW YORK (Reuters) - The S&P 500 nabbed its fifth straight record closing high on Wednesday as inves","content":"<p>NEW YORK (Reuters) - The S&amp;P 500 nabbed its fifth straight record closing high on Wednesday as investors ended the month and the quarter by largely shrugging off positive economic data and looking toward Friday’s highly anticipated employment report.</p>\n<p>In the last session of 2021’s first half, the indexes were languid and range-bound, with the blue-chip Dow posting gains, while the Nasdaq edged lower.</p>\n<p>All three indexes posted their fifth consecutive quarterly gains, with the S&amp;P rising 8.2%, the Nasdaq advancing 9.5% and the Dow rising 4.6%. The S&amp;P 500 registered its second-best first-half performance since 1998, rising 14.5%.</p>\n<p>“It’s been a good quarter,” said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut. “As of last night’s close, the S&amp;P has gained more than 14% year-to-date, topping the Dow and the Nasdaq. That indicates that the stock market is having a broad rally.”</p>\n<p>For the month, the bellwether S&amp;P 500 notched its fifth consecutive advance, while the Dow snapped its four-month winning streak to end slightly lower. The Nasdaq also gained ground in June.</p>\n<p>This month, investor appetite shifted away from economically sensitive cyclicals in favor of growth stocks.</p>\n<p>“Leading sectors year-to-date are what you’d expect,” Pavlik added. “Energy, financials and industrials, and that speaks to an economic environment that’s in the early stages of a cycle.”</p>\n<p>“(Investors) started the switch back to growth (stocks) after people started to buy in to (Fed Chair Jerome) Powell’s comments that focus on transitory inflation,” Pavlik added.</p>\n<p>“Some of the reopening trades have gotten a bit long in the tooth and that’s leading people back to growth.”</p>\n<p>(Graphic: Growths stocks outperform value in June, narrow YTD gap, )</p>\n<p><img src=\"https://static.tigerbbs.com/5b82b4dfdc765d913811f9d8572e60f6\" tg-width=\"964\" tg-height=\"723\" referrerpolicy=\"no-referrer\">“The overall stock market continues to be on a tear, with very consistent gains for quite some time,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. “Valuations, while certainly high by historical standards, have been at a fairly consistent level, benefiting from the economic recovery.”</p>\n<p>The private sector added 692,000 jobs in June, breezing past expectations, according to payroll processor ADP. The number is 92,000 higher than the private payroll adds economists predict from the Labor Department’s more comprehensive employment report due on Friday.</p>\n<p>The Dow Jones Industrial Average rose 210.22 points, or 0.61%, to 34,502.51, the S&amp;P 500 gained 5.7 points, or 0.13%, to 4,297.5 and the Nasdaq Composite dropped 24.38 points, or 0.17%, to 14,503.95.</p>\n<p>Among the 11 major sectors in the S&amp;P, six ended the session higher, with energy enjoying the biggest percentage gain. Real estate was the day’s biggest loser.</p>\n<p>Boeing Co gained 1.6% after Germany’s defense ministry announced it would buy five of the planemaker’s P-8A maritime control aircraft, coming on the heels of United Airlines unveiling its largest-ever order for new planes.</p>\n<p>Walmart jumped 2.7% after announcing on Tuesday that it would start selling a prescription-only insulin analog.</p>\n<p>Micron Technology advanced 2.5% ahead of its quarterly earnings release, but was relatively unchanged in after-hours trading following the chipmaker’s quarterly results.</p>\n<p>Advancing issues outnumbered declining ones on the NYSE by a 1.35-to-1 ratio; on Nasdaq, a 1.19-to-1 ratio favored decliners.</p>\n<p>The S&amp;P 500 posted 20 new 52-week highs and no new lows; the Nasdaq Composite recorded 70 new highs and 36 new lows.</p>\n<p>Volume on U.S. exchanges was 10.85 billion shares, compared with the 11.05 billion average over the last 20 trading days.</p>","source":"lsy1601381805984","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>S&P 500 notches fifth straight record closing high, fifth straight quarterly gain</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\">\nS&P 500 notches fifth straight record closing high, fifth straight quarterly gain\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-01 07:11 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.reuters.com/article/us-usa-stocks/sp-500-notches-fifth-straight-record-closing-high-fifth-straight-quarterly-gain-idUSKCN2E619R><strong>Reuters</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>NEW YORK (Reuters) - The S&P 500 nabbed its fifth straight record closing high on Wednesday as investors ended the month and the quarter by largely shrugging off positive economic data and looking ...</p>\n\n<a href=\"https://www.reuters.com/article/us-usa-stocks/sp-500-notches-fifth-straight-record-closing-high-fifth-straight-quarterly-gain-idUSKCN2E619R\">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",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://www.reuters.com/article/us-usa-stocks/sp-500-notches-fifth-straight-record-closing-high-fifth-straight-quarterly-gain-idUSKCN2E619R","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178516480","content_text":"NEW YORK (Reuters) - The S&P 500 nabbed its fifth straight record closing high on Wednesday as investors ended the month and the quarter by largely shrugging off positive economic data and looking toward Friday’s highly anticipated employment report.\nIn the last session of 2021’s first half, the indexes were languid and range-bound, with the blue-chip Dow posting gains, while the Nasdaq edged lower.\nAll three indexes posted their fifth consecutive quarterly gains, with the S&P rising 8.2%, the Nasdaq advancing 9.5% and the Dow rising 4.6%. The S&P 500 registered its second-best first-half performance since 1998, rising 14.5%.\n“It’s been a good quarter,” said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut. “As of last night’s close, the S&P has gained more than 14% year-to-date, topping the Dow and the Nasdaq. That indicates that the stock market is having a broad rally.”\nFor the month, the bellwether S&P 500 notched its fifth consecutive advance, while the Dow snapped its four-month winning streak to end slightly lower. The Nasdaq also gained ground in June.\nThis month, investor appetite shifted away from economically sensitive cyclicals in favor of growth stocks.\n“Leading sectors year-to-date are what you’d expect,” Pavlik added. “Energy, financials and industrials, and that speaks to an economic environment that’s in the early stages of a cycle.”\n“(Investors) started the switch back to growth (stocks) after people started to buy in to (Fed Chair Jerome) Powell’s comments that focus on transitory inflation,” Pavlik added.\n“Some of the reopening trades have gotten a bit long in the tooth and that’s leading people back to growth.”\n(Graphic: Growths stocks outperform value in June, narrow YTD gap, )\n“The overall stock market continues to be on a tear, with very consistent gains for quite some time,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. “Valuations, while certainly high by historical standards, have been at a fairly consistent level, benefiting from the economic recovery.”\nThe private sector added 692,000 jobs in June, breezing past expectations, according to payroll processor ADP. The number is 92,000 higher than the private payroll adds economists predict from the Labor Department’s more comprehensive employment report due on Friday.\nThe Dow Jones Industrial Average rose 210.22 points, or 0.61%, to 34,502.51, the S&P 500 gained 5.7 points, or 0.13%, to 4,297.5 and the Nasdaq Composite dropped 24.38 points, or 0.17%, to 14,503.95.\nAmong the 11 major sectors in the S&P, six ended the session higher, with energy enjoying the biggest percentage gain. Real estate was the day’s biggest loser.\nBoeing Co gained 1.6% after Germany’s defense ministry announced it would buy five of the planemaker’s P-8A maritime control aircraft, coming on the heels of United Airlines unveiling its largest-ever order for new planes.\nWalmart jumped 2.7% after announcing on Tuesday that it would start selling a prescription-only insulin analog.\nMicron Technology advanced 2.5% ahead of its quarterly earnings release, but was relatively unchanged in after-hours trading following the chipmaker’s quarterly results.\nAdvancing issues outnumbered declining ones on the NYSE by a 1.35-to-1 ratio; on Nasdaq, a 1.19-to-1 ratio favored decliners.\nThe S&P 500 posted 20 new 52-week highs and no new lows; the Nasdaq Composite recorded 70 new highs and 36 new lows.\nVolume on U.S. exchanges was 10.85 billion shares, compared with the 11.05 billion average over the last 20 trading days.","news_type":1},"isVote":1,"tweetType":1,"viewCount":38,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9983690961,"gmtCreate":1666224929753,"gmtModify":1676537724501,"author":{"id":"3574687898874038","authorId":"3574687898874038","name":"Wil17","avatar":"https://static.tigerbbs.com/0cfd41bcd17de187675ea0796762da27","crmLevel":3,"crmLevelSwitch":0},"themes":[],"htmlText":"Oh","listText":"Oh","text":"Oh","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9983690961","repostId":"2276387454","repostType":4,"isVote":1,"tweetType":1,"viewCount":329,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9917444416,"gmtCreate":1665576531835,"gmtModify":1676537630040,"author":{"id":"3574687898874038","authorId":"3574687898874038","name":"Wil17","avatar":"https://static.tigerbbs.com/0cfd41bcd17de187675ea0796762da27","crmLevel":3,"crmLevelSwitch":0},"themes":[],"htmlText":"Oh","listText":"Oh","text":"Oh","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9917444416","repostId":"1180326920","repostType":4,"isVote":1,"tweetType":1,"viewCount":373,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":148929635,"gmtCreate":1625918937627,"gmtModify":1703750891864,"author":{"id":"3574687898874038","authorId":"3574687898874038","name":"Wil17","avatar":"https://static.tigerbbs.com/0cfd41bcd17de187675ea0796762da27","crmLevel":3,"crmLevelSwitch":0},"themes":[],"htmlText":"&nbsp;Great","listText":"&nbsp;Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/148929635","repostId":"1185154176","repostType":4,"repost":{"id":"1185154176","pubTimestamp":1625886925,"share":"https://www.laohu8.com/m/news/1185154176?lang=&edition=full","pubTime":"2021-07-10 11:15","market":"us","language":"en","title":"The bull market in stocks may last up to five years — here are six reasons why","url":"https://stock-news.laohu8.com/highlight/detail?id=1185154176","media":"marketwatch","summary":"The economy is booming, earnings are rising, and the Federal Reserve is giving unprecedented support. When the stock market sells off, as it did Thursday, the right move was to buy your favorite stocks. Friday’s market action proved that.We are still only in the early stages of what is going to be a three- to five-year bull market in stocks, for these six reasons.Behind the scenes, consumers have massive unspent savings because they hunkered down for the pandemic. The personal savings rate hit n","content":"<p>The economy is booming, earnings are rising, and the Federal Reserve is giving unprecedented support</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/16f57eb7b0f75afb2f46b6d61281db87\" tg-width=\"1260\" tg-height=\"839\"><span>(Photo by Jorge Guerrero/AFP via Getty Images)</span></p>\n<p>When the stock market sells off, as it did Thursday, the right move was to buy your favorite stocks. Friday’s market action proved that.</p>\n<p>It’s true that there could be a correction, given the already sizable 17% gain in the S&amp;P 500 Index&nbsp;this year. But you should buy then, too.</p>\n<p>Here’s why.</p>\n<p>We are still only in the early stages of what is going to be a three- to five-year bull market in stocks, for these six reasons.</p>\n<p><b>1. There’s tremendous pent-up demand</b></p>\n<p>Everyone is looking to the Federal Reserve for cues about stimulus. They are overlooking private-sector forces that will push stocks higher. To sum up, there’s huge pent-up private-sector demand that will help propel U.S. GDP growth to 8% this year and 3.5%-4.5% for years after that. The pent-up demand comes from the following sources, points out Jim Paulsen, chief strategist and economist at the Leuthold Group.</p>\n<p>First, there’s been a surge in household formation, as millennials hit the family years. This helps explain the big uptick in home demand. Once you buy a house, you have to fill it up with stuff. More consumer demand on the way.</p>\n<p>Behind the scenes, consumers have massive unspent savings because they hunkered down for the pandemic. The personal savings rate hit nearly 16% of GDP, compared to a post war average of 6.5%. The prior high was 10% in 1970s.</p>\n<p>Relatedly, household balance sheets improved remarkably. Debt-to-income ratios are the lowest since the 1990s. Consumers will continue to tap more bank loans and credit card capacity, as their confidence increases because employment and the economy remain strong.</p>\n<p>Next, there will be plenty more newly employed people once the extra unemployment benefits expire in September. This means consumer confidence will improve, which invariably boosts economic growth. The labor participation rate has room to improve, leaving spare employment capacity before we hit the full employment that can cap economic growth.</p>\n<p>Now let’s look at the pent-up demand in businesses.</p>\n<p>You know all the shortages of stuff you keep running into or hearing about? Here’s why this is happening. To prepare for a prolonged epidemic, businesses cut inventories to the bone. It was the biggest inventory liquidation ever. But now, companies have to build back inventories. The ongoing inventory rebuild will be huge.</p>\n<p>Companies also cut capacity, which they are building out again. Capital goods spending surged to record highs in the past year, advancing almost 23%, after being essentially flat for most of the prior two decades. This creates sustained growth, and it tells us a lot about business confidence.</p>\n<p><b>The bottom line</b>: We will see 7%-8% GDP growth this year, followed by 4%-4.5% next year and above average growth after that, supporting a sustained bull market in stocks. Expect the normal corrections along the way.</p>\n<p><b>2. An under-appreciated earnings boom lies ahead</b></p>\n<p>The economic rebound has happened so quickly, analysts can’t keep up. Wall Street analysts project $190 a share in S&amp;P 500 earnings this year. But that is woefully low given the expected 7%-8% GDP growth and massive stimulus that has yet to kick in. Stimulus normally takes six to eight months to take effect, and a lot of the recent dollops happened inside that window.</p>\n<p>Paulsen expects 2021 S&amp;P 500 earnings will be more like $220 instead of the consensus estimate of $190.</p>\n<p>“Analysts are still under-appreciating how much profits have improved and how much they will improve,” says Paulsen. “We had dramatic overreaction from policy officials. They addressed the collapse, but created a massive improvement in fundamentals. This is still playing out in terms of the recovery in profits.”</p>\n<p>Plus, more fiscal stimulus is probably on the way, in the form of infrastructure spending.</p>\n<p><b>3. There’s a new Fed in town</b></p>\n<p>For much of the past three decades, the Fed has been quick to tighten its policy to ward off inflation. The central bank killed off growth in the process. That’s one reason why the past 20 years posted the slowest growth in the post-war era. Now, though, the Fed is much more accommodative and this may likely persist because inflation will remain sluggish (more on this, below).</p>\n<p>Here’s a simple gauge to measure this. Take GDP growth and subtract the yield on 10-year TreasuriesTMUBMUSD10Y,1.359%.This gauge was negative for much of 1980-2010, when the Fed kept growth cool to contain inflation. Now, though, Fed policy is helping to keep 10-year yields well below GDP growth, which allows the economy to run hot. This was the state of affairs during 1950-1965, which some analysts call “the golden age of capitalism” because of the glide path in growth.</p>\n<p><b>4. Inflation won’t kill the bull</b></p>\n<p>Inflation may rise near term because the economy is so hot. But medium term, the inflation slayers will win out. Here’s a roundup. The population is aging, and older people spend less. The boom in business capital spending will continue to boost productivity at companies. This allows them to avoid passing along rising costs to customers. Global trade and competition have not gone away. This puts downward pressure on prices since goods can be made more cheaply in many foreign countries. Ongoing technological advances continually put downward pressure on tech products.</p>\n<p><b>5. Valuations will improve</b></p>\n<p>We’re now at the phase in the economic rebound where the following dynamic typically plays out. Stocks trade sideways for months, mostly because of worries about inflation and rising bond yields. All the while, the economy and earnings continue to grow, bringing down stock valuations. This dynamic played out at about this point in prior economic rebounds during 1983-84, 1993-94, 2004-05 and 2009-10. In short, we will see a big surge in earnings while the stock market marks time, or even corrects.</p>\n<p>This will reset stock valuations lower, removing one of the chief concerns among investors — high valuations. If S&amp;P 500 earnings hit $220 by the end of the year and the index is at 4,000 to 4,100 points because of a correction, stocks will be at an 18-19 price earnings ratio — below the average since 1990.</p>\n<p>True to form, the Dow Jones Industrial AverageDJIA,+1.30%and the Russell 2000&nbsp;small-cap index have traded sideways for two to four months. The S&amp;P 500 and Nasdaq&nbsp;recently broke out of trading ranges, but a bigger pullback would send them back into sideways action mode.</p>\n<p><b>6. Sentiment isn’t extreme</b></p>\n<p>As a contrarian, I look for excessive sentiment as a sign that it’s time to raise some cash. We don’t see that yet. A simple gauge to follow is the Investors Intelligence Bull/Bear ratio. It recently came in at 3.92. That’s near the warning path, which for me starts at 4. On the other hand, mutual fund cash was recently at $4.6 trillion, near historical highs. This represents caution among investors.</p>\n<p><b>Three themes to follow</b></p>\n<p>If we are in store for a sustained economic recovery and a multi-year bull market in stocks, it will pay to follow these three themes.</p>\n<p><b>Favor cyclicals.</b>Stay with economically sensitive businesses and add to your holdings in them on pullbacks. This means cyclical companies in areas like financials, materials, industrials and consumer discretionary businesses.</p>\n<p><b>Avoid defensives.</b>If you want yield, go with stocks that pay a dividend but also have capital appreciation potential — not steady growth companies selling stuff like consumer staples. On this theme, in my stock letter Brush Up on Stocks (the link is in bio, below) I’ve recently suggested or reiterated Home Depot&nbsp;in retail, B. Riley Financial,a markets and investment banking name, and Regional Management&nbsp;in consumer finance.</p>\n<p><b>Favor emerging markets.</b>Their growth tends to be higher during expansions. Just be careful with China. It has an aging population. Limited workforce growth may constrain economic growth. Another challenge is that ongoing U.S.-China tensions and the related threat of persistent tariffs and trade barriers have global companies relocating supply chains elsewhere.</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>The bull market in stocks may last up to five years — here are six reasons why</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe bull market in stocks may last up to five years — here are six reasons why\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-10 11:15 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.marketwatch.com/story/the-bull-market-in-stocks-may-last-up-to-five-years-here-are-six-reasons-why-11625842781?mod=home-page><strong>marketwatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The economy is booming, earnings are rising, and the Federal Reserve is giving unprecedented support\n(Photo by Jorge Guerrero/AFP via Getty Images)\nWhen the stock market sells off, as it did Thursday,...</p>\n\n<a href=\"https://www.marketwatch.com/story/the-bull-market-in-stocks-may-last-up-to-five-years-here-are-six-reasons-why-11625842781?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":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://www.marketwatch.com/story/the-bull-market-in-stocks-may-last-up-to-five-years-here-are-six-reasons-why-11625842781?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1185154176","content_text":"The economy is booming, earnings are rising, and the Federal Reserve is giving unprecedented support\n(Photo by Jorge Guerrero/AFP via Getty Images)\nWhen the stock market sells off, as it did Thursday, the right move was to buy your favorite stocks. Friday’s market action proved that.\nIt’s true that there could be a correction, given the already sizable 17% gain in the S&P 500 Index this year. But you should buy then, too.\nHere’s why.\nWe are still only in the early stages of what is going to be a three- to five-year bull market in stocks, for these six reasons.\n1. There’s tremendous pent-up demand\nEveryone is looking to the Federal Reserve for cues about stimulus. They are overlooking private-sector forces that will push stocks higher. To sum up, there’s huge pent-up private-sector demand that will help propel U.S. GDP growth to 8% this year and 3.5%-4.5% for years after that. The pent-up demand comes from the following sources, points out Jim Paulsen, chief strategist and economist at the Leuthold Group.\nFirst, there’s been a surge in household formation, as millennials hit the family years. This helps explain the big uptick in home demand. Once you buy a house, you have to fill it up with stuff. More consumer demand on the way.\nBehind the scenes, consumers have massive unspent savings because they hunkered down for the pandemic. The personal savings rate hit nearly 16% of GDP, compared to a post war average of 6.5%. The prior high was 10% in 1970s.\nRelatedly, household balance sheets improved remarkably. Debt-to-income ratios are the lowest since the 1990s. Consumers will continue to tap more bank loans and credit card capacity, as their confidence increases because employment and the economy remain strong.\nNext, there will be plenty more newly employed people once the extra unemployment benefits expire in September. This means consumer confidence will improve, which invariably boosts economic growth. The labor participation rate has room to improve, leaving spare employment capacity before we hit the full employment that can cap economic growth.\nNow let’s look at the pent-up demand in businesses.\nYou know all the shortages of stuff you keep running into or hearing about? Here’s why this is happening. To prepare for a prolonged epidemic, businesses cut inventories to the bone. It was the biggest inventory liquidation ever. But now, companies have to build back inventories. The ongoing inventory rebuild will be huge.\nCompanies also cut capacity, which they are building out again. Capital goods spending surged to record highs in the past year, advancing almost 23%, after being essentially flat for most of the prior two decades. This creates sustained growth, and it tells us a lot about business confidence.\nThe bottom line: We will see 7%-8% GDP growth this year, followed by 4%-4.5% next year and above average growth after that, supporting a sustained bull market in stocks. Expect the normal corrections along the way.\n2. An under-appreciated earnings boom lies ahead\nThe economic rebound has happened so quickly, analysts can’t keep up. Wall Street analysts project $190 a share in S&P 500 earnings this year. But that is woefully low given the expected 7%-8% GDP growth and massive stimulus that has yet to kick in. Stimulus normally takes six to eight months to take effect, and a lot of the recent dollops happened inside that window.\nPaulsen expects 2021 S&P 500 earnings will be more like $220 instead of the consensus estimate of $190.\n“Analysts are still under-appreciating how much profits have improved and how much they will improve,” says Paulsen. “We had dramatic overreaction from policy officials. They addressed the collapse, but created a massive improvement in fundamentals. This is still playing out in terms of the recovery in profits.”\nPlus, more fiscal stimulus is probably on the way, in the form of infrastructure spending.\n3. There’s a new Fed in town\nFor much of the past three decades, the Fed has been quick to tighten its policy to ward off inflation. The central bank killed off growth in the process. That’s one reason why the past 20 years posted the slowest growth in the post-war era. Now, though, the Fed is much more accommodative and this may likely persist because inflation will remain sluggish (more on this, below).\nHere’s a simple gauge to measure this. Take GDP growth and subtract the yield on 10-year TreasuriesTMUBMUSD10Y,1.359%.This gauge was negative for much of 1980-2010, when the Fed kept growth cool to contain inflation. Now, though, Fed policy is helping to keep 10-year yields well below GDP growth, which allows the economy to run hot. This was the state of affairs during 1950-1965, which some analysts call “the golden age of capitalism” because of the glide path in growth.\n4. Inflation won’t kill the bull\nInflation may rise near term because the economy is so hot. But medium term, the inflation slayers will win out. Here’s a roundup. The population is aging, and older people spend less. The boom in business capital spending will continue to boost productivity at companies. This allows them to avoid passing along rising costs to customers. Global trade and competition have not gone away. This puts downward pressure on prices since goods can be made more cheaply in many foreign countries. Ongoing technological advances continually put downward pressure on tech products.\n5. Valuations will improve\nWe’re now at the phase in the economic rebound where the following dynamic typically plays out. Stocks trade sideways for months, mostly because of worries about inflation and rising bond yields. All the while, the economy and earnings continue to grow, bringing down stock valuations. This dynamic played out at about this point in prior economic rebounds during 1983-84, 1993-94, 2004-05 and 2009-10. In short, we will see a big surge in earnings while the stock market marks time, or even corrects.\nThis will reset stock valuations lower, removing one of the chief concerns among investors — high valuations. If S&P 500 earnings hit $220 by the end of the year and the index is at 4,000 to 4,100 points because of a correction, stocks will be at an 18-19 price earnings ratio — below the average since 1990.\nTrue to form, the Dow Jones Industrial AverageDJIA,+1.30%and the Russell 2000 small-cap index have traded sideways for two to four months. The S&P 500 and Nasdaq recently broke out of trading ranges, but a bigger pullback would send them back into sideways action mode.\n6. Sentiment isn’t extreme\nAs a contrarian, I look for excessive sentiment as a sign that it’s time to raise some cash. We don’t see that yet. A simple gauge to follow is the Investors Intelligence Bull/Bear ratio. It recently came in at 3.92. That’s near the warning path, which for me starts at 4. On the other hand, mutual fund cash was recently at $4.6 trillion, near historical highs. This represents caution among investors.\nThree themes to follow\nIf we are in store for a sustained economic recovery and a multi-year bull market in stocks, it will pay to follow these three themes.\nFavor cyclicals.Stay with economically sensitive businesses and add to your holdings in them on pullbacks. This means cyclical companies in areas like financials, materials, industrials and consumer discretionary businesses.\nAvoid defensives.If you want yield, go with stocks that pay a dividend but also have capital appreciation potential — not steady growth companies selling stuff like consumer staples. On this theme, in my stock letter Brush Up on Stocks (the link is in bio, below) I’ve recently suggested or reiterated Home Depot in retail, B. Riley Financial,a markets and investment banking name, and Regional Management in consumer finance.\nFavor emerging markets.Their growth tends to be higher during expansions. Just be careful with China. It has an aging population. Limited workforce growth may constrain economic growth. Another challenge is that ongoing U.S.-China tensions and the related threat of persistent tariffs and trade barriers have global companies relocating supply chains elsewhere.","news_type":1},"isVote":1,"tweetType":1,"viewCount":12,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":152462262,"gmtCreate":1625328880656,"gmtModify":1703740477954,"author":{"id":"3574687898874038","authorId":"3574687898874038","name":"Wil17","avatar":"https://static.tigerbbs.com/0cfd41bcd17de187675ea0796762da27","crmLevel":3,"crmLevelSwitch":0},"themes":[],"htmlText":"Just buy it","listText":"Just buy it","text":"Just buy it","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/152462262","repostId":"1130764181","repostType":4,"isVote":1,"tweetType":1,"viewCount":50,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9099898549,"gmtCreate":1643328261981,"gmtModify":1676533804825,"author":{"id":"3574687898874038","authorId":"3574687898874038","name":"Wil17","avatar":"https://static.tigerbbs.com/0cfd41bcd17de187675ea0796762da27","crmLevel":3,"crmLevelSwitch":0},"themes":[],"htmlText":"Oh","listText":"Oh","text":"Oh","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9099898549","repostId":"2206412188","repostType":4,"repost":{"id":"2206412188","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1643325103,"share":"https://www.laohu8.com/m/news/2206412188?lang=&edition=full","pubTime":"2022-01-28 07:11","market":"us","language":"en","title":"U.S. Stocks Ends Lower after Another Wild Ride","url":"https://stock-news.laohu8.com/highlight/detail?id=2206412188","media":"Reuters","summary":"* Russell 2000 confirms it entered bear market on Nov 8* Apple gains in after-hours trading after results* Netflix jumps after Ackman builds new stake* U.S. economy's 2021 growth best since 1984* Inde","content":"<html><head></head><body><p>* Russell 2000 confirms it entered bear market on Nov 8</p><p>* Apple gains in after-hours trading after results</p><p>* Netflix jumps after Ackman builds new stake</p><p>* U.S. economy&#39;s 2021 growth best since 1984</p><p>* Indexes down: Dow 0.02%, S&amp;P 0.54%, Nasdaq 1.40%</p><p>NEW YORK, Jan 27 (Reuters) - Wall Street gyrated wildly on Thursday, the S&amp;P 500 once again narrowly avoiding correction confirmation at the end of a session marked by a rally, selloff and recovery as investors juggled positive economic news with mixed corporate earnings, geopolitical unrest and the prospect of a more hawkish Federal Reserve.</p><p>All three major U.S. stock indexes ended lower, having been whipsawed by uncertainty in recent days, marked by wide fluctuations and heightened volatility.</p><p>Smallcaps have had a rougher go of it, with the Russell 2000 now more than 20% below its Nov. 8 record high, officially confirming the index has been in a bear market since then.</p><p>&#34;This is a market that is schizophrenic,&#34; said Tim Ghriskey, senior portfolio strategist at Ingalls &amp; Snyder in New York. &#34;There are those who believe everything negative has been discounted and there are others who believe that the worst is yet to come.&#34;</p><p>&#34;It’s a period of a lot of uncertainty, it’s been this way all month,&#34; Ghriskey added.</p><p>Among a spate of economic data released on Thursday, the Commerce Department&#39;s advance take on fourth-quarter GDP shows the U.S. economy in 2021 grew at its fastest pace in nearly four decades.</p><p>Markets seesawed following the release on Wednesday of the FOMC statement, which left key interest rates near zero, and Fed Chairman Jerome Powell&#39;s subsequent Q&amp;A session during which he appeared to raise the possibility of more rate hikes this year than previously expected, beginning in March.</p><p>The fed funds futures market now prices in nearly five rate hikes this year in the wake of Powell&#39;s remarks.</p><p>Geopolitical tensions simmered, as Russia continues to build up troops along the Ukrainian border and diplomats scramble to avoid conflict in the region.</p><p>The Dow Jones Industrial Average fell 7.31 points, or 0.02%, to 34,160.78, the S&amp;P 500 lost 23.42 points, or 0.54%, to 4,326.51 and the Nasdaq Composite dropped 189.34 points, or 1.4%, to 13,352.78.</p><p>Of the 11 major sectors in the S&amp;P 500, five ended in the red, with consumer discretionary stocks suffering the largest percentage slide.</p><p>Fourth-quarter reporting season has hit full stride, with 145 of the companies in the S&amp;P 500 having reported. Of those, 79% have delivered consensus-beating results, according to Refinitiv data.</p><p>Analysts now see, on aggregate, year-on-year fourth-quarter earnings growth of 24.2% for the S&amp;P 500, per Refinitiv.</p><p>&#34;The numbers and especially the guidance has not been that inspiring and that’s a factor that’s been limiting the upside so far this week,&#34; said Chuck Carlson, chief executive officer at Horizon Investment Services in Hammond, Indiana.</p><p>Supply-chain challenges, the engine driving inflation through the recovery from the global health crisis, have been a recurring theme this earnings season.</p><p>Intel Corp cited that issue as the reason behind its disappointing first-quarter earnings forecast, which sent its shares tumbling 7.0%.</p><p>Intel&#39;s dismal outlook weighed on the broader sector, sending the Philadelphia SE semiconductor index down 4.8%, its worst one-day decline since March 8, 2021.</p><p>Shares of Tesla Inc dropped 11.6% after the company warned that supply issues will last throughout 2022. Shares of rivals Lucid Group and Rivian Automotive were down 14.1% and 10.5%, respectively.</p><p>Netflix Inc jumped 7.5% following news that billionaire investor William Ackman has amassed a new $1 billion stake in the company.</p><p>Apple Inc shares gained more than 5% in post-market trading after the iPhone maker beat profit estimates.</p><p>Declining issues outnumbered advancing ones on the NYSE by a 2.65-to-1 ratio; on Nasdaq, a 3.71-to-1 ratio favored decliners.</p><p>The S&amp;P 500 posted 17 new 52-week highs and 15 new lows; the Nasdaq Composite recorded 19 new highs and 581 new lows.</p><p>Volume on U.S. exchanges was 13.29 billion shares, compared with the 11.86 billion average over the last 20 trading days.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>U.S. Stocks Ends Lower after Another Wild Ride</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; 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}\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\">\nU.S. Stocks Ends Lower after Another Wild Ride\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2022-01-28 07:11</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>* Russell 2000 confirms it entered bear market on Nov 8</p><p>* Apple gains in after-hours trading after results</p><p>* Netflix jumps after Ackman builds new stake</p><p>* U.S. economy&#39;s 2021 growth best since 1984</p><p>* Indexes down: Dow 0.02%, S&amp;P 0.54%, Nasdaq 1.40%</p><p>NEW YORK, Jan 27 (Reuters) - Wall Street gyrated wildly on Thursday, the S&amp;P 500 once again narrowly avoiding correction confirmation at the end of a session marked by a rally, selloff and recovery as investors juggled positive economic news with mixed corporate earnings, geopolitical unrest and the prospect of a more hawkish Federal Reserve.</p><p>All three major U.S. stock indexes ended lower, having been whipsawed by uncertainty in recent days, marked by wide fluctuations and heightened volatility.</p><p>Smallcaps have had a rougher go of it, with the Russell 2000 now more than 20% below its Nov. 8 record high, officially confirming the index has been in a bear market since then.</p><p>&#34;This is a market that is schizophrenic,&#34; said Tim Ghriskey, senior portfolio strategist at Ingalls &amp; Snyder in New York. &#34;There are those who believe everything negative has been discounted and there are others who believe that the worst is yet to come.&#34;</p><p>&#34;It’s a period of a lot of uncertainty, it’s been this way all month,&#34; Ghriskey added.</p><p>Among a spate of economic data released on Thursday, the Commerce Department&#39;s advance take on fourth-quarter GDP shows the U.S. economy in 2021 grew at its fastest pace in nearly four decades.</p><p>Markets seesawed following the release on Wednesday of the FOMC statement, which left key interest rates near zero, and Fed Chairman Jerome Powell&#39;s subsequent Q&amp;A session during which he appeared to raise the possibility of more rate hikes this year than previously expected, beginning in March.</p><p>The fed funds futures market now prices in nearly five rate hikes this year in the wake of Powell&#39;s remarks.</p><p>Geopolitical tensions simmered, as Russia continues to build up troops along the Ukrainian border and diplomats scramble to avoid conflict in the region.</p><p>The Dow Jones Industrial Average fell 7.31 points, or 0.02%, to 34,160.78, the S&amp;P 500 lost 23.42 points, or 0.54%, to 4,326.51 and the Nasdaq Composite dropped 189.34 points, or 1.4%, to 13,352.78.</p><p>Of the 11 major sectors in the S&amp;P 500, five ended in the red, with consumer discretionary stocks suffering the largest percentage slide.</p><p>Fourth-quarter reporting season has hit full stride, with 145 of the companies in the S&amp;P 500 having reported. Of those, 79% have delivered consensus-beating results, according to Refinitiv data.</p><p>Analysts now see, on aggregate, year-on-year fourth-quarter earnings growth of 24.2% for the S&amp;P 500, per Refinitiv.</p><p>&#34;The numbers and especially the guidance has not been that inspiring and that’s a factor that’s been limiting the upside so far this week,&#34; said Chuck Carlson, chief executive officer at Horizon Investment Services in Hammond, Indiana.</p><p>Supply-chain challenges, the engine driving inflation through the recovery from the global health crisis, have been a recurring theme this earnings season.</p><p>Intel Corp cited that issue as the reason behind its disappointing first-quarter earnings forecast, which sent its shares tumbling 7.0%.</p><p>Intel&#39;s dismal outlook weighed on the broader sector, sending the Philadelphia SE semiconductor index down 4.8%, its worst one-day decline since March 8, 2021.</p><p>Shares of Tesla Inc dropped 11.6% after the company warned that supply issues will last throughout 2022. Shares of rivals Lucid Group and Rivian Automotive were down 14.1% and 10.5%, respectively.</p><p>Netflix Inc jumped 7.5% following news that billionaire investor William Ackman has amassed a new $1 billion stake in the company.</p><p>Apple Inc shares gained more than 5% in post-market trading after the iPhone maker beat profit estimates.</p><p>Declining issues outnumbered advancing ones on the NYSE by a 2.65-to-1 ratio; on Nasdaq, a 3.71-to-1 ratio favored decliners.</p><p>The S&amp;P 500 posted 17 new 52-week highs and 15 new lows; the Nasdaq Composite recorded 19 new highs and 581 new lows.</p><p>Volume on U.S. exchanges was 13.29 billion shares, compared with the 11.86 billion average over the last 20 trading days.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2206412188","content_text":"* Russell 2000 confirms it entered bear market on Nov 8* Apple gains in after-hours trading after results* Netflix jumps after Ackman builds new stake* U.S. economy's 2021 growth best since 1984* Indexes down: Dow 0.02%, S&P 0.54%, Nasdaq 1.40%NEW YORK, Jan 27 (Reuters) - Wall Street gyrated wildly on Thursday, the S&P 500 once again narrowly avoiding correction confirmation at the end of a session marked by a rally, selloff and recovery as investors juggled positive economic news with mixed corporate earnings, geopolitical unrest and the prospect of a more hawkish Federal Reserve.All three major U.S. stock indexes ended lower, having been whipsawed by uncertainty in recent days, marked by wide fluctuations and heightened volatility.Smallcaps have had a rougher go of it, with the Russell 2000 now more than 20% below its Nov. 8 record high, officially confirming the index has been in a bear market since then.\"This is a market that is schizophrenic,\" said Tim Ghriskey, senior portfolio strategist at Ingalls & Snyder in New York. \"There are those who believe everything negative has been discounted and there are others who believe that the worst is yet to come.\"\"It’s a period of a lot of uncertainty, it’s been this way all month,\" Ghriskey added.Among a spate of economic data released on Thursday, the Commerce Department's advance take on fourth-quarter GDP shows the U.S. economy in 2021 grew at its fastest pace in nearly four decades.Markets seesawed following the release on Wednesday of the FOMC statement, which left key interest rates near zero, and Fed Chairman Jerome Powell's subsequent Q&A session during which he appeared to raise the possibility of more rate hikes this year than previously expected, beginning in March.The fed funds futures market now prices in nearly five rate hikes this year in the wake of Powell's remarks.Geopolitical tensions simmered, as Russia continues to build up troops along the Ukrainian border and diplomats scramble to avoid conflict in the region.The Dow Jones Industrial Average fell 7.31 points, or 0.02%, to 34,160.78, the S&P 500 lost 23.42 points, or 0.54%, to 4,326.51 and the Nasdaq Composite dropped 189.34 points, or 1.4%, to 13,352.78.Of the 11 major sectors in the S&P 500, five ended in the red, with consumer discretionary stocks suffering the largest percentage slide.Fourth-quarter reporting season has hit full stride, with 145 of the companies in the S&P 500 having reported. Of those, 79% have delivered consensus-beating results, according to Refinitiv data.Analysts now see, on aggregate, year-on-year fourth-quarter earnings growth of 24.2% for the S&P 500, per Refinitiv.\"The numbers and especially the guidance has not been that inspiring and that’s a factor that’s been limiting the upside so far this week,\" said Chuck Carlson, chief executive officer at Horizon Investment Services in Hammond, Indiana.Supply-chain challenges, the engine driving inflation through the recovery from the global health crisis, have been a recurring theme this earnings season.Intel Corp cited that issue as the reason behind its disappointing first-quarter earnings forecast, which sent its shares tumbling 7.0%.Intel's dismal outlook weighed on the broader sector, sending the Philadelphia SE semiconductor index down 4.8%, its worst one-day decline since March 8, 2021.Shares of Tesla Inc dropped 11.6% after the company warned that supply issues will last throughout 2022. Shares of rivals Lucid Group and Rivian Automotive were down 14.1% and 10.5%, respectively.Netflix Inc jumped 7.5% following news that billionaire investor William Ackman has amassed a new $1 billion stake in the company.Apple Inc shares gained more than 5% in post-market trading after the iPhone maker beat profit estimates.Declining issues outnumbered advancing ones on the NYSE by a 2.65-to-1 ratio; on Nasdaq, a 3.71-to-1 ratio favored decliners.The S&P 500 posted 17 new 52-week highs and 15 new lows; the Nasdaq Composite recorded 19 new highs and 581 new lows.Volume on U.S. exchanges was 13.29 billion shares, compared with the 11.86 billion average over the last 20 trading days.","news_type":1},"isVote":1,"tweetType":1,"viewCount":293,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9001791522,"gmtCreate":1641312158627,"gmtModify":1676533596792,"author":{"id":"3574687898874038","authorId":"3574687898874038","name":"Wil17","avatar":"https://static.tigerbbs.com/0cfd41bcd17de187675ea0796762da27","crmLevel":3,"crmLevelSwitch":0},"themes":[],"htmlText":"Wah","listText":"Wah","text":"Wah","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9001791522","repostId":"2200406435","repostType":4,"repost":{"id":"2200406435","pubTimestamp":1641310325,"share":"https://www.laohu8.com/m/news/2200406435?lang=&edition=full","pubTime":"2022-01-04 23:32","market":"us","language":"en","title":"3 Wildly Undervalued Stocks to Buy and Hold for the Next Decade","url":"https://stock-news.laohu8.com/highlight/detail?id=2200406435","media":"Motley Fool","summary":"Strong free cash flow and high growth rates are a winning combo.","content":"<html><head></head><body><p>One of the hardest lessons for me as a new investor was to stop filtering out great, high-quality stocks that looked expensive by most traditional valuation metrics. Instead, I sought standard &#34;value&#34; and found companies that were incredibly cheap, but often seriously broken, that unfortunately deserved their discounted valuations.</p><p>By simply accepting that most premium stocks trade at expensive-looking valuations, I entered the land of long-term investing and ultimately multibagger potential.</p><p>Today we will study <b><a href=\"https://laohu8.com/S/ZM\">Zoom</a> Video Communications</b> (NASDAQ:ZM), <b>Pinterest</b> (NYSE:PINS), and <b>DocuSign</b> (NASDAQ:DOCU), three stocks that fit this expensive-looking mold, yet could be wildly undervalued when looking out over the next decade, thanks to their high revenue growth and strong free cash flow (FCF) generation.</p><h2>High growth at intriguing valuations</h2><table border=\"1\"><tbody><tr><th></th><th>Market Cap</th><th>Levered FCF</th><th>P/FCF Ratio</th><th>Revenue Growth YOY</th></tr><tr><td>Zoom Video</td><td>$55 billion</td><td>$1.51 billion</td><td>36</td><td>100%</td></tr><tr><td>Pinterest</td><td>$24 billion</td><td>$470 million</td><td>51</td><td>76%</td></tr><tr><td>DocuSign</td><td>$29 billion</td><td>$753 million</td><td>39</td><td>51%</td></tr></tbody></table><p>Data source: Yahoo! Finance and CMLViz statistics. Note that Levered FCF and Revenue Growth are using trailing 12-month figures. YOY = year over year. FCF = free cash flow. P/FCF = price-to-FCF.</p><p>While highly unscientific, <a href=\"https://laohu8.com/S/AONE.U\">one</a> of my favorite ways to measure a stock&#39;s growth potential versus its current price is to compare year-over-year revenue growth with its price-to-FCF ratio. As shown in the table above, Zoom, Pinterest, and DocuSign all have a growth rate higher than their FCF multiples.</p><p>Whenever a stock&#39;s growth rate is higher than its FCF multiple, it catches my attention, highlighting the beautiful combination of solid sales growth with reasonably priced cash generation. With that in mind, let&#39;s look at my three recommendations.</p><h2>1. Zoom Video Communications</h2><p>First up today is the fastest growing and cheapest valuation of the trio, Zoom Video Communications. Because its share price has dropped nearly 50% over the last six months amid decelerating sales growth, Zoom looks attractively valued compared to the $1.5 billion in free cash flow it created over the previous 12 months.</p><p>While its 100% revenue growth over the last 12 months will probably not repeat in 2022, its third-quarter growth of 35% year over year is more than enough to make its freshly discounted valuation appealing. Furthermore, with 14 consecutive quarters with a dollar-based net expansion (DBNE) rate above 130%, Zoom has demonstrated that its land-and-expand business model is firing on all cylinders.</p><p>DBNE is a great way to measure increased product use by existing customers, despite not accounting for customer churn. For Zoom, this 130% rate is highly promising as it shows that it is getting its foot in the door with its famous Meetings product and upselling customers on newer products, such as Zoom Rooms and Zoom Phone. Should the company&#39;s DBNE continue at these levels, it will signal that its business model is still succeeding.</p><p>Furthermore, with international sales only accounting for 33% of Zoom&#39;s total revenue, its global ambitions are still in their infancy. This international growth runway, paired with the company&#39;s strong FCF and recently discounted share price, makes Zoom a great core holding for the next decade.</p><h2>2. Pinterest</h2><p>Next up, we have Pinterest with its inspiration-creating platform and newly developed FCF generation. Unfortunately, despite the promise of these positive cash flows, Pinterest&#39;s stock has dropped over 50% in the last six months, due to a rumored abandoned acquisition by <b><a href=\"https://laohu8.com/S/PYPL\">PayPal</a></b> and a decline in monthly active users (MAUs).</p><p>But two key things are happening behind the scenes for Pinterest, making today&#39;s valuation very tempting.</p><p>First, the company&#39;s fledgling shopping features are starting to take off, with product searches up over 100% for the third quarter, year over year. Better yet, members of the all-important Generation Z demographic (ages 9 to 24) increased their product searches on the shop tab by over 200% for the third quarter.</p><p>Second, despite having four times the number of international MAUs than in the U.S., the international segment only accounts for 21% of Pinterest&#39;s overall revenue. This is due to the massive gap in average revenue per user (ARPU) between U.S. and international users, which is $5.55 and $0.38, respectively.</p><p>This gap is essential for investors to watch as Pinterest launched its shopping features in seven key international markets during the third quarter: Italy, Spain, the Netherlands, Austria, Switzerland, Brazil, and Mexico. As these markets mature, along with Pinterest&#39;s shopping features in general, investors should see this ARPU gap between the U.S. and international narrow, bringing strong monetization to the company&#39;s global footprint.</p><h2>3. DocuSign</h2><p>Famous for its e-signature product, DocuSign is on a mission to prove that it is more than just a one-trick pony. Moving beyond its e-signature dominance, the company has its eyes set on a broader target market that it hopes to serve through its Agreement Cloud, which consists of four segments: prepare, sign, act, and manage.</p><p>With its Agreement Cloud, DocuSign intends to parlay its leadership in e-signatures into becoming the leader in automated end-to-end agreement processes. While the company does not break out numbers for each segment of the Agreement Cloud, we can get a good idea of its ongoing success through DocuSign&#39;s 121% dollar-based net retention (DBNR) rate.</p><p>DBNR shows the rate at which existing customers are expanding their use of the company&#39;s products. Since DBNR includes customer churn, a figure above 120% is exceptional. So DocuSign&#39;s track record of being above this mark for six consecutive quarters is very impressive. It highlights the potential that might be building within the company&#39;s broader Agreement Cloud ambitions. And that makes DocuSign&#39;s 30% share-price drop in the last month an appealing entry point for new investors.</p><p>DocuSign already has a 17% FCF margin, which makes it look like another discounted, but strong, cash-generating stock to buy and hold for the next decade.</p></body></html>","source":"fool_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>3 Wildly Undervalued Stocks to Buy and Hold for the Next Decade</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\">\n3 Wildly Undervalued Stocks to Buy and Hold for the Next Decade\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-01-04 23:32 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2022/01/04/3-wildly-undervalued-stocks-to-buy-and-hold-for-th/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>One of the hardest lessons for me as a new investor was to stop filtering out great, high-quality stocks that looked expensive by most traditional valuation metrics. Instead, I sought standard \"value\"...</p>\n\n<a href=\"https://www.fool.com/investing/2022/01/04/3-wildly-undervalued-stocks-to-buy-and-hold-for-th/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4505":"高瓴资本持仓","DOCU":"Docusign","BK4534":"瑞士信贷持仓","BK4077":"互动媒体与服务","ZM":"Zoom","BK4551":"寇图资本持仓","BK4528":"SaaS概念","BK4535":"淡马锡持仓","PINS":"Pinterest, Inc.","FCF":"第一联邦金融","BK4508":"社交媒体","BK4023":"应用软件","BK4554":"元宇宙及AR概念","BK4532":"文艺复兴科技持仓","BK4525":"远程办公概念","BK4211":"区域性银行","BK4548":"巴美列捷福持仓"},"source_url":"https://www.fool.com/investing/2022/01/04/3-wildly-undervalued-stocks-to-buy-and-hold-for-th/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2200406435","content_text":"One of the hardest lessons for me as a new investor was to stop filtering out great, high-quality stocks that looked expensive by most traditional valuation metrics. Instead, I sought standard \"value\" and found companies that were incredibly cheap, but often seriously broken, that unfortunately deserved their discounted valuations.By simply accepting that most premium stocks trade at expensive-looking valuations, I entered the land of long-term investing and ultimately multibagger potential.Today we will study Zoom Video Communications (NASDAQ:ZM), Pinterest (NYSE:PINS), and DocuSign (NASDAQ:DOCU), three stocks that fit this expensive-looking mold, yet could be wildly undervalued when looking out over the next decade, thanks to their high revenue growth and strong free cash flow (FCF) generation.High growth at intriguing valuationsMarket CapLevered FCFP/FCF RatioRevenue Growth YOYZoom Video$55 billion$1.51 billion36100%Pinterest$24 billion$470 million5176%DocuSign$29 billion$753 million3951%Data source: Yahoo! Finance and CMLViz statistics. Note that Levered FCF and Revenue Growth are using trailing 12-month figures. YOY = year over year. FCF = free cash flow. P/FCF = price-to-FCF.While highly unscientific, one of my favorite ways to measure a stock's growth potential versus its current price is to compare year-over-year revenue growth with its price-to-FCF ratio. As shown in the table above, Zoom, Pinterest, and DocuSign all have a growth rate higher than their FCF multiples.Whenever a stock's growth rate is higher than its FCF multiple, it catches my attention, highlighting the beautiful combination of solid sales growth with reasonably priced cash generation. With that in mind, let's look at my three recommendations.1. Zoom Video CommunicationsFirst up today is the fastest growing and cheapest valuation of the trio, Zoom Video Communications. Because its share price has dropped nearly 50% over the last six months amid decelerating sales growth, Zoom looks attractively valued compared to the $1.5 billion in free cash flow it created over the previous 12 months.While its 100% revenue growth over the last 12 months will probably not repeat in 2022, its third-quarter growth of 35% year over year is more than enough to make its freshly discounted valuation appealing. Furthermore, with 14 consecutive quarters with a dollar-based net expansion (DBNE) rate above 130%, Zoom has demonstrated that its land-and-expand business model is firing on all cylinders.DBNE is a great way to measure increased product use by existing customers, despite not accounting for customer churn. For Zoom, this 130% rate is highly promising as it shows that it is getting its foot in the door with its famous Meetings product and upselling customers on newer products, such as Zoom Rooms and Zoom Phone. Should the company's DBNE continue at these levels, it will signal that its business model is still succeeding.Furthermore, with international sales only accounting for 33% of Zoom's total revenue, its global ambitions are still in their infancy. This international growth runway, paired with the company's strong FCF and recently discounted share price, makes Zoom a great core holding for the next decade.2. PinterestNext up, we have Pinterest with its inspiration-creating platform and newly developed FCF generation. Unfortunately, despite the promise of these positive cash flows, Pinterest's stock has dropped over 50% in the last six months, due to a rumored abandoned acquisition by PayPal and a decline in monthly active users (MAUs).But two key things are happening behind the scenes for Pinterest, making today's valuation very tempting.First, the company's fledgling shopping features are starting to take off, with product searches up over 100% for the third quarter, year over year. Better yet, members of the all-important Generation Z demographic (ages 9 to 24) increased their product searches on the shop tab by over 200% for the third quarter.Second, despite having four times the number of international MAUs than in the U.S., the international segment only accounts for 21% of Pinterest's overall revenue. This is due to the massive gap in average revenue per user (ARPU) between U.S. and international users, which is $5.55 and $0.38, respectively.This gap is essential for investors to watch as Pinterest launched its shopping features in seven key international markets during the third quarter: Italy, Spain, the Netherlands, Austria, Switzerland, Brazil, and Mexico. As these markets mature, along with Pinterest's shopping features in general, investors should see this ARPU gap between the U.S. and international narrow, bringing strong monetization to the company's global footprint.3. DocuSignFamous for its e-signature product, DocuSign is on a mission to prove that it is more than just a one-trick pony. Moving beyond its e-signature dominance, the company has its eyes set on a broader target market that it hopes to serve through its Agreement Cloud, which consists of four segments: prepare, sign, act, and manage.With its Agreement Cloud, DocuSign intends to parlay its leadership in e-signatures into becoming the leader in automated end-to-end agreement processes. While the company does not break out numbers for each segment of the Agreement Cloud, we can get a good idea of its ongoing success through DocuSign's 121% dollar-based net retention (DBNR) rate.DBNR shows the rate at which existing customers are expanding their use of the company's products. Since DBNR includes customer churn, a figure above 120% is exceptional. So DocuSign's track record of being above this mark for six consecutive quarters is very impressive. It highlights the potential that might be building within the company's broader Agreement Cloud ambitions. And that makes DocuSign's 30% share-price drop in the last month an appealing entry point for new investors.DocuSign already has a 17% FCF margin, which makes it look like another discounted, but strong, cash-generating stock to buy and hold for the next decade.","news_type":1},"isVote":1,"tweetType":1,"viewCount":285,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":178888541,"gmtCreate":1626797156783,"gmtModify":1703765473241,"author":{"id":"3574687898874038","authorId":"3574687898874038","name":"Wil17","avatar":"https://static.tigerbbs.com/0cfd41bcd17de187675ea0796762da27","crmLevel":3,"crmLevelSwitch":0},"themes":[],"htmlText":"Great to the moon","listText":"Great to the moon","text":"Great to the moon","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/178888541","repostId":"2152657163","repostType":4,"repost":{"id":"2152657163","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1626795120,"share":"https://www.laohu8.com/m/news/2152657163?lang=&edition=full","pubTime":"2021-07-20 23:32","market":"us","language":"en","title":"AMC to reopen two of the top-grossing movie theaters in Los Angeles","url":"https://stock-news.laohu8.com/highlight/detail?id=2152657163","media":"Dow Jones","summary":"Cinema chain to take over leases for the Grove and the Americana from Pacific Theaters.\n\nAMC jumped ","content":"<blockquote>\n Cinema chain to take over leases for the Grove and the Americana from Pacific Theaters.\n</blockquote>\n<p><b>AMC</b><b>&nbsp;jumped&nbsp;nearly&nbsp;9%&nbsp;in&nbsp;morning&nbsp;trading.</b></p>\n<p><img src=\"https://static.tigerbbs.com/39be46abc677a91e48d845a873557c43\" tg-width=\"824\" tg-height=\"609\" width=\"100%\" height=\"auto\"></p>\n<p>AMC Entertainment Holdings Inc., the world's largest movie-theater chain, is reopening two of the top-grossing theaters in the Los Angeles area, which have been shuttered for more than a year.</p>\n<p>AMC <a href=\"https://laohu8.com/S/AMC\">$(AMC)$</a> said Monday it has reached a long-term lease agreement with privately held real-estate company Caruso, which owns the properties, for the 14-screen Grove Theatre in Los Angeles' Grove shopping center and the 18-screen Americana at Brand Theatre in nearby Glendale, Calif.</p>\n<p>The two theaters were previously run by Pacific Theatres, which announced in April that they, along with 15 other Pacific and ArcLight cinemas nationwide, including Hollywood's iconic Cinerama Dome, would not reopen. The theaters have been closed since early 2020 due to the pandemic.</p>\n<p>AMC said the two theaters will reopen to movie-goers in August. Movie theaters are only now starting to recover from the devastating closures; last week, AMC reported its best weekend for attendance in 16 months, adding that eight of the 10 busiest U.S. movie theaters were run by AMC.</p>\n<p>In 2018, the Grove was the second-highest-grossing movie theater in the Los Angeles area, while the Americana ranked fifth, AMC said Monday.</p>\n<p>AMC may not be done, saying it \"remains in active discussions with other property owners regarding additional currently closed locations.\"</p>\n<p>\"The Grove and The Americana at Brand theatres are among the most successful theatres in the greater Los Angeles area,\" AMC Chief Executive Adam Aron said in a statement. \"AMC is proud to be expanding in the movie-making capital of the world.\"</p>\n<p>AMC shares have been volatile in recent months, and have sunk 41% over the past month. Still, AMC is up more than 1,500% year to date, thanks to the meteoric rise by it and other meme stocks earlier this year.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>AMC to reopen two of the top-grossing movie theaters in Los Angeles</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAMC to reopen two of the top-grossing movie theaters in Los Angeles\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2021-07-20 23:32</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<blockquote>\n Cinema chain to take over leases for the Grove and the Americana from Pacific Theaters.\n</blockquote>\n<p><b>AMC</b><b>&nbsp;jumped&nbsp;nearly&nbsp;9%&nbsp;in&nbsp;morning&nbsp;trading.</b></p>\n<p><img src=\"https://static.tigerbbs.com/39be46abc677a91e48d845a873557c43\" tg-width=\"824\" tg-height=\"609\" width=\"100%\" height=\"auto\"></p>\n<p>AMC Entertainment Holdings Inc., the world's largest movie-theater chain, is reopening two of the top-grossing theaters in the Los Angeles area, which have been shuttered for more than a year.</p>\n<p>AMC <a href=\"https://laohu8.com/S/AMC\">$(AMC)$</a> said Monday it has reached a long-term lease agreement with privately held real-estate company Caruso, which owns the properties, for the 14-screen Grove Theatre in Los Angeles' Grove shopping center and the 18-screen Americana at Brand Theatre in nearby Glendale, Calif.</p>\n<p>The two theaters were previously run by Pacific Theatres, which announced in April that they, along with 15 other Pacific and ArcLight cinemas nationwide, including Hollywood's iconic Cinerama Dome, would not reopen. The theaters have been closed since early 2020 due to the pandemic.</p>\n<p>AMC said the two theaters will reopen to movie-goers in August. Movie theaters are only now starting to recover from the devastating closures; last week, AMC reported its best weekend for attendance in 16 months, adding that eight of the 10 busiest U.S. movie theaters were run by AMC.</p>\n<p>In 2018, the Grove was the second-highest-grossing movie theater in the Los Angeles area, while the Americana ranked fifth, AMC said Monday.</p>\n<p>AMC may not be done, saying it \"remains in active discussions with other property owners regarding additional currently closed locations.\"</p>\n<p>\"The Grove and The Americana at Brand theatres are among the most successful theatres in the greater Los Angeles area,\" AMC Chief Executive Adam Aron said in a statement. \"AMC is proud to be expanding in the movie-making capital of the world.\"</p>\n<p>AMC shares have been volatile in recent months, and have sunk 41% over the past month. Still, AMC is up more than 1,500% year to date, thanks to the meteoric rise by it and other meme stocks earlier this year.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMC":"AMC院线"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2152657163","content_text":"Cinema chain to take over leases for the Grove and the Americana from Pacific Theaters.\n\nAMC jumped nearly 9% in morning trading.\n\nAMC Entertainment Holdings Inc., the world's largest movie-theater chain, is reopening two of the top-grossing theaters in the Los Angeles area, which have been shuttered for more than a year.\nAMC $(AMC)$ said Monday it has reached a long-term lease agreement with privately held real-estate company Caruso, which owns the properties, for the 14-screen Grove Theatre in Los Angeles' Grove shopping center and the 18-screen Americana at Brand Theatre in nearby Glendale, Calif.\nThe two theaters were previously run by Pacific Theatres, which announced in April that they, along with 15 other Pacific and ArcLight cinemas nationwide, including Hollywood's iconic Cinerama Dome, would not reopen. The theaters have been closed since early 2020 due to the pandemic.\nAMC said the two theaters will reopen to movie-goers in August. Movie theaters are only now starting to recover from the devastating closures; last week, AMC reported its best weekend for attendance in 16 months, adding that eight of the 10 busiest U.S. movie theaters were run by AMC.\nIn 2018, the Grove was the second-highest-grossing movie theater in the Los Angeles area, while the Americana ranked fifth, AMC said Monday.\nAMC may not be done, saying it \"remains in active discussions with other property owners regarding additional currently closed locations.\"\n\"The Grove and The Americana at Brand theatres are among the most successful theatres in the greater Los Angeles area,\" AMC Chief Executive Adam Aron said in a statement. \"AMC is proud to be expanding in the movie-making capital of the world.\"\nAMC shares have been volatile in recent months, and have sunk 41% over the past month. Still, AMC is up more than 1,500% year to date, thanks to the meteoric rise by it and other meme stocks earlier this year.","news_type":1},"isVote":1,"tweetType":1,"viewCount":86,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":148929464,"gmtCreate":1625918968858,"gmtModify":1703750892510,"author":{"id":"3574687898874038","authorId":"3574687898874038","name":"Wil17","avatar":"https://static.tigerbbs.com/0cfd41bcd17de187675ea0796762da27","crmLevel":3,"crmLevelSwitch":0},"themes":[],"htmlText":"Yes time to get in soon&nbsp;","listText":"Yes time to get in soon&nbsp;","text":"Yes time to get in soon","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/148929464","repostId":"2150326565","repostType":4,"isVote":1,"tweetType":1,"viewCount":96,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127861869,"gmtCreate":1624843548451,"gmtModify":1703845919140,"author":{"id":"3574687898874038","authorId":"3574687898874038","name":"Wil17","avatar":"https://static.tigerbbs.com/0cfd41bcd17de187675ea0796762da27","crmLevel":3,"crmLevelSwitch":0},"themes":[],"htmlText":"Gosh","listText":"Gosh","text":"Gosh","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/127861869","repostId":"1174604007","repostType":4,"repost":{"id":"1174604007","pubTimestamp":1624843205,"share":"https://www.laohu8.com/m/news/1174604007?lang=&edition=full","pubTime":"2021-06-28 09:20","market":"hk","language":"en","title":"Hong Kong Exchanges Cancels Morning Session Due to Rainstorm Warning","url":"https://stock-news.laohu8.com/highlight/detail?id=1174604007","media":"Marketwatch","summary":"The Hong Kong exchange's Monday morning trading session has been cancelled due to a severe rainstorm","content":"<p>The Hong Kong exchange's Monday morning trading session has been cancelled due to a severe rainstorm alert.</p>\n<p>The suspension and potential cancellation also applies to Hong Kong-China stock connect trading, Hong Kong Exchanges and Clearing Ltd. said on Monday.</p>\n<p>If the rainstorm alert is cancelled at or before noon, HKEX said it will resume trading for major products of its securities and derivatives markets in the afternoon.</p>\n<p>If the alert remains at noon, all afternoon trading will be cancelled as well, it said.</p>","source":"market_watch","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>Hong Kong Exchanges Cancels Morning Session Due to Rainstorm Warning</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{ 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}\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\">\nHong Kong Exchanges Cancels Morning Session Due to Rainstorm Warning\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-28 09:20 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.marketwatch.com/story/hong-kong-delays-morning-session-due-to-rainstorm-warning-271624842516><strong>Marketwatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The Hong Kong exchange's Monday morning trading session has been cancelled due to a severe rainstorm alert.\nThe suspension and potential cancellation also applies to Hong Kong-China stock connect ...</p>\n\n<a href=\"https://www.marketwatch.com/story/hong-kong-delays-morning-session-due-to-rainstorm-warning-271624842516\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"HSI":"恒生指数"},"source_url":"https://www.marketwatch.com/story/hong-kong-delays-morning-session-due-to-rainstorm-warning-271624842516","is_english":true,"share_image_url":"https://static.laohu8.com/599a65733b8245fcf7868668ef9ad712","article_id":"1174604007","content_text":"The Hong Kong exchange's Monday morning trading session has been cancelled due to a severe rainstorm alert.\nThe suspension and potential cancellation also applies to Hong Kong-China stock connect trading, Hong Kong Exchanges and Clearing Ltd. said on Monday.\nIf the rainstorm alert is cancelled at or before noon, HKEX said it will resume trading for major products of its securities and derivatives markets in the afternoon.\nIf the alert remains at noon, all afternoon trading will be cancelled as well, it said.","news_type":1},"isVote":1,"tweetType":1,"viewCount":64,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":126607597,"gmtCreate":1624555165419,"gmtModify":1703840346746,"author":{"id":"3574687898874038","authorId":"3574687898874038","name":"Wil17","avatar":"https://static.tigerbbs.com/0cfd41bcd17de187675ea0796762da27","crmLevel":3,"crmLevelSwitch":0},"themes":[],"htmlText":"Monitoring&nbsp;","listText":"Monitoring&nbsp;","text":"Monitoring","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/126607597","repostId":"2145704596","repostType":4,"isVote":1,"tweetType":1,"viewCount":23,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9007184598,"gmtCreate":1642809875705,"gmtModify":1676533748152,"author":{"id":"3574687898874038","authorId":"3574687898874038","name":"Wil17","avatar":"https://static.tigerbbs.com/0cfd41bcd17de187675ea0796762da27","crmLevel":3,"crmLevelSwitch":0},"themes":[],"htmlText":"Can buy","listText":"Can buy","text":"Can buy","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9007184598","repostId":"2205302378","repostType":4,"repost":{"id":"2205302378","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1642800688,"share":"https://www.laohu8.com/m/news/2205302378?lang=&edition=full","pubTime":"2022-01-22 05:31","market":"us","language":"en","title":"US STOCKS-S&P 500, Nasdaq Post Worst Weeks since Pandemic Start as Netflix Woes Deepen Slide","url":"https://stock-news.laohu8.com/highlight/detail?id=2205302378","media":"Reuters","summary":"* Netflix plunges, weighs on Disney, media stocks* S&P 500, Nasdaq have biggest weekly drops since March 2020* Focus turning to Fed meeting for clarity on policy* Indexes down: Dow 1.3%, S&P 1.89%, Na","content":"<html><head></head><body><p>* Netflix plunges, weighs on Disney, media stocks</p><p>* S&amp;P 500, Nasdaq have biggest weekly drops since March 2020</p><p>* Focus turning to Fed meeting for clarity on policy</p><p>* Indexes down: Dow 1.3%, S&amp;P 1.89%, Nasdaq 2.72%</p><p>Jan 21 (Reuters) - Wall Street&#39;s main indexes ended sharply lower on Friday as Netflix shares plunged after a weak earnings report, capping a brutal week for stocks that saw the S&amp;P 500 and Nasdaq log their  biggest weekly percentage drops since the onset of the pandemic in March 2020.</p><p>The benchmark S&amp;P 500 posted its third straight week of declines, ending 8.3% down from its early January record high.</p><p>Losses also deepened for the Nasdaq after the tech-heavy index earlier in the week confirmed it was in a correction, closing down over 10% from its November peak. The Nasdaq has now fallen 14.3% from its November peak and on Friday closed at its lowest level since June.</p><p>Netflix    shares tumbled 21.8%, weighing on the S&amp;P 500 and the Nasdaq, after the streaming giant forecast weak subscriber growth. Shares of competitor Walt Disney    fell 6.9%, dragging on the Dow, while Roku    also slid 9.1%.</p><p>&#34;It has really been a continuation of a tech rout,” said Paul Nolte, portfolio manager at Kingsview Investment Management. &#34;It’s really a combination of a rotation out of technology as well as very poor numbers from Netflix that I think is the catalyst for today.&#34;</p><p>The Dow Jones Industrial Average    fell 450.02 points, or 1.3%, to 34,265.37, the S&amp;P 500    lost 84.79 points, or 1.89%, to 4,397.94 and the Nasdaq Composite    dropped 385.10 points, or 2.72%, to 13,768.92.</p><p>For the week, the S&amp;P 500 fell 5.7%, the Dow dropped 4.6% and the Nasdaq declined 7.6%.</p><p>The Dow fell for a sixth straight session, its longest streak of daily declines since February 2020.</p><p>The S&amp;P 500 closed below its 200-day moving average, a key technical level, for the first time since June 2020.</p><p>&#34;When markets get like they&#39;ve gotten this week, the emotion is what takes over,&#34; said Jim Paulsen, chief investment strategist at The Leuthold Group. &#34;Until it finds support, no <a href=\"https://laohu8.com/S/AONE.U\">one</a>&#39;s going care about anything fundamental.&#34;</p><p>Stocks are off to a rough start in 2022, as a fast rise in Treasury yields amid concerns the Federal Reserve will become aggressive in controlling inflation has particularly hit tech and growth shares.</p><p>Investors are keenly focused on next week&#39;s Fed meeting for more clarity on the central bank&#39;s plans to tighten monetary policy in the coming months, after data last week showed U.S. consumer prices in December had the largest annual rise in nearly four decades.</p><p>“Between the Fed meeting and earnings, there is a lot that the market could be worried about next week,” said Anu Gaggar, global investment strategist at Commonwealth Financial Network.</p><p>Apple   , Tesla    and Microsoft    are among the large companies due to report next week in a busy week of earnings results.</p><p>Declining issues outnumbered advancing ones on the NYSE by a 4.26-to-1 ratio; on Nasdaq, a 4.34-to-1 ratio favored decliners.</p><p>The S&amp;P 500 posted five new 52-week highs and 24 new lows; the Nasdaq Composite recorded 13 new highs and 1,029 new lows.</p><p>About 14.6 billion shares changed hands in U.S. exchanges, compared with the 10.4 billion daily average over the last 20 sessions.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>US STOCKS-S&P 500, Nasdaq Post Worst Weeks since Pandemic Start as Netflix Woes Deepen Slide</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nUS STOCKS-S&P 500, Nasdaq Post Worst Weeks since Pandemic Start as Netflix Woes Deepen Slide\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2022-01-22 05:31</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>* Netflix plunges, weighs on Disney, media stocks</p><p>* S&amp;P 500, Nasdaq have biggest weekly drops since March 2020</p><p>* Focus turning to Fed meeting for clarity on policy</p><p>* Indexes down: Dow 1.3%, S&amp;P 1.89%, Nasdaq 2.72%</p><p>Jan 21 (Reuters) - Wall Street&#39;s main indexes ended sharply lower on Friday as Netflix shares plunged after a weak earnings report, capping a brutal week for stocks that saw the S&amp;P 500 and Nasdaq log their  biggest weekly percentage drops since the onset of the pandemic in March 2020.</p><p>The benchmark S&amp;P 500 posted its third straight week of declines, ending 8.3% down from its early January record high.</p><p>Losses also deepened for the Nasdaq after the tech-heavy index earlier in the week confirmed it was in a correction, closing down over 10% from its November peak. The Nasdaq has now fallen 14.3% from its November peak and on Friday closed at its lowest level since June.</p><p>Netflix    shares tumbled 21.8%, weighing on the S&amp;P 500 and the Nasdaq, after the streaming giant forecast weak subscriber growth. Shares of competitor Walt Disney    fell 6.9%, dragging on the Dow, while Roku    also slid 9.1%.</p><p>&#34;It has really been a continuation of a tech rout,” said Paul Nolte, portfolio manager at Kingsview Investment Management. &#34;It’s really a combination of a rotation out of technology as well as very poor numbers from Netflix that I think is the catalyst for today.&#34;</p><p>The Dow Jones Industrial Average    fell 450.02 points, or 1.3%, to 34,265.37, the S&amp;P 500    lost 84.79 points, or 1.89%, to 4,397.94 and the Nasdaq Composite    dropped 385.10 points, or 2.72%, to 13,768.92.</p><p>For the week, the S&amp;P 500 fell 5.7%, the Dow dropped 4.6% and the Nasdaq declined 7.6%.</p><p>The Dow fell for a sixth straight session, its longest streak of daily declines since February 2020.</p><p>The S&amp;P 500 closed below its 200-day moving average, a key technical level, for the first time since June 2020.</p><p>&#34;When markets get like they&#39;ve gotten this week, the emotion is what takes over,&#34; said Jim Paulsen, chief investment strategist at The Leuthold Group. &#34;Until it finds support, no <a href=\"https://laohu8.com/S/AONE.U\">one</a>&#39;s going care about anything fundamental.&#34;</p><p>Stocks are off to a rough start in 2022, as a fast rise in Treasury yields amid concerns the Federal Reserve will become aggressive in controlling inflation has particularly hit tech and growth shares.</p><p>Investors are keenly focused on next week&#39;s Fed meeting for more clarity on the central bank&#39;s plans to tighten monetary policy in the coming months, after data last week showed U.S. consumer prices in December had the largest annual rise in nearly four decades.</p><p>“Between the Fed meeting and earnings, there is a lot that the market could be worried about next week,” said Anu Gaggar, global investment strategist at Commonwealth Financial Network.</p><p>Apple   , Tesla    and Microsoft    are among the large companies due to report next week in a busy week of earnings results.</p><p>Declining issues outnumbered advancing ones on the NYSE by a 4.26-to-1 ratio; on Nasdaq, a 4.34-to-1 ratio favored decliners.</p><p>The S&amp;P 500 posted five new 52-week highs and 24 new lows; the Nasdaq Composite recorded 13 new highs and 1,029 new lows.</p><p>About 14.6 billion shares changed hands in U.S. exchanges, compared with the 10.4 billion daily average over the last 20 sessions.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NFLX":"奈飞","BK4524":"宅经济概念","BK4559":"巴菲特持仓","BK4527":"明星科技股","BK4550":"红杉资本持仓","SPY":"标普500ETF","BK4551":"寇图资本持仓","BK4504":"桥水持仓","HUT":"Hut 8 Mining Corp","BK4548":"巴美列捷福持仓",".DJI":"道琼斯","BK4532":"文艺复兴科技持仓",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index","BK4108":"电影和娱乐","BK4507":"流媒体概念","BK4534":"瑞士信贷持仓","BK4566":"资本集团"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2205302378","content_text":"* Netflix plunges, weighs on Disney, media stocks* S&P 500, Nasdaq have biggest weekly drops since March 2020* Focus turning to Fed meeting for clarity on policy* Indexes down: Dow 1.3%, S&P 1.89%, Nasdaq 2.72%Jan 21 (Reuters) - Wall Street's main indexes ended sharply lower on Friday as Netflix shares plunged after a weak earnings report, capping a brutal week for stocks that saw the S&P 500 and Nasdaq log their  biggest weekly percentage drops since the onset of the pandemic in March 2020.The benchmark S&P 500 posted its third straight week of declines, ending 8.3% down from its early January record high.Losses also deepened for the Nasdaq after the tech-heavy index earlier in the week confirmed it was in a correction, closing down over 10% from its November peak. The Nasdaq has now fallen 14.3% from its November peak and on Friday closed at its lowest level since June.Netflix    shares tumbled 21.8%, weighing on the S&P 500 and the Nasdaq, after the streaming giant forecast weak subscriber growth. Shares of competitor Walt Disney    fell 6.9%, dragging on the Dow, while Roku    also slid 9.1%.\"It has really been a continuation of a tech rout,” said Paul Nolte, portfolio manager at Kingsview Investment Management. \"It’s really a combination of a rotation out of technology as well as very poor numbers from Netflix that I think is the catalyst for today.\"The Dow Jones Industrial Average    fell 450.02 points, or 1.3%, to 34,265.37, the S&P 500    lost 84.79 points, or 1.89%, to 4,397.94 and the Nasdaq Composite    dropped 385.10 points, or 2.72%, to 13,768.92.For the week, the S&P 500 fell 5.7%, the Dow dropped 4.6% and the Nasdaq declined 7.6%.The Dow fell for a sixth straight session, its longest streak of daily declines since February 2020.The S&P 500 closed below its 200-day moving average, a key technical level, for the first time since June 2020.\"When markets get like they've gotten this week, the emotion is what takes over,\" said Jim Paulsen, chief investment strategist at The Leuthold Group. \"Until it finds support, no one's going care about anything fundamental.\"Stocks are off to a rough start in 2022, as a fast rise in Treasury yields amid concerns the Federal Reserve will become aggressive in controlling inflation has particularly hit tech and growth shares.Investors are keenly focused on next week's Fed meeting for more clarity on the central bank's plans to tighten monetary policy in the coming months, after data last week showed U.S. consumer prices in December had the largest annual rise in nearly four decades.“Between the Fed meeting and earnings, there is a lot that the market could be worried about next week,” said Anu Gaggar, global investment strategist at Commonwealth Financial Network.Apple   , Tesla    and Microsoft    are among the large companies due to report next week in a busy week of earnings results.Declining issues outnumbered advancing ones on the NYSE by a 4.26-to-1 ratio; on Nasdaq, a 4.34-to-1 ratio favored decliners.The S&P 500 posted five new 52-week highs and 24 new lows; the Nasdaq Composite recorded 13 new highs and 1,029 new lows.About 14.6 billion shares changed hands in U.S. exchanges, compared with the 10.4 billion daily average over the last 20 sessions.","news_type":1},"isVote":1,"tweetType":1,"viewCount":423,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}