RogerLam personal page - To The Moon

RogerLam

RogerLam

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2023-07-18

Good analysis

Sorry, the original content has been removed

2023-03-30

Good

@Robert J. Teuwissen:US government funding

2023-03-23

Oh ok

Sorry, the original content has been removed

2023-02-16

Yes

Elon Musk Nears World’s Richest Title Again, Thanks to Tesla’s 70% Rise This Year

2022-04-24

Yes

Sorry, the original content has been removed

2022-04-24

Ok

Apple Is the Last FAANG Standing

2022-04-22

Agreed

Netflix: Ackman Made An Error But You Can Gain

2022-04-20

Good

2 Stocks Under $10 That Morgan Stanley Sees Surging Over 100%

2022-04-20

Good

Is The End Near For Musk And Tesla?

2022-04-18

Yes

Is Tesla a Safe Stock to Buy Now?

2022-04-18

Agreed

2 Charts That Show Why It's Time to Buy the Dip in Meta Platforms' Stock

2022-04-16

Yes

Cathie Wood Is Warming Up to General Motors (GM) Stock. Here’s Why.

2022-04-12

👌

Sorry, the original content has been removed

2022-04-12

Yes

3 of the Smartest Stocks to Buy in a Fed-Induced Bear Market

2022-04-11

👌

Amazon’s Drone Delivery Program Is Hit by Crashes and Safety Concerns

2022-04-10

Yes

Want $1 Million in Retirement? Invest $100,000 in These 3 Stocks and Wait a Decade

2022-04-10

Yes

Tesla, Block, Blockstream Team Up on HUGE Bitcoin Mining Project. What to Know.

2022-04-10

Ok

US STOCKS-Dow Gains, S&P 500 Ends Lower As Market Weighs Fed Rate Hikes

2022-04-06

Yes

Twitter Stock Jumped 5.64% as Musk Will Join Twitter’s Board of Directors

2022-04-06

👍

Price Target Changes｜Wedbush Lowered Starbucks to $91; Citigroup Boosted Pfizer to $57

Go to Tiger App to see more news

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analysis&nbsp;","listText":"Good analysis&nbsp;","text":"Good analysis","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/199055103459528","repostId":"2352737131","repostType":4,"isVote":1,"tweetType":1,"viewCount":549,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9941604554,"gmtCreate":1680177125878,"gmtModify":1680177129712,"author":{"id":"3575105747703011","authorId":"3575105747703011","name":"RogerLam","avatar":"https://static.tigerbbs.com/1005e5ae2cda08a31d27406a5089b7ae","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3575105747703011","authorIdStr":"3575105747703011"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9941604554","repostId":"9941605557","repostType":1,"repost":{"id":9941605557,"gmtCreate":1680176391080,"gmtModify":1680176723110,"author":{"id":"4110446958625042","authorId":"4110446958625042","name":"Robert J. Teuwissen","avatar":"https://community-static.tradeup.com/news/b028941e5a947604ea7fc2e4de2b1c4c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4110446958625042","authorIdStr":"4110446958625042"},"themes":[],"title":"US government funding","htmlText":"The U.S. national debt was $31.5 trillion in January 2023 and has risen sharply as a percentage of GDP in recent years due to the pandemic. The forecast based on the U.S. budget is that the debt will continue to rise, not only absolutely, but also as a percentage of GDP. Moreover, interest rates have now risen, which means that the interest item on this debt is also going to rise. We are soon talking about an additional interest expense of 500 billion, equal to about 10 percent of tax revenues. Since the Americans have not issued centennial loans like Austria, many national debts will have to be refinanced in the coming years. By the way, there is still some $70 trillion worth of off-balance-sheet liabilities, not only Social Security and Medicare but also all the guarantees from Fannie Ma","listText":"The U.S. national debt was $31.5 trillion in January 2023 and has risen sharply as a percentage of GDP in recent years due to the pandemic. The forecast based on the U.S. budget is that the debt will continue to rise, not only absolutely, but also as a percentage of GDP. Moreover, interest rates have now risen, which means that the interest item on this debt is also going to rise. We are soon talking about an additional interest expense of 500 billion, equal to about 10 percent of tax revenues. Since the Americans have not issued centennial loans like Austria, many national debts will have to be refinanced in the coming years. By the way, there is still some $70 trillion worth of off-balance-sheet liabilities, not only Social Security and Medicare but also all the guarantees from Fannie Ma","text":"The U.S. national debt was $31.5 trillion in January 2023 and has risen sharply as a percentage of GDP in recent years due to the pandemic. The forecast based on the U.S. budget is that the debt will continue to rise, not only absolutely, but also as a percentage of GDP. Moreover, interest rates have now risen, which means that the interest item on this debt is also going to rise. We are soon talking about an additional interest expense of 500 billion, equal to about 10 percent of tax revenues. Since the Americans have not issued centennial loans like Austria, many national debts will have to be refinanced in the coming years. By the way, there is still some $70 trillion worth of off-balance-sheet liabilities, not only Social Security and Medicare but also all the guarantees from Fannie Ma","images":[{"img":"https://community-static.tradeup.com/news/b6193500275d2a6e115fb33747ea3bf4","width":"734","height":"546"},{"img":"https://community-static.tradeup.com/news/198ae779b878ea244ba3d35a1baa6b95","width":"755","height":"429"},{"img":"https://community-static.tradeup.com/news/b4e44dfeefea2b434a63f0ef0d62b867","width":"768","height":"389"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9941605557","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":6,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":277,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9943279219,"gmtCreate":1679524611831,"gmtModify":1679524615639,"author":{"id":"3575105747703011","authorId":"3575105747703011","name":"RogerLam","avatar":"https://static.tigerbbs.com/1005e5ae2cda08a31d27406a5089b7ae","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3575105747703011","authorIdStr":"3575105747703011"},"themes":[],"htmlText":"Oh ok","listText":"Oh ok","text":"Oh ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":13,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9943279219","repostId":"1151598224","repostType":4,"isVote":1,"tweetType":1,"viewCount":347,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9954555780,"gmtCreate":1676500322540,"gmtModify":1676500326652,"author":{"id":"3575105747703011","authorId":"3575105747703011","name":"RogerLam","avatar":"https://static.tigerbbs.com/1005e5ae2cda08a31d27406a5089b7ae","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3575105747703011","authorIdStr":"3575105747703011"},"themes":[],"htmlText":"Yes&nbsp;","listText":"Yes&nbsp;","text":"Yes","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":12,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9954555780","repostId":"1129081945","repostType":2,"repost":{"id":"1129081945","kind":"news","pubTimestamp":1676468965,"share":"https://ttm.financial/m/news/1129081945?lang=&edition=fundamental","pubTime":"2023-02-15 21:49","market":"us","language":"en","title":"Elon Musk Nears World’s Richest Title Again, Thanks to Tesla’s 70% Rise This Year","url":"https://stock-news.laohu8.com/highlight/detail?id=1129081945","media":"Bloomberg","summary":"Elon Musk is closing in on recapturing his title as the world’s richest person since falling behind ","content":"<html><head></head><body><p><img src=\"https://static.tigerbbs.com/6d00118bda28270d2f81a9bfc2ea7bb2\" tg-width=\"800\" tg-height=\"521\" referrerpolicy=\"no-referrer\"/>Elon Musk is closing in on recapturing his title as the world’s richest person since falling behind Bernard Arnault in December, thanks toTesla Inc.’s 70% rise this year.</p><p>It may take a bit longer for Musk to overtake the French luxury-goods titan, though, after disclosing this week he gave 11.6 million Tesla shares to unnamed charitable causes between August and December. The stock was worth about $2.4 billion, based on average prices the days Musk donated the securities.</p><p>The disclosure comes as Musk, 51, has narrowed the gap to Arnault to less than $10 billion amid signs of growing demand for Tesla’s electric vehicles.</p><p>He now has a fortune of about $184 billion after his latest donation, according to theBloomberg Billionaires Index. That’s down from a peak of more than $300 billion in late 2021 before he decided to buy Twitter in a leveraged buyout near the peak of the tech market, but up more almost $50 billion this year.</p><p>Musk, Tesla’s chief executive officer and biggest individual shareholder, previously donated shares in the company in 2021 worth about $6 billion, making it at the time one of the largest philanthropic donations in history.</p><p>The recipient for the donation waslater revealedas the Musk Foundation, which has recently provided funds to education and carbon-removal projects as well as nonprofits in the area around Brownsville, Texas, close to his SpaceX spaceport.</p><p>Much of Musk’s wealth is still tied up in Tesla stock, though SpaceX has made up a bigger share in recent years. Musk sold more than $20 billion of Tesla stock last year as he tried to shore up his buyout of Twitter.</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>Elon Musk Nears World’s Richest Title Again, Thanks to Tesla’s 70% Rise This Year</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\">\nElon Musk Nears World’s Richest Title Again, Thanks to Tesla’s 70% Rise This Year\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-02-15 21:49 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2023-02-15/musk-nears-world-s-richest-title-again-even-with-2-billion-gift><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Elon Musk is closing in on recapturing his title as the world’s richest person since falling behind Bernard Arnault in December, thanks toTesla Inc.’s 70% rise this year.It may take a bit longer for ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2023-02-15/musk-nears-world-s-richest-title-again-even-with-2-billion-gift\">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/2023-02-15/musk-nears-world-s-richest-title-again-even-with-2-billion-gift","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129081945","content_text":"Elon Musk is closing in on recapturing his title as the world’s richest person since falling behind Bernard Arnault in December, thanks toTesla Inc.’s 70% rise this year.It may take a bit longer for Musk to overtake the French luxury-goods titan, though, after disclosing this week he gave 11.6 million Tesla shares to unnamed charitable causes between August and December. The stock was worth about $2.4 billion, based on average prices the days Musk donated the securities.The disclosure comes as Musk, 51, has narrowed the gap to Arnault to less than $10 billion amid signs of growing demand for Tesla’s electric vehicles.He now has a fortune of about $184 billion after his latest donation, according to theBloomberg Billionaires Index. That’s down from a peak of more than $300 billion in late 2021 before he decided to buy Twitter in a leveraged buyout near the peak of the tech market, but up more almost $50 billion this year.Musk, Tesla’s chief executive officer and biggest individual shareholder, previously donated shares in the company in 2021 worth about $6 billion, making it at the time one of the largest philanthropic donations in history.The recipient for the donation waslater revealedas the Musk Foundation, which has recently provided funds to education and carbon-removal projects as well as nonprofits in the area around Brownsville, Texas, close to his SpaceX spaceport.Much of Musk’s wealth is still tied up in Tesla stock, though SpaceX has made up a bigger share in recent years. Musk sold more than $20 billion of Tesla stock last year as he tried to shore up his buyout of Twitter.","news_type":1},"isVote":1,"tweetType":1,"viewCount":428,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9085499455,"gmtCreate":1650754810619,"gmtModify":1676534785290,"author":{"id":"3575105747703011","authorId":"3575105747703011","name":"RogerLam","avatar":"https://static.tigerbbs.com/1005e5ae2cda08a31d27406a5089b7ae","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3575105747703011","authorIdStr":"3575105747703011"},"themes":[],"htmlText":"Yes","listText":"Yes","text":"Yes","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9085499455","repostId":"2229716170","repostType":4,"isVote":1,"tweetType":1,"viewCount":310,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9085499091,"gmtCreate":1650754722520,"gmtModify":1676534785265,"author":{"id":"3575105747703011","authorId":"3575105747703011","name":"RogerLam","avatar":"https://static.tigerbbs.com/1005e5ae2cda08a31d27406a5089b7ae","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3575105747703011","authorIdStr":"3575105747703011"},"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/9085499091","repostId":"2229678171","repostType":4,"repost":{"id":"2229678171","kind":"highlight","pubTimestamp":1650676500,"share":"https://ttm.financial/m/news/2229678171?lang=&edition=fundamental","pubTime":"2022-04-23 09:15","market":"us","language":"en","title":"Apple Is the Last FAANG Standing","url":"https://stock-news.laohu8.com/highlight/detail?id=2229678171","media":"Barrons","summary":"Apple is the last FAANG standing -- and its earnings report this coming week could go a long way tow","content":"<html><head></head><body><p>Apple is the last FAANG standing -- and its earnings report this coming week could go a long way toward determining if the stock market bounces back or slides even further.</p><p>As bad as this year has been for the stock market, it&#39;s been even worse for the original FAANGs. While the S&amp;P 500 has fallen 10.4% in 2022, Facebook parent Meta Platforms (ticker: FB) has slumped 45.3%, Amazon.com has dropped 13.4%, Netflix has tumbled 64.2%, and Google parent Alphabet has fallen 17.4%.</p><p>The expanded FAANMGs haven&#39;t done much better, with Microsoft <a href=\"https://laohu8.com/S/MSFT\">$(MSFT)$</a> falling 18.5%, and only Apple -- down 8.9% in 2022 -- outperforming the S&amp;P 500.</p><p>To say this is bad news for the stock market is an understatement. In every year since 2014, those six stocks have added more to the S&amp;P 500&#39;s returns than their weight in the index would imply, according to Bespoke Investment Group data. They&#39;ve also contributed more to the market&#39;s gains than the rest of the stock market combined in three out of those eight years.</p><p>That&#39;s changed in 2022, with Meta, Amazon, Netflix, Microsoft, Apple, and Alphabet accounting for 3.9%, or about half, of the S&amp;P 500&#39;s 7.8% decline through Thursday&#39;s close. &#34;For years, a select group of megacap stocks propped up the market at large with huge outperformance and rising weightings,&#34; writes Bespoke&#39;s George Pearkes. &#34;In 2022, though, those same stocks are now a major index drag.&#34;</p><p>Five of those six stocks will get a chance to prove that the market has been too pessimistic when they report earnings this coming week. Alphabet is scheduled to report after the close on Tuesday, as is Microsoft, followed by Meta on Wednesday afternoon, then Apple and Amazon after Thursday&#39;s close. Netflix, of course, already whiffed on earnings, causing the stock to drop 37% this past week. The less said about Meta, the better.</p><p>Don&#39;t expect great things from Microsoft, Amazon, and Alphabet. The three are trading below their 40-week moving averages, suggesting that there is more downside ahead, writes John Roque, head of technical strategy at 22V Research. &#34;The charts continue to tell us they&#39;re going to move sharply lower and...investors [aren&#39;t] particularly prepared for that to happen,&#34; explains Roque, who sees Alphabet and Amazon hitting $2,000, with Microsoft potentially falling to $225.</p><p>That leaves the market&#39;s hopes resting on Apple, the largest of the tech giants. Unlike the rest of Big Tech, Apple stock is still trading above its 40-week moving average, notes Roque, while Mark Newton, head of technical strategy at Fundstrat Global Advisors, also noted Apple&#39;s relative strength -- and the impact it has on the stock market and on the Invesco QQQ exchange-traded fund (QQQ).</p><p>Fundamental analysts, too, are generally bullish on Apple. The company is expected to report a fiscal-second-quarter profit of $1.43 a share, up 2.1% from $1.40 one year earlier, on sales of $94.1 billion, up 5% from $89.6 billion. Many analysts believe it will be able to surpass those numbers despite numerous headwinds, including supply-chain issues and shutdowns in China.</p><p>Strong growth in Apple&#39;s very profitable services business should also help alleviate concerns, writes Deutsche Bank analyst Sidney Ho: &#34;We believe AAPL stock is a good hiding place in this volatile market.&#34;</p><p>Investors better hope so. Without Apple, the market&#39;s slide will only get worse.</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>Apple Is the Last FAANG Standing</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 Is the Last FAANG Standing\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-04-23 09:15 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/apple-stock-aapl-faang-51650670596?mod=hp_LATEST><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Apple is the last FAANG standing -- and its earnings report this coming week could go a long way toward determining if the stock market bounces back or slides even further.As bad as this year has been...</p>\n\n<a href=\"https://www.barrons.com/articles/apple-stock-aapl-faang-51650670596?mod=hp_LATEST\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GOOG":"谷歌","GOOGL":"谷歌A","BK4527":"明星科技股","BK4559":"巴菲特持仓","BK4501":"段永平概念","BK4579":"人工智能","BK4550":"红杉资本持仓","BK4574":"无人驾驶","BK4573":"虚拟现实","BK4566":"资本集团","BK4505":"高瓴资本持仓","BK4581":"高盛持仓","BK4512":"苹果概念","BK4575":"芯片概念","BK4170":"电脑硬件、储存设备及电脑周边","NFLX":"奈飞","BK4515":"5G概念","BK4554":"元宇宙及AR概念","BK4532":"文艺复兴科技持仓","BK4553":"喜马拉雅资本持仓","BK4571":"数字音乐概念","AMZN":"亚马逊","BK4534":"瑞士信贷持仓","BK4507":"流媒体概念","BK4576":"AR","BK4533":"AQR资本管理(全球第二大对冲基金)","AAPL":"苹果"},"source_url":"https://www.barrons.com/articles/apple-stock-aapl-faang-51650670596?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2229678171","content_text":"Apple is the last FAANG standing -- and its earnings report this coming week could go a long way toward determining if the stock market bounces back or slides even further.As bad as this year has been for the stock market, it's been even worse for the original FAANGs. While the S&P 500 has fallen 10.4% in 2022, Facebook parent Meta Platforms (ticker: FB) has slumped 45.3%, Amazon.com has dropped 13.4%, Netflix has tumbled 64.2%, and Google parent Alphabet has fallen 17.4%.The expanded FAANMGs haven't done much better, with Microsoft $(MSFT)$ falling 18.5%, and only Apple -- down 8.9% in 2022 -- outperforming the S&P 500.To say this is bad news for the stock market is an understatement. In every year since 2014, those six stocks have added more to the S&P 500's returns than their weight in the index would imply, according to Bespoke Investment Group data. They've also contributed more to the market's gains than the rest of the stock market combined in three out of those eight years.That's changed in 2022, with Meta, Amazon, Netflix, Microsoft, Apple, and Alphabet accounting for 3.9%, or about half, of the S&P 500's 7.8% decline through Thursday's close. \"For years, a select group of megacap stocks propped up the market at large with huge outperformance and rising weightings,\" writes Bespoke's George Pearkes. \"In 2022, though, those same stocks are now a major index drag.\"Five of those six stocks will get a chance to prove that the market has been too pessimistic when they report earnings this coming week. Alphabet is scheduled to report after the close on Tuesday, as is Microsoft, followed by Meta on Wednesday afternoon, then Apple and Amazon after Thursday's close. Netflix, of course, already whiffed on earnings, causing the stock to drop 37% this past week. The less said about Meta, the better.Don't expect great things from Microsoft, Amazon, and Alphabet. The three are trading below their 40-week moving averages, suggesting that there is more downside ahead, writes John Roque, head of technical strategy at 22V Research. \"The charts continue to tell us they're going to move sharply lower and...investors [aren't] particularly prepared for that to happen,\" explains Roque, who sees Alphabet and Amazon hitting $2,000, with Microsoft potentially falling to $225.That leaves the market's hopes resting on Apple, the largest of the tech giants. Unlike the rest of Big Tech, Apple stock is still trading above its 40-week moving average, notes Roque, while Mark Newton, head of technical strategy at Fundstrat Global Advisors, also noted Apple's relative strength -- and the impact it has on the stock market and on the Invesco QQQ exchange-traded fund (QQQ).Fundamental analysts, too, are generally bullish on Apple. The company is expected to report a fiscal-second-quarter profit of $1.43 a share, up 2.1% from $1.40 one year earlier, on sales of $94.1 billion, up 5% from $89.6 billion. Many analysts believe it will be able to surpass those numbers despite numerous headwinds, including supply-chain issues and shutdowns in China.Strong growth in Apple's very profitable services business should also help alleviate concerns, writes Deutsche Bank analyst Sidney Ho: \"We believe AAPL stock is a good hiding place in this volatile market.\"Investors better hope so. Without Apple, the market's slide will only get worse.","news_type":1},"isVote":1,"tweetType":1,"viewCount":471,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9085909446,"gmtCreate":1650628984619,"gmtModify":1676534766317,"author":{"id":"3575105747703011","authorId":"3575105747703011","name":"RogerLam","avatar":"https://static.tigerbbs.com/1005e5ae2cda08a31d27406a5089b7ae","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3575105747703011","authorIdStr":"3575105747703011"},"themes":[],"htmlText":"Agreed","listText":"Agreed","text":"Agreed","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9085909446","repostId":"2229518442","repostType":4,"repost":{"id":"2229518442","kind":"news","pubTimestamp":1650618573,"share":"https://ttm.financial/m/news/2229518442?lang=&edition=fundamental","pubTime":"2022-04-22 17:09","market":"us","language":"en","title":"Netflix: Ackman Made An Error But You Can Gain","url":"https://stock-news.laohu8.com/highlight/detail?id=2229518442","media":"seekingalpha","summary":"Hedge fund investor Bill Ackman has been forced into an embarrassing U-turn on a huge chunk of Netfl","content":"<html><head></head><body><p>Hedge fund investor Bill Ackman has been forced into an embarrassing U-turn on a huge chunk of Netflix (NASDAQ:NFLX) stock which he only bought in January. Around that time, I warned that the stock had further to fall and predicted that $250 was possible. In this article, I will discuss the next path for the stock.</p><h2>Bill Ackman&#39;s Market Timing On Netflix Was Poor</h2><p>On January 23rd, I published an article on Seeking Alpha after a sharp drop in Netflix stock. I summarized that the stock was seeing a bump in the road after lofty valuations and, although the company was not seeing a real crisis, could fall to $300, or even $250 if indices were pressured.</p><p>Three days after that article saw hedge fund investor Bill Ackman announce a huge investment in Netflix stock. Ackman bought over 3 million shares for his Pershing Square fund at a cost of around $12bn. He has now been forced to liquidate after the second leg down, which has cost his investors $440 million.</p><p>Ackman&#39;s market timing on Netflix was simply poor. The stock was coming back down to earth from an eye-watering valuation, which was accompanied by stuttering growth as I talked about in my January article. The writing was on the wall for Netflix long before its all-time high in November above the $700 level.</p><p>Although Ackman dropped the ball, it is an opportunity for investors to learn from a big hedge fund blunder.</p><h2>What You Can Learn From The Ackman Episode</h2><p>At the time of the investment Ackman said that, &#34;The opportunity to acquire Netflix at an attractive valuation emerged when investors reacted negatively to the recent quarter’s subscriber growth and management’s short-term guidance.&#34;</p><p>The reality is that the valuation was certainly more attractive than the November highs, but that didn&#39;t mean it was the end of the road for the Netflix correction. Ackman showed impatience by taking a huge chunk of stock at a time of market uncertainty. If he had bought 1 million shares, he could now be looking at a very attractive valuation and his fund wouldn&#39;t be reeling from a huge liquidation of the entire position.</p><p>I believe Ackman&#39;s mistake was also driven by emotional bias. &#34;We have greatly admired Netflix both as consumers and as investors, but have never previously owned a stake in the company,&#34; he said.</p><p>I believe that Ackman&#39;s desire to own Netflix stock overpowered his patience and he moved to take an immediate position that made his fund <a href=\"https://laohu8.com/S/AONE.U\">one</a> of the top 20 investors. This looked great on paper in January but did he do much analysis on the potential downside?</p><p>For investors, it is another example of how a value investing approach, removing emotions and bias from the table can win out over the longer-term. Netflix is still a great company but it may be a long time before Pershing Square goes near it again.</p><p>Ackman said of the stock dump:</p><p>&#34;In response to continued disappointing customer subscriber growth, Netflix announced that it would modify its subscription-only model to be more aggressive in going after non-paying customers, and to incorporate advertising, an approach that management estimates would take “one to two years” to implement. While we believe these business model changes are sensible, it is extremely difficult to predict their impact on the company’s long-term subscriber growth, future revenues, operating margins, and capital intensity.&#34;</p><h2>What Is The Next Path For Netflix Stock?</h2><p>At the time of Ackman&#39;s investment, he shared many bullet points on the attractive opportunity presented by Netflix. Here are a few of those:</p><ul><li>its subscription-based, highly recurring revenues, which have enormous future growth potential</li><li>a truly best-in-class management team and unique high-performance culture</li><li>economies of scale and superb quality in its industry-leading content, which should continue to drive future growth and widen the company’s powerful competitive moat</li></ul><p>He added in the shareholder letter: &#34;With both UMG and Netflix, we are <i>all-in on streaming</i> as we love the business models, the industry contexts, and the management teams leading these remarkable organizations.</p><p>The emotions are running wild again here because the sharp losses on his initial investment have made the investor abandon a sector that he was very bullish on.</p><p>Has Netflix lost its &#39;highly recurring revenues&#39;? Has it lost its &#39;competitive moat&#39;? Has it lost its &#39;best in class&#39; management team?</p><p>The answer to all of those questions in no. I believe Netflix is NOW at an attractive valuation and it is up to investors to decide on the growth prospects for the company. The move to a more aggressive pricing policy is being driven by the pressures that were put on the company by Wall Street analysts&#39; projections. As the dust settles on this latest stock price collapse let us survey the current situation:</p><p>A global brand with highly recurring revenues. A world class management team with the experience to continue dominating the sector. A competitive moat that is one of the most impenetrable amongst US tech stocks.</p><p>Warren Buffet would be licking his lips and a famous value investor may even step forward to embarrass Ackman further.</p><p>Netflix now trades at a price-to-earnings ratio of 21x, which is in the ballpark for a stock market average. The company&#39;s price-to-sales is now 3.47x which is also very modest for a company with highly recurring revenues. The company has a strong return on equity at 35%. Q-on-Q sales were even 16% in the last quarter.</p><p>With gross margins of 46% and an operating margin of 20% there is work that can be done by management to slim down the company. The company&#39;s cash flow situation had been improving and this stock market collapse is maybe the shock that management needed to refocus on the balance sheet. The company has maybe hit a wall on subscriber growth but at these valuations it can mature as a company and then start to pursue strategies to return cash to shareholders.</p><p>I will end the article with a final excerpt from the Pershing Square letter released this week:</p><p>&#34;Based on management’s track record, we would not be surprised to see Netflix continue to be a highly successful company and an excellent investment from its current market value.&#34;</p><h2>Conclusion</h2><p>The Bill Ackman investment in Netflix is a great lesson for investors about market timing. Netflix is a great company with a competitive moat, strong management team and recurring revenues. These are some of the key attributes that a value investor looks for. By plunging into Netflix in January, the hedge fund investor ignored the potential downside on the stock which was trying to realign to aggressive Wall Street projections on customer growth and valuation. I warned back in January that Wall Street had misjudged the effects of the pandemic and the writing was on the wall for Netflix stock. Averaging into a value opportunity is often a good strategy and in buying 3 million shares in one tranche at a time of realignment, I believe Bill Ackman has missed out on exposure to a &#34;highly successful company and an excellent investment from its current market value.&#34;</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>Netflix: Ackman Made An Error But You Can 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\">\nNetflix: Ackman Made An Error But You Can Gain\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-04-22 17:09 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4502705-netflix-ackman-made-an-error-but-you-can-gain><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Hedge fund investor Bill Ackman has been forced into an embarrassing U-turn on a huge chunk of Netflix (NASDAQ:NFLX) stock which he only bought in January. Around that time, I warned that the stock ...</p>\n\n<a href=\"https://seekingalpha.com/article/4502705-netflix-ackman-made-an-error-but-you-can-gain\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4581":"高盛持仓","BK4507":"流媒体概念","BK4566":"资本集团","BK4532":"文艺复兴科技持仓","QNETCN":"纳斯达克中美互联网老虎指数","NFLX":"奈飞","BK4551":"寇图资本持仓","BK4548":"巴美列捷福持仓","BK4524":"宅经济概念","BK4108":"电影和娱乐","BK4534":"瑞士信贷持仓","BK4527":"明星科技股"},"source_url":"https://seekingalpha.com/article/4502705-netflix-ackman-made-an-error-but-you-can-gain","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"2229518442","content_text":"Hedge fund investor Bill Ackman has been forced into an embarrassing U-turn on a huge chunk of Netflix (NASDAQ:NFLX) stock which he only bought in January. Around that time, I warned that the stock had further to fall and predicted that $250 was possible. In this article, I will discuss the next path for the stock.Bill Ackman's Market Timing On Netflix Was PoorOn January 23rd, I published an article on Seeking Alpha after a sharp drop in Netflix stock. I summarized that the stock was seeing a bump in the road after lofty valuations and, although the company was not seeing a real crisis, could fall to $300, or even $250 if indices were pressured.Three days after that article saw hedge fund investor Bill Ackman announce a huge investment in Netflix stock. Ackman bought over 3 million shares for his Pershing Square fund at a cost of around $12bn. He has now been forced to liquidate after the second leg down, which has cost his investors $440 million.Ackman's market timing on Netflix was simply poor. The stock was coming back down to earth from an eye-watering valuation, which was accompanied by stuttering growth as I talked about in my January article. The writing was on the wall for Netflix long before its all-time high in November above the $700 level.Although Ackman dropped the ball, it is an opportunity for investors to learn from a big hedge fund blunder.What You Can Learn From The Ackman EpisodeAt the time of the investment Ackman said that, \"The opportunity to acquire Netflix at an attractive valuation emerged when investors reacted negatively to the recent quarter’s subscriber growth and management’s short-term guidance.\"The reality is that the valuation was certainly more attractive than the November highs, but that didn't mean it was the end of the road for the Netflix correction. Ackman showed impatience by taking a huge chunk of stock at a time of market uncertainty. If he had bought 1 million shares, he could now be looking at a very attractive valuation and his fund wouldn't be reeling from a huge liquidation of the entire position.I believe Ackman's mistake was also driven by emotional bias. \"We have greatly admired Netflix both as consumers and as investors, but have never previously owned a stake in the company,\" he said.I believe that Ackman's desire to own Netflix stock overpowered his patience and he moved to take an immediate position that made his fund one of the top 20 investors. This looked great on paper in January but did he do much analysis on the potential downside?For investors, it is another example of how a value investing approach, removing emotions and bias from the table can win out over the longer-term. Netflix is still a great company but it may be a long time before Pershing Square goes near it again.Ackman said of the stock dump:\"In response to continued disappointing customer subscriber growth, Netflix announced that it would modify its subscription-only model to be more aggressive in going after non-paying customers, and to incorporate advertising, an approach that management estimates would take “one to two years” to implement. While we believe these business model changes are sensible, it is extremely difficult to predict their impact on the company’s long-term subscriber growth, future revenues, operating margins, and capital intensity.\"What Is The Next Path For Netflix Stock?At the time of Ackman's investment, he shared many bullet points on the attractive opportunity presented by Netflix. Here are a few of those:its subscription-based, highly recurring revenues, which have enormous future growth potentiala truly best-in-class management team and unique high-performance cultureeconomies of scale and superb quality in its industry-leading content, which should continue to drive future growth and widen the company’s powerful competitive moatHe added in the shareholder letter: \"With both UMG and Netflix, we are all-in on streaming as we love the business models, the industry contexts, and the management teams leading these remarkable organizations.The emotions are running wild again here because the sharp losses on his initial investment have made the investor abandon a sector that he was very bullish on.Has Netflix lost its 'highly recurring revenues'? Has it lost its 'competitive moat'? Has it lost its 'best in class' management team?The answer to all of those questions in no. I believe Netflix is NOW at an attractive valuation and it is up to investors to decide on the growth prospects for the company. The move to a more aggressive pricing policy is being driven by the pressures that were put on the company by Wall Street analysts' projections. As the dust settles on this latest stock price collapse let us survey the current situation:A global brand with highly recurring revenues. A world class management team with the experience to continue dominating the sector. A competitive moat that is one of the most impenetrable amongst US tech stocks.Warren Buffet would be licking his lips and a famous value investor may even step forward to embarrass Ackman further.Netflix now trades at a price-to-earnings ratio of 21x, which is in the ballpark for a stock market average. The company's price-to-sales is now 3.47x which is also very modest for a company with highly recurring revenues. The company has a strong return on equity at 35%. Q-on-Q sales were even 16% in the last quarter.With gross margins of 46% and an operating margin of 20% there is work that can be done by management to slim down the company. The company's cash flow situation had been improving and this stock market collapse is maybe the shock that management needed to refocus on the balance sheet. The company has maybe hit a wall on subscriber growth but at these valuations it can mature as a company and then start to pursue strategies to return cash to shareholders.I will end the article with a final excerpt from the Pershing Square letter released this week:\"Based on management’s track record, we would not be surprised to see Netflix continue to be a highly successful company and an excellent investment from its current market value.\"ConclusionThe Bill Ackman investment in Netflix is a great lesson for investors about market timing. Netflix is a great company with a competitive moat, strong management team and recurring revenues. These are some of the key attributes that a value investor looks for. By plunging into Netflix in January, the hedge fund investor ignored the potential downside on the stock which was trying to realign to aggressive Wall Street projections on customer growth and valuation. I warned back in January that Wall Street had misjudged the effects of the pandemic and the writing was on the wall for Netflix stock. Averaging into a value opportunity is often a good strategy and in buying 3 million shares in one tranche at a time of realignment, I believe Bill Ackman has missed out on exposure to a \"highly successful company and an excellent investment from its current market value.\"","news_type":1},"isVote":1,"tweetType":1,"viewCount":639,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9086905934,"gmtCreate":1650409494878,"gmtModify":1676534715005,"author":{"id":"3575105747703011","authorId":"3575105747703011","name":"RogerLam","avatar":"https://static.tigerbbs.com/1005e5ae2cda08a31d27406a5089b7ae","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3575105747703011","authorIdStr":"3575105747703011"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9086905934","repostId":"1181034527","repostType":4,"repost":{"id":"1181034527","kind":"news","pubTimestamp":1650377808,"share":"https://ttm.financial/m/news/1181034527?lang=&edition=fundamental","pubTime":"2022-04-19 22:16","market":"us","language":"en","title":"2 Stocks Under $10 That Morgan Stanley Sees Surging Over 100%","url":"https://stock-news.laohu8.com/highlight/detail?id=1181034527","media":"TipRanks","summary":"The oldest advice in the financial markets is to buy low and sell high. The trick to winning, howeve","content":"<div>\n<p>The oldest advice in the financial markets is to buy low and sell high. The trick to winning, however, is to find the right stocks to buy, and to remember that ‘buy low’ doesn’t always mean these ...</p>\n\n<a href=\"https://www.tipranks.com/news/article/2-stocks-under-10-that-morgan-stanley-sees-surging-over-100/\">Web Link</a>\n\n</div>\n","source":"lsy1606183248679","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>2 Stocks Under $10 That Morgan Stanley Sees Surging Over 100%</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\">\n2 Stocks Under $10 That Morgan Stanley Sees Surging Over 100%\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-04-19 22:16 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.tipranks.com/news/article/2-stocks-under-10-that-morgan-stanley-sees-surging-over-100/><strong>TipRanks</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The oldest advice in the financial markets is to buy low and sell high. The trick to winning, however, is to find the right stocks to buy, and to remember that ‘buy low’ doesn’t always mean these ...</p>\n\n<a href=\"https://www.tipranks.com/news/article/2-stocks-under-10-that-morgan-stanley-sees-surging-over-100/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"RKLB":"Rocket Lab USA, Inc.","JOBY":"Joby Aviation, Inc."},"source_url":"https://www.tipranks.com/news/article/2-stocks-under-10-that-morgan-stanley-sees-surging-over-100/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1181034527","content_text":"The oldest advice in the financial markets is to buy low and sell high. The trick to winning, however, is to find the right stocks to buy, and to remember that ‘buy low’ doesn’t always mean these stocks can’t go lower.Sometimes the best bargains really do come in at the lowest prices. There are plenty of stocks under $10 that won’t break your bank and still offer substantial upside potential. How substantial? Well, one analyst at investment banking giant Morgan Stanley has been tapping two winners among these low-cost stocks, and she sees the upside beginning at 100% or better.We can dig deeper into the Morgan Stanley picks using the TipRanks database, to find why these lost-cost stocks are getting the thumbs up.Rocket Lab USA(RKLB)First up is a California-based company that works in a futuristic niche – space flight. Rocket Lab is a non-governmental space launch company, offering customers access to the Electron small orbital launch vehicle, which it boasts is the second-most frequently launched US rocket. The Electron, which boosts payloads up to 300kg into low Earth orbit, is on the only reusable small launch vehicle in service. Rocket Lab has completed 25 Electron launches to date, successfully deploying 112 satellites into orbit.In a major announcement for the company, Rocket Lab released news that it will attempt a mid-air helicopter recovery of the Electron vehicle’s first stage in the next scheduled launch, later this month.Currently, the company complements the Electron rocket with the Photon customizable orbital spacecraft. Looking forward, Rocket Lab is developing the Neutron rocket, a large-scale reusable launch system, which will be able to deploy a 13,000kg payload into low Earth orbit, or a 1,500kg payload into an orbital trajectory to Mars or Venus. During 2021, Rocket Lab was awarded a contract from the US Space Force, worth $24 million, to complete development of the Neutron’s upper stage.Building on its launch program, and to raise capital for its development program, Rocket Lab entered the public markets in August of last year. The stock’s entry to the NASDAQ came through a business combination with a SPAC firm, Vector Acquisition Corporation, and brought the space launch company as much as $777 million in gross proceeds.Since going public, Rocket Lab has reported fiscal results for three quarters, starting with 2Q21 last September. The company saw zero revenue in that quarter – but reported $5.3 million in 3Q21, which more than quintupled to $27.5 million in 4Q21. Full-year revenue for 2021 came in at $62.2 million, up 77% year-over-year.Kristine Liwag, Morgan Stanley’s resident expert on the Aerospace & Defense sector, sees the upcoming helicopter retrieval attempt as the key catalyst for Rocket Lab, writing: “We view RKLB’s upcoming mid-air booster retrieval attempt as a potential near-term catalyst as a successful operation would reflect a key milestone as the company executes on its strategy to increase rocket reusability (and thus lower cost).”Going on, Liwag points out how this retrieval capability will set Rocket Lab apart from its peers: “We view the company’s ongoing and planned innovations in rocket reusability enabling Rocket Lab to potentially further widen the moat between itself and competitors… These innovations could enable recovery of ~70-80% of each rocket’s economic value, allowing Rocket Lab to potentially further drive down vehicle costs and insulate itself from potential pricing pressures engendered by rival small launch offerings and rideshare services.”In line with her comments, Liwag rates Rocket Lab shares an Overweight (i.e. Buy), with a $17 price target to imply a robust 109% upside for the stock. Overall, with 6 recent Buy ratings overpowering a single Hold, Rocket Lab gets a Strong Buy from the analyst consensus. The shares are priced at $8.11, and their $18.86 average target suggests ~133% upside from that level. (See RKLB stock forecast on TipRanks)Joby Aviation(JOBY)Sticking with the Aerospace realm, we’ll look over at Joby Aviation. This is a mid-cap firm, working on development of a new urban commuter aircraft. Joby’s proposed aircraft is an electrically powered vertical takeoff and landing (eVTOL) model, designed for the urban air taxi niche. Joby has demonstrated the concept through small-scale remotely controlled drones, and is currently testing a full-sized prototype. The company is aiming for FAA type certification next year.Joby’s prototype commuter aircraft uses six electric motors, in a tilt-rotor configuration. The engines are aligned at the leading edges of the wing and tail surfaces, in a layout that optimizes motor and rotor efficiency. Joby’s concept plane has 5 seats – a pilot and four passengers – plus room for passenger luggage, and is designed to fly up to 150 miles on a full battery charge, with a top speed at 200 mph.Last year, in August, Joby completed a SPAC combination with Reinvent Technology Partners, and entered the NYSE on August 11. The company’s realized proceeds, plus cash on hand, brought the balance sheet to $1.6 billion after the business combination.The company is highly speculative, but last year, while the SPAC combo was in planning and in progress, Joby achieved several milestones. The pre-production prototype aircraft flew a total of 5,300 miles in test flights. That total included a flight on 154.6 miles on a single battery charge – the longest single flight, and an important proof-of-concept for the prototype’s proposed performance. Joby has also completed construction of its second pre-production prototype, and the first FAA production conformity inspection.Once again, we’ll check in with Morgan Stanley’s Kristine Liwag, who lays out this aircraft maker’s strengths: “Joby continues to progress on their path to aircraft certification with meaningful steps forward in the certification and manufacturing process, along with strides in pushing the flight envelope of the aircraft. The company made meaningful progress in the certification process as it began manufacturing conformity testing and completed their first Systems and Compliance Reviews with the FAA.”“Strides were made on the manufacturing front as the company began the manufacturing of their first production-intent aircraft. The design of the aircraft is yet to be frozen, but the idea is to have more conforming production with each passing aircraft across the line,” Liwag added.Overall, Liwag believes this is a stock worth holding on to. The analyst rates JOBY shares an Overweight (i.e. Buy), and her $115 price target indicates room for 209% one-year upside potential.With 2 Buy ratings and 1 Hold assigned in the last three months, the word on the Street is that JOBY is a Moderate Buy. Not to mention the $100 average price target brings the upside potential to ~121% from the current trading price of $5.14.","news_type":1},"isVote":1,"tweetType":1,"viewCount":719,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9086901352,"gmtCreate":1650409340111,"gmtModify":1676534714707,"author":{"id":"3575105747703011","authorId":"3575105747703011","name":"RogerLam","avatar":"https://static.tigerbbs.com/1005e5ae2cda08a31d27406a5089b7ae","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3575105747703011","authorIdStr":"3575105747703011"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9086901352","repostId":"1105569285","repostType":4,"repost":{"id":"1105569285","kind":"news","pubTimestamp":1650468622,"share":"https://ttm.financial/m/news/1105569285?lang=&edition=fundamental","pubTime":"2022-04-20 23:30","market":"us","language":"en","title":"Is The End Near For Musk And Tesla?","url":"https://stock-news.laohu8.com/highlight/detail?id=1105569285","media":"Seeking Alpha","summary":"SummaryDespite recent gains, investors should consider selling Tesla and other meme stocks now, before institutional money bails.While regulators may still be too frightened to hold Musk accountable, ","content":"<html><head></head><body><p>Summary</p><ul><li>Despite recent gains, investors should consider selling Tesla and other meme stocks now, before institutional money bails.</li><li>While regulators may still be too frightened to hold Musk accountable, a change in public opinion would be far more consequential to Musk and his empire.</li><li>The hype around Musk’s stake in Twitter and the speculation around his plans for the social media platform takes focus away from the troubles, which are many, ahead of Tesla.</li></ul><p>For years, Elon Musk has used hype to prop up Tesla’s stock. It’s worked so well that other companies have followed his lead. But now, we think the world has seen that the emperor has no clothes. The attempted Twitter (TWTR) takeover is yet another example of Musk bullying his way into what he wants and underscores how his super-star status cannot always convince people to overlook his irreverent, reckless, and potentially illegal behavior. As the recent lawsuit againstMusk shows, he is not completely immune from the consequences of his actions. Despite recent gains, investors should consider selling Tesla (NASDAQ:TSLA) and other meme stocks now, before institutional money bails.</p><p><b>End of the Road for Musk</b></p><p>Most investors are keenly aware of Musk’s long history of making grand promises that don’t come true – the Roadster, the Semi, the Cybertruck, full-self driving (FSD) etc. – and at times are blatantly unethical, such as tweeting “funding secured” to go private, and pumping Doge coin. But now, we have evidence that he may have acted illegally in the way he reported his purchases of Twitter stock. Given the clear rules about how investors should report large stakes in public companies – like what Musk has in Twitter – this case seems straightforward: Musk broke the rules.</p><p>The next question is how severely he will be punished. If the past is any guide, regulators will not muster more than a slap on the wrist. The real question is how institutional investors will react to signs Musk has pushed the envelope too far.</p><p>Institutional investors own Tesla stock more often because they must, given its influence on their performance, than because they see it as a good investment. Any investor with a rigorous process can see the stock is ridiculously overvalued; so, you own it for the “Musk effect”. Accordingly, the institutional investors’ decision to sell Tesla stock will be based on when Musk’s outsized influence begins to wane.</p><p>We think that moment has come.</p><p><b>Musk Meets His Maker: Twitter</b></p><p>In our view, Musk’s repeated rule-breaking behavior has finally gone too far. Details of the case are still emerging, but Musk’s failure to disclose his more than 5% stake in Twitter arguably hurt investors who sold shares after he crossed that ownership threshold. Instead, Musk kept purchasing shares until reaching a 9% stake in Twitter before disclosing his position. The initial class-action lawsuit and the potential for more have finally gotten the attention of investors, if not regulators.</p><p>The poor reception Twitter’s employees gave the news of Musk’s stake is a very public rejection of his super-star influencer status and provide the first tangible evidence that maybe his star power has limitations. If a hostile takeover prompts a mass exodus of talent, then Musk might end up destroying the company in the process of buying it. That being said, the loudest voices in the company are not necessarily the most valuable.</p><p>As more people join lawsuits against Musk, and Twitter employees continue to express their mistrust of the company’s largest shareholder, institutional investors may seize this moment to quietly unload their shares of overvalued Tesla stock. Now is the time to sell because the price of the stock to this point has been more a reflection of Musk’s ability to draw an audience than any underlying fundamental value in the company.</p><p><b>Live by the Stunt, Die by the Stunt</b></p><p>Ultimately, it appears that as much as Twitter was the launch pad for Musk’s super influence powers, his failure thus far to win the publicity battle could mark the beginning-of-the-end of his super-star status.</p><p>Musk’s Twitter play, which is another in a long series of distractions, could end poorly for Musk. Instead of addressing Tesla’s issues, Musk appears to be attempting to position himself as a defender of free speech. The risk he faces is that instead of looking like a hero he looks more like a bully running an ego-driven takeover with little regard for the rules. While regulators may still be too frightened to hold Musk accountable (more on this below), a change in public opinion would be far more consequential to Musk and his empire.</p><p>Tesla’s investors have not been impressed with Musk’s Twitter antics either, as the stock is down 11% since he announced his ownership in the social media giant. Likewise, the “Musk bump” in Twitter shares is likely to fade as investors realize the only value Musk brought was publicity, and not good publicity either. Although Twitter remains a popular platform, it has its own problems and suggestions such as removing a letter from its name can do more harm than good.</p><p><b>Why Haven’t Regulators Done Anything Before Now?</b></p><p>Tesla’s high stock price has, thus far, kept its CEO well beyond an arm’s length of regulators. Other executives in other times likely would have faced consequences for many of the things Musk has said and done. Today, Tesla’s high stock price indicates investors’ collective belief in Musk’s promises and protects Musk. Regulators don’t want to be accused of causing the company’s stock price to fall, thereby destroying the wealth of many investors and, as a result, footing the cost of defending against numerous shareholder lawsuits.</p><p>Furthermore, Musk can claim Tesla’s elevated stock price and the wealth it endows is what he needs to fulfill his outlandish promises over time. However, should Tesla’s stock price ever reflect realistic expectations for the company, authorities may feel emboldened to pursue legal or regulatory action against Musk and/or Tesla. Credible claims can be made for several offenses, including:</p><ul><li>stock and cryptocurrency manipulation</li><li>false advertising of Full Self Driving (FSD)</li><li>ignoring safety authorities</li><li>neglecting to file documentation on time related to his purchase of Twitter’s shares</li><li>and other claims of dubious veracity</li></ul><p><b>What Will Regulators Do When the Bubble Pops?</b></p><p>Musk has positioned himself as a pop-culture icon. Though society loves to build up celebrities, so too does it love tearing them down even more. Once Tesla’s stock price falls from its overly inflated levels, Musk will lose his cover that has protected him from all his unethical and arguably illegal behavior. Regulators are likely to come after Musk with knives out after all the humiliation they had to suffer at his hand.</p><p><b>Trouble on the Horizon</b></p><p>All the hype around Musk’s large stake in Twitter and the speculation around his plans for the social media platform takes focus away from the troubles, which are many, ahead for Tesla. Of course, that is likely his goal. Below we discuss the fundamentals of Tesla’s business, which cannot be wished away or made irrelevant with hype.</p><p><b>Incumbents Are Catching Up:</b> Tesla’s first-mover advantage has long been cited as reason enough for investors to pile their money into the company. However, that advantage is gone, and in some cases turning into a lag. Ford (F), Rivian (RIVN), and General Motors (GM) aim to produce EV trucks in 2022, but Tesla will be on the sidelines until at least 2023 before launching its Cybertruck.</p><p>The rising competition from incumbents means the days of Tesla’s rising profitability could be numbered. For starters, 26% of the company’s GAAP earnings in 2021 were from the sale of regulatory credits, not from the underlying economics of making and selling vehicles and other ancillary services.</p><p>Once incumbents increase production of EVs they will need to purchase fewer credits from Elon. That means Tesla needs to actually start <i>selling</i> <i>cars</i>to make money. The catch-22 is that for the company to sell more cars, it first needs to increase its production capacity. If Tesla’s succeeds in selling more cars capital expenditure and working capital are primed to grow along with sales. Tesla needs to build economies of scale before it can benefit from them.</p><p><b>Market Share Losses Continue:</b> Incumbent automakers have entered the EV market with scale and are already taking market share from Tesla. Per Figure 2, Tesla’s share of global EV sales fell from 16% in 2019 to 14% in 2021.</p><p>Tesla’s share of the U.S. EV market fell from 79% in2020to 70% in2021. With light truck sales comprising more than three out of every four vehicles sold in the U.S. in January 2022, Tesla falling behind in truck EVs means its share of the U.S. market could fall further.</p><p><b>Figure 2: Tesla’s Share of the Global EV Sales</b></p><p><img src=\"https://static.tigerbbs.com/bc4dd16dde86e1ab31f85bd8a2af4aee\" tg-width=\"630\" tg-height=\"260\" referrerpolicy=\"no-referrer\"/></p><p>TSLA Market Share Since 2019(New Constructs, LLC)</p><p>Sources: New Constructs, LLC, EV-volumes.com and Statista</p><p><b>Slow Start to 2022:</b>Though Teslaforecastedan at least 50% YoY rise in deliveries in 2022, the company is feeling the effects of supply chain problems – just like every other automaker. The company delivered 310,000 vehicles in the quarter, while consensus estimates were for 313,000.</p><p><b>Reverse DCF Math: Valuation Implies Tesla Will Own at Least 57% of the Global Passenger EV Market</b></p><p>Despite the increased competition, failure to meet delivery expectations, and diminutive share of the global EV market in 2021, Tesla’s valuation implies the company will own 57% of the global passenger EV market in 2030.</p><p>Even if Tesla increases the average selling price (ASP) per vehicle to $55K vs. ($49K in 2021), Tesla’s stock price at ~$1,100/share implies the firm will sell 15 million vehicles in 2030 versus ~936k in 2021. That figure represents 57% of the projected base case global EV passenger vehicle market in 2030 and the implied vehicle sales based on a lower ASP looks even more unrealistic.</p><p>To provide inarguably best-case scenarios for assessing the expectations reflected in Tesla’s stock price, we assume Tesla achieves profit margins 1.5x Toyota Motor Corp (TM) and triples its current auto manufacturing efficiency.</p><p>Per Figure 3, an $1,100/share price implies that, in 2030, Tesla will sell the following number of vehicles based on these ASP benchmarks:</p><ul><li>15 million vehicles – ASP of $55K (above average U.S. new car price of $47K in 2021)</li><li>7 million vehicles – ASP of $49K (equal to Tesla’s 2021 ASP[1])</li><li>21 million vehicles – ASP of $38K (equal to General Motors’ ASP[2] of $38K in 2021)</li></ul><p>If Tesla achieves those EV sales, the implied market share for the company would be the following (assuming global passenger EV sales reach 26 million in 2030, the base case projection from the IEA):</p><ul><li>57% for 15 million vehicles</li><li>64% for 17 million vehicles</li><li>83% for 21 million vehicles</li></ul><p>If we assume the IEA’s best case for global passenger EV sales in 2030, 47 million vehicles, the above vehicle sales represent:</p><ul><li>31% for 15 million vehicles</li><li>35% for 17 million vehicles</li><li>45% for 21 million vehicles</li></ul><p><b>Figure 3: Tesla’s Implied Vehicle Sales in 2030 to Justify $1,100/Share</b></p><p><img src=\"https://static.tigerbbs.com/bad84793f241565c81ebb0d29b01242c\" tg-width=\"630\" tg-height=\"284\" referrerpolicy=\"no-referrer\"/></p><p>TSLA DCF Implied Vehicle Production(New Constructs, LLC)</p><p>Sources: New Constructs, LLC and company filings</p><p><b>Tesla Must Generate More Profits Than Apple For Investors to Make Money</b></p><p>Below are the assumptions we use in our reverse discounted cash flow model to calculate the implied production levels above.</p><p>Bulls should understand what Tesla needs to accomplish to justify ~$1,100/share:</p><ul><li>immediately achieve a 14% NOPAT margin (1.5x Toyota’s margin, which is the highest of the large-scale automakers we cover), compared to Tesla’s TTM margin of 8%) and</li><li>grow revenue by 32% compounded annually from 2022 to 2030.</li></ul><p>In this scenario, Tesla generates <i>$811 billion</i> in revenue in 2030, which is 116% of the combined revenues of Toyota, Stellantis (STLA), Ford, General Motors, and Honda (HMC) over the past twelve months. Tesla must replace the U.S. auto industry before 2030 to justify current valuations.</p><p>This scenario also implies Tesla grows net operating profit after-tax (NOPAT) by 2,458% from 2021 to 2030. In this scenario, Tesla generates $112 billion in NOPAT in 2030, or 12% higher than Apple’s (AAPL) TTM NOPAT, which, at $100 billion, is the highest of all companies we cover, and 65% higher than Microsoft (MSFT), the second-highest. Those companies have intertwined themselves in the lives of consumers and businesses around the world, which seems an unlikely feat for Tesla at this point.</p><p><b>TSLA Has 46% Downside If Morgan Stanley Is Right About Sales</b></p><p>If we assume Tesla reaches Morgan Stanley’s estimate of selling 8.1 million cars in 2030 (which implies a 31% share of the global passenger EV market in 2030), at an ASP of $55k, the stock is worth just $542/share. Details:</p><ul><li>NOPAT margin improves to 14% and</li><li>revenue grows 27% compounded annually over the next decade, then</li></ul><p>the stock is worth just $547/share today – a 46% downside to the current price. See the math behind this reverse DCF scenario. In this scenario, Tesla grows NOPAT to $62 billion, or nearly 14x its 2021 NOPAT, and just 7% below Alphabet’s (GOOGL) 2021 NOPAT.</p><p><b>TSLA Has 80%+ Downside Even with 27% Market Share and Realistic Margins</b></p><p>If we estimate more reasonable (but still very optimistic) margins and market share achievements for Tesla, the stock is worth just $200/share. Here’s the math:</p><ul><li>NOPAT margin improves to 9% (equal to Toyota’s TTM margin) and</li><li>revenue grows by consensus estimates from 2022 to 2024 and</li><li>revenue grows 17% a year from 2025 to 2030, then</li></ul><p>the stock is worth just $200/share today – an 80% downside to the current price.</p><p>In this scenario, Tesla sells 7 million cars (27% of the global passenger EV market in 2030) at an ASP of $47K (average new car price in U.S. in 2021) and grows NOPAT by 24% compounded annually from 2022 to 2030.</p><p>We also assume a more realistic NOPAT margin of 9% in this scenario, which is 1.3x higher than Toyota’s industry-leading five-year average NOPAT margin of 7%. Given the required capital requirements to fund manufacturing and match increased competition in the EV market, Tesla is unlikely to achieve and sustain a margin as high as 9% from 2022 to 2030. If Tesla fails to meet these expectations, then the stock is worth less than $200/share.</p><p>Figure 4 compares the firm’s historical NOPAT to the NOPAT implied in the above scenarios to illustrate just how high the expectations baked into Tesla’s stock price remain. For additional context, we show Toyota’s, General Motors’, and Apple’s TTM NOPAT.</p><p><b>Figure 4: Tesla’s Historical and Implied NOPAT: DCF Valuation Scenarios</b></p><p><img src=\"https://static.tigerbbs.com/3e43f865637ac4c84e8199df2b05d061\" tg-width=\"630\" tg-height=\"330\" referrerpolicy=\"no-referrer\"/></p><p>TSLA DCF Implied NOPAT(New Constructs, LLC)</p><p>Sources: New Constructs, LLC and company filings</p><p>Each of the above scenarios assumes Tesla’s invested capital grows 14% compounded annually through 2030. For reference, Tesla’s invested capital grew 49% compounded annually from 2011 to 2021 and 30% compounded annually since 2015.</p><p>An invested capital CAGR of 14% represents 1/3rdthe CAGR of Tesla’s property, plant, and equipment since 2011 and assumes the company can build future plants and produce cars 3x more efficiently than it has so far.</p><p>In other words, we aim to provide inarguably best-case scenarios for assessing the expectations for future market share and profits reflected in Tesla’s stock market valuation.</p><p><b>Tesla Won’t Be the Only One to Fall</b></p><p>Other meme stocks have taken pages from the Musk playbook and will likely suffer the same fate we expect Tesla to suffer once the game is up. GameStop (GME) promised to transform itself into an ecommerce powerhouse, yet the company continues to head in the opposite direction and earnings continue to disappoint. GameStop’s Core Earnings fell from -$200 million in fiscal 2021 to -$321 million in fiscal 2022.</p><p>Despite the company’s inability to quickly execute operational change, GameStop’s stock has remained well above a reasonable valuation thanks in part to announcing the launch of a marketplace for nonfungible tokens (NFTs) and partnerships with blockchain firms.</p><p>AMC Entertainment Holdings (AMC) has also run several Tesla-esque plays to prop up its stock. Indeed, the company’s CEO recently tweeted that the company is “playing on offense again” with its investment in a microcap gold mine. Before gold mines, the company got on the crypto bandwagon in 2021 by accepting Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.</p><p>Beyond the repeated attempts at propping up their stocks, the fundamentally weak business models of Tesla, GameStop, and AMC Entertainment in highly competitive industries burn cash and continue to dilute shareholders whenever possible. Per Figure 5, despite combining for more than $1.1 trillion of market cap, Tesla, AMC Entertainment, and GameStop have a combined economic book value, our measure of the no growth value of a stock, of -$52 billion and -$4.3 billion of free cash flow over the past twelve months.</p><p><b>Figure 5: Meme Stock’s Market Cap, Economic Book Value &amp; FCF: TTM</b></p><p><img src=\"https://static.tigerbbs.com/add55782c8e6b0e8a891f84c9ec7421f\" tg-width=\"630\" tg-height=\"119\" referrerpolicy=\"no-referrer\"/></p><p>Meme Stocks Market Cap, Economic Book Value, FCF(New Constructs, LLC)</p><p>Sources: New Constructs, LLC and company filings</p><p><i>This article originally published on April 14, 2022.</i></p><p><i>Disclosure: David Trainer, Kyle Guske II, and Matt Shuler receive no compensation to write about any specific stock, sector, style, or theme.</i></p><p>[1] Tesla’s ASP = (total automotive revenues – regulatory credits) / deliveries</p><p>[2] General Motors’ ASP = Vehicle, parts and accessories / wholesale vehicle sales</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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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\">\nIs The End Near For Musk And Tesla?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-04-20 23:30 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4501979-is-the-end-near-for-musk-and-tesla><strong>Seeking Alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryDespite recent gains, investors should consider selling Tesla and other meme stocks now, before institutional money bails.While regulators may still be too frightened to hold Musk accountable, ...</p>\n\n<a href=\"https://seekingalpha.com/article/4501979-is-the-end-near-for-musk-and-tesla\">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://seekingalpha.com/article/4501979-is-the-end-near-for-musk-and-tesla","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1105569285","content_text":"SummaryDespite recent gains, investors should consider selling Tesla and other meme stocks now, before institutional money bails.While regulators may still be too frightened to hold Musk accountable, a change in public opinion would be far more consequential to Musk and his empire.The hype around Musk’s stake in Twitter and the speculation around his plans for the social media platform takes focus away from the troubles, which are many, ahead of Tesla.For years, Elon Musk has used hype to prop up Tesla’s stock. It’s worked so well that other companies have followed his lead. But now, we think the world has seen that the emperor has no clothes. The attempted Twitter (TWTR) takeover is yet another example of Musk bullying his way into what he wants and underscores how his super-star status cannot always convince people to overlook his irreverent, reckless, and potentially illegal behavior. As the recent lawsuit againstMusk shows, he is not completely immune from the consequences of his actions. Despite recent gains, investors should consider selling Tesla (NASDAQ:TSLA) and other meme stocks now, before institutional money bails.End of the Road for MuskMost investors are keenly aware of Musk’s long history of making grand promises that don’t come true – the Roadster, the Semi, the Cybertruck, full-self driving (FSD) etc. – and at times are blatantly unethical, such as tweeting “funding secured” to go private, and pumping Doge coin. But now, we have evidence that he may have acted illegally in the way he reported his purchases of Twitter stock. Given the clear rules about how investors should report large stakes in public companies – like what Musk has in Twitter – this case seems straightforward: Musk broke the rules.The next question is how severely he will be punished. If the past is any guide, regulators will not muster more than a slap on the wrist. The real question is how institutional investors will react to signs Musk has pushed the envelope too far.Institutional investors own Tesla stock more often because they must, given its influence on their performance, than because they see it as a good investment. Any investor with a rigorous process can see the stock is ridiculously overvalued; so, you own it for the “Musk effect”. Accordingly, the institutional investors’ decision to sell Tesla stock will be based on when Musk’s outsized influence begins to wane.We think that moment has come.Musk Meets His Maker: TwitterIn our view, Musk’s repeated rule-breaking behavior has finally gone too far. Details of the case are still emerging, but Musk’s failure to disclose his more than 5% stake in Twitter arguably hurt investors who sold shares after he crossed that ownership threshold. Instead, Musk kept purchasing shares until reaching a 9% stake in Twitter before disclosing his position. The initial class-action lawsuit and the potential for more have finally gotten the attention of investors, if not regulators.The poor reception Twitter’s employees gave the news of Musk’s stake is a very public rejection of his super-star influencer status and provide the first tangible evidence that maybe his star power has limitations. If a hostile takeover prompts a mass exodus of talent, then Musk might end up destroying the company in the process of buying it. That being said, the loudest voices in the company are not necessarily the most valuable.As more people join lawsuits against Musk, and Twitter employees continue to express their mistrust of the company’s largest shareholder, institutional investors may seize this moment to quietly unload their shares of overvalued Tesla stock. Now is the time to sell because the price of the stock to this point has been more a reflection of Musk’s ability to draw an audience than any underlying fundamental value in the company.Live by the Stunt, Die by the StuntUltimately, it appears that as much as Twitter was the launch pad for Musk’s super influence powers, his failure thus far to win the publicity battle could mark the beginning-of-the-end of his super-star status.Musk’s Twitter play, which is another in a long series of distractions, could end poorly for Musk. Instead of addressing Tesla’s issues, Musk appears to be attempting to position himself as a defender of free speech. The risk he faces is that instead of looking like a hero he looks more like a bully running an ego-driven takeover with little regard for the rules. While regulators may still be too frightened to hold Musk accountable (more on this below), a change in public opinion would be far more consequential to Musk and his empire.Tesla’s investors have not been impressed with Musk’s Twitter antics either, as the stock is down 11% since he announced his ownership in the social media giant. Likewise, the “Musk bump” in Twitter shares is likely to fade as investors realize the only value Musk brought was publicity, and not good publicity either. Although Twitter remains a popular platform, it has its own problems and suggestions such as removing a letter from its name can do more harm than good.Why Haven’t Regulators Done Anything Before Now?Tesla’s high stock price has, thus far, kept its CEO well beyond an arm’s length of regulators. Other executives in other times likely would have faced consequences for many of the things Musk has said and done. Today, Tesla’s high stock price indicates investors’ collective belief in Musk’s promises and protects Musk. Regulators don’t want to be accused of causing the company’s stock price to fall, thereby destroying the wealth of many investors and, as a result, footing the cost of defending against numerous shareholder lawsuits.Furthermore, Musk can claim Tesla’s elevated stock price and the wealth it endows is what he needs to fulfill his outlandish promises over time. However, should Tesla’s stock price ever reflect realistic expectations for the company, authorities may feel emboldened to pursue legal or regulatory action against Musk and/or Tesla. Credible claims can be made for several offenses, including:stock and cryptocurrency manipulationfalse advertising of Full Self Driving (FSD)ignoring safety authoritiesneglecting to file documentation on time related to his purchase of Twitter’s sharesand other claims of dubious veracityWhat Will Regulators Do When the Bubble Pops?Musk has positioned himself as a pop-culture icon. Though society loves to build up celebrities, so too does it love tearing them down even more. Once Tesla’s stock price falls from its overly inflated levels, Musk will lose his cover that has protected him from all his unethical and arguably illegal behavior. Regulators are likely to come after Musk with knives out after all the humiliation they had to suffer at his hand.Trouble on the HorizonAll the hype around Musk’s large stake in Twitter and the speculation around his plans for the social media platform takes focus away from the troubles, which are many, ahead for Tesla. Of course, that is likely his goal. Below we discuss the fundamentals of Tesla’s business, which cannot be wished away or made irrelevant with hype.Incumbents Are Catching Up: Tesla’s first-mover advantage has long been cited as reason enough for investors to pile their money into the company. However, that advantage is gone, and in some cases turning into a lag. Ford (F), Rivian (RIVN), and General Motors (GM) aim to produce EV trucks in 2022, but Tesla will be on the sidelines until at least 2023 before launching its Cybertruck.The rising competition from incumbents means the days of Tesla’s rising profitability could be numbered. For starters, 26% of the company’s GAAP earnings in 2021 were from the sale of regulatory credits, not from the underlying economics of making and selling vehicles and other ancillary services.Once incumbents increase production of EVs they will need to purchase fewer credits from Elon. That means Tesla needs to actually start selling carsto make money. The catch-22 is that for the company to sell more cars, it first needs to increase its production capacity. If Tesla’s succeeds in selling more cars capital expenditure and working capital are primed to grow along with sales. Tesla needs to build economies of scale before it can benefit from them.Market Share Losses Continue: Incumbent automakers have entered the EV market with scale and are already taking market share from Tesla. Per Figure 2, Tesla’s share of global EV sales fell from 16% in 2019 to 14% in 2021.Tesla’s share of the U.S. EV market fell from 79% in2020to 70% in2021. With light truck sales comprising more than three out of every four vehicles sold in the U.S. in January 2022, Tesla falling behind in truck EVs means its share of the U.S. market could fall further.Figure 2: Tesla’s Share of the Global EV SalesTSLA Market Share Since 2019(New Constructs, LLC)Sources: New Constructs, LLC, EV-volumes.com and StatistaSlow Start to 2022:Though Teslaforecastedan at least 50% YoY rise in deliveries in 2022, the company is feeling the effects of supply chain problems – just like every other automaker. The company delivered 310,000 vehicles in the quarter, while consensus estimates were for 313,000.Reverse DCF Math: Valuation Implies Tesla Will Own at Least 57% of the Global Passenger EV MarketDespite the increased competition, failure to meet delivery expectations, and diminutive share of the global EV market in 2021, Tesla’s valuation implies the company will own 57% of the global passenger EV market in 2030.Even if Tesla increases the average selling price (ASP) per vehicle to $55K vs. ($49K in 2021), Tesla’s stock price at ~$1,100/share implies the firm will sell 15 million vehicles in 2030 versus ~936k in 2021. That figure represents 57% of the projected base case global EV passenger vehicle market in 2030 and the implied vehicle sales based on a lower ASP looks even more unrealistic.To provide inarguably best-case scenarios for assessing the expectations reflected in Tesla’s stock price, we assume Tesla achieves profit margins 1.5x Toyota Motor Corp (TM) and triples its current auto manufacturing efficiency.Per Figure 3, an $1,100/share price implies that, in 2030, Tesla will sell the following number of vehicles based on these ASP benchmarks:15 million vehicles – ASP of $55K (above average U.S. new car price of $47K in 2021)7 million vehicles – ASP of $49K (equal to Tesla’s 2021 ASP[1])21 million vehicles – ASP of $38K (equal to General Motors’ ASP[2] of $38K in 2021)If Tesla achieves those EV sales, the implied market share for the company would be the following (assuming global passenger EV sales reach 26 million in 2030, the base case projection from the IEA):57% for 15 million vehicles64% for 17 million vehicles83% for 21 million vehiclesIf we assume the IEA’s best case for global passenger EV sales in 2030, 47 million vehicles, the above vehicle sales represent:31% for 15 million vehicles35% for 17 million vehicles45% for 21 million vehiclesFigure 3: Tesla’s Implied Vehicle Sales in 2030 to Justify $1,100/ShareTSLA DCF Implied Vehicle Production(New Constructs, LLC)Sources: New Constructs, LLC and company filingsTesla Must Generate More Profits Than Apple For Investors to Make MoneyBelow are the assumptions we use in our reverse discounted cash flow model to calculate the implied production levels above.Bulls should understand what Tesla needs to accomplish to justify ~$1,100/share:immediately achieve a 14% NOPAT margin (1.5x Toyota’s margin, which is the highest of the large-scale automakers we cover), compared to Tesla’s TTM margin of 8%) andgrow revenue by 32% compounded annually from 2022 to 2030.In this scenario, Tesla generates $811 billion in revenue in 2030, which is 116% of the combined revenues of Toyota, Stellantis (STLA), Ford, General Motors, and Honda (HMC) over the past twelve months. Tesla must replace the U.S. auto industry before 2030 to justify current valuations.This scenario also implies Tesla grows net operating profit after-tax (NOPAT) by 2,458% from 2021 to 2030. In this scenario, Tesla generates $112 billion in NOPAT in 2030, or 12% higher than Apple’s (AAPL) TTM NOPAT, which, at $100 billion, is the highest of all companies we cover, and 65% higher than Microsoft (MSFT), the second-highest. Those companies have intertwined themselves in the lives of consumers and businesses around the world, which seems an unlikely feat for Tesla at this point.TSLA Has 46% Downside If Morgan Stanley Is Right About SalesIf we assume Tesla reaches Morgan Stanley’s estimate of selling 8.1 million cars in 2030 (which implies a 31% share of the global passenger EV market in 2030), at an ASP of $55k, the stock is worth just $542/share. Details:NOPAT margin improves to 14% andrevenue grows 27% compounded annually over the next decade, thenthe stock is worth just $547/share today – a 46% downside to the current price. See the math behind this reverse DCF scenario. In this scenario, Tesla grows NOPAT to $62 billion, or nearly 14x its 2021 NOPAT, and just 7% below Alphabet’s (GOOGL) 2021 NOPAT.TSLA Has 80%+ Downside Even with 27% Market Share and Realistic MarginsIf we estimate more reasonable (but still very optimistic) margins and market share achievements for Tesla, the stock is worth just $200/share. Here’s the math:NOPAT margin improves to 9% (equal to Toyota’s TTM margin) andrevenue grows by consensus estimates from 2022 to 2024 andrevenue grows 17% a year from 2025 to 2030, thenthe stock is worth just $200/share today – an 80% downside to the current price.In this scenario, Tesla sells 7 million cars (27% of the global passenger EV market in 2030) at an ASP of $47K (average new car price in U.S. in 2021) and grows NOPAT by 24% compounded annually from 2022 to 2030.We also assume a more realistic NOPAT margin of 9% in this scenario, which is 1.3x higher than Toyota’s industry-leading five-year average NOPAT margin of 7%. Given the required capital requirements to fund manufacturing and match increased competition in the EV market, Tesla is unlikely to achieve and sustain a margin as high as 9% from 2022 to 2030. If Tesla fails to meet these expectations, then the stock is worth less than $200/share.Figure 4 compares the firm’s historical NOPAT to the NOPAT implied in the above scenarios to illustrate just how high the expectations baked into Tesla’s stock price remain. For additional context, we show Toyota’s, General Motors’, and Apple’s TTM NOPAT.Figure 4: Tesla’s Historical and Implied NOPAT: DCF Valuation ScenariosTSLA DCF Implied NOPAT(New Constructs, LLC)Sources: New Constructs, LLC and company filingsEach of the above scenarios assumes Tesla’s invested capital grows 14% compounded annually through 2030. For reference, Tesla’s invested capital grew 49% compounded annually from 2011 to 2021 and 30% compounded annually since 2015.An invested capital CAGR of 14% represents 1/3rdthe CAGR of Tesla’s property, plant, and equipment since 2011 and assumes the company can build future plants and produce cars 3x more efficiently than it has so far.In other words, we aim to provide inarguably best-case scenarios for assessing the expectations for future market share and profits reflected in Tesla’s stock market valuation.Tesla Won’t Be the Only One to FallOther meme stocks have taken pages from the Musk playbook and will likely suffer the same fate we expect Tesla to suffer once the game is up. GameStop (GME) promised to transform itself into an ecommerce powerhouse, yet the company continues to head in the opposite direction and earnings continue to disappoint. GameStop’s Core Earnings fell from -$200 million in fiscal 2021 to -$321 million in fiscal 2022.Despite the company’s inability to quickly execute operational change, GameStop’s stock has remained well above a reasonable valuation thanks in part to announcing the launch of a marketplace for nonfungible tokens (NFTs) and partnerships with blockchain firms.AMC Entertainment Holdings (AMC) has also run several Tesla-esque plays to prop up its stock. Indeed, the company’s CEO recently tweeted that the company is “playing on offense again” with its investment in a microcap gold mine. Before gold mines, the company got on the crypto bandwagon in 2021 by accepting Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.Beyond the repeated attempts at propping up their stocks, the fundamentally weak business models of Tesla, GameStop, and AMC Entertainment in highly competitive industries burn cash and continue to dilute shareholders whenever possible. Per Figure 5, despite combining for more than $1.1 trillion of market cap, Tesla, AMC Entertainment, and GameStop have a combined economic book value, our measure of the no growth value of a stock, of -$52 billion and -$4.3 billion of free cash flow over the past twelve months.Figure 5: Meme Stock’s Market Cap, Economic Book Value & FCF: TTMMeme Stocks Market Cap, Economic Book Value, FCF(New Constructs, LLC)Sources: New Constructs, LLC and company filingsThis article originally published on April 14, 2022.Disclosure: David Trainer, Kyle Guske II, and Matt Shuler receive no compensation to write about any specific stock, sector, style, or theme.[1] Tesla’s ASP = (total automotive revenues – regulatory credits) / deliveries[2] General Motors’ ASP = Vehicle, parts and accessories / wholesale vehicle sales","news_type":1},"isVote":1,"tweetType":1,"viewCount":572,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9081861126,"gmtCreate":1650235226383,"gmtModify":1676534672584,"author":{"id":"3575105747703011","authorId":"3575105747703011","name":"RogerLam","avatar":"https://static.tigerbbs.com/1005e5ae2cda08a31d27406a5089b7ae","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3575105747703011","authorIdStr":"3575105747703011"},"themes":[],"htmlText":"Yes","listText":"Yes","text":"Yes","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9081861126","repostId":"2227986491","repostType":4,"repost":{"id":"2227986491","kind":"highlight","pubTimestamp":1650153489,"share":"https://ttm.financial/m/news/2227986491?lang=&edition=fundamental","pubTime":"2022-04-17 07:58","market":"us","language":"en","title":"Is Tesla a Safe Stock to Buy Now?","url":"https://stock-news.laohu8.com/highlight/detail?id=2227986491","media":"Motley Fool","summary":"Tesla as a company has good prospects, but owning the stock comes with some risks.","content":"<html><head></head><body><p><b>Tesla</b> ( TSLA -3.65% ) is a company not easily ignored. Customers seem to love the company&#39;s well-designed electric vehicles (EVs) while the bulls seem quite pleased with the 33% stock price rise in the last 12 months. On the other end, the bears are very skeptical of the sustainability of its outsized stock price run. After all, Tesla stock delivered more than a 15-fold return in the last five years.</p><p>But for potential investors thinking about buying the stock now, it is crucial to consider whether it is safe to invest in Tesla today. While that is not going to be an easy exercise, investors should at least consider these two questions about the company and its stock.</p><p><img src=\"https://static.tigerbbs.com/42bdaade247c7cea04b918d57eb73d34\" tg-width=\"700\" tg-height=\"466\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Image source: Getty Images.</p><h2><b>1. Is Tesla a durable business?</b></h2><p>Tesla has reported some solid financials lately. After delivering its first profitable year in 2020, Tesla exceeded that performance in 2021. It delivered a record 936,222 EVs to customers, grew revenue and net profit by 73% and 665%, respectively, and expanded free cash flow by 80% to $5 billion.</p><p>But note that the last paragraph started out by using the word &#34;lately.&#34; It&#39;s useful to also be aware that Tesla had never delivered a profitable year until 2020. It has been on the brink of bankruptcy a few times, most recently from 2017 to 2019. But as the worldwide transition from combustion engines into electric engines gained steam, Tesla was favorably positioned to capture the pent-up demand. And it did, as is evident by its solid numbers.</p><p>While the 2021 result was remarkable, it is still an outlier more than a norm. The biggest issue is that two profitable years provide little assurance that Tesla can sustain that in the coming years. As the car industry is highly cyclical, an economic downturn (such as a recession) will cause consumers to tighten their belts. When that happens, average folks tend to delay their purchase of high-value items like a car, which could reduce industry volume. We still do not know how Tesla will perform in such an environment.</p><p>On top of that, the EV race has intensified in recent years. While Tesla is still the dominant player -- with a 21% global market share in 2021, according to Autocar -- incumbents like <b>General Motors</b> and <b>Ford Motor Company</b> have big plans to ramp up their production. Tesla also faces competition from Chinese car companies like <b>BYD</b> and <b>Nio</b>. The former, backed by Warren Buffett, sold 593,745 EVs in 2021. BYD also announced that it would stop producing combustion engine vehicles to focus on EVs and plug-in hybrids.</p><p>In short, Tesla must execute flawlessly in the coming years to maintain its market share and stay profitable. While we do not know whether the company can sustain its strong execution, there is <a href=\"https://laohu8.com/S/AONE.U\">one</a> thing we do know for sure: Gone are the days when Tesla had the whole EV market to itself.</p><h2><b>2. Does Tesla stock offer a margin of safety?</b></h2><p>Ask any investor how to make money in the stock market, and the usual reply will be to buy a stock when the price is low and sell when the price is high. However, this argument is incomplete since an investor should also consider the intrinsic value of the stock. The key is to buy when the stock price is lower than the intrinsic value (and sell when it is above).</p><p>But estimating intrinsic value is not a simple task. Not only are there many methods to calculate the intrinsic value of a company, but every investor will use different variables to compute. It is fair to say that every investor will arrive at a different intrinsic value for the same company.</p><p>Enter: margin of safety. The idea is that when investors buy a stock at a price materially lower than its intrinsic value, they have room for errors in their estimation of its value. Even if they make mistakes, they generally lose little money since they buy the stock cheaply.</p><p>So is Tesla&#39;s stock cheap enough today to offer a margin of safety to investors? Let us consider a few simple metrics. As of writing, Tesla has a price-to-sales (P/S), price-to-book (P/B), and price-to-earnings (P/E) ratio of 21, 35, and 209. Comparatively, General Motors&#39; P/S, P/B, and P/E ratios are 0.5, 1, and 5.9, respectively.</p><p>Tesla bulls will immediately cry foul, claiming that Tesla is fundamentally a different company from GM. While I agree with them that Tesla is not an average company, my argument is this: Is it worth 30 to 40 times more than GM? Or put it differently, is one Tesla equivalent to 30 to 40 GMs? To me, the answer is probably not.</p><h2><b>Back to the original question: Is Tesla stock safe to buy?</b></h2><p>There is no doubt that Tesla is a company with promising prospects. It is a leader in the EV industry and has significant investments in potentially major industries like autonomous vehicles, renewable energy, and others.</p><p>Still, I don&#39;t think it&#39;s safe to buy Tesla stock now with your hard-earned money. One reason is the company just turned profitable in 2020. It would need a few more profitable years before investors can safely assume the turnaround is permanent. Besides, its valuation is not cheap, which offers a very little margin of safety for investors.</p><p>So unless investors are looking for some adrenaline rush, they will be better off staying from the stock. And even if they are looking for such excitement, they can consider buying a Tesla car instead.</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>Is Tesla a Safe Stock to Buy Now?</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\">\nIs Tesla a Safe Stock to Buy Now?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-04-17 07:58 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2022/04/16/is-tesla-a-safe-stock-to-buy-now/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Tesla ( TSLA -3.65% ) is a company not easily ignored. Customers seem to love the company's well-designed electric vehicles (EVs) while the bulls seem quite pleased with the 33% stock price rise in ...</p>\n\n<a href=\"https://www.fool.com/investing/2022/04/16/is-tesla-a-safe-stock-to-buy-now/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4511":"特斯拉概念","BK4548":"巴美列捷福持仓","BK4574":"无人驾驶","BK4551":"寇图资本持仓","BK4534":"瑞士信贷持仓","BK4527":"明星科技股","TSLA":"特斯拉","BK4555":"新能源车","BK4581":"高盛持仓","BK4533":"AQR资本管理(全球第二大对冲基金)","BK4550":"红杉资本持仓","BK4099":"汽车制造商"},"source_url":"https://www.fool.com/investing/2022/04/16/is-tesla-a-safe-stock-to-buy-now/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2227986491","content_text":"Tesla ( TSLA -3.65% ) is a company not easily ignored. Customers seem to love the company's well-designed electric vehicles (EVs) while the bulls seem quite pleased with the 33% stock price rise in the last 12 months. On the other end, the bears are very skeptical of the sustainability of its outsized stock price run. After all, Tesla stock delivered more than a 15-fold return in the last five years.But for potential investors thinking about buying the stock now, it is crucial to consider whether it is safe to invest in Tesla today. While that is not going to be an easy exercise, investors should at least consider these two questions about the company and its stock.Image source: Getty Images.1. Is Tesla a durable business?Tesla has reported some solid financials lately. After delivering its first profitable year in 2020, Tesla exceeded that performance in 2021. It delivered a record 936,222 EVs to customers, grew revenue and net profit by 73% and 665%, respectively, and expanded free cash flow by 80% to $5 billion.But note that the last paragraph started out by using the word \"lately.\" It's useful to also be aware that Tesla had never delivered a profitable year until 2020. It has been on the brink of bankruptcy a few times, most recently from 2017 to 2019. But as the worldwide transition from combustion engines into electric engines gained steam, Tesla was favorably positioned to capture the pent-up demand. And it did, as is evident by its solid numbers.While the 2021 result was remarkable, it is still an outlier more than a norm. The biggest issue is that two profitable years provide little assurance that Tesla can sustain that in the coming years. As the car industry is highly cyclical, an economic downturn (such as a recession) will cause consumers to tighten their belts. When that happens, average folks tend to delay their purchase of high-value items like a car, which could reduce industry volume. We still do not know how Tesla will perform in such an environment.On top of that, the EV race has intensified in recent years. While Tesla is still the dominant player -- with a 21% global market share in 2021, according to Autocar -- incumbents like General Motors and Ford Motor Company have big plans to ramp up their production. Tesla also faces competition from Chinese car companies like BYD and Nio. The former, backed by Warren Buffett, sold 593,745 EVs in 2021. BYD also announced that it would stop producing combustion engine vehicles to focus on EVs and plug-in hybrids.In short, Tesla must execute flawlessly in the coming years to maintain its market share and stay profitable. While we do not know whether the company can sustain its strong execution, there is one thing we do know for sure: Gone are the days when Tesla had the whole EV market to itself.2. Does Tesla stock offer a margin of safety?Ask any investor how to make money in the stock market, and the usual reply will be to buy a stock when the price is low and sell when the price is high. However, this argument is incomplete since an investor should also consider the intrinsic value of the stock. The key is to buy when the stock price is lower than the intrinsic value (and sell when it is above).But estimating intrinsic value is not a simple task. Not only are there many methods to calculate the intrinsic value of a company, but every investor will use different variables to compute. It is fair to say that every investor will arrive at a different intrinsic value for the same company.Enter: margin of safety. The idea is that when investors buy a stock at a price materially lower than its intrinsic value, they have room for errors in their estimation of its value. Even if they make mistakes, they generally lose little money since they buy the stock cheaply.So is Tesla's stock cheap enough today to offer a margin of safety to investors? Let us consider a few simple metrics. As of writing, Tesla has a price-to-sales (P/S), price-to-book (P/B), and price-to-earnings (P/E) ratio of 21, 35, and 209. Comparatively, General Motors' P/S, P/B, and P/E ratios are 0.5, 1, and 5.9, respectively.Tesla bulls will immediately cry foul, claiming that Tesla is fundamentally a different company from GM. While I agree with them that Tesla is not an average company, my argument is this: Is it worth 30 to 40 times more than GM? Or put it differently, is one Tesla equivalent to 30 to 40 GMs? To me, the answer is probably not.Back to the original question: Is Tesla stock safe to buy?There is no doubt that Tesla is a company with promising prospects. It is a leader in the EV industry and has significant investments in potentially major industries like autonomous vehicles, renewable energy, and others.Still, I don't think it's safe to buy Tesla stock now with your hard-earned money. One reason is the company just turned profitable in 2020. It would need a few more profitable years before investors can safely assume the turnaround is permanent. Besides, its valuation is not cheap, which offers a very little margin of safety for investors.So unless investors are looking for some adrenaline rush, they will be better off staying from the stock. And even if they are looking for such excitement, they can consider buying a Tesla car instead.","news_type":1},"isVote":1,"tweetType":1,"viewCount":416,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9081887202,"gmtCreate":1650235019213,"gmtModify":1676534672506,"author":{"id":"3575105747703011","authorId":"3575105747703011","name":"RogerLam","avatar":"https://static.tigerbbs.com/1005e5ae2cda08a31d27406a5089b7ae","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3575105747703011","authorIdStr":"3575105747703011"},"themes":[],"htmlText":"Agreed","listText":"Agreed","text":"Agreed","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9081887202","repostId":"2227986989","repostType":4,"repost":{"id":"2227986989","kind":"highlight","pubTimestamp":1650153593,"share":"https://ttm.financial/m/news/2227986989?lang=&edition=fundamental","pubTime":"2022-04-17 07:59","market":"us","language":"en","title":"2 Charts That Show Why It's Time to Buy the Dip in Meta Platforms' Stock","url":"https://stock-news.laohu8.com/highlight/detail?id=2227986989","media":"Motley Fool","summary":"Trading at merely 16 times free cash flow, this tech giant is a bargain buy.","content":"<html><head></head><body><p><b>Meta Platforms </b>( FB -2.24% ), formerly known as Facebook, has been treated harshly by the stock market lately. Three negative narratives drive this sentiment: Heavy investment in the metaverse, reduced ad spending, and tough competition from TikTok. Because of this, <a href=\"https://laohu8.com/S/FB\">Meta Platforms</a> stock is trading at an all-time low when valued from a price-to-free cash flow standpoint.</p><p>While these concerns are real, a ratio of 16 times free cash flow is far too low for a high-quality business like this. Investors must understand Meta Platforms&#39; risks and know how these will affect the financials.</p><p><img src=\"https://static.tigerbbs.com/398f53d1e7c68dd8da25b7202c250183\" tg-width=\"720\" tg-height=\"433\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>FB Price to Free Cash Flow data by YCharts</p><h2>It&#39;s getting harder to grow revenue</h2><p>CEO and founder Mark Zuckerberg&#39;s vision for the metaverse won&#39;t be cheap. However, he is committed to bringing about this change through the company&#39;s Reality Labs division, which provides &#34;augmented and virtual reality related consumer hardware, software, and content.&#34; Meta broke out this division for the first time in the fourth quarter, and the results weren&#39;t pretty. In 2021, the division lost $10.2 billion on revenue of $2.3 billion. It&#39;s also not slowing down on expenses. In 2021, Meta spent $71 billion on operating expenses, but management is guiding for $90 billion to $95 billion in 2022.</p><p>Revenue is expected to be negatively affected by recent iOS privacy changes from<b> Apple</b>. This has caused Meta customers to see a lower return on investment (ROI) for their ad campaigns. Meta claimed in the Q4 conference call that the changes disproportionately affect smaller businesses. With less successful advertisements, companies reduce their budgets and focus on other areas.</p><p><img src=\"https://static.tigerbbs.com/90028667ee7c0da172cd55cab6dcb759\" tg-width=\"700\" tg-height=\"466\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Image source: Getty Images.</p><p>Meta is also worried about ByteDance&#39;s TikTok social media app. While Facebook announced Reels to offer a similar product and effectively compete, TikTok is still capturing a large chunk of the social media market share. For the first time ever as a public company, Facebook&#39;s daily active users fell from the previous quarter.</p><p>With rising costs, revenue growth pressures, and a strong competitor, the future looks grim for Meta Platforms.</p><h2>Valuations suggest this stock is a bargain</h2><p>Are these concerns truly valid? After all, Meta Platforms is still the most dominant social media company and is highly profitable. Management also expects revenue growth of 3% to 11% for Q1, and investors will find out on April 27 if Meta hit that guidance.</p><p>If Meta can reach the top end of the revenue guidance and continue with 30% expense growth, the company will still be cheaply valued. In 2021, Meta Platforms produced $38.4 billion in free cash flow (FCF) on revenue of $118 billion, an impressive 33% margin. If sales grow 10% for the year and its FCF margin is affected by the $21.5 billion in increased operating costs, the company could generate $35.2 billion in free cash flow.</p><p>With no stock price appreciation, this would value the stock at 17.2 times 2022 free cash flow. This valuation is still lower than it&#39;s been at any time Meta&#39;s been a public company and is cheap compared to other companies in the market.</p><p><img src=\"https://static.tigerbbs.com/86b9f60c56d84ce72690d3a38faf1606\" tg-width=\"720\" tg-height=\"500\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>FB Price to Free Cash Flow data by YCharts</p><p>To add another factor to Meta&#39;s value proposition, it has been aggressively repurchasing shares. Doing this, it is making each share more valuable by retiring old shares. This catalyst will further decrease its valuation by reducing the number of shares outstanding. With Meta repurchasing more than $44 billion in stock last year, the company could repeat that program in 2022 and lower shares outstanding by about 7%.</p><h2>When is the best time to buy?</h2><p>Meta Platforms may be facing some headwinds, but the company is <a href=\"https://laohu8.com/S/AONE.U\">one</a> of the most financially powerful in the world, with solid cash flow generation and more than $44 billion in cash with no debt on the balance sheet. The market doesn&#39;t leave bargains around like this very often, and investors should act accordingly. Alternatively, you could also wait until Q1 earnings are reported on April 27, but any positive news will likely send this stock soaring, as it has only experienced negative headlines recently.</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>2 Charts That Show Why It's Time to Buy the Dip in Meta Platforms' Stock</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\">\n2 Charts That Show Why It's Time to Buy the Dip in Meta Platforms' Stock\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-04-17 07:59 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2022/04/16/why-its-time-to-buy-the-dip-meta-platforms/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Meta Platforms ( FB -2.24% ), formerly known as Facebook, has been treated harshly by the stock market lately. Three negative narratives drive this sentiment: Heavy investment in the metaverse, ...</p>\n\n<a href=\"https://www.fool.com/investing/2022/04/16/why-its-time-to-buy-the-dip-meta-platforms/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4550":"红杉资本持仓","BK4533":"AQR资本管理(全球第二大对冲基金)","BK4581":"高盛持仓","BK4525":"远程办公概念","BK4566":"资本集团","BK4503":"景林资产持仓","BK4554":"元宇宙及AR概念","BK4551":"寇图资本持仓","BK4524":"宅经济概念","BK4534":"瑞士信贷持仓","BK4548":"巴美列捷福持仓","BK4508":"社交媒体","BK4573":"虚拟现实","BK4507":"流媒体概念","BK4077":"互动媒体与服务","BK4527":"明星科技股","BK4553":"喜马拉雅资本持仓","BK4579":"人工智能"},"source_url":"https://www.fool.com/investing/2022/04/16/why-its-time-to-buy-the-dip-meta-platforms/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2227986989","content_text":"Meta Platforms ( FB -2.24% ), formerly known as Facebook, has been treated harshly by the stock market lately. Three negative narratives drive this sentiment: Heavy investment in the metaverse, reduced ad spending, and tough competition from TikTok. Because of this, Meta Platforms stock is trading at an all-time low when valued from a price-to-free cash flow standpoint.While these concerns are real, a ratio of 16 times free cash flow is far too low for a high-quality business like this. Investors must understand Meta Platforms' risks and know how these will affect the financials.FB Price to Free Cash Flow data by YChartsIt's getting harder to grow revenueCEO and founder Mark Zuckerberg's vision for the metaverse won't be cheap. However, he is committed to bringing about this change through the company's Reality Labs division, which provides \"augmented and virtual reality related consumer hardware, software, and content.\" Meta broke out this division for the first time in the fourth quarter, and the results weren't pretty. In 2021, the division lost $10.2 billion on revenue of $2.3 billion. It's also not slowing down on expenses. In 2021, Meta spent $71 billion on operating expenses, but management is guiding for $90 billion to $95 billion in 2022.Revenue is expected to be negatively affected by recent iOS privacy changes from Apple. This has caused Meta customers to see a lower return on investment (ROI) for their ad campaigns. Meta claimed in the Q4 conference call that the changes disproportionately affect smaller businesses. With less successful advertisements, companies reduce their budgets and focus on other areas.Image source: Getty Images.Meta is also worried about ByteDance's TikTok social media app. While Facebook announced Reels to offer a similar product and effectively compete, TikTok is still capturing a large chunk of the social media market share. For the first time ever as a public company, Facebook's daily active users fell from the previous quarter.With rising costs, revenue growth pressures, and a strong competitor, the future looks grim for Meta Platforms.Valuations suggest this stock is a bargainAre these concerns truly valid? After all, Meta Platforms is still the most dominant social media company and is highly profitable. Management also expects revenue growth of 3% to 11% for Q1, and investors will find out on April 27 if Meta hit that guidance.If Meta can reach the top end of the revenue guidance and continue with 30% expense growth, the company will still be cheaply valued. In 2021, Meta Platforms produced $38.4 billion in free cash flow (FCF) on revenue of $118 billion, an impressive 33% margin. If sales grow 10% for the year and its FCF margin is affected by the $21.5 billion in increased operating costs, the company could generate $35.2 billion in free cash flow.With no stock price appreciation, this would value the stock at 17.2 times 2022 free cash flow. This valuation is still lower than it's been at any time Meta's been a public company and is cheap compared to other companies in the market.FB Price to Free Cash Flow data by YChartsTo add another factor to Meta's value proposition, it has been aggressively repurchasing shares. Doing this, it is making each share more valuable by retiring old shares. This catalyst will further decrease its valuation by reducing the number of shares outstanding. With Meta repurchasing more than $44 billion in stock last year, the company could repeat that program in 2022 and lower shares outstanding by about 7%.When is the best time to buy?Meta Platforms may be facing some headwinds, but the company is one of the most financially powerful in the world, with solid cash flow generation and more than $44 billion in cash with no debt on the balance sheet. The market doesn't leave bargains around like this very often, and investors should act accordingly. Alternatively, you could also wait until Q1 earnings are reported on April 27, but any positive news will likely send this stock soaring, as it has only experienced negative headlines recently.","news_type":1},"isVote":1,"tweetType":1,"viewCount":307,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9083907793,"gmtCreate":1650065269220,"gmtModify":1676534637498,"author":{"id":"3575105747703011","authorId":"3575105747703011","name":"RogerLam","avatar":"https://static.tigerbbs.com/1005e5ae2cda08a31d27406a5089b7ae","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3575105747703011","authorIdStr":"3575105747703011"},"themes":[],"htmlText":"Yes","listText":"Yes","text":"Yes","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9083907793","repostId":"1191379471","repostType":4,"repost":{"id":"1191379471","kind":"news","pubTimestamp":1649992437,"share":"https://ttm.financial/m/news/1191379471?lang=&edition=fundamental","pubTime":"2022-04-15 11:13","market":"us","language":"en","title":"Cathie Wood Is Warming Up to General Motors (GM) Stock. Here’s Why.","url":"https://stock-news.laohu8.com/highlight/detail?id=1191379471","media":"InvestorPlace","summary":"Shares of General Motors(NYSE:GM) stock are in the spotlight today following aYahoo! Financeintervie","content":"<html><head></head><body><p>Shares of <b>General Motors</b>(NYSE:<b><u>GM</u></b>) stock are in the spotlight today following a<i>Yahoo! Finance</i>interviewwith Cathie Wood. Specifically, the <b>Ark Invest</b> CEO said her firm “must not have a closed mind” on successful and innovative companies. This seems to include General Motors.</p><p>In the interview, Wood disclosed that Ark had recently met with GM CEO Mary Barra. The noteworthy investor explained that she is fascinated by how Barra is “really turning that ship around,” citing the CEO’s focus on “cruise automation.”</p><p>Here’s what investors should know about General Motors and its stock moving forward.</p><p>Ark Invest CEO Cathie Wood May Invest in GM Stock</p><p>This recent approval of GM stock seems to contrast with Wood’s comments this past January. Back then, General Motors had debuted its fully electric Silverado truck, which caused GM stock to rally. Cathie Wood called the rally as“ridiculous” because “electric vehicle sales represent only about 2% of traditional automakers’ sales.”</p><p>Wood has also raised concerns on the low gross margins of traditional automakers. In November, the Ark Invest CEO even went as far as saying that some traditional automakers could go bankrupt in the next five to 10 years due to competition with electric vehicles(EVs). Now, Wood seems to have done a complete pivot when it comes to General Motors.</p><p>Of course, Ark Invest has purchased GM stock in the past. The investment firm first purchased shares in the first quarter of 2017, then completely unloaded its position between 2018 and 2020. Today, Ark Invest does not currently hold any shares of the company. However, this may be subject to change if Wood acts on her recent comments.</p><p>To be sure, Ark is also still bullish on <b>Tesla</b>(NASDAQ:<b><u>TSLA</u></b>), one of GM’s biggest competitors in the EV space. Wood has lauded Tesla’s in-house artificial intelligence (AI) chip and vertical integration, which she believes give it a “tremendous advantage.”</p><p>What’s Next for General Motors?</p><p>By the end of 2025, GM plans on building 1 million EVs per year in North America. On Tuesday, the automaker also announced a multi-year deal with <b>Glencore</b>(OTCMKTS:<b><u>GLNCY</u></b>) to help in this endeavor. Glencore is a large supplier of cobalt, a component necessary for battery production. Specifically, the agreement will allow GM to obtain cobalt from Glencore’s Murrin Murrin mine in Australia, although details on volume and price have not been disclosed.</p><p>General Motors is expected to use this cobalt in its proprietary batteries for EV models of the Silverado and Hummer, among others. Furthermore, Glencore is still actively involved in supplying GM’s competitors.</p></body></html>","source":"lsy1606302653667","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Cathie Wood Is Warming Up to General Motors (GM) Stock. Here’s 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\">\nCathie Wood Is Warming Up to General Motors (GM) Stock. Here’s Why.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-04-15 11:13 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://investorplace.com/2022/04/cathie-wood-is-warming-up-to-general-motors-gm-stock-heres-why/><strong>InvestorPlace</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Shares of General Motors(NYSE:GM) stock are in the spotlight today following aYahoo! Financeinterviewwith Cathie Wood. Specifically, the Ark Invest CEO said her firm “must not have a closed mind” on ...</p>\n\n<a href=\"https://investorplace.com/2022/04/cathie-wood-is-warming-up-to-general-motors-gm-stock-heres-why/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GM":"通用汽车"},"source_url":"https://investorplace.com/2022/04/cathie-wood-is-warming-up-to-general-motors-gm-stock-heres-why/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1191379471","content_text":"Shares of General Motors(NYSE:GM) stock are in the spotlight today following aYahoo! Financeinterviewwith Cathie Wood. Specifically, the Ark Invest CEO said her firm “must not have a closed mind” on successful and innovative companies. This seems to include General Motors.In the interview, Wood disclosed that Ark had recently met with GM CEO Mary Barra. The noteworthy investor explained that she is fascinated by how Barra is “really turning that ship around,” citing the CEO’s focus on “cruise automation.”Here’s what investors should know about General Motors and its stock moving forward.Ark Invest CEO Cathie Wood May Invest in GM StockThis recent approval of GM stock seems to contrast with Wood’s comments this past January. Back then, General Motors had debuted its fully electric Silverado truck, which caused GM stock to rally. Cathie Wood called the rally as“ridiculous” because “electric vehicle sales represent only about 2% of traditional automakers’ sales.”Wood has also raised concerns on the low gross margins of traditional automakers. In November, the Ark Invest CEO even went as far as saying that some traditional automakers could go bankrupt in the next five to 10 years due to competition with electric vehicles(EVs). Now, Wood seems to have done a complete pivot when it comes to General Motors.Of course, Ark Invest has purchased GM stock in the past. The investment firm first purchased shares in the first quarter of 2017, then completely unloaded its position between 2018 and 2020. Today, Ark Invest does not currently hold any shares of the company. However, this may be subject to change if Wood acts on her recent comments.To be sure, Ark is also still bullish on Tesla(NASDAQ:TSLA), one of GM’s biggest competitors in the EV space. Wood has lauded Tesla’s in-house artificial intelligence (AI) chip and vertical integration, which she believes give it a “tremendous advantage.”What’s Next for General Motors?By the end of 2025, GM plans on building 1 million EVs per year in North America. On Tuesday, the automaker also announced a multi-year deal with Glencore(OTCMKTS:GLNCY) to help in this endeavor. Glencore is a large supplier of cobalt, a component necessary for battery production. Specifically, the agreement will allow GM to obtain cobalt from Glencore’s Murrin Murrin mine in Australia, although details on volume and price have not been disclosed.General Motors is expected to use this cobalt in its proprietary batteries for EV models of the Silverado and Hummer, among others. Furthermore, Glencore is still actively involved in supplying GM’s competitors.","news_type":1},"isVote":1,"tweetType":1,"viewCount":326,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9014745483,"gmtCreate":1649721876972,"gmtModify":1676534556782,"author":{"id":"3575105747703011","authorId":"3575105747703011","name":"RogerLam","avatar":"https://static.tigerbbs.com/1005e5ae2cda08a31d27406a5089b7ae","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3575105747703011","authorIdStr":"3575105747703011"},"themes":[],"htmlText":"👌&nbsp;","listText":"👌&nbsp;","text":"👌","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9014745483","repostId":"2226045639","repostType":4,"isVote":1,"tweetType":1,"viewCount":471,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9014793629,"gmtCreate":1649717801897,"gmtModify":1676534554662,"author":{"id":"3575105747703011","authorId":"3575105747703011","name":"RogerLam","avatar":"https://static.tigerbbs.com/1005e5ae2cda08a31d27406a5089b7ae","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3575105747703011","authorIdStr":"3575105747703011"},"themes":[],"htmlText":"Yes","listText":"Yes","text":"Yes","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9014793629","repostId":"2226683093","repostType":4,"repost":{"id":"2226683093","kind":"highlight","pubTimestamp":1649691304,"share":"https://ttm.financial/m/news/2226683093?lang=&edition=fundamental","pubTime":"2022-04-11 23:35","market":"us","language":"en","title":"3 of the Smartest Stocks to Buy in a Fed-Induced Bear Market","url":"https://stock-news.laohu8.com/highlight/detail?id=2226683093","media":"Motley Fool","summary":"A tumbling stock market is the ideal time to put your money to work in these rock-solid companies.","content":"<html><head></head><body><p>A little over a year ago, things couldn&#39;t have been better for Wall Street. The major U.S. indexes were a year removed from their pandemic bottom and had delivered <a href=\"https://laohu8.com/S/AONE.U\">one</a> of the strongest bounces from a bear-market in history. What&#39;s more, there was abundant access to cheap capital and the Federal Reserve was intent on maintaining its dovish monetary stance.</p><p>But over the past 12 months, the wheels fell off the wagon in dramatic fashion -- and the nation&#39;s central bank may be to blame.</p><p>While no one ever said overseeing monetary policy for the largest economy in the world would be easy, in hindsight the Fed left its foot on the accelerator for far too long. A combination of historically low lending rates and ongoing quantitative easing measures designed to drive down long-term bond yields has played a big role in sending the U.S. inflation rate to a four-decade high. In fact, a good argument can be made that the growth-focused <b>Nasdaq Composite</b>&#39;s brief tumble into bear market territory was primarily Fed-induced.</p><p>Although big drops in the market can be scary at times -- especially when they&#39;re caused by the Fed shifting course -- they&#39;re historically the best time to put your money to work. That&#39;s because all notable declines are eventually erased by a bull market rally.</p><p>Below are three of the smartest stocks investors can buy in a Fed-driven bear market.</p><h2><a href=\"https://laohu8.com/S/BRK.A\">Berkshire Hathaway</a></h2><p>The first stock investors would be wise to buy in a Fed-induced bear market is conglomerate <b>Berkshire Hathaway</b> ( BRK.A )( BRK.B).</p><p>Berkshire may not be a household name, but its CEO, billionaire Warren Buffett, probably is. Since taking over as CEO of the company in 1965, Buffett has overseen more than $760 billion in valuation creation for shareholders (himself included), and he&#39;s led Berkshire&#39;s Class A shares (BRK.A) to an average annual gain of just over 20%. In aggregate, we&#39;re talking about an increase of 4,210,069%, as of April 7.</p><p>One of Buffett&#39;s not-so-subtle secrets to success is that he&#39;s packed Berkshire Hathaway&#39;s portfolio with cyclical companies. These are businesses that thrive when the economy is firing on all cylinders and struggle a bit when recessions strike. Instead of trying to time these inevitable downturns, Buffett has positioned Berkshire Hathaway and its investment portfolio to take advantage of long-winded expansions. After all, economic expansions last considerably longer than recessions.</p><p>Something else to consider is that a sizable percentage of Berkshire Hathaway&#39;s owned and invested assets are in the financial sector. The Fed has made clear that it intends to reduce its balance sheet (i.e., sell Treasury bonds) and raise interest rates. Higher lending rates will be a boon for bank stocks that have variable-rate outstanding loans, and it&#39;ll also allow insurance companies to generate more interest income on their float (i.e., their unused premium). In short, Berkshire Hathaway is well-positioned to navigate a rising-rate environment.</p><p>Berkshire Hathaway&#39;s success is also a function of Buffett&#39;s love for dividend stocks. Companies that pay a dividend are often profitable, time-tested, and have transparent long-term outlooks. This year, Berkshire should collect in excess of $5 billion in dividend income, with north of $4 billion coming from just a half-dozen holdings.</p><p>Long story short, riding Buffett&#39;s coattails has long been a moneymaking investment strategy.</p><p><img src=\"https://static.tigerbbs.com/258390c72eb8866a0650f6b06661fd51\" tg-width=\"700\" tg-height=\"466\" referrerpolicy=\"no-referrer\"/></p><p>Image source: Getty Images.</p><h2><a href=\"https://laohu8.com/S/CRWD\">CrowdStrike Holdings</a></h2><p>Just because the stock market is falling and the Fed is scrambling to control historically high inflation, it doesn&#39;t mean growth stocks are off-limits for patient investors. A perfect example of a fast-paced company that&#39;s a smart buy is cybersecurity stock <b>CrowdStrike Holdings</b> (CRWD).</p><p>Since the pandemic began more than two years ago, businesses have accelerated the pace at which they&#39;ve moved data online and into the cloud. Given that hackers and robots don&#39;t take time off just because Wall Street had a bad day, the onus of protecting this data is increasingly falling onto third-party providers like CrowdStrike. Put another way, cybersecurity has evolved from an optional to essential service over the past two-plus decades.</p><p>While the cybersecurity industry should be home to a number of winners, CrowdStrike really stands out for its cloud-native Falcon security platform. Falcon oversees approximately 1 trillion events <i>per day</i> and relies on artificial intelligence to grow more efficient at recognizing and responding to potential end-user threats. CrowdStrike isn&#39;t the cheapest solution in cybersecurity, but its gross retention rate of 98% suggests it&#39;s one of the best.</p><p>Additional proof of Falcon&#39;s success can be seen in CrowdStrike&#39;s subscriber figures and organic growth rate. Over the past five years, the company&#39;s subscriber count has grown by an annual average of 105%. What&#39;s more, CrowdStrike has reported 16 consecutive quarters with a dollar-based retention rate of at least 120%.  This is a fancy way of saying that existing clients spent at least 20% more on a year-over-year basis for four consecutive years (16 quarters).</p><p>As the premier name in cybersecurity, any significant pullback in a Fed-driven bear market should be viewed as a buying opportunity.</p><p><img src=\"https://static.tigerbbs.com/b13f98298635a74f4491a99bf47eeded\" tg-width=\"700\" tg-height=\"466\" referrerpolicy=\"no-referrer\"/></p><p>Image source: Getty Images.</p><h2><a href=\"https://laohu8.com/S/WBA\">Walgreens Boots Alliance</a></h2><p>A third exceptionally smart stock to buy during a Fed-induced bear market is pharmacy chain <b>Walgreens Boots Alliance</b> (WBA).</p><p>Generally, healthcare stocks are nearly impervious to wild vacillations in the stock market and, to some extent, the U.S. economy. Because we can&#39;t control when we get sick, there&#39;s always demand for prescription drugs, medical devices, and healthcare services.</p><p>However, Walgreens proved to be a bit of an exception to this rule during the initial stages of the COVID-19 pandemic. Since pharmacy chains are reliant on foot traffic into their stores, the pandemic put a hurting on Walgreens and its peers for a couple of quarters. With the worst of the pandemic likely in the rearview mirror, Walgreens looks poised to shine no matter what the nation&#39;s central bank does on the interest rate front.</p><p>What makes Walgreens Boots Alliance such an attractive investment is the company&#39;s multipoint strategy to lift its margins and organic growth rate. As an example, Walgreens has slashed more than $2 billion in annual operating expenses a full year ahead of schedule. At the same time, it&#39;s spent aggressively on digitization initiatives that&#39;ll promote direct-to-consumer sales. Even though its brick-and-mortar locations will remain its primary revenue driver, the convenience of online sales should have no trouble boosting the company&#39;s organic growth rate.</p><p>Speaking of organic growth, Walgreens has also partnered with and invested in VillageMD. The two have opened more than 100 full-service clinics nationwide, as of Feb. 28, 2022, with the goal of reaching at least 600 clinics in more than 30 U.S. markets by the end of 2025.  The key here is that these are full-service, physician-staffed clinics, and can therefore handle much more than administering a vaccine. The ability to court repeat clients and funnel those patients to Walgreens&#39; pharmacy should help improve brand loyalty and the company&#39;s bottom line.</p><p>With Walgreens valued at just 9 times Wall Street&#39;s forecast earnings for fiscal 2022 (ended Aug. 31, 2022), now is the perfect time to pounce.</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 of the Smartest Stocks to Buy in a Fed-Induced Bear Market</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n3 of the Smartest Stocks to Buy in a Fed-Induced Bear Market\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-04-11 23:35 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2022/04/11/3-smartest-stocks-buy-in-a-fed-induced-bear-market/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>A little over a year ago, things couldn't have been better for Wall Street. The major U.S. indexes were a year removed from their pandemic bottom and had delivered one of the strongest bounces from a ...</p>\n\n<a href=\"https://www.fool.com/investing/2022/04/11/3-smartest-stocks-buy-in-a-fed-induced-bear-market/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"WBA":"沃尔格林联合博姿","CRWD":"CrowdStrike Holdings, Inc.","BRK.B":"伯克希尔B","BRK.A":"伯克希尔"},"source_url":"https://www.fool.com/investing/2022/04/11/3-smartest-stocks-buy-in-a-fed-induced-bear-market/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2226683093","content_text":"A little over a year ago, things couldn't have been better for Wall Street. The major U.S. indexes were a year removed from their pandemic bottom and had delivered one of the strongest bounces from a bear-market in history. What's more, there was abundant access to cheap capital and the Federal Reserve was intent on maintaining its dovish monetary stance.But over the past 12 months, the wheels fell off the wagon in dramatic fashion -- and the nation's central bank may be to blame.While no one ever said overseeing monetary policy for the largest economy in the world would be easy, in hindsight the Fed left its foot on the accelerator for far too long. A combination of historically low lending rates and ongoing quantitative easing measures designed to drive down long-term bond yields has played a big role in sending the U.S. inflation rate to a four-decade high. In fact, a good argument can be made that the growth-focused Nasdaq Composite's brief tumble into bear market territory was primarily Fed-induced.Although big drops in the market can be scary at times -- especially when they're caused by the Fed shifting course -- they're historically the best time to put your money to work. That's because all notable declines are eventually erased by a bull market rally.Below are three of the smartest stocks investors can buy in a Fed-driven bear market.Berkshire HathawayThe first stock investors would be wise to buy in a Fed-induced bear market is conglomerate Berkshire Hathaway ( BRK.A )( BRK.B).Berkshire may not be a household name, but its CEO, billionaire Warren Buffett, probably is. Since taking over as CEO of the company in 1965, Buffett has overseen more than $760 billion in valuation creation for shareholders (himself included), and he's led Berkshire's Class A shares (BRK.A) to an average annual gain of just over 20%. In aggregate, we're talking about an increase of 4,210,069%, as of April 7.One of Buffett's not-so-subtle secrets to success is that he's packed Berkshire Hathaway's portfolio with cyclical companies. These are businesses that thrive when the economy is firing on all cylinders and struggle a bit when recessions strike. Instead of trying to time these inevitable downturns, Buffett has positioned Berkshire Hathaway and its investment portfolio to take advantage of long-winded expansions. After all, economic expansions last considerably longer than recessions.Something else to consider is that a sizable percentage of Berkshire Hathaway's owned and invested assets are in the financial sector. The Fed has made clear that it intends to reduce its balance sheet (i.e., sell Treasury bonds) and raise interest rates. Higher lending rates will be a boon for bank stocks that have variable-rate outstanding loans, and it'll also allow insurance companies to generate more interest income on their float (i.e., their unused premium). In short, Berkshire Hathaway is well-positioned to navigate a rising-rate environment.Berkshire Hathaway's success is also a function of Buffett's love for dividend stocks. Companies that pay a dividend are often profitable, time-tested, and have transparent long-term outlooks. This year, Berkshire should collect in excess of $5 billion in dividend income, with north of $4 billion coming from just a half-dozen holdings.Long story short, riding Buffett's coattails has long been a moneymaking investment strategy.Image source: Getty Images.CrowdStrike HoldingsJust because the stock market is falling and the Fed is scrambling to control historically high inflation, it doesn't mean growth stocks are off-limits for patient investors. A perfect example of a fast-paced company that's a smart buy is cybersecurity stock CrowdStrike Holdings (CRWD).Since the pandemic began more than two years ago, businesses have accelerated the pace at which they've moved data online and into the cloud. Given that hackers and robots don't take time off just because Wall Street had a bad day, the onus of protecting this data is increasingly falling onto third-party providers like CrowdStrike. Put another way, cybersecurity has evolved from an optional to essential service over the past two-plus decades.While the cybersecurity industry should be home to a number of winners, CrowdStrike really stands out for its cloud-native Falcon security platform. Falcon oversees approximately 1 trillion events per day and relies on artificial intelligence to grow more efficient at recognizing and responding to potential end-user threats. CrowdStrike isn't the cheapest solution in cybersecurity, but its gross retention rate of 98% suggests it's one of the best.Additional proof of Falcon's success can be seen in CrowdStrike's subscriber figures and organic growth rate. Over the past five years, the company's subscriber count has grown by an annual average of 105%. What's more, CrowdStrike has reported 16 consecutive quarters with a dollar-based retention rate of at least 120%.  This is a fancy way of saying that existing clients spent at least 20% more on a year-over-year basis for four consecutive years (16 quarters).As the premier name in cybersecurity, any significant pullback in a Fed-driven bear market should be viewed as a buying opportunity.Image source: Getty Images.Walgreens Boots AllianceA third exceptionally smart stock to buy during a Fed-induced bear market is pharmacy chain Walgreens Boots Alliance (WBA).Generally, healthcare stocks are nearly impervious to wild vacillations in the stock market and, to some extent, the U.S. economy. Because we can't control when we get sick, there's always demand for prescription drugs, medical devices, and healthcare services.However, Walgreens proved to be a bit of an exception to this rule during the initial stages of the COVID-19 pandemic. Since pharmacy chains are reliant on foot traffic into their stores, the pandemic put a hurting on Walgreens and its peers for a couple of quarters. With the worst of the pandemic likely in the rearview mirror, Walgreens looks poised to shine no matter what the nation's central bank does on the interest rate front.What makes Walgreens Boots Alliance such an attractive investment is the company's multipoint strategy to lift its margins and organic growth rate. As an example, Walgreens has slashed more than $2 billion in annual operating expenses a full year ahead of schedule. At the same time, it's spent aggressively on digitization initiatives that'll promote direct-to-consumer sales. Even though its brick-and-mortar locations will remain its primary revenue driver, the convenience of online sales should have no trouble boosting the company's organic growth rate.Speaking of organic growth, Walgreens has also partnered with and invested in VillageMD. The two have opened more than 100 full-service clinics nationwide, as of Feb. 28, 2022, with the goal of reaching at least 600 clinics in more than 30 U.S. markets by the end of 2025.  The key here is that these are full-service, physician-staffed clinics, and can therefore handle much more than administering a vaccine. The ability to court repeat clients and funnel those patients to Walgreens' pharmacy should help improve brand loyalty and the company's bottom line.With Walgreens valued at just 9 times Wall Street's forecast earnings for fiscal 2022 (ended Aug. 31, 2022), now is the perfect time to pounce.","news_type":1},"isVote":1,"tweetType":1,"viewCount":400,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9014145191,"gmtCreate":1649635591765,"gmtModify":1676534540584,"author":{"id":"3575105747703011","authorId":"3575105747703011","name":"RogerLam","avatar":"https://static.tigerbbs.com/1005e5ae2cda08a31d27406a5089b7ae","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3575105747703011","authorIdStr":"3575105747703011"},"themes":[],"htmlText":"👌&nbsp;","listText":"👌&nbsp;","text":"👌","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9014145191","repostId":"1155424005","repostType":4,"repost":{"id":"1155424005","kind":"news","pubTimestamp":1649633100,"share":"https://ttm.financial/m/news/1155424005?lang=&edition=fundamental","pubTime":"2022-04-11 07:25","market":"us","language":"en","title":"Amazon’s Drone Delivery Program Is Hit by Crashes and Safety Concerns","url":"https://stock-news.laohu8.com/highlight/detail?id=1155424005","media":"Bloomberg","summary":"Billions of dollars and a decade later, and Amazon’s delivery by drone program still isn’t off the g","content":"<html><head></head><body><p>Billions of dollars and a decade later, and Amazon’s delivery by drone program still isn’t off the ground.</p><p>Jeff Bezos went on <i>60 Minutes</i> in 2013 and pledged to fill the skies with a fleet of delivery drones that could zip parcels to customers’ homes in 30 minutes. Asked when this future would arrive, the Amazon.com Inc. founder said he expected drone deliveries to commence in the next five years or thereabouts.</p><p>Almost a decade later, despite spending more than $2 billion and assembling a team of more than 1,000 people around the world, Amazon is a long way from launching a drone delivery service.</p><p>A Bloomberg investigation based on internal documents, government reports and interviews with 13 current and former employees reveals a program beset by technical challenges, high turnover and safety concerns. A serious crash in June prompted federal regulators to question the drone’s airworthiness because multiple safety features failed and the machine careened out of control, causing a brush fire. While experimental aircraft are expected to crash during test flights, current and former employees say pressure to get the program back on track has prompted some managers to take unnecessary risks that have put personnel in harm’s way.</p><p>“With rigorous testing like this, we expect these types of events to occur, and we apply the learnings from each flight towards improving safety,” Amazon spokesman Av Zammit said in an emailed statement. “No one has ever been injured or harmed as a result of these flights, and each test is done in compliance with all applicable regulations.”</p><p>Amazon plans to ramp up testing in the coming months. Having missed a goal of conducting 2,500 test flights last year, according to documents reviewed by Bloomberg, the company has set an even loftier target of 12,000 for 2022—although fewer than 200 had been completed as of late February. The company plans to add new testing locations this year in College Station, Texas, about 100 miles northeast of Austin, and Lockeford, California, near Stockton. Amazon also hopes to start testing drones beyond the sight of flight observers, according to documents reviewed by Bloomberg, a key step toward proving their ability to fly autonomously.</p><p>It will be years before the Federal Aviation Administration approves commercial drone deliveries, although the agency is letting companies conduct test flights in increasingly populated areas so long as they don’t pose significant safety risks. But the prospect of replacing human drivers with flying robots appeals to online retailers because 30-minute shipping is expected to become standard for certain deliveries, such as medicine, snacks and baby products.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ff9bbe23d69fd3fccef76770df255f95\" tg-width=\"1000\" tg-height=\"666\" width=\"100%\" height=\"auto\"/><span>Amazon’s Prime Air drone.Photographer: Jordan Stead/Amazon</span></p><p>Amazon drones could fan out up to 7 miles (11 km) from a delivery station, breezing above traffic to deliver packages weighing as much as 5 pounds (2.3 kg) within a half-hour of a customer clicking “buy.” The speed would finally make ordering from Amazon as quick as a trip to the store and help offset one of the biggest costs of e-commerce: paying someone to drive packages to homes.</p><p>The Seattle-based company is under growing pressure to keep up with deep-pocketed rivals. Just last week, Alphabet Inc.’s Google Wing accelerated its own drone testing program by starting to ferry packages to shoppers from Walgreens in a 90-square-mile suburban area north of Dallas.Walmart Inc. and United Parcel Service have their own drone programs in varying stages of development (see table).</p><p>Even Amazon’s toughest internal critics don’t question the technology’s potential, but current and former employees say the company is doing what it has done so many times before: putting speed before safety in the name of beating the competition. “Someone is going to have to get killed or maimed for them to take these safety issues seriously,” said Cheddi Skeete, a former Amazon drone project manager who says he was fired last month for raising concerns to his managers. “How can we bring these tests to more communities when we know we have problems.”  Spokesperson Zammit denied Skeete was terminated for speaking up.</p><p>The FAA declined to comment on the crashes, but said its testing requirements were designed to protect the public. “Flight testing is a critical part of all aircraft certification projects,” the agency said. “FAA flight-testing approvals contain provisions to ensure it occurs safely, without posing a hazard to people, property or other aircraft.”</p><p>In 2013, Amazon tapped aviation buff and software engineer Gur Kimchi to run its nascent drone program, now known as Prime Air. Designing delivery drones promised to be a heavy lift—and Amazon made the challenge all the harder by opting to create a completely new machine itself rather than farming out pieces of the design and building of prototypes to other companies. Kimchi favored a D.I.Y approach because doing so gave the team control over the final design, but former and current employees said the decision slowed development. For example, personnel wound copper wire around electric motor magnets themselves when an outside vendor could have done it faster. Even the prototypes were built in-house by hand.</p><p>The machines Bezos revealed on<i>60 Minutes</i>resembled something you might see in a local park and simply weren’t up to the task; they could barely fly a mile and got tossed around in wind gusts. Amazon wanted a drone that blended the ability of a plane to fly long distances with the maneuverability of a helicopter that can swiftly change direction to avoid trees and power lines and hover over a back yard during inclement weather. The drones also needed to fly and find their destination with no human intervention.</p><p>The team went through more than two dozen concepts. The work was tedious and slow. The drones required new software that would allow on-board cameras to recognize and react to obstacles and differentiate between things like swimming pools and driveways. The team ultimately settled on a large 85-pound drone because they wanted it to be capable of carrying a 5-pound parcel—a payload that covers about 85% of the packages Amazon delivers. Extending the range as much as possible was key because every extra mile meant the drone could serve a larger population. Bezos was patient with the team so long as it meant creating a superior machine, according to a senior executive familiar with the program.</p><p>With six propellers, Amazon’s drone can shift from flying up and down to flying forward, a difficult engineering feat that had already bedeviled the U.S. military’s notoriously over-budget V-22 Osprey aircraft. The drone’s wings encase the propellers, helping it fly more efficiently over long distances and providing an additional layer of protection around the spinning blades.</p><p>Kimchi took safety seriously and gave his team time to fix defects rather than rushing them, according to people who worked for him. Information was shared freely, and employees were allowed to watch video of crashes to assess what went wrong. “The Prime Air group had a pretty strong safety culture,” said one former employee, who requested anonymity to discuss internal matters without authorization. “I remember even just the software meetings, we always had to open our meetings with someone volunteering a safety tip. They definitely weren’t playing fast and loose.”</p><p>Yet as the team struggled to get the drone’s various components working seamlessly together, one deadline after another came and went, according to a former employee. Jeff Wilke, who then ran Amazon’s consumer division, wanted to demonstrate the drone at a 2019 tech conference and announce that deliveries would begin by the end of that year. During a meeting with the drone team, he shared the goal to make sure everyone was on the same page. Employees knew the timing was unrealistic but dared not challenge him, according to people who were there.</p><p>Wilke showed off the drone at a Las Vegas hotel, playing video of it operating and touting the potential upsides for customers. He didn’t provide a date for the start of deliveries, saying they’d begin in “months.” Several employees watching the presentation recall thinking Kimchi wouldn’t be around much longer. The following year, the drone program became part of Amazon’s operations team, another sign executives wanted to move things along, and Kimchi was out as the boss. He left Amazon later that year.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e1fba210d2a00001144d041acfc13bf8\" tg-width=\"1000\" tg-height=\"666\" width=\"100%\" height=\"auto\"/><span>Jeff Wilke with the Prime Air drone.Photographer: Jordan Stead/Amazon</span></p><p>“He overpromised and underdelivered,” said one former employee, who requested anonymity to discuss an internal matter. “That said, I think if the guy wasn’t so positive, or overambitious about the timelines, I don’t know if Prime Air would exist.” Kimchi declined to comment.</p><p>In March 2020, Amazon hired David Carbon to run the drone program. The Boeing Co. veteran arrived with baggage. A <i>New York Times</i> investigation had previously revealed that a Boeing 787 factory that Carbon ran in South Carolina tended to value production over safety. Several employees told the newspaper they’d been retaliated against for raising safety concerns. Though the problems pre-dated Carbon’s arrival, they continued on his watch, the <i>Times</i> reported. Boeing executives defended the plant’s commitment to safety, but a month later Carbon was on his way out.</p><p>When Amazon announced his hiring internally the following year, an interim director of the drone program told the team not to believe everything they read in the press, according to current and former employees. That didn’t stop them from googling Carbon on their smartphones during the meeting. Still, these people acknowledge that Carbon brought discipline and focus to the program. His long industry experience helped accelerate development and he began farming out some drone production. He closed facilities in England and France and moved some image-recognition work to lower-cost Costa Rica.</p><p>But current and former employees said it wasn’t long before Carbon began pushing speed over safety. Amazon didn’t make the drone chief available for an interview, but spokesperson Zammit said Carbon “has over 25 years of experience bringing aerospace innovations to scale safely and reliably, and we’re excited that he’s leading the next phase of our mission to bring 30-minute delivery by drones to customers.”</p><p>Last year, an Amazon team was preparing for a flight at a Crows Landing testing facility in California’s Central Valley about 20 miles south of Modesto. Some of the crew worried they would violate FAA testing guidelines because a farmer was driving a tractor in the flight path. After a debate, according to personnel who were there, a team leader said the test would be safe so long as the drone wasn’t directly above the farmer.  They conducted the test without incident, but some employees said the boss had improperly interpreted the FAA rules.</p><p>“We always clear the test area before beginning each flight test,” Zammit said in the emailed statement. “In this instance, a farm vehicle entered the field after we launched. The crew safely and quickly landed the drone.”</p><p>David Johnson was a drone flight assistant for about a year, mostly at remote testing facilities in rural Oregon. He said Amazon often conducted tests without a full flight team and inadequate equipment, forcing employees to handle more than one role. For example, he said, someone responsible for a pre-flight drone inspection would quickly pivot to flight observer, which requires watching out for potential obstacles. Johnson said he once warned his bosses that his laptop had a broken keyboard but wasn’t given a replacement in time for a test. He went ahead with an external keyboard that made it difficult to complete a pre-flight inspection in time. Johnson said he was still completing his checklist when the drone took off, earning him a reprimand for taking his eyes off the aircraft.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/33158bae0b0790e50e5e0478408cc45a\" tg-width=\"1000\" tg-height=\"665\" width=\"100%\" height=\"auto\"/><span>The Pendleton drone-testing facility seeks to duplicate the conditions of a typical suburban or rural home. Photographer: Spencer Soper/Bloomberg</span></p><p>“They give people multiple things to do in a very narrow window of time to try to boost their numbers, and people cut corners,” Johnson said. “They were more concerned about pumping flights out and didn’t want to slow down.” Two former Amazon employees corroborated Johnson’s account that crew members have been assigned multiple roles to keep tests going if the full team isn’t present.</p><p>Amazon’s Zammit called those claims false. “Crew members are assigned to only one role per flight,” he said. “Before each flight test, crew members are briefed on their individual role. We do not set time limits for completion of any aspect of our flight tests, and our team can take their time to complete their roles safely.”</p><p>While information flowed freely during the Kimchi era, Carbon put a stop to that, according to current and former employees. They said he was sensitive about language in written documents due to potential liability or regulatory scrutiny and let only select people view video of crashes, a move some employees interpreted as fear that clips would be leaked to the media. During a meeting, according to several people who were there, one employee suggested safety concerns were being “swept under the rug.” Carbon bristled, these people said, and cautioned the employee to be more careful with his choice of words. They said Carbon’s reaction had a chilling effect, discouraging others from speaking out.</p><p>“The people most worried about safety were the ones conducting flights in hazardous situations and the ones least concerned about safety were the ones sitting behind a desk somewhere,” said one former employee, who requested anonymity to discuss internal matters without authorization.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3dc9dd3e7e49fd8bccea043df0d8efce\" tg-width=\"1000\" tg-height=\"666\" width=\"100%\" height=\"auto\"/><span>A Wing drone carrying a package.Source: Wing</span></p><p>Over a four-month period last year there were five crashes at a testing site in Pendleton, Oregon, a remote agricultural area in the high desert known for its annual rodeo and whiskey festival. Accidents are inevitable in an aviation testing program, where equipment is deliberately pushed to the max to determine breaking points and improve the vehicle’s design. But these were vehicles Amazon was hoping to deploy for public tests.</p><p>In May, a drone propeller dislodged, causing the vehicle to tumble and crash upside down while its other motors were still running. The machine sustained substantial damage. Amazon employees cleared the wreckage before notifying federal officials so no inspection was conducted. The FAA advised the company not to disrupt crash sites in the future, federal records show.</p><p>In June, a drone motor conked outwhile the vehicle was transitioning from a vertical climb to forward motion. The automatic safety feature designed to land the machine in such instances didn’t work. The aircraft flipped upside down, and a stabilizing safety function also failed. “Instead of a controlled descent to a safe landing, [the drone] dropped about 160 feet in an uncontrolled vertical fall and was consumed by fire,” the FAA wrote in a report on the incident. The ensuing blaze scorched 25 acres and was extinguished by the local fire department. Insider previously reported some of the incident’s details and last week published a report on the high costs of Amazon drone delivery.</p><p>“After all those years and all the money invested, you would expect better,” said Antoine Deux, who was a senior engineer on the drone program for four years before leaving in 2018. He said Amazon’s drone is too heavy compared with Google’s aircraft, which weighs about 11 pounds. “Every time you increase the weight of the load, the drone gets heavier, needs more batteries,” Deux said. “It’s a vicious circle.”</p><p>With crashes proliferating, morale on the team worsened and employees began departing. Some took jobs at Amazon Web Services while others left the company altogether. Some who had trouble meeting the pace their managers demanded were offered severance packages. Departures in 2021, Carbon’s first full year running the department, exceeded 200 people, more than double the previous year, according to documents reviewed by Bloomberg.</p><p>Cheddi Skeete had a front-row seat on the department’s turmoil. A former flight attendant, he started as a drone flight assistant and was put in charge of improving morale. Skeete traveled frequently to get to know workers on the front lines and identify problems. In Corvallis, Oregon, he discovered there were no portable toilets on a testing range leased from a local farmer. Female employees had to radio the entire team when they needed a bathroom break, forcing testing to be suspended while they searched for facilities off-site. Skeete said he reported the situation but was toldthe property owner didn’t want portable toilets on his land. The testing continued, and Skeete said he continued to question the wisdom of assigning people to a job with no restrooms. Amazon said it later installed portable toilets at the testing range.</p><p>In another instance, Skeete spoke up about plans to keep testing drones just five days after a motor failed and a drone crashed. Those eager to continue tests assured the team they had checked roughly 180 motors on some 30 other drones, Skeete said. But he doubted this because testing each engine is time consuming. Amazon disputed the number of motors requiring checks.</p><p>Shortly afterward, Skeete told his boss he no longer wanted to work for him. Skeete was advised to seek a different role at Amazon and said he applied for more than 30 positions. After his replacement was hired, Skeete spent weeks on the payroll with nothing to do. He filed an internal ethics complaint laying out his safety concerns but was told no such issues had turned up. Last month Skeete was fired and offered what he deemed a small severance package in exchange for signing a nondisclosure agreement.</p><p>“I didn’t sign it because I’m someone who speaks up for myself and others,” Skeete said. “So many people before and after me have not been willing to speak up.”</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>Amazon’s Drone Delivery Program Is Hit by Crashes and Safety Concerns</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAmazon’s Drone Delivery Program Is Hit by Crashes and Safety Concerns\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-04-11 07:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/features/2022-04-10/amazon-drone-crashes-delays-put-bezos-s-delivery-dream-at-risk?srnd=technology-vp><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Billions of dollars and a decade later, and Amazon’s delivery by drone program still isn’t off the ground.Jeff Bezos went on 60 Minutes in 2013 and pledged to fill the skies with a fleet of delivery ...</p>\n\n<a href=\"https://www.bloomberg.com/news/features/2022-04-10/amazon-drone-crashes-delays-put-bezos-s-delivery-dream-at-risk?srnd=technology-vp\">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"},"source_url":"https://www.bloomberg.com/news/features/2022-04-10/amazon-drone-crashes-delays-put-bezos-s-delivery-dream-at-risk?srnd=technology-vp","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1155424005","content_text":"Billions of dollars and a decade later, and Amazon’s delivery by drone program still isn’t off the ground.Jeff Bezos went on 60 Minutes in 2013 and pledged to fill the skies with a fleet of delivery drones that could zip parcels to customers’ homes in 30 minutes. Asked when this future would arrive, the Amazon.com Inc. founder said he expected drone deliveries to commence in the next five years or thereabouts.Almost a decade later, despite spending more than $2 billion and assembling a team of more than 1,000 people around the world, Amazon is a long way from launching a drone delivery service.A Bloomberg investigation based on internal documents, government reports and interviews with 13 current and former employees reveals a program beset by technical challenges, high turnover and safety concerns. A serious crash in June prompted federal regulators to question the drone’s airworthiness because multiple safety features failed and the machine careened out of control, causing a brush fire. While experimental aircraft are expected to crash during test flights, current and former employees say pressure to get the program back on track has prompted some managers to take unnecessary risks that have put personnel in harm’s way.“With rigorous testing like this, we expect these types of events to occur, and we apply the learnings from each flight towards improving safety,” Amazon spokesman Av Zammit said in an emailed statement. “No one has ever been injured or harmed as a result of these flights, and each test is done in compliance with all applicable regulations.”Amazon plans to ramp up testing in the coming months. Having missed a goal of conducting 2,500 test flights last year, according to documents reviewed by Bloomberg, the company has set an even loftier target of 12,000 for 2022—although fewer than 200 had been completed as of late February. The company plans to add new testing locations this year in College Station, Texas, about 100 miles northeast of Austin, and Lockeford, California, near Stockton. Amazon also hopes to start testing drones beyond the sight of flight observers, according to documents reviewed by Bloomberg, a key step toward proving their ability to fly autonomously.It will be years before the Federal Aviation Administration approves commercial drone deliveries, although the agency is letting companies conduct test flights in increasingly populated areas so long as they don’t pose significant safety risks. But the prospect of replacing human drivers with flying robots appeals to online retailers because 30-minute shipping is expected to become standard for certain deliveries, such as medicine, snacks and baby products.Amazon’s Prime Air drone.Photographer: Jordan Stead/AmazonAmazon drones could fan out up to 7 miles (11 km) from a delivery station, breezing above traffic to deliver packages weighing as much as 5 pounds (2.3 kg) within a half-hour of a customer clicking “buy.” The speed would finally make ordering from Amazon as quick as a trip to the store and help offset one of the biggest costs of e-commerce: paying someone to drive packages to homes.The Seattle-based company is under growing pressure to keep up with deep-pocketed rivals. Just last week, Alphabet Inc.’s Google Wing accelerated its own drone testing program by starting to ferry packages to shoppers from Walgreens in a 90-square-mile suburban area north of Dallas.Walmart Inc. and United Parcel Service have their own drone programs in varying stages of development (see table).Even Amazon’s toughest internal critics don’t question the technology’s potential, but current and former employees say the company is doing what it has done so many times before: putting speed before safety in the name of beating the competition. “Someone is going to have to get killed or maimed for them to take these safety issues seriously,” said Cheddi Skeete, a former Amazon drone project manager who says he was fired last month for raising concerns to his managers. “How can we bring these tests to more communities when we know we have problems.”  Spokesperson Zammit denied Skeete was terminated for speaking up.The FAA declined to comment on the crashes, but said its testing requirements were designed to protect the public. “Flight testing is a critical part of all aircraft certification projects,” the agency said. “FAA flight-testing approvals contain provisions to ensure it occurs safely, without posing a hazard to people, property or other aircraft.”In 2013, Amazon tapped aviation buff and software engineer Gur Kimchi to run its nascent drone program, now known as Prime Air. Designing delivery drones promised to be a heavy lift—and Amazon made the challenge all the harder by opting to create a completely new machine itself rather than farming out pieces of the design and building of prototypes to other companies. Kimchi favored a D.I.Y approach because doing so gave the team control over the final design, but former and current employees said the decision slowed development. For example, personnel wound copper wire around electric motor magnets themselves when an outside vendor could have done it faster. Even the prototypes were built in-house by hand.The machines Bezos revealed on60 Minutesresembled something you might see in a local park and simply weren’t up to the task; they could barely fly a mile and got tossed around in wind gusts. Amazon wanted a drone that blended the ability of a plane to fly long distances with the maneuverability of a helicopter that can swiftly change direction to avoid trees and power lines and hover over a back yard during inclement weather. The drones also needed to fly and find their destination with no human intervention.The team went through more than two dozen concepts. The work was tedious and slow. The drones required new software that would allow on-board cameras to recognize and react to obstacles and differentiate between things like swimming pools and driveways. The team ultimately settled on a large 85-pound drone because they wanted it to be capable of carrying a 5-pound parcel—a payload that covers about 85% of the packages Amazon delivers. Extending the range as much as possible was key because every extra mile meant the drone could serve a larger population. Bezos was patient with the team so long as it meant creating a superior machine, according to a senior executive familiar with the program.With six propellers, Amazon’s drone can shift from flying up and down to flying forward, a difficult engineering feat that had already bedeviled the U.S. military’s notoriously over-budget V-22 Osprey aircraft. The drone’s wings encase the propellers, helping it fly more efficiently over long distances and providing an additional layer of protection around the spinning blades.Kimchi took safety seriously and gave his team time to fix defects rather than rushing them, according to people who worked for him. Information was shared freely, and employees were allowed to watch video of crashes to assess what went wrong. “The Prime Air group had a pretty strong safety culture,” said one former employee, who requested anonymity to discuss internal matters without authorization. “I remember even just the software meetings, we always had to open our meetings with someone volunteering a safety tip. They definitely weren’t playing fast and loose.”Yet as the team struggled to get the drone’s various components working seamlessly together, one deadline after another came and went, according to a former employee. Jeff Wilke, who then ran Amazon’s consumer division, wanted to demonstrate the drone at a 2019 tech conference and announce that deliveries would begin by the end of that year. During a meeting with the drone team, he shared the goal to make sure everyone was on the same page. Employees knew the timing was unrealistic but dared not challenge him, according to people who were there.Wilke showed off the drone at a Las Vegas hotel, playing video of it operating and touting the potential upsides for customers. He didn’t provide a date for the start of deliveries, saying they’d begin in “months.” Several employees watching the presentation recall thinking Kimchi wouldn’t be around much longer. The following year, the drone program became part of Amazon’s operations team, another sign executives wanted to move things along, and Kimchi was out as the boss. He left Amazon later that year.Jeff Wilke with the Prime Air drone.Photographer: Jordan Stead/Amazon“He overpromised and underdelivered,” said one former employee, who requested anonymity to discuss an internal matter. “That said, I think if the guy wasn’t so positive, or overambitious about the timelines, I don’t know if Prime Air would exist.” Kimchi declined to comment.In March 2020, Amazon hired David Carbon to run the drone program. The Boeing Co. veteran arrived with baggage. A New York Times investigation had previously revealed that a Boeing 787 factory that Carbon ran in South Carolina tended to value production over safety. Several employees told the newspaper they’d been retaliated against for raising safety concerns. Though the problems pre-dated Carbon’s arrival, they continued on his watch, the Times reported. Boeing executives defended the plant’s commitment to safety, but a month later Carbon was on his way out.When Amazon announced his hiring internally the following year, an interim director of the drone program told the team not to believe everything they read in the press, according to current and former employees. That didn’t stop them from googling Carbon on their smartphones during the meeting. Still, these people acknowledge that Carbon brought discipline and focus to the program. His long industry experience helped accelerate development and he began farming out some drone production. He closed facilities in England and France and moved some image-recognition work to lower-cost Costa Rica.But current and former employees said it wasn’t long before Carbon began pushing speed over safety. Amazon didn’t make the drone chief available for an interview, but spokesperson Zammit said Carbon “has over 25 years of experience bringing aerospace innovations to scale safely and reliably, and we’re excited that he’s leading the next phase of our mission to bring 30-minute delivery by drones to customers.”Last year, an Amazon team was preparing for a flight at a Crows Landing testing facility in California’s Central Valley about 20 miles south of Modesto. Some of the crew worried they would violate FAA testing guidelines because a farmer was driving a tractor in the flight path. After a debate, according to personnel who were there, a team leader said the test would be safe so long as the drone wasn’t directly above the farmer.  They conducted the test without incident, but some employees said the boss had improperly interpreted the FAA rules.“We always clear the test area before beginning each flight test,” Zammit said in the emailed statement. “In this instance, a farm vehicle entered the field after we launched. The crew safely and quickly landed the drone.”David Johnson was a drone flight assistant for about a year, mostly at remote testing facilities in rural Oregon. He said Amazon often conducted tests without a full flight team and inadequate equipment, forcing employees to handle more than one role. For example, he said, someone responsible for a pre-flight drone inspection would quickly pivot to flight observer, which requires watching out for potential obstacles. Johnson said he once warned his bosses that his laptop had a broken keyboard but wasn’t given a replacement in time for a test. He went ahead with an external keyboard that made it difficult to complete a pre-flight inspection in time. Johnson said he was still completing his checklist when the drone took off, earning him a reprimand for taking his eyes off the aircraft.The Pendleton drone-testing facility seeks to duplicate the conditions of a typical suburban or rural home. Photographer: Spencer Soper/Bloomberg“They give people multiple things to do in a very narrow window of time to try to boost their numbers, and people cut corners,” Johnson said. “They were more concerned about pumping flights out and didn’t want to slow down.” Two former Amazon employees corroborated Johnson’s account that crew members have been assigned multiple roles to keep tests going if the full team isn’t present.Amazon’s Zammit called those claims false. “Crew members are assigned to only one role per flight,” he said. “Before each flight test, crew members are briefed on their individual role. We do not set time limits for completion of any aspect of our flight tests, and our team can take their time to complete their roles safely.”While information flowed freely during the Kimchi era, Carbon put a stop to that, according to current and former employees. They said he was sensitive about language in written documents due to potential liability or regulatory scrutiny and let only select people view video of crashes, a move some employees interpreted as fear that clips would be leaked to the media. During a meeting, according to several people who were there, one employee suggested safety concerns were being “swept under the rug.” Carbon bristled, these people said, and cautioned the employee to be more careful with his choice of words. They said Carbon’s reaction had a chilling effect, discouraging others from speaking out.“The people most worried about safety were the ones conducting flights in hazardous situations and the ones least concerned about safety were the ones sitting behind a desk somewhere,” said one former employee, who requested anonymity to discuss internal matters without authorization.A Wing drone carrying a package.Source: WingOver a four-month period last year there were five crashes at a testing site in Pendleton, Oregon, a remote agricultural area in the high desert known for its annual rodeo and whiskey festival. Accidents are inevitable in an aviation testing program, where equipment is deliberately pushed to the max to determine breaking points and improve the vehicle’s design. But these were vehicles Amazon was hoping to deploy for public tests.In May, a drone propeller dislodged, causing the vehicle to tumble and crash upside down while its other motors were still running. The machine sustained substantial damage. Amazon employees cleared the wreckage before notifying federal officials so no inspection was conducted. The FAA advised the company not to disrupt crash sites in the future, federal records show.In June, a drone motor conked outwhile the vehicle was transitioning from a vertical climb to forward motion. The automatic safety feature designed to land the machine in such instances didn’t work. The aircraft flipped upside down, and a stabilizing safety function also failed. “Instead of a controlled descent to a safe landing, [the drone] dropped about 160 feet in an uncontrolled vertical fall and was consumed by fire,” the FAA wrote in a report on the incident. The ensuing blaze scorched 25 acres and was extinguished by the local fire department. Insider previously reported some of the incident’s details and last week published a report on the high costs of Amazon drone delivery.“After all those years and all the money invested, you would expect better,” said Antoine Deux, who was a senior engineer on the drone program for four years before leaving in 2018. He said Amazon’s drone is too heavy compared with Google’s aircraft, which weighs about 11 pounds. “Every time you increase the weight of the load, the drone gets heavier, needs more batteries,” Deux said. “It’s a vicious circle.”With crashes proliferating, morale on the team worsened and employees began departing. Some took jobs at Amazon Web Services while others left the company altogether. Some who had trouble meeting the pace their managers demanded were offered severance packages. Departures in 2021, Carbon’s first full year running the department, exceeded 200 people, more than double the previous year, according to documents reviewed by Bloomberg.Cheddi Skeete had a front-row seat on the department’s turmoil. A former flight attendant, he started as a drone flight assistant and was put in charge of improving morale. Skeete traveled frequently to get to know workers on the front lines and identify problems. In Corvallis, Oregon, he discovered there were no portable toilets on a testing range leased from a local farmer. Female employees had to radio the entire team when they needed a bathroom break, forcing testing to be suspended while they searched for facilities off-site. Skeete said he reported the situation but was toldthe property owner didn’t want portable toilets on his land. The testing continued, and Skeete said he continued to question the wisdom of assigning people to a job with no restrooms. Amazon said it later installed portable toilets at the testing range.In another instance, Skeete spoke up about plans to keep testing drones just five days after a motor failed and a drone crashed. Those eager to continue tests assured the team they had checked roughly 180 motors on some 30 other drones, Skeete said. But he doubted this because testing each engine is time consuming. Amazon disputed the number of motors requiring checks.Shortly afterward, Skeete told his boss he no longer wanted to work for him. Skeete was advised to seek a different role at Amazon and said he applied for more than 30 positions. After his replacement was hired, Skeete spent weeks on the payroll with nothing to do. He filed an internal ethics complaint laying out his safety concerns but was told no such issues had turned up. Last month Skeete was fired and offered what he deemed a small severance package in exchange for signing a nondisclosure agreement.“I didn’t sign it because I’m someone who speaks up for myself and others,” Skeete said. “So many people before and after me have not been willing to speak up.”","news_type":1},"isVote":1,"tweetType":1,"viewCount":155,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9015463419,"gmtCreate":1649546075253,"gmtModify":1676534526290,"author":{"id":"3575105747703011","authorId":"3575105747703011","name":"RogerLam","avatar":"https://static.tigerbbs.com/1005e5ae2cda08a31d27406a5089b7ae","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3575105747703011","authorIdStr":"3575105747703011"},"themes":[],"htmlText":"Yes","listText":"Yes","text":"Yes","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9015463419","repostId":"2225524274","repostType":4,"repost":{"id":"2225524274","kind":"highlight","pubTimestamp":1649462464,"share":"https://ttm.financial/m/news/2225524274?lang=&edition=fundamental","pubTime":"2022-04-09 08:01","market":"us","language":"en","title":"Want $1 Million in Retirement? Invest $100,000 in These 3 Stocks and Wait a Decade","url":"https://stock-news.laohu8.com/highlight/detail?id=2225524274","media":"Motley Fool","summary":"The math adds up if these companies can keep performing.","content":"<html><head></head><body><p>Who wants to be a millionaire? With the possible exception of billionaires, just about everyone does. The idea spawned a British (and then an American) quiz show. On television, it can happen overnight.</p><p>In investing, becoming a millionaire takes time. Buying shares of high-performing companies can, over time, produce life-changing gains. <b>The</b> <b>Trade</b> <b>Desk</b>, <b>Paycom Software</b>, and <b>Align</b> <b>Technology</b> are three that I believe have that potential.</p><p>Let&#39;s look at their earnings, growth rates, and valuations to see how they could transform a $100,000 portfolio into a seven-figure retirement nest egg over the next decade.</p><h2>1. The Trade Desk</h2><p>There is an old saying in the advertising business that half of ad spending is wasted, but nobody knows which half. The Trade Desk is eliminating that waste with its data-driven self-service platform. Its customers manage their ad spending on more than 500 billion digital opportunities per day. The goal is to help customers make the most intelligent ad-buying decisions and provide them with an abundance of performance feedback. In today&#39;s digital economy, it&#39;s invaluable.</p><p>And business is growing like a weed. Earnings per share (EPS) are expected to climb more than 23% next year. That&#39;s a reasonable rate to use in our calculation. The company has grown revenue 375% over the past five years. Also, gross spend on Trade Desk&#39;s platform climbed 47% last year to $6.2 billion. And management pegs the global ad-spend opportunity at $750 billion, with about $50 billion in display advertising. That offers plenty of room to grow for years.</p><p><img src=\"https://static.tigerbbs.com/3105e52ee3274f0a262bd444d428b18f\" tg-width=\"720\" tg-height=\"433\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>TTD revenue (TTM). Data by YCharts. TTM = trailing 12 months.</p><p>Wall Street sees the potential. The Trade Desk&#39;s price-to-earnings (P/E) ratio has varied between 40 and 120 over the past few years. We&#39;ll use 50 for our calculations.</p><p>Doing the math on an initial investment of $33,333.33 (a third of the $100,000) leads to a stake in The Trade Desk worth almost $190,000 in 2032. That relies on bold assumptions. But they are well within what the company has delivered so far.</p><h2>2. Paycom</h2><p>Paycom offers businesses a platform to manage employee payroll, time and attendance, and benefits administration, among other things. Its product was built for the cloud. That&#39;s different from many traditional human capital management (HCM) vendors that have pieced together acquired software over the years.</p><p>Customers can clearly tell the difference. Paycom topped $1 billion in revenue last year for the first time, a 26% increase over 2020. Most importantly, that revenue is recurring and sticky. Revenue retention was 94% in 2021. Customers stick around once they start using the platform.</p><p>Before the pandemic, Paycom&#39;s top line was expanding between 30% and 45% each year. We&#39;ll use last year&#39;s 26% for our calculation and apply a multiple of 60 times earnings. That seems high. But shares have stayed within a range of 50 to 100 times earnings over the years.</p><p>For Paycom, that <a href=\"https://laohu8.com/S/AONE.U\">one</a>-third of the $100,000 hypothetically invested in 2022 turns into more than $350,000 a decade from now. That would make it a 10-bagger. While it might seem unlikely, if the market continues to reward predictable revenue, and Paycom continues to grow, it&#39;s possible. After all, its $1.1 billion in 2021 revenue is a drop in the bucket of an HCM market that is predicted to reach $47 billion by 2029.</p><h2>3. Align Technology</h2><p>The company best known for its Invisalign clear teeth-straightening system is actually a vertically integrated combination of several businesses. They all help people get straighter teeth faster, and orthodontists and dentists see more clients every year. It also provides scanners and software -- two acquisitions -- that help practitioners develop and communicate a plan for patients.</p><p>The growth opportunity is tremendous. Management estimates 500 million potential customers in the world with 21 million orthodontic starts each year -- two-thirds of them teens. For context, it shipped 2.55 million aligners last year.</p><p>Align is the crown jewel in our attempt to grow a million-dollar portfolio. The $33,333.33 invested in it could grow over the next 10 years into $461,000. That&#39;s assuming the $12.50 analysts expect this year grows at the midpoint of management&#39;s long-term guidance of 20% to 30% a year. Similar to the other two stocks, Align typically trades at a premium. We&#39;ll use 50 times earnings, slightly above the bottom of the 40 to 100 historical P/E range. It&#39;s an amazing potential return when running the numbers.</p><h2>&#34;It&#39;s tough to make predictions, especially about the future&#34;</h2><p>That quote from Yankees legend Yogi Berra underscores a key point in the analysis above. No one knows what the world is going to look like in 10 years. Investors with a long-term mindset need to block out the noise without being irresponsible.</p><p>The Trade Desk, Paycom, and Align have all grown rapidly while turning a profit. I expect that to continue. If the assumptions hold, a $100,000 investment will be worth $1 million in 10 short years.</p><p><img src=\"https://static.tigerbbs.com/0b4adf9eeb7896d353fe014f3f351429\" tg-width=\"700\" tg-height=\"302\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Calculations and chart by author.</p><p>It&#39;s an interesting exercise that relies on the past as a guide. If the performance changes, so can the outcome. That&#39;s why it&#39;s best to build a diversified portfolio of a lot more than three stocks.</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>Want $1 Million in Retirement? Invest $100,000 in These 3 Stocks and Wait a 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\">\nWant $1 Million in Retirement? Invest $100,000 in These 3 Stocks and Wait a Decade\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-04-09 08:01 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2022/04/08/want-1-million-in-retirement-invest-100000-in-thes/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Who wants to be a millionaire? With the possible exception of billionaires, just about everyone does. The idea spawned a British (and then an American) quiz show. On television, it can happen ...</p>\n\n<a href=\"https://www.fool.com/investing/2022/04/08/want-1-million-in-retirement-invest-100000-in-thes/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4007":"制药","BK4531":"中概回港概念","TTM":"塔塔汽车","BK4523":"印度概念","HCM":"和黄医药","BK4099":"汽车制造商"},"source_url":"https://www.fool.com/investing/2022/04/08/want-1-million-in-retirement-invest-100000-in-thes/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2225524274","content_text":"Who wants to be a millionaire? With the possible exception of billionaires, just about everyone does. The idea spawned a British (and then an American) quiz show. On television, it can happen overnight.In investing, becoming a millionaire takes time. Buying shares of high-performing companies can, over time, produce life-changing gains. The Trade Desk, Paycom Software, and Align Technology are three that I believe have that potential.Let's look at their earnings, growth rates, and valuations to see how they could transform a $100,000 portfolio into a seven-figure retirement nest egg over the next decade.1. The Trade DeskThere is an old saying in the advertising business that half of ad spending is wasted, but nobody knows which half. The Trade Desk is eliminating that waste with its data-driven self-service platform. Its customers manage their ad spending on more than 500 billion digital opportunities per day. The goal is to help customers make the most intelligent ad-buying decisions and provide them with an abundance of performance feedback. In today's digital economy, it's invaluable.And business is growing like a weed. Earnings per share (EPS) are expected to climb more than 23% next year. That's a reasonable rate to use in our calculation. The company has grown revenue 375% over the past five years. Also, gross spend on Trade Desk's platform climbed 47% last year to $6.2 billion. And management pegs the global ad-spend opportunity at $750 billion, with about $50 billion in display advertising. That offers plenty of room to grow for years.TTD revenue (TTM). Data by YCharts. TTM = trailing 12 months.Wall Street sees the potential. The Trade Desk's price-to-earnings (P/E) ratio has varied between 40 and 120 over the past few years. We'll use 50 for our calculations.Doing the math on an initial investment of $33,333.33 (a third of the $100,000) leads to a stake in The Trade Desk worth almost $190,000 in 2032. That relies on bold assumptions. But they are well within what the company has delivered so far.2. PaycomPaycom offers businesses a platform to manage employee payroll, time and attendance, and benefits administration, among other things. Its product was built for the cloud. That's different from many traditional human capital management (HCM) vendors that have pieced together acquired software over the years.Customers can clearly tell the difference. Paycom topped $1 billion in revenue last year for the first time, a 26% increase over 2020. Most importantly, that revenue is recurring and sticky. Revenue retention was 94% in 2021. Customers stick around once they start using the platform.Before the pandemic, Paycom's top line was expanding between 30% and 45% each year. We'll use last year's 26% for our calculation and apply a multiple of 60 times earnings. That seems high. But shares have stayed within a range of 50 to 100 times earnings over the years.For Paycom, that one-third of the $100,000 hypothetically invested in 2022 turns into more than $350,000 a decade from now. That would make it a 10-bagger. While it might seem unlikely, if the market continues to reward predictable revenue, and Paycom continues to grow, it's possible. After all, its $1.1 billion in 2021 revenue is a drop in the bucket of an HCM market that is predicted to reach $47 billion by 2029.3. Align TechnologyThe company best known for its Invisalign clear teeth-straightening system is actually a vertically integrated combination of several businesses. They all help people get straighter teeth faster, and orthodontists and dentists see more clients every year. It also provides scanners and software -- two acquisitions -- that help practitioners develop and communicate a plan for patients.The growth opportunity is tremendous. Management estimates 500 million potential customers in the world with 21 million orthodontic starts each year -- two-thirds of them teens. For context, it shipped 2.55 million aligners last year.Align is the crown jewel in our attempt to grow a million-dollar portfolio. The $33,333.33 invested in it could grow over the next 10 years into $461,000. That's assuming the $12.50 analysts expect this year grows at the midpoint of management's long-term guidance of 20% to 30% a year. Similar to the other two stocks, Align typically trades at a premium. We'll use 50 times earnings, slightly above the bottom of the 40 to 100 historical P/E range. It's an amazing potential return when running the numbers.\"It's tough to make predictions, especially about the future\"That quote from Yankees legend Yogi Berra underscores a key point in the analysis above. No one knows what the world is going to look like in 10 years. Investors with a long-term mindset need to block out the noise without being irresponsible.The Trade Desk, Paycom, and Align have all grown rapidly while turning a profit. I expect that to continue. If the assumptions hold, a $100,000 investment will be worth $1 million in 10 short years.Calculations and chart by author.It's an interesting exercise that relies on the past as a guide. If the performance changes, so can the outcome. That's why it's best to build a diversified portfolio of a lot more than three stocks.","news_type":1},"isVote":1,"tweetType":1,"viewCount":60,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9015486644,"gmtCreate":1649545325284,"gmtModify":1676534526120,"author":{"id":"3575105747703011","authorId":"3575105747703011","name":"RogerLam","avatar":"https://static.tigerbbs.com/1005e5ae2cda08a31d27406a5089b7ae","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3575105747703011","authorIdStr":"3575105747703011"},"themes":[],"htmlText":"Yes","listText":"Yes","text":"Yes","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9015486644","repostId":"1124240261","repostType":4,"repost":{"id":"1124240261","kind":"news","pubTimestamp":1649462743,"share":"https://ttm.financial/m/news/1124240261?lang=&edition=fundamental","pubTime":"2022-04-09 08:05","market":"us","language":"en","title":"Tesla, Block, Blockstream Team Up on HUGE Bitcoin Mining Project. What to Know.","url":"https://stock-news.laohu8.com/highlight/detail?id=1124240261","media":"InvestorPlace","summary":"Even with the massive popularity it sees nowadays, Bitcoin(BTC-USD) is still polarizing. The energy ","content":"<html><head></head><body><p>Even with the massive popularity it sees nowadays, <b>Bitcoin</b>(<b><u>BTC-USD</u></b>) is still polarizing. The energy consumption of the proof-of-work cryptocurrency causes heated debates, even 13 years into its existence. Today, however, two billionaire entrepreneurs, <b>Tesla</b>(NASDAQ:<b><u>TSLA</u></b>), <b>Block</b>(NYSE:<b><u>SQ</u></b>) and a prominent blockchain tech outfit are all banding together to silence the energy argument against BTC. Can a Block and Tesla Bitcoin mine make the cryptocurrency a green venture?</p><p>Both Elon Musk and Jack Dorsey have long histories with Bitcoin. While both crypto buffs, Elon Musk has been slower to warm up to the top crypto. In early 2021, Musk announced that Tesla was buying BTC and holding it on its balance sheet. Theelectric vehicle company bought$1.5 billion worth of BTC last February. The company also planned to take things further and accept the crypto as a payment method for vehicles.</p><p>Unfortunately for investors, though, Elon Musk soon learned of the massive energy consumption of Bitcoin mining and transacting. This knowledge caused Musk to renege on the promise, to the chagrin of crypto faithfuls.</p><p>Jack Dorsey, on the other hand, has been nothing but bullish on Bitcoin. The founder of Block, Dorsey had his company’s name changed from Square in December of last year. This comes as Dorsey looks to expand on the company’s payment technology offerings to accommodate the blockchain world.</p><p>These differing takes on BTC have caused a clash between the two billionaires. In fact, the two sat on a panel together at a Bitcoin conference last summer to debate the currency. However, today’s news suggests they’ve put the past behind them.</p><p>Block, Tesla Bitcoin Farm Partnership Sees Help From Blockstream</p><p>Today, Block announced that it will be constructing a sustainable Bitcoin farm in Texas. What’s more, the mining operation will be in partnership with Tesla and blockchain technology company <b>Blockstream</b>. According to the companies, the facility will be completed later this year. However, maybe most notable is that the operation will use Tesla’s solar array technology to power mining; the array is expected to provide a whopping3.8 megawatts of power.</p><p>Blockstream CEO Adam Back is bullish on the concept behind this mining operation. The executive says it will be a “proof of concept” for fully renewable-powered crypto mining facilities. Additionally, Block says the venture will help it achieve its 2030 carbon neutrality goal. Block and Blockstream are splitting the cost to construct the facility, which totals roughly $12 million.</p><p>This project stands to turn the energy debate on its head, a debate that has long plagued any type of bullish conversation about Bitcoin. The energy consumption of BTC has been such a heated talking point that it has been commonly used to argue for harsher crypto regulation. In fact, one of the earliest Congressional meetings centered around crypto was a January hearing on“cleaning up cryptocurrency.”</p><p>Already, it seems like this idea has turned Elon Musk around on BTC. Hopefully, the project will also better promote low-carbon or carbon-neutral crypto mining practices moving forward.</p></body></html>","source":"lsy1606302653667","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, Block, Blockstream Team Up on HUGE Bitcoin Mining Project. What to Know.</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, Block, Blockstream Team Up on HUGE Bitcoin Mining Project. What to Know.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-04-09 08:05 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://investorplace.com/2022/04/tesla-block-blockstream-team-up-on-huge-bitcoin-mining-project-what-to-know/><strong>InvestorPlace</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Even with the massive popularity it sees nowadays, Bitcoin(BTC-USD) is still polarizing. The energy consumption of the proof-of-work cryptocurrency causes heated debates, even 13 years into its ...</p>\n\n<a href=\"https://investorplace.com/2022/04/tesla-block-blockstream-team-up-on-huge-bitcoin-mining-project-what-to-know/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SQ":"Block","TSLA":"特斯拉"},"source_url":"https://investorplace.com/2022/04/tesla-block-blockstream-team-up-on-huge-bitcoin-mining-project-what-to-know/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1124240261","content_text":"Even with the massive popularity it sees nowadays, Bitcoin(BTC-USD) is still polarizing. The energy consumption of the proof-of-work cryptocurrency causes heated debates, even 13 years into its existence. Today, however, two billionaire entrepreneurs, Tesla(NASDAQ:TSLA), Block(NYSE:SQ) and a prominent blockchain tech outfit are all banding together to silence the energy argument against BTC. Can a Block and Tesla Bitcoin mine make the cryptocurrency a green venture?Both Elon Musk and Jack Dorsey have long histories with Bitcoin. While both crypto buffs, Elon Musk has been slower to warm up to the top crypto. In early 2021, Musk announced that Tesla was buying BTC and holding it on its balance sheet. Theelectric vehicle company bought$1.5 billion worth of BTC last February. The company also planned to take things further and accept the crypto as a payment method for vehicles.Unfortunately for investors, though, Elon Musk soon learned of the massive energy consumption of Bitcoin mining and transacting. This knowledge caused Musk to renege on the promise, to the chagrin of crypto faithfuls.Jack Dorsey, on the other hand, has been nothing but bullish on Bitcoin. The founder of Block, Dorsey had his company’s name changed from Square in December of last year. This comes as Dorsey looks to expand on the company’s payment technology offerings to accommodate the blockchain world.These differing takes on BTC have caused a clash between the two billionaires. In fact, the two sat on a panel together at a Bitcoin conference last summer to debate the currency. However, today’s news suggests they’ve put the past behind them.Block, Tesla Bitcoin Farm Partnership Sees Help From BlockstreamToday, Block announced that it will be constructing a sustainable Bitcoin farm in Texas. What’s more, the mining operation will be in partnership with Tesla and blockchain technology company Blockstream. According to the companies, the facility will be completed later this year. However, maybe most notable is that the operation will use Tesla’s solar array technology to power mining; the array is expected to provide a whopping3.8 megawatts of power.Blockstream CEO Adam Back is bullish on the concept behind this mining operation. The executive says it will be a “proof of concept” for fully renewable-powered crypto mining facilities. Additionally, Block says the venture will help it achieve its 2030 carbon neutrality goal. Block and Blockstream are splitting the cost to construct the facility, which totals roughly $12 million.This project stands to turn the energy debate on its head, a debate that has long plagued any type of bullish conversation about Bitcoin. The energy consumption of BTC has been such a heated talking point that it has been commonly used to argue for harsher crypto regulation. In fact, one of the earliest Congressional meetings centered around crypto was a January hearing on“cleaning up cryptocurrency.”Already, it seems like this idea has turned Elon Musk around on BTC. Hopefully, the project will also better promote low-carbon or carbon-neutral crypto mining practices moving forward.","news_type":1},"isVote":1,"tweetType":1,"viewCount":171,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9015488710,"gmtCreate":1649545183073,"gmtModify":1676534526096,"author":{"id":"3575105747703011","authorId":"3575105747703011","name":"RogerLam","avatar":"https://static.tigerbbs.com/1005e5ae2cda08a31d27406a5089b7ae","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3575105747703011","authorIdStr":"3575105747703011"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9015488710","repostId":"2226575549","repostType":4,"repost":{"id":"2226575549","kind":"highlight","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":1649460143,"share":"https://ttm.financial/m/news/2226575549?lang=&edition=fundamental","pubTime":"2022-04-09 07:22","market":"us","language":"en","title":"US STOCKS-Dow Gains, S&P 500 Ends Lower As Market Weighs Fed Rate Hikes","url":"https://stock-news.laohu8.com/highlight/detail?id=2226575549","media":"Reuters","summary":"The Dow rose and the S&P 500 ended lower in choppy trade on Friday, as beaten-down bank shares gained and investors grappled with how best to deal with an economy that could skid as the Federal Reserv","content":"<html><head></head><body><p>The Dow rose and the S&amp;P 500 ended lower in choppy trade on Friday, as beaten-down bank shares gained and investors grappled with how best to deal with an economy that could skid as the Federal Reserve moves to aggressively tackle inflation.</p><p>The yield on the benchmark 10-year U.S. Treasury note hit a three-year high of 2.73%, helping boost the S&amp;P banking index, which rose 1.18%, after slumping to 13-month lows on Thursday. The index is down 10.8% year to date.</p><p>The big rate-sensitive lenders all rose, with JPMorgan Chase &amp; Co gaining 1.8%, $Bank of America Corp(BAC-N)$    0.7%, $Citigroup Inc(C-N)$    1.7% and Goldman Sachs Group Inc    2.3%.</p><p>Since peaking at two-month highs in late March, the market has trended lower as the Fed signals it will aggressively hike rates, leading investors to reposition their portfolios. Economically sensitive value shares this year have outperformed tech-heavy growth stocks, which often depend on low rates.</p><p>&#34;We&#39;re going into a very long-term and meaningful period of value outperforming growth. It&#39;s not merely a cyclical adjustment, but a secular story,&#34; said David Bahnsen, chief investment officer at wealth manager the Bahnsen Group in Newport Beach, California.</p><p>&#34;The value-growth story is a big <a href=\"https://laohu8.com/S/AONE.U\">one</a> and it is a byproduct of two things, which is what you want. Growth is overvalued and value is undervalued,&#34; he said.</p><p>The Russell 1000 Value index rose 0.51% while the Russell 1000 Growth index fell 1.09% on the day.</p><p>Investors are weighing the probability of a recession with two outcomes. On the one hand, the Fed could engineer a &#34;soft landing&#34; with slowing but positive growth, making banks &#34;woefully oversold,&#34; said UBS bank analyst Erika Najarian.</p><p>Or a sharp slowdown is imminent, which would cause a knee-jerk bank share sale as &#34;owning banks in a recession is no fun,&#34; she said.</p><p>Big U.S. banks, which kick off the first-quarter results season next week, are expected to report a large decline in earnings from a year earlier, when they benefited from exceptionally strong dealmaking and trading.</p><p>&#34;There&#39;s always going to be a price at some point where people are going to step in and think things are cheap and they might buy,&#34; said Randy Frederick, managing director, trading and derivatives, at Schwab Center for Financial Research.</p><p>&#34;Perhaps a 52-week low was enough to entice some people into the financial sector,&#34; Frederick said, noting the 10-year Treasury yield was at its highest level since March 2019.</p><p>The Dow Jones Industrial Average    rose 137.55 points, or 0.4%, to 34,721.12, the S&amp;P 500    lost 11.93 points, or 0.27%, to 4,488.28 and the Nasdaq Composite    dropped 186.30 points, or 1.34%, to 13,711.00.</p><p>Volume on U.S. exchanges was 10.37 billion shares.</p><p>For the week, the S&amp;P fell 1.16%, the Dow lost 0.28% and the Nasdaq shed 3.86%, as the index was hit after Fed officials raised concerns about rapid rate hikes causing a slowdown.</p><p>Shares of Tesla Inc, Nvidia Corp and Alphabet Inc fell between 1.9% and 4.5% as megacap stocks extended this week&#39;s decline as the surge in Treasury yields weighed.</p><p>The NYSE FANG+TM index, which includes Amazon.com Inc and Apple Inc, fell 1.76% and semiconductor stocks    slid 2.42%, extending the week&#39;s decline.</p><p>Robinhood Markets Inc fell 6.88% after a report said Goldman Sachs downgraded the online brokerage, while Kroger Co jumped 2.99% on a ratings upgrade.</p><p>Declining issues outnumbered advancing ones on the NYSE by a 1.20-to-1 ratio; on Nasdaq, a 1.66-to-1 ratio favored decliners.</p><p>The S&amp;P 500 posted 58 new 52-week highs and two new lows; the Nasdaq Composite recorded 53 new highs and 184 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-Dow Gains, S&P 500 Ends Lower As Market Weighs Fed Rate Hikes</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\">\nUS STOCKS-Dow Gains, S&P 500 Ends Lower As Market Weighs Fed Rate Hikes\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\">2022-04-09 07:22</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>The Dow rose and the S&amp;P 500 ended lower in choppy trade on Friday, as beaten-down bank shares gained and investors grappled with how best to deal with an economy that could skid as the Federal Reserve moves to aggressively tackle inflation.</p><p>The yield on the benchmark 10-year U.S. Treasury note hit a three-year high of 2.73%, helping boost the S&amp;P banking index, which rose 1.18%, after slumping to 13-month lows on Thursday. The index is down 10.8% year to date.</p><p>The big rate-sensitive lenders all rose, with JPMorgan Chase &amp; Co gaining 1.8%, $Bank of America Corp(BAC-N)$    0.7%, $Citigroup Inc(C-N)$    1.7% and Goldman Sachs Group Inc    2.3%.</p><p>Since peaking at two-month highs in late March, the market has trended lower as the Fed signals it will aggressively hike rates, leading investors to reposition their portfolios. Economically sensitive value shares this year have outperformed tech-heavy growth stocks, which often depend on low rates.</p><p>&#34;We&#39;re going into a very long-term and meaningful period of value outperforming growth. It&#39;s not merely a cyclical adjustment, but a secular story,&#34; said David Bahnsen, chief investment officer at wealth manager the Bahnsen Group in Newport Beach, California.</p><p>&#34;The value-growth story is a big <a href=\"https://laohu8.com/S/AONE.U\">one</a> and it is a byproduct of two things, which is what you want. Growth is overvalued and value is undervalued,&#34; he said.</p><p>The Russell 1000 Value index rose 0.51% while the Russell 1000 Growth index fell 1.09% on the day.</p><p>Investors are weighing the probability of a recession with two outcomes. On the one hand, the Fed could engineer a &#34;soft landing&#34; with slowing but positive growth, making banks &#34;woefully oversold,&#34; said UBS bank analyst Erika Najarian.</p><p>Or a sharp slowdown is imminent, which would cause a knee-jerk bank share sale as &#34;owning banks in a recession is no fun,&#34; she said.</p><p>Big U.S. banks, which kick off the first-quarter results season next week, are expected to report a large decline in earnings from a year earlier, when they benefited from exceptionally strong dealmaking and trading.</p><p>&#34;There&#39;s always going to be a price at some point where people are going to step in and think things are cheap and they might buy,&#34; said Randy Frederick, managing director, trading and derivatives, at Schwab Center for Financial Research.</p><p>&#34;Perhaps a 52-week low was enough to entice some people into the financial sector,&#34; Frederick said, noting the 10-year Treasury yield was at its highest level since March 2019.</p><p>The Dow Jones Industrial Average    rose 137.55 points, or 0.4%, to 34,721.12, the S&amp;P 500    lost 11.93 points, or 0.27%, to 4,488.28 and the Nasdaq Composite    dropped 186.30 points, or 1.34%, to 13,711.00.</p><p>Volume on U.S. exchanges was 10.37 billion shares.</p><p>For the week, the S&amp;P fell 1.16%, the Dow lost 0.28% and the Nasdaq shed 3.86%, as the index was hit after Fed officials raised concerns about rapid rate hikes causing a slowdown.</p><p>Shares of Tesla Inc, Nvidia Corp and Alphabet Inc fell between 1.9% and 4.5% as megacap stocks extended this week&#39;s decline as the surge in Treasury yields weighed.</p><p>The NYSE FANG+TM index, which includes Amazon.com Inc and Apple Inc, fell 1.76% and semiconductor stocks    slid 2.42%, extending the week&#39;s decline.</p><p>Robinhood Markets Inc fell 6.88% after a report said Goldman Sachs downgraded the online brokerage, while Kroger Co jumped 2.99% on a ratings upgrade.</p><p>Declining issues outnumbered advancing ones on the NYSE by a 1.20-to-1 ratio; on Nasdaq, a 1.66-to-1 ratio favored decliners.</p><p>The S&amp;P 500 posted 58 new 52-week highs and two new lows; the Nasdaq Composite recorded 53 new highs and 184 new lows.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"161125":"标普500","513500":"标普500ETF","IVV":"标普500指数ETF","BK4534":"瑞士信贷持仓","UPRO":"三倍做多标普500ETF",".DJI":"道琼斯",".IXIC":"NASDAQ Composite","BK4559":"巴菲特持仓",".SPX":"S&P 500 Index","OEX":"标普100","BK4550":"红杉资本持仓","SPY":"标普500ETF","SDS":"两倍做空标普500ETF","SPXU":"三倍做空标普500ETF","BK4581":"高盛持仓","OEF":"标普100指数ETF-iShares","BK4504":"桥水持仓","SSO":"两倍做多标普500ETF","SH":"标普500反向ETF"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2226575549","content_text":"The Dow rose and the S&P 500 ended lower in choppy trade on Friday, as beaten-down bank shares gained and investors grappled with how best to deal with an economy that could skid as the Federal Reserve moves to aggressively tackle inflation.The yield on the benchmark 10-year U.S. Treasury note hit a three-year high of 2.73%, helping boost the S&P banking index, which rose 1.18%, after slumping to 13-month lows on Thursday. The index is down 10.8% year to date.The big rate-sensitive lenders all rose, with JPMorgan Chase & Co gaining 1.8%, $Bank of America Corp(BAC-N)$    0.7%, $Citigroup Inc(C-N)$    1.7% and Goldman Sachs Group Inc    2.3%.Since peaking at two-month highs in late March, the market has trended lower as the Fed signals it will aggressively hike rates, leading investors to reposition their portfolios. Economically sensitive value shares this year have outperformed tech-heavy growth stocks, which often depend on low rates.\"We're going into a very long-term and meaningful period of value outperforming growth. It's not merely a cyclical adjustment, but a secular story,\" said David Bahnsen, chief investment officer at wealth manager the Bahnsen Group in Newport Beach, California.\"The value-growth story is a big one and it is a byproduct of two things, which is what you want. Growth is overvalued and value is undervalued,\" he said.The Russell 1000 Value index rose 0.51% while the Russell 1000 Growth index fell 1.09% on the day.Investors are weighing the probability of a recession with two outcomes. On the one hand, the Fed could engineer a \"soft landing\" with slowing but positive growth, making banks \"woefully oversold,\" said UBS bank analyst Erika Najarian.Or a sharp slowdown is imminent, which would cause a knee-jerk bank share sale as \"owning banks in a recession is no fun,\" she said.Big U.S. banks, which kick off the first-quarter results season next week, are expected to report a large decline in earnings from a year earlier, when they benefited from exceptionally strong dealmaking and trading.\"There's always going to be a price at some point where people are going to step in and think things are cheap and they might buy,\" said Randy Frederick, managing director, trading and derivatives, at Schwab Center for Financial Research.\"Perhaps a 52-week low was enough to entice some people into the financial sector,\" Frederick said, noting the 10-year Treasury yield was at its highest level since March 2019.The Dow Jones Industrial Average    rose 137.55 points, or 0.4%, to 34,721.12, the S&P 500    lost 11.93 points, or 0.27%, to 4,488.28 and the Nasdaq Composite    dropped 186.30 points, or 1.34%, to 13,711.00.Volume on U.S. exchanges was 10.37 billion shares.For the week, the S&P fell 1.16%, the Dow lost 0.28% and the Nasdaq shed 3.86%, as the index was hit after Fed officials raised concerns about rapid rate hikes causing a slowdown.Shares of Tesla Inc, Nvidia Corp and Alphabet Inc fell between 1.9% and 4.5% as megacap stocks extended this week's decline as the surge in Treasury yields weighed.The NYSE FANG+TM index, which includes Amazon.com Inc and Apple Inc, fell 1.76% and semiconductor stocks    slid 2.42%, extending the week's decline.Robinhood Markets Inc fell 6.88% after a report said Goldman Sachs downgraded the online brokerage, while Kroger Co jumped 2.99% on a ratings upgrade.Declining issues outnumbered advancing ones on the NYSE by a 1.20-to-1 ratio; on Nasdaq, a 1.66-to-1 ratio favored decliners.The S&P 500 posted 58 new 52-week highs and two new lows; the Nasdaq Composite recorded 53 new highs and 184 new lows.","news_type":1},"isVote":1,"tweetType":1,"viewCount":111,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9016202117,"gmtCreate":1649199189570,"gmtModify":1676534466599,"author":{"id":"3575105747703011","authorId":"3575105747703011","name":"RogerLam","avatar":"https://static.tigerbbs.com/1005e5ae2cda08a31d27406a5089b7ae","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3575105747703011","authorIdStr":"3575105747703011"},"themes":[],"htmlText":"Yes","listText":"Yes","text":"Yes","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9016202117","repostId":"1191106634","repostType":4,"repost":{"id":"1191106634","kind":"news","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":1649162530,"share":"https://ttm.financial/m/news/1191106634?lang=&edition=fundamental","pubTime":"2022-04-05 20:42","market":"us","language":"en","title":"Twitter Stock Jumped 5.64% as Musk Will Join Twitter’s Board of Directors","url":"https://stock-news.laohu8.com/highlight/detail?id=1191106634","media":"Tiger Newspress","summary":"Twitter stock jumped 5.64% as Musk will join Twitter’s board of directors.Elon Musk will join Twitte","content":"<html><head></head><body><p>Twitter stock jumped 5.64% as Musk will join Twitter’s board of directors.<img src=\"https://static.tigerbbs.com/db17725a9b56fcd04af10097ee131a6f\" tg-width=\"846\" tg-height=\"845\" referrerpolicy=\"no-referrer\"/>Elon Musk will join Twitter’s board of directors after taking a 9.2% stake in the social media company, according to a release filed with the SEC.</p><p>“Through conversations with Elon in recent weeks, it became clear to us that he would bring great value to our Board,” CEO Parag Agrawal said in a tweet.</p><p>“He’s both a passionate believer and intense critic of the service which is exactly what we need on Twitter, and in the boardroom, to make us stronger in the long-term,” he added.</p><p>Musk will serve as a Class II director on the board, with his term expiring in 2024, according to the filing. For his entire board term or 90 days after, Musk cannot be the beneficial owner of more than 14.9% of the company’s common stock outstanding.</p><p>Musk’s purchase comes after a bout of criticizing the social media company.</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>Twitter Stock Jumped 5.64% as Musk Will Join Twitter’s Board of Directors</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\">\nTwitter Stock Jumped 5.64% as Musk Will Join Twitter’s Board of Directors\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\">2022-04-05 20:42</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Twitter stock jumped 5.64% as Musk will join Twitter’s board of directors.<img src=\"https://static.tigerbbs.com/db17725a9b56fcd04af10097ee131a6f\" tg-width=\"846\" tg-height=\"845\" referrerpolicy=\"no-referrer\"/>Elon Musk will join Twitter’s board of directors after taking a 9.2% stake in the social media company, according to a release filed with the SEC.</p><p>“Through conversations with Elon in recent weeks, it became clear to us that he would bring great value to our Board,” CEO Parag Agrawal said in a tweet.</p><p>“He’s both a passionate believer and intense critic of the service which is exactly what we need on Twitter, and in the boardroom, to make us stronger in the long-term,” he added.</p><p>Musk will serve as a Class II director on the board, with his term expiring in 2024, according to the filing. For his entire board term or 90 days after, Musk cannot be the beneficial owner of more than 14.9% of the company’s common stock outstanding.</p><p>Musk’s purchase comes after a bout of criticizing the social media company.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TWTR":"Twitter"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1191106634","content_text":"Twitter stock jumped 5.64% as Musk will join Twitter’s board of directors.Elon Musk will join Twitter’s board of directors after taking a 9.2% stake in the social media company, according to a release filed with the SEC.“Through conversations with Elon in recent weeks, it became clear to us that he would bring great value to our Board,” CEO Parag Agrawal said in a tweet.“He’s both a passionate believer and intense critic of the service which is exactly what we need on Twitter, and in the boardroom, to make us stronger in the long-term,” he added.Musk will serve as a Class II director on the board, with his term expiring in 2024, according to the filing. For his entire board term or 90 days after, Musk cannot be the beneficial owner of more than 14.9% of the company’s common stock outstanding.Musk’s purchase comes after a bout of criticizing the social media company.","news_type":1},"isVote":1,"tweetType":1,"viewCount":134,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9016206477,"gmtCreate":1649199146793,"gmtModify":1676534466591,"author":{"id":"3575105747703011","authorId":"3575105747703011","name":"RogerLam","avatar":"https://static.tigerbbs.com/1005e5ae2cda08a31d27406a5089b7ae","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3575105747703011","authorIdStr":"3575105747703011"},"themes":[],"htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9016206477","repostId":"1172665168","repostType":4,"repost":{"id":"1172665168","kind":"news","pubTimestamp":1649163259,"share":"https://ttm.financial/m/news/1172665168?lang=&edition=fundamental","pubTime":"2022-04-05 20:54","market":"us","language":"en","title":"Price Target Changes｜Wedbush Lowered Starbucks to $91; Citigroup Boosted Pfizer to $57","url":"https://stock-news.laohu8.com/highlight/detail?id=1172665168","media":"Benzinga","summary":"Piper Sandler cut the price target on The Goldman Sachs Group, Inc. GS from $465 to $430. Goldman Sa","content":"<html><head></head><body><p>Piper Sandler cut the price target on <b>The Goldman Sachs Group, Inc.</b> GS from $465 to $430. Goldman Sachs shares rose 0.1% to $328.60 in pre-market trading.</p><p>Deutsche Bank raised the price target on <b>Lithium Americas Corp.</b> LAC from $34 to $40. Lithium Americas shares fell 0.4% to $38.60 in pre-market trading.</p><p>Wedbush lowered the price target for <b>Starbucks Corporation</b> SBUX from $105 to $91. Starbucks shares fell 1.5% to $86.75 in pre-market trading.</p><p>Mizuho lowered <b>Coinbase Global, Inc.</b> COIN price target from $220 to $190. Coinbase Global shares rose 0.8% to $193.20 in pre-market trading.</p><p>Piper Sandler cut <b>JPMorgan Chase &amp; Co</b> JPM price target from $187 to $165. JPMorgan shares fell 0.6% to $135.09 in pre-market trading.</p><p>RBC Capital raised <b>Westlake Corporation</b> WLK price target from $128 to $155. Westlake shares rose 0.3% to $121.80 in pre-market trading.</p><p>Wells Fargo boosted <b>Vertex Pharmaceuticals Incorporated</b> VRTX price target from $270 to $300. Vertex Pharmaceuticals shares fell 0.2% to $268.00 in pre-market trading.</p><p>UBS increased the price target on <b>Chevron Corporation</b> CVX from $150 to $192. Chevron shares rose 0.4% to $165.05 in pre-market trading.</p><p>Wells Fargo cut the price target for <b>Signet Jewelers Limited</b> SIG from $140 to $105. Signet Jewelers shares fell 0.1% to $70.74 in pre-market trading.</p><p>Citigroup boosted <b>Pfizer Inc.</b> PFE price target from $46 to $57. Pfizer shares fell 0.2% to $50.85 in pre-market trading.</p></body></html>","source":"lsy1606299360108","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>Price Target Changes｜Wedbush Lowered Starbucks to $91; Citigroup Boosted Pfizer to $57</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\">\nPrice Target Changes｜Wedbush Lowered Starbucks to $91; Citigroup Boosted Pfizer to $57\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-04-05 20:54 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.benzinga.com/analyst-ratings/price-target/22/04/26473298/10-biggest-price-target-changes-for-tuesday><strong>Benzinga</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Piper Sandler cut the price target on The Goldman Sachs Group, Inc. GS from $465 to $430. Goldman Sachs shares rose 0.1% to $328.60 in pre-market trading.Deutsche Bank raised the price target on ...</p>\n\n<a href=\"https://www.benzinga.com/analyst-ratings/price-target/22/04/26473298/10-biggest-price-target-changes-for-tuesday\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SBUX":"星巴克","PFE":"辉瑞"},"source_url":"https://www.benzinga.com/analyst-ratings/price-target/22/04/26473298/10-biggest-price-target-changes-for-tuesday","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1172665168","content_text":"Piper Sandler cut the price target on The Goldman Sachs Group, Inc. GS from $465 to $430. Goldman Sachs shares rose 0.1% to $328.60 in pre-market trading.Deutsche Bank raised the price target on Lithium Americas Corp. LAC from $34 to $40. Lithium Americas shares fell 0.4% to $38.60 in pre-market trading.Wedbush lowered the price target for Starbucks Corporation SBUX from $105 to $91. Starbucks shares fell 1.5% to $86.75 in pre-market trading.Mizuho lowered Coinbase Global, Inc. COIN price target from $220 to $190. Coinbase Global shares rose 0.8% to $193.20 in pre-market trading.Piper Sandler cut JPMorgan Chase & Co JPM price target from $187 to $165. JPMorgan shares fell 0.6% to $135.09 in pre-market trading.RBC Capital raised Westlake Corporation WLK price target from $128 to $155. Westlake shares rose 0.3% to $121.80 in pre-market trading.Wells Fargo boosted Vertex Pharmaceuticals Incorporated VRTX price target from $270 to $300. Vertex Pharmaceuticals shares fell 0.2% to $268.00 in pre-market trading.UBS increased the price target on Chevron Corporation CVX from $150 to $192. Chevron shares rose 0.4% to $165.05 in pre-market trading.Wells Fargo cut the price target for Signet Jewelers Limited SIG from $140 to $105. Signet Jewelers shares fell 0.1% to $70.74 in pre-market trading.Citigroup boosted Pfizer Inc. PFE price target from $46 to $57. Pfizer shares fell 0.2% to $50.85 in pre-market trading.","news_type":1},"isVote":1,"tweetType":1,"viewCount":251,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":9943279219,"gmtCreate":1679524611831,"gmtModify":1679524615639,"author":{"id":"3575105747703011","authorId":"3575105747703011","name":"RogerLam","avatar":"https://static.tigerbbs.com/1005e5ae2cda08a31d27406a5089b7ae","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3575105747703011","authorIdStr":"3575105747703011"},"themes":[],"htmlText":"Oh ok","listText":"Oh ok","text":"Oh ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":13,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9943279219","repostId":"1151598224","repostType":4,"repost":{"id":"1151598224","kind":"news","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":1679513801,"share":"https://ttm.financial/m/news/1151598224?lang=&edition=fundamental","pubTime":"2023-03-23 03:36","market":"us","language":"en","title":"Fed Recap: All the Market-Moving Comments From Fed Chair Powell After Rate Hike","url":"https://stock-news.laohu8.com/highlight/detail?id=1151598224","media":"Tiger Newspress","summary":"The Federal Reserve raised interest rates by 25 basis points, or a quarter of a percentage point. Th","content":"<html><head></head><body><p><i>The Federal Reserve raised interest rates by 25 basis points, or a quarter of a percentage point. The move brings the benchmark funds rate to a range of 4.75% to 5%. In the wake of recent turmoil for regional banks, Chair Jerome Powell assured the public that the Fed will use &#34;all of our tools&#34; to keep the banking system safe.</i></p><h2>Fed will use &#39;all of our tools&#39; to keep banking system safe, Chair Jerome Powell says</h2><p>Federal Reserve Chair Jerome Powell said the central bank will use all its tools to safeguard the banking system.</p><p>&#34;Our banking system is sound and resilient, with strong capital and liquidity. We will continue to closely monitor conditions in the banking system and are prepared to use all of our tools as needed to keep it safe and sound,&#34; Powell said.</p><p>&#34;In addition, we are committed to learning the lessons from this episode, and to work to prevent episodes from events like this from happening again,&#34; he added.</p><h2>Regional bank issues means tighter credit conditions, Powell says</h2><p>Fed Chair Jerome Powell acknowledged that the issues in the banking system in recent weeks will create tighter credit conditions.</p><p>&#34;We believe however that events in the banking system over the past two weeks are likely to result in tighter credit conditions for households and business, which would in turn result affect economic outcomes. It is too soon to determine the extent of these effects, and therefore too soon to determine how monetary policy should respond,&#34; Powell said.</p><p>He later compared the banking issues to additional rate hikes.</p><h2>Powell cautions that inflation fight &#39;has a long way to go&#39;</h2><p>Fed Chairman Jerome Powell warned that the central bank still has some distance to cover as it tries to bring down inflation to its longer-run goal.</p><p>&#34;The process of getting inflation back down to 2% has a long way to go and is likely to be bumpy,&#34; the central bank leader said at his post-meeting news conference.</p><p>He noted some progress and also said the Fed will be assessing data and the impact of its rate hikes in deciding how to proceed with policy.</p><p>&#34;Inflation has moderated somewhat since the middle of last year, but the strength of these recent readings indicates that inflation pressures continue to run high,&#34; Powell said.</p><h2>Bank deposit flows have stabilized, Powell says</h2><p>The banking system is resilient and deposit flows are back on track, Federal Reserve Chair Jerome Powell said.</p><p>&#34;Deposit flows in the banking system have stabilized over the last week,&#34; he said.</p><p>Powell said the powerful actions taken by the Fed, Treasury Department and FDIC demonstrate that depositors&#39; savings and the banking system are safe.</p><p>The central bank is now undertaking a thorough internal review to see where it can strengthen supervision and regulation.</p><h2>Fed Chair Powell anticipates tighter credit conditions ahead, says “some additional policy firming may be appropriate”</h2><p>Federal Reserve Chair Jerome Powell noted that tighter credit conditions are likely ahead following turmoil in the regional banking sector.</p><p>&#34;We believe, however, that events in the banking system over the past two weeks are likely to result in tighter credit conditions for households and businesses, which would in turn affect economic outcomes,&#34; he said.</p><p>&#34;It is too soon to determine the extent of these effects, and therefore too soon to tell it how monetary policy should respond,&#34; Powell added. &#34;As a result, we no longer state that we anticipate that ongoing rate increases will be appropriate to quell inflation. Instead, we now anticipate that some additional policy firming may be appropriate.&#34;</p><p>The Fed will closely monitor incoming data and assess the actual and expected effects on tighter credit conditions on economic activity, the labor market and inflation in order to inform its policy decisions, Powell added. He said the Fed is &#34;strongly committed&#34; to returning inflation to its 2% objective.</p><h2>Powell says committee considered a pause in light of the banking crisis</h2><p>Fed Chairman Jerome Powell said the rate-setting committee considered a pause in rate hikes in light of the banking crisis.</p><p>&#34;We did consider that in the days running up to the meeting,&#34; Powell said in the press conference when asked about a pause.</p><p>Powell said the reason for the very strong consensus for a rate hike resulted from the intermediate data on inflation and the labor market that came in stronger than expected before the recent events.</p><p>&#34;We are committed to restoring price stability and all of the evidence says that the public has confidence that we will do so that will bring inflation down to 2% over time. It is important that we sustain that confidence with our actions, as well as our words,&#34; Powell said.</p><h2>Fed Chair Powell on Silicon Valley Bank failure, &#39;How did this happen?&#39;</h2><p>At his press conference on Wednesday afternoon, Fed Chair Jerome Powell spoke about Silicon Valley Bank&#39;s failure.</p><h2>Powell slams Silicon Valley Bank management over lack of supervision</h2><p>Federal Reserve Chair Jerome Powell said that management at Silicon Valley Bank &#34;failed badly,&#34; while exposing customers to &#34;significant liquidity risk and interest rate risk.&#34;</p><p>He added that stronger supervision and regulation is needed to prevent another string of bank collapses and deposit crisis.</p><p>&#34;My only interest is that we identify what went wrong here,&#34; Powell said.</p><h2>The market is getting it wrong by predicting rate cuts this year, says Powell</h2><p>The market is getting it wrong if it expects rate cuts later this year, said Federal Reserve Chair Jerome Powell.</p><p>He highlighted the fact that the central bank&#39;s summary of economic projections published Wednesday anticipates slow growth, a gradual decline in inflation and the rebalancing of both supply and demand within the labor market.</p><p>&#34;In that most likely case, if that happens, participants don&#39;t see rate cuts this year,&#34; he said.</p><p>Powell added that what lies ahead for the economy may be &#34;uncertain&#34; but rate hikes are not currently in the central bank&#39;s &#34;baseline expectation.&#34;</p><h2>If the Fed needs to raise rates higher, it will, Powell says</h2><p>Fed Chairman Jerome Powell said the central bank will conduct more rate hikes if it needs to in order to fight inflation.</p><p>&#34;If we need to raise rates higher, we will,&#34; Powell said in the press conference. &#34;I think for now, though ...we see the likelihood of credit tightening. We know that that can have an effect on the macro economy.&#34;</p><p>The chairman said the Fed will also watch inflation and the labor market closely.</p><p>&#34;Of course, we will eventually get to tight enough policy to bring inflation down to 2%,&#34; Powell said.</p><h2>Fed, other regulators will use &#39;tools&#39; to protect depositors, Powell says</h2><p>Fed Chair Jerome Powell tried to assure Americans that their bank deposits will be kept safe, but stopped short of saying explicitly that even uninsured deposits will be backstopped by federal officials.</p><p>&#34;What I&#39;m saying is you&#39;ve seen that we have the tools to protect depositors when there is a threat of serious harm to the economy or to the financial system, and we&#39;re prepared to use those tools. I think depositors should assume that their deposits are safe,&#34; he said.</p><h2>There&#39;s still a &#39;pathway&#39; to a soft landing, Fed Chair Powell says</h2><p>Federal Reserve Chair Jerome Powell said it&#39;s &#34;too early&#34; to say what effect the banking crisis will have, but the central bank leader expects a pathway &#34;still exists&#34; to a soft landing.</p><p>&#34;It&#39;s too early to say, really, whether these events have had much of an effect,&#34; said Powell, adding that credit standards and credit availability will be affected the longer the banking crisis continues.</p><p>&#34;I do still think though that there&#39;s, there&#39;s a pathway to [a soft landing],&#34; he added, saying &#34;I think that pathway still exists, and, you know, we&#39;re certainly trying to find it.&#34;</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>Fed Recap: All the Market-Moving Comments From Fed Chair Powell After Rate Hike</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nFed Recap: All the Market-Moving Comments From Fed Chair Powell After Rate Hike\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\">2023-03-23 03:36</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p><i>The Federal Reserve raised interest rates by 25 basis points, or a quarter of a percentage point. The move brings the benchmark funds rate to a range of 4.75% to 5%. In the wake of recent turmoil for regional banks, Chair Jerome Powell assured the public that the Fed will use &#34;all of our tools&#34; to keep the banking system safe.</i></p><h2>Fed will use &#39;all of our tools&#39; to keep banking system safe, Chair Jerome Powell says</h2><p>Federal Reserve Chair Jerome Powell said the central bank will use all its tools to safeguard the banking system.</p><p>&#34;Our banking system is sound and resilient, with strong capital and liquidity. We will continue to closely monitor conditions in the banking system and are prepared to use all of our tools as needed to keep it safe and sound,&#34; Powell said.</p><p>&#34;In addition, we are committed to learning the lessons from this episode, and to work to prevent episodes from events like this from happening again,&#34; he added.</p><h2>Regional bank issues means tighter credit conditions, Powell says</h2><p>Fed Chair Jerome Powell acknowledged that the issues in the banking system in recent weeks will create tighter credit conditions.</p><p>&#34;We believe however that events in the banking system over the past two weeks are likely to result in tighter credit conditions for households and business, which would in turn result affect economic outcomes. It is too soon to determine the extent of these effects, and therefore too soon to determine how monetary policy should respond,&#34; Powell said.</p><p>He later compared the banking issues to additional rate hikes.</p><h2>Powell cautions that inflation fight &#39;has a long way to go&#39;</h2><p>Fed Chairman Jerome Powell warned that the central bank still has some distance to cover as it tries to bring down inflation to its longer-run goal.</p><p>&#34;The process of getting inflation back down to 2% has a long way to go and is likely to be bumpy,&#34; the central bank leader said at his post-meeting news conference.</p><p>He noted some progress and also said the Fed will be assessing data and the impact of its rate hikes in deciding how to proceed with policy.</p><p>&#34;Inflation has moderated somewhat since the middle of last year, but the strength of these recent readings indicates that inflation pressures continue to run high,&#34; Powell said.</p><h2>Bank deposit flows have stabilized, Powell says</h2><p>The banking system is resilient and deposit flows are back on track, Federal Reserve Chair Jerome Powell said.</p><p>&#34;Deposit flows in the banking system have stabilized over the last week,&#34; he said.</p><p>Powell said the powerful actions taken by the Fed, Treasury Department and FDIC demonstrate that depositors&#39; savings and the banking system are safe.</p><p>The central bank is now undertaking a thorough internal review to see where it can strengthen supervision and regulation.</p><h2>Fed Chair Powell anticipates tighter credit conditions ahead, says “some additional policy firming may be appropriate”</h2><p>Federal Reserve Chair Jerome Powell noted that tighter credit conditions are likely ahead following turmoil in the regional banking sector.</p><p>&#34;We believe, however, that events in the banking system over the past two weeks are likely to result in tighter credit conditions for households and businesses, which would in turn affect economic outcomes,&#34; he said.</p><p>&#34;It is too soon to determine the extent of these effects, and therefore too soon to tell it how monetary policy should respond,&#34; Powell added. &#34;As a result, we no longer state that we anticipate that ongoing rate increases will be appropriate to quell inflation. Instead, we now anticipate that some additional policy firming may be appropriate.&#34;</p><p>The Fed will closely monitor incoming data and assess the actual and expected effects on tighter credit conditions on economic activity, the labor market and inflation in order to inform its policy decisions, Powell added. He said the Fed is &#34;strongly committed&#34; to returning inflation to its 2% objective.</p><h2>Powell says committee considered a pause in light of the banking crisis</h2><p>Fed Chairman Jerome Powell said the rate-setting committee considered a pause in rate hikes in light of the banking crisis.</p><p>&#34;We did consider that in the days running up to the meeting,&#34; Powell said in the press conference when asked about a pause.</p><p>Powell said the reason for the very strong consensus for a rate hike resulted from the intermediate data on inflation and the labor market that came in stronger than expected before the recent events.</p><p>&#34;We are committed to restoring price stability and all of the evidence says that the public has confidence that we will do so that will bring inflation down to 2% over time. It is important that we sustain that confidence with our actions, as well as our words,&#34; Powell said.</p><h2>Fed Chair Powell on Silicon Valley Bank failure, &#39;How did this happen?&#39;</h2><p>At his press conference on Wednesday afternoon, Fed Chair Jerome Powell spoke about Silicon Valley Bank&#39;s failure.</p><h2>Powell slams Silicon Valley Bank management over lack of supervision</h2><p>Federal Reserve Chair Jerome Powell said that management at Silicon Valley Bank &#34;failed badly,&#34; while exposing customers to &#34;significant liquidity risk and interest rate risk.&#34;</p><p>He added that stronger supervision and regulation is needed to prevent another string of bank collapses and deposit crisis.</p><p>&#34;My only interest is that we identify what went wrong here,&#34; Powell said.</p><h2>The market is getting it wrong by predicting rate cuts this year, says Powell</h2><p>The market is getting it wrong if it expects rate cuts later this year, said Federal Reserve Chair Jerome Powell.</p><p>He highlighted the fact that the central bank&#39;s summary of economic projections published Wednesday anticipates slow growth, a gradual decline in inflation and the rebalancing of both supply and demand within the labor market.</p><p>&#34;In that most likely case, if that happens, participants don&#39;t see rate cuts this year,&#34; he said.</p><p>Powell added that what lies ahead for the economy may be &#34;uncertain&#34; but rate hikes are not currently in the central bank&#39;s &#34;baseline expectation.&#34;</p><h2>If the Fed needs to raise rates higher, it will, Powell says</h2><p>Fed Chairman Jerome Powell said the central bank will conduct more rate hikes if it needs to in order to fight inflation.</p><p>&#34;If we need to raise rates higher, we will,&#34; Powell said in the press conference. &#34;I think for now, though ...we see the likelihood of credit tightening. We know that that can have an effect on the macro economy.&#34;</p><p>The chairman said the Fed will also watch inflation and the labor market closely.</p><p>&#34;Of course, we will eventually get to tight enough policy to bring inflation down to 2%,&#34; Powell said.</p><h2>Fed, other regulators will use &#39;tools&#39; to protect depositors, Powell says</h2><p>Fed Chair Jerome Powell tried to assure Americans that their bank deposits will be kept safe, but stopped short of saying explicitly that even uninsured deposits will be backstopped by federal officials.</p><p>&#34;What I&#39;m saying is you&#39;ve seen that we have the tools to protect depositors when there is a threat of serious harm to the economy or to the financial system, and we&#39;re prepared to use those tools. I think depositors should assume that their deposits are safe,&#34; he said.</p><h2>There&#39;s still a &#39;pathway&#39; to a soft landing, Fed Chair Powell says</h2><p>Federal Reserve Chair Jerome Powell said it&#39;s &#34;too early&#34; to say what effect the banking crisis will have, but the central bank leader expects a pathway &#34;still exists&#34; to a soft landing.</p><p>&#34;It&#39;s too early to say, really, whether these events have had much of an effect,&#34; said Powell, adding that credit standards and credit availability will be affected the longer the banking crisis continues.</p><p>&#34;I do still think though that there&#39;s, there&#39;s a pathway to [a soft landing],&#34; he added, saying &#34;I think that pathway still exists, and, you know, we&#39;re certainly trying to find it.&#34;</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":"1151598224","content_text":"The Federal Reserve raised interest rates by 25 basis points, or a quarter of a percentage point. The move brings the benchmark funds rate to a range of 4.75% to 5%. In the wake of recent turmoil for regional banks, Chair Jerome Powell assured the public that the Fed will use \"all of our tools\" to keep the banking system safe.Fed will use 'all of our tools' to keep banking system safe, Chair Jerome Powell saysFederal Reserve Chair Jerome Powell said the central bank will use all its tools to safeguard the banking system.\"Our banking system is sound and resilient, with strong capital and liquidity. We will continue to closely monitor conditions in the banking system and are prepared to use all of our tools as needed to keep it safe and sound,\" Powell said.\"In addition, we are committed to learning the lessons from this episode, and to work to prevent episodes from events like this from happening again,\" he added.Regional bank issues means tighter credit conditions, Powell saysFed Chair Jerome Powell acknowledged that the issues in the banking system in recent weeks will create tighter credit conditions.\"We believe however that events in the banking system over the past two weeks are likely to result in tighter credit conditions for households and business, which would in turn result affect economic outcomes. It is too soon to determine the extent of these effects, and therefore too soon to determine how monetary policy should respond,\" Powell said.He later compared the banking issues to additional rate hikes.Powell cautions that inflation fight 'has a long way to go'Fed Chairman Jerome Powell warned that the central bank still has some distance to cover as it tries to bring down inflation to its longer-run goal.\"The process of getting inflation back down to 2% has a long way to go and is likely to be bumpy,\" the central bank leader said at his post-meeting news conference.He noted some progress and also said the Fed will be assessing data and the impact of its rate hikes in deciding how to proceed with policy.\"Inflation has moderated somewhat since the middle of last year, but the strength of these recent readings indicates that inflation pressures continue to run high,\" Powell said.Bank deposit flows have stabilized, Powell saysThe banking system is resilient and deposit flows are back on track, Federal Reserve Chair Jerome Powell said.\"Deposit flows in the banking system have stabilized over the last week,\" he said.Powell said the powerful actions taken by the Fed, Treasury Department and FDIC demonstrate that depositors' savings and the banking system are safe.The central bank is now undertaking a thorough internal review to see where it can strengthen supervision and regulation.Fed Chair Powell anticipates tighter credit conditions ahead, says “some additional policy firming may be appropriate”Federal Reserve Chair Jerome Powell noted that tighter credit conditions are likely ahead following turmoil in the regional banking sector.\"We believe, however, that events in the banking system over the past two weeks are likely to result in tighter credit conditions for households and businesses, which would in turn affect economic outcomes,\" he said.\"It is too soon to determine the extent of these effects, and therefore too soon to tell it how monetary policy should respond,\" Powell added. \"As a result, we no longer state that we anticipate that ongoing rate increases will be appropriate to quell inflation. Instead, we now anticipate that some additional policy firming may be appropriate.\"The Fed will closely monitor incoming data and assess the actual and expected effects on tighter credit conditions on economic activity, the labor market and inflation in order to inform its policy decisions, Powell added. He said the Fed is \"strongly committed\" to returning inflation to its 2% objective.Powell says committee considered a pause in light of the banking crisisFed Chairman Jerome Powell said the rate-setting committee considered a pause in rate hikes in light of the banking crisis.\"We did consider that in the days running up to the meeting,\" Powell said in the press conference when asked about a pause.Powell said the reason for the very strong consensus for a rate hike resulted from the intermediate data on inflation and the labor market that came in stronger than expected before the recent events.\"We are committed to restoring price stability and all of the evidence says that the public has confidence that we will do so that will bring inflation down to 2% over time. It is important that we sustain that confidence with our actions, as well as our words,\" Powell said.Fed Chair Powell on Silicon Valley Bank failure, 'How did this happen?'At his press conference on Wednesday afternoon, Fed Chair Jerome Powell spoke about Silicon Valley Bank's failure.Powell slams Silicon Valley Bank management over lack of supervisionFederal Reserve Chair Jerome Powell said that management at Silicon Valley Bank \"failed badly,\" while exposing customers to \"significant liquidity risk and interest rate risk.\"He added that stronger supervision and regulation is needed to prevent another string of bank collapses and deposit crisis.\"My only interest is that we identify what went wrong here,\" Powell said.The market is getting it wrong by predicting rate cuts this year, says PowellThe market is getting it wrong if it expects rate cuts later this year, said Federal Reserve Chair Jerome Powell.He highlighted the fact that the central bank's summary of economic projections published Wednesday anticipates slow growth, a gradual decline in inflation and the rebalancing of both supply and demand within the labor market.\"In that most likely case, if that happens, participants don't see rate cuts this year,\" he said.Powell added that what lies ahead for the economy may be \"uncertain\" but rate hikes are not currently in the central bank's \"baseline expectation.\"If the Fed needs to raise rates higher, it will, Powell saysFed Chairman Jerome Powell said the central bank will conduct more rate hikes if it needs to in order to fight inflation.\"If we need to raise rates higher, we will,\" Powell said in the press conference. \"I think for now, though ...we see the likelihood of credit tightening. We know that that can have an effect on the macro economy.\"The chairman said the Fed will also watch inflation and the labor market closely.\"Of course, we will eventually get to tight enough policy to bring inflation down to 2%,\" Powell said.Fed, other regulators will use 'tools' to protect depositors, Powell saysFed Chair Jerome Powell tried to assure Americans that their bank deposits will be kept safe, but stopped short of saying explicitly that even uninsured deposits will be backstopped by federal officials.\"What I'm saying is you've seen that we have the tools to protect depositors when there is a threat of serious harm to the economy or to the financial system, and we're prepared to use those tools. I think depositors should assume that their deposits are safe,\" he said.There's still a 'pathway' to a soft landing, Fed Chair Powell saysFederal Reserve Chair Jerome Powell said it's \"too early\" to say what effect the banking crisis will have, but the central bank leader expects a pathway \"still exists\" to a soft landing.\"It's too early to say, really, whether these events have had much of an effect,\" said Powell, adding that credit standards and credit availability will be affected the longer the banking crisis continues.\"I do still think though that there's, there's a pathway to [a soft landing],\" he added, saying \"I think that pathway still exists, and, you know, we're certainly trying to find it.\"","news_type":1},"isVote":1,"tweetType":1,"viewCount":347,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9954555780,"gmtCreate":1676500322540,"gmtModify":1676500326652,"author":{"id":"3575105747703011","authorId":"3575105747703011","name":"RogerLam","avatar":"https://static.tigerbbs.com/1005e5ae2cda08a31d27406a5089b7ae","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3575105747703011","authorIdStr":"3575105747703011"},"themes":[],"htmlText":"Yes&nbsp;","listText":"Yes&nbsp;","text":"Yes","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":12,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9954555780","repostId":"1129081945","repostType":2,"isVote":1,"tweetType":1,"viewCount":428,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9019024849,"gmtCreate":1648508044797,"gmtModify":1676534345636,"author":{"id":"3575105747703011","authorId":"3575105747703011","name":"RogerLam","avatar":"https://static.tigerbbs.com/1005e5ae2cda08a31d27406a5089b7ae","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3575105747703011","authorIdStr":"3575105747703011"},"themes":[],"htmlText":"Yes","listText":"Yes","text":"Yes","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9019024849","repostId":"1101698141","repostType":4,"repost":{"id":"1101698141","kind":"news","pubTimestamp":1648473577,"share":"https://ttm.financial/m/news/1101698141?lang=&edition=fundamental","pubTime":"2022-03-28 21:19","market":"us","language":"en","title":"Is It Too Late to Buy Tesla Stock?","url":"https://stock-news.laohu8.com/highlight/detail?id=1101698141","media":"Motley Fool","summary":"In two years, the stock price has increased by more than 10 times.","content":"<html><head></head><body><p><b>KEY POINTS</b></p><ul><li>Tesla&#39;s profit margin in the latest quarter was well ahead of traditional automakers.</li><li>The company already has nearly 60,000 vehicles in its full self-driving beta program.</li><li>The stock&#39;s valuation doesn&#39;t make sense using traditional methods of measurement.</li></ul><p>If you had invested $100,000 in <b>Tesla</b> two years back, your investment would have grown by more than 10 times to $1.2 million today. Early Tesla investors are surely enjoying the stock&#39;s dramatic rise. But if you are among the ones who missed investing earlier, you must be wondering if it is already too late to invest in the electric vehicle (EV) pioneer.</p><p>Let&#39;s discuss if it still makes sense to buy the stock.</p><p><b>Tesla continues to grow</b></p><p>Founded in 2003, Tesla made its first annual profit, $721 million, in 2020. In 2021, the company&#39;s profit surged 665% to $5.5 billion. At the same time, its revenue grew 71% for the year. The strong growth was supported by an 87% increase in vehicle deliveries in 2021.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6cd1ddadca6f532b55f14839f80e5084\" tg-width=\"2000\" tg-height=\"1054\" width=\"100%\" height=\"auto\"/><span>A Tesla Model Y. Image source: Tesla.</span></p><p>Most investors and analysts agree that Tesla is very likely to continue growing its vehicle deliveries. To that end, the company is opening new factories; it started deliveries from its German factory on Tuesday and is expected to open its Texas factory soon. In short, Tesla is well on its way to becoming one of the largest automakers in the world.</p><p>And the company has managed to distinguish itself from traditional automakers by generating high margins.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/01dcfae49bb9e65751d7f5a1bf529a2f\" tg-width=\"720\" tg-height=\"387\" width=\"100%\" height=\"auto\"/><span>TSLA profit margin (quarterly). Data by YCharts.</span></p><p><b>Ford&#39;s</b> high margin in the chart above is attributable to a gain relating to its <b>Rivian</b> investment. It reported an adjusted EBIT (earnings before interest and tax) margin of 5.4% for the fourth quarter. So Tesla&#39;s profit margin in the latest quarter well exceeded that of traditional automakers.</p><p>Those high margins can be attributed to several factors. The first one is high-margin services, including full self-driving (FSD) features and over-the-air software updates, which command higher profits than traditional vehicle sales. Other factors include high vertical integration, an absence of a dealer network, and low marketing expenses.</p><p><b>Innovation is Tesla&#39;s key differentiator</b></p><p>Despite the high growth, at a $1 trillion market capitalization, value-focused investors are understandably wary of Tesla. But the stock has defied traditional valuation metrics so far. The big question is: Can it continue to do so?</p><p>While no one can answer that question conclusively, I&#39;m inclined toward a yes. Apart from high margins and scale, some other factors could support Tesla&#39;s valuation in the future. The top one is the automaker&#39;s FSD feature.</p><p>Tesla already has nearly 60,000 vehicles in its FSD beta program. The Insurance Institute for Highway Safety has awarded the vision-only FSD version in certain Tesla models a score of &#34;superior&#34; in collision avoidance and has given it a Top Safety Pick+, the highest possible rating.</p><p>The company could have significant potential to expand its margins if its FSD feature shapes up as the company is hoping. Though there are other companies working on autonomous driving -- such as <b>Alphabet</b> with its Waymo and <b>General Motors</b> with its Cruise -- Tesla could have an edge. With the large number of vehicles in use, it could have vastly more data to train its program than its competitors have. And FSD features developed in-house will again tap into the benefits of vertical integration. It could even offer the feature for a fee to other automakers. But this is just speculation and may not turn out as expected.</p><p>Though it could be difficult to imagine what Tesla will do next, its growth hinges on innovation. And the company seems to have no dearth of it so far.</p><p><b>Should you buy Tesla stock now?</b></p><p>Tesla&#39;s higher margins give some credibility to the reasoning that it should be valued as a technology stock.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d6ec4aae2fda853f65a2c172b8ea8869\" tg-width=\"720\" tg-height=\"387\" width=\"100%\" height=\"auto\"/><span>TSLA market cap. Data by YCharts.</span></p><p>Tesla&#39;s high earnings growth makes its forward price/earnings-to-growth (PEG) ratio attractive, despite its high price-to-earnings (P/E) ratio.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c2f8a17f6e81b7293095ea60a0730536\" tg-width=\"720\" tg-height=\"387\" width=\"100%\" height=\"auto\"/><span>TSLA PE ratio (forward 1 year). Data by YCharts.</span></p><p>A PEG ratio compares a stock&#39;s P/E to the expected growth in its earnings. All other things being equal, the stock of a company growing its earnings at a higher rate is expected to trade at a higher P/E ratio.</p><p>Tesla generated $5.5 billion in net income in 2021, selling nearly 1 million EVs. As the company&#39;s sales rise, its profits should increase proportionally, if the company maintains its margins. When that happens, Tesla stock&#39;s current valuation will start to make sense in retrospect. That&#39;s because the stock price will have likely risen more, making valuation incomprehensible again at that point in future!</p><p>In short, while Tesla stock might not generate the 10-bagger returns it did in the past two years, it looks well positioned to generate market-beating returns in the years to come. So it&#39;s likely not too late to add this top stock to your portfolio.</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>Is It Too Late to Buy Tesla Stock?</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\">\nIs It Too Late to Buy Tesla Stock?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-03-28 21:19 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2022/03/28/is-it-too-late-to-buy-tesla-stock/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>KEY POINTSTesla's profit margin in the latest quarter was well ahead of traditional automakers.The company already has nearly 60,000 vehicles in its full self-driving beta program.The stock's ...</p>\n\n<a href=\"https://www.fool.com/investing/2022/03/28/is-it-too-late-to-buy-tesla-stock/\">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.fool.com/investing/2022/03/28/is-it-too-late-to-buy-tesla-stock/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1101698141","content_text":"KEY POINTSTesla's profit margin in the latest quarter was well ahead of traditional automakers.The company already has nearly 60,000 vehicles in its full self-driving beta program.The stock's valuation doesn't make sense using traditional methods of measurement.If you had invested $100,000 in Tesla two years back, your investment would have grown by more than 10 times to $1.2 million today. Early Tesla investors are surely enjoying the stock's dramatic rise. But if you are among the ones who missed investing earlier, you must be wondering if it is already too late to invest in the electric vehicle (EV) pioneer.Let's discuss if it still makes sense to buy the stock.Tesla continues to growFounded in 2003, Tesla made its first annual profit, $721 million, in 2020. In 2021, the company's profit surged 665% to $5.5 billion. At the same time, its revenue grew 71% for the year. The strong growth was supported by an 87% increase in vehicle deliveries in 2021.A Tesla Model Y. Image source: Tesla.Most investors and analysts agree that Tesla is very likely to continue growing its vehicle deliveries. To that end, the company is opening new factories; it started deliveries from its German factory on Tuesday and is expected to open its Texas factory soon. In short, Tesla is well on its way to becoming one of the largest automakers in the world.And the company has managed to distinguish itself from traditional automakers by generating high margins.TSLA profit margin (quarterly). Data by YCharts.Ford's high margin in the chart above is attributable to a gain relating to its Rivian investment. It reported an adjusted EBIT (earnings before interest and tax) margin of 5.4% for the fourth quarter. So Tesla's profit margin in the latest quarter well exceeded that of traditional automakers.Those high margins can be attributed to several factors. The first one is high-margin services, including full self-driving (FSD) features and over-the-air software updates, which command higher profits than traditional vehicle sales. Other factors include high vertical integration, an absence of a dealer network, and low marketing expenses.Innovation is Tesla's key differentiatorDespite the high growth, at a $1 trillion market capitalization, value-focused investors are understandably wary of Tesla. But the stock has defied traditional valuation metrics so far. The big question is: Can it continue to do so?While no one can answer that question conclusively, I'm inclined toward a yes. Apart from high margins and scale, some other factors could support Tesla's valuation in the future. The top one is the automaker's FSD feature.Tesla already has nearly 60,000 vehicles in its FSD beta program. The Insurance Institute for Highway Safety has awarded the vision-only FSD version in certain Tesla models a score of \"superior\" in collision avoidance and has given it a Top Safety Pick+, the highest possible rating.The company could have significant potential to expand its margins if its FSD feature shapes up as the company is hoping. Though there are other companies working on autonomous driving -- such as Alphabet with its Waymo and General Motors with its Cruise -- Tesla could have an edge. With the large number of vehicles in use, it could have vastly more data to train its program than its competitors have. And FSD features developed in-house will again tap into the benefits of vertical integration. It could even offer the feature for a fee to other automakers. But this is just speculation and may not turn out as expected.Though it could be difficult to imagine what Tesla will do next, its growth hinges on innovation. And the company seems to have no dearth of it so far.Should you buy Tesla stock now?Tesla's higher margins give some credibility to the reasoning that it should be valued as a technology stock.TSLA market cap. Data by YCharts.Tesla's high earnings growth makes its forward price/earnings-to-growth (PEG) ratio attractive, despite its high price-to-earnings (P/E) ratio.TSLA PE ratio (forward 1 year). Data by YCharts.A PEG ratio compares a stock's P/E to the expected growth in its earnings. All other things being equal, the stock of a company growing its earnings at a higher rate is expected to trade at a higher P/E ratio.Tesla generated $5.5 billion in net income in 2021, selling nearly 1 million EVs. As the company's sales rise, its profits should increase proportionally, if the company maintains its margins. When that happens, Tesla stock's current valuation will start to make sense in retrospect. That's because the stock price will have likely risen more, making valuation incomprehensible again at that point in future!In short, while Tesla stock might not generate the 10-bagger returns it did in the past two years, it looks well positioned to generate market-beating returns in the years to come. So it's likely not too late to add this top stock to your portfolio.","news_type":1},"isVote":1,"tweetType":1,"viewCount":94,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":199055103459528,"gmtCreate":1689633485152,"gmtModify":1689633488595,"author":{"id":"3575105747703011","authorId":"3575105747703011","name":"RogerLam","avatar":"https://static.tigerbbs.com/1005e5ae2cda08a31d27406a5089b7ae","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3575105747703011","authorIdStr":"3575105747703011"},"themes":[],"htmlText":"Good analysis&nbsp;","listText":"Good analysis&nbsp;","text":"Good analysis","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/199055103459528","repostId":"2352737131","repostType":4,"repost":{"id":"2352737131","kind":"highlight","pubTimestamp":1689607328,"share":"https://ttm.financial/m/news/2352737131?lang=&edition=fundamental","pubTime":"2023-07-17 23:22","market":"us","language":"en","title":"Nvidia: A Journey Towards $380 Billion In Revenue With GPU, AI, And FSD","url":"https://stock-news.laohu8.com/highlight/detail?id=2352737131","media":"seekingalpha","summary":"Justin Sullivan Nvidia Corporation (NASDAQ:NVDA) invented the GPU in 1999 and introduced the CUDA programming model in 2006. They opened up the parallel processing capabilities of the GPU for accelera","content":"<html><head></head><body><h2 id=\"id_2383093577\" style=\"text-align: left;\">Summary</h2><ul><li><p>Nvidia Corporation is expected to reach $380 billion in revenue by 2032, driven by accelerated computing and AI, with a compound annual growth rate of 30%.</p></li><li><p>The company&#39;s future growth is anticipated to come from data center growth, AI software, and autonomous driving technology, transforming Nvidia from just a chip company to an AI software and autonomous driving technology company.</p></li><li><p>Despite competition from Intel Corporation and Advanced Micro Devices, and geopolitical risks in China, Nvidia&#39;s comprehensive solutions and collaborations with industry-leading players make them highly competitive in the market.</p></li></ul><p><a href=\"https://laohu8.com/S/NVDA\">Nvidia Corporation</a> invented the GPU in 1999 and introduced the CUDA programming model in 2006. They opened up the parallel processing capabilities of the GPU for accelerated computing, along with proprietary algorithms and libraries. I believe that accelerated computing and artificial intelligence (&#34;AI&#34;) will drive their future growth, and Nvidia is no longer just a chip company but also an AI software and autonomous driving technology company. I see Nvidia having a clear path to reach $380 billion in revenue by 2032, implying a compound annual growth rate of 30%.</p><h2 id=\"id_3216868224\">Investment Thesis</h2><p><strong>Data Centre Growth Powered by Accelerated Computing and AI:</strong> Nvidia has consistently positioned itself at the forefront of major technology megatrends, including gaming, crypto mining, cloud computing, and now AI. These megatrends rely heavily on accelerated computing, which has increased the demand for Nvidia&#39;s GPUs and associated software. I believe that the data center market will require more GPU hardware and software for two primary reasons.</p><p>Firstly, the computing performance improvement of CPU-only servers is currently limited, making them cost-intensive. As a result, there is a significant drive towards adopting GPUs for accelerated computing. Secondly, generative AI applications, which involve deep learning and machine learning, require more GPUs due to the size and complexity of AI modelling. The workloads associated with AI necessitate acceleration.</p><p>In Q2 FY24, Nvidia is anticipating a substantial increase in demand related to generative AI and large language models. Cloud service providers, consumer Internet companies, and enterprises are investing heavily in data centers for AI projects. Nvidia is projecting $11 billion in revenue for Q2 FY24, reflecting a 64% year-over-year growth.</p><p>According to the &#34;Data Center Accelerators: Global Strategic Business Report&#34; on <em>researchandmarkets.com,</em> the global market for data center accelerators is expected to reach $351 billion by 2030, implying a 34% compound annual growth rate from 2022. Currently, most data center infrastructures are predominantly populated by CPUs. According to Nvidia&#39;s management team, the world currently has $1 trillion worth of data centers equipped with CPU servers. This represents a significant market for GPU penetration and growth.</p><p>In my opinion, accelerated computing and AI will drive the growth of GPUs over the next decade, transforming the existing traditional computing infrastructure into accelerated computing with smart NICs and switches.</p><p><strong>Full Eco-system and Full End-to-End Stack Solutions Led by CUDA</strong>: I don&#39;t view Nvidia solely as a chip company because they provide a complete ecosystem and an end-to-end stack. Since 2006, they have invented and made CUDA, a software package that enables access to the core features of their chips, available on every single GPU. I believe this is one of the most significant reasons for their current success. In my opinion, CUDA has given Nvidia a strong advantage in accelerated computing and framework optimizations, creating a formidable moat.</p><p>Interestingly, it took Nvidia 12 years to reach 2 million developers, but they have doubled that number in the last two and a half years. The community of CUDA developers is key to Nvidia&#39;s success, as more developers use these kits, resulting in more applications being developed with Nvidia&#39;s GPUs and algorithms. CUDA allows AI developers to tap into the core hardware features of the chips, making Nvidia chips highly favored by these developers. I believe that these 2 million developers have become valuable assets for Nvidia, making their chips irreplaceable.</p><p>Nvidia&#39;s software ecosystem has involved collaborations with industry-leading players in cloud infrastructure, cloud applications, and platforms. Alongside the growing demand for accelerated computing and AI, Nvidia&#39;s comprehensive solutions make them highly competitive in the market.</p><p><strong>AI Software Growth</strong>: Nvidia disclosed that software is a growing part of their group revenue while software still represents a very small percentage of the total today ($300 million of revenue). Nvidia is planning to sell software separately. Currently, most of their solutions are incorporated a significant amount of software that is not sold separately but included in the whole package price.</p><p>The software components are included in three main parts. Firstly, Nvidia AI Enterprise is the software layer of Nvidia&#39;s AI platform. It is a full package of the essentials of an operating system to do overall AI. As the operating system, AI Enterprise can be running under existing cloud infrastructure players.</p><p>Secondly, Omniverse is a platform solution software, which powers metaverses in many ways. It has the ability to create digital twins, and 3D environment on the Internet. Currently, most AI works are trying to solve the productivity of digital worlds, however, in the future, I think AI will be brought to the physical worlds, for example in transportation, robotic surgeries, or warehouse management, etc. Omniverse&#39;s solution could be a phenomenal success in the future, in my opinion.</p><p>Lastly, automotive software is a very important piece for Nvidia. GPU-based hardware is playing a critical role in supporting the AI and required for autonomous driving. Historically, Nvidia&#39;s automotive revenue was largely driven by infotainment. Going forward, I think their automotive business growth will be fueled by their AV and AI cockpit platform with a full software stack.</p><p>I guess the majority of automotive OEMs, of course including Tesla (TSLA), are going to adopt third-party GPU platform and associated software to develop the autonomy technology. Automotive currently only represents 3.3% of group sales for Nvidia, however, I anticipate this business will grow tremendously in the future. Their automotive design win pipeline over the next six years now stands at $14 billion, up from $11 billion a year ago, giving them visibility into continued growth over the coming years.</p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f5b021ba0825fbc138179451ad5182fe\" alt=\"Nvidia Q1 FY24 Earning Presentation\" title=\"Nvidia Q1 FY24 Earning Presentation\" tg-width=\"640\" tg-height=\"341\"/><span>Nvidia Q1 FY24 Earning Presentation</span></p><p><strong>Gaming Growth</strong>: Gaming represents approximately 33% of Nvidia&#39;s group sales, making it the second-largest end-market after data centers. According to Newzoo Gaming Report 2023, despite the pandemic and remote work tailwinds, the total number of gamers worldwide stands at only 1.1 billion, a relatively small figure compared to the global population of 8 billion. Nvidia&#39;s GeForce gaming revenue experienced a compound annual growth rate of 20% from 2019 to 2022, while the consumer PC market remained largely stagnant. This growth can be attributed to new gamers and creators entering the PC market, as well as an increase in average selling prices. Currently, only 44% of the GeForce installed base has upgraded to RTX.</p><p>I believe that more gamers will opt to purchase higher-class GPUs, driving both unit sales and ASP and contributing to Nvidia&#39;s revenue growth in the future. In my model, I anticipate a normalized 10% growth in unit sales and a 10% growth in ASP, making the gaming business a significant driver of growth for Nvidia.</p><h2 id=\"id_2969203063\">Key Risks</h2><p><strong>Competition From Intel and Advanced Micro Devices</strong>: There is no doubt that Intel Corporation (INTC) and Advanced Micro Devices (AMD) are striving to catch up with Nvidia&#39;s GPU technology.</p><p>Intel re-entered the GPU market in late 2020 with solutions that were arguably mediocre. They then launched the Arc Alchemist GPU, which began shipping in early 2022. For AI models with up to 10 billion parameters, Intel believes their Xeon CPU can handle all the data preparation work. For larger models, Intel offers GPU Max and Gaudi accelerators. Initially, Intel planned to combine GPUs with CPUs but later abandoned this plan.</p><p>Intel has announced their forthcoming &#34;Falcon Shores&#34; chip, which is planned to be introduced in 2025. By that time, Nvidia is likely to have another chip with better performance than the H100. Additionally, in my opinion, Intel is a poorly managed company with bureaucracy present at every level of the organization. I believe they will continue to lag in the AI race.</p><p>AMD&#39;s MI250 is currently being used in supercomputing and is involved in extensive large language model training.</p><p>MosaicML conducted real workload-based tests comparing AMD&#39;s MI250 GPU with Nvidia&#39;s A100 for large language model training, without any additional configuration. Their conclusion was that the AMD MI250 GPUs achieved 80% of the per-GPU data throughput of Nvidia&#39;s A100 40 GB model and performed within 73% compared to the A100 800 GB model.</p><p>AMD is currently developing the MI300. They recently announced a new GPU-only model called MI300X, which combines eight accelerators on a single platform and boasts an impressive 1.5TB of HBM3 memory. AMD claims that the MI300 delivers eight times the AI performance and five times the performance per watt compared to the Instinct MI250. The MI300X is set to start shipping to select customers later this year. Although AMD has not disclosed the price, the introduction of the new MI300 could potentially create price pressure on Nvidia&#39;s H100, which costs $30,000 or more.</p><p><strong>TSMC Manufacturing</strong>: Nvidia primarily relies on Taiwan Semiconductor Manufacturing Company Limited (TSM) (&#34;TSMC&#34;) for their chip manufacturing. Considering TSMC&#39;s manufacturing locations, there is indeed a geopolitical risk. However, Nvidia is exploring the possibility of chip manufacturing with Intel. Furthermore, TSMC is in the process of constructing a plant in Arizona, and Nvidia&#39;s CEO has indicated their intention to utilize TSMC&#39;s Arizona plant for their future chip manufacturing. As a result, I believe the risk is quite manageable.</p><h2 id=\"id_2077756648\">Growth Outlook</h2><p>How big can Nvidia grow? To estimate Nvidia&#39;s revenue growth, I will break down Nvidia&#39;s sales into several components: data center GPU, gaming GPU, automotive autonomous driving, and AI software.</p><p><strong>Data Center GPU</strong>: I believe that the data center segment will become the primary growth driver for Nvidia over the next decade. The growth of the data center accelerator market will be fueled by new infrastructure opportunities and the replacement of existing CPU-powered infrastructure.</p><p>During the Q1 earnings call, Nvidia stated that over the past four years, $1 trillion worth of data centers have been built solely based on CPUs and non-accelerated network interface cards. These unaccelerated infrastructures will be replaced or upgraded over the next decade. This indicates a $100 billion market opportunity just for the replacement of the infrastructures built in the past four years. Additionally, for new data center growth, based on historical trends, I estimate annual investments of around $250 billion.</p><p>Taking these factors into account, the potential market size for Nvidia in the data center segment could be approximately $350 billion per year, according to my estimates. I expect Nvidia to maintain its GPU advantages in the data center market, and I assume they can capture more than 75% of the market share by 2030. This projection suggests that Nvidia&#39;s revenue in the data center segment could reach $190 billion in 2030. In my projection model, I anticipate a compound annual growth rate of 33% for the data center business from 2022 to 2032.</p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/731c9c365feff3345a192e2321340082\" alt=\"Author&#39;s Calculation, DCF Model\" title=\"Author&#39;s Calculation, DCF Model\" tg-width=\"640\" tg-height=\"229\"/><span>Author&#39;s Calculation, DCF Model</span></p><p><strong>Gaming GPU</strong>: Nvidia generated 33% of its revenue from the gaming segment in FY22. As mentioned earlier, I anticipate a 10% growth in units sold and a 10% growth in pricing for the gaming business. According to my model, I expect an annual growth rate of 20% for this segment.</p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b78c0736002d70a234b4e51af7ce9a5e\" alt=\"Author&#39;s Calculation, DCF Model\" title=\"Author&#39;s Calculation, DCF Model\" tg-width=\"640\" tg-height=\"228\"/><span>Author&#39;s Calculation, DCF Model</span></p><p><strong>Automotive Autonomous Driving</strong>: Currently, the automotive sector represents a small portion of Nvidia&#39;s business. However, I anticipate significant exponential growth in this industry over the next decade, driven by advancements in full self-driving (&#34;FSD&#34;) technology reaching levels 4 and 5. In my recent article titled &#34;A Deep Dive of Full Self-Driving - And a Reality Check&#34; focused on Tesla, I provided a summary of the current state of autonomous driving technology. I expect level 4 autonomy, albeit with certain limitations, to become a reality in the coming years.</p><p>According to McKinsey&#39;s &#34;Future of Autonomous Vehicles&#34; report, the hardware and software licensing costs per vehicle for level 3 and level 4 autonomous systems could reach $5,000 or more during the early rollout phase. Assuming there will be approximately 70 million new vehicle productions in 2032, my estimate suggests that the total market size for autonomy hardware and associated software would be around $129 billion. It is worth noting that, while Tesla is designing its own chips for autonomous driving, I don&#39;t believe other automakers possess the capability to become chip design companies. In my model, I project an annual compound growth rate of 44% for Nvidia&#39;s automotive business. By 2032, based on my projected market size, I estimate that Nvidia will capture a 27% share of the global market.</p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a980c1410975ab840b2574b91ba9e0fb\" alt=\"Author&#39;s Calculation, DCF Model\" title=\"Author&#39;s Calculation, DCF Model\" tg-width=\"640\" tg-height=\"229\"/><span>Author&#39;s Calculation, DCF Model</span></p><p><strong>AI Software</strong>: Nvidia has planned to separate its software offerings from its package and aims to develop a comprehensive suite of software solutions. This strategic move acknowledges the importance of software in accelerated platforms, and Nvidia envisions becoming a full-stack company that covers both hardware and platform levels.</p><p>The hardware layer already constitutes a significant portion of Nvidia&#39;s business, and the advancement of generative AI is fueling the growth of this sector. At the platform level, Nvidia provides offerings such as Nvidia AI and Omniverse. Additionally, Nvidia recently announced their AI Foundation services, which include three key cloud services: NVIDIA NeMo, Picasso, and BioNeMo. These services enable organizations to leverage and customize enterprise-level generative AI across text, visual content, and biology.</p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b6a5048b278e76afdb7df6d5b7f56830\" alt=\"Nvidia Q4 FY23 Earning Presentation\" title=\"Nvidia Q4 FY23 Earning Presentation\" tg-width=\"640\" tg-height=\"465\"/><span>Nvidia Q4 FY23 Earning Presentation</span></p><p>Nvidia has been strategically laying the foundations and paving the path for its future, recognizing that software may be the most significant business model expansion initiative in the company&#39;s history. With their extensive installed base of hardware, I believe Nvidia has the capability to capitalize on the growth of AI-related software over the next decade.</p><p>According to Grand View Research, the global artificial intelligence market was valued at $136 billion in 2022 and is projected to grow at a compound annual growth rate of 37.3% from 2023 to 2030. Nvidia&#39;s current software offerings encompass AI cloud infrastructure, AI toolbox, and Omniverse. While it is subject to debate how large their presence in the AI software space can become, Nvidia&#39;s core expertise lies in hardware and chips. Nonetheless, given their chips&#39; widespread deployment throughout data centers, they have the advantage of leveraging their hardware to deliver exceptional performance for their AI software. I anticipate that Nvidia&#39;s software revenue could reach $22 billion by 2032.</p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ac377820a8114b721eadedcf19a9b643\" alt=\"Author&#39;s Calculation, DCF Model\" title=\"Author&#39;s Calculation, DCF Model\" tg-width=\"640\" tg-height=\"228\"/><span>Author&#39;s Calculation, DCF Model</span></p><p></p><p>Putting all the pieces together, Nvidia is expected to reach $380 billion in 2032 in my model, implying 30% of the compound annual growth rate from 2022 to 2032.</p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b3afe51afdb3e6a2b73a181c76372bac\" alt=\"Author&#39;s Calculation, DCF Model\" title=\"Author&#39;s Calculation, DCF Model\" tg-width=\"640\" tg-height=\"97\"/><span>Author&#39;s Calculation, DCF Model</span></p><h2 id=\"id_1681259357\">Valuation</h2><p>Given all the analysis above, I have used a 2-stage discounted cash flow (&#34;DCF&#34;) model to estimate the intrinsic value of Nvidia. In my model, I anticipate both the gross margin and operating margin to expand over the next decade, reaching 64.7% and 40.4% in FY32, respectively. I believe these margin projections are achievable, considering the significant operating leverage and Nvidia&#39;s historical financial performance, as illustrated in the YCharts below.</p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4fe863b850e79a0a96eb3acc422eb94e\" alt=\"Seeking Alpha and YCharts\" title=\"Seeking Alpha and YCharts\" tg-width=\"640\" tg-height=\"223\"/><span>Seeking Alpha and YCharts</span></p><p>Nvidia operates on a fabless business model, which means it doesn&#39;t have its own manufacturing facilities and relies on external foundries. This allows Nvidia to maintain a capital-light operation. Additionally, in my projections, the free cash flow conversion is expected to reach 40.6% in FY32.</p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9ad5bec7779d12405dccfc3307a3735c\" alt=\"Author&#39;s Calculation, DCF Model\" title=\"Author&#39;s Calculation, DCF Model\" tg-width=\"640\" tg-height=\"209\"/><span>Author&#39;s Calculation, DCF Model</span></p><p>The model uses 10% of WACC, 4% of terminal growth, and 14% of tax rate. The present values of free cash flow from the firm over the next 10 years and terminal are calculated to be $269 billion and $953 billion in the model. Adjusting the cash and debt, the fair value is $500 per share, as per my estimates.</p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/94f454094510d7f11fca1d89a59b1bf3\" alt=\"Author&#39;s Calculation, DCF Model\" title=\"Author&#39;s Calculation, DCF Model\" tg-width=\"640\" tg-height=\"270\"/><span>Author&#39;s Calculation, DCF Model</span></p><p></p><p>As the automotive and software businesses carry more uncertainties compared to their GPU business, it is crucial to estimate their fair value separately. Therefore, the table below presents a model summary that exclusively focuses on the GPU business. In the model, the total revenue is estimated to reach $325 billion in FY32, and the operating margin is 38.9% in the model. With the same assumptions for WACC, terminal growth rate, and tax rate, the free cash flow conversion is estimated to be 39.5% in FY32 in my model.</p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d0adc7d5c3ac3acc17b5c6e1008942ae\" alt=\"Author&#39;s Calculation, DCF Model\" title=\"Author&#39;s Calculation, DCF Model\" tg-width=\"640\" tg-height=\"211\"/><span>Author&#39;s Calculation, DCF Model</span></p><p></p><p>My DCF model shows Nvidia without automotive and software worth $1.03 trillion in equity value, or $417 per share.</p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5c7e2d7ab4f9ce2b0a413b3b4464fece\" alt=\"Author&#39;s Calculation, DCF Model\" title=\"Author&#39;s Calculation, DCF Model\" tg-width=\"640\" tg-height=\"275\"/><span>Author&#39;s Calculation, DCF Model</span></p><p></p><h2 id=\"id_4125051859\">Why I Think Nvidia is One of My Best AI Ideas?</h2><p>NVIDIA has leveraged its GPU architecture to create platforms for scientific computing, AI, data science, AV, robotics, metaverse, and 3D internet applications. I believe Nvidia&#39;s GPU technology is at least 3 or 4 years ahead of Intel and AMD. Furthermore, Nvidia provides accelerated computing technology to support all these tech giants. Consequently, regardless of who wins the AI race, Nvidia will eventually emerge victorious.</p><p>Currently, AI capital spending is primarily driven by large cloud service providers and consumer Internet companies. In my opinion, enterprises have yet to initiate significant capital expenditures for AI workloads. AI-related infrastructure and platforms have not yet taken off in the enterprise space. Therefore, I believe Nvidia has a long way to go in terms of GPU adoption in data centers. Additionally, I anticipate that autonomous driving and software could offer Nvidia additional growth opportunities in the next decade.</p><p>In summary, I view Nvidia not only as a chip company but also as a software and infrastructure player in the new AI era. I consider Nvidia to be one of my best AI ideas and assign it a &#34;Buy&#34; rating.</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>Nvidia: A Journey Towards $380 Billion In Revenue With GPU, AI, And FSD</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: A Journey Towards $380 Billion In Revenue With GPU, AI, And FSD\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-07-17 23:22 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4617517-nvidia-a-journey-towards-380-billion-in-revenue-with-gpu-ai-and-fsd><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryNvidia Corporation is expected to reach $380 billion in revenue by 2032, driven by accelerated computing and AI, with a compound annual growth rate of 30%.The company's future growth is ...</p>\n\n<a href=\"https://seekingalpha.com/article/4617517-nvidia-a-journey-towards-380-billion-in-revenue-with-gpu-ai-and-fsd\">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/4617517-nvidia-a-journey-towards-380-billion-in-revenue-with-gpu-ai-and-fsd","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"2352737131","content_text":"SummaryNvidia Corporation is expected to reach $380 billion in revenue by 2032, driven by accelerated computing and AI, with a compound annual growth rate of 30%.The company's future growth is anticipated to come from data center growth, AI software, and autonomous driving technology, transforming Nvidia from just a chip company to an AI software and autonomous driving technology company.Despite competition from Intel Corporation and Advanced Micro Devices, and geopolitical risks in China, Nvidia's comprehensive solutions and collaborations with industry-leading players make them highly competitive in the market.Nvidia Corporation invented the GPU in 1999 and introduced the CUDA programming model in 2006. They opened up the parallel processing capabilities of the GPU for accelerated computing, along with proprietary algorithms and libraries. I believe that accelerated computing and artificial intelligence (\"AI\") will drive their future growth, and Nvidia is no longer just a chip company but also an AI software and autonomous driving technology company. I see Nvidia having a clear path to reach $380 billion in revenue by 2032, implying a compound annual growth rate of 30%.Investment ThesisData Centre Growth Powered by Accelerated Computing and AI: Nvidia has consistently positioned itself at the forefront of major technology megatrends, including gaming, crypto mining, cloud computing, and now AI. These megatrends rely heavily on accelerated computing, which has increased the demand for Nvidia's GPUs and associated software. I believe that the data center market will require more GPU hardware and software for two primary reasons.Firstly, the computing performance improvement of CPU-only servers is currently limited, making them cost-intensive. As a result, there is a significant drive towards adopting GPUs for accelerated computing. Secondly, generative AI applications, which involve deep learning and machine learning, require more GPUs due to the size and complexity of AI modelling. The workloads associated with AI necessitate acceleration.In Q2 FY24, Nvidia is anticipating a substantial increase in demand related to generative AI and large language models. Cloud service providers, consumer Internet companies, and enterprises are investing heavily in data centers for AI projects. Nvidia is projecting $11 billion in revenue for Q2 FY24, reflecting a 64% year-over-year growth.According to the \"Data Center Accelerators: Global Strategic Business Report\" on researchandmarkets.com, the global market for data center accelerators is expected to reach $351 billion by 2030, implying a 34% compound annual growth rate from 2022. Currently, most data center infrastructures are predominantly populated by CPUs. According to Nvidia's management team, the world currently has $1 trillion worth of data centers equipped with CPU servers. This represents a significant market for GPU penetration and growth.In my opinion, accelerated computing and AI will drive the growth of GPUs over the next decade, transforming the existing traditional computing infrastructure into accelerated computing with smart NICs and switches.Full Eco-system and Full End-to-End Stack Solutions Led by CUDA: I don't view Nvidia solely as a chip company because they provide a complete ecosystem and an end-to-end stack. Since 2006, they have invented and made CUDA, a software package that enables access to the core features of their chips, available on every single GPU. I believe this is one of the most significant reasons for their current success. In my opinion, CUDA has given Nvidia a strong advantage in accelerated computing and framework optimizations, creating a formidable moat.Interestingly, it took Nvidia 12 years to reach 2 million developers, but they have doubled that number in the last two and a half years. The community of CUDA developers is key to Nvidia's success, as more developers use these kits, resulting in more applications being developed with Nvidia's GPUs and algorithms. CUDA allows AI developers to tap into the core hardware features of the chips, making Nvidia chips highly favored by these developers. I believe that these 2 million developers have become valuable assets for Nvidia, making their chips irreplaceable.Nvidia's software ecosystem has involved collaborations with industry-leading players in cloud infrastructure, cloud applications, and platforms. Alongside the growing demand for accelerated computing and AI, Nvidia's comprehensive solutions make them highly competitive in the market.AI Software Growth: Nvidia disclosed that software is a growing part of their group revenue while software still represents a very small percentage of the total today ($300 million of revenue). Nvidia is planning to sell software separately. Currently, most of their solutions are incorporated a significant amount of software that is not sold separately but included in the whole package price.The software components are included in three main parts. Firstly, Nvidia AI Enterprise is the software layer of Nvidia's AI platform. It is a full package of the essentials of an operating system to do overall AI. As the operating system, AI Enterprise can be running under existing cloud infrastructure players.Secondly, Omniverse is a platform solution software, which powers metaverses in many ways. It has the ability to create digital twins, and 3D environment on the Internet. Currently, most AI works are trying to solve the productivity of digital worlds, however, in the future, I think AI will be brought to the physical worlds, for example in transportation, robotic surgeries, or warehouse management, etc. Omniverse's solution could be a phenomenal success in the future, in my opinion.Lastly, automotive software is a very important piece for Nvidia. GPU-based hardware is playing a critical role in supporting the AI and required for autonomous driving. Historically, Nvidia's automotive revenue was largely driven by infotainment. Going forward, I think their automotive business growth will be fueled by their AV and AI cockpit platform with a full software stack.I guess the majority of automotive OEMs, of course including Tesla (TSLA), are going to adopt third-party GPU platform and associated software to develop the autonomy technology. Automotive currently only represents 3.3% of group sales for Nvidia, however, I anticipate this business will grow tremendously in the future. Their automotive design win pipeline over the next six years now stands at $14 billion, up from $11 billion a year ago, giving them visibility into continued growth over the coming years.Nvidia Q1 FY24 Earning PresentationGaming Growth: Gaming represents approximately 33% of Nvidia's group sales, making it the second-largest end-market after data centers. According to Newzoo Gaming Report 2023, despite the pandemic and remote work tailwinds, the total number of gamers worldwide stands at only 1.1 billion, a relatively small figure compared to the global population of 8 billion. Nvidia's GeForce gaming revenue experienced a compound annual growth rate of 20% from 2019 to 2022, while the consumer PC market remained largely stagnant. This growth can be attributed to new gamers and creators entering the PC market, as well as an increase in average selling prices. Currently, only 44% of the GeForce installed base has upgraded to RTX.I believe that more gamers will opt to purchase higher-class GPUs, driving both unit sales and ASP and contributing to Nvidia's revenue growth in the future. In my model, I anticipate a normalized 10% growth in unit sales and a 10% growth in ASP, making the gaming business a significant driver of growth for Nvidia.Key RisksCompetition From Intel and Advanced Micro Devices: There is no doubt that Intel Corporation (INTC) and Advanced Micro Devices (AMD) are striving to catch up with Nvidia's GPU technology.Intel re-entered the GPU market in late 2020 with solutions that were arguably mediocre. They then launched the Arc Alchemist GPU, which began shipping in early 2022. For AI models with up to 10 billion parameters, Intel believes their Xeon CPU can handle all the data preparation work. For larger models, Intel offers GPU Max and Gaudi accelerators. Initially, Intel planned to combine GPUs with CPUs but later abandoned this plan.Intel has announced their forthcoming \"Falcon Shores\" chip, which is planned to be introduced in 2025. By that time, Nvidia is likely to have another chip with better performance than the H100. Additionally, in my opinion, Intel is a poorly managed company with bureaucracy present at every level of the organization. I believe they will continue to lag in the AI race.AMD's MI250 is currently being used in supercomputing and is involved in extensive large language model training.MosaicML conducted real workload-based tests comparing AMD's MI250 GPU with Nvidia's A100 for large language model training, without any additional configuration. Their conclusion was that the AMD MI250 GPUs achieved 80% of the per-GPU data throughput of Nvidia's A100 40 GB model and performed within 73% compared to the A100 800 GB model.AMD is currently developing the MI300. They recently announced a new GPU-only model called MI300X, which combines eight accelerators on a single platform and boasts an impressive 1.5TB of HBM3 memory. AMD claims that the MI300 delivers eight times the AI performance and five times the performance per watt compared to the Instinct MI250. The MI300X is set to start shipping to select customers later this year. Although AMD has not disclosed the price, the introduction of the new MI300 could potentially create price pressure on Nvidia's H100, which costs $30,000 or more.TSMC Manufacturing: Nvidia primarily relies on Taiwan Semiconductor Manufacturing Company Limited (TSM) (\"TSMC\") for their chip manufacturing. Considering TSMC's manufacturing locations, there is indeed a geopolitical risk. However, Nvidia is exploring the possibility of chip manufacturing with Intel. Furthermore, TSMC is in the process of constructing a plant in Arizona, and Nvidia's CEO has indicated their intention to utilize TSMC's Arizona plant for their future chip manufacturing. As a result, I believe the risk is quite manageable.Growth OutlookHow big can Nvidia grow? To estimate Nvidia's revenue growth, I will break down Nvidia's sales into several components: data center GPU, gaming GPU, automotive autonomous driving, and AI software.Data Center GPU: I believe that the data center segment will become the primary growth driver for Nvidia over the next decade. The growth of the data center accelerator market will be fueled by new infrastructure opportunities and the replacement of existing CPU-powered infrastructure.During the Q1 earnings call, Nvidia stated that over the past four years, $1 trillion worth of data centers have been built solely based on CPUs and non-accelerated network interface cards. These unaccelerated infrastructures will be replaced or upgraded over the next decade. This indicates a $100 billion market opportunity just for the replacement of the infrastructures built in the past four years. Additionally, for new data center growth, based on historical trends, I estimate annual investments of around $250 billion.Taking these factors into account, the potential market size for Nvidia in the data center segment could be approximately $350 billion per year, according to my estimates. I expect Nvidia to maintain its GPU advantages in the data center market, and I assume they can capture more than 75% of the market share by 2030. This projection suggests that Nvidia's revenue in the data center segment could reach $190 billion in 2030. In my projection model, I anticipate a compound annual growth rate of 33% for the data center business from 2022 to 2032.Author's Calculation, DCF ModelGaming GPU: Nvidia generated 33% of its revenue from the gaming segment in FY22. As mentioned earlier, I anticipate a 10% growth in units sold and a 10% growth in pricing for the gaming business. According to my model, I expect an annual growth rate of 20% for this segment.Author's Calculation, DCF ModelAutomotive Autonomous Driving: Currently, the automotive sector represents a small portion of Nvidia's business. However, I anticipate significant exponential growth in this industry over the next decade, driven by advancements in full self-driving (\"FSD\") technology reaching levels 4 and 5. In my recent article titled \"A Deep Dive of Full Self-Driving - And a Reality Check\" focused on Tesla, I provided a summary of the current state of autonomous driving technology. I expect level 4 autonomy, albeit with certain limitations, to become a reality in the coming years.According to McKinsey's \"Future of Autonomous Vehicles\" report, the hardware and software licensing costs per vehicle for level 3 and level 4 autonomous systems could reach $5,000 or more during the early rollout phase. Assuming there will be approximately 70 million new vehicle productions in 2032, my estimate suggests that the total market size for autonomy hardware and associated software would be around $129 billion. It is worth noting that, while Tesla is designing its own chips for autonomous driving, I don't believe other automakers possess the capability to become chip design companies. In my model, I project an annual compound growth rate of 44% for Nvidia's automotive business. By 2032, based on my projected market size, I estimate that Nvidia will capture a 27% share of the global market.Author's Calculation, DCF ModelAI Software: Nvidia has planned to separate its software offerings from its package and aims to develop a comprehensive suite of software solutions. This strategic move acknowledges the importance of software in accelerated platforms, and Nvidia envisions becoming a full-stack company that covers both hardware and platform levels.The hardware layer already constitutes a significant portion of Nvidia's business, and the advancement of generative AI is fueling the growth of this sector. At the platform level, Nvidia provides offerings such as Nvidia AI and Omniverse. Additionally, Nvidia recently announced their AI Foundation services, which include three key cloud services: NVIDIA NeMo, Picasso, and BioNeMo. These services enable organizations to leverage and customize enterprise-level generative AI across text, visual content, and biology.Nvidia Q4 FY23 Earning PresentationNvidia has been strategically laying the foundations and paving the path for its future, recognizing that software may be the most significant business model expansion initiative in the company's history. With their extensive installed base of hardware, I believe Nvidia has the capability to capitalize on the growth of AI-related software over the next decade.According to Grand View Research, the global artificial intelligence market was valued at $136 billion in 2022 and is projected to grow at a compound annual growth rate of 37.3% from 2023 to 2030. Nvidia's current software offerings encompass AI cloud infrastructure, AI toolbox, and Omniverse. While it is subject to debate how large their presence in the AI software space can become, Nvidia's core expertise lies in hardware and chips. Nonetheless, given their chips' widespread deployment throughout data centers, they have the advantage of leveraging their hardware to deliver exceptional performance for their AI software. I anticipate that Nvidia's software revenue could reach $22 billion by 2032.Author's Calculation, DCF ModelPutting all the pieces together, Nvidia is expected to reach $380 billion in 2032 in my model, implying 30% of the compound annual growth rate from 2022 to 2032.Author's Calculation, DCF ModelValuationGiven all the analysis above, I have used a 2-stage discounted cash flow (\"DCF\") model to estimate the intrinsic value of Nvidia. In my model, I anticipate both the gross margin and operating margin to expand over the next decade, reaching 64.7% and 40.4% in FY32, respectively. I believe these margin projections are achievable, considering the significant operating leverage and Nvidia's historical financial performance, as illustrated in the YCharts below.Seeking Alpha and YChartsNvidia operates on a fabless business model, which means it doesn't have its own manufacturing facilities and relies on external foundries. This allows Nvidia to maintain a capital-light operation. Additionally, in my projections, the free cash flow conversion is expected to reach 40.6% in FY32.Author's Calculation, DCF ModelThe model uses 10% of WACC, 4% of terminal growth, and 14% of tax rate. The present values of free cash flow from the firm over the next 10 years and terminal are calculated to be $269 billion and $953 billion in the model. Adjusting the cash and debt, the fair value is $500 per share, as per my estimates.Author's Calculation, DCF ModelAs the automotive and software businesses carry more uncertainties compared to their GPU business, it is crucial to estimate their fair value separately. Therefore, the table below presents a model summary that exclusively focuses on the GPU business. In the model, the total revenue is estimated to reach $325 billion in FY32, and the operating margin is 38.9% in the model. With the same assumptions for WACC, terminal growth rate, and tax rate, the free cash flow conversion is estimated to be 39.5% in FY32 in my model.Author's Calculation, DCF ModelMy DCF model shows Nvidia without automotive and software worth $1.03 trillion in equity value, or $417 per share.Author's Calculation, DCF ModelWhy I Think Nvidia is One of My Best AI Ideas?NVIDIA has leveraged its GPU architecture to create platforms for scientific computing, AI, data science, AV, robotics, metaverse, and 3D internet applications. I believe Nvidia's GPU technology is at least 3 or 4 years ahead of Intel and AMD. Furthermore, Nvidia provides accelerated computing technology to support all these tech giants. Consequently, regardless of who wins the AI race, Nvidia will eventually emerge victorious.Currently, AI capital spending is primarily driven by large cloud service providers and consumer Internet companies. In my opinion, enterprises have yet to initiate significant capital expenditures for AI workloads. AI-related infrastructure and platforms have not yet taken off in the enterprise space. Therefore, I believe Nvidia has a long way to go in terms of GPU adoption in data centers. Additionally, I anticipate that autonomous driving and software could offer Nvidia additional growth opportunities in the next decade.In summary, I view Nvidia not only as a chip company but also as a software and infrastructure player in the new AI era. I consider Nvidia to be one of my best AI ideas and assign it a \"Buy\" rating.","news_type":1},"isVote":1,"tweetType":1,"viewCount":549,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9016035076,"gmtCreate":1649112635409,"gmtModify":1676534451111,"author":{"id":"3575105747703011","authorId":"3575105747703011","name":"RogerLam","avatar":"https://static.tigerbbs.com/1005e5ae2cda08a31d27406a5089b7ae","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3575105747703011","authorIdStr":"3575105747703011"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9016035076","repostId":"1169119264","repostType":4,"repost":{"id":"1169119264","kind":"news","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":1649079176,"share":"https://ttm.financial/m/news/1169119264?lang=&edition=fundamental","pubTime":"2022-04-04 21:32","market":"us","language":"en","title":"Stocks Are Flat to Start Week as Investors Assess Recession Odds, Higher Oil Prices","url":"https://stock-news.laohu8.com/highlight/detail?id=1169119264","media":"Tiger Newspress","summary":"U.S. stocks were mostly flat Monday as traders monitor the bond market’s warning signals about the e","content":"<html><head></head><body><p>U.S. stocks were mostly flat Monday as traders monitor the bond market’s warning signals about the economy and higher oil prices.</p><p>Futures contracts tied to the Dow Jones Industrial Average traded 20 points lower. S&amp;P 500 futures were flat and Nasdaq 100 futures advanced 0.2%.</p><p>Twitter shares surged more than 25% after SEC filings revealed Elon Musk purchased a more than 9% passive stake in the social media company. It comes less than a week after Musk polled his followers, questioning whether the social media giant follows free speech principles. Based on Twitter’s Friday closing price, the stake is worth $2.89 billion.</p><p>Tesla shares ticked 1% higher after the company reported on Saturday its latest quarterly electric vehicle delivery figures. The company delivered more than 310,000 EVs in the first quarter, up from 184,800 in the year-earlier period. Starbucks shares also dipped about 1% after the coffee chain suspended its share repurchase program.</p><p>An often-cited recession signal was triggered Thursday evening when the 2-year and 10-year Treasury yields inverted for the first time since 2019. The 5-year note yield is also trading above its 30-year counterpart.</p><p>“We think the current flattening is due to the concern that the Fed is behind the curve on hikes and will tighten policy beyond neutral, which will hurt growth,” TD Securities said in a note to clients.</p><p>Meanwhile, oil moved higher with WTI crude jumping 3% and back above $100 a barrel. Brent crude rose about 2.6%.</p><p>Investors continue to watch the latest developments in Ukraine. German Chancellor Olaf Scholz said Sunday that Western nations will impose additional sanctions on Russia in the coming days.</p><p>“Equity and bond markets continued to send conflicting signals about the economic outlook,” UBS said in a recent note to clients. “We caution against over-interpreting either signal. Yield curve inversions have historically predicted recessions with a long and uncertain lag, while hopes over cease-fire talks have ebbed and flowed,” the firm added.</p><p>Wall Street is coming off a winning session, with the Dow, S&amp;P 500 and Nasdaq all posting gains Friday. The S&amp;P 500 also posted its third straight week of gains.</p><p>Seasonally, April is generally one of the best months for stocks, edging higher in the last 20 years by 2.41% on average, MKM Partners’ JC O’Hara wrote in a note. Within 16 of the last 17 Aprils, the S&amp;P has also inched higher.</p><p>Friday’s positive session came despite March’s employment report, which fell short of economists’ estimates. The U.S. economy added 431,000 jobs during the month, while estimates from Dow Jones called for 490,000.</p><p>“Strong gains on the employment front continue to signal a green light for investors despite multi-decade highs in inflation and concerns over higher rates and Fed tightening,” noted Peter Essele, head of portfolio management for Commonwealth Financial Network. “The economy appears to be in exit velocity mode, with the only concern being the amount of labor supply available to fuel the robust recovery,” he added.</p><p>On Wednesday the Federal Open Market Committee will publish the minutes from the central bank’s March meeting, giving investors a deeper understanding into how the Fed views market conditions.</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>Stocks Are Flat to Start Week as Investors Assess Recession Odds, Higher Oil Prices</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\">\nStocks Are Flat to Start Week as Investors Assess Recession Odds, Higher Oil Prices\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\">2022-04-04 21:32</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>U.S. stocks were mostly flat Monday as traders monitor the bond market’s warning signals about the economy and higher oil prices.</p><p>Futures contracts tied to the Dow Jones Industrial Average traded 20 points lower. S&amp;P 500 futures were flat and Nasdaq 100 futures advanced 0.2%.</p><p>Twitter shares surged more than 25% after SEC filings revealed Elon Musk purchased a more than 9% passive stake in the social media company. It comes less than a week after Musk polled his followers, questioning whether the social media giant follows free speech principles. Based on Twitter’s Friday closing price, the stake is worth $2.89 billion.</p><p>Tesla shares ticked 1% higher after the company reported on Saturday its latest quarterly electric vehicle delivery figures. The company delivered more than 310,000 EVs in the first quarter, up from 184,800 in the year-earlier period. Starbucks shares also dipped about 1% after the coffee chain suspended its share repurchase program.</p><p>An often-cited recession signal was triggered Thursday evening when the 2-year and 10-year Treasury yields inverted for the first time since 2019. The 5-year note yield is also trading above its 30-year counterpart.</p><p>“We think the current flattening is due to the concern that the Fed is behind the curve on hikes and will tighten policy beyond neutral, which will hurt growth,” TD Securities said in a note to clients.</p><p>Meanwhile, oil moved higher with WTI crude jumping 3% and back above $100 a barrel. Brent crude rose about 2.6%.</p><p>Investors continue to watch the latest developments in Ukraine. German Chancellor Olaf Scholz said Sunday that Western nations will impose additional sanctions on Russia in the coming days.</p><p>“Equity and bond markets continued to send conflicting signals about the economic outlook,” UBS said in a recent note to clients. “We caution against over-interpreting either signal. Yield curve inversions have historically predicted recessions with a long and uncertain lag, while hopes over cease-fire talks have ebbed and flowed,” the firm added.</p><p>Wall Street is coming off a winning session, with the Dow, S&amp;P 500 and Nasdaq all posting gains Friday. The S&amp;P 500 also posted its third straight week of gains.</p><p>Seasonally, April is generally one of the best months for stocks, edging higher in the last 20 years by 2.41% on average, MKM Partners’ JC O’Hara wrote in a note. Within 16 of the last 17 Aprils, the S&amp;P has also inched higher.</p><p>Friday’s positive session came despite March’s employment report, which fell short of economists’ estimates. The U.S. economy added 431,000 jobs during the month, while estimates from Dow Jones called for 490,000.</p><p>“Strong gains on the employment front continue to signal a green light for investors despite multi-decade highs in inflation and concerns over higher rates and Fed tightening,” noted Peter Essele, head of portfolio management for Commonwealth Financial Network. “The economy appears to be in exit velocity mode, with the only concern being the amount of labor supply available to fuel the robust recovery,” he added.</p><p>On Wednesday the Federal Open Market Committee will publish the minutes from the central bank’s March meeting, giving investors a deeper understanding into how the Fed views market conditions.</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":"1169119264","content_text":"U.S. stocks were mostly flat Monday as traders monitor the bond market’s warning signals about the economy and higher oil prices.Futures contracts tied to the Dow Jones Industrial Average traded 20 points lower. S&P 500 futures were flat and Nasdaq 100 futures advanced 0.2%.Twitter shares surged more than 25% after SEC filings revealed Elon Musk purchased a more than 9% passive stake in the social media company. It comes less than a week after Musk polled his followers, questioning whether the social media giant follows free speech principles. Based on Twitter’s Friday closing price, the stake is worth $2.89 billion.Tesla shares ticked 1% higher after the company reported on Saturday its latest quarterly electric vehicle delivery figures. The company delivered more than 310,000 EVs in the first quarter, up from 184,800 in the year-earlier period. Starbucks shares also dipped about 1% after the coffee chain suspended its share repurchase program.An often-cited recession signal was triggered Thursday evening when the 2-year and 10-year Treasury yields inverted for the first time since 2019. The 5-year note yield is also trading above its 30-year counterpart.“We think the current flattening is due to the concern that the Fed is behind the curve on hikes and will tighten policy beyond neutral, which will hurt growth,” TD Securities said in a note to clients.Meanwhile, oil moved higher with WTI crude jumping 3% and back above $100 a barrel. Brent crude rose about 2.6%.Investors continue to watch the latest developments in Ukraine. German Chancellor Olaf Scholz said Sunday that Western nations will impose additional sanctions on Russia in the coming days.“Equity and bond markets continued to send conflicting signals about the economic outlook,” UBS said in a recent note to clients. “We caution against over-interpreting either signal. Yield curve inversions have historically predicted recessions with a long and uncertain lag, while hopes over cease-fire talks have ebbed and flowed,” the firm added.Wall Street is coming off a winning session, with the Dow, S&P 500 and Nasdaq all posting gains Friday. The S&P 500 also posted its third straight week of gains.Seasonally, April is generally one of the best months for stocks, edging higher in the last 20 years by 2.41% on average, MKM Partners’ JC O’Hara wrote in a note. Within 16 of the last 17 Aprils, the S&P has also inched higher.Friday’s positive session came despite March’s employment report, which fell short of economists’ estimates. The U.S. economy added 431,000 jobs during the month, while estimates from Dow Jones called for 490,000.“Strong gains on the employment front continue to signal a green light for investors despite multi-decade highs in inflation and concerns over higher rates and Fed tightening,” noted Peter Essele, head of portfolio management for Commonwealth Financial Network. “The economy appears to be in exit velocity mode, with the only concern being the amount of labor supply available to fuel the robust recovery,” he added.On Wednesday the Federal Open Market Committee will publish the minutes from the central bank’s March meeting, giving investors a deeper understanding into how the Fed views market conditions.","news_type":1},"isVote":1,"tweetType":1,"viewCount":158,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9034328560,"gmtCreate":1647817538733,"gmtModify":1676534267101,"author":{"id":"3575105747703011","authorId":"3575105747703011","name":"RogerLam","avatar":"https://static.tigerbbs.com/1005e5ae2cda08a31d27406a5089b7ae","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3575105747703011","authorIdStr":"3575105747703011"},"themes":[],"htmlText":"True","listText":"True","text":"True","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9034328560","repostId":"2220279388","repostType":4,"isVote":1,"tweetType":1,"viewCount":153,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9016039736,"gmtCreate":1649112232880,"gmtModify":1676534450983,"author":{"id":"3575105747703011","authorId":"3575105747703011","name":"RogerLam","avatar":"https://static.tigerbbs.com/1005e5ae2cda08a31d27406a5089b7ae","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3575105747703011","authorIdStr":"3575105747703011"},"themes":[],"htmlText":"Yes","listText":"Yes","text":"Yes","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9016039736","repostId":"2224816375","repostType":4,"repost":{"id":"2224816375","kind":"highlight","pubTimestamp":1649084638,"share":"https://ttm.financial/m/news/2224816375?lang=&edition=fundamental","pubTime":"2022-04-04 23:03","market":"us","language":"en","title":"Don't Let This 1 Decision Sour You on Sea Limited","url":"https://stock-news.laohu8.com/highlight/detail?id=2224816375","media":"Motley Fool","summary":"Robust execution and a large market opportunity position Sea for long-term success.","content":"<html><head></head><body><p>The past six months have been a turbulent ride for investors in <b>Sea Limited</b>, a mobile gaming and e-commerce company -- shares of Sea are down over 60% from the all-time high recorded in Nov. 2021. And to add to investor worries, the company just announced it is shutting down its e-commerce operation in India.</p><p>These recent headwinds may worry some investors enough to stay away from the stock, but for those with patience, Sea presents a great opportunity.</p><p><img src=\"https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F672698%2Fwoman-shipping-products-ecommerce-sea.jpg&amp;w=700&amp;op=resize\" tg-width=\"700\" tg-height=\"393\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Image source: Getty Images.</p><h2>Is international expansion hitting a roadblock?</h2><p>Sea has shrewdly established the key pillars of its business -- Garena, Shopee, and Sea Money -- to take advantage of three global megatrends: gaming, e-commerce, and digital financial services, respectively. The company established its roots in Southeast Asia and quickly emerged into a global player, extending its presence into South America and Europe.</p><p>Its global expansion seemed to be going well, but on March 6, Sea announced that it was closing its Shopee business in France, which was a surprise for investors but largely viewed as a mere blip in the long-term plan. The news that really raised investors&#39; eyebrows came on March 28 when Sea announced it is pulling the curtains on its e-commerce operations in India.</p><p>Why would Sea exit potentially <a href=\"https://laohu8.com/S/AONE.U\">one</a> of the largest markets in the world and derail its growth prospects? In the backdrop of its recent stock performance -- and the growing uncertainty around the economic environment with rising inflation and a major war -- many investors may be losing faith in the company.</p><h2>Digging deeper may offer some clues</h2><p>The seeds of Sea&#39;s exit from India may have been sown around Feb. 2022. The Indian government, citing national security and user data privacy concerns, banned 54 Chinese mobile apps. This ban included <i>Free Fire</i>, Garena&#39;s wildly popular battle royale mobile game. The immediate question from many familiar with Sea was: Why was <i>Free Fire</i> banned, when Sea is a Singaporean company, not a Chinese one.</p><p>One likely reason is that <b>Tencent Holdings</b>, the Chinese entertainment giant, has an 18.7% stake in Sea. That relationship likely raised enough red flags for the Indian government. It is interesting to note regulators permitted <i>Free Fire Max</i>, the premium version of <i>Free Fire</i>, to continue operations in India.</p><p>So how does the above event lead to Sea&#39;s India exit for Shopee? <i>Free Fire</i> is at the center of Sea&#39;s playbook of international expansion -- the company attracts a large user base with its engrossing video game, learns about users&#39; online habits, and creates opportunities to promote its e-commerce and digital payment services. Additionally, Garena designed <i>Free Fire</i> to run flawlessly even on low-end smartphones, ensuring the game can reach the majority of the population in developing countries.</p><p><i>Free Fire Max</i> doesn&#39;t have the same reach as it requires mobile phones with higher-end configurations. Not having <i>Free Fire</i> to lay the foundation in India threw a wrench in Sea&#39;s proven formula for expansion.</p><p>Finally, no one knows how the political situation between India and China may unfold. India may not ban Shopee today, but that doesn&#39;t mean it won&#39;t do so in the future. For Shopee to succeed in this highly competitive market, it would need to invest significantly, and the risk underlying that investment is simply too high. All factors considered, Sea&#39;s move to shutter its e-commerce operation in India looks like a smart and proactive business decision.</p><h2>Robust execution and long runway bode well</h2><p>Sea&#39;s founder and CEO Forrest Li has led the company brilliantly. Gamers now enjoy <i>Free Fire</i> in over 130 countries as Shopee launched in four countries in Latin America, three countries in Europe, and in China -- all in the past two and a half years. <i>Free Fire</i> has been the highest-grossing mobile app for 10 consecutive quarters in Southeast Asia and Latin America, according to data.ai. Sea&#39;s total revenue grew a whopping 128% in 2021 to reach $10 billion. Gross profits for the same period increased 189% to $3.9 billion.</p><p>The company is investing heavily to expand into new markets, and as a result, net losses also grew 26% during the year to $2.0 billion. However, Li believes that by 2025, the cash generated by Shopee and Sea Money, the primary beneficiaries of Sea&#39;s investments, collectively will enable these two businesses to substantially self-fund their own long-term growth.</p><p>The global opportunity for Sea remains large. Southeast Asia, Sea&#39;s core market, is one of the world&#39;s fastest-growing regions with a population rising over 50% faster than the United States&#39; and a GDP increasing more than twice as quickly. An expanding middle-class, rising average household incomes, and rapidly spreading cellphone and internet usage are creating more shoppers in the seven Southeast Asian countries where Sea operates.</p><p>The company is also gaining major traction in Brazil, the sixth-largest country by population. Shopee Brazil recorded more than 140 million orders in the fourth quarter, growing at close to 400% year over year. The company is also making headways in other South American countries.</p><p>Despite shutting down its e-commerce operation in India, Sea is projecting Shopee&#39;s revenue to grow 76% in 2022, while Sea Money grows 155%. These are very impressive numbers that underscore Sea&#39;s global scale and its ability to overcome hurdles in its growth trajectory.</p><h2>Now may be a good time to board the ship</h2><p>Management is forecasting a decline in bookings for Garena this year, which is understandable as the company faces the near-term headwinds of reopening economies across the world and <i>Free Fire</i>&#39;s ban in India. But Li remains aspirational and focused on the long-term prospects of the company.</p><p>Responding to the over 65% drop in the company&#39;s share price, Li assured employees in an email: &#34;Do not fear: we are in a strong position internally, and we are clear on our next steps. This is short-term pain that we have to endure to truly <i>maximise our long-term potential</i>.&#34; Lee went on to say: &#34;The scale of our ambition remains unchanged: to make a long-lasting mark in history.&#34;</p><p>Sea has successfully entered multiple international markets. The company is carefully assessing its opportunity in each region and making shrewd decisions to either expand or exit those markets. Sea&#39;s strategy of <i>failing fast</i> leads to efficient capital allocation for the company and bodes well for its future. It is still executing well, and despite its exit from India has a long runway in front of it.</p><p><img src=\"https://static.tigerbbs.com/6a51ad9bb122e14425e4fa9b19c3f402\" tg-width=\"720\" tg-height=\"433\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Data by YCharts.</p><p>As a result of the sell-off, shares are trading at a three-year low price-to-sales valuation of 6.6 as of this writing. Taking a small position in Sea should serve patient investors with a long-term focus very well.</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>Don't Let This 1 Decision Sour You on Sea Limited</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\">\nDon't Let This 1 Decision Sour You on Sea Limited\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-04-04 23:03 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2022/04/03/dont-let-this-1-decision-sour-you-on-sea-limited/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The past six months have been a turbulent ride for investors in Sea Limited, a mobile gaming and e-commerce company -- shares of Sea are down over 60% from the all-time high recorded in Nov. 2021. And...</p>\n\n<a href=\"https://www.fool.com/investing/2022/04/03/dont-let-this-1-decision-sour-you-on-sea-limited/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SE":"Sea Ltd"},"source_url":"https://www.fool.com/investing/2022/04/03/dont-let-this-1-decision-sour-you-on-sea-limited/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2224816375","content_text":"The past six months have been a turbulent ride for investors in Sea Limited, a mobile gaming and e-commerce company -- shares of Sea are down over 60% from the all-time high recorded in Nov. 2021. And to add to investor worries, the company just announced it is shutting down its e-commerce operation in India.These recent headwinds may worry some investors enough to stay away from the stock, but for those with patience, Sea presents a great opportunity.Image source: Getty Images.Is international expansion hitting a roadblock?Sea has shrewdly established the key pillars of its business -- Garena, Shopee, and Sea Money -- to take advantage of three global megatrends: gaming, e-commerce, and digital financial services, respectively. The company established its roots in Southeast Asia and quickly emerged into a global player, extending its presence into South America and Europe.Its global expansion seemed to be going well, but on March 6, Sea announced that it was closing its Shopee business in France, which was a surprise for investors but largely viewed as a mere blip in the long-term plan. The news that really raised investors' eyebrows came on March 28 when Sea announced it is pulling the curtains on its e-commerce operations in India.Why would Sea exit potentially one of the largest markets in the world and derail its growth prospects? In the backdrop of its recent stock performance -- and the growing uncertainty around the economic environment with rising inflation and a major war -- many investors may be losing faith in the company.Digging deeper may offer some cluesThe seeds of Sea's exit from India may have been sown around Feb. 2022. The Indian government, citing national security and user data privacy concerns, banned 54 Chinese mobile apps. This ban included Free Fire, Garena's wildly popular battle royale mobile game. The immediate question from many familiar with Sea was: Why was Free Fire banned, when Sea is a Singaporean company, not a Chinese one.One likely reason is that Tencent Holdings, the Chinese entertainment giant, has an 18.7% stake in Sea. That relationship likely raised enough red flags for the Indian government. It is interesting to note regulators permitted Free Fire Max, the premium version of Free Fire, to continue operations in India.So how does the above event lead to Sea's India exit for Shopee? Free Fire is at the center of Sea's playbook of international expansion -- the company attracts a large user base with its engrossing video game, learns about users' online habits, and creates opportunities to promote its e-commerce and digital payment services. Additionally, Garena designed Free Fire to run flawlessly even on low-end smartphones, ensuring the game can reach the majority of the population in developing countries.Free Fire Max doesn't have the same reach as it requires mobile phones with higher-end configurations. Not having Free Fire to lay the foundation in India threw a wrench in Sea's proven formula for expansion.Finally, no one knows how the political situation between India and China may unfold. India may not ban Shopee today, but that doesn't mean it won't do so in the future. For Shopee to succeed in this highly competitive market, it would need to invest significantly, and the risk underlying that investment is simply too high. All factors considered, Sea's move to shutter its e-commerce operation in India looks like a smart and proactive business decision.Robust execution and long runway bode wellSea's founder and CEO Forrest Li has led the company brilliantly. Gamers now enjoy Free Fire in over 130 countries as Shopee launched in four countries in Latin America, three countries in Europe, and in China -- all in the past two and a half years. Free Fire has been the highest-grossing mobile app for 10 consecutive quarters in Southeast Asia and Latin America, according to data.ai. Sea's total revenue grew a whopping 128% in 2021 to reach $10 billion. Gross profits for the same period increased 189% to $3.9 billion.The company is investing heavily to expand into new markets, and as a result, net losses also grew 26% during the year to $2.0 billion. However, Li believes that by 2025, the cash generated by Shopee and Sea Money, the primary beneficiaries of Sea's investments, collectively will enable these two businesses to substantially self-fund their own long-term growth.The global opportunity for Sea remains large. Southeast Asia, Sea's core market, is one of the world's fastest-growing regions with a population rising over 50% faster than the United States' and a GDP increasing more than twice as quickly. An expanding middle-class, rising average household incomes, and rapidly spreading cellphone and internet usage are creating more shoppers in the seven Southeast Asian countries where Sea operates.The company is also gaining major traction in Brazil, the sixth-largest country by population. Shopee Brazil recorded more than 140 million orders in the fourth quarter, growing at close to 400% year over year. The company is also making headways in other South American countries.Despite shutting down its e-commerce operation in India, Sea is projecting Shopee's revenue to grow 76% in 2022, while Sea Money grows 155%. These are very impressive numbers that underscore Sea's global scale and its ability to overcome hurdles in its growth trajectory.Now may be a good time to board the shipManagement is forecasting a decline in bookings for Garena this year, which is understandable as the company faces the near-term headwinds of reopening economies across the world and Free Fire's ban in India. But Li remains aspirational and focused on the long-term prospects of the company.Responding to the over 65% drop in the company's share price, Li assured employees in an email: \"Do not fear: we are in a strong position internally, and we are clear on our next steps. This is short-term pain that we have to endure to truly maximise our long-term potential.\" Lee went on to say: \"The scale of our ambition remains unchanged: to make a long-lasting mark in history.\"Sea has successfully entered multiple international markets. The company is carefully assessing its opportunity in each region and making shrewd decisions to either expand or exit those markets. Sea's strategy of failing fast leads to efficient capital allocation for the company and bodes well for its future. It is still executing well, and despite its exit from India has a long runway in front of it.Data by YCharts.As a result of the sell-off, shares are trading at a three-year low price-to-sales valuation of 6.6 as of this writing. Taking a small position in Sea should serve patient investors with a long-term focus very well.","news_type":1},"isVote":1,"tweetType":1,"viewCount":172,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9013362278,"gmtCreate":1648685632445,"gmtModify":1676534377997,"author":{"id":"3575105747703011","authorId":"3575105747703011","name":"RogerLam","avatar":"https://static.tigerbbs.com/1005e5ae2cda08a31d27406a5089b7ae","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3575105747703011","authorIdStr":"3575105747703011"},"themes":[],"htmlText":"Yes","listText":"Yes","text":"Yes","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9013362278","repostId":"2223950802","repostType":4,"repost":{"id":"2223950802","kind":"highlight","pubTimestamp":1648649952,"share":"https://ttm.financial/m/news/2223950802?lang=&edition=fundamental","pubTime":"2022-03-30 22:19","market":"us","language":"en","title":"Why Cathie Wood Just Dumped Tesla for This Hot EV Stock","url":"https://stock-news.laohu8.com/highlight/detail?id=2223950802","media":"Motley Fool","summary":"Cathie Wood makes a big move and buy Nio stock for the first time.","content":"<html><head></head><body><p>Famed investor Cathie Wood is a bull on electric vehicles (EVs), as the industry fits her policy of investing in disruption and innovation growth stories, including autonomous technology. In a recent interview  with <i>Barron&#39;s</i>, Wood even predicted EV sales to grow from 4.8 million units in 2021 to 40 million units in 2026.</p><p>Wood owns several EV stocks, but the one that&#39;s stood out so far is industry leader <b>Tesla</b>. Tesla is, in fact, Wood&#39;s largest holding -- the stock constituted 7.54% across all of Ark Invest&#39;s family of exchange-traded funds (Pacer Swan SOS Fund of Funds ETFs) as of March 28.</p><p>Yet, that&#39;s after Wood sold nearly 146,000 shares in Tesla on March 25. The last time Wood sold Tesla shares was in January.</p><p>What&#39;s even more surprising, though, is the EV stock Wood bought same day: <b>Nio</b>. The <b>Ark Autonomous Technology &amp; Robotics ETF</b> (ARKQ) reported a purchase transaction of 420,057 shares of Nio on March 25.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bb11f4ff477a5aa657c946261c8b83da\" tg-width=\"700\" tg-height=\"393\" referrerpolicy=\"no-referrer\"/><span>Image source: Getty Images.</span></p><p>To be sure, trimming her Tesla position doesn&#39;t necessarily mean Wood&#39;s conviction on the stock has lessened. Yet the fact that she bought Nio stock for the first time ever deserves a lot more attention from investors as it confirms Wood&#39;s conviction in the Chinese EV stock.</p><h2>Why Nio caught Cathie Wood&#39;s attention</h2><p>Wood&#39;s interest in Tesla shouldn&#39;t come as a surprise. The company&#39;s foothold in the EV industry is hard to match and even catch up with, as Tesla already has nearly a million cars out on the roads and its sales have grown exponentially in recent years.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b2f525e4ebb4e2c40e0150bcf01ec7b9\" tg-width=\"700\" tg-height=\"700\" referrerpolicy=\"no-referrer\"/><span>Image source: Statista.</span></p><p>Yet competition is heating up, and Wood seemingly doesn&#39;t want miss any opportunity EV companies other than Tesla can bring to the table. Nio is, in fact, often called the &#34;Tesla of China&#34; and has even said it aims to sell better products than Tesla but at lower costs.</p><p>The fact that Wood bought Nio stock just one day after the company&#39;s fourth-quarter and full-year 2021 earnings release suggests something in the report caught Wood&#39;s attention. I believe it&#39;s the EV maker&#39;s growth plans.</p><h2>Nio&#39;s big plans</h2><p>Nio expects to deliver 25,000-26,000 vehicles in the first quarter. That&#39;s roughly flat sequentially at the lower end of the guidance range and reflects the severe supply constraints facing the company.</p><p>Yet Nio isn&#39;t worried as much yet and has ruled out any plans to raise vehicle prices to pass on higher costs to consumers for now. Tesla, in contrast, recently raised prices of its EVs twice within a matter of days.</p><p>More importantly, despite the challenges, Nio is sticking with its plans to launch three EVs this year. The company is on track so far, having started deliveries of its flagship sedan, the ET7, on March 28. Nio plans to launch its first SUV, the ES7, in the coming weeks and its midsize sedan, the ET5, later in the year.</p><p>Nio&#39;s revenue should grow as it expands its product portfolio. In 2021, Nio generated $5.6 billion in revenue backed by deliveries of 91,429 vehicles. And Nio has already set foot outside of China and is targeting one of the world&#39;s largest EV markets next: Europe. Nio will enter at least four countries in Europe this year.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e327e3b1a66f10690e5ef105a1177dc3\" tg-width=\"700\" tg-height=\"520\" referrerpolicy=\"no-referrer\"/><span>Image source: Statista.</span></p><p>In the long term, Nio plans to create a mass-market brand to build affordable EVs ranging between $30,000 to $50,000 per car.</p><h2>Path to profitability</h2><p>As a company that has its eyes set set on two of the world&#39;s largest EV markets, the growth potential for Nio is huge if can deliver on its plans. Nio also has a solid competitive advantage over its peers that could give it a lead especially during these inflationary times: its battery-as-a-service (BaaS) program.</p><p>BaaS offers potential customers the option to save thousands of dollars by buying cars without batteries and instead paying a monthly subscription fee to swap and charge batteries on demand at Nio&#39;s swap stations. As of March 20, Nio had 864 battery swap stations and 760 supercharging stations in China, according to new energy vehicle (NEV)-focused website CnEvPost.</p><p>Nio&#39;s agility was also on full display when it quickly listed its stock in Hong Kong in early March as the threat of having Chinese stocks delisted from the U.S. deepened.</p><p>Most importantly, Nio just said it could break even as early as the fourth quarter of 2023 and deliver its first full year of profit in 2024.</p><p>In an industry where scaling up production profitably is an uphill task, Nio sounds confident about its capabilities. That&#39;s what seems to have caught Cathie Wood&#39;s attention, and she evidently bought the dip in this hot EV stock.</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 Cathie Wood Just Dumped Tesla for This Hot EV Stock</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 Cathie Wood Just Dumped Tesla for This Hot EV Stock\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-03-30 22:19 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2022/03/30/why-cathie-wood-dumped-tesla-for-this-hot-ev-stock/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Famed investor Cathie Wood is a bull on electric vehicles (EVs), as the industry fits her policy of investing in disruption and innovation growth stories, including autonomous technology. In a recent ...</p>\n\n<a href=\"https://www.fool.com/investing/2022/03/30/why-cathie-wood-dumped-tesla-for-this-hot-ev-stock/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4581":"高盛持仓","BK4550":"红杉资本持仓","BK4555":"新能源车","BK4533":"AQR资本管理(全球第二大对冲基金)","BK4099":"汽车制造商","BK4511":"特斯拉概念","TSLA":"特斯拉","BK4574":"无人驾驶","BK4551":"寇图资本持仓","NIO":"蔚来","BK4548":"巴美列捷福持仓","BK4534":"瑞士信贷持仓","BK4527":"明星科技股"},"source_url":"https://www.fool.com/investing/2022/03/30/why-cathie-wood-dumped-tesla-for-this-hot-ev-stock/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2223950802","content_text":"Famed investor Cathie Wood is a bull on electric vehicles (EVs), as the industry fits her policy of investing in disruption and innovation growth stories, including autonomous technology. In a recent interview  with Barron's, Wood even predicted EV sales to grow from 4.8 million units in 2021 to 40 million units in 2026.Wood owns several EV stocks, but the one that's stood out so far is industry leader Tesla. Tesla is, in fact, Wood's largest holding -- the stock constituted 7.54% across all of Ark Invest's family of exchange-traded funds (Pacer Swan SOS Fund of Funds ETFs) as of March 28.Yet, that's after Wood sold nearly 146,000 shares in Tesla on March 25. The last time Wood sold Tesla shares was in January.What's even more surprising, though, is the EV stock Wood bought same day: Nio. The Ark Autonomous Technology & Robotics ETF (ARKQ) reported a purchase transaction of 420,057 shares of Nio on March 25.Image source: Getty Images.To be sure, trimming her Tesla position doesn't necessarily mean Wood's conviction on the stock has lessened. Yet the fact that she bought Nio stock for the first time ever deserves a lot more attention from investors as it confirms Wood's conviction in the Chinese EV stock.Why Nio caught Cathie Wood's attentionWood's interest in Tesla shouldn't come as a surprise. The company's foothold in the EV industry is hard to match and even catch up with, as Tesla already has nearly a million cars out on the roads and its sales have grown exponentially in recent years.Image source: Statista.Yet competition is heating up, and Wood seemingly doesn't want miss any opportunity EV companies other than Tesla can bring to the table. Nio is, in fact, often called the \"Tesla of China\" and has even said it aims to sell better products than Tesla but at lower costs.The fact that Wood bought Nio stock just one day after the company's fourth-quarter and full-year 2021 earnings release suggests something in the report caught Wood's attention. I believe it's the EV maker's growth plans.Nio's big plansNio expects to deliver 25,000-26,000 vehicles in the first quarter. That's roughly flat sequentially at the lower end of the guidance range and reflects the severe supply constraints facing the company.Yet Nio isn't worried as much yet and has ruled out any plans to raise vehicle prices to pass on higher costs to consumers for now. Tesla, in contrast, recently raised prices of its EVs twice within a matter of days.More importantly, despite the challenges, Nio is sticking with its plans to launch three EVs this year. The company is on track so far, having started deliveries of its flagship sedan, the ET7, on March 28. Nio plans to launch its first SUV, the ES7, in the coming weeks and its midsize sedan, the ET5, later in the year.Nio's revenue should grow as it expands its product portfolio. In 2021, Nio generated $5.6 billion in revenue backed by deliveries of 91,429 vehicles. And Nio has already set foot outside of China and is targeting one of the world's largest EV markets next: Europe. Nio will enter at least four countries in Europe this year.Image source: Statista.In the long term, Nio plans to create a mass-market brand to build affordable EVs ranging between $30,000 to $50,000 per car.Path to profitabilityAs a company that has its eyes set set on two of the world's largest EV markets, the growth potential for Nio is huge if can deliver on its plans. Nio also has a solid competitive advantage over its peers that could give it a lead especially during these inflationary times: its battery-as-a-service (BaaS) program.BaaS offers potential customers the option to save thousands of dollars by buying cars without batteries and instead paying a monthly subscription fee to swap and charge batteries on demand at Nio's swap stations. As of March 20, Nio had 864 battery swap stations and 760 supercharging stations in China, according to new energy vehicle (NEV)-focused website CnEvPost.Nio's agility was also on full display when it quickly listed its stock in Hong Kong in early March as the threat of having Chinese stocks delisted from the U.S. deepened.Most importantly, Nio just said it could break even as early as the fourth quarter of 2023 and deliver its first full year of profit in 2024.In an industry where scaling up production profitably is an uphill task, Nio sounds confident about its capabilities. That's what seems to have caught Cathie Wood's attention, and she evidently bought the dip in this hot EV stock.","news_type":1},"isVote":1,"tweetType":1,"viewCount":270,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9039564397,"gmtCreate":1646089631338,"gmtModify":1676534088839,"author":{"id":"3575105747703011","authorId":"3575105747703011","name":"RogerLam","avatar":"https://static.tigerbbs.com/1005e5ae2cda08a31d27406a5089b7ae","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3575105747703011","authorIdStr":"3575105747703011"},"themes":[],"htmlText":"A good company","listText":"A good company","text":"A good company","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9039564397","repostId":"1111980757","repostType":4,"repost":{"id":"1111980757","kind":"news","pubTimestamp":1646062592,"share":"https://ttm.financial/m/news/1111980757?lang=&edition=fundamental","pubTime":"2022-02-28 23:36","market":"us","language":"en","title":"Can Nvidia Become a $1T Company?","url":"https://stock-news.laohu8.com/highlight/detail?id=1111980757","media":"TipRanks","summary":"Nvidia (NVDA) has been among the most incredible recent growth stories. This chip maker has seen its","content":"<div>\n<p>Nvidia (NVDA) has been among the most incredible recent growth stories. This chip maker has seen its value increase more than 10-fold over the past five years alone. At least it did, before the recent...</p>\n\n<a href=\"https://www.tipranks.com/news/article/can-nvidia-become-a-1t-company/\">Web Link</a>\n\n</div>\n","source":"lsy1606183248679","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>Can Nvidia Become a $1T Company?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCan Nvidia Become a $1T Company?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-02-28 23:36 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.tipranks.com/news/article/can-nvidia-become-a-1t-company/><strong>TipRanks</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Nvidia (NVDA) has been among the most incredible recent growth stories. This chip maker has seen its value increase more than 10-fold over the past five years alone. At least it did, before the recent...</p>\n\n<a href=\"https://www.tipranks.com/news/article/can-nvidia-become-a-1t-company/\">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.tipranks.com/news/article/can-nvidia-become-a-1t-company/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1111980757","content_text":"Nvidia (NVDA) has been among the most incredible recent growth stories. This chip maker has seen its value increase more than 10-fold over the past five years alone. At least it did, before the recent precipitous drop of more than 30% from its peak.At Nvidia’s peak, the company was valued at nearly $900 billion, and was inching toward the $1-trillion valuation mark. This valuation has been reserved for only the highest-growth mega-cap stocks in the world.Unfortunately, a series of macro headwinds have taken the wind out of the proverbial sails of growth stocks. The past few months have been rough, with investors pricing in higher interest rates and an inflation-driven future into stock prices.Can Nvidia once again return to its former capital appreciation glory? I think so, at least over the medium term. I remain bullish on NVDA stock, and here’s why.Nvidia’s Outlook Remains StrongFrom a fundamentals standpoint, there’s a lot to like about how Nvidia is valued, particularly after its 30% drop from its peak. This company currently trades at a forward price-earnings multiple of 43.Additionally, the company’s forward growth estimates still come in at around 34%. That means that this stock is just a hair above a price-earnings-to-growth (PEG) ratio of 3.2. For stocks like Nvidia, that’s cheap.There are some reasons why investors may consider this valuation a very decent one right now. It’s not necessarily a view based on the company’s historical performance, which has been excellent. Rather, it’s what Nvidia has on its plate in terms of future growth prospects.Many long-term investors in Nvidia see growth coming from three main markets. There’s the company’s base semiconductor market, which is expected to grow at a reasonable pace of around 9% per year.Then there’s the gaming market and AI market, of which Nvidia is providing an increasing number of chips. These market segments are much faster-growing, with double-digit expected compound annual growth rates (CAGR) over the medium term.In addition to these sectors, Nvidia’s chips power much of the crypto mining sector. Like it or not, this remains a hot sector, and one which is seeing a lot of investment. Over time, Nvidia’s ability to capture high-end market share in computing is likely to create a moat that will be hard for other companies to penetrate.Relative to its peers, there’s a lot to like about how Nvidia is positioned in terms of future growth. Relative to the company’s valuation, NVDA stock provides an attractive growth profile and an easy-to-understand investment thesis right now.Solid Fourth Quarter EarningsOkay, so that’s looking forward. Let’s look back on the company’s recent earnings.Nvidia’s fourth-quarter earnings were, in a word, strong.The company reported earnings per share of $1.32, beating out consensus estimates of $1.08 per share. Further, the company’s revenue of $7.64 billion came in much higher than expected, representing year-over-year growth of 69% and 53%, respectively.Any company that’s able to grow both its top and bottom line by these margins ought to be considered. What’s more, Nvidia managed to grow its bottom line faster than its revenue. This implies margin expansion, something long-term bulls must like.Finally, there’s the forward-looking projections that should be considered. The market is pricing in a forward growth rate of only 34%. ConsideringNvidia essentially doubled this growth rate, at least on its bottom line, there’s a lot to like about the potential for stock price upgrades following future earnings calls. That is, should the company be able to repeat these results moving forward.Wall Street’s TakeAs per TipRanks’ analyst rating consensus, NVDA is a Strong Buy. Out of 22 analyst ratings, there are 19 Buy recommendations and three Hold recommendations.The average Nvidia price target $362.22. Analyst price targets range from a high of $400 per share to a low of $250 per share.Bottom LineWhether or not Nvidia will hit a $1-trillion valuation this year remains to be seen. Macro headwinds remain strong right now, and this argument is one that’s certainly on the fringes of what most investors expect.However, over a medium-term time frame (say, two to five years), such an outlook is possible, if not probable. Should Nvidia continue to grow as it has been, and beat future growth expectations, this is a stock that certainly has the ability to run to a $1-trillion valuation. For context, Nvidia stock currently sits at a valuation of around $600 billion at the time of writing.","news_type":1},"isVote":1,"tweetType":1,"viewCount":225,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9039973647,"gmtCreate":1645915746987,"gmtModify":1676534073546,"author":{"id":"3575105747703011","authorId":"3575105747703011","name":"RogerLam","avatar":"https://static.tigerbbs.com/1005e5ae2cda08a31d27406a5089b7ae","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3575105747703011","authorIdStr":"3575105747703011"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9039973647","repostId":"1125580913","repostType":4,"repost":{"id":"1125580913","kind":"news","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":1645926503,"share":"https://ttm.financial/m/news/1125580913?lang=&edition=fundamental","pubTime":"2022-02-27 09:48","market":"us","language":"en","title":"Buffett Full Annual Letter：Apple is One of ‘Four Giants’ Driving the Conglomerate’s Value","url":"https://stock-news.laohu8.com/highlight/detail?id=1125580913","media":"Tiger Newspress","summary":"Warren Buffett released his annual letter to Berkshire Hathaway shareholders on Saturday. The 91-yea","content":"<html><head></head><body><p>Warren Buffett released his annual letter to Berkshire Hathaway shareholders on Saturday. The 91-year-old investing legend has been publishing the letter for over six decades and it has become required reading for investors around the world.</p><p>Warren Buffett said he now considers tech giant Apple as one of the four pillars driving Berkshire Hathaway, the conglomerate of mostly old-economy businesses he’s assembled over the last five decades.</p><p>In his annual letter to shareholders released on Saturday, the 91-year-old investing legend listed Apple under the heading “Our Four Giants” and even called the company the second-most important after Berkshire’s cluster of insurers, thanks to its chief executive.</p><p>“Tim Cook, Apple’s brilliant CEO, quite properly regards users of Apple products as his first love, but all of his other constituencies benefit from Tim’s managerial touch as well,” the letter stated.</p><p>Buffett made clear he is a fan of Cook’s stock repurchase strategy, and how it gives the conglomerate increased ownership of each dollar of the iPhone maker’s earnings without the investor having to lift a finger.</p><p>“Apple – our runner-up Giant as measured by its yearend market value – is a different sort of holding. Here, our ownership is a mere 5.55%, up from 5.39% a year earlier,” Buffett said in the letter. “That increase sounds like small potatoes. But consider that each 0.1% of Apple’s 2021 earnings amounted to $100 million. We spent no Berkshire funds to gain our accretion. Apple’s repurchases did the job.”</p><p>Berkshire began buying Apple stock in 2016 under the influence of Buffett’s investing deputies Todd Combs and Ted Weschler. By mid-2018, the conglomerate accumulated 5% ownership of the iPhone maker, a stake that cost $36 billion. Today, the Apple investment is now worth more than $160 billion, taking up 40% of Berkshire’s equity portfolio.</p><p>“It’s important to understand that only dividends from Apple are counted in the GAAP earnings Berkshire reports – and last year, Apple paid us $785 million of those. Yet our ‘share’ of Apple’s earnings amounted to a staggering $5.6 billion. Much of what the company retained was used to repurchase Apple shares, an act we applaud,” Buffett said.</p><p>Berkshire is Apple’s largest shareholder, outside of index and exchange-traded fund providers.</p><p>Buffett also credited his railroad business BNSF and energy segment BHE as two other giants of the conglomerate, which both registered record earnings in 2021.</p><p>“BNSF, our third Giant, continues to be the number one artery of American commerce, which makes it an indispensable asset for America as well as for Berkshire,” Buffett said. “BHE has become a utility powerhouse and a leading force in wind, solar and transmission throughout much of the United States.”</p><p><b>Read the full letter here：</b></p><p>To the Shareholders of Berkshire Hathaway Inc.:</p><p>Charlie Munger, my long-time partner, and I have the job of managing a portion of your savings. We are honored by your trust.</p><p>Our position carries with it the responsibility to report to you what we would like to know if we were the absentee owner and you were the manager. We enjoy communicating directly with you through this annual letter, and through the annual meeting as well.</p><p>Our policy is to treat all shareholders equally. Therefore, we do not hold discussions with analysts nor large institutions. Whenever possible, also, we release important communications on Saturday mornings in order to maximize the time for shareholders and the media to absorb the news before markets open on Monday.</p><p>A wealth of Berkshire facts and figures are set forth in the annual 10-K that the company regularly files with the S.E.C. and that we reproduce on pages K-1 – K-119. Some shareholders will find this detail engrossing; others will simply prefer to learn what Charlie and I believe is new or interesting at Berkshire.</p><p>Alas, there was little action of that sort in 2021. We did, though, make reasonable progress in increasing the intrinsic value of your shares. That task has been my primary duty for 57 years. And it will continue to be.</p><p><b>What You Own</b></p><p>Berkshire owns a wide variety of businesses, some in their entirety, some only in part. The second group largely consists of marketable common stocks of major American companies. Additionally, we own a few non-U.S. equities and participate in several joint ventures or other collaborative activities.</p><p>Whatever our form of ownership, our goal is to have meaningful investments in businesses with both durable economic advantages and a first-class CEO. Please note particularly that we own stocks based upon our expectations about their long-term business performance and not because we view them as vehicles for timely market moves. That point is crucial: Charlie and I are not stock-pickers; we are business-pickers.</p><p>I make many mistakes. Consequently, our extensive collection of businesses includes some enterprises that have truly extraordinary economics, many others that enjoy good economic characteristics, and a few that are marginal. One advantage of our common-stock segment is that – on occasion – it becomes easy to buy pieces of wonderful businesses at wonderful prices. That shooting-fish-in-a-barrel experience is very rare in negotiated transactions and never occurs en masse. It is also far easier to exit from a mistake when it has been made in the marketable arena.</p><h2><b>Surprise, Surprise</b></h2><p>Here are a few items about your company that often surprise even seasoned investors:</p><p>• Many people perceive Berkshire as a large and somewhat strange collection of financial assets. In truth, Berkshire owns and operates more U.S.-based “infrastructure” assets – classified on our balance sheet as property, plant and equipment – than are owned and operated by any other American corporation. That supremacy has never been our goal. It has, however, become a fact.</p><p>At yearend, those domestic infrastructure assets were carried on Berkshire’s balance sheet at $158 billion. That number increased last year and will continue to increase. Berkshire always will be building.</p><p>• Every year, your company makes substantial federal income tax payments. In 2021, for example, we paid</p><p>$3.3 billion while the U.S. Treasury reported total corporate income-tax receipts of $402 billion. Additionally, Berkshire pays substantial state and foreign taxes. “I gave at the office” is an unassailable assertion when made by Berkshire shareholders.</p><p>Berkshire’s history vividly illustrates the invisible and often unrecognized financial partnership between  government and American businesses. Our tale begins early in 1955, when Berkshire Fine Spinning and Hathaway Manufacturing agreed to merge their businesses. In their requests for shareholder approval, these venerable New England textile companies expressed high hopes for the combination.</p><p></p><p>The Hathaway solicitation, for example, assured its shareholders that “The combination of the resources and managements will result in one of the strongest and most efficient organizations in the textile industry.” That upbeat view was endorsed by the company’s advisor, Lehman Brothers (yes, that Lehman Brothers).</p><p>I’m sure it was a joyous day in both Fall River (Berkshire) and New Bedford (Hathaway) when the union was consummated. After the bands stopped playing and the bankers went home, however, the shareholders reaped a disaster.</p><p>In the nine years following the merger, Berkshire’s owners watched the company’s net worth crater from</p><p>$51.4 million to $22.1 million. In part, this decline was caused by stock repurchases, ill-advised dividends and plant shutdowns. But nine years of effort by many thousands of employees delivered an operating loss as well. Berkshire’s struggles were not unusual: The New England textile industry had silently entered an extended and non-reversible death march.</p><p>During the nine post-merger years, the U.S. Treasury suffered as well from Berkshire’s troubles. All told, the company paid the government only $337,359 in income tax during that period – a pathetic $100 per day.</p><p>Early in 1965, things changed. Berkshire installed new management that redeployed available cash and steered essentially all earnings into a variety of good businesses, most of which remained good through the years. Coupling reinvestment of earnings with the power of compounding worked its magic, and shareholders prospered.</p><p>Berkshire’s owners, it should be noted, were not the only beneficiary of that course correction. Their “silent partner,” the U.S. Treasury, proceeded to collect many tens of billions of dollars from the company in income tax payments. Remember the $100 daily? Now, Berkshire pays roughly $9 million daily to the Treasury.</p><p>In fairness to our governmental partner, our shareholders should acknowledge – indeed trumpet – the fact that Berkshire’s prosperity has been fostered mightily because the company has operated in America. Our country would have done splendidly in the years since 1965 without Berkshire. Absent our American home, however, Berkshire would never have come close to becoming what it is today. When you see the flag, say thanks.</p><p>• From an $8.6 million purchase of National Indemnity in 1967, Berkshire has become the world leader in insurance “float” – money we hold and can invest but that does not belong to us. Including a relatively small sum derived from life insurance, Berkshire’s total float has grown from $19 million when we entered the insurance business to $147 billion.</p><p>So far, this float has cost us less than nothing. Though we have experienced a number of years when insurance losses combined with operating expenses exceeded premiums, overall we have earned a modest 55-year profit from the underwriting activities that generated our float.</p><p>Of equal importance, float is very sticky. Funds attributable to our insurance operations come and go daily, but their aggregate total is immune from precipitous decline. When it comes to investing float, we can therefore think long-term.</p><p>If you are not already familiar with the concept of float, I refer you to a long explanation on page A-5. To my surprise, our float increased $9 billion last year, a buildup of value that is important to Berkshire owners though is not reflected in our GAAP (“generally-accepted accounting principles”) presentation of earnings and net worth.</p><p>Much of our huge value creation in insurance is attributable to Berkshire’s good luck in my 1986 hiring of Ajit Jain. We first met on a Saturday morning, and I quickly asked Ajit what his insurance experience had been. He replied, “None.”</p><p>I said, “Nobody’s perfect,” and hired him. That was my lucky day: Ajit actually was as perfect a choice as could have been made. Better yet, he continues to be – 35 years later.</p><p>One final thought about insurance: I believe that it is likely – but far from assured – that Berkshire’s float can be maintained without our incurring a long-term underwriting loss. I am certain, however, that there will be some years when we experience such losses, perhaps involving very large sums.</p><p>Berkshire is constructed to handle catastrophic events as no other insurer – and that priority will remain long after Charlie and I are gone.</p><h2>Our Four Giants</h2><p>Through Berkshire, our shareholders own many dozens of businesses. Some of these, in turn, have a collection of subsidiaries of their own. For example, Marmon has more than 100 individual business operations, ranging from the leasing of railroad cars to the manufacture of medical devices.</p><p>• Nevertheless, operations of our “Big Four” companies account for a very large chunk of Berkshire’s value. Leading this list is our cluster of insurers. Berkshire effectively owns 100% of this group, whose massive float value we earlier described. The invested assets of these insurers are further enlarged by the extraordinary amount of capital we invest to back up their promises.</p><p>The insurance business is made to order for Berkshire. The product will never be obsolete, and sales volume will generally increase along with both economic growth and inflation. Also, integrity and capital will forever be important. Our company can and will behave well.</p><p>There are, of course, other insurers with excellent business models and prospects. Replication of Berkshire’s operation, however, would be almost impossible.</p><p>• Apple – our runner-up Giant as measured by its yearend market value – is a different sort of holding. Here, our ownership is a mere 5.55%, up from 5.39% a year earlier. That increase sounds like small potatoes. But consider that each 0.1% of Apple’s 2021 earnings amounted to $100 million. We spent no Berkshire funds to gain our accretion. Apple’s repurchases did the job.</p><p>It’s important to understand that only dividends from Apple are counted in the GAAP earnings Berkshire reports – and last year, Apple paid us $785 million of those. Yet our “share” of Apple’s earnings amounted to a staggering $5.6 billion. Much of what the company retained was used to repurchase Apple shares, an act we applaud. Tim Cook, Apple’s brilliant CEO, quite properly regards users of Apple products as his first love, but all of his other constituencies benefit from Tim’s managerial touch as well.</p><p>• BNSF, our third Giant, continues to be the number one artery of American commerce, which makes it an indispensable asset for America as well as for Berkshire. If the many essential products BNSF carries were instead hauled by truck, America’s carbon emissions would soar.</p><p>Your railroad had record earnings of $6 billion in 2021. Here, it should be noted, we are talking about the old-fashioned sort of earnings that we favor: a figure calculated after interest, taxes, depreciation, amortization and all forms of compensation. (Our definition suggests a warning: Deceptive “adjustments” to earnings – to use a polite description – have become both more frequent and more fanciful as stocks have risen. Speaking less politely, I would say that bull markets breed bloviated bull )</p><p>BNSF trains traveled 143 million miles last year and carried 535 million tons of cargo. Both accomplishments far exceed those of any other American carrier. You can be proud of your railroad.</p><p>• BHE, our final Giant, earned a record $4 billion in 2021. That’s up more than 30-fold from the $122 million earned in 2000, the year that Berkshire first purchased a BHE stake. Now, Berkshire owns 91.1% of the company.</p><p>BHE’s record of societal accomplishment is as remarkable as its financial performance. The company had no wind or solar generation in 2000. It was then regarded simply as a relatively new and minor participant in the huge electric utility industry. Subsequently, under David Sokol’s and Greg Abel’s leadership, BHE has become a utility powerhouse (no groaning, please) and a leading force in wind, solar and transmission throughout much of the United States.</p><p>Greg’s report on these accomplishments appears on pages A-3 and A-4. The profile you will find there is not in any way one of those currently-fashionable “green-washing” stories. BHE has been faithfully detailing its plans and performance in renewables and transmissions every year since 2007.</p><p>To further review this information, visit BHE’s website at brkenergy.com. There, you will see that the company has long been making climate-conscious moves that soak up all of its earnings. More opportunities lie ahead. BHE has the management, the experience, the capital and the appetite for the huge power projects that our country needs.</p><h2>Investments</h2><p>Now let’s talk about companies we don’t control, a list that again references Apple. Below we list our fifteen largest equity holdings, several of which are selections of Berkshire’s two long-time investment managers, Todd Combs and Ted Weschler. At yearend, this valued pair had total authority in respect to $34 billion of investments, many of which do not meet the threshold value we use in the table. Also, a significant portion of the dollars that Todd and Ted manage are lodged in various pension plans of Berkshire-owned businesses, with the assets of these plans not included in this table.</p><p><img src=\"https://static.tigerbbs.com/d43587e9f59c0ff76e6c04c6bf9af324\" tg-width=\"1047\" tg-height=\"530\" referrerpolicy=\"no-referrer\"/>* This is our actual purchase price and also our tax basis.</p><p>** Held by BHE; consequently, Berkshire shareholders have only a 91.1% interest in this position.</p><p>*** Includes a $10 billion investment in Occidental Petroleum, consisting of preferred stock and warrants to buy common stock, a combination now being valued at $10.7 billion.</p><p>In addition to the footnoted Occidental holding and our various common-stock positions, Berkshire also owns a 26.6% interest in Kraft Heinz (accounted for on the “equity” method, not market value, and carried at $13.1 billion) and 38.6% of Pilot Corp., a leader in travel centers that had revenues last year of $45 billion.</p><p>Since we purchased our Pilot stake in 2017, this holding has warranted “equity” accounting treatment. Early in 2023, Berkshire will purchase an additional interest in Pilot that will raise our ownership to 80% and lead to our fully consolidating Pilot’s earnings, assets and liabilities in our financial statements.</p><h2>U.S. Treasury Bills</h2><p>Berkshire’s balance sheet includes $144 billion of cash and cash equivalents (excluding the holdings of BNSF and BHE). Of this sum, $120 billion is held in U.S. Treasury bills, all maturing in less than a year. That stake leaves Berkshire financing about 12 of 1% of the publicly-held national debt.</p><p>Charlie and I have pledged that Berkshire (along with our subsidiaries other than BNSF and BHE) will always hold more than $30 billion of cash and equivalents. We want your company to be financially impregnable and never dependent on the kindness of strangers (or even that of friends). Both of us like to sleep soundly, and we want our creditors, insurance claimants and you to do so as well.</p><h2>But $144 billion?</h2><p>That imposing sum, I assure you, is not some deranged expression of patriotism. Nor have Charlie and I lost our overwhelming preference for business ownership. Indeed, I first manifested my enthusiasm for that 80 years ago, on March 11, 1942, when I purchased three shares of Cities Services preferred stock. Their cost was $114.75 and required all of my savings. (The Dow Jones Industrial Average that day closed at 99, a fact that should scream to you: Never bet against America.)</p><p>After my initial plunge, I always kept at least 80% of my net worth in equities. My favored status throughout that period was 100% – and still is. Berkshire’s current 80%-or-so position in businesses is a consequence of my failure to find entire companies or small portions thereof (that is, marketable stocks) which meet our criteria for long- term holding.</p><p>Charlie and I have endured similar cash-heavy positions from time to time in the past. These periods are never pleasant; they are also never permanent. And, fortunately, we have had a mildly attractive alternative during 2020 and 2021 for deploying capital. Read on.</p><h2>Share Repurchases</h2><p>There are three ways that we can increase the value of your investment. The first is always front and center in our minds: Increase the long-term earning power of Berkshire’s controlled businesses through internal growth or by making acquisitions. Today, internal opportunities deliver far better returns than acquisitions. The size of those opportunities, however, is small compared to Berkshire’s resources.</p><p>Our second choice is to buy non-controlling part-interests in the many good or great businesses that are publicly traded. From time to time, such possibilities are both numerous and blatantly attractive. Today, though, we find little that excites us.</p><p>That’s largely because of a truism: Long-term interest rates that are low push the prices of all productive investments upward, whether these are stocks, apartments, farms, oil wells, whatever. Other factors influence valuations as well, but interest rates will always be important.</p><p>Our final path to value creation is to repurchase Berkshire shares. Through that simple act, we increase your share of the many controlled and non-controlled businesses Berkshire owns. When the price/value equation is right, this path is the easiest and most certain way for us to increase your wealth. (Alongside the accretion of value to continuing shareholders, a couple of other parties gain: Repurchases are modestly beneficial to the seller of the repurchased shares and to society as well.)</p><p>Periodically, as alternative paths become unattractive, repurchases make good sense for Berkshire’s owners. During the past two years, we therefore repurchased 9% of the shares that were outstanding at yearend 2019 for a total cost of $51.7 billion. That expenditure left our continuing shareholders owning about 10% more of all Berkshire businesses, whether these are wholly-owned (such as BNSF and GEICO) or partly-owned (such as Coca-Cola and Moody’s).</p><p>I want to underscore that for Berkshire repurchases to make sense, our shares must offer appropriate value. We don’t want to overpay for the shares of other companies, and it would be value-destroying if we were to overpay when we are buying Berkshire. As of February 23, 2022, since yearend we repurchased additional shares at a cost of $1.2 billion. Our appetite remains large but will always remain price-dependent.</p><p>It should be noted that Berkshire’s buyback opportunities are limited because of its high-class investor base. If our shares were heavily held by short-term speculators, both price volatility and transaction volumes would materially increase. That kind of reshaping would offer us far greater opportunities for creating value by making repurchases. Nevertheless, Charlie and I far prefer the owners we have, even though their admirable buy-and-keep attitudes limit the extent to which long-term shareholders can profit from opportunistic repurchases.</p><p>Finally, one easily-overlooked value calculation specific to Berkshire: As we’ve discussed, insurance “float” of the right sort is of great value to us. As it happens, repurchases automatically increase the amount of “float” per share. That figure has increased during the past two years by 25% – going from $79,387 per “A” share to $99,497, a meaningful gain that, as noted, owes some thanks to repurchases.</p><h2>A Wonderful Man and a Wonderful Business</h2><p>Last year, Paul Andrews died. Paul was the founder and CEO of TTI, a Fort Worth-based subsidiary of Berkshire. Throughout his life – in both his business and his personal pursuits – Paul quietly displayed all the qualities that Charlie and I admire. His story should be told.</p><p>In 1971, Paul was working as a purchasing agent for General Dynamics when the roof fell in. After losing a huge defense contract, the company fired thousands of employees, including Paul.</p><p>With his first child due soon, Paul decided to bet on himself, using $500 of his savings to found Tex-Tronics (later renamed TTI). The company set itself up to distribute small electronic components, and first-year sales totaled $112,000. Today, TTI markets more than one million different items with annual volume of $7.7 billion.</p><p>But back to 2006: Paul, at 63, then found himself happy with his family, his job, and his associates. But he had one nagging worry, heightened because he had recently witnessed a friend’s early death and the disastrous results that followed for that man’s family and business. What, Paul asked himself in 2006, would happen to the many people depending on him if he should unexpectedly die?</p><p>For a year, Paul wrestled with his options. Sell to a competitor? From a strictly economic viewpoint, that course made the most sense. After all, competitors could envision lucrative “synergies” – savings that would be achieved as the acquiror slashed duplicated functions at TTI.</p><p>But . . . Such a purchaser would most certainly also retain its CFO, its legal counsel, its HR unit. Their TTI counterparts would therefore be sent packing. And ugh! If a new distribution center were to be needed, the acquirer’s home city would certainly be favored over Fort Worth.</p><p>Whatever the financial benefits, Paul quickly concluded that selling to a competitor was not for him. He next considered seeking a financial buyer, a species once labeled – aptly so – a leveraged buyout firm. Paul knew, however, that such a purchaser would be focused on an “exit strategy.” And who could know what that would be? Brooding over it all, Paul found himself having no interest in handing his 35-year-old creation over to a reseller.</p><p>When Paul met me, he explained why he had eliminated these two alternatives as buyers. He then summed up his dilemma by saying – in far more tactful phrasing than this – “After a year of pondering the alternatives, I want to sell to Berkshire because you are the only guy left.” So, I made an offer and Paul said “Yes.” One meeting; one lunch; one deal.</p><p>To say we both lived happily ever after is an understatement. When Berkshire purchased TTI, the company employed 2,387. Now the number is 8,043. A large percentage of that growth took place in Fort Worth and environs. Earnings have increased 673%.</p><p>Annually, I would call Paul and tell him his salary should be substantially increased. Annually, he would tell me, “We can talk about that next year, Warren; I’m too busy now.”</p><p>When Greg Abel and I attended Paul’s memorial service, we met children, grandchildren, long-time associates (including TTI’s first employee) and John Roach, the former CEO of a Fort Worth company Berkshire had purchased in 2000. John had steered his friend Paul to Omaha, instinctively knowing we would be a match.</p><p>At the service, Greg and I heard about the multitudes of people and organizations that Paul had silently supported. The breadth of his generosity was extraordinary – geared always to improving the lives of others, particularly those in Fort Worth.</p><p>In all ways, Paul was a class act.</p><p>* * * * * * * * * * * *</p><p>Good luck – occasionally extraordinary luck – has played its part at Berkshire. If Paul and I had not enjoyed a mutual friend – John Roach – TTI would not have found its home with us. But that ample serving of luck was only the beginning. TTI was soon to lead Berkshire to its most important acquisition.</p><p>Every fall, Berkshire directors gather for a presentation by a few of our executives. We sometimes choose the site based upon the location of a recent acquisition, by that means allowing directors to meet the new subsidiary’s CEO and learn more about the acquiree’s activities.</p><p>In the fall of 2009, we consequently selected Fort Worth so that we could visit TTI. At that time, BNSF, which also had Fort Worth as its hometown, was the third-largest holding among our marketable equities. Despite that large stake, I had never visited the railroad’s headquarters.</p><p>Deb Bosanek, my assistant, scheduled our board’s opening dinner for October 22. Meanwhile, I arranged to arrive earlier that day to meet with Matt Rose, CEO of BNSF, whose accomplishments I had long admired. When I made the date, I had no idea that our get-together would coincide with BNSF’s third-quarter earnings report, which was released late on the 22nd.</p><p>The market reacted badly to the railroad’s results. The Great Recession was in full force in the third quarter, and BNSF’s earnings reflected that slump. The economic outlook was also bleak, and Wall Street wasn’t feeling friendly to railroads – or much else.</p><p>On the following day, I again got together with Matt and suggested that Berkshire would offer the railroad a better long-term home than it could expect as a public company. I also told him the maximum price that Berkshire would pay.</p><p>Matt relayed the offer to his directors and advisors. Eleven busy days later, Berkshire and BNSF announced a firm deal. And here I’ll venture a rare prediction: BNSF will be a key asset for Berkshire and our country a century from now.</p><p>The BNSF acquisition would never have happened if Paul Andrews hadn’t sized up Berkshire as the right home for TTI.</p><h2>Thanks</h2><p>I taught my first investing class 70 years ago. Since then, I have enjoyed working almost every year with students of all ages, finally “retiring” from that pursuit in 2018.</p><p>Along the way, my toughest audience was my grandson’s fifth-grade class. The 11-year-olds were squirming in their seats and giving me blank stares until I mentioned Coca-Cola and its famous secret formula. Instantly, every hand went up, and I learned that “secrets” are catnip to kids.</p><p>Teaching, like writing, has helped me develop and clarify my own thoughts. Charlie calls this phenomenon the orangutan effect: If you sit down with an orangutan and carefully explain to it one of your cherished ideas, you may leave behind a puzzled primate, but will yourself exit thinking more clearly.</p><p>Talking to university students is far superior. I have urged that they seek employment in (1) the field and (2) with the kind of people they would select, if they had no need for money. Economic realities, I acknowledge, may interfere with that kind of search. Even so, I urge the students never to give up the quest, for when they find that sort of job, they will no longer be “working.”</p><p>Charlie and I, ourselves, followed that liberating course after a few early stumbles. We both started as part- timers at my grandfather’s grocery store, Charlie in 1940 and I in 1942. We were each assigned boring tasks and paid little, definitely not what we had in mind. Charlie later took up law, and I tried selling securities. Job satisfaction continued to elude us.</p><p>Finally, at Berkshire, we found what we love to do. With very few exceptions, we have now “worked” for many decades with people whom we like and trust. It’s a joy in life to join with managers such as Paul Andrews or the Berkshire families I told you about last year. In our home office, we employ decent and talented people – no jerks. Turnover averages, perhaps, one person per year.</p><p>I would like, however, to emphasize a further item that turns our jobs into fun and satisfaction working</p><p>for you. There is nothing more rewarding to Charlie and me than enjoying the trust of individual long-term shareholders who, for many decades, have joined us with the expectation that we would be a reliable custodian of their funds.</p><p>Obviously, we can’t select our owners, as we could do if our form of operation were a partnership. Anyone can buy shares of Berkshire today with the intention of soon reselling them. For sure, we get a few of that type of shareholder, just as we get index funds that own huge amounts of Berkshire simply because they are required to do so.</p><p>To a truly unusual degree, however, Berkshire has as owners a very large corps of individuals and families that have elected to join us with an intent approaching “til death do us part.” Often, they have trusted us with a large – some might say excessive – portion of their savings.</p><p>Berkshire, these shareholders would sometimes acknowledge, might be far from the best selection they could have made. But they would add that Berkshire would rank high among those with which they would be most comfortable. And people who are comfortable with their investments will, on average, achieve better results than those who are motivated by ever-changing headlines, chatter and promises.</p><p>Long-term individual owners are both the “partners” Charlie and I have always sought and the ones we constantly have in mind as we make decisions at Berkshire. To them we say, “It feels good to ‘work’ for you, and you have our thanks for your trust.”</p><h2>The Annual Meeting</h2><p>Clear your calendar! Berkshire will have its annual gathering of capitalists in Omaha on Friday, April 29th through Sunday, May 1st. The details regarding the weekend are laid out on pages A-1 and A-2. Omaha eagerly awaits you, as do I.</p><p>I will end this letter with a sales pitch. “Cousin” Jimmy Buffett has designed a pontoon “party” boat that is now being manufactured by Forest River, a Berkshire subsidiary. The boat will be introduced on April 29 at our Berkshire Bazaar of Bargains. And, for two days only, shareholders will be able to purchase Jimmy’s masterpiece at a 10% discount. Your bargain-hunting chairman will be buying a boat for his family’s use. Join me.</p><p>February 26, 2022</p><p>Warren E. Buffett Chairman of the Board</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>Buffett Full Annual Letter：Apple is One of ‘Four Giants’ Driving the Conglomerate’s Value</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\">\nBuffett Full Annual Letter：Apple is One of ‘Four Giants’ Driving the Conglomerate’s Value\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\">2022-02-27 09:48</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Warren Buffett released his annual letter to Berkshire Hathaway shareholders on Saturday. The 91-year-old investing legend has been publishing the letter for over six decades and it has become required reading for investors around the world.</p><p>Warren Buffett said he now considers tech giant Apple as one of the four pillars driving Berkshire Hathaway, the conglomerate of mostly old-economy businesses he’s assembled over the last five decades.</p><p>In his annual letter to shareholders released on Saturday, the 91-year-old investing legend listed Apple under the heading “Our Four Giants” and even called the company the second-most important after Berkshire’s cluster of insurers, thanks to its chief executive.</p><p>“Tim Cook, Apple’s brilliant CEO, quite properly regards users of Apple products as his first love, but all of his other constituencies benefit from Tim’s managerial touch as well,” the letter stated.</p><p>Buffett made clear he is a fan of Cook’s stock repurchase strategy, and how it gives the conglomerate increased ownership of each dollar of the iPhone maker’s earnings without the investor having to lift a finger.</p><p>“Apple – our runner-up Giant as measured by its yearend market value – is a different sort of holding. Here, our ownership is a mere 5.55%, up from 5.39% a year earlier,” Buffett said in the letter. “That increase sounds like small potatoes. But consider that each 0.1% of Apple’s 2021 earnings amounted to $100 million. We spent no Berkshire funds to gain our accretion. Apple’s repurchases did the job.”</p><p>Berkshire began buying Apple stock in 2016 under the influence of Buffett’s investing deputies Todd Combs and Ted Weschler. By mid-2018, the conglomerate accumulated 5% ownership of the iPhone maker, a stake that cost $36 billion. Today, the Apple investment is now worth more than $160 billion, taking up 40% of Berkshire’s equity portfolio.</p><p>“It’s important to understand that only dividends from Apple are counted in the GAAP earnings Berkshire reports – and last year, Apple paid us $785 million of those. Yet our ‘share’ of Apple’s earnings amounted to a staggering $5.6 billion. Much of what the company retained was used to repurchase Apple shares, an act we applaud,” Buffett said.</p><p>Berkshire is Apple’s largest shareholder, outside of index and exchange-traded fund providers.</p><p>Buffett also credited his railroad business BNSF and energy segment BHE as two other giants of the conglomerate, which both registered record earnings in 2021.</p><p>“BNSF, our third Giant, continues to be the number one artery of American commerce, which makes it an indispensable asset for America as well as for Berkshire,” Buffett said. “BHE has become a utility powerhouse and a leading force in wind, solar and transmission throughout much of the United States.”</p><p><b>Read the full letter here：</b></p><p>To the Shareholders of Berkshire Hathaway Inc.:</p><p>Charlie Munger, my long-time partner, and I have the job of managing a portion of your savings. We are honored by your trust.</p><p>Our position carries with it the responsibility to report to you what we would like to know if we were the absentee owner and you were the manager. We enjoy communicating directly with you through this annual letter, and through the annual meeting as well.</p><p>Our policy is to treat all shareholders equally. Therefore, we do not hold discussions with analysts nor large institutions. Whenever possible, also, we release important communications on Saturday mornings in order to maximize the time for shareholders and the media to absorb the news before markets open on Monday.</p><p>A wealth of Berkshire facts and figures are set forth in the annual 10-K that the company regularly files with the S.E.C. and that we reproduce on pages K-1 – K-119. Some shareholders will find this detail engrossing; others will simply prefer to learn what Charlie and I believe is new or interesting at Berkshire.</p><p>Alas, there was little action of that sort in 2021. We did, though, make reasonable progress in increasing the intrinsic value of your shares. That task has been my primary duty for 57 years. And it will continue to be.</p><p><b>What You Own</b></p><p>Berkshire owns a wide variety of businesses, some in their entirety, some only in part. The second group largely consists of marketable common stocks of major American companies. Additionally, we own a few non-U.S. equities and participate in several joint ventures or other collaborative activities.</p><p>Whatever our form of ownership, our goal is to have meaningful investments in businesses with both durable economic advantages and a first-class CEO. Please note particularly that we own stocks based upon our expectations about their long-term business performance and not because we view them as vehicles for timely market moves. That point is crucial: Charlie and I are not stock-pickers; we are business-pickers.</p><p>I make many mistakes. Consequently, our extensive collection of businesses includes some enterprises that have truly extraordinary economics, many others that enjoy good economic characteristics, and a few that are marginal. One advantage of our common-stock segment is that – on occasion – it becomes easy to buy pieces of wonderful businesses at wonderful prices. That shooting-fish-in-a-barrel experience is very rare in negotiated transactions and never occurs en masse. It is also far easier to exit from a mistake when it has been made in the marketable arena.</p><h2><b>Surprise, Surprise</b></h2><p>Here are a few items about your company that often surprise even seasoned investors:</p><p>• Many people perceive Berkshire as a large and somewhat strange collection of financial assets. In truth, Berkshire owns and operates more U.S.-based “infrastructure” assets – classified on our balance sheet as property, plant and equipment – than are owned and operated by any other American corporation. That supremacy has never been our goal. It has, however, become a fact.</p><p>At yearend, those domestic infrastructure assets were carried on Berkshire’s balance sheet at $158 billion. That number increased last year and will continue to increase. Berkshire always will be building.</p><p>• Every year, your company makes substantial federal income tax payments. In 2021, for example, we paid</p><p>$3.3 billion while the U.S. Treasury reported total corporate income-tax receipts of $402 billion. Additionally, Berkshire pays substantial state and foreign taxes. “I gave at the office” is an unassailable assertion when made by Berkshire shareholders.</p><p>Berkshire’s history vividly illustrates the invisible and often unrecognized financial partnership between  government and American businesses. Our tale begins early in 1955, when Berkshire Fine Spinning and Hathaway Manufacturing agreed to merge their businesses. In their requests for shareholder approval, these venerable New England textile companies expressed high hopes for the combination.</p><p></p><p>The Hathaway solicitation, for example, assured its shareholders that “The combination of the resources and managements will result in one of the strongest and most efficient organizations in the textile industry.” That upbeat view was endorsed by the company’s advisor, Lehman Brothers (yes, that Lehman Brothers).</p><p>I’m sure it was a joyous day in both Fall River (Berkshire) and New Bedford (Hathaway) when the union was consummated. After the bands stopped playing and the bankers went home, however, the shareholders reaped a disaster.</p><p>In the nine years following the merger, Berkshire’s owners watched the company’s net worth crater from</p><p>$51.4 million to $22.1 million. In part, this decline was caused by stock repurchases, ill-advised dividends and plant shutdowns. But nine years of effort by many thousands of employees delivered an operating loss as well. Berkshire’s struggles were not unusual: The New England textile industry had silently entered an extended and non-reversible death march.</p><p>During the nine post-merger years, the U.S. Treasury suffered as well from Berkshire’s troubles. All told, the company paid the government only $337,359 in income tax during that period – a pathetic $100 per day.</p><p>Early in 1965, things changed. Berkshire installed new management that redeployed available cash and steered essentially all earnings into a variety of good businesses, most of which remained good through the years. Coupling reinvestment of earnings with the power of compounding worked its magic, and shareholders prospered.</p><p>Berkshire’s owners, it should be noted, were not the only beneficiary of that course correction. Their “silent partner,” the U.S. Treasury, proceeded to collect many tens of billions of dollars from the company in income tax payments. Remember the $100 daily? Now, Berkshire pays roughly $9 million daily to the Treasury.</p><p>In fairness to our governmental partner, our shareholders should acknowledge – indeed trumpet – the fact that Berkshire’s prosperity has been fostered mightily because the company has operated in America. Our country would have done splendidly in the years since 1965 without Berkshire. Absent our American home, however, Berkshire would never have come close to becoming what it is today. When you see the flag, say thanks.</p><p>• From an $8.6 million purchase of National Indemnity in 1967, Berkshire has become the world leader in insurance “float” – money we hold and can invest but that does not belong to us. Including a relatively small sum derived from life insurance, Berkshire’s total float has grown from $19 million when we entered the insurance business to $147 billion.</p><p>So far, this float has cost us less than nothing. Though we have experienced a number of years when insurance losses combined with operating expenses exceeded premiums, overall we have earned a modest 55-year profit from the underwriting activities that generated our float.</p><p>Of equal importance, float is very sticky. Funds attributable to our insurance operations come and go daily, but their aggregate total is immune from precipitous decline. When it comes to investing float, we can therefore think long-term.</p><p>If you are not already familiar with the concept of float, I refer you to a long explanation on page A-5. To my surprise, our float increased $9 billion last year, a buildup of value that is important to Berkshire owners though is not reflected in our GAAP (“generally-accepted accounting principles”) presentation of earnings and net worth.</p><p>Much of our huge value creation in insurance is attributable to Berkshire’s good luck in my 1986 hiring of Ajit Jain. We first met on a Saturday morning, and I quickly asked Ajit what his insurance experience had been. He replied, “None.”</p><p>I said, “Nobody’s perfect,” and hired him. That was my lucky day: Ajit actually was as perfect a choice as could have been made. Better yet, he continues to be – 35 years later.</p><p>One final thought about insurance: I believe that it is likely – but far from assured – that Berkshire’s float can be maintained without our incurring a long-term underwriting loss. I am certain, however, that there will be some years when we experience such losses, perhaps involving very large sums.</p><p>Berkshire is constructed to handle catastrophic events as no other insurer – and that priority will remain long after Charlie and I are gone.</p><h2>Our Four Giants</h2><p>Through Berkshire, our shareholders own many dozens of businesses. Some of these, in turn, have a collection of subsidiaries of their own. For example, Marmon has more than 100 individual business operations, ranging from the leasing of railroad cars to the manufacture of medical devices.</p><p>• Nevertheless, operations of our “Big Four” companies account for a very large chunk of Berkshire’s value. Leading this list is our cluster of insurers. Berkshire effectively owns 100% of this group, whose massive float value we earlier described. The invested assets of these insurers are further enlarged by the extraordinary amount of capital we invest to back up their promises.</p><p>The insurance business is made to order for Berkshire. The product will never be obsolete, and sales volume will generally increase along with both economic growth and inflation. Also, integrity and capital will forever be important. Our company can and will behave well.</p><p>There are, of course, other insurers with excellent business models and prospects. Replication of Berkshire’s operation, however, would be almost impossible.</p><p>• Apple – our runner-up Giant as measured by its yearend market value – is a different sort of holding. Here, our ownership is a mere 5.55%, up from 5.39% a year earlier. That increase sounds like small potatoes. But consider that each 0.1% of Apple’s 2021 earnings amounted to $100 million. We spent no Berkshire funds to gain our accretion. Apple’s repurchases did the job.</p><p>It’s important to understand that only dividends from Apple are counted in the GAAP earnings Berkshire reports – and last year, Apple paid us $785 million of those. Yet our “share” of Apple’s earnings amounted to a staggering $5.6 billion. Much of what the company retained was used to repurchase Apple shares, an act we applaud. Tim Cook, Apple’s brilliant CEO, quite properly regards users of Apple products as his first love, but all of his other constituencies benefit from Tim’s managerial touch as well.</p><p>• BNSF, our third Giant, continues to be the number one artery of American commerce, which makes it an indispensable asset for America as well as for Berkshire. If the many essential products BNSF carries were instead hauled by truck, America’s carbon emissions would soar.</p><p>Your railroad had record earnings of $6 billion in 2021. Here, it should be noted, we are talking about the old-fashioned sort of earnings that we favor: a figure calculated after interest, taxes, depreciation, amortization and all forms of compensation. (Our definition suggests a warning: Deceptive “adjustments” to earnings – to use a polite description – have become both more frequent and more fanciful as stocks have risen. Speaking less politely, I would say that bull markets breed bloviated bull )</p><p>BNSF trains traveled 143 million miles last year and carried 535 million tons of cargo. Both accomplishments far exceed those of any other American carrier. You can be proud of your railroad.</p><p>• BHE, our final Giant, earned a record $4 billion in 2021. That’s up more than 30-fold from the $122 million earned in 2000, the year that Berkshire first purchased a BHE stake. Now, Berkshire owns 91.1% of the company.</p><p>BHE’s record of societal accomplishment is as remarkable as its financial performance. The company had no wind or solar generation in 2000. It was then regarded simply as a relatively new and minor participant in the huge electric utility industry. Subsequently, under David Sokol’s and Greg Abel’s leadership, BHE has become a utility powerhouse (no groaning, please) and a leading force in wind, solar and transmission throughout much of the United States.</p><p>Greg’s report on these accomplishments appears on pages A-3 and A-4. The profile you will find there is not in any way one of those currently-fashionable “green-washing” stories. BHE has been faithfully detailing its plans and performance in renewables and transmissions every year since 2007.</p><p>To further review this information, visit BHE’s website at brkenergy.com. There, you will see that the company has long been making climate-conscious moves that soak up all of its earnings. More opportunities lie ahead. BHE has the management, the experience, the capital and the appetite for the huge power projects that our country needs.</p><h2>Investments</h2><p>Now let’s talk about companies we don’t control, a list that again references Apple. Below we list our fifteen largest equity holdings, several of which are selections of Berkshire’s two long-time investment managers, Todd Combs and Ted Weschler. At yearend, this valued pair had total authority in respect to $34 billion of investments, many of which do not meet the threshold value we use in the table. Also, a significant portion of the dollars that Todd and Ted manage are lodged in various pension plans of Berkshire-owned businesses, with the assets of these plans not included in this table.</p><p><img src=\"https://static.tigerbbs.com/d43587e9f59c0ff76e6c04c6bf9af324\" tg-width=\"1047\" tg-height=\"530\" referrerpolicy=\"no-referrer\"/>* This is our actual purchase price and also our tax basis.</p><p>** Held by BHE; consequently, Berkshire shareholders have only a 91.1% interest in this position.</p><p>*** Includes a $10 billion investment in Occidental Petroleum, consisting of preferred stock and warrants to buy common stock, a combination now being valued at $10.7 billion.</p><p>In addition to the footnoted Occidental holding and our various common-stock positions, Berkshire also owns a 26.6% interest in Kraft Heinz (accounted for on the “equity” method, not market value, and carried at $13.1 billion) and 38.6% of Pilot Corp., a leader in travel centers that had revenues last year of $45 billion.</p><p>Since we purchased our Pilot stake in 2017, this holding has warranted “equity” accounting treatment. Early in 2023, Berkshire will purchase an additional interest in Pilot that will raise our ownership to 80% and lead to our fully consolidating Pilot’s earnings, assets and liabilities in our financial statements.</p><h2>U.S. Treasury Bills</h2><p>Berkshire’s balance sheet includes $144 billion of cash and cash equivalents (excluding the holdings of BNSF and BHE). Of this sum, $120 billion is held in U.S. Treasury bills, all maturing in less than a year. That stake leaves Berkshire financing about 12 of 1% of the publicly-held national debt.</p><p>Charlie and I have pledged that Berkshire (along with our subsidiaries other than BNSF and BHE) will always hold more than $30 billion of cash and equivalents. We want your company to be financially impregnable and never dependent on the kindness of strangers (or even that of friends). Both of us like to sleep soundly, and we want our creditors, insurance claimants and you to do so as well.</p><h2>But $144 billion?</h2><p>That imposing sum, I assure you, is not some deranged expression of patriotism. Nor have Charlie and I lost our overwhelming preference for business ownership. Indeed, I first manifested my enthusiasm for that 80 years ago, on March 11, 1942, when I purchased three shares of Cities Services preferred stock. Their cost was $114.75 and required all of my savings. (The Dow Jones Industrial Average that day closed at 99, a fact that should scream to you: Never bet against America.)</p><p>After my initial plunge, I always kept at least 80% of my net worth in equities. My favored status throughout that period was 100% – and still is. Berkshire’s current 80%-or-so position in businesses is a consequence of my failure to find entire companies or small portions thereof (that is, marketable stocks) which meet our criteria for long- term holding.</p><p>Charlie and I have endured similar cash-heavy positions from time to time in the past. These periods are never pleasant; they are also never permanent. And, fortunately, we have had a mildly attractive alternative during 2020 and 2021 for deploying capital. Read on.</p><h2>Share Repurchases</h2><p>There are three ways that we can increase the value of your investment. The first is always front and center in our minds: Increase the long-term earning power of Berkshire’s controlled businesses through internal growth or by making acquisitions. Today, internal opportunities deliver far better returns than acquisitions. The size of those opportunities, however, is small compared to Berkshire’s resources.</p><p>Our second choice is to buy non-controlling part-interests in the many good or great businesses that are publicly traded. From time to time, such possibilities are both numerous and blatantly attractive. Today, though, we find little that excites us.</p><p>That’s largely because of a truism: Long-term interest rates that are low push the prices of all productive investments upward, whether these are stocks, apartments, farms, oil wells, whatever. Other factors influence valuations as well, but interest rates will always be important.</p><p>Our final path to value creation is to repurchase Berkshire shares. Through that simple act, we increase your share of the many controlled and non-controlled businesses Berkshire owns. When the price/value equation is right, this path is the easiest and most certain way for us to increase your wealth. (Alongside the accretion of value to continuing shareholders, a couple of other parties gain: Repurchases are modestly beneficial to the seller of the repurchased shares and to society as well.)</p><p>Periodically, as alternative paths become unattractive, repurchases make good sense for Berkshire’s owners. During the past two years, we therefore repurchased 9% of the shares that were outstanding at yearend 2019 for a total cost of $51.7 billion. That expenditure left our continuing shareholders owning about 10% more of all Berkshire businesses, whether these are wholly-owned (such as BNSF and GEICO) or partly-owned (such as Coca-Cola and Moody’s).</p><p>I want to underscore that for Berkshire repurchases to make sense, our shares must offer appropriate value. We don’t want to overpay for the shares of other companies, and it would be value-destroying if we were to overpay when we are buying Berkshire. As of February 23, 2022, since yearend we repurchased additional shares at a cost of $1.2 billion. Our appetite remains large but will always remain price-dependent.</p><p>It should be noted that Berkshire’s buyback opportunities are limited because of its high-class investor base. If our shares were heavily held by short-term speculators, both price volatility and transaction volumes would materially increase. That kind of reshaping would offer us far greater opportunities for creating value by making repurchases. Nevertheless, Charlie and I far prefer the owners we have, even though their admirable buy-and-keep attitudes limit the extent to which long-term shareholders can profit from opportunistic repurchases.</p><p>Finally, one easily-overlooked value calculation specific to Berkshire: As we’ve discussed, insurance “float” of the right sort is of great value to us. As it happens, repurchases automatically increase the amount of “float” per share. That figure has increased during the past two years by 25% – going from $79,387 per “A” share to $99,497, a meaningful gain that, as noted, owes some thanks to repurchases.</p><h2>A Wonderful Man and a Wonderful Business</h2><p>Last year, Paul Andrews died. Paul was the founder and CEO of TTI, a Fort Worth-based subsidiary of Berkshire. Throughout his life – in both his business and his personal pursuits – Paul quietly displayed all the qualities that Charlie and I admire. His story should be told.</p><p>In 1971, Paul was working as a purchasing agent for General Dynamics when the roof fell in. After losing a huge defense contract, the company fired thousands of employees, including Paul.</p><p>With his first child due soon, Paul decided to bet on himself, using $500 of his savings to found Tex-Tronics (later renamed TTI). The company set itself up to distribute small electronic components, and first-year sales totaled $112,000. Today, TTI markets more than one million different items with annual volume of $7.7 billion.</p><p>But back to 2006: Paul, at 63, then found himself happy with his family, his job, and his associates. But he had one nagging worry, heightened because he had recently witnessed a friend’s early death and the disastrous results that followed for that man’s family and business. What, Paul asked himself in 2006, would happen to the many people depending on him if he should unexpectedly die?</p><p>For a year, Paul wrestled with his options. Sell to a competitor? From a strictly economic viewpoint, that course made the most sense. After all, competitors could envision lucrative “synergies” – savings that would be achieved as the acquiror slashed duplicated functions at TTI.</p><p>But . . . Such a purchaser would most certainly also retain its CFO, its legal counsel, its HR unit. Their TTI counterparts would therefore be sent packing. And ugh! If a new distribution center were to be needed, the acquirer’s home city would certainly be favored over Fort Worth.</p><p>Whatever the financial benefits, Paul quickly concluded that selling to a competitor was not for him. He next considered seeking a financial buyer, a species once labeled – aptly so – a leveraged buyout firm. Paul knew, however, that such a purchaser would be focused on an “exit strategy.” And who could know what that would be? Brooding over it all, Paul found himself having no interest in handing his 35-year-old creation over to a reseller.</p><p>When Paul met me, he explained why he had eliminated these two alternatives as buyers. He then summed up his dilemma by saying – in far more tactful phrasing than this – “After a year of pondering the alternatives, I want to sell to Berkshire because you are the only guy left.” So, I made an offer and Paul said “Yes.” One meeting; one lunch; one deal.</p><p>To say we both lived happily ever after is an understatement. When Berkshire purchased TTI, the company employed 2,387. Now the number is 8,043. A large percentage of that growth took place in Fort Worth and environs. Earnings have increased 673%.</p><p>Annually, I would call Paul and tell him his salary should be substantially increased. Annually, he would tell me, “We can talk about that next year, Warren; I’m too busy now.”</p><p>When Greg Abel and I attended Paul’s memorial service, we met children, grandchildren, long-time associates (including TTI’s first employee) and John Roach, the former CEO of a Fort Worth company Berkshire had purchased in 2000. John had steered his friend Paul to Omaha, instinctively knowing we would be a match.</p><p>At the service, Greg and I heard about the multitudes of people and organizations that Paul had silently supported. The breadth of his generosity was extraordinary – geared always to improving the lives of others, particularly those in Fort Worth.</p><p>In all ways, Paul was a class act.</p><p>* * * * * * * * * * * *</p><p>Good luck – occasionally extraordinary luck – has played its part at Berkshire. If Paul and I had not enjoyed a mutual friend – John Roach – TTI would not have found its home with us. But that ample serving of luck was only the beginning. TTI was soon to lead Berkshire to its most important acquisition.</p><p>Every fall, Berkshire directors gather for a presentation by a few of our executives. We sometimes choose the site based upon the location of a recent acquisition, by that means allowing directors to meet the new subsidiary’s CEO and learn more about the acquiree’s activities.</p><p>In the fall of 2009, we consequently selected Fort Worth so that we could visit TTI. At that time, BNSF, which also had Fort Worth as its hometown, was the third-largest holding among our marketable equities. Despite that large stake, I had never visited the railroad’s headquarters.</p><p>Deb Bosanek, my assistant, scheduled our board’s opening dinner for October 22. Meanwhile, I arranged to arrive earlier that day to meet with Matt Rose, CEO of BNSF, whose accomplishments I had long admired. When I made the date, I had no idea that our get-together would coincide with BNSF’s third-quarter earnings report, which was released late on the 22nd.</p><p>The market reacted badly to the railroad’s results. The Great Recession was in full force in the third quarter, and BNSF’s earnings reflected that slump. The economic outlook was also bleak, and Wall Street wasn’t feeling friendly to railroads – or much else.</p><p>On the following day, I again got together with Matt and suggested that Berkshire would offer the railroad a better long-term home than it could expect as a public company. I also told him the maximum price that Berkshire would pay.</p><p>Matt relayed the offer to his directors and advisors. Eleven busy days later, Berkshire and BNSF announced a firm deal. And here I’ll venture a rare prediction: BNSF will be a key asset for Berkshire and our country a century from now.</p><p>The BNSF acquisition would never have happened if Paul Andrews hadn’t sized up Berkshire as the right home for TTI.</p><h2>Thanks</h2><p>I taught my first investing class 70 years ago. Since then, I have enjoyed working almost every year with students of all ages, finally “retiring” from that pursuit in 2018.</p><p>Along the way, my toughest audience was my grandson’s fifth-grade class. The 11-year-olds were squirming in their seats and giving me blank stares until I mentioned Coca-Cola and its famous secret formula. Instantly, every hand went up, and I learned that “secrets” are catnip to kids.</p><p>Teaching, like writing, has helped me develop and clarify my own thoughts. Charlie calls this phenomenon the orangutan effect: If you sit down with an orangutan and carefully explain to it one of your cherished ideas, you may leave behind a puzzled primate, but will yourself exit thinking more clearly.</p><p>Talking to university students is far superior. I have urged that they seek employment in (1) the field and (2) with the kind of people they would select, if they had no need for money. Economic realities, I acknowledge, may interfere with that kind of search. Even so, I urge the students never to give up the quest, for when they find that sort of job, they will no longer be “working.”</p><p>Charlie and I, ourselves, followed that liberating course after a few early stumbles. We both started as part- timers at my grandfather’s grocery store, Charlie in 1940 and I in 1942. We were each assigned boring tasks and paid little, definitely not what we had in mind. Charlie later took up law, and I tried selling securities. Job satisfaction continued to elude us.</p><p>Finally, at Berkshire, we found what we love to do. With very few exceptions, we have now “worked” for many decades with people whom we like and trust. It’s a joy in life to join with managers such as Paul Andrews or the Berkshire families I told you about last year. In our home office, we employ decent and talented people – no jerks. Turnover averages, perhaps, one person per year.</p><p>I would like, however, to emphasize a further item that turns our jobs into fun and satisfaction working</p><p>for you. There is nothing more rewarding to Charlie and me than enjoying the trust of individual long-term shareholders who, for many decades, have joined us with the expectation that we would be a reliable custodian of their funds.</p><p>Obviously, we can’t select our owners, as we could do if our form of operation were a partnership. Anyone can buy shares of Berkshire today with the intention of soon reselling them. For sure, we get a few of that type of shareholder, just as we get index funds that own huge amounts of Berkshire simply because they are required to do so.</p><p>To a truly unusual degree, however, Berkshire has as owners a very large corps of individuals and families that have elected to join us with an intent approaching “til death do us part.” Often, they have trusted us with a large – some might say excessive – portion of their savings.</p><p>Berkshire, these shareholders would sometimes acknowledge, might be far from the best selection they could have made. But they would add that Berkshire would rank high among those with which they would be most comfortable. And people who are comfortable with their investments will, on average, achieve better results than those who are motivated by ever-changing headlines, chatter and promises.</p><p>Long-term individual owners are both the “partners” Charlie and I have always sought and the ones we constantly have in mind as we make decisions at Berkshire. To them we say, “It feels good to ‘work’ for you, and you have our thanks for your trust.”</p><h2>The Annual Meeting</h2><p>Clear your calendar! Berkshire will have its annual gathering of capitalists in Omaha on Friday, April 29th through Sunday, May 1st. The details regarding the weekend are laid out on pages A-1 and A-2. Omaha eagerly awaits you, as do I.</p><p>I will end this letter with a sales pitch. “Cousin” Jimmy Buffett has designed a pontoon “party” boat that is now being manufactured by Forest River, a Berkshire subsidiary. The boat will be introduced on April 29 at our Berkshire Bazaar of Bargains. And, for two days only, shareholders will be able to purchase Jimmy’s masterpiece at a 10% discount. Your bargain-hunting chairman will be buying a boat for his family’s use. Join me.</p><p>February 26, 2022</p><p>Warren E. Buffett Chairman of the Board</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BRK.A":"伯克希尔","BRK.B":"伯克希尔B"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1125580913","content_text":"Warren Buffett released his annual letter to Berkshire Hathaway shareholders on Saturday. The 91-year-old investing legend has been publishing the letter for over six decades and it has become required reading for investors around the world.Warren Buffett said he now considers tech giant Apple as one of the four pillars driving Berkshire Hathaway, the conglomerate of mostly old-economy businesses he’s assembled over the last five decades.In his annual letter to shareholders released on Saturday, the 91-year-old investing legend listed Apple under the heading “Our Four Giants” and even called the company the second-most important after Berkshire’s cluster of insurers, thanks to its chief executive.“Tim Cook, Apple’s brilliant CEO, quite properly regards users of Apple products as his first love, but all of his other constituencies benefit from Tim’s managerial touch as well,” the letter stated.Buffett made clear he is a fan of Cook’s stock repurchase strategy, and how it gives the conglomerate increased ownership of each dollar of the iPhone maker’s earnings without the investor having to lift a finger.“Apple – our runner-up Giant as measured by its yearend market value – is a different sort of holding. Here, our ownership is a mere 5.55%, up from 5.39% a year earlier,” Buffett said in the letter. “That increase sounds like small potatoes. But consider that each 0.1% of Apple’s 2021 earnings amounted to $100 million. We spent no Berkshire funds to gain our accretion. Apple’s repurchases did the job.”Berkshire began buying Apple stock in 2016 under the influence of Buffett’s investing deputies Todd Combs and Ted Weschler. By mid-2018, the conglomerate accumulated 5% ownership of the iPhone maker, a stake that cost $36 billion. Today, the Apple investment is now worth more than $160 billion, taking up 40% of Berkshire’s equity portfolio.“It’s important to understand that only dividends from Apple are counted in the GAAP earnings Berkshire reports – and last year, Apple paid us $785 million of those. Yet our ‘share’ of Apple’s earnings amounted to a staggering $5.6 billion. Much of what the company retained was used to repurchase Apple shares, an act we applaud,” Buffett said.Berkshire is Apple’s largest shareholder, outside of index and exchange-traded fund providers.Buffett also credited his railroad business BNSF and energy segment BHE as two other giants of the conglomerate, which both registered record earnings in 2021.“BNSF, our third Giant, continues to be the number one artery of American commerce, which makes it an indispensable asset for America as well as for Berkshire,” Buffett said. “BHE has become a utility powerhouse and a leading force in wind, solar and transmission throughout much of the United States.”Read the full letter here：To the Shareholders of Berkshire Hathaway Inc.:Charlie Munger, my long-time partner, and I have the job of managing a portion of your savings. We are honored by your trust.Our position carries with it the responsibility to report to you what we would like to know if we were the absentee owner and you were the manager. We enjoy communicating directly with you through this annual letter, and through the annual meeting as well.Our policy is to treat all shareholders equally. Therefore, we do not hold discussions with analysts nor large institutions. Whenever possible, also, we release important communications on Saturday mornings in order to maximize the time for shareholders and the media to absorb the news before markets open on Monday.A wealth of Berkshire facts and figures are set forth in the annual 10-K that the company regularly files with the S.E.C. and that we reproduce on pages K-1 – K-119. Some shareholders will find this detail engrossing; others will simply prefer to learn what Charlie and I believe is new or interesting at Berkshire.Alas, there was little action of that sort in 2021. We did, though, make reasonable progress in increasing the intrinsic value of your shares. That task has been my primary duty for 57 years. And it will continue to be.What You OwnBerkshire owns a wide variety of businesses, some in their entirety, some only in part. The second group largely consists of marketable common stocks of major American companies. Additionally, we own a few non-U.S. equities and participate in several joint ventures or other collaborative activities.Whatever our form of ownership, our goal is to have meaningful investments in businesses with both durable economic advantages and a first-class CEO. Please note particularly that we own stocks based upon our expectations about their long-term business performance and not because we view them as vehicles for timely market moves. That point is crucial: Charlie and I are not stock-pickers; we are business-pickers.I make many mistakes. Consequently, our extensive collection of businesses includes some enterprises that have truly extraordinary economics, many others that enjoy good economic characteristics, and a few that are marginal. One advantage of our common-stock segment is that – on occasion – it becomes easy to buy pieces of wonderful businesses at wonderful prices. That shooting-fish-in-a-barrel experience is very rare in negotiated transactions and never occurs en masse. It is also far easier to exit from a mistake when it has been made in the marketable arena.Surprise, SurpriseHere are a few items about your company that often surprise even seasoned investors:• Many people perceive Berkshire as a large and somewhat strange collection of financial assets. In truth, Berkshire owns and operates more U.S.-based “infrastructure” assets – classified on our balance sheet as property, plant and equipment – than are owned and operated by any other American corporation. That supremacy has never been our goal. It has, however, become a fact.At yearend, those domestic infrastructure assets were carried on Berkshire’s balance sheet at $158 billion. That number increased last year and will continue to increase. Berkshire always will be building.• Every year, your company makes substantial federal income tax payments. In 2021, for example, we paid$3.3 billion while the U.S. Treasury reported total corporate income-tax receipts of $402 billion. Additionally, Berkshire pays substantial state and foreign taxes. “I gave at the office” is an unassailable assertion when made by Berkshire shareholders.Berkshire’s history vividly illustrates the invisible and often unrecognized financial partnership between  government and American businesses. Our tale begins early in 1955, when Berkshire Fine Spinning and Hathaway Manufacturing agreed to merge their businesses. In their requests for shareholder approval, these venerable New England textile companies expressed high hopes for the combination.The Hathaway solicitation, for example, assured its shareholders that “The combination of the resources and managements will result in one of the strongest and most efficient organizations in the textile industry.” That upbeat view was endorsed by the company’s advisor, Lehman Brothers (yes, that Lehman Brothers).I’m sure it was a joyous day in both Fall River (Berkshire) and New Bedford (Hathaway) when the union was consummated. After the bands stopped playing and the bankers went home, however, the shareholders reaped a disaster.In the nine years following the merger, Berkshire’s owners watched the company’s net worth crater from$51.4 million to $22.1 million. In part, this decline was caused by stock repurchases, ill-advised dividends and plant shutdowns. But nine years of effort by many thousands of employees delivered an operating loss as well. Berkshire’s struggles were not unusual: The New England textile industry had silently entered an extended and non-reversible death march.During the nine post-merger years, the U.S. Treasury suffered as well from Berkshire’s troubles. All told, the company paid the government only $337,359 in income tax during that period – a pathetic $100 per day.Early in 1965, things changed. Berkshire installed new management that redeployed available cash and steered essentially all earnings into a variety of good businesses, most of which remained good through the years. Coupling reinvestment of earnings with the power of compounding worked its magic, and shareholders prospered.Berkshire’s owners, it should be noted, were not the only beneficiary of that course correction. Their “silent partner,” the U.S. Treasury, proceeded to collect many tens of billions of dollars from the company in income tax payments. Remember the $100 daily? Now, Berkshire pays roughly $9 million daily to the Treasury.In fairness to our governmental partner, our shareholders should acknowledge – indeed trumpet – the fact that Berkshire’s prosperity has been fostered mightily because the company has operated in America. Our country would have done splendidly in the years since 1965 without Berkshire. Absent our American home, however, Berkshire would never have come close to becoming what it is today. When you see the flag, say thanks.• From an $8.6 million purchase of National Indemnity in 1967, Berkshire has become the world leader in insurance “float” – money we hold and can invest but that does not belong to us. Including a relatively small sum derived from life insurance, Berkshire’s total float has grown from $19 million when we entered the insurance business to $147 billion.So far, this float has cost us less than nothing. Though we have experienced a number of years when insurance losses combined with operating expenses exceeded premiums, overall we have earned a modest 55-year profit from the underwriting activities that generated our float.Of equal importance, float is very sticky. Funds attributable to our insurance operations come and go daily, but their aggregate total is immune from precipitous decline. When it comes to investing float, we can therefore think long-term.If you are not already familiar with the concept of float, I refer you to a long explanation on page A-5. To my surprise, our float increased $9 billion last year, a buildup of value that is important to Berkshire owners though is not reflected in our GAAP (“generally-accepted accounting principles”) presentation of earnings and net worth.Much of our huge value creation in insurance is attributable to Berkshire’s good luck in my 1986 hiring of Ajit Jain. We first met on a Saturday morning, and I quickly asked Ajit what his insurance experience had been. He replied, “None.”I said, “Nobody’s perfect,” and hired him. That was my lucky day: Ajit actually was as perfect a choice as could have been made. Better yet, he continues to be – 35 years later.One final thought about insurance: I believe that it is likely – but far from assured – that Berkshire’s float can be maintained without our incurring a long-term underwriting loss. I am certain, however, that there will be some years when we experience such losses, perhaps involving very large sums.Berkshire is constructed to handle catastrophic events as no other insurer – and that priority will remain long after Charlie and I are gone.Our Four GiantsThrough Berkshire, our shareholders own many dozens of businesses. Some of these, in turn, have a collection of subsidiaries of their own. For example, Marmon has more than 100 individual business operations, ranging from the leasing of railroad cars to the manufacture of medical devices.• Nevertheless, operations of our “Big Four” companies account for a very large chunk of Berkshire’s value. Leading this list is our cluster of insurers. Berkshire effectively owns 100% of this group, whose massive float value we earlier described. The invested assets of these insurers are further enlarged by the extraordinary amount of capital we invest to back up their promises.The insurance business is made to order for Berkshire. The product will never be obsolete, and sales volume will generally increase along with both economic growth and inflation. Also, integrity and capital will forever be important. Our company can and will behave well.There are, of course, other insurers with excellent business models and prospects. Replication of Berkshire’s operation, however, would be almost impossible.• Apple – our runner-up Giant as measured by its yearend market value – is a different sort of holding. Here, our ownership is a mere 5.55%, up from 5.39% a year earlier. That increase sounds like small potatoes. But consider that each 0.1% of Apple’s 2021 earnings amounted to $100 million. We spent no Berkshire funds to gain our accretion. Apple’s repurchases did the job.It’s important to understand that only dividends from Apple are counted in the GAAP earnings Berkshire reports – and last year, Apple paid us $785 million of those. Yet our “share” of Apple’s earnings amounted to a staggering $5.6 billion. Much of what the company retained was used to repurchase Apple shares, an act we applaud. Tim Cook, Apple’s brilliant CEO, quite properly regards users of Apple products as his first love, but all of his other constituencies benefit from Tim’s managerial touch as well.• BNSF, our third Giant, continues to be the number one artery of American commerce, which makes it an indispensable asset for America as well as for Berkshire. If the many essential products BNSF carries were instead hauled by truck, America’s carbon emissions would soar.Your railroad had record earnings of $6 billion in 2021. Here, it should be noted, we are talking about the old-fashioned sort of earnings that we favor: a figure calculated after interest, taxes, depreciation, amortization and all forms of compensation. (Our definition suggests a warning: Deceptive “adjustments” to earnings – to use a polite description – have become both more frequent and more fanciful as stocks have risen. Speaking less politely, I would say that bull markets breed bloviated bull )BNSF trains traveled 143 million miles last year and carried 535 million tons of cargo. Both accomplishments far exceed those of any other American carrier. You can be proud of your railroad.• BHE, our final Giant, earned a record $4 billion in 2021. That’s up more than 30-fold from the $122 million earned in 2000, the year that Berkshire first purchased a BHE stake. Now, Berkshire owns 91.1% of the company.BHE’s record of societal accomplishment is as remarkable as its financial performance. The company had no wind or solar generation in 2000. It was then regarded simply as a relatively new and minor participant in the huge electric utility industry. Subsequently, under David Sokol’s and Greg Abel’s leadership, BHE has become a utility powerhouse (no groaning, please) and a leading force in wind, solar and transmission throughout much of the United States.Greg’s report on these accomplishments appears on pages A-3 and A-4. The profile you will find there is not in any way one of those currently-fashionable “green-washing” stories. BHE has been faithfully detailing its plans and performance in renewables and transmissions every year since 2007.To further review this information, visit BHE’s website at brkenergy.com. There, you will see that the company has long been making climate-conscious moves that soak up all of its earnings. More opportunities lie ahead. BHE has the management, the experience, the capital and the appetite for the huge power projects that our country needs.InvestmentsNow let’s talk about companies we don’t control, a list that again references Apple. Below we list our fifteen largest equity holdings, several of which are selections of Berkshire’s two long-time investment managers, Todd Combs and Ted Weschler. At yearend, this valued pair had total authority in respect to $34 billion of investments, many of which do not meet the threshold value we use in the table. Also, a significant portion of the dollars that Todd and Ted manage are lodged in various pension plans of Berkshire-owned businesses, with the assets of these plans not included in this table.* This is our actual purchase price and also our tax basis.** Held by BHE; consequently, Berkshire shareholders have only a 91.1% interest in this position.*** Includes a $10 billion investment in Occidental Petroleum, consisting of preferred stock and warrants to buy common stock, a combination now being valued at $10.7 billion.In addition to the footnoted Occidental holding and our various common-stock positions, Berkshire also owns a 26.6% interest in Kraft Heinz (accounted for on the “equity” method, not market value, and carried at $13.1 billion) and 38.6% of Pilot Corp., a leader in travel centers that had revenues last year of $45 billion.Since we purchased our Pilot stake in 2017, this holding has warranted “equity” accounting treatment. Early in 2023, Berkshire will purchase an additional interest in Pilot that will raise our ownership to 80% and lead to our fully consolidating Pilot’s earnings, assets and liabilities in our financial statements.U.S. Treasury BillsBerkshire’s balance sheet includes $144 billion of cash and cash equivalents (excluding the holdings of BNSF and BHE). Of this sum, $120 billion is held in U.S. Treasury bills, all maturing in less than a year. That stake leaves Berkshire financing about 12 of 1% of the publicly-held national debt.Charlie and I have pledged that Berkshire (along with our subsidiaries other than BNSF and BHE) will always hold more than $30 billion of cash and equivalents. We want your company to be financially impregnable and never dependent on the kindness of strangers (or even that of friends). Both of us like to sleep soundly, and we want our creditors, insurance claimants and you to do so as well.But $144 billion?That imposing sum, I assure you, is not some deranged expression of patriotism. Nor have Charlie and I lost our overwhelming preference for business ownership. Indeed, I first manifested my enthusiasm for that 80 years ago, on March 11, 1942, when I purchased three shares of Cities Services preferred stock. Their cost was $114.75 and required all of my savings. (The Dow Jones Industrial Average that day closed at 99, a fact that should scream to you: Never bet against America.)After my initial plunge, I always kept at least 80% of my net worth in equities. My favored status throughout that period was 100% – and still is. Berkshire’s current 80%-or-so position in businesses is a consequence of my failure to find entire companies or small portions thereof (that is, marketable stocks) which meet our criteria for long- term holding.Charlie and I have endured similar cash-heavy positions from time to time in the past. These periods are never pleasant; they are also never permanent. And, fortunately, we have had a mildly attractive alternative during 2020 and 2021 for deploying capital. Read on.Share RepurchasesThere are three ways that we can increase the value of your investment. The first is always front and center in our minds: Increase the long-term earning power of Berkshire’s controlled businesses through internal growth or by making acquisitions. Today, internal opportunities deliver far better returns than acquisitions. The size of those opportunities, however, is small compared to Berkshire’s resources.Our second choice is to buy non-controlling part-interests in the many good or great businesses that are publicly traded. From time to time, such possibilities are both numerous and blatantly attractive. Today, though, we find little that excites us.That’s largely because of a truism: Long-term interest rates that are low push the prices of all productive investments upward, whether these are stocks, apartments, farms, oil wells, whatever. Other factors influence valuations as well, but interest rates will always be important.Our final path to value creation is to repurchase Berkshire shares. Through that simple act, we increase your share of the many controlled and non-controlled businesses Berkshire owns. When the price/value equation is right, this path is the easiest and most certain way for us to increase your wealth. (Alongside the accretion of value to continuing shareholders, a couple of other parties gain: Repurchases are modestly beneficial to the seller of the repurchased shares and to society as well.)Periodically, as alternative paths become unattractive, repurchases make good sense for Berkshire’s owners. During the past two years, we therefore repurchased 9% of the shares that were outstanding at yearend 2019 for a total cost of $51.7 billion. That expenditure left our continuing shareholders owning about 10% more of all Berkshire businesses, whether these are wholly-owned (such as BNSF and GEICO) or partly-owned (such as Coca-Cola and Moody’s).I want to underscore that for Berkshire repurchases to make sense, our shares must offer appropriate value. We don’t want to overpay for the shares of other companies, and it would be value-destroying if we were to overpay when we are buying Berkshire. As of February 23, 2022, since yearend we repurchased additional shares at a cost of $1.2 billion. Our appetite remains large but will always remain price-dependent.It should be noted that Berkshire’s buyback opportunities are limited because of its high-class investor base. If our shares were heavily held by short-term speculators, both price volatility and transaction volumes would materially increase. That kind of reshaping would offer us far greater opportunities for creating value by making repurchases. Nevertheless, Charlie and I far prefer the owners we have, even though their admirable buy-and-keep attitudes limit the extent to which long-term shareholders can profit from opportunistic repurchases.Finally, one easily-overlooked value calculation specific to Berkshire: As we’ve discussed, insurance “float” of the right sort is of great value to us. As it happens, repurchases automatically increase the amount of “float” per share. That figure has increased during the past two years by 25% – going from $79,387 per “A” share to $99,497, a meaningful gain that, as noted, owes some thanks to repurchases.A Wonderful Man and a Wonderful BusinessLast year, Paul Andrews died. Paul was the founder and CEO of TTI, a Fort Worth-based subsidiary of Berkshire. Throughout his life – in both his business and his personal pursuits – Paul quietly displayed all the qualities that Charlie and I admire. His story should be told.In 1971, Paul was working as a purchasing agent for General Dynamics when the roof fell in. After losing a huge defense contract, the company fired thousands of employees, including Paul.With his first child due soon, Paul decided to bet on himself, using $500 of his savings to found Tex-Tronics (later renamed TTI). The company set itself up to distribute small electronic components, and first-year sales totaled $112,000. Today, TTI markets more than one million different items with annual volume of $7.7 billion.But back to 2006: Paul, at 63, then found himself happy with his family, his job, and his associates. But he had one nagging worry, heightened because he had recently witnessed a friend’s early death and the disastrous results that followed for that man’s family and business. What, Paul asked himself in 2006, would happen to the many people depending on him if he should unexpectedly die?For a year, Paul wrestled with his options. Sell to a competitor? From a strictly economic viewpoint, that course made the most sense. After all, competitors could envision lucrative “synergies” – savings that would be achieved as the acquiror slashed duplicated functions at TTI.But . . . Such a purchaser would most certainly also retain its CFO, its legal counsel, its HR unit. Their TTI counterparts would therefore be sent packing. And ugh! If a new distribution center were to be needed, the acquirer’s home city would certainly be favored over Fort Worth.Whatever the financial benefits, Paul quickly concluded that selling to a competitor was not for him. He next considered seeking a financial buyer, a species once labeled – aptly so – a leveraged buyout firm. Paul knew, however, that such a purchaser would be focused on an “exit strategy.” And who could know what that would be? Brooding over it all, Paul found himself having no interest in handing his 35-year-old creation over to a reseller.When Paul met me, he explained why he had eliminated these two alternatives as buyers. He then summed up his dilemma by saying – in far more tactful phrasing than this – “After a year of pondering the alternatives, I want to sell to Berkshire because you are the only guy left.” So, I made an offer and Paul said “Yes.” One meeting; one lunch; one deal.To say we both lived happily ever after is an understatement. When Berkshire purchased TTI, the company employed 2,387. Now the number is 8,043. A large percentage of that growth took place in Fort Worth and environs. Earnings have increased 673%.Annually, I would call Paul and tell him his salary should be substantially increased. Annually, he would tell me, “We can talk about that next year, Warren; I’m too busy now.”When Greg Abel and I attended Paul’s memorial service, we met children, grandchildren, long-time associates (including TTI’s first employee) and John Roach, the former CEO of a Fort Worth company Berkshire had purchased in 2000. John had steered his friend Paul to Omaha, instinctively knowing we would be a match.At the service, Greg and I heard about the multitudes of people and organizations that Paul had silently supported. The breadth of his generosity was extraordinary – geared always to improving the lives of others, particularly those in Fort Worth.In all ways, Paul was a class act.* * * * * * * * * * * *Good luck – occasionally extraordinary luck – has played its part at Berkshire. If Paul and I had not enjoyed a mutual friend – John Roach – TTI would not have found its home with us. But that ample serving of luck was only the beginning. TTI was soon to lead Berkshire to its most important acquisition.Every fall, Berkshire directors gather for a presentation by a few of our executives. We sometimes choose the site based upon the location of a recent acquisition, by that means allowing directors to meet the new subsidiary’s CEO and learn more about the acquiree’s activities.In the fall of 2009, we consequently selected Fort Worth so that we could visit TTI. At that time, BNSF, which also had Fort Worth as its hometown, was the third-largest holding among our marketable equities. Despite that large stake, I had never visited the railroad’s headquarters.Deb Bosanek, my assistant, scheduled our board’s opening dinner for October 22. Meanwhile, I arranged to arrive earlier that day to meet with Matt Rose, CEO of BNSF, whose accomplishments I had long admired. When I made the date, I had no idea that our get-together would coincide with BNSF’s third-quarter earnings report, which was released late on the 22nd.The market reacted badly to the railroad’s results. The Great Recession was in full force in the third quarter, and BNSF’s earnings reflected that slump. The economic outlook was also bleak, and Wall Street wasn’t feeling friendly to railroads – or much else.On the following day, I again got together with Matt and suggested that Berkshire would offer the railroad a better long-term home than it could expect as a public company. I also told him the maximum price that Berkshire would pay.Matt relayed the offer to his directors and advisors. Eleven busy days later, Berkshire and BNSF announced a firm deal. And here I’ll venture a rare prediction: BNSF will be a key asset for Berkshire and our country a century from now.The BNSF acquisition would never have happened if Paul Andrews hadn’t sized up Berkshire as the right home for TTI.ThanksI taught my first investing class 70 years ago. Since then, I have enjoyed working almost every year with students of all ages, finally “retiring” from that pursuit in 2018.Along the way, my toughest audience was my grandson’s fifth-grade class. The 11-year-olds were squirming in their seats and giving me blank stares until I mentioned Coca-Cola and its famous secret formula. Instantly, every hand went up, and I learned that “secrets” are catnip to kids.Teaching, like writing, has helped me develop and clarify my own thoughts. Charlie calls this phenomenon the orangutan effect: If you sit down with an orangutan and carefully explain to it one of your cherished ideas, you may leave behind a puzzled primate, but will yourself exit thinking more clearly.Talking to university students is far superior. I have urged that they seek employment in (1) the field and (2) with the kind of people they would select, if they had no need for money. Economic realities, I acknowledge, may interfere with that kind of search. Even so, I urge the students never to give up the quest, for when they find that sort of job, they will no longer be “working.”Charlie and I, ourselves, followed that liberating course after a few early stumbles. We both started as part- timers at my grandfather’s grocery store, Charlie in 1940 and I in 1942. We were each assigned boring tasks and paid little, definitely not what we had in mind. Charlie later took up law, and I tried selling securities. Job satisfaction continued to elude us.Finally, at Berkshire, we found what we love to do. With very few exceptions, we have now “worked” for many decades with people whom we like and trust. It’s a joy in life to join with managers such as Paul Andrews or the Berkshire families I told you about last year. In our home office, we employ decent and talented people – no jerks. Turnover averages, perhaps, one person per year.I would like, however, to emphasize a further item that turns our jobs into fun and satisfaction workingfor you. There is nothing more rewarding to Charlie and me than enjoying the trust of individual long-term shareholders who, for many decades, have joined us with the expectation that we would be a reliable custodian of their funds.Obviously, we can’t select our owners, as we could do if our form of operation were a partnership. Anyone can buy shares of Berkshire today with the intention of soon reselling them. For sure, we get a few of that type of shareholder, just as we get index funds that own huge amounts of Berkshire simply because they are required to do so.To a truly unusual degree, however, Berkshire has as owners a very large corps of individuals and families that have elected to join us with an intent approaching “til death do us part.” Often, they have trusted us with a large – some might say excessive – portion of their savings.Berkshire, these shareholders would sometimes acknowledge, might be far from the best selection they could have made. But they would add that Berkshire would rank high among those with which they would be most comfortable. And people who are comfortable with their investments will, on average, achieve better results than those who are motivated by ever-changing headlines, chatter and promises.Long-term individual owners are both the “partners” Charlie and I have always sought and the ones we constantly have in mind as we make decisions at Berkshire. To them we say, “It feels good to ‘work’ for you, and you have our thanks for your trust.”The Annual MeetingClear your calendar! Berkshire will have its annual gathering of capitalists in Omaha on Friday, April 29th through Sunday, May 1st. The details regarding the weekend are laid out on pages A-1 and A-2. Omaha eagerly awaits you, as do I.I will end this letter with a sales pitch. “Cousin” Jimmy Buffett has designed a pontoon “party” boat that is now being manufactured by Forest River, a Berkshire subsidiary. The boat will be introduced on April 29 at our Berkshire Bazaar of Bargains. And, for two days only, shareholders will be able to purchase Jimmy’s masterpiece at a 10% discount. Your bargain-hunting chairman will be buying a boat for his family’s use. Join me.February 26, 2022Warren E. Buffett Chairman of the Board","news_type":1},"isVote":1,"tweetType":1,"viewCount":286,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9039989412,"gmtCreate":1645882648369,"gmtModify":1676534072297,"author":{"id":"3575105747703011","authorId":"3575105747703011","name":"RogerLam","avatar":"https://static.tigerbbs.com/1005e5ae2cda08a31d27406a5089b7ae","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3575105747703011","authorIdStr":"3575105747703011"},"themes":[],"htmlText":"Awesome read","listText":"Awesome read","text":"Awesome read","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9039989412","repostId":"1125580913","repostType":2,"repost":{"id":"1125580913","kind":"news","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":1645926503,"share":"https://ttm.financial/m/news/1125580913?lang=&edition=fundamental","pubTime":"2022-02-27 09:48","market":"us","language":"en","title":"Buffett Full Annual Letter：Apple is One of ‘Four Giants’ Driving the Conglomerate’s Value","url":"https://stock-news.laohu8.com/highlight/detail?id=1125580913","media":"Tiger Newspress","summary":"Warren Buffett released his annual letter to Berkshire Hathaway shareholders on Saturday. The 91-yea","content":"<html><head></head><body><p>Warren Buffett released his annual letter to Berkshire Hathaway shareholders on Saturday. The 91-year-old investing legend has been publishing the letter for over six decades and it has become required reading for investors around the world.</p><p>Warren Buffett said he now considers tech giant Apple as one of the four pillars driving Berkshire Hathaway, the conglomerate of mostly old-economy businesses he’s assembled over the last five decades.</p><p>In his annual letter to shareholders released on Saturday, the 91-year-old investing legend listed Apple under the heading “Our Four Giants” and even called the company the second-most important after Berkshire’s cluster of insurers, thanks to its chief executive.</p><p>“Tim Cook, Apple’s brilliant CEO, quite properly regards users of Apple products as his first love, but all of his other constituencies benefit from Tim’s managerial touch as well,” the letter stated.</p><p>Buffett made clear he is a fan of Cook’s stock repurchase strategy, and how it gives the conglomerate increased ownership of each dollar of the iPhone maker’s earnings without the investor having to lift a finger.</p><p>“Apple – our runner-up Giant as measured by its yearend market value – is a different sort of holding. Here, our ownership is a mere 5.55%, up from 5.39% a year earlier,” Buffett said in the letter. “That increase sounds like small potatoes. But consider that each 0.1% of Apple’s 2021 earnings amounted to $100 million. We spent no Berkshire funds to gain our accretion. Apple’s repurchases did the job.”</p><p>Berkshire began buying Apple stock in 2016 under the influence of Buffett’s investing deputies Todd Combs and Ted Weschler. By mid-2018, the conglomerate accumulated 5% ownership of the iPhone maker, a stake that cost $36 billion. Today, the Apple investment is now worth more than $160 billion, taking up 40% of Berkshire’s equity portfolio.</p><p>“It’s important to understand that only dividends from Apple are counted in the GAAP earnings Berkshire reports – and last year, Apple paid us $785 million of those. Yet our ‘share’ of Apple’s earnings amounted to a staggering $5.6 billion. Much of what the company retained was used to repurchase Apple shares, an act we applaud,” Buffett said.</p><p>Berkshire is Apple’s largest shareholder, outside of index and exchange-traded fund providers.</p><p>Buffett also credited his railroad business BNSF and energy segment BHE as two other giants of the conglomerate, which both registered record earnings in 2021.</p><p>“BNSF, our third Giant, continues to be the number one artery of American commerce, which makes it an indispensable asset for America as well as for Berkshire,” Buffett said. “BHE has become a utility powerhouse and a leading force in wind, solar and transmission throughout much of the United States.”</p><p><b>Read the full letter here：</b></p><p>To the Shareholders of Berkshire Hathaway Inc.:</p><p>Charlie Munger, my long-time partner, and I have the job of managing a portion of your savings. We are honored by your trust.</p><p>Our position carries with it the responsibility to report to you what we would like to know if we were the absentee owner and you were the manager. We enjoy communicating directly with you through this annual letter, and through the annual meeting as well.</p><p>Our policy is to treat all shareholders equally. Therefore, we do not hold discussions with analysts nor large institutions. Whenever possible, also, we release important communications on Saturday mornings in order to maximize the time for shareholders and the media to absorb the news before markets open on Monday.</p><p>A wealth of Berkshire facts and figures are set forth in the annual 10-K that the company regularly files with the S.E.C. and that we reproduce on pages K-1 – K-119. Some shareholders will find this detail engrossing; others will simply prefer to learn what Charlie and I believe is new or interesting at Berkshire.</p><p>Alas, there was little action of that sort in 2021. We did, though, make reasonable progress in increasing the intrinsic value of your shares. That task has been my primary duty for 57 years. And it will continue to be.</p><p><b>What You Own</b></p><p>Berkshire owns a wide variety of businesses, some in their entirety, some only in part. The second group largely consists of marketable common stocks of major American companies. Additionally, we own a few non-U.S. equities and participate in several joint ventures or other collaborative activities.</p><p>Whatever our form of ownership, our goal is to have meaningful investments in businesses with both durable economic advantages and a first-class CEO. Please note particularly that we own stocks based upon our expectations about their long-term business performance and not because we view them as vehicles for timely market moves. That point is crucial: Charlie and I are not stock-pickers; we are business-pickers.</p><p>I make many mistakes. Consequently, our extensive collection of businesses includes some enterprises that have truly extraordinary economics, many others that enjoy good economic characteristics, and a few that are marginal. One advantage of our common-stock segment is that – on occasion – it becomes easy to buy pieces of wonderful businesses at wonderful prices. That shooting-fish-in-a-barrel experience is very rare in negotiated transactions and never occurs en masse. It is also far easier to exit from a mistake when it has been made in the marketable arena.</p><h2><b>Surprise, Surprise</b></h2><p>Here are a few items about your company that often surprise even seasoned investors:</p><p>• Many people perceive Berkshire as a large and somewhat strange collection of financial assets. In truth, Berkshire owns and operates more U.S.-based “infrastructure” assets – classified on our balance sheet as property, plant and equipment – than are owned and operated by any other American corporation. That supremacy has never been our goal. It has, however, become a fact.</p><p>At yearend, those domestic infrastructure assets were carried on Berkshire’s balance sheet at $158 billion. That number increased last year and will continue to increase. Berkshire always will be building.</p><p>• Every year, your company makes substantial federal income tax payments. In 2021, for example, we paid</p><p>$3.3 billion while the U.S. Treasury reported total corporate income-tax receipts of $402 billion. Additionally, Berkshire pays substantial state and foreign taxes. “I gave at the office” is an unassailable assertion when made by Berkshire shareholders.</p><p>Berkshire’s history vividly illustrates the invisible and often unrecognized financial partnership between  government and American businesses. Our tale begins early in 1955, when Berkshire Fine Spinning and Hathaway Manufacturing agreed to merge their businesses. In their requests for shareholder approval, these venerable New England textile companies expressed high hopes for the combination.</p><p></p><p>The Hathaway solicitation, for example, assured its shareholders that “The combination of the resources and managements will result in one of the strongest and most efficient organizations in the textile industry.” That upbeat view was endorsed by the company’s advisor, Lehman Brothers (yes, that Lehman Brothers).</p><p>I’m sure it was a joyous day in both Fall River (Berkshire) and New Bedford (Hathaway) when the union was consummated. After the bands stopped playing and the bankers went home, however, the shareholders reaped a disaster.</p><p>In the nine years following the merger, Berkshire’s owners watched the company’s net worth crater from</p><p>$51.4 million to $22.1 million. In part, this decline was caused by stock repurchases, ill-advised dividends and plant shutdowns. But nine years of effort by many thousands of employees delivered an operating loss as well. Berkshire’s struggles were not unusual: The New England textile industry had silently entered an extended and non-reversible death march.</p><p>During the nine post-merger years, the U.S. Treasury suffered as well from Berkshire’s troubles. All told, the company paid the government only $337,359 in income tax during that period – a pathetic $100 per day.</p><p>Early in 1965, things changed. Berkshire installed new management that redeployed available cash and steered essentially all earnings into a variety of good businesses, most of which remained good through the years. Coupling reinvestment of earnings with the power of compounding worked its magic, and shareholders prospered.</p><p>Berkshire’s owners, it should be noted, were not the only beneficiary of that course correction. Their “silent partner,” the U.S. Treasury, proceeded to collect many tens of billions of dollars from the company in income tax payments. Remember the $100 daily? Now, Berkshire pays roughly $9 million daily to the Treasury.</p><p>In fairness to our governmental partner, our shareholders should acknowledge – indeed trumpet – the fact that Berkshire’s prosperity has been fostered mightily because the company has operated in America. Our country would have done splendidly in the years since 1965 without Berkshire. Absent our American home, however, Berkshire would never have come close to becoming what it is today. When you see the flag, say thanks.</p><p>• From an $8.6 million purchase of National Indemnity in 1967, Berkshire has become the world leader in insurance “float” – money we hold and can invest but that does not belong to us. Including a relatively small sum derived from life insurance, Berkshire’s total float has grown from $19 million when we entered the insurance business to $147 billion.</p><p>So far, this float has cost us less than nothing. Though we have experienced a number of years when insurance losses combined with operating expenses exceeded premiums, overall we have earned a modest 55-year profit from the underwriting activities that generated our float.</p><p>Of equal importance, float is very sticky. Funds attributable to our insurance operations come and go daily, but their aggregate total is immune from precipitous decline. When it comes to investing float, we can therefore think long-term.</p><p>If you are not already familiar with the concept of float, I refer you to a long explanation on page A-5. To my surprise, our float increased $9 billion last year, a buildup of value that is important to Berkshire owners though is not reflected in our GAAP (“generally-accepted accounting principles”) presentation of earnings and net worth.</p><p>Much of our huge value creation in insurance is attributable to Berkshire’s good luck in my 1986 hiring of Ajit Jain. We first met on a Saturday morning, and I quickly asked Ajit what his insurance experience had been. He replied, “None.”</p><p>I said, “Nobody’s perfect,” and hired him. That was my lucky day: Ajit actually was as perfect a choice as could have been made. Better yet, he continues to be – 35 years later.</p><p>One final thought about insurance: I believe that it is likely – but far from assured – that Berkshire’s float can be maintained without our incurring a long-term underwriting loss. I am certain, however, that there will be some years when we experience such losses, perhaps involving very large sums.</p><p>Berkshire is constructed to handle catastrophic events as no other insurer – and that priority will remain long after Charlie and I are gone.</p><h2>Our Four Giants</h2><p>Through Berkshire, our shareholders own many dozens of businesses. Some of these, in turn, have a collection of subsidiaries of their own. For example, Marmon has more than 100 individual business operations, ranging from the leasing of railroad cars to the manufacture of medical devices.</p><p>• Nevertheless, operations of our “Big Four” companies account for a very large chunk of Berkshire’s value. Leading this list is our cluster of insurers. Berkshire effectively owns 100% of this group, whose massive float value we earlier described. The invested assets of these insurers are further enlarged by the extraordinary amount of capital we invest to back up their promises.</p><p>The insurance business is made to order for Berkshire. The product will never be obsolete, and sales volume will generally increase along with both economic growth and inflation. Also, integrity and capital will forever be important. Our company can and will behave well.</p><p>There are, of course, other insurers with excellent business models and prospects. Replication of Berkshire’s operation, however, would be almost impossible.</p><p>• Apple – our runner-up Giant as measured by its yearend market value – is a different sort of holding. Here, our ownership is a mere 5.55%, up from 5.39% a year earlier. That increase sounds like small potatoes. But consider that each 0.1% of Apple’s 2021 earnings amounted to $100 million. We spent no Berkshire funds to gain our accretion. Apple’s repurchases did the job.</p><p>It’s important to understand that only dividends from Apple are counted in the GAAP earnings Berkshire reports – and last year, Apple paid us $785 million of those. Yet our “share” of Apple’s earnings amounted to a staggering $5.6 billion. Much of what the company retained was used to repurchase Apple shares, an act we applaud. Tim Cook, Apple’s brilliant CEO, quite properly regards users of Apple products as his first love, but all of his other constituencies benefit from Tim’s managerial touch as well.</p><p>• BNSF, our third Giant, continues to be the number one artery of American commerce, which makes it an indispensable asset for America as well as for Berkshire. If the many essential products BNSF carries were instead hauled by truck, America’s carbon emissions would soar.</p><p>Your railroad had record earnings of $6 billion in 2021. Here, it should be noted, we are talking about the old-fashioned sort of earnings that we favor: a figure calculated after interest, taxes, depreciation, amortization and all forms of compensation. (Our definition suggests a warning: Deceptive “adjustments” to earnings – to use a polite description – have become both more frequent and more fanciful as stocks have risen. Speaking less politely, I would say that bull markets breed bloviated bull )</p><p>BNSF trains traveled 143 million miles last year and carried 535 million tons of cargo. Both accomplishments far exceed those of any other American carrier. You can be proud of your railroad.</p><p>• BHE, our final Giant, earned a record $4 billion in 2021. That’s up more than 30-fold from the $122 million earned in 2000, the year that Berkshire first purchased a BHE stake. Now, Berkshire owns 91.1% of the company.</p><p>BHE’s record of societal accomplishment is as remarkable as its financial performance. The company had no wind or solar generation in 2000. It was then regarded simply as a relatively new and minor participant in the huge electric utility industry. Subsequently, under David Sokol’s and Greg Abel’s leadership, BHE has become a utility powerhouse (no groaning, please) and a leading force in wind, solar and transmission throughout much of the United States.</p><p>Greg’s report on these accomplishments appears on pages A-3 and A-4. The profile you will find there is not in any way one of those currently-fashionable “green-washing” stories. BHE has been faithfully detailing its plans and performance in renewables and transmissions every year since 2007.</p><p>To further review this information, visit BHE’s website at brkenergy.com. There, you will see that the company has long been making climate-conscious moves that soak up all of its earnings. More opportunities lie ahead. BHE has the management, the experience, the capital and the appetite for the huge power projects that our country needs.</p><h2>Investments</h2><p>Now let’s talk about companies we don’t control, a list that again references Apple. Below we list our fifteen largest equity holdings, several of which are selections of Berkshire’s two long-time investment managers, Todd Combs and Ted Weschler. At yearend, this valued pair had total authority in respect to $34 billion of investments, many of which do not meet the threshold value we use in the table. Also, a significant portion of the dollars that Todd and Ted manage are lodged in various pension plans of Berkshire-owned businesses, with the assets of these plans not included in this table.</p><p><img src=\"https://static.tigerbbs.com/d43587e9f59c0ff76e6c04c6bf9af324\" tg-width=\"1047\" tg-height=\"530\" referrerpolicy=\"no-referrer\"/>* This is our actual purchase price and also our tax basis.</p><p>** Held by BHE; consequently, Berkshire shareholders have only a 91.1% interest in this position.</p><p>*** Includes a $10 billion investment in Occidental Petroleum, consisting of preferred stock and warrants to buy common stock, a combination now being valued at $10.7 billion.</p><p>In addition to the footnoted Occidental holding and our various common-stock positions, Berkshire also owns a 26.6% interest in Kraft Heinz (accounted for on the “equity” method, not market value, and carried at $13.1 billion) and 38.6% of Pilot Corp., a leader in travel centers that had revenues last year of $45 billion.</p><p>Since we purchased our Pilot stake in 2017, this holding has warranted “equity” accounting treatment. Early in 2023, Berkshire will purchase an additional interest in Pilot that will raise our ownership to 80% and lead to our fully consolidating Pilot’s earnings, assets and liabilities in our financial statements.</p><h2>U.S. Treasury Bills</h2><p>Berkshire’s balance sheet includes $144 billion of cash and cash equivalents (excluding the holdings of BNSF and BHE). Of this sum, $120 billion is held in U.S. Treasury bills, all maturing in less than a year. That stake leaves Berkshire financing about 12 of 1% of the publicly-held national debt.</p><p>Charlie and I have pledged that Berkshire (along with our subsidiaries other than BNSF and BHE) will always hold more than $30 billion of cash and equivalents. We want your company to be financially impregnable and never dependent on the kindness of strangers (or even that of friends). Both of us like to sleep soundly, and we want our creditors, insurance claimants and you to do so as well.</p><h2>But $144 billion?</h2><p>That imposing sum, I assure you, is not some deranged expression of patriotism. Nor have Charlie and I lost our overwhelming preference for business ownership. Indeed, I first manifested my enthusiasm for that 80 years ago, on March 11, 1942, when I purchased three shares of Cities Services preferred stock. Their cost was $114.75 and required all of my savings. (The Dow Jones Industrial Average that day closed at 99, a fact that should scream to you: Never bet against America.)</p><p>After my initial plunge, I always kept at least 80% of my net worth in equities. My favored status throughout that period was 100% – and still is. Berkshire’s current 80%-or-so position in businesses is a consequence of my failure to find entire companies or small portions thereof (that is, marketable stocks) which meet our criteria for long- term holding.</p><p>Charlie and I have endured similar cash-heavy positions from time to time in the past. These periods are never pleasant; they are also never permanent. And, fortunately, we have had a mildly attractive alternative during 2020 and 2021 for deploying capital. Read on.</p><h2>Share Repurchases</h2><p>There are three ways that we can increase the value of your investment. The first is always front and center in our minds: Increase the long-term earning power of Berkshire’s controlled businesses through internal growth or by making acquisitions. Today, internal opportunities deliver far better returns than acquisitions. The size of those opportunities, however, is small compared to Berkshire’s resources.</p><p>Our second choice is to buy non-controlling part-interests in the many good or great businesses that are publicly traded. From time to time, such possibilities are both numerous and blatantly attractive. Today, though, we find little that excites us.</p><p>That’s largely because of a truism: Long-term interest rates that are low push the prices of all productive investments upward, whether these are stocks, apartments, farms, oil wells, whatever. Other factors influence valuations as well, but interest rates will always be important.</p><p>Our final path to value creation is to repurchase Berkshire shares. Through that simple act, we increase your share of the many controlled and non-controlled businesses Berkshire owns. When the price/value equation is right, this path is the easiest and most certain way for us to increase your wealth. (Alongside the accretion of value to continuing shareholders, a couple of other parties gain: Repurchases are modestly beneficial to the seller of the repurchased shares and to society as well.)</p><p>Periodically, as alternative paths become unattractive, repurchases make good sense for Berkshire’s owners. During the past two years, we therefore repurchased 9% of the shares that were outstanding at yearend 2019 for a total cost of $51.7 billion. That expenditure left our continuing shareholders owning about 10% more of all Berkshire businesses, whether these are wholly-owned (such as BNSF and GEICO) or partly-owned (such as Coca-Cola and Moody’s).</p><p>I want to underscore that for Berkshire repurchases to make sense, our shares must offer appropriate value. We don’t want to overpay for the shares of other companies, and it would be value-destroying if we were to overpay when we are buying Berkshire. As of February 23, 2022, since yearend we repurchased additional shares at a cost of $1.2 billion. Our appetite remains large but will always remain price-dependent.</p><p>It should be noted that Berkshire’s buyback opportunities are limited because of its high-class investor base. If our shares were heavily held by short-term speculators, both price volatility and transaction volumes would materially increase. That kind of reshaping would offer us far greater opportunities for creating value by making repurchases. Nevertheless, Charlie and I far prefer the owners we have, even though their admirable buy-and-keep attitudes limit the extent to which long-term shareholders can profit from opportunistic repurchases.</p><p>Finally, one easily-overlooked value calculation specific to Berkshire: As we’ve discussed, insurance “float” of the right sort is of great value to us. As it happens, repurchases automatically increase the amount of “float” per share. That figure has increased during the past two years by 25% – going from $79,387 per “A” share to $99,497, a meaningful gain that, as noted, owes some thanks to repurchases.</p><h2>A Wonderful Man and a Wonderful Business</h2><p>Last year, Paul Andrews died. Paul was the founder and CEO of TTI, a Fort Worth-based subsidiary of Berkshire. Throughout his life – in both his business and his personal pursuits – Paul quietly displayed all the qualities that Charlie and I admire. His story should be told.</p><p>In 1971, Paul was working as a purchasing agent for General Dynamics when the roof fell in. After losing a huge defense contract, the company fired thousands of employees, including Paul.</p><p>With his first child due soon, Paul decided to bet on himself, using $500 of his savings to found Tex-Tronics (later renamed TTI). The company set itself up to distribute small electronic components, and first-year sales totaled $112,000. Today, TTI markets more than one million different items with annual volume of $7.7 billion.</p><p>But back to 2006: Paul, at 63, then found himself happy with his family, his job, and his associates. But he had one nagging worry, heightened because he had recently witnessed a friend’s early death and the disastrous results that followed for that man’s family and business. What, Paul asked himself in 2006, would happen to the many people depending on him if he should unexpectedly die?</p><p>For a year, Paul wrestled with his options. Sell to a competitor? From a strictly economic viewpoint, that course made the most sense. After all, competitors could envision lucrative “synergies” – savings that would be achieved as the acquiror slashed duplicated functions at TTI.</p><p>But . . . Such a purchaser would most certainly also retain its CFO, its legal counsel, its HR unit. Their TTI counterparts would therefore be sent packing. And ugh! If a new distribution center were to be needed, the acquirer’s home city would certainly be favored over Fort Worth.</p><p>Whatever the financial benefits, Paul quickly concluded that selling to a competitor was not for him. He next considered seeking a financial buyer, a species once labeled – aptly so – a leveraged buyout firm. Paul knew, however, that such a purchaser would be focused on an “exit strategy.” And who could know what that would be? Brooding over it all, Paul found himself having no interest in handing his 35-year-old creation over to a reseller.</p><p>When Paul met me, he explained why he had eliminated these two alternatives as buyers. He then summed up his dilemma by saying – in far more tactful phrasing than this – “After a year of pondering the alternatives, I want to sell to Berkshire because you are the only guy left.” So, I made an offer and Paul said “Yes.” One meeting; one lunch; one deal.</p><p>To say we both lived happily ever after is an understatement. When Berkshire purchased TTI, the company employed 2,387. Now the number is 8,043. A large percentage of that growth took place in Fort Worth and environs. Earnings have increased 673%.</p><p>Annually, I would call Paul and tell him his salary should be substantially increased. Annually, he would tell me, “We can talk about that next year, Warren; I’m too busy now.”</p><p>When Greg Abel and I attended Paul’s memorial service, we met children, grandchildren, long-time associates (including TTI’s first employee) and John Roach, the former CEO of a Fort Worth company Berkshire had purchased in 2000. John had steered his friend Paul to Omaha, instinctively knowing we would be a match.</p><p>At the service, Greg and I heard about the multitudes of people and organizations that Paul had silently supported. The breadth of his generosity was extraordinary – geared always to improving the lives of others, particularly those in Fort Worth.</p><p>In all ways, Paul was a class act.</p><p>* * * * * * * * * * * *</p><p>Good luck – occasionally extraordinary luck – has played its part at Berkshire. If Paul and I had not enjoyed a mutual friend – John Roach – TTI would not have found its home with us. But that ample serving of luck was only the beginning. TTI was soon to lead Berkshire to its most important acquisition.</p><p>Every fall, Berkshire directors gather for a presentation by a few of our executives. We sometimes choose the site based upon the location of a recent acquisition, by that means allowing directors to meet the new subsidiary’s CEO and learn more about the acquiree’s activities.</p><p>In the fall of 2009, we consequently selected Fort Worth so that we could visit TTI. At that time, BNSF, which also had Fort Worth as its hometown, was the third-largest holding among our marketable equities. Despite that large stake, I had never visited the railroad’s headquarters.</p><p>Deb Bosanek, my assistant, scheduled our board’s opening dinner for October 22. Meanwhile, I arranged to arrive earlier that day to meet with Matt Rose, CEO of BNSF, whose accomplishments I had long admired. When I made the date, I had no idea that our get-together would coincide with BNSF’s third-quarter earnings report, which was released late on the 22nd.</p><p>The market reacted badly to the railroad’s results. The Great Recession was in full force in the third quarter, and BNSF’s earnings reflected that slump. The economic outlook was also bleak, and Wall Street wasn’t feeling friendly to railroads – or much else.</p><p>On the following day, I again got together with Matt and suggested that Berkshire would offer the railroad a better long-term home than it could expect as a public company. I also told him the maximum price that Berkshire would pay.</p><p>Matt relayed the offer to his directors and advisors. Eleven busy days later, Berkshire and BNSF announced a firm deal. And here I’ll venture a rare prediction: BNSF will be a key asset for Berkshire and our country a century from now.</p><p>The BNSF acquisition would never have happened if Paul Andrews hadn’t sized up Berkshire as the right home for TTI.</p><h2>Thanks</h2><p>I taught my first investing class 70 years ago. Since then, I have enjoyed working almost every year with students of all ages, finally “retiring” from that pursuit in 2018.</p><p>Along the way, my toughest audience was my grandson’s fifth-grade class. The 11-year-olds were squirming in their seats and giving me blank stares until I mentioned Coca-Cola and its famous secret formula. Instantly, every hand went up, and I learned that “secrets” are catnip to kids.</p><p>Teaching, like writing, has helped me develop and clarify my own thoughts. Charlie calls this phenomenon the orangutan effect: If you sit down with an orangutan and carefully explain to it one of your cherished ideas, you may leave behind a puzzled primate, but will yourself exit thinking more clearly.</p><p>Talking to university students is far superior. I have urged that they seek employment in (1) the field and (2) with the kind of people they would select, if they had no need for money. Economic realities, I acknowledge, may interfere with that kind of search. Even so, I urge the students never to give up the quest, for when they find that sort of job, they will no longer be “working.”</p><p>Charlie and I, ourselves, followed that liberating course after a few early stumbles. We both started as part- timers at my grandfather’s grocery store, Charlie in 1940 and I in 1942. We were each assigned boring tasks and paid little, definitely not what we had in mind. Charlie later took up law, and I tried selling securities. Job satisfaction continued to elude us.</p><p>Finally, at Berkshire, we found what we love to do. With very few exceptions, we have now “worked” for many decades with people whom we like and trust. It’s a joy in life to join with managers such as Paul Andrews or the Berkshire families I told you about last year. In our home office, we employ decent and talented people – no jerks. Turnover averages, perhaps, one person per year.</p><p>I would like, however, to emphasize a further item that turns our jobs into fun and satisfaction working</p><p>for you. There is nothing more rewarding to Charlie and me than enjoying the trust of individual long-term shareholders who, for many decades, have joined us with the expectation that we would be a reliable custodian of their funds.</p><p>Obviously, we can’t select our owners, as we could do if our form of operation were a partnership. Anyone can buy shares of Berkshire today with the intention of soon reselling them. For sure, we get a few of that type of shareholder, just as we get index funds that own huge amounts of Berkshire simply because they are required to do so.</p><p>To a truly unusual degree, however, Berkshire has as owners a very large corps of individuals and families that have elected to join us with an intent approaching “til death do us part.” Often, they have trusted us with a large – some might say excessive – portion of their savings.</p><p>Berkshire, these shareholders would sometimes acknowledge, might be far from the best selection they could have made. But they would add that Berkshire would rank high among those with which they would be most comfortable. And people who are comfortable with their investments will, on average, achieve better results than those who are motivated by ever-changing headlines, chatter and promises.</p><p>Long-term individual owners are both the “partners” Charlie and I have always sought and the ones we constantly have in mind as we make decisions at Berkshire. To them we say, “It feels good to ‘work’ for you, and you have our thanks for your trust.”</p><h2>The Annual Meeting</h2><p>Clear your calendar! Berkshire will have its annual gathering of capitalists in Omaha on Friday, April 29th through Sunday, May 1st. The details regarding the weekend are laid out on pages A-1 and A-2. Omaha eagerly awaits you, as do I.</p><p>I will end this letter with a sales pitch. “Cousin” Jimmy Buffett has designed a pontoon “party” boat that is now being manufactured by Forest River, a Berkshire subsidiary. The boat will be introduced on April 29 at our Berkshire Bazaar of Bargains. And, for two days only, shareholders will be able to purchase Jimmy’s masterpiece at a 10% discount. Your bargain-hunting chairman will be buying a boat for his family’s use. Join me.</p><p>February 26, 2022</p><p>Warren E. Buffett Chairman of the Board</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>Buffett Full Annual Letter：Apple is One of ‘Four Giants’ Driving the Conglomerate’s Value</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\">\nBuffett Full Annual Letter：Apple is One of ‘Four Giants’ Driving the Conglomerate’s Value\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\">2022-02-27 09:48</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Warren Buffett released his annual letter to Berkshire Hathaway shareholders on Saturday. The 91-year-old investing legend has been publishing the letter for over six decades and it has become required reading for investors around the world.</p><p>Warren Buffett said he now considers tech giant Apple as one of the four pillars driving Berkshire Hathaway, the conglomerate of mostly old-economy businesses he’s assembled over the last five decades.</p><p>In his annual letter to shareholders released on Saturday, the 91-year-old investing legend listed Apple under the heading “Our Four Giants” and even called the company the second-most important after Berkshire’s cluster of insurers, thanks to its chief executive.</p><p>“Tim Cook, Apple’s brilliant CEO, quite properly regards users of Apple products as his first love, but all of his other constituencies benefit from Tim’s managerial touch as well,” the letter stated.</p><p>Buffett made clear he is a fan of Cook’s stock repurchase strategy, and how it gives the conglomerate increased ownership of each dollar of the iPhone maker’s earnings without the investor having to lift a finger.</p><p>“Apple – our runner-up Giant as measured by its yearend market value – is a different sort of holding. Here, our ownership is a mere 5.55%, up from 5.39% a year earlier,” Buffett said in the letter. “That increase sounds like small potatoes. But consider that each 0.1% of Apple’s 2021 earnings amounted to $100 million. We spent no Berkshire funds to gain our accretion. Apple’s repurchases did the job.”</p><p>Berkshire began buying Apple stock in 2016 under the influence of Buffett’s investing deputies Todd Combs and Ted Weschler. By mid-2018, the conglomerate accumulated 5% ownership of the iPhone maker, a stake that cost $36 billion. Today, the Apple investment is now worth more than $160 billion, taking up 40% of Berkshire’s equity portfolio.</p><p>“It’s important to understand that only dividends from Apple are counted in the GAAP earnings Berkshire reports – and last year, Apple paid us $785 million of those. Yet our ‘share’ of Apple’s earnings amounted to a staggering $5.6 billion. Much of what the company retained was used to repurchase Apple shares, an act we applaud,” Buffett said.</p><p>Berkshire is Apple’s largest shareholder, outside of index and exchange-traded fund providers.</p><p>Buffett also credited his railroad business BNSF and energy segment BHE as two other giants of the conglomerate, which both registered record earnings in 2021.</p><p>“BNSF, our third Giant, continues to be the number one artery of American commerce, which makes it an indispensable asset for America as well as for Berkshire,” Buffett said. “BHE has become a utility powerhouse and a leading force in wind, solar and transmission throughout much of the United States.”</p><p><b>Read the full letter here：</b></p><p>To the Shareholders of Berkshire Hathaway Inc.:</p><p>Charlie Munger, my long-time partner, and I have the job of managing a portion of your savings. We are honored by your trust.</p><p>Our position carries with it the responsibility to report to you what we would like to know if we were the absentee owner and you were the manager. We enjoy communicating directly with you through this annual letter, and through the annual meeting as well.</p><p>Our policy is to treat all shareholders equally. Therefore, we do not hold discussions with analysts nor large institutions. Whenever possible, also, we release important communications on Saturday mornings in order to maximize the time for shareholders and the media to absorb the news before markets open on Monday.</p><p>A wealth of Berkshire facts and figures are set forth in the annual 10-K that the company regularly files with the S.E.C. and that we reproduce on pages K-1 – K-119. Some shareholders will find this detail engrossing; others will simply prefer to learn what Charlie and I believe is new or interesting at Berkshire.</p><p>Alas, there was little action of that sort in 2021. We did, though, make reasonable progress in increasing the intrinsic value of your shares. That task has been my primary duty for 57 years. And it will continue to be.</p><p><b>What You Own</b></p><p>Berkshire owns a wide variety of businesses, some in their entirety, some only in part. The second group largely consists of marketable common stocks of major American companies. Additionally, we own a few non-U.S. equities and participate in several joint ventures or other collaborative activities.</p><p>Whatever our form of ownership, our goal is to have meaningful investments in businesses with both durable economic advantages and a first-class CEO. Please note particularly that we own stocks based upon our expectations about their long-term business performance and not because we view them as vehicles for timely market moves. That point is crucial: Charlie and I are not stock-pickers; we are business-pickers.</p><p>I make many mistakes. Consequently, our extensive collection of businesses includes some enterprises that have truly extraordinary economics, many others that enjoy good economic characteristics, and a few that are marginal. One advantage of our common-stock segment is that – on occasion – it becomes easy to buy pieces of wonderful businesses at wonderful prices. That shooting-fish-in-a-barrel experience is very rare in negotiated transactions and never occurs en masse. It is also far easier to exit from a mistake when it has been made in the marketable arena.</p><h2><b>Surprise, Surprise</b></h2><p>Here are a few items about your company that often surprise even seasoned investors:</p><p>• Many people perceive Berkshire as a large and somewhat strange collection of financial assets. In truth, Berkshire owns and operates more U.S.-based “infrastructure” assets – classified on our balance sheet as property, plant and equipment – than are owned and operated by any other American corporation. That supremacy has never been our goal. It has, however, become a fact.</p><p>At yearend, those domestic infrastructure assets were carried on Berkshire’s balance sheet at $158 billion. That number increased last year and will continue to increase. Berkshire always will be building.</p><p>• Every year, your company makes substantial federal income tax payments. In 2021, for example, we paid</p><p>$3.3 billion while the U.S. Treasury reported total corporate income-tax receipts of $402 billion. Additionally, Berkshire pays substantial state and foreign taxes. “I gave at the office” is an unassailable assertion when made by Berkshire shareholders.</p><p>Berkshire’s history vividly illustrates the invisible and often unrecognized financial partnership between  government and American businesses. Our tale begins early in 1955, when Berkshire Fine Spinning and Hathaway Manufacturing agreed to merge their businesses. In their requests for shareholder approval, these venerable New England textile companies expressed high hopes for the combination.</p><p></p><p>The Hathaway solicitation, for example, assured its shareholders that “The combination of the resources and managements will result in one of the strongest and most efficient organizations in the textile industry.” That upbeat view was endorsed by the company’s advisor, Lehman Brothers (yes, that Lehman Brothers).</p><p>I’m sure it was a joyous day in both Fall River (Berkshire) and New Bedford (Hathaway) when the union was consummated. After the bands stopped playing and the bankers went home, however, the shareholders reaped a disaster.</p><p>In the nine years following the merger, Berkshire’s owners watched the company’s net worth crater from</p><p>$51.4 million to $22.1 million. In part, this decline was caused by stock repurchases, ill-advised dividends and plant shutdowns. But nine years of effort by many thousands of employees delivered an operating loss as well. Berkshire’s struggles were not unusual: The New England textile industry had silently entered an extended and non-reversible death march.</p><p>During the nine post-merger years, the U.S. Treasury suffered as well from Berkshire’s troubles. All told, the company paid the government only $337,359 in income tax during that period – a pathetic $100 per day.</p><p>Early in 1965, things changed. Berkshire installed new management that redeployed available cash and steered essentially all earnings into a variety of good businesses, most of which remained good through the years. Coupling reinvestment of earnings with the power of compounding worked its magic, and shareholders prospered.</p><p>Berkshire’s owners, it should be noted, were not the only beneficiary of that course correction. Their “silent partner,” the U.S. Treasury, proceeded to collect many tens of billions of dollars from the company in income tax payments. Remember the $100 daily? Now, Berkshire pays roughly $9 million daily to the Treasury.</p><p>In fairness to our governmental partner, our shareholders should acknowledge – indeed trumpet – the fact that Berkshire’s prosperity has been fostered mightily because the company has operated in America. Our country would have done splendidly in the years since 1965 without Berkshire. Absent our American home, however, Berkshire would never have come close to becoming what it is today. When you see the flag, say thanks.</p><p>• From an $8.6 million purchase of National Indemnity in 1967, Berkshire has become the world leader in insurance “float” – money we hold and can invest but that does not belong to us. Including a relatively small sum derived from life insurance, Berkshire’s total float has grown from $19 million when we entered the insurance business to $147 billion.</p><p>So far, this float has cost us less than nothing. Though we have experienced a number of years when insurance losses combined with operating expenses exceeded premiums, overall we have earned a modest 55-year profit from the underwriting activities that generated our float.</p><p>Of equal importance, float is very sticky. Funds attributable to our insurance operations come and go daily, but their aggregate total is immune from precipitous decline. When it comes to investing float, we can therefore think long-term.</p><p>If you are not already familiar with the concept of float, I refer you to a long explanation on page A-5. To my surprise, our float increased $9 billion last year, a buildup of value that is important to Berkshire owners though is not reflected in our GAAP (“generally-accepted accounting principles”) presentation of earnings and net worth.</p><p>Much of our huge value creation in insurance is attributable to Berkshire’s good luck in my 1986 hiring of Ajit Jain. We first met on a Saturday morning, and I quickly asked Ajit what his insurance experience had been. He replied, “None.”</p><p>I said, “Nobody’s perfect,” and hired him. That was my lucky day: Ajit actually was as perfect a choice as could have been made. Better yet, he continues to be – 35 years later.</p><p>One final thought about insurance: I believe that it is likely – but far from assured – that Berkshire’s float can be maintained without our incurring a long-term underwriting loss. I am certain, however, that there will be some years when we experience such losses, perhaps involving very large sums.</p><p>Berkshire is constructed to handle catastrophic events as no other insurer – and that priority will remain long after Charlie and I are gone.</p><h2>Our Four Giants</h2><p>Through Berkshire, our shareholders own many dozens of businesses. Some of these, in turn, have a collection of subsidiaries of their own. For example, Marmon has more than 100 individual business operations, ranging from the leasing of railroad cars to the manufacture of medical devices.</p><p>• Nevertheless, operations of our “Big Four” companies account for a very large chunk of Berkshire’s value. Leading this list is our cluster of insurers. Berkshire effectively owns 100% of this group, whose massive float value we earlier described. The invested assets of these insurers are further enlarged by the extraordinary amount of capital we invest to back up their promises.</p><p>The insurance business is made to order for Berkshire. The product will never be obsolete, and sales volume will generally increase along with both economic growth and inflation. Also, integrity and capital will forever be important. Our company can and will behave well.</p><p>There are, of course, other insurers with excellent business models and prospects. Replication of Berkshire’s operation, however, would be almost impossible.</p><p>• Apple – our runner-up Giant as measured by its yearend market value – is a different sort of holding. Here, our ownership is a mere 5.55%, up from 5.39% a year earlier. That increase sounds like small potatoes. But consider that each 0.1% of Apple’s 2021 earnings amounted to $100 million. We spent no Berkshire funds to gain our accretion. Apple’s repurchases did the job.</p><p>It’s important to understand that only dividends from Apple are counted in the GAAP earnings Berkshire reports – and last year, Apple paid us $785 million of those. Yet our “share” of Apple’s earnings amounted to a staggering $5.6 billion. Much of what the company retained was used to repurchase Apple shares, an act we applaud. Tim Cook, Apple’s brilliant CEO, quite properly regards users of Apple products as his first love, but all of his other constituencies benefit from Tim’s managerial touch as well.</p><p>• BNSF, our third Giant, continues to be the number one artery of American commerce, which makes it an indispensable asset for America as well as for Berkshire. If the many essential products BNSF carries were instead hauled by truck, America’s carbon emissions would soar.</p><p>Your railroad had record earnings of $6 billion in 2021. Here, it should be noted, we are talking about the old-fashioned sort of earnings that we favor: a figure calculated after interest, taxes, depreciation, amortization and all forms of compensation. (Our definition suggests a warning: Deceptive “adjustments” to earnings – to use a polite description – have become both more frequent and more fanciful as stocks have risen. Speaking less politely, I would say that bull markets breed bloviated bull )</p><p>BNSF trains traveled 143 million miles last year and carried 535 million tons of cargo. Both accomplishments far exceed those of any other American carrier. You can be proud of your railroad.</p><p>• BHE, our final Giant, earned a record $4 billion in 2021. That’s up more than 30-fold from the $122 million earned in 2000, the year that Berkshire first purchased a BHE stake. Now, Berkshire owns 91.1% of the company.</p><p>BHE’s record of societal accomplishment is as remarkable as its financial performance. The company had no wind or solar generation in 2000. It was then regarded simply as a relatively new and minor participant in the huge electric utility industry. Subsequently, under David Sokol’s and Greg Abel’s leadership, BHE has become a utility powerhouse (no groaning, please) and a leading force in wind, solar and transmission throughout much of the United States.</p><p>Greg’s report on these accomplishments appears on pages A-3 and A-4. The profile you will find there is not in any way one of those currently-fashionable “green-washing” stories. BHE has been faithfully detailing its plans and performance in renewables and transmissions every year since 2007.</p><p>To further review this information, visit BHE’s website at brkenergy.com. There, you will see that the company has long been making climate-conscious moves that soak up all of its earnings. More opportunities lie ahead. BHE has the management, the experience, the capital and the appetite for the huge power projects that our country needs.</p><h2>Investments</h2><p>Now let’s talk about companies we don’t control, a list that again references Apple. Below we list our fifteen largest equity holdings, several of which are selections of Berkshire’s two long-time investment managers, Todd Combs and Ted Weschler. At yearend, this valued pair had total authority in respect to $34 billion of investments, many of which do not meet the threshold value we use in the table. Also, a significant portion of the dollars that Todd and Ted manage are lodged in various pension plans of Berkshire-owned businesses, with the assets of these plans not included in this table.</p><p><img src=\"https://static.tigerbbs.com/d43587e9f59c0ff76e6c04c6bf9af324\" tg-width=\"1047\" tg-height=\"530\" referrerpolicy=\"no-referrer\"/>* This is our actual purchase price and also our tax basis.</p><p>** Held by BHE; consequently, Berkshire shareholders have only a 91.1% interest in this position.</p><p>*** Includes a $10 billion investment in Occidental Petroleum, consisting of preferred stock and warrants to buy common stock, a combination now being valued at $10.7 billion.</p><p>In addition to the footnoted Occidental holding and our various common-stock positions, Berkshire also owns a 26.6% interest in Kraft Heinz (accounted for on the “equity” method, not market value, and carried at $13.1 billion) and 38.6% of Pilot Corp., a leader in travel centers that had revenues last year of $45 billion.</p><p>Since we purchased our Pilot stake in 2017, this holding has warranted “equity” accounting treatment. Early in 2023, Berkshire will purchase an additional interest in Pilot that will raise our ownership to 80% and lead to our fully consolidating Pilot’s earnings, assets and liabilities in our financial statements.</p><h2>U.S. Treasury Bills</h2><p>Berkshire’s balance sheet includes $144 billion of cash and cash equivalents (excluding the holdings of BNSF and BHE). Of this sum, $120 billion is held in U.S. Treasury bills, all maturing in less than a year. That stake leaves Berkshire financing about 12 of 1% of the publicly-held national debt.</p><p>Charlie and I have pledged that Berkshire (along with our subsidiaries other than BNSF and BHE) will always hold more than $30 billion of cash and equivalents. We want your company to be financially impregnable and never dependent on the kindness of strangers (or even that of friends). Both of us like to sleep soundly, and we want our creditors, insurance claimants and you to do so as well.</p><h2>But $144 billion?</h2><p>That imposing sum, I assure you, is not some deranged expression of patriotism. Nor have Charlie and I lost our overwhelming preference for business ownership. Indeed, I first manifested my enthusiasm for that 80 years ago, on March 11, 1942, when I purchased three shares of Cities Services preferred stock. Their cost was $114.75 and required all of my savings. (The Dow Jones Industrial Average that day closed at 99, a fact that should scream to you: Never bet against America.)</p><p>After my initial plunge, I always kept at least 80% of my net worth in equities. My favored status throughout that period was 100% – and still is. Berkshire’s current 80%-or-so position in businesses is a consequence of my failure to find entire companies or small portions thereof (that is, marketable stocks) which meet our criteria for long- term holding.</p><p>Charlie and I have endured similar cash-heavy positions from time to time in the past. These periods are never pleasant; they are also never permanent. And, fortunately, we have had a mildly attractive alternative during 2020 and 2021 for deploying capital. Read on.</p><h2>Share Repurchases</h2><p>There are three ways that we can increase the value of your investment. The first is always front and center in our minds: Increase the long-term earning power of Berkshire’s controlled businesses through internal growth or by making acquisitions. Today, internal opportunities deliver far better returns than acquisitions. The size of those opportunities, however, is small compared to Berkshire’s resources.</p><p>Our second choice is to buy non-controlling part-interests in the many good or great businesses that are publicly traded. From time to time, such possibilities are both numerous and blatantly attractive. Today, though, we find little that excites us.</p><p>That’s largely because of a truism: Long-term interest rates that are low push the prices of all productive investments upward, whether these are stocks, apartments, farms, oil wells, whatever. Other factors influence valuations as well, but interest rates will always be important.</p><p>Our final path to value creation is to repurchase Berkshire shares. Through that simple act, we increase your share of the many controlled and non-controlled businesses Berkshire owns. When the price/value equation is right, this path is the easiest and most certain way for us to increase your wealth. (Alongside the accretion of value to continuing shareholders, a couple of other parties gain: Repurchases are modestly beneficial to the seller of the repurchased shares and to society as well.)</p><p>Periodically, as alternative paths become unattractive, repurchases make good sense for Berkshire’s owners. During the past two years, we therefore repurchased 9% of the shares that were outstanding at yearend 2019 for a total cost of $51.7 billion. That expenditure left our continuing shareholders owning about 10% more of all Berkshire businesses, whether these are wholly-owned (such as BNSF and GEICO) or partly-owned (such as Coca-Cola and Moody’s).</p><p>I want to underscore that for Berkshire repurchases to make sense, our shares must offer appropriate value. We don’t want to overpay for the shares of other companies, and it would be value-destroying if we were to overpay when we are buying Berkshire. As of February 23, 2022, since yearend we repurchased additional shares at a cost of $1.2 billion. Our appetite remains large but will always remain price-dependent.</p><p>It should be noted that Berkshire’s buyback opportunities are limited because of its high-class investor base. If our shares were heavily held by short-term speculators, both price volatility and transaction volumes would materially increase. That kind of reshaping would offer us far greater opportunities for creating value by making repurchases. Nevertheless, Charlie and I far prefer the owners we have, even though their admirable buy-and-keep attitudes limit the extent to which long-term shareholders can profit from opportunistic repurchases.</p><p>Finally, one easily-overlooked value calculation specific to Berkshire: As we’ve discussed, insurance “float” of the right sort is of great value to us. As it happens, repurchases automatically increase the amount of “float” per share. That figure has increased during the past two years by 25% – going from $79,387 per “A” share to $99,497, a meaningful gain that, as noted, owes some thanks to repurchases.</p><h2>A Wonderful Man and a Wonderful Business</h2><p>Last year, Paul Andrews died. Paul was the founder and CEO of TTI, a Fort Worth-based subsidiary of Berkshire. Throughout his life – in both his business and his personal pursuits – Paul quietly displayed all the qualities that Charlie and I admire. His story should be told.</p><p>In 1971, Paul was working as a purchasing agent for General Dynamics when the roof fell in. After losing a huge defense contract, the company fired thousands of employees, including Paul.</p><p>With his first child due soon, Paul decided to bet on himself, using $500 of his savings to found Tex-Tronics (later renamed TTI). The company set itself up to distribute small electronic components, and first-year sales totaled $112,000. Today, TTI markets more than one million different items with annual volume of $7.7 billion.</p><p>But back to 2006: Paul, at 63, then found himself happy with his family, his job, and his associates. But he had one nagging worry, heightened because he had recently witnessed a friend’s early death and the disastrous results that followed for that man’s family and business. What, Paul asked himself in 2006, would happen to the many people depending on him if he should unexpectedly die?</p><p>For a year, Paul wrestled with his options. Sell to a competitor? From a strictly economic viewpoint, that course made the most sense. After all, competitors could envision lucrative “synergies” – savings that would be achieved as the acquiror slashed duplicated functions at TTI.</p><p>But . . . Such a purchaser would most certainly also retain its CFO, its legal counsel, its HR unit. Their TTI counterparts would therefore be sent packing. And ugh! If a new distribution center were to be needed, the acquirer’s home city would certainly be favored over Fort Worth.</p><p>Whatever the financial benefits, Paul quickly concluded that selling to a competitor was not for him. He next considered seeking a financial buyer, a species once labeled – aptly so – a leveraged buyout firm. Paul knew, however, that such a purchaser would be focused on an “exit strategy.” And who could know what that would be? Brooding over it all, Paul found himself having no interest in handing his 35-year-old creation over to a reseller.</p><p>When Paul met me, he explained why he had eliminated these two alternatives as buyers. He then summed up his dilemma by saying – in far more tactful phrasing than this – “After a year of pondering the alternatives, I want to sell to Berkshire because you are the only guy left.” So, I made an offer and Paul said “Yes.” One meeting; one lunch; one deal.</p><p>To say we both lived happily ever after is an understatement. When Berkshire purchased TTI, the company employed 2,387. Now the number is 8,043. A large percentage of that growth took place in Fort Worth and environs. Earnings have increased 673%.</p><p>Annually, I would call Paul and tell him his salary should be substantially increased. Annually, he would tell me, “We can talk about that next year, Warren; I’m too busy now.”</p><p>When Greg Abel and I attended Paul’s memorial service, we met children, grandchildren, long-time associates (including TTI’s first employee) and John Roach, the former CEO of a Fort Worth company Berkshire had purchased in 2000. John had steered his friend Paul to Omaha, instinctively knowing we would be a match.</p><p>At the service, Greg and I heard about the multitudes of people and organizations that Paul had silently supported. The breadth of his generosity was extraordinary – geared always to improving the lives of others, particularly those in Fort Worth.</p><p>In all ways, Paul was a class act.</p><p>* * * * * * * * * * * *</p><p>Good luck – occasionally extraordinary luck – has played its part at Berkshire. If Paul and I had not enjoyed a mutual friend – John Roach – TTI would not have found its home with us. But that ample serving of luck was only the beginning. TTI was soon to lead Berkshire to its most important acquisition.</p><p>Every fall, Berkshire directors gather for a presentation by a few of our executives. We sometimes choose the site based upon the location of a recent acquisition, by that means allowing directors to meet the new subsidiary’s CEO and learn more about the acquiree’s activities.</p><p>In the fall of 2009, we consequently selected Fort Worth so that we could visit TTI. At that time, BNSF, which also had Fort Worth as its hometown, was the third-largest holding among our marketable equities. Despite that large stake, I had never visited the railroad’s headquarters.</p><p>Deb Bosanek, my assistant, scheduled our board’s opening dinner for October 22. Meanwhile, I arranged to arrive earlier that day to meet with Matt Rose, CEO of BNSF, whose accomplishments I had long admired. When I made the date, I had no idea that our get-together would coincide with BNSF’s third-quarter earnings report, which was released late on the 22nd.</p><p>The market reacted badly to the railroad’s results. The Great Recession was in full force in the third quarter, and BNSF’s earnings reflected that slump. The economic outlook was also bleak, and Wall Street wasn’t feeling friendly to railroads – or much else.</p><p>On the following day, I again got together with Matt and suggested that Berkshire would offer the railroad a better long-term home than it could expect as a public company. I also told him the maximum price that Berkshire would pay.</p><p>Matt relayed the offer to his directors and advisors. Eleven busy days later, Berkshire and BNSF announced a firm deal. And here I’ll venture a rare prediction: BNSF will be a key asset for Berkshire and our country a century from now.</p><p>The BNSF acquisition would never have happened if Paul Andrews hadn’t sized up Berkshire as the right home for TTI.</p><h2>Thanks</h2><p>I taught my first investing class 70 years ago. Since then, I have enjoyed working almost every year with students of all ages, finally “retiring” from that pursuit in 2018.</p><p>Along the way, my toughest audience was my grandson’s fifth-grade class. The 11-year-olds were squirming in their seats and giving me blank stares until I mentioned Coca-Cola and its famous secret formula. Instantly, every hand went up, and I learned that “secrets” are catnip to kids.</p><p>Teaching, like writing, has helped me develop and clarify my own thoughts. Charlie calls this phenomenon the orangutan effect: If you sit down with an orangutan and carefully explain to it one of your cherished ideas, you may leave behind a puzzled primate, but will yourself exit thinking more clearly.</p><p>Talking to university students is far superior. I have urged that they seek employment in (1) the field and (2) with the kind of people they would select, if they had no need for money. Economic realities, I acknowledge, may interfere with that kind of search. Even so, I urge the students never to give up the quest, for when they find that sort of job, they will no longer be “working.”</p><p>Charlie and I, ourselves, followed that liberating course after a few early stumbles. We both started as part- timers at my grandfather’s grocery store, Charlie in 1940 and I in 1942. We were each assigned boring tasks and paid little, definitely not what we had in mind. Charlie later took up law, and I tried selling securities. Job satisfaction continued to elude us.</p><p>Finally, at Berkshire, we found what we love to do. With very few exceptions, we have now “worked” for many decades with people whom we like and trust. It’s a joy in life to join with managers such as Paul Andrews or the Berkshire families I told you about last year. In our home office, we employ decent and talented people – no jerks. Turnover averages, perhaps, one person per year.</p><p>I would like, however, to emphasize a further item that turns our jobs into fun and satisfaction working</p><p>for you. There is nothing more rewarding to Charlie and me than enjoying the trust of individual long-term shareholders who, for many decades, have joined us with the expectation that we would be a reliable custodian of their funds.</p><p>Obviously, we can’t select our owners, as we could do if our form of operation were a partnership. Anyone can buy shares of Berkshire today with the intention of soon reselling them. For sure, we get a few of that type of shareholder, just as we get index funds that own huge amounts of Berkshire simply because they are required to do so.</p><p>To a truly unusual degree, however, Berkshire has as owners a very large corps of individuals and families that have elected to join us with an intent approaching “til death do us part.” Often, they have trusted us with a large – some might say excessive – portion of their savings.</p><p>Berkshire, these shareholders would sometimes acknowledge, might be far from the best selection they could have made. But they would add that Berkshire would rank high among those with which they would be most comfortable. And people who are comfortable with their investments will, on average, achieve better results than those who are motivated by ever-changing headlines, chatter and promises.</p><p>Long-term individual owners are both the “partners” Charlie and I have always sought and the ones we constantly have in mind as we make decisions at Berkshire. To them we say, “It feels good to ‘work’ for you, and you have our thanks for your trust.”</p><h2>The Annual Meeting</h2><p>Clear your calendar! Berkshire will have its annual gathering of capitalists in Omaha on Friday, April 29th through Sunday, May 1st. The details regarding the weekend are laid out on pages A-1 and A-2. Omaha eagerly awaits you, as do I.</p><p>I will end this letter with a sales pitch. “Cousin” Jimmy Buffett has designed a pontoon “party” boat that is now being manufactured by Forest River, a Berkshire subsidiary. The boat will be introduced on April 29 at our Berkshire Bazaar of Bargains. And, for two days only, shareholders will be able to purchase Jimmy’s masterpiece at a 10% discount. Your bargain-hunting chairman will be buying a boat for his family’s use. Join me.</p><p>February 26, 2022</p><p>Warren E. Buffett Chairman of the Board</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BRK.A":"伯克希尔","BRK.B":"伯克希尔B"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1125580913","content_text":"Warren Buffett released his annual letter to Berkshire Hathaway shareholders on Saturday. The 91-year-old investing legend has been publishing the letter for over six decades and it has become required reading for investors around the world.Warren Buffett said he now considers tech giant Apple as one of the four pillars driving Berkshire Hathaway, the conglomerate of mostly old-economy businesses he’s assembled over the last five decades.In his annual letter to shareholders released on Saturday, the 91-year-old investing legend listed Apple under the heading “Our Four Giants” and even called the company the second-most important after Berkshire’s cluster of insurers, thanks to its chief executive.“Tim Cook, Apple’s brilliant CEO, quite properly regards users of Apple products as his first love, but all of his other constituencies benefit from Tim’s managerial touch as well,” the letter stated.Buffett made clear he is a fan of Cook’s stock repurchase strategy, and how it gives the conglomerate increased ownership of each dollar of the iPhone maker’s earnings without the investor having to lift a finger.“Apple – our runner-up Giant as measured by its yearend market value – is a different sort of holding. Here, our ownership is a mere 5.55%, up from 5.39% a year earlier,” Buffett said in the letter. “That increase sounds like small potatoes. But consider that each 0.1% of Apple’s 2021 earnings amounted to $100 million. We spent no Berkshire funds to gain our accretion. Apple’s repurchases did the job.”Berkshire began buying Apple stock in 2016 under the influence of Buffett’s investing deputies Todd Combs and Ted Weschler. By mid-2018, the conglomerate accumulated 5% ownership of the iPhone maker, a stake that cost $36 billion. Today, the Apple investment is now worth more than $160 billion, taking up 40% of Berkshire’s equity portfolio.“It’s important to understand that only dividends from Apple are counted in the GAAP earnings Berkshire reports – and last year, Apple paid us $785 million of those. Yet our ‘share’ of Apple’s earnings amounted to a staggering $5.6 billion. Much of what the company retained was used to repurchase Apple shares, an act we applaud,” Buffett said.Berkshire is Apple’s largest shareholder, outside of index and exchange-traded fund providers.Buffett also credited his railroad business BNSF and energy segment BHE as two other giants of the conglomerate, which both registered record earnings in 2021.“BNSF, our third Giant, continues to be the number one artery of American commerce, which makes it an indispensable asset for America as well as for Berkshire,” Buffett said. “BHE has become a utility powerhouse and a leading force in wind, solar and transmission throughout much of the United States.”Read the full letter here：To the Shareholders of Berkshire Hathaway Inc.:Charlie Munger, my long-time partner, and I have the job of managing a portion of your savings. We are honored by your trust.Our position carries with it the responsibility to report to you what we would like to know if we were the absentee owner and you were the manager. We enjoy communicating directly with you through this annual letter, and through the annual meeting as well.Our policy is to treat all shareholders equally. Therefore, we do not hold discussions with analysts nor large institutions. Whenever possible, also, we release important communications on Saturday mornings in order to maximize the time for shareholders and the media to absorb the news before markets open on Monday.A wealth of Berkshire facts and figures are set forth in the annual 10-K that the company regularly files with the S.E.C. and that we reproduce on pages K-1 – K-119. Some shareholders will find this detail engrossing; others will simply prefer to learn what Charlie and I believe is new or interesting at Berkshire.Alas, there was little action of that sort in 2021. We did, though, make reasonable progress in increasing the intrinsic value of your shares. That task has been my primary duty for 57 years. And it will continue to be.What You OwnBerkshire owns a wide variety of businesses, some in their entirety, some only in part. The second group largely consists of marketable common stocks of major American companies. Additionally, we own a few non-U.S. equities and participate in several joint ventures or other collaborative activities.Whatever our form of ownership, our goal is to have meaningful investments in businesses with both durable economic advantages and a first-class CEO. Please note particularly that we own stocks based upon our expectations about their long-term business performance and not because we view them as vehicles for timely market moves. That point is crucial: Charlie and I are not stock-pickers; we are business-pickers.I make many mistakes. Consequently, our extensive collection of businesses includes some enterprises that have truly extraordinary economics, many others that enjoy good economic characteristics, and a few that are marginal. One advantage of our common-stock segment is that – on occasion – it becomes easy to buy pieces of wonderful businesses at wonderful prices. That shooting-fish-in-a-barrel experience is very rare in negotiated transactions and never occurs en masse. It is also far easier to exit from a mistake when it has been made in the marketable arena.Surprise, SurpriseHere are a few items about your company that often surprise even seasoned investors:• Many people perceive Berkshire as a large and somewhat strange collection of financial assets. In truth, Berkshire owns and operates more U.S.-based “infrastructure” assets – classified on our balance sheet as property, plant and equipment – than are owned and operated by any other American corporation. That supremacy has never been our goal. It has, however, become a fact.At yearend, those domestic infrastructure assets were carried on Berkshire’s balance sheet at $158 billion. That number increased last year and will continue to increase. Berkshire always will be building.• Every year, your company makes substantial federal income tax payments. In 2021, for example, we paid$3.3 billion while the U.S. Treasury reported total corporate income-tax receipts of $402 billion. Additionally, Berkshire pays substantial state and foreign taxes. “I gave at the office” is an unassailable assertion when made by Berkshire shareholders.Berkshire’s history vividly illustrates the invisible and often unrecognized financial partnership between  government and American businesses. Our tale begins early in 1955, when Berkshire Fine Spinning and Hathaway Manufacturing agreed to merge their businesses. In their requests for shareholder approval, these venerable New England textile companies expressed high hopes for the combination.The Hathaway solicitation, for example, assured its shareholders that “The combination of the resources and managements will result in one of the strongest and most efficient organizations in the textile industry.” That upbeat view was endorsed by the company’s advisor, Lehman Brothers (yes, that Lehman Brothers).I’m sure it was a joyous day in both Fall River (Berkshire) and New Bedford (Hathaway) when the union was consummated. After the bands stopped playing and the bankers went home, however, the shareholders reaped a disaster.In the nine years following the merger, Berkshire’s owners watched the company’s net worth crater from$51.4 million to $22.1 million. In part, this decline was caused by stock repurchases, ill-advised dividends and plant shutdowns. But nine years of effort by many thousands of employees delivered an operating loss as well. Berkshire’s struggles were not unusual: The New England textile industry had silently entered an extended and non-reversible death march.During the nine post-merger years, the U.S. Treasury suffered as well from Berkshire’s troubles. All told, the company paid the government only $337,359 in income tax during that period – a pathetic $100 per day.Early in 1965, things changed. Berkshire installed new management that redeployed available cash and steered essentially all earnings into a variety of good businesses, most of which remained good through the years. Coupling reinvestment of earnings with the power of compounding worked its magic, and shareholders prospered.Berkshire’s owners, it should be noted, were not the only beneficiary of that course correction. Their “silent partner,” the U.S. Treasury, proceeded to collect many tens of billions of dollars from the company in income tax payments. Remember the $100 daily? Now, Berkshire pays roughly $9 million daily to the Treasury.In fairness to our governmental partner, our shareholders should acknowledge – indeed trumpet – the fact that Berkshire’s prosperity has been fostered mightily because the company has operated in America. Our country would have done splendidly in the years since 1965 without Berkshire. Absent our American home, however, Berkshire would never have come close to becoming what it is today. When you see the flag, say thanks.• From an $8.6 million purchase of National Indemnity in 1967, Berkshire has become the world leader in insurance “float” – money we hold and can invest but that does not belong to us. Including a relatively small sum derived from life insurance, Berkshire’s total float has grown from $19 million when we entered the insurance business to $147 billion.So far, this float has cost us less than nothing. Though we have experienced a number of years when insurance losses combined with operating expenses exceeded premiums, overall we have earned a modest 55-year profit from the underwriting activities that generated our float.Of equal importance, float is very sticky. Funds attributable to our insurance operations come and go daily, but their aggregate total is immune from precipitous decline. When it comes to investing float, we can therefore think long-term.If you are not already familiar with the concept of float, I refer you to a long explanation on page A-5. To my surprise, our float increased $9 billion last year, a buildup of value that is important to Berkshire owners though is not reflected in our GAAP (“generally-accepted accounting principles”) presentation of earnings and net worth.Much of our huge value creation in insurance is attributable to Berkshire’s good luck in my 1986 hiring of Ajit Jain. We first met on a Saturday morning, and I quickly asked Ajit what his insurance experience had been. He replied, “None.”I said, “Nobody’s perfect,” and hired him. That was my lucky day: Ajit actually was as perfect a choice as could have been made. Better yet, he continues to be – 35 years later.One final thought about insurance: I believe that it is likely – but far from assured – that Berkshire’s float can be maintained without our incurring a long-term underwriting loss. I am certain, however, that there will be some years when we experience such losses, perhaps involving very large sums.Berkshire is constructed to handle catastrophic events as no other insurer – and that priority will remain long after Charlie and I are gone.Our Four GiantsThrough Berkshire, our shareholders own many dozens of businesses. Some of these, in turn, have a collection of subsidiaries of their own. For example, Marmon has more than 100 individual business operations, ranging from the leasing of railroad cars to the manufacture of medical devices.• Nevertheless, operations of our “Big Four” companies account for a very large chunk of Berkshire’s value. Leading this list is our cluster of insurers. Berkshire effectively owns 100% of this group, whose massive float value we earlier described. The invested assets of these insurers are further enlarged by the extraordinary amount of capital we invest to back up their promises.The insurance business is made to order for Berkshire. The product will never be obsolete, and sales volume will generally increase along with both economic growth and inflation. Also, integrity and capital will forever be important. Our company can and will behave well.There are, of course, other insurers with excellent business models and prospects. Replication of Berkshire’s operation, however, would be almost impossible.• Apple – our runner-up Giant as measured by its yearend market value – is a different sort of holding. Here, our ownership is a mere 5.55%, up from 5.39% a year earlier. That increase sounds like small potatoes. But consider that each 0.1% of Apple’s 2021 earnings amounted to $100 million. We spent no Berkshire funds to gain our accretion. Apple’s repurchases did the job.It’s important to understand that only dividends from Apple are counted in the GAAP earnings Berkshire reports – and last year, Apple paid us $785 million of those. Yet our “share” of Apple’s earnings amounted to a staggering $5.6 billion. Much of what the company retained was used to repurchase Apple shares, an act we applaud. Tim Cook, Apple’s brilliant CEO, quite properly regards users of Apple products as his first love, but all of his other constituencies benefit from Tim’s managerial touch as well.• BNSF, our third Giant, continues to be the number one artery of American commerce, which makes it an indispensable asset for America as well as for Berkshire. If the many essential products BNSF carries were instead hauled by truck, America’s carbon emissions would soar.Your railroad had record earnings of $6 billion in 2021. Here, it should be noted, we are talking about the old-fashioned sort of earnings that we favor: a figure calculated after interest, taxes, depreciation, amortization and all forms of compensation. (Our definition suggests a warning: Deceptive “adjustments” to earnings – to use a polite description – have become both more frequent and more fanciful as stocks have risen. Speaking less politely, I would say that bull markets breed bloviated bull )BNSF trains traveled 143 million miles last year and carried 535 million tons of cargo. Both accomplishments far exceed those of any other American carrier. You can be proud of your railroad.• BHE, our final Giant, earned a record $4 billion in 2021. That’s up more than 30-fold from the $122 million earned in 2000, the year that Berkshire first purchased a BHE stake. Now, Berkshire owns 91.1% of the company.BHE’s record of societal accomplishment is as remarkable as its financial performance. The company had no wind or solar generation in 2000. It was then regarded simply as a relatively new and minor participant in the huge electric utility industry. Subsequently, under David Sokol’s and Greg Abel’s leadership, BHE has become a utility powerhouse (no groaning, please) and a leading force in wind, solar and transmission throughout much of the United States.Greg’s report on these accomplishments appears on pages A-3 and A-4. The profile you will find there is not in any way one of those currently-fashionable “green-washing” stories. BHE has been faithfully detailing its plans and performance in renewables and transmissions every year since 2007.To further review this information, visit BHE’s website at brkenergy.com. There, you will see that the company has long been making climate-conscious moves that soak up all of its earnings. More opportunities lie ahead. BHE has the management, the experience, the capital and the appetite for the huge power projects that our country needs.InvestmentsNow let’s talk about companies we don’t control, a list that again references Apple. Below we list our fifteen largest equity holdings, several of which are selections of Berkshire’s two long-time investment managers, Todd Combs and Ted Weschler. At yearend, this valued pair had total authority in respect to $34 billion of investments, many of which do not meet the threshold value we use in the table. Also, a significant portion of the dollars that Todd and Ted manage are lodged in various pension plans of Berkshire-owned businesses, with the assets of these plans not included in this table.* This is our actual purchase price and also our tax basis.** Held by BHE; consequently, Berkshire shareholders have only a 91.1% interest in this position.*** Includes a $10 billion investment in Occidental Petroleum, consisting of preferred stock and warrants to buy common stock, a combination now being valued at $10.7 billion.In addition to the footnoted Occidental holding and our various common-stock positions, Berkshire also owns a 26.6% interest in Kraft Heinz (accounted for on the “equity” method, not market value, and carried at $13.1 billion) and 38.6% of Pilot Corp., a leader in travel centers that had revenues last year of $45 billion.Since we purchased our Pilot stake in 2017, this holding has warranted “equity” accounting treatment. Early in 2023, Berkshire will purchase an additional interest in Pilot that will raise our ownership to 80% and lead to our fully consolidating Pilot’s earnings, assets and liabilities in our financial statements.U.S. Treasury BillsBerkshire’s balance sheet includes $144 billion of cash and cash equivalents (excluding the holdings of BNSF and BHE). Of this sum, $120 billion is held in U.S. Treasury bills, all maturing in less than a year. That stake leaves Berkshire financing about 12 of 1% of the publicly-held national debt.Charlie and I have pledged that Berkshire (along with our subsidiaries other than BNSF and BHE) will always hold more than $30 billion of cash and equivalents. We want your company to be financially impregnable and never dependent on the kindness of strangers (or even that of friends). Both of us like to sleep soundly, and we want our creditors, insurance claimants and you to do so as well.But $144 billion?That imposing sum, I assure you, is not some deranged expression of patriotism. Nor have Charlie and I lost our overwhelming preference for business ownership. Indeed, I first manifested my enthusiasm for that 80 years ago, on March 11, 1942, when I purchased three shares of Cities Services preferred stock. Their cost was $114.75 and required all of my savings. (The Dow Jones Industrial Average that day closed at 99, a fact that should scream to you: Never bet against America.)After my initial plunge, I always kept at least 80% of my net worth in equities. My favored status throughout that period was 100% – and still is. Berkshire’s current 80%-or-so position in businesses is a consequence of my failure to find entire companies or small portions thereof (that is, marketable stocks) which meet our criteria for long- term holding.Charlie and I have endured similar cash-heavy positions from time to time in the past. These periods are never pleasant; they are also never permanent. And, fortunately, we have had a mildly attractive alternative during 2020 and 2021 for deploying capital. Read on.Share RepurchasesThere are three ways that we can increase the value of your investment. The first is always front and center in our minds: Increase the long-term earning power of Berkshire’s controlled businesses through internal growth or by making acquisitions. Today, internal opportunities deliver far better returns than acquisitions. The size of those opportunities, however, is small compared to Berkshire’s resources.Our second choice is to buy non-controlling part-interests in the many good or great businesses that are publicly traded. From time to time, such possibilities are both numerous and blatantly attractive. Today, though, we find little that excites us.That’s largely because of a truism: Long-term interest rates that are low push the prices of all productive investments upward, whether these are stocks, apartments, farms, oil wells, whatever. Other factors influence valuations as well, but interest rates will always be important.Our final path to value creation is to repurchase Berkshire shares. Through that simple act, we increase your share of the many controlled and non-controlled businesses Berkshire owns. When the price/value equation is right, this path is the easiest and most certain way for us to increase your wealth. (Alongside the accretion of value to continuing shareholders, a couple of other parties gain: Repurchases are modestly beneficial to the seller of the repurchased shares and to society as well.)Periodically, as alternative paths become unattractive, repurchases make good sense for Berkshire’s owners. During the past two years, we therefore repurchased 9% of the shares that were outstanding at yearend 2019 for a total cost of $51.7 billion. That expenditure left our continuing shareholders owning about 10% more of all Berkshire businesses, whether these are wholly-owned (such as BNSF and GEICO) or partly-owned (such as Coca-Cola and Moody’s).I want to underscore that for Berkshire repurchases to make sense, our shares must offer appropriate value. We don’t want to overpay for the shares of other companies, and it would be value-destroying if we were to overpay when we are buying Berkshire. As of February 23, 2022, since yearend we repurchased additional shares at a cost of $1.2 billion. Our appetite remains large but will always remain price-dependent.It should be noted that Berkshire’s buyback opportunities are limited because of its high-class investor base. If our shares were heavily held by short-term speculators, both price volatility and transaction volumes would materially increase. That kind of reshaping would offer us far greater opportunities for creating value by making repurchases. Nevertheless, Charlie and I far prefer the owners we have, even though their admirable buy-and-keep attitudes limit the extent to which long-term shareholders can profit from opportunistic repurchases.Finally, one easily-overlooked value calculation specific to Berkshire: As we’ve discussed, insurance “float” of the right sort is of great value to us. As it happens, repurchases automatically increase the amount of “float” per share. That figure has increased during the past two years by 25% – going from $79,387 per “A” share to $99,497, a meaningful gain that, as noted, owes some thanks to repurchases.A Wonderful Man and a Wonderful BusinessLast year, Paul Andrews died. Paul was the founder and CEO of TTI, a Fort Worth-based subsidiary of Berkshire. Throughout his life – in both his business and his personal pursuits – Paul quietly displayed all the qualities that Charlie and I admire. His story should be told.In 1971, Paul was working as a purchasing agent for General Dynamics when the roof fell in. After losing a huge defense contract, the company fired thousands of employees, including Paul.With his first child due soon, Paul decided to bet on himself, using $500 of his savings to found Tex-Tronics (later renamed TTI). The company set itself up to distribute small electronic components, and first-year sales totaled $112,000. Today, TTI markets more than one million different items with annual volume of $7.7 billion.But back to 2006: Paul, at 63, then found himself happy with his family, his job, and his associates. But he had one nagging worry, heightened because he had recently witnessed a friend’s early death and the disastrous results that followed for that man’s family and business. What, Paul asked himself in 2006, would happen to the many people depending on him if he should unexpectedly die?For a year, Paul wrestled with his options. Sell to a competitor? From a strictly economic viewpoint, that course made the most sense. After all, competitors could envision lucrative “synergies” – savings that would be achieved as the acquiror slashed duplicated functions at TTI.But . . . Such a purchaser would most certainly also retain its CFO, its legal counsel, its HR unit. Their TTI counterparts would therefore be sent packing. And ugh! If a new distribution center were to be needed, the acquirer’s home city would certainly be favored over Fort Worth.Whatever the financial benefits, Paul quickly concluded that selling to a competitor was not for him. He next considered seeking a financial buyer, a species once labeled – aptly so – a leveraged buyout firm. Paul knew, however, that such a purchaser would be focused on an “exit strategy.” And who could know what that would be? Brooding over it all, Paul found himself having no interest in handing his 35-year-old creation over to a reseller.When Paul met me, he explained why he had eliminated these two alternatives as buyers. He then summed up his dilemma by saying – in far more tactful phrasing than this – “After a year of pondering the alternatives, I want to sell to Berkshire because you are the only guy left.” So, I made an offer and Paul said “Yes.” One meeting; one lunch; one deal.To say we both lived happily ever after is an understatement. When Berkshire purchased TTI, the company employed 2,387. Now the number is 8,043. A large percentage of that growth took place in Fort Worth and environs. Earnings have increased 673%.Annually, I would call Paul and tell him his salary should be substantially increased. Annually, he would tell me, “We can talk about that next year, Warren; I’m too busy now.”When Greg Abel and I attended Paul’s memorial service, we met children, grandchildren, long-time associates (including TTI’s first employee) and John Roach, the former CEO of a Fort Worth company Berkshire had purchased in 2000. John had steered his friend Paul to Omaha, instinctively knowing we would be a match.At the service, Greg and I heard about the multitudes of people and organizations that Paul had silently supported. The breadth of his generosity was extraordinary – geared always to improving the lives of others, particularly those in Fort Worth.In all ways, Paul was a class act.* * * * * * * * * * * *Good luck – occasionally extraordinary luck – has played its part at Berkshire. If Paul and I had not enjoyed a mutual friend – John Roach – TTI would not have found its home with us. But that ample serving of luck was only the beginning. TTI was soon to lead Berkshire to its most important acquisition.Every fall, Berkshire directors gather for a presentation by a few of our executives. We sometimes choose the site based upon the location of a recent acquisition, by that means allowing directors to meet the new subsidiary’s CEO and learn more about the acquiree’s activities.In the fall of 2009, we consequently selected Fort Worth so that we could visit TTI. At that time, BNSF, which also had Fort Worth as its hometown, was the third-largest holding among our marketable equities. Despite that large stake, I had never visited the railroad’s headquarters.Deb Bosanek, my assistant, scheduled our board’s opening dinner for October 22. Meanwhile, I arranged to arrive earlier that day to meet with Matt Rose, CEO of BNSF, whose accomplishments I had long admired. When I made the date, I had no idea that our get-together would coincide with BNSF’s third-quarter earnings report, which was released late on the 22nd.The market reacted badly to the railroad’s results. The Great Recession was in full force in the third quarter, and BNSF’s earnings reflected that slump. The economic outlook was also bleak, and Wall Street wasn’t feeling friendly to railroads – or much else.On the following day, I again got together with Matt and suggested that Berkshire would offer the railroad a better long-term home than it could expect as a public company. I also told him the maximum price that Berkshire would pay.Matt relayed the offer to his directors and advisors. Eleven busy days later, Berkshire and BNSF announced a firm deal. And here I’ll venture a rare prediction: BNSF will be a key asset for Berkshire and our country a century from now.The BNSF acquisition would never have happened if Paul Andrews hadn’t sized up Berkshire as the right home for TTI.ThanksI taught my first investing class 70 years ago. Since then, I have enjoyed working almost every year with students of all ages, finally “retiring” from that pursuit in 2018.Along the way, my toughest audience was my grandson’s fifth-grade class. The 11-year-olds were squirming in their seats and giving me blank stares until I mentioned Coca-Cola and its famous secret formula. Instantly, every hand went up, and I learned that “secrets” are catnip to kids.Teaching, like writing, has helped me develop and clarify my own thoughts. Charlie calls this phenomenon the orangutan effect: If you sit down with an orangutan and carefully explain to it one of your cherished ideas, you may leave behind a puzzled primate, but will yourself exit thinking more clearly.Talking to university students is far superior. I have urged that they seek employment in (1) the field and (2) with the kind of people they would select, if they had no need for money. Economic realities, I acknowledge, may interfere with that kind of search. Even so, I urge the students never to give up the quest, for when they find that sort of job, they will no longer be “working.”Charlie and I, ourselves, followed that liberating course after a few early stumbles. We both started as part- timers at my grandfather’s grocery store, Charlie in 1940 and I in 1942. We were each assigned boring tasks and paid little, definitely not what we had in mind. Charlie later took up law, and I tried selling securities. Job satisfaction continued to elude us.Finally, at Berkshire, we found what we love to do. With very few exceptions, we have now “worked” for many decades with people whom we like and trust. It’s a joy in life to join with managers such as Paul Andrews or the Berkshire families I told you about last year. In our home office, we employ decent and talented people – no jerks. Turnover averages, perhaps, one person per year.I would like, however, to emphasize a further item that turns our jobs into fun and satisfaction workingfor you. There is nothing more rewarding to Charlie and me than enjoying the trust of individual long-term shareholders who, for many decades, have joined us with the expectation that we would be a reliable custodian of their funds.Obviously, we can’t select our owners, as we could do if our form of operation were a partnership. Anyone can buy shares of Berkshire today with the intention of soon reselling them. For sure, we get a few of that type of shareholder, just as we get index funds that own huge amounts of Berkshire simply because they are required to do so.To a truly unusual degree, however, Berkshire has as owners a very large corps of individuals and families that have elected to join us with an intent approaching “til death do us part.” Often, they have trusted us with a large – some might say excessive – portion of their savings.Berkshire, these shareholders would sometimes acknowledge, might be far from the best selection they could have made. But they would add that Berkshire would rank high among those with which they would be most comfortable. And people who are comfortable with their investments will, on average, achieve better results than those who are motivated by ever-changing headlines, chatter and promises.Long-term individual owners are both the “partners” Charlie and I have always sought and the ones we constantly have in mind as we make decisions at Berkshire. To them we say, “It feels good to ‘work’ for you, and you have our thanks for your trust.”The Annual MeetingClear your calendar! Berkshire will have its annual gathering of capitalists in Omaha on Friday, April 29th through Sunday, May 1st. The details regarding the weekend are laid out on pages A-1 and A-2. Omaha eagerly awaits you, as do I.I will end this letter with a sales pitch. “Cousin” Jimmy Buffett has designed a pontoon “party” boat that is now being manufactured by Forest River, a Berkshire subsidiary. The boat will be introduced on April 29 at our Berkshire Bazaar of Bargains. And, for two days only, shareholders will be able to purchase Jimmy’s masterpiece at a 10% discount. Your bargain-hunting chairman will be buying a boat for his family’s use. Join me.February 26, 2022Warren E. Buffett Chairman of the Board","news_type":1},"isVote":1,"tweetType":1,"viewCount":158,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9030721288,"gmtCreate":1645830560576,"gmtModify":1676534067355,"author":{"id":"3575105747703011","authorId":"3575105747703011","name":"RogerLam","avatar":"https://static.tigerbbs.com/1005e5ae2cda08a31d27406a5089b7ae","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3575105747703011","authorIdStr":"3575105747703011"},"themes":[],"htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9030721288","repostId":"2214974048","repostType":4,"repost":{"id":"2214974048","kind":"highlight","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":1645802130,"share":"https://ttm.financial/m/news/2214974048?lang=&edition=fundamental","pubTime":"2022-02-25 23:15","market":"us","language":"en","title":"Stock Market Stages Epic Turnaround after Russia Invaded Ukraine. Here Are 3 Reasons for the Rebound","url":"https://stock-news.laohu8.com/highlight/detail?id=2214974048","media":"Dow Jones","summary":"Investors also could be bargain hunting, or buying the dip, which is a risky proposition because the developments in Kyiv aren't yet clear and could evolve into Moscow targeting neighboring countries, if he is bent on restoring Soviet-era bloc in Eastern Europe.\"It is a pretty remarkable turnaround through,\" Randy Frederick, managing director at Schwab Center for Financial Research, told MarketWatch.Schwab's Liz Ann Sonders told CNBC that she doesn't think the market is out of the woods but beli","content":"<html><head></head><body><p>U.S. stock-market investors shook off an unprovoked Russian invasion of Ukraine to end decidedly in positive territory on Thursday.</p><p>The Nasdaq Composite Index, for example, had fallen by 3.45% at its lows of the session but clawed back to a gain of over 3%, driven higher by large-capitalization information technology stocks and notable gains in the cybersecurity sector.</p><p>The last time the tech-heavy index staged a comeback of this magnitude was Jan. 24, 2022 when it fell 4.90% at its low, but closed up 0.63%, according to Dow Jones Market Data.</p><p>In fact, there have only been eight trading sessions in which the Nasdaq Composite was down at least 3% on an intraday basis, but ended the day higher (not including today).</p><p>The Nasdaq Composite&#39;s turnaround also reflect a broader reversal from a very bearish tone for markets for the S&amp;P 500 and the Dow Jones Industrial Average , even if the index finished once again on the brink of correction territory. The Dow industrials were down 859.12 points at Thursday&#39;s nadir, or 2.6%, and the S&amp;P was down 2.55% at its lows.</p><p>Investors scooped up shares in the tech sector and communication services, both up by around 2.8%, at last check. Gains there contributed to the bounce back, which also saw yields for the 10-year Treasury note rise to 1.969, after hitting a low around 1.85%.</p><p>So why the turnaround?</p><h2>Not so SWIFT</h2><p>The frenzied action on Wall Street came after Russian President Vladimir Putin ordered special operations into Ukraine. The U.S. and most of the international community declared the move an invasion and leveled further sanctions against, Moscow, including fresh sanctions from the U.S., including those on Russian banks, the country&#39;s elites and its largest state-owned enterprises.</p><p>&#34;Putin is the aggressor. Putin chose this war, and now he and his country will bear the consequences,&#34; President Biden said during a speech at the White House Thursday afternoon.</p><p>Market participants, however, may have taken solace in the fact that Biden hasn&#39;t yet booted Russia out of the SWIFT payment network. SWIFT, which stands for the Society for Worldwide Interbank Financial Telecommunication, is a payments-related messaging service that helps banks world-wide execute financial transactions.</p><p>Although, such a move may come, keeping Russia in the Swift network may avoid hurting other members of the network that, which could have hurt some economies in Europe.</p><h2>Buy the dip?</h2><p>Investors also could be bargain hunting, or buying the dip, which is a risky proposition because the developments in Kyiv aren&#39;t yet clear and could evolve into Moscow targeting neighboring countries, if he is bent on restoring Soviet-era bloc in Eastern Europe.</p><p>&#34;It is a pretty remarkable turnaround through,&#34; Randy Frederick, managing director at Schwab Center for Financial Research, told MarketWatch.</p><p>Schwab&#39;s Liz Ann Sonders told CNBC that she doesn&#39;t think the market is out of the woods but believed that algorithmic, or computer-driven, trading may have contributing to the reversal. It is probably some version of &#34;buy the rumor sell the fact,&#34; she said.</p><h2>The technicals</h2><p>Investors might also have responded to so-called oversold conditions present in the market that ultimately gave way to a flurry of technical buying. Near midday Thursday, the Arms Index, which is a volume-weighted breadth measure, suggests there is no panic in the stock market&#39;s selloff with signs of opportunistic buying emerging even at that point.</p><p>MarketWatch&#39;s Tomi Kilgore noted that earlier this week that the Relative Strength Index, or RSI, a momentum indicator that measures the magnitude of recent gains against the magnitude of recent declines, was still above its January low for the S&amp;P 500, despite a slide into correction.</p><p>He wrote that when prices make new lows but underlying technicals make higher lows is referred to as &#34;bullish divergence,&#34; and suggested a downtrend may be running out of steam.</p><p>Kilgore notes that another positive sign from the RSI indicator is that it remained above what many chart watchers view as the oversold threshold of 30.</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>Stock Market Stages Epic Turnaround after Russia Invaded Ukraine. Here Are 3 Reasons for the Rebound</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\">\nStock Market Stages Epic Turnaround after Russia Invaded Ukraine. Here Are 3 Reasons for the Rebound\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\">2022-02-25 23:15</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>U.S. stock-market investors shook off an unprovoked Russian invasion of Ukraine to end decidedly in positive territory on Thursday.</p><p>The Nasdaq Composite Index, for example, had fallen by 3.45% at its lows of the session but clawed back to a gain of over 3%, driven higher by large-capitalization information technology stocks and notable gains in the cybersecurity sector.</p><p>The last time the tech-heavy index staged a comeback of this magnitude was Jan. 24, 2022 when it fell 4.90% at its low, but closed up 0.63%, according to Dow Jones Market Data.</p><p>In fact, there have only been eight trading sessions in which the Nasdaq Composite was down at least 3% on an intraday basis, but ended the day higher (not including today).</p><p>The Nasdaq Composite&#39;s turnaround also reflect a broader reversal from a very bearish tone for markets for the S&amp;P 500 and the Dow Jones Industrial Average , even if the index finished once again on the brink of correction territory. The Dow industrials were down 859.12 points at Thursday&#39;s nadir, or 2.6%, and the S&amp;P was down 2.55% at its lows.</p><p>Investors scooped up shares in the tech sector and communication services, both up by around 2.8%, at last check. Gains there contributed to the bounce back, which also saw yields for the 10-year Treasury note rise to 1.969, after hitting a low around 1.85%.</p><p>So why the turnaround?</p><h2>Not so SWIFT</h2><p>The frenzied action on Wall Street came after Russian President Vladimir Putin ordered special operations into Ukraine. The U.S. and most of the international community declared the move an invasion and leveled further sanctions against, Moscow, including fresh sanctions from the U.S., including those on Russian banks, the country&#39;s elites and its largest state-owned enterprises.</p><p>&#34;Putin is the aggressor. Putin chose this war, and now he and his country will bear the consequences,&#34; President Biden said during a speech at the White House Thursday afternoon.</p><p>Market participants, however, may have taken solace in the fact that Biden hasn&#39;t yet booted Russia out of the SWIFT payment network. SWIFT, which stands for the Society for Worldwide Interbank Financial Telecommunication, is a payments-related messaging service that helps banks world-wide execute financial transactions.</p><p>Although, such a move may come, keeping Russia in the Swift network may avoid hurting other members of the network that, which could have hurt some economies in Europe.</p><h2>Buy the dip?</h2><p>Investors also could be bargain hunting, or buying the dip, which is a risky proposition because the developments in Kyiv aren&#39;t yet clear and could evolve into Moscow targeting neighboring countries, if he is bent on restoring Soviet-era bloc in Eastern Europe.</p><p>&#34;It is a pretty remarkable turnaround through,&#34; Randy Frederick, managing director at Schwab Center for Financial Research, told MarketWatch.</p><p>Schwab&#39;s Liz Ann Sonders told CNBC that she doesn&#39;t think the market is out of the woods but believed that algorithmic, or computer-driven, trading may have contributing to the reversal. It is probably some version of &#34;buy the rumor sell the fact,&#34; she said.</p><h2>The technicals</h2><p>Investors might also have responded to so-called oversold conditions present in the market that ultimately gave way to a flurry of technical buying. Near midday Thursday, the Arms Index, which is a volume-weighted breadth measure, suggests there is no panic in the stock market&#39;s selloff with signs of opportunistic buying emerging even at that point.</p><p>MarketWatch&#39;s Tomi Kilgore noted that earlier this week that the Relative Strength Index, or RSI, a momentum indicator that measures the magnitude of recent gains against the magnitude of recent declines, was still above its January low for the S&amp;P 500, despite a slide into correction.</p><p>He wrote that when prices make new lows but underlying technicals make higher lows is referred to as &#34;bullish divergence,&#34; and suggested a downtrend may be running out of steam.</p><p>Kilgore notes that another positive sign from the RSI indicator is that it remained above what many chart watchers view as the oversold threshold of 30.</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":"2214974048","content_text":"U.S. stock-market investors shook off an unprovoked Russian invasion of Ukraine to end decidedly in positive territory on Thursday.The Nasdaq Composite Index, for example, had fallen by 3.45% at its lows of the session but clawed back to a gain of over 3%, driven higher by large-capitalization information technology stocks and notable gains in the cybersecurity sector.The last time the tech-heavy index staged a comeback of this magnitude was Jan. 24, 2022 when it fell 4.90% at its low, but closed up 0.63%, according to Dow Jones Market Data.In fact, there have only been eight trading sessions in which the Nasdaq Composite was down at least 3% on an intraday basis, but ended the day higher (not including today).The Nasdaq Composite's turnaround also reflect a broader reversal from a very bearish tone for markets for the S&P 500 and the Dow Jones Industrial Average , even if the index finished once again on the brink of correction territory. The Dow industrials were down 859.12 points at Thursday's nadir, or 2.6%, and the S&P was down 2.55% at its lows.Investors scooped up shares in the tech sector and communication services, both up by around 2.8%, at last check. Gains there contributed to the bounce back, which also saw yields for the 10-year Treasury note rise to 1.969, after hitting a low around 1.85%.So why the turnaround?Not so SWIFTThe frenzied action on Wall Street came after Russian President Vladimir Putin ordered special operations into Ukraine. The U.S. and most of the international community declared the move an invasion and leveled further sanctions against, Moscow, including fresh sanctions from the U.S., including those on Russian banks, the country's elites and its largest state-owned enterprises.\"Putin is the aggressor. Putin chose this war, and now he and his country will bear the consequences,\" President Biden said during a speech at the White House Thursday afternoon.Market participants, however, may have taken solace in the fact that Biden hasn't yet booted Russia out of the SWIFT payment network. SWIFT, which stands for the Society for Worldwide Interbank Financial Telecommunication, is a payments-related messaging service that helps banks world-wide execute financial transactions.Although, such a move may come, keeping Russia in the Swift network may avoid hurting other members of the network that, which could have hurt some economies in Europe.Buy the dip?Investors also could be bargain hunting, or buying the dip, which is a risky proposition because the developments in Kyiv aren't yet clear and could evolve into Moscow targeting neighboring countries, if he is bent on restoring Soviet-era bloc in Eastern Europe.\"It is a pretty remarkable turnaround through,\" Randy Frederick, managing director at Schwab Center for Financial Research, told MarketWatch.Schwab's Liz Ann Sonders told CNBC that she doesn't think the market is out of the woods but believed that algorithmic, or computer-driven, trading may have contributing to the reversal. It is probably some version of \"buy the rumor sell the fact,\" she said.The technicalsInvestors might also have responded to so-called oversold conditions present in the market that ultimately gave way to a flurry of technical buying. Near midday Thursday, the Arms Index, which is a volume-weighted breadth measure, suggests there is no panic in the stock market's selloff with signs of opportunistic buying emerging even at that point.MarketWatch's Tomi Kilgore noted that earlier this week that the Relative Strength Index, or RSI, a momentum indicator that measures the magnitude of recent gains against the magnitude of recent declines, was still above its January low for the S&P 500, despite a slide into correction.He wrote that when prices make new lows but underlying technicals make higher lows is referred to as \"bullish divergence,\" and suggested a downtrend may be running out of steam.Kilgore notes that another positive sign from the RSI indicator is that it remained above what many chart watchers view as the oversold threshold of 30.","news_type":1},"isVote":1,"tweetType":1,"viewCount":213,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":167523409,"gmtCreate":1624278623401,"gmtModify":1703832223509,"author":{"id":"3575105747703011","authorId":"3575105747703011","name":"RogerLam","avatar":"https://static.tigerbbs.com/1005e5ae2cda08a31d27406a5089b7ae","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3575105747703011","authorIdStr":"3575105747703011"},"themes":[],"htmlText":"Okie&nbsp;","listText":"Okie&nbsp;","text":"Okie","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/167523409","repostId":"1181010712","repostType":4,"repost":{"id":"1181010712","kind":"news","pubTimestamp":1624278315,"share":"https://ttm.financial/m/news/1181010712?lang=&edition=fundamental","pubTime":"2021-06-21 20:25","market":"us","language":"en","title":"Nvidia Is Worth the Wait, but It Is Too Hot Right Now","url":"https://stock-news.laohu8.com/highlight/detail?id=1181010712","media":"InvestorPlace","summary":"NVDA stock is a winner long term because of strong management.\n\nToday’s write-up aboutNvidia(NASDAQ:","content":"<blockquote>\n NVDA stock is a winner long term because of strong management.\n</blockquote>\n<p>Today’s write-up about<b>Nvidia</b>(NASDAQ:<b><u>NVDA</u></b>) stock might sound a bit bearish at times. Ignore that because I’m a big fan of the company and the comments here are all about timing.</p>\n<p>Investors have different timelines, so there isn’t one entry point or decision to fit everyone the same.</p>\n<p>My beef with it now is that the stock has been so relentless for too long. The easy bullish setup is over, and this week’s burst sealed the deal.<b>Advanced Micro Devices</b>(NASDAQ:<b><u>AMD</u></b>) stock price range makes more sense.</p>\n<p>Today I am calling for a bit of self-control. Investors that are not yet long NVDA stock should know that they missed the easy trade. The hard part is to be patient for re-entry lower.</p>\n<p>This doesn’t mean that I can short it, but I must temper my enthusiasm for new positions. I completely understand long-term investors not caring so much about timing. If that’s the case then waiting a few more ticks shouldn’t matter either. My main concern is first to avoid potentially bad entries. An incline as steep as this one qualifies as a potential trap.</p>\n<p>When great stocks spike their relative valuation changes with extreme altitudes. Currently, Nvidia management placed itself in a leading role among the top three chip manufacturers. AMD comes in a close second and<b>Intel</b>(NASDAQ:<b><u>INTC</u></b>) is dragging third. This affords NVDA stock a premium but the differential has grown way too big.</p>\n<p><b>Relative Value to AMD Makes NVDA Expensive</b></p>\n<p>When I say expensive, I don’t mean that I want it to be cheap. This is a growth company so value is not what I seek. However, NVDA now has a hefty 60 price-to-sales ratio, three times&nbsp;more expensive than AMD, and they are both delivering the same growth.</p>\n<p>If you force me to chose which to buy, I would opt for AMD for that reason. The easiest way to say it is that this is not an obvious point of entry in NVDA stock.</p>\n<p>There is also risk from the overall market. The indices are still breaking records but largely thanks to artificial infusions from the government. The Federal Reserve has had the spigots open full-bore for years. This week they hinted at the possibility of winding it down.</p>\n<p>When that happens it will leave a void worth $1.4 trillion a year from asset purchases. The White House stimuli that are three times bigger are also winding down.</p>\n<p>The reflation efforts have goosed the stock market and created hyperinflation situations. I use this “hyperinflation” term on purpose because itrecently made headlines on CNBC. I’m not from Wall Street, yet my measurement of inflation is certainly more accurate than the CPI they publish.</p>\n<p>I know the carton of milk I buy at Costco is 50% more expensive than it was pre-pandemic. Almost everything now has never been more expensive. Houses, cars and even food. Fed Chairman Jerome Powell called it “transitory” and I’d like to see what would unwind it lower.</p>\n<p>Circling back to NVDA it is definitely a BUY in my book but on dips. It broke out from $650 per share. Arguably this even started $50 lower, but the target is closer to $800 per share.</p>\n<p>Investors who have missed the entry here should set their alerts to buy the dip when it happens. I am confident that this year we will have that chance. A general correction of equities will drag down the good stocks too. Those that have rallied this far have the most to give back.</p>\n<p><b>There Are Better Levels for NVDA Stock Buys</b></p>\n<p><img src=\"https://static.tigerbbs.com/ecd18b9d27a6de0abcf734e0f652d6e3\" tg-width=\"1543\" tg-height=\"826\">After a breakout, stock prices often revisit the necklines. For NVDA that’s at or below $625 per share. There should be very strong support waiting for it there.</p>\n<p>The stock has consolidated in a very wide range since last September. Those who want to short the stock now should book profits quickly. I don’t see a scenario where this stock completely falls apart alone. If the market crashes massively, then the gift of the century would be to by it below $480.</p>\n<p>If I can’t wait that long then I can do it now with options. Instead of buying shares I can sell the NVDA December $480 put and collect $8 per contract. This means that the stock can fall 35% and I can still profit.</p>\n<p>Committing to owning shares that much lower is safer than risking $746 per share right here. Regardless of the method, investors should only take partial positions so they can manage the risk over time.</p>\n<p>I will end this how I started by saying that I am a fan of the company. But I don’t like chasing it at these altitudes even if I miss some upside. Patience will reward investors in the long run.</p>","source":"lsy1606302653667","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 Is Worth the Wait, but It Is Too Hot Right Now</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 Is Worth the Wait, but It Is Too Hot Right Now\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-21 20:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://investorplace.com/2021/06/nvidia-is-worth-the-wait-but-it-is-too-hot-right-now/><strong>InvestorPlace</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>NVDA stock is a winner long term because of strong management.\n\nToday’s write-up aboutNvidia(NASDAQ:NVDA) stock might sound a bit bearish at times. Ignore that because I’m a big fan of the company and...</p>\n\n<a href=\"https://investorplace.com/2021/06/nvidia-is-worth-the-wait-but-it-is-too-hot-right-now/\">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://investorplace.com/2021/06/nvidia-is-worth-the-wait-but-it-is-too-hot-right-now/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1181010712","content_text":"NVDA stock is a winner long term because of strong management.\n\nToday’s write-up aboutNvidia(NASDAQ:NVDA) stock might sound a bit bearish at times. Ignore that because I’m a big fan of the company and the comments here are all about timing.\nInvestors have different timelines, so there isn’t one entry point or decision to fit everyone the same.\nMy beef with it now is that the stock has been so relentless for too long. The easy bullish setup is over, and this week’s burst sealed the deal.Advanced Micro Devices(NASDAQ:AMD) stock price range makes more sense.\nToday I am calling for a bit of self-control. Investors that are not yet long NVDA stock should know that they missed the easy trade. The hard part is to be patient for re-entry lower.\nThis doesn’t mean that I can short it, but I must temper my enthusiasm for new positions. I completely understand long-term investors not caring so much about timing. If that’s the case then waiting a few more ticks shouldn’t matter either. My main concern is first to avoid potentially bad entries. An incline as steep as this one qualifies as a potential trap.\nWhen great stocks spike their relative valuation changes with extreme altitudes. Currently, Nvidia management placed itself in a leading role among the top three chip manufacturers. AMD comes in a close second andIntel(NASDAQ:INTC) is dragging third. This affords NVDA stock a premium but the differential has grown way too big.\nRelative Value to AMD Makes NVDA Expensive\nWhen I say expensive, I don’t mean that I want it to be cheap. This is a growth company so value is not what I seek. However, NVDA now has a hefty 60 price-to-sales ratio, three times more expensive than AMD, and they are both delivering the same growth.\nIf you force me to chose which to buy, I would opt for AMD for that reason. The easiest way to say it is that this is not an obvious point of entry in NVDA stock.\nThere is also risk from the overall market. The indices are still breaking records but largely thanks to artificial infusions from the government. The Federal Reserve has had the spigots open full-bore for years. This week they hinted at the possibility of winding it down.\nWhen that happens it will leave a void worth $1.4 trillion a year from asset purchases. The White House stimuli that are three times bigger are also winding down.\nThe reflation efforts have goosed the stock market and created hyperinflation situations. I use this “hyperinflation” term on purpose because itrecently made headlines on CNBC. I’m not from Wall Street, yet my measurement of inflation is certainly more accurate than the CPI they publish.\nI know the carton of milk I buy at Costco is 50% more expensive than it was pre-pandemic. Almost everything now has never been more expensive. Houses, cars and even food. Fed Chairman Jerome Powell called it “transitory” and I’d like to see what would unwind it lower.\nCircling back to NVDA it is definitely a BUY in my book but on dips. It broke out from $650 per share. Arguably this even started $50 lower, but the target is closer to $800 per share.\nInvestors who have missed the entry here should set their alerts to buy the dip when it happens. I am confident that this year we will have that chance. A general correction of equities will drag down the good stocks too. Those that have rallied this far have the most to give back.\nThere Are Better Levels for NVDA Stock Buys\nAfter a breakout, stock prices often revisit the necklines. For NVDA that’s at or below $625 per share. There should be very strong support waiting for it there.\nThe stock has consolidated in a very wide range since last September. Those who want to short the stock now should book profits quickly. I don’t see a scenario where this stock completely falls apart alone. If the market crashes massively, then the gift of the century would be to by it below $480.\nIf I can’t wait that long then I can do it now with options. Instead of buying shares I can sell the NVDA December $480 put and collect $8 per contract. This means that the stock can fall 35% and I can still profit.\nCommitting to owning shares that much lower is safer than risking $746 per share right here. Regardless of the method, investors should only take partial positions so they can manage the risk over time.\nI will end this how I started by saying that I am a fan of the company. But I don’t like chasing it at these altitudes even if I miss some upside. Patience will reward investors in the long run.","news_type":1},"isVote":1,"tweetType":1,"viewCount":93,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9085499091,"gmtCreate":1650754722520,"gmtModify":1676534785265,"author":{"id":"3575105747703011","authorId":"3575105747703011","name":"RogerLam","avatar":"https://static.tigerbbs.com/1005e5ae2cda08a31d27406a5089b7ae","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3575105747703011","authorIdStr":"3575105747703011"},"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/9085499091","repostId":"2229678171","repostType":4,"repost":{"id":"2229678171","kind":"highlight","pubTimestamp":1650676500,"share":"https://ttm.financial/m/news/2229678171?lang=&edition=fundamental","pubTime":"2022-04-23 09:15","market":"us","language":"en","title":"Apple Is the Last FAANG Standing","url":"https://stock-news.laohu8.com/highlight/detail?id=2229678171","media":"Barrons","summary":"Apple is the last FAANG standing -- and its earnings report this coming week could go a long way tow","content":"<html><head></head><body><p>Apple is the last FAANG standing -- and its earnings report this coming week could go a long way toward determining if the stock market bounces back or slides even further.</p><p>As bad as this year has been for the stock market, it&#39;s been even worse for the original FAANGs. While the S&amp;P 500 has fallen 10.4% in 2022, Facebook parent Meta Platforms (ticker: FB) has slumped 45.3%, Amazon.com has dropped 13.4%, Netflix has tumbled 64.2%, and Google parent Alphabet has fallen 17.4%.</p><p>The expanded FAANMGs haven&#39;t done much better, with Microsoft <a href=\"https://laohu8.com/S/MSFT\">$(MSFT)$</a> falling 18.5%, and only Apple -- down 8.9% in 2022 -- outperforming the S&amp;P 500.</p><p>To say this is bad news for the stock market is an understatement. In every year since 2014, those six stocks have added more to the S&amp;P 500&#39;s returns than their weight in the index would imply, according to Bespoke Investment Group data. They&#39;ve also contributed more to the market&#39;s gains than the rest of the stock market combined in three out of those eight years.</p><p>That&#39;s changed in 2022, with Meta, Amazon, Netflix, Microsoft, Apple, and Alphabet accounting for 3.9%, or about half, of the S&amp;P 500&#39;s 7.8% decline through Thursday&#39;s close. &#34;For years, a select group of megacap stocks propped up the market at large with huge outperformance and rising weightings,&#34; writes Bespoke&#39;s George Pearkes. &#34;In 2022, though, those same stocks are now a major index drag.&#34;</p><p>Five of those six stocks will get a chance to prove that the market has been too pessimistic when they report earnings this coming week. Alphabet is scheduled to report after the close on Tuesday, as is Microsoft, followed by Meta on Wednesday afternoon, then Apple and Amazon after Thursday&#39;s close. Netflix, of course, already whiffed on earnings, causing the stock to drop 37% this past week. The less said about Meta, the better.</p><p>Don&#39;t expect great things from Microsoft, Amazon, and Alphabet. The three are trading below their 40-week moving averages, suggesting that there is more downside ahead, writes John Roque, head of technical strategy at 22V Research. &#34;The charts continue to tell us they&#39;re going to move sharply lower and...investors [aren&#39;t] particularly prepared for that to happen,&#34; explains Roque, who sees Alphabet and Amazon hitting $2,000, with Microsoft potentially falling to $225.</p><p>That leaves the market&#39;s hopes resting on Apple, the largest of the tech giants. Unlike the rest of Big Tech, Apple stock is still trading above its 40-week moving average, notes Roque, while Mark Newton, head of technical strategy at Fundstrat Global Advisors, also noted Apple&#39;s relative strength -- and the impact it has on the stock market and on the Invesco QQQ exchange-traded fund (QQQ).</p><p>Fundamental analysts, too, are generally bullish on Apple. The company is expected to report a fiscal-second-quarter profit of $1.43 a share, up 2.1% from $1.40 one year earlier, on sales of $94.1 billion, up 5% from $89.6 billion. Many analysts believe it will be able to surpass those numbers despite numerous headwinds, including supply-chain issues and shutdowns in China.</p><p>Strong growth in Apple&#39;s very profitable services business should also help alleviate concerns, writes Deutsche Bank analyst Sidney Ho: &#34;We believe AAPL stock is a good hiding place in this volatile market.&#34;</p><p>Investors better hope so. Without Apple, the market&#39;s slide will only get worse.</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>Apple Is the Last FAANG Standing</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 Is the Last FAANG Standing\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-04-23 09:15 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/apple-stock-aapl-faang-51650670596?mod=hp_LATEST><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Apple is the last FAANG standing -- and its earnings report this coming week could go a long way toward determining if the stock market bounces back or slides even further.As bad as this year has been...</p>\n\n<a href=\"https://www.barrons.com/articles/apple-stock-aapl-faang-51650670596?mod=hp_LATEST\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GOOG":"谷歌","GOOGL":"谷歌A","BK4527":"明星科技股","BK4559":"巴菲特持仓","BK4501":"段永平概念","BK4579":"人工智能","BK4550":"红杉资本持仓","BK4574":"无人驾驶","BK4573":"虚拟现实","BK4566":"资本集团","BK4505":"高瓴资本持仓","BK4581":"高盛持仓","BK4512":"苹果概念","BK4575":"芯片概念","BK4170":"电脑硬件、储存设备及电脑周边","NFLX":"奈飞","BK4515":"5G概念","BK4554":"元宇宙及AR概念","BK4532":"文艺复兴科技持仓","BK4553":"喜马拉雅资本持仓","BK4571":"数字音乐概念","AMZN":"亚马逊","BK4534":"瑞士信贷持仓","BK4507":"流媒体概念","BK4576":"AR","BK4533":"AQR资本管理(全球第二大对冲基金)","AAPL":"苹果"},"source_url":"https://www.barrons.com/articles/apple-stock-aapl-faang-51650670596?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2229678171","content_text":"Apple is the last FAANG standing -- and its earnings report this coming week could go a long way toward determining if the stock market bounces back or slides even further.As bad as this year has been for the stock market, it's been even worse for the original FAANGs. While the S&P 500 has fallen 10.4% in 2022, Facebook parent Meta Platforms (ticker: FB) has slumped 45.3%, Amazon.com has dropped 13.4%, Netflix has tumbled 64.2%, and Google parent Alphabet has fallen 17.4%.The expanded FAANMGs haven't done much better, with Microsoft $(MSFT)$ falling 18.5%, and only Apple -- down 8.9% in 2022 -- outperforming the S&P 500.To say this is bad news for the stock market is an understatement. In every year since 2014, those six stocks have added more to the S&P 500's returns than their weight in the index would imply, according to Bespoke Investment Group data. They've also contributed more to the market's gains than the rest of the stock market combined in three out of those eight years.That's changed in 2022, with Meta, Amazon, Netflix, Microsoft, Apple, and Alphabet accounting for 3.9%, or about half, of the S&P 500's 7.8% decline through Thursday's close. \"For years, a select group of megacap stocks propped up the market at large with huge outperformance and rising weightings,\" writes Bespoke's George Pearkes. \"In 2022, though, those same stocks are now a major index drag.\"Five of those six stocks will get a chance to prove that the market has been too pessimistic when they report earnings this coming week. Alphabet is scheduled to report after the close on Tuesday, as is Microsoft, followed by Meta on Wednesday afternoon, then Apple and Amazon after Thursday's close. Netflix, of course, already whiffed on earnings, causing the stock to drop 37% this past week. The less said about Meta, the better.Don't expect great things from Microsoft, Amazon, and Alphabet. The three are trading below their 40-week moving averages, suggesting that there is more downside ahead, writes John Roque, head of technical strategy at 22V Research. \"The charts continue to tell us they're going to move sharply lower and...investors [aren't] particularly prepared for that to happen,\" explains Roque, who sees Alphabet and Amazon hitting $2,000, with Microsoft potentially falling to $225.That leaves the market's hopes resting on Apple, the largest of the tech giants. Unlike the rest of Big Tech, Apple stock is still trading above its 40-week moving average, notes Roque, while Mark Newton, head of technical strategy at Fundstrat Global Advisors, also noted Apple's relative strength -- and the impact it has on the stock market and on the Invesco QQQ exchange-traded fund (QQQ).Fundamental analysts, too, are generally bullish on Apple. The company is expected to report a fiscal-second-quarter profit of $1.43 a share, up 2.1% from $1.40 one year earlier, on sales of $94.1 billion, up 5% from $89.6 billion. Many analysts believe it will be able to surpass those numbers despite numerous headwinds, including supply-chain issues and shutdowns in China.Strong growth in Apple's very profitable services business should also help alleviate concerns, writes Deutsche Bank analyst Sidney Ho: \"We believe AAPL stock is a good hiding place in this volatile market.\"Investors better hope so. Without Apple, the market's slide will only get worse.","news_type":1},"isVote":1,"tweetType":1,"viewCount":471,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9014745483,"gmtCreate":1649721876972,"gmtModify":1676534556782,"author":{"id":"3575105747703011","authorId":"3575105747703011","name":"RogerLam","avatar":"https://static.tigerbbs.com/1005e5ae2cda08a31d27406a5089b7ae","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3575105747703011","authorIdStr":"3575105747703011"},"themes":[],"htmlText":"👌&nbsp;","listText":"👌&nbsp;","text":"👌","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9014745483","repostId":"2226045639","repostType":4,"repost":{"id":"2226045639","kind":"highlight","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":1649718957,"share":"https://ttm.financial/m/news/2226045639?lang=&edition=fundamental","pubTime":"2022-04-12 07:15","market":"us","language":"en","title":"Meta to Start Testing Money-Making Tools for Its Metaverse","url":"https://stock-news.laohu8.com/highlight/detail?id=2226045639","media":"Reuters","summary":"April 11 (Reuters) - Facebook owner Meta Platforms is beginning to test commerce tools for selling d","content":"<html><head></head><body><p>April 11 (Reuters) - Facebook owner <a href=\"https://laohu8.com/S/FB\">Meta Platforms</a> is beginning to test commerce tools for selling digital assets within its virtual reality social platform Horizon Worlds, a key piece of its plan to build out the metaverse, it said in a statement on Monday.</p><p>The tools will be available initially to select users of the company&#39;s immersive platform, accessible via VR headsets, and enable them to sell virtual fashion accessories or offer paid access to sections of a digital world to other users, it said.</p><p>The social media giant is also testing out a &#34;creator bonus&#34; program for select Horizon Worlds users in the United States, through which it would pay participants for hitting targets like adopting new tools or features the company launches.</p><p>Facebook changed its name to Meta last year and has invested heavily in virtual and augmented reality to reflect its new bet on the metaverse, a futuristic idea of a network of virtual environments accessed via different devices where users can work, socialize and play.</p><p>Horizon Worlds, an expansive VR social platform, and Horizon Venues, which is focused on virtual events, are early iterations of metaverse-like spaces.</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>Meta to Start Testing Money-Making Tools for Its Metaverse</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\">\nMeta to Start Testing Money-Making Tools for Its Metaverse\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\">2022-04-12 07:15</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>April 11 (Reuters) - Facebook owner <a href=\"https://laohu8.com/S/FB\">Meta Platforms</a> is beginning to test commerce tools for selling digital assets within its virtual reality social platform Horizon Worlds, a key piece of its plan to build out the metaverse, it said in a statement on Monday.</p><p>The tools will be available initially to select users of the company&#39;s immersive platform, accessible via VR headsets, and enable them to sell virtual fashion accessories or offer paid access to sections of a digital world to other users, it said.</p><p>The social media giant is also testing out a &#34;creator bonus&#34; program for select Horizon Worlds users in the United States, through which it would pay participants for hitting targets like adopting new tools or features the company launches.</p><p>Facebook changed its name to Meta last year and has invested heavily in virtual and augmented reality to reflect its new bet on the metaverse, a futuristic idea of a network of virtual environments accessed via different devices where users can work, socialize and play.</p><p>Horizon Worlds, an expansive VR social platform, and Horizon Venues, which is focused on virtual events, are early iterations of metaverse-like spaces.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4077":"互动媒体与服务","BK4507":"流媒体概念","BK4534":"瑞士信贷持仓","BK4527":"明星科技股","BK4548":"巴美列捷福持仓","BK4579":"人工智能","BK4553":"喜马拉雅资本持仓","BK4581":"高盛持仓","BK4550":"红杉资本持仓","BK4533":"AQR资本管理(全球第二大对冲基金)","BK4524":"宅经济概念","BK4503":"景林资产持仓","BK4566":"资本集团","BK4508":"社交媒体","BK4525":"远程办公概念","BK4554":"元宇宙及AR概念","BK4551":"寇图资本持仓","BK4573":"虚拟现实"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2226045639","content_text":"April 11 (Reuters) - Facebook owner Meta Platforms is beginning to test commerce tools for selling digital assets within its virtual reality social platform Horizon Worlds, a key piece of its plan to build out the metaverse, it said in a statement on Monday.The tools will be available initially to select users of the company's immersive platform, accessible via VR headsets, and enable them to sell virtual fashion accessories or offer paid access to sections of a digital world to other users, it said.The social media giant is also testing out a \"creator bonus\" program for select Horizon Worlds users in the United States, through which it would pay participants for hitting targets like adopting new tools or features the company launches.Facebook changed its name to Meta last year and has invested heavily in virtual and augmented reality to reflect its new bet on the metaverse, a futuristic idea of a network of virtual environments accessed via different devices where users can work, socialize and play.Horizon Worlds, an expansive VR social platform, and Horizon Venues, which is focused on virtual events, are early iterations of metaverse-like spaces.","news_type":1},"isVote":1,"tweetType":1,"viewCount":471,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9015488710,"gmtCreate":1649545183073,"gmtModify":1676534526096,"author":{"id":"3575105747703011","authorId":"3575105747703011","name":"RogerLam","avatar":"https://static.tigerbbs.com/1005e5ae2cda08a31d27406a5089b7ae","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3575105747703011","authorIdStr":"3575105747703011"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9015488710","repostId":"2226575549","repostType":4,"repost":{"id":"2226575549","kind":"highlight","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":1649460143,"share":"https://ttm.financial/m/news/2226575549?lang=&edition=fundamental","pubTime":"2022-04-09 07:22","market":"us","language":"en","title":"US STOCKS-Dow Gains, S&P 500 Ends Lower As Market Weighs Fed Rate Hikes","url":"https://stock-news.laohu8.com/highlight/detail?id=2226575549","media":"Reuters","summary":"The Dow rose and the S&P 500 ended lower in choppy trade on Friday, as beaten-down bank shares gained and investors grappled with how best to deal with an economy that could skid as the Federal Reserv","content":"<html><head></head><body><p>The Dow rose and the S&amp;P 500 ended lower in choppy trade on Friday, as beaten-down bank shares gained and investors grappled with how best to deal with an economy that could skid as the Federal Reserve moves to aggressively tackle inflation.</p><p>The yield on the benchmark 10-year U.S. Treasury note hit a three-year high of 2.73%, helping boost the S&amp;P banking index, which rose 1.18%, after slumping to 13-month lows on Thursday. The index is down 10.8% year to date.</p><p>The big rate-sensitive lenders all rose, with JPMorgan Chase &amp; Co gaining 1.8%, $Bank of America Corp(BAC-N)$    0.7%, $Citigroup Inc(C-N)$    1.7% and Goldman Sachs Group Inc    2.3%.</p><p>Since peaking at two-month highs in late March, the market has trended lower as the Fed signals it will aggressively hike rates, leading investors to reposition their portfolios. Economically sensitive value shares this year have outperformed tech-heavy growth stocks, which often depend on low rates.</p><p>&#34;We&#39;re going into a very long-term and meaningful period of value outperforming growth. It&#39;s not merely a cyclical adjustment, but a secular story,&#34; said David Bahnsen, chief investment officer at wealth manager the Bahnsen Group in Newport Beach, California.</p><p>&#34;The value-growth story is a big <a href=\"https://laohu8.com/S/AONE.U\">one</a> and it is a byproduct of two things, which is what you want. Growth is overvalued and value is undervalued,&#34; he said.</p><p>The Russell 1000 Value index rose 0.51% while the Russell 1000 Growth index fell 1.09% on the day.</p><p>Investors are weighing the probability of a recession with two outcomes. On the one hand, the Fed could engineer a &#34;soft landing&#34; with slowing but positive growth, making banks &#34;woefully oversold,&#34; said UBS bank analyst Erika Najarian.</p><p>Or a sharp slowdown is imminent, which would cause a knee-jerk bank share sale as &#34;owning banks in a recession is no fun,&#34; she said.</p><p>Big U.S. banks, which kick off the first-quarter results season next week, are expected to report a large decline in earnings from a year earlier, when they benefited from exceptionally strong dealmaking and trading.</p><p>&#34;There&#39;s always going to be a price at some point where people are going to step in and think things are cheap and they might buy,&#34; said Randy Frederick, managing director, trading and derivatives, at Schwab Center for Financial Research.</p><p>&#34;Perhaps a 52-week low was enough to entice some people into the financial sector,&#34; Frederick said, noting the 10-year Treasury yield was at its highest level since March 2019.</p><p>The Dow Jones Industrial Average    rose 137.55 points, or 0.4%, to 34,721.12, the S&amp;P 500    lost 11.93 points, or 0.27%, to 4,488.28 and the Nasdaq Composite    dropped 186.30 points, or 1.34%, to 13,711.00.</p><p>Volume on U.S. exchanges was 10.37 billion shares.</p><p>For the week, the S&amp;P fell 1.16%, the Dow lost 0.28% and the Nasdaq shed 3.86%, as the index was hit after Fed officials raised concerns about rapid rate hikes causing a slowdown.</p><p>Shares of Tesla Inc, Nvidia Corp and Alphabet Inc fell between 1.9% and 4.5% as megacap stocks extended this week&#39;s decline as the surge in Treasury yields weighed.</p><p>The NYSE FANG+TM index, which includes Amazon.com Inc and Apple Inc, fell 1.76% and semiconductor stocks    slid 2.42%, extending the week&#39;s decline.</p><p>Robinhood Markets Inc fell 6.88% after a report said Goldman Sachs downgraded the online brokerage, while Kroger Co jumped 2.99% on a ratings upgrade.</p><p>Declining issues outnumbered advancing ones on the NYSE by a 1.20-to-1 ratio; on Nasdaq, a 1.66-to-1 ratio favored decliners.</p><p>The S&amp;P 500 posted 58 new 52-week highs and two new lows; the Nasdaq Composite recorded 53 new highs and 184 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-Dow Gains, S&P 500 Ends Lower As Market Weighs Fed Rate Hikes</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-Dow Gains, S&P 500 Ends Lower As Market Weighs Fed Rate Hikes\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\">2022-04-09 07:22</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>The Dow rose and the S&amp;P 500 ended lower in choppy trade on Friday, as beaten-down bank shares gained and investors grappled with how best to deal with an economy that could skid as the Federal Reserve moves to aggressively tackle inflation.</p><p>The yield on the benchmark 10-year U.S. Treasury note hit a three-year high of 2.73%, helping boost the S&amp;P banking index, which rose 1.18%, after slumping to 13-month lows on Thursday. The index is down 10.8% year to date.</p><p>The big rate-sensitive lenders all rose, with JPMorgan Chase &amp; Co gaining 1.8%, $Bank of America Corp(BAC-N)$    0.7%, $Citigroup Inc(C-N)$    1.7% and Goldman Sachs Group Inc    2.3%.</p><p>Since peaking at two-month highs in late March, the market has trended lower as the Fed signals it will aggressively hike rates, leading investors to reposition their portfolios. Economically sensitive value shares this year have outperformed tech-heavy growth stocks, which often depend on low rates.</p><p>&#34;We&#39;re going into a very long-term and meaningful period of value outperforming growth. It&#39;s not merely a cyclical adjustment, but a secular story,&#34; said David Bahnsen, chief investment officer at wealth manager the Bahnsen Group in Newport Beach, California.</p><p>&#34;The value-growth story is a big <a href=\"https://laohu8.com/S/AONE.U\">one</a> and it is a byproduct of two things, which is what you want. Growth is overvalued and value is undervalued,&#34; he said.</p><p>The Russell 1000 Value index rose 0.51% while the Russell 1000 Growth index fell 1.09% on the day.</p><p>Investors are weighing the probability of a recession with two outcomes. On the one hand, the Fed could engineer a &#34;soft landing&#34; with slowing but positive growth, making banks &#34;woefully oversold,&#34; said UBS bank analyst Erika Najarian.</p><p>Or a sharp slowdown is imminent, which would cause a knee-jerk bank share sale as &#34;owning banks in a recession is no fun,&#34; she said.</p><p>Big U.S. banks, which kick off the first-quarter results season next week, are expected to report a large decline in earnings from a year earlier, when they benefited from exceptionally strong dealmaking and trading.</p><p>&#34;There&#39;s always going to be a price at some point where people are going to step in and think things are cheap and they might buy,&#34; said Randy Frederick, managing director, trading and derivatives, at Schwab Center for Financial Research.</p><p>&#34;Perhaps a 52-week low was enough to entice some people into the financial sector,&#34; Frederick said, noting the 10-year Treasury yield was at its highest level since March 2019.</p><p>The Dow Jones Industrial Average    rose 137.55 points, or 0.4%, to 34,721.12, the S&amp;P 500    lost 11.93 points, or 0.27%, to 4,488.28 and the Nasdaq Composite    dropped 186.30 points, or 1.34%, to 13,711.00.</p><p>Volume on U.S. exchanges was 10.37 billion shares.</p><p>For the week, the S&amp;P fell 1.16%, the Dow lost 0.28% and the Nasdaq shed 3.86%, as the index was hit after Fed officials raised concerns about rapid rate hikes causing a slowdown.</p><p>Shares of Tesla Inc, Nvidia Corp and Alphabet Inc fell between 1.9% and 4.5% as megacap stocks extended this week&#39;s decline as the surge in Treasury yields weighed.</p><p>The NYSE FANG+TM index, which includes Amazon.com Inc and Apple Inc, fell 1.76% and semiconductor stocks    slid 2.42%, extending the week&#39;s decline.</p><p>Robinhood Markets Inc fell 6.88% after a report said Goldman Sachs downgraded the online brokerage, while Kroger Co jumped 2.99% on a ratings upgrade.</p><p>Declining issues outnumbered advancing ones on the NYSE by a 1.20-to-1 ratio; on Nasdaq, a 1.66-to-1 ratio favored decliners.</p><p>The S&amp;P 500 posted 58 new 52-week highs and two new lows; the Nasdaq Composite recorded 53 new highs and 184 new lows.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"161125":"标普500","513500":"标普500ETF","IVV":"标普500指数ETF","BK4534":"瑞士信贷持仓","UPRO":"三倍做多标普500ETF",".DJI":"道琼斯",".IXIC":"NASDAQ Composite","BK4559":"巴菲特持仓",".SPX":"S&P 500 Index","OEX":"标普100","BK4550":"红杉资本持仓","SPY":"标普500ETF","SDS":"两倍做空标普500ETF","SPXU":"三倍做空标普500ETF","BK4581":"高盛持仓","OEF":"标普100指数ETF-iShares","BK4504":"桥水持仓","SSO":"两倍做多标普500ETF","SH":"标普500反向ETF"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2226575549","content_text":"The Dow rose and the S&P 500 ended lower in choppy trade on Friday, as beaten-down bank shares gained and investors grappled with how best to deal with an economy that could skid as the Federal Reserve moves to aggressively tackle inflation.The yield on the benchmark 10-year U.S. Treasury note hit a three-year high of 2.73%, helping boost the S&P banking index, which rose 1.18%, after slumping to 13-month lows on Thursday. The index is down 10.8% year to date.The big rate-sensitive lenders all rose, with JPMorgan Chase & Co gaining 1.8%, $Bank of America Corp(BAC-N)$    0.7%, $Citigroup Inc(C-N)$    1.7% and Goldman Sachs Group Inc    2.3%.Since peaking at two-month highs in late March, the market has trended lower as the Fed signals it will aggressively hike rates, leading investors to reposition their portfolios. Economically sensitive value shares this year have outperformed tech-heavy growth stocks, which often depend on low rates.\"We're going into a very long-term and meaningful period of value outperforming growth. It's not merely a cyclical adjustment, but a secular story,\" said David Bahnsen, chief investment officer at wealth manager the Bahnsen Group in Newport Beach, California.\"The value-growth story is a big one and it is a byproduct of two things, which is what you want. Growth is overvalued and value is undervalued,\" he said.The Russell 1000 Value index rose 0.51% while the Russell 1000 Growth index fell 1.09% on the day.Investors are weighing the probability of a recession with two outcomes. On the one hand, the Fed could engineer a \"soft landing\" with slowing but positive growth, making banks \"woefully oversold,\" said UBS bank analyst Erika Najarian.Or a sharp slowdown is imminent, which would cause a knee-jerk bank share sale as \"owning banks in a recession is no fun,\" she said.Big U.S. banks, which kick off the first-quarter results season next week, are expected to report a large decline in earnings from a year earlier, when they benefited from exceptionally strong dealmaking and trading.\"There's always going to be a price at some point where people are going to step in and think things are cheap and they might buy,\" said Randy Frederick, managing director, trading and derivatives, at Schwab Center for Financial Research.\"Perhaps a 52-week low was enough to entice some people into the financial sector,\" Frederick said, noting the 10-year Treasury yield was at its highest level since March 2019.The Dow Jones Industrial Average    rose 137.55 points, or 0.4%, to 34,721.12, the S&P 500    lost 11.93 points, or 0.27%, to 4,488.28 and the Nasdaq Composite    dropped 186.30 points, or 1.34%, to 13,711.00.Volume on U.S. exchanges was 10.37 billion shares.For the week, the S&P fell 1.16%, the Dow lost 0.28% and the Nasdaq shed 3.86%, as the index was hit after Fed officials raised concerns about rapid rate hikes causing a slowdown.Shares of Tesla Inc, Nvidia Corp and Alphabet Inc fell between 1.9% and 4.5% as megacap stocks extended this week's decline as the surge in Treasury yields weighed.The NYSE FANG+TM index, which includes Amazon.com Inc and Apple Inc, fell 1.76% and semiconductor stocks    slid 2.42%, extending the week's decline.Robinhood Markets Inc fell 6.88% after a report said Goldman Sachs downgraded the online brokerage, while Kroger Co jumped 2.99% on a ratings upgrade.Declining issues outnumbered advancing ones on the NYSE by a 1.20-to-1 ratio; on Nasdaq, a 1.66-to-1 ratio favored decliners.The S&P 500 posted 58 new 52-week highs and two new lows; the Nasdaq Composite recorded 53 new highs and 184 new lows.","news_type":1},"isVote":1,"tweetType":1,"viewCount":111,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9016201040,"gmtCreate":1649198976557,"gmtModify":1676534466509,"author":{"id":"3575105747703011","authorId":"3575105747703011","name":"RogerLam","avatar":"https://static.tigerbbs.com/1005e5ae2cda08a31d27406a5089b7ae","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3575105747703011","authorIdStr":"3575105747703011"},"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/9016201040","repostId":"2225304673","repostType":4,"repost":{"id":"2225304673","kind":"news","pubTimestamp":1649171373,"share":"https://ttm.financial/m/news/2225304673?lang=&edition=fundamental","pubTime":"2022-04-05 23:09","market":"us","language":"en","title":"Tesla: After A ~60% Rally, There's More In Store","url":"https://stock-news.laohu8.com/highlight/detail?id=2225304673","media":"seekingalpha","summary":"Growth stocks that were left for dead earlier this year have suddenly roared back to life. Whether that move sticks or not is still up for debate, with rates moving wildly and the prospect of at least","content":"<html><head></head><body><p>Growth stocks that were left for dead earlier this year have suddenly roared back to life. Whether that move sticks or not is still up for debate, with rates moving wildly and the prospect of at least a mild recession looming. However, what we have today is very strong up moves in growth leaders, which must be respected regardless of your view on the outlook for the rest of the year.</p><p>One such growth leader is <b>Tesla</b> (NASDAQ:TSLA), which is up almost 60% since the bottom it made just over a month ago.</p><p><img src=\"https://static.tigerbbs.com/216590ddcd33c72a94dc961eb2b82eb9\" tg-width=\"640\" tg-height=\"714\" referrerpolicy=\"no-referrer\"/></p><p>StockCharts</p><p>The daily chart shows a downtrend line from the ATH that was made late last year, and which proved to be resistance in the past few trading days. I don’t believe this will be a persistent issue for Tesla, but is something that could cause a temporary delay in the rally. Once Tesla clears that downtrend line, next resistance is the prior relative high at $1,200, and then finally, the ATH near $1,250. Tesla will crest those, I believe; it is just a matter of when.</p><p>The accumulation/distribution line remains tremendously strong and is at its own all-time high, indicating this rally is once again the real deal. That’s not surprising given Tesla’s prior leadership, but it’s good to see nonetheless.</p><p>The PPO made its way well into bullish territory, which is a great sign for the long-term health of this bull run. It’s pulling back slightly now but remember we saw a nearly 60% move in the space of a few weeks, so it needs to come back a bit. Moves like this in the PPO show very strong bullish momentum that portends more strength in the weeks ahead.</p><p>The same is true of the 14-day RSI, which reached overbought territory. That’s yet another bullish sign that shows buying momentum is strong, and after a consolidation/pullback, I fully expect this move to continue.</p><p>Let’s now briefly look at the weekly chart, because I think there’s further proof we’re closer to the beginning of this rally than the end.</p><p><img src=\"https://static.seekingalpha.com/uploads/2022/4/4/5847171-16490695942655022.png\" tg-width=\"640\" tg-height=\"517\" referrerpolicy=\"no-referrer\"/></p><p>StockCharts</p><p>The weekly PPO recently tested the centerline after being overbought for some time, and has turned higher. The last time this happened, the stock ran from just over $500 to its ATH at $1,243. That doesn’t guarantee the same sort of thing this time, but it definitely helps. Big transitions like this in weekly charts often portend bigger, longer-term moves, and that’s what I think we’re seeing in Tesla right now.</p><p>Now, Tesla is in process of splitting its stock (again), a move that catalyzed the move to the ATH last year. Investors love a stock split and this is either a bullish catalyst, or no catalyst at all. In other words, the split will either produce further rallying from FOMO’ing investors, or it won’t change anything; it&#39;s not a negative catalyst. I personally don’t understand the obsession with buying splitting stocks because the actual impact to shareholders is nothing, but as I mentioned, splitting kicked off a massive rally last year, and it could do the same this time around.</p><p>In addition, Tesla is due to report earnings in about three weeks, and the stock tends to rally into earnings. What happens after the report comes out is another matter, but there is a good chance this buying continues through the end of April, as Tesla is due out with earnings on the 26th.</p><p>To be clear, the split and the earnings date are not part of the core bullish thesis here, but they are key short-term catalysts that could keep the stock afloat in the weeks ahead.</p><h2>Tesla keeps delivering</h2><p>The reason Tesla has delivered world-beating returns over the years is because, well, its business has been unbelievably strong. You don’t reach a trillion dollar valuation through luck, and the fact is that Tesla continues to outpace its competition.</p><p><img src=\"https://static.tigerbbs.com/0b9f94b2a445ebec61e56ba6428aa207\" tg-width=\"640\" tg-height=\"221\" referrerpolicy=\"no-referrer\"/></p><p>Seeking Alpha</p><p>Revenue revisions have been a bit choppy, but over time, they go higher. Despite the fact that we’ve seen meteoric rises in revenue over the years, trend is still higher. This is what you want/need from growth stocks that you own, because the second revenue estimates begin to roll over, the stock price will follow suit. That’s why Tesla is volatile, and that volatility will remain for the foreseeable future. However, if you can stomach the up and down moves, you stand to do well over time.</p><p>Tesla’s specific growth catalysts are tied to vehicle production, which it has continued to ramp over time. The company has facilities in Germany, China, and the US pumping out vehicles at ever-increasing rates, and that’s because Tesla continues to ramp production to meet ramping demand. As the company can decrease the cost of production per unit, it can either lower prices, or keep more revenue as operating profit. As we can see below, Tesla’s growth rate continues to blow past the competition globally, and as long as this is the case, Tesla’s share price will almost certainly move higher.</p><p><img src=\"https://static.tigerbbs.com/e31aebbc3b67f7c0fb3b361dca6dc3e6\" tg-width=\"640\" tg-height=\"326\" referrerpolicy=\"no-referrer\"/></p><p>Investor presentation</p><p>If anyone needs a reason why Tesla is valued so highly against other automakers, I believe this <a href=\"https://laohu8.com/S/AONE.U\">one</a> chart here is all you need to understand. When a company is so dominant, the share price follows, and Tesla isn’t any different.</p><p>Now, I mentioned operating profits, which Tesla has done an exemplary job of improving in recent quarters after so many years of losses. Below we have trailing-twelve-months, or TTM, operating profits as a percentage of revenue.<img src=\"https://static.tigerbbs.com/91743b7e140a79259184dbc124d2d471\" tg-width=\"640\" tg-height=\"167\" referrerpolicy=\"no-referrer\"/>TIKR</p><p>We know Tesla has world-beating gross margins on its cars and services, but up until a couple of years ago, that margin was spent on relatively inefficient production. Production is much more efficient now, thanks to the ramping of new factories built to produce a lot of vehicles at lower costs, and the growth in operating margins has been nothing short of outstanding.</p><p>These are the kinds of margins the likes of the Big 3 and European automakers would drool over, but Tesla is doing it, with further improvements likely ahead.</p><p>Operating margin growth is subject to continued growth rates in vehicle production, which lowers per-unit costs, which will be offset somewhat by rising SG&amp;A costs, as well as input cost inflation. Batteries in particular take a lot of expensive raw materials, and with supply chain shortages and geopolitical risk of some of these commodities, Tesla isn’t immune to input cost shocks from time to time. However, on the whole, it’s employing a tried and true strategy of boosting production to lower per-unit costs, and I don’t see input cost inflation as a big derailer at the moment.</p><p>Let’s now take a look at cash flow, because for many years, Tesla was cash flow negative, which created nearly constant financing issues. However, positive operating profits have fixed that issue, as we’ll see below with TTM operating cash flow and capex, both in millions of dollars.</p><p><img src=\"https://static.tigerbbs.com/2880b04e5cacd1d6f033f9fd41d8bd41\" tg-width=\"640\" tg-height=\"168\" referrerpolicy=\"no-referrer\"/>TIKR</p><p>The growth here has been exponential, and what’s interesting is that Tesla is not sitting back and collecting this new found cash; it is investing most of it. Capex was $8 billion in the TTM period, against operating cash flow of $11.5 billion, so Tesla is investing heavily in future growth while funding its operations. While that sounds like a given, for many years the company was unable to do this, and issued a huge amount of stock to fund operations. That was a headwind for shareholders, but I do think that headwind has well and truly gone.</p><p>Below we have the share count and the YoY change for the past several years to see what I’m on about.</p><p><img src=\"https://static.tigerbbs.com/6f2c53ea6f3ab1fdee88f1fa6e24c0fe\" tg-width=\"640\" tg-height=\"360\" referrerpolicy=\"no-referrer\"/>TIKR</p><p>You can see some pretty massive moves in the share count over time, but the past few quarters have seen essentially no movement in the share count. For a company with a history of diluting shareholders, you cannot really say investors are out of the woods entirely. However, because Tesla has ample cash flow to invest in the business <i>and</i> run its operations, you have to say the incentive for Tesla to issue more shares is certainly reduced. This isn’t a tailwind for the stock, but it does effectively remove a headwind, which is sort of the same thing.</p><p>Indeed, this set of conditions has enormously improved Tesla’s balance sheet, which we can measure via net debt, which is below in millions of dollars.</p><p><img src=\"https://static.tigerbbs.com/5337b199bd17e0714458a637de7193d4\" tg-width=\"640\" tg-height=\"169\" referrerpolicy=\"no-referrer\"/>TIKR</p><p>Net debt is negative, meaning Tesla has more cash than obligations by almost $9 billion. That gives it supreme financial flexibility, which should scare competitors. Tesla was always hindered by its lack of financial flexibility, but that is no longer the case, and it can do essentially whatever it needs to do in order to compete and win.</p><h2>Squint to see the value</h2><p>Of course, valuing a stock like this takes some faith because you’re buying a stream of future growth that may or may not occur. In Tesla’s case, I believe it is doing everything it needs to do to win in the future, but there are risks that it may not be able to overcome. We’ll get to that in a second, but for now, let’s take a look at earnings and the valuation to see what’s what.</p><p><img src=\"https://static.tigerbbs.com/4921a31b085b778a7a18c4c4d5da0ff3\" tg-width=\"640\" tg-height=\"219\" referrerpolicy=\"no-referrer\"/>Seeking Alpha</p><p>EPS revisions remain very strong, which you’d expect given the company’s ramping revenue and soaring profit margins. This virtuous cycle is incredibly lucrative for shareholders, and you can see the product of it above. As long as these lines move up and to the right, Tesla shares should do very well. I have zero concerns about this and I believe EPS revisions support an ever-higher share price.</p><p>Now, let’s take a look at the valuation, which we can use price-to-sales for; it’s plotted below.</p><p><img src=\"https://static.tigerbbs.com/1a629edeeaa941e86715f05b601ba5f6\" tg-width=\"640\" tg-height=\"196\" referrerpolicy=\"no-referrer\"/>TIKR</p><p>This stock is never going to be “cheap” in the traditional sense; it’s a disruptor in a gargantuan industry with world-beating growth rates. Thus, comparing it to the old-world manufacturers is useless, but we can compare it to its own history. Shares go for 13X forward sales today, which is somewhat elevated against its historical mean. The stock has been 15X forward sales or better a handful of times, but the point here is that Tesla looks pretty fairly valued to me. I don’t think it’s particularly cheap right now, which raises the risk of a consolidation or pullback to help with the valuation.</p><p>One thing that’s very clear to me is that if Tesla pulls back to 10X or 11X sales, it’s a screaming buy. The times that has happened in the past were outstanding buying chances, with the most recent one being its trip to $700 earlier this year. Something to keep in mind going forward but for now, the stock looks fairly valued to me.</p><h2>Risks and final thoughts</h2><p>The valuation is one risk, because Tesla is much closer to the top of its historical valuation range than the bottom. That doesn’t mean it absolutely has to revisit 10X forward sales, but the point is that I think valuation expansion from here is likely limited for the time being. That increases the risk to the bulls.</p><p>In addition, input cost inflation is a real threat to margins. It shouldn’t impact unit sales – unless raw materials simply become unavailable – but it is already impacting operating margins, and certainly could in the months to come. I believe the company can raise prices and/or offset some of this with manufacturing efficiencies, but input cost inflation is largely out of Tesla’s control, and is a risk to consider if you’re bullish.</p><p>While I noted share issuances have decreased enormously in the past few quarters, Tesla has proven it is willing to use its stock as an ATM in the past, and that could certainly be the case going forward. Employee compensation and share issuances for corporate purposes could drive the share count ever higher over time, which dilutes shareholders, and makes it more difficult for the price to move higher.</p><p>Finally, the biggest risk to Tesla is that unit sales rates fall off of their current trajectory. An automaker with a valuation of 13X forward sales is pricing in a huge amount of future growth. I don’t believe we have any reason to think we won’t see that growth, given Tesla’s history of delivering. However, it is possible the growth trajectory doesn’t meet expectations, and the share price would suffer if this were to occur. In fact, Q1 deliveries were a bit light against expectations, so it’s a real risk.</p><p>Despite all of this, I still think Tesla has ample room to grow in the years to come, and I think the share price will ultimately go much higher. We’ve had a massive move in the past few weeks, and the stock looks fairly valued, so it wouldn’t be unusual to see a consolidation or pullback. However, any such event would be a chance to buy, and I’m quite bullish on Tesla despite its big move.</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>Tesla: After A ~60% Rally, There's More In Store</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: After A ~60% Rally, There's More In Store\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-04-05 23:09 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4499688-tesla-after-a-60-percent-rally-theres-more-in-store><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Growth stocks that were left for dead earlier this year have suddenly roared back to life. Whether that move sticks or not is still up for debate, with rates moving wildly and the prospect of at least...</p>\n\n<a href=\"https://seekingalpha.com/article/4499688-tesla-after-a-60-percent-rally-theres-more-in-store\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4551":"寇图资本持仓","BK4548":"巴美列捷福持仓","BK4527":"明星科技股","BK4534":"瑞士信贷持仓","BK4581":"高盛持仓","TSLA":"特斯拉","BK4099":"汽车制造商","BK4533":"AQR资本管理(全球第二大对冲基金)","BK4550":"红杉资本持仓","BK4555":"新能源车","BK4511":"特斯拉概念","BK4574":"无人驾驶"},"source_url":"https://seekingalpha.com/article/4499688-tesla-after-a-60-percent-rally-theres-more-in-store","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"2225304673","content_text":"Growth stocks that were left for dead earlier this year have suddenly roared back to life. Whether that move sticks or not is still up for debate, with rates moving wildly and the prospect of at least a mild recession looming. However, what we have today is very strong up moves in growth leaders, which must be respected regardless of your view on the outlook for the rest of the year.One such growth leader is Tesla (NASDAQ:TSLA), which is up almost 60% since the bottom it made just over a month ago.StockChartsThe daily chart shows a downtrend line from the ATH that was made late last year, and which proved to be resistance in the past few trading days. I don’t believe this will be a persistent issue for Tesla, but is something that could cause a temporary delay in the rally. Once Tesla clears that downtrend line, next resistance is the prior relative high at $1,200, and then finally, the ATH near $1,250. Tesla will crest those, I believe; it is just a matter of when.The accumulation/distribution line remains tremendously strong and is at its own all-time high, indicating this rally is once again the real deal. That’s not surprising given Tesla’s prior leadership, but it’s good to see nonetheless.The PPO made its way well into bullish territory, which is a great sign for the long-term health of this bull run. It’s pulling back slightly now but remember we saw a nearly 60% move in the space of a few weeks, so it needs to come back a bit. Moves like this in the PPO show very strong bullish momentum that portends more strength in the weeks ahead.The same is true of the 14-day RSI, which reached overbought territory. That’s yet another bullish sign that shows buying momentum is strong, and after a consolidation/pullback, I fully expect this move to continue.Let’s now briefly look at the weekly chart, because I think there’s further proof we’re closer to the beginning of this rally than the end.StockChartsThe weekly PPO recently tested the centerline after being overbought for some time, and has turned higher. The last time this happened, the stock ran from just over $500 to its ATH at $1,243. That doesn’t guarantee the same sort of thing this time, but it definitely helps. Big transitions like this in weekly charts often portend bigger, longer-term moves, and that’s what I think we’re seeing in Tesla right now.Now, Tesla is in process of splitting its stock (again), a move that catalyzed the move to the ATH last year. Investors love a stock split and this is either a bullish catalyst, or no catalyst at all. In other words, the split will either produce further rallying from FOMO’ing investors, or it won’t change anything; it's not a negative catalyst. I personally don’t understand the obsession with buying splitting stocks because the actual impact to shareholders is nothing, but as I mentioned, splitting kicked off a massive rally last year, and it could do the same this time around.In addition, Tesla is due to report earnings in about three weeks, and the stock tends to rally into earnings. What happens after the report comes out is another matter, but there is a good chance this buying continues through the end of April, as Tesla is due out with earnings on the 26th.To be clear, the split and the earnings date are not part of the core bullish thesis here, but they are key short-term catalysts that could keep the stock afloat in the weeks ahead.Tesla keeps deliveringThe reason Tesla has delivered world-beating returns over the years is because, well, its business has been unbelievably strong. You don’t reach a trillion dollar valuation through luck, and the fact is that Tesla continues to outpace its competition.Seeking AlphaRevenue revisions have been a bit choppy, but over time, they go higher. Despite the fact that we’ve seen meteoric rises in revenue over the years, trend is still higher. This is what you want/need from growth stocks that you own, because the second revenue estimates begin to roll over, the stock price will follow suit. That’s why Tesla is volatile, and that volatility will remain for the foreseeable future. However, if you can stomach the up and down moves, you stand to do well over time.Tesla’s specific growth catalysts are tied to vehicle production, which it has continued to ramp over time. The company has facilities in Germany, China, and the US pumping out vehicles at ever-increasing rates, and that’s because Tesla continues to ramp production to meet ramping demand. As the company can decrease the cost of production per unit, it can either lower prices, or keep more revenue as operating profit. As we can see below, Tesla’s growth rate continues to blow past the competition globally, and as long as this is the case, Tesla’s share price will almost certainly move higher.Investor presentationIf anyone needs a reason why Tesla is valued so highly against other automakers, I believe this one chart here is all you need to understand. When a company is so dominant, the share price follows, and Tesla isn’t any different.Now, I mentioned operating profits, which Tesla has done an exemplary job of improving in recent quarters after so many years of losses. Below we have trailing-twelve-months, or TTM, operating profits as a percentage of revenue.TIKRWe know Tesla has world-beating gross margins on its cars and services, but up until a couple of years ago, that margin was spent on relatively inefficient production. Production is much more efficient now, thanks to the ramping of new factories built to produce a lot of vehicles at lower costs, and the growth in operating margins has been nothing short of outstanding.These are the kinds of margins the likes of the Big 3 and European automakers would drool over, but Tesla is doing it, with further improvements likely ahead.Operating margin growth is subject to continued growth rates in vehicle production, which lowers per-unit costs, which will be offset somewhat by rising SG&A costs, as well as input cost inflation. Batteries in particular take a lot of expensive raw materials, and with supply chain shortages and geopolitical risk of some of these commodities, Tesla isn’t immune to input cost shocks from time to time. However, on the whole, it’s employing a tried and true strategy of boosting production to lower per-unit costs, and I don’t see input cost inflation as a big derailer at the moment.Let’s now take a look at cash flow, because for many years, Tesla was cash flow negative, which created nearly constant financing issues. However, positive operating profits have fixed that issue, as we’ll see below with TTM operating cash flow and capex, both in millions of dollars.TIKRThe growth here has been exponential, and what’s interesting is that Tesla is not sitting back and collecting this new found cash; it is investing most of it. Capex was $8 billion in the TTM period, against operating cash flow of $11.5 billion, so Tesla is investing heavily in future growth while funding its operations. While that sounds like a given, for many years the company was unable to do this, and issued a huge amount of stock to fund operations. That was a headwind for shareholders, but I do think that headwind has well and truly gone.Below we have the share count and the YoY change for the past several years to see what I’m on about.TIKRYou can see some pretty massive moves in the share count over time, but the past few quarters have seen essentially no movement in the share count. For a company with a history of diluting shareholders, you cannot really say investors are out of the woods entirely. However, because Tesla has ample cash flow to invest in the business and run its operations, you have to say the incentive for Tesla to issue more shares is certainly reduced. This isn’t a tailwind for the stock, but it does effectively remove a headwind, which is sort of the same thing.Indeed, this set of conditions has enormously improved Tesla’s balance sheet, which we can measure via net debt, which is below in millions of dollars.TIKRNet debt is negative, meaning Tesla has more cash than obligations by almost $9 billion. That gives it supreme financial flexibility, which should scare competitors. Tesla was always hindered by its lack of financial flexibility, but that is no longer the case, and it can do essentially whatever it needs to do in order to compete and win.Squint to see the valueOf course, valuing a stock like this takes some faith because you’re buying a stream of future growth that may or may not occur. In Tesla’s case, I believe it is doing everything it needs to do to win in the future, but there are risks that it may not be able to overcome. We’ll get to that in a second, but for now, let’s take a look at earnings and the valuation to see what’s what.Seeking AlphaEPS revisions remain very strong, which you’d expect given the company’s ramping revenue and soaring profit margins. This virtuous cycle is incredibly lucrative for shareholders, and you can see the product of it above. As long as these lines move up and to the right, Tesla shares should do very well. I have zero concerns about this and I believe EPS revisions support an ever-higher share price.Now, let’s take a look at the valuation, which we can use price-to-sales for; it’s plotted below.TIKRThis stock is never going to be “cheap” in the traditional sense; it’s a disruptor in a gargantuan industry with world-beating growth rates. Thus, comparing it to the old-world manufacturers is useless, but we can compare it to its own history. Shares go for 13X forward sales today, which is somewhat elevated against its historical mean. The stock has been 15X forward sales or better a handful of times, but the point here is that Tesla looks pretty fairly valued to me. I don’t think it’s particularly cheap right now, which raises the risk of a consolidation or pullback to help with the valuation.One thing that’s very clear to me is that if Tesla pulls back to 10X or 11X sales, it’s a screaming buy. The times that has happened in the past were outstanding buying chances, with the most recent one being its trip to $700 earlier this year. Something to keep in mind going forward but for now, the stock looks fairly valued to me.Risks and final thoughtsThe valuation is one risk, because Tesla is much closer to the top of its historical valuation range than the bottom. That doesn’t mean it absolutely has to revisit 10X forward sales, but the point is that I think valuation expansion from here is likely limited for the time being. That increases the risk to the bulls.In addition, input cost inflation is a real threat to margins. It shouldn’t impact unit sales – unless raw materials simply become unavailable – but it is already impacting operating margins, and certainly could in the months to come. I believe the company can raise prices and/or offset some of this with manufacturing efficiencies, but input cost inflation is largely out of Tesla’s control, and is a risk to consider if you’re bullish.While I noted share issuances have decreased enormously in the past few quarters, Tesla has proven it is willing to use its stock as an ATM in the past, and that could certainly be the case going forward. Employee compensation and share issuances for corporate purposes could drive the share count ever higher over time, which dilutes shareholders, and makes it more difficult for the price to move higher.Finally, the biggest risk to Tesla is that unit sales rates fall off of their current trajectory. An automaker with a valuation of 13X forward sales is pricing in a huge amount of future growth. I don’t believe we have any reason to think we won’t see that growth, given Tesla’s history of delivering. However, it is possible the growth trajectory doesn’t meet expectations, and the share price would suffer if this were to occur. In fact, Q1 deliveries were a bit light against expectations, so it’s a real risk.Despite all of this, I still think Tesla has ample room to grow in the years to come, and I think the share price will ultimately go much higher. We’ve had a massive move in the past few weeks, and the stock looks fairly valued, so it wouldn’t be unusual to see a consolidation or pullback. However, any such event would be a chance to buy, and I’m quite bullish on Tesla despite its big move.","news_type":1},"isVote":1,"tweetType":1,"viewCount":135,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9010248641,"gmtCreate":1648421437812,"gmtModify":1676534334728,"author":{"id":"3575105747703011","authorId":"3575105747703011","name":"RogerLam","avatar":"https://static.tigerbbs.com/1005e5ae2cda08a31d27406a5089b7ae","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3575105747703011","authorIdStr":"3575105747703011"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9010248641","repostId":"2221071429","repostType":4,"repost":{"id":"2221071429","kind":"news","pubTimestamp":1648343569,"share":"https://ttm.financial/m/news/2221071429?lang=&edition=fundamental","pubTime":"2022-03-27 09:12","market":"us","language":"en","title":"Alphabet Vs. Meta: One Is The Much Better Buy","url":"https://stock-news.laohu8.com/highlight/detail?id=2221071429","media":"seekingalpha","summary":"FotoMaximum/iStock via Getty ImagesAlphabet (NASDAQ:GOOG) (NASDAQ:GOOGL) and Meta (NASDAQ:FB) are fa","content":"<html><head></head><body><p></p><p><img src=\"https://static.tigerbbs.com/f8682b68644fb0e700ccf73bfd598736\" tg-width=\"750\" tg-height=\"500\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>FotoMaximum/iStock via Getty Images</p><p></p><p>Alphabet (NASDAQ:GOOG) (NASDAQ:GOOGL) and Meta (NASDAQ:FB) are famous for enriching millions of investors over the last eight years.</p><p><b> Alphabet And Meta Returns Since 2013</b></p><p></p><p><img src=\"https://static.tigerbbs.com/c7de1c1120c62c3dad9c49e5d4e5a134\" tg-width=\"640\" tg-height=\"112\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Portfolio Visualizer Premium</p><p></p><p>In fact, both have crushed even the red hot Nasdaq during <a href=\"https://laohu8.com/S/AONE.U\">one</a> of the hottest tech bull runs in US history, delivering Buffett-like 25% returns that resulted in an 8X return.</p><p></p><p><img src=\"https://static.tigerbbs.com/ad549342543f2ced891f57b6c43bb4fd\" tg-width=\"640\" tg-height=\"388\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Ycharts</p><p></p><p>While the market is currently in a correction, and growth stocks have been especially hard hit, Meta has been crushed, falling into a 50% bear market.</p><p>I&#39;ve bought both growth legends in this correction, but one is a core growth name in my correction plan, and the other is a non-core holding.</p><p>So let me explain why both Meta and Alphabet are great companies, worth owning, and even buying more of right now.</p><p>However, a careful examination of both of their fundamentals makes it clear that Alphabet is the global king of digital marketing, and this is likely to remain the case for the foreseeable future.</p><h2>The Challenge Facing Digital Marketers Right Now</h2><p></p><p><img src=\"https://static.tigerbbs.com/a556ac1fd6482c83da2db4af6d5b7540\" tg-width=\"640\" tg-height=\"637\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>eMarketer</p><p></p><p>GOOG, FB, and Amazon (AMZN) have a triopoly on US digital marketing, commanding an estimated 65% of the market.</p><p>Both GOOG and FB are losing market share to AMZN because Amazon&#39;s ads are 3X as effective at converting to actual sales.</p><p>That&#39;s because Amazon has spent decades gathering customer sales data and knows what its customers want better than anyone on earth.</p><p>Apple&#39;s (AAPL) recent privacy shift in iOS, makes it much easier to opt out of data tracking, and 62% of iPhone users have indeed opted out.</p><p>This has proven a hammer blow to FB, which management says could cost it $10 billion in 2022 alone.</p><p>GOOG is less at risk since it still has the search data it can use to optimize for targeted ads.</p><p>AMZN is the least at risk since it relies far less on cookie tracking than its rivals.</p><p>This kind of business model disruption is part of FB and GOOG&#39;s risk profile, which brings us to our first point of comparison.</p><h2>Long-Term Risk Management: Winner Alphabet</h2><p>How do we quantify, monitor, and track such a complex risk profile? By doing what big institutions do.</p><h2>Material Financial ESG Risk Analysis: How Large Institutions Measure Total Risk</h2><ul><li>4 Things You Need To Know To Profit From ESG Investing</li><li>What Investors Need To Know About Company Long-Term Risk Management (Video)</li></ul><p>Here is a special report that outlines the most important aspects of understanding long-term ESG financial risks for your investments.</p><ul><li>ESG is NOT &#34;political or personal ethics based investing&#34;</li><li>it&#39;s total long-term risk management analysis</li></ul><blockquote><i><b>ESG is just normal risk by another name.</b></i><i>&#34; Simon MacMahon, head of ESG and corporate governance research, Sustainalytics&#34; - Morningstar</i></blockquote><blockquote><i>ESG factors are taken into consideration, alongside all other credit factors, when we consider they are relevant to and have or may have a material influence on creditworthiness.&#34; - S&amp;P</i></blockquote><p>ESG is a measure of risk, not of ethics, political correctness, or personal opinion.</p><p>S&amp;P, Fitch, Moody&#39;s, DBRS (Canadian rating agency), AMBest (insurance rating agency), R&amp;I Credit Rating (Japanese rating agency), and the Japan Credit Rating Agency <b>have been using ESG models in their credit ratings for decades.</b></p><ul><li><b>every credit rating for the last 30 years has included these risk models, you just weren&#39;t aware of it </b></li><li>credit and risk management ratings make up 41% of the DK safety and quality model</li><li>dividend/balance sheet/risk ratings make up 82% of the DK safety and quality model</li></ul><p>Every major financial institution also tracks long-term risk management and considers it essential to sound long-term investing including,</p><ul><li>BlackRock</li><li>MSCI</li><li>JPMorgan</li><li>Wells Fargo</li><li>Bank of America</li><li>Deutsche Bank</li><li>virtually every major financial institution in the world</li></ul><p>We use six rating agencies to get a consensus risk management percentile, comparing how well a company manages its risk relative to its peers.</p><p>For context:</p><ul><li>master list average: 62nd percentile</li><li>dividend kings: 63rd percentile</li><li>dividend aristocrats: 67th percentile</li><li>Ultra SWANs: 71st percentile</li></ul><p>The better a company&#39;s risk management consensus the more likely it will be able to adapt to challenges to its business model, as we&#39;re seeing now with GOOG and FB.</p><h4>Meta Long-Term Risk-Management Consensus</h4><table><colgroup></colgroup><tbody><tr><td><b>Rating Agency</b></td><td><b>Industry Percentile</b></td><td><p><b>Rating Agency Classification</b></p></td></tr><tr><td>MSCI 37 Metric Model</td><td>26.0%</td><td><p>B Industry Laggard, Negative Trend</p></td></tr><tr><td>Morningstar/Sustainalytics 20 Metric Model</td><td>0.7%</td><td><p>32.4/100 High-Risk</p></td></tr><tr><td>Reuters&#39;/Refinitiv 500+ Metric Model</td><td>88.9%</td><td>Good</td></tr><tr><td>S&amp;P 1,000+ Metric Model</td><td>18.0%</td><td><p>Very Poor- Stable Trend</p></td></tr><tr><td>Just Capital 19 Metric Model</td><td>50.0%</td><td>Average</td></tr><tr><td>FactSet</td><td>30.0%</td><td><p>Below-Average Stable Trend</p></td></tr><tr><td>Morningstar Global Percentile</td><td>30.6%</td><td>Below-Average</td></tr><tr><td>Just Capital Global Percentile</td><td>25.4%</td><td>Poor</td></tr><tr><td><b>Consensus</b></td><td><b>33.7%</b></td><td><p><b>Below-Average (verging on poor) - medium risk</b></p></td></tr></tbody></table><p><i>(Sources: MSCI, Morningstar, Reuters&#39;, Just Capital, S&amp;P, FactSet Research)</i></p><p>The rating agency consensus is that FB is below-average at managing its risk, verging on poor.</p><p>Now contrast that with GOOG.</p><h4>Alphabet Long-Term Risk-Management Consensus</h4><table><colgroup></colgroup><tbody><tr><td><b>Rating Agency</b></td><td><b>Industry Percentile</b></td><td><p><b>Rating Agency Classification</b></p></td></tr><tr><td>MSCI 37 Metric Model</td><td>53.0%</td><td><p>BBB Average, Negative Trend</p></td></tr><tr><td>Morningstar/Sustainalytics 20 Metric Model</td><td>39.7%</td><td><p>24.3/100 Medium-Risk</p></td></tr><tr><td>Reuters&#39;/Refinitiv 500+ Metric Model</td><td>85.88%</td><td>Good</td></tr><tr><td>S&amp;P 1,000+ Metric Model</td><td>47.0%</td><td><p>Average- Positive Trend</p></td></tr><tr><td>Just Capital 19 Metric Model</td><td>100.00%</td><td><p>#1 Industry Leader</p></td></tr><tr><td>FactSet</td><td>30.0%</td><td><p>Below-Average Stable Trend</p></td></tr><tr><td>Morningstar Global Percentile</td><td>60.88</td><td>Above-Average</td></tr><tr><td>Just Capital Global Percentile</td><td>100%</td><td><p>#1 Industry Leader, #1 Company In America</p></td></tr><tr><td><b>Consensus</b></td><td><b>64.6%</b></td><td><b>Above-Average - low risk </b></td></tr></tbody></table><p><i>(Sources: MSCI, Morningstar, Reuters&#39;, Just Capital, S&amp;P, FactSet Research)</i></p><p>GOOG doesn&#39;t just manage its long-term risk better than FB, it&#39;s beating FB by 31%.</p><ul><li>far more likely to successfully deal with privacy policy shifts, regulators, and every other major risk to its business model</li></ul><p>And risk-management isn&#39;t the only factor in which GOOG outshines FB by a wide margin.</p><h2>Overall Quality: Winner, Alphabet</h2><p>The Dividend King&#39;s overall quality scores are based on a 241 point model that includes:</p><ul><li><p>dividend safety</p></li><li><p>balance sheet strength</p></li><li><p>credit ratings</p></li><li><p>credit default swap medium-term bankruptcy risk data</p></li><li><p>short and long-term bankruptcy risk</p></li><li><p>accounting and corporate fraud risk</p></li><li><p>profitability and business model</p></li><li><p>growth consensus estimates</p></li><li><p>management growth guidance</p></li><li><p>historical earnings growth rates</p></li><li><p>historical cash flow growth rates</p></li><li><p>historical dividend growth rates</p></li><li><p>historical sales growth rates</p></li><li><p>cost of capital</p></li><li><p>long-term risk-management scores from MSCI, Morningstar, FactSet, S&amp;P, Reuters&#39;/Refinitiv, and Just Capital</p></li><li><p>management quality</p></li><li><p>dividend friendly corporate culture/income dependability</p></li><li><p>long-term total returns (a Ben Graham sign of quality)</p></li><li><p>analyst consensus long-term return potential</p></li></ul><p>It actually includes over 1,000 metrics if you count everything factored in by 12 rating agencies we use to assess fundamental risk.</p><ul><li><p>credit and risk management ratings make up 41% of the DK safety and quality model</p></li><li><p>dividend/balance sheet/risk ratings make up 82% of the DK safety and quality model</p></li></ul><p>How do we know that our safety and quality model works well?</p><p>During the two worst recessions in 75 years, our safety model predicted 87% of blue-chip dividend cuts during the ultimate baptism by fire for any dividend safety model.</p><p>That&#39;s because we don&#39;t miss anything important about a company&#39;s fundamental safety and quality.</p><p>So how do GOOG and FB stack up on one of the world&#39;s most comprehensive and accurate safety and quality models?</p><h2>Meta: A Speculative 11/19 Quality Blue-Chip</h2><p><b>Meta Balance Sheet Safety</b></p><table><colgroup></colgroup><tbody><tr><td><b>Rating</b></td><td><b>Dividend Kings Safety Score (151 Point Safety Model)</b></td><td><b>Approximate Dividend Cut Risk (Average Recession)</b></td><td><p><b>Approximate Dividend Cut Risk In Pandemic Level Recession</b></p></td></tr><tr><td>1 - unsafe</td><td>0% to 20%</td><td>over 4%</td><td>16+%</td></tr><tr><td>2- below average</td><td>21% to 40%</td><td>over 2%</td><td>8% to 16%</td></tr><tr><td>3 - average</td><td>41% to 60%</td><td>2%</td><td>4% to 8%</td></tr><tr><td>4 - safe</td><td>61% to 80%</td><td>1%</td><td>2% to 4%</td></tr><tr><td>5- very safe</td><td>81% to 100%</td><td>0.5%</td><td>1% to 2%</td></tr><tr><td><b>FB</b></td><td><b>100%</b></td><td><b>NA</b></td><td><b>NA</b></td></tr><tr><td>Risk Rating</td><td>Medium Risk (34th industry percentile risk-management consensus)</td><td>Effective AAA stable outlook credit rating 0.07% 30-year bankruptcy risk</td><td>2.5% OR LESS Max Risk Cap Recommendation - speculative, turnaround stock</td></tr></tbody></table><p><b>Long-Term Dependability</b></p><table><colgroup></colgroup><tbody><tr><td><b>Company</b></td><td><b>DK Long-Term Dependability Score</b></td><td><b>Interpretation</b></td><td><b>Points</b></td></tr><tr><td>Non-Dependable Companies</td><td>21% or below</td><td>Poor Dependability</td><td>1</td></tr><tr><td>Low Dependability Companies</td><td>22% to 60%</td><td>Below-Average Dependability</td><td>2</td></tr><tr><td>S&amp;P 500/Industry Average</td><td>61% (58% to 70% range)</td><td>Average Dependability</td><td>3</td></tr><tr><td>Above-Average</td><td>71% to 80%</td><td>Very Dependable</td><td>4</td></tr><tr><td>Very Good</td><td>81% or higher</td><td>Exceptional Dependability</td><td>5</td></tr><tr><td><b>FB</b></td><td><b>67%</b></td><td><b>Average Dependability</b></td><td><b>3</b></td></tr></tbody></table><p><b>Overall Quality</b></p><table><colgroup></colgroup><tbody><tr><td><b>FB</b></td><td><b>Final Score</b></td><td><b>Rating</b></td></tr><tr><td>Safety</td><td>100%</td><td>5/5 very safe</td></tr><tr><td>Business Model</td><td>100%</td><td>3/3 wide moat</td></tr><tr><td>Dependability</td><td>67%</td><td>3/5 average dependability</td></tr><tr><td><b>Total</b></td><td><b>84%</b></td><td><b>11/13 Speculative Blue-Chip</b></td></tr><tr><td>Risk Rating</td><td><p>2/3 Medium Risk</p></td><td></td></tr><tr><td>2.5% OR LESS Max Risk Cap Rec - speculative, turnaround stock</td><td><p>20% Margin of Safety For A Potentially Good Buy</p></td><td></td></tr></tbody></table><p>And here&#39;s GOOG.</p><h2>Alphabet: A 13/13 Quality Ultra SWAN</h2><p><b>Alphabet Balance Sheet Safety</b></p><table><colgroup></colgroup><tbody><tr><td><b>Rating</b></td><td><b>Dividend Kings Safety Score (151 Point Safety Model)</b></td><td><b>Approximate Dividend Cut Risk (Average Recession)</b></td><td><p><b>Approximate Dividend Cut Risk In Pandemic Level Recession</b></p></td></tr><tr><td>1 - unsafe</td><td>0% to 20%</td><td>over 4%</td><td>16+%</td></tr><tr><td>2- below average</td><td>21% to 40%</td><td>over 2%</td><td>8% to 16%</td></tr><tr><td>3 - average</td><td>41% to 60%</td><td>2%</td><td>4% to 8%</td></tr><tr><td>4 - safe</td><td>61% to 80%</td><td>1%</td><td>2% to 4%</td></tr><tr><td>5- very safe</td><td>81% to 100%</td><td>0.5%</td><td>1% to 2%</td></tr><tr><td><b>GOOG</b></td><td><b>100%</b></td><td><b>NA</b></td><td><b>NA</b></td></tr><tr><td>Risk Rating</td><td>Low Risk (65th industry percentile risk-management consensus)</td><td>AA+ stable outlook credit rating 0.29% 30-year bankruptcy risk</td><td>20% OR LESS Max Risk Cap Recommendation</td></tr></tbody></table><p><b>Long-Term Dependability</b></p><table><colgroup></colgroup><tbody><tr><td><b>Company</b></td><td><b>DK Long-Term Dependability Score</b></td><td><b>Interpretation</b></td><td><b>Points</b></td></tr><tr><td>Non-Dependable Companies</td><td>21% or below</td><td>Poor Dependability</td><td>1</td></tr><tr><td>Low Dependability Companies</td><td>22% to 60%</td><td>Below-Average Dependability</td><td>2</td></tr><tr><td>S&amp;P 500/Industry Average</td><td>61% (58% to 70% range)</td><td>Average Dependability</td><td>3</td></tr><tr><td>Above-Average</td><td>71% to 80%</td><td>Very Dependable</td><td>4</td></tr><tr><td>Very Good</td><td>81% or higher</td><td>Exceptional Dependability</td><td>5</td></tr><tr><td><b>GOOG</b></td><td><b>89%</b></td><td><b>Exceptional Dependability</b></td><td><b>5</b></td></tr></tbody></table><p><b>Overall Quality</b></p><table><colgroup></colgroup><tbody><tr><td><b>GOOG</b></td><td><b>Final Score</b></td><td><b>Rating</b></td></tr><tr><td>Safety</td><td>100%</td><td>5/5 very safe</td></tr><tr><td>Business Model</td><td>100%</td><td>3/3 wide moat</td></tr><tr><td>Dependability</td><td>89%</td><td>5/5 exceptional</td></tr><tr><td><b>Total</b></td><td><b>95%</b></td><td><b>13/13 Ultra SWAN</b></td></tr><tr><td>Risk Rating</td><td>3/3 Low Risk</td><td></td></tr><tr><td>20% OR LESS Max Risk Cap Rec</td><td><p>5% Margin of Safety For A Potentially Good Buy</p></td><td></td></tr></tbody></table><ul><li>Meta: 114th highest quality company on the Masterlist: 78th percentile</li><li>Alphabet: 39th highest quality: 92nd percentile</li></ul><p>Both companies are exceptionally high quality given that our company database is one of the best in the world.</p><p>The DK 500 Master List includes the world&#39;s highest quality companies including:</p><ul><li><p>All dividend champions</p></li><li><p>All dividend aristocrats</p></li><li><p>All dividend kings</p></li><li><p>All global aristocrats (such as BTI, ENB, and NVS)</p></li><li><p>All 13/13 Ultra Swans (as close to perfect quality as exists on Wall Street)</p></li><li>48 of the world&#39;s best growth stocks (on its way to 100)</li></ul><p>But when it comes to overall quality, factoring in over 1,000 fundamental metrics, the winner is clearly once more Alphabet.</p><p>Why is GOOG the hands-down winner in this quality fight with FB?</p><table><colgroup></colgroup><tbody><tr><td><b>Company</b></td><td><b>Quality Rating (out Of 13)</b></td><td><b>Quality Score (Out Of 100)</b></td><td><b>Dividend/Balance Sheet Safety Rating (out of 5)</b></td><td><b>Safety Score (Out Of 100)</b></td><td><b>Dependability Rating (Out Of 5)</b></td><td><b>Dependability Score (out Of 100)</b></td></tr><tr><td><a href=\"https://laohu8.com/S/FB\">Meta Platforms</a></td><td>11 Speculative Blue-Chip</td><td>84%</td><td>5 Very Safe</td><td>100%</td><td>3 average</td><td>67%</td></tr><tr><td>Alphabet</td><td>13 Ultra SWAN</td><td>95%</td><td>5 Very Safe</td><td>100%</td><td>5 exceptional</td><td>89%</td></tr></tbody></table><p><i>(Source: DK Research Terminal)</i></p><p>Both FB and Meta have exceptionally strong balance sheets, making the risk of bankruptcy as close to zero as you can find on Wall Street.</p><h4>Alphabet&#39;s Balance Sheet: AA+ Rated By S&amp;P</h4><p></p><p><img src=\"https://static.tigerbbs.com/a13f13c309fa748452dfea0afb27ebdf\" tg-width=\"491\" tg-height=\"373\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>GuruFocus Premium</p><p></p><p>GOOG has $140 billion in cash and just $13 billion in debt.</p><p>Its advanced accounting metrics (F, Z, and M-score) are exceptional.</p><ul><li>F-score is a measure of short-term bankruptcy risk</li><li>4+ is safe, 7+ very safe and GOOG&#39;s is 8</li><li>M-score is 84% to 92% accurate at forecasting long-term bankruptcies</li><li>1.81+ is safe, 3+ is very safe and GOOG&#39;s is 13.04</li><li>M-score is 76% accurate at catching accounting fraud, and 82.5% accurate at finding companies with honest accounting</li><li>-1.78 or lower is safe and GOOG&#39;s is -2.48</li></ul><h4>Meta&#39;s Balance Sheet: Effectively AAA</h4><p></p><p><img src=\"https://static.tigerbbs.com/68209d14c736c8328e46572200e82060\" tg-width=\"487\" tg-height=\"373\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>GuruFocus Premium</p><p></p><p>The only &#34;debt&#34; Meta has is receivables, it actually carries no long-term debt.</p><p>That is why it&#39;s the largest company on earth that doesn&#39;t pay the $500K per year for a credit rating.</p><p>However, given its current and historical advanced credit metrics, as well as its exceptionally strong solvency ratios (current ratio, quick ratio, and cash ratios), I&#39;m highly confident that it would be AAA-rated.</p><ul><li>because it&#39;s literally not possible for FB to default on debt it doesn&#39;t have</li></ul><table><colgroup></colgroup><tbody><tr><td><b>Credit Rating</b></td><td><b>30-Year Bankruptcy Probability</b></td></tr><tr><td>AAA (Meta)</td><td>0.07%</td></tr><tr><td>AA+ (Alphabet)</td><td>0.29%</td></tr><tr><td>AA</td><td>0.51%</td></tr><tr><td>AA-</td><td>0.55%</td></tr><tr><td>A+</td><td>0.60%</td></tr><tr><td>A</td><td>0.66%</td></tr><tr><td>A-</td><td>2.5%</td></tr><tr><td>BBB+</td><td>5%</td></tr><tr><td>BBB</td><td>7.5%</td></tr><tr><td>BBB-</td><td>11%</td></tr><tr><td>BB+</td><td>14%</td></tr><tr><td>BB</td><td>17%</td></tr><tr><td>BB-</td><td>21%</td></tr><tr><td>B+</td><td>25%</td></tr><tr><td>B</td><td>37%</td></tr><tr><td>B-</td><td>45%</td></tr><tr><td>CCC+</td><td>52%</td></tr><tr><td>CCC</td><td>59%</td></tr><tr><td>CCC-</td><td>65%</td></tr><tr><td>CC</td><td>70%</td></tr><tr><td>C</td><td>80%</td></tr><tr><td>D</td><td>100%</td></tr></tbody></table><p><i>(Sources: S&amp;P, University of St. Petersberg)</i></p><p>This means the fundamental risk of losing all your money over the next 30 years buying FB or GOOG today is approximately</p><ul><li>1 in 1,429 for FB</li><li>1 in 345 for GOOG</li></ul><p>And both companies&#39; balance sheets are expected to keep getting stronger over time.</p><p><b>Alphabet: Consensus $441 Billion In Net Cash By 2027 </b></p><p></p><p><img src=\"https://static.tigerbbs.com/76c3a6843c329c2b16d3839e0e124674\" tg-width=\"640\" tg-height=\"308\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>FactSet Research Terminal</p><p></p><p><b>Meta: Consensus $71 Billion In Net Cash By 2027</b></p><p></p><p><img src=\"https://static.tigerbbs.com/ec44680d5d8318ba8ed74d4b40ae28e9\" tg-width=\"640\" tg-height=\"268\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>FactSet Research Terminal</p><p></p><p>Now let&#39;s consider profitability, Wall Street&#39;s favorite quality proxy.</p><h2>Profitability: Winner, Meta By A Small Amount</h2><p><b>Meta Profitability Vs Peers</b></p><p></p><p><img src=\"https://static.tigerbbs.com/9e2b501a3cd5bb6da5299422362bed67\" tg-width=\"486\" tg-height=\"342\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Gurufocus Premium</p><p></p><p><b>Alphabet Profitability Vs Peers</b></p><p></p><p><img src=\"https://static.tigerbbs.com/926a2ab456d218b3ef8cd49552df5565\" tg-width=\"488\" tg-height=\"345\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Gurufocus Premium</p><p></p><p>Both companies are profit-minting machines.</p><p></p><p><img src=\"https://static.tigerbbs.com/673b7f04eadaf433b4fe704dda171180\" tg-width=\"640\" tg-height=\"391\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Ycharts</p><p></p><p>These are two of the most profitable companies on earth, and their industry-leading profitability has been stable or improving for over a decade, confirming a wide and stable moat.</p><p></p><p><img src=\"https://static.tigerbbs.com/9a1b491d8a76dd73ddc3b2ea13e999c8\" tg-width=\"640\" tg-height=\"187\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>FactSet Research Terminal</p><p></p><p>FB&#39;s free cash flow is expected to keep growing and reach $77 billion in 2027.</p><p>This is expected to result in impressive buybacks in the coming years.</p><ul><li>$219 billion in consensus buybacks through 2027</li><li>38% of shares at current valuations</li></ul><p></p><p><img src=\"https://static.tigerbbs.com/93f9e72220887060384ea19dc975503c\" tg-width=\"640\" tg-height=\"165\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>FactSet Research Terminal</p><p></p><p>GOOG&#39;s annual free cash flow is expected to grow to $139 billion in 2027, allowing it to undertake even more impressive buybacks.</p><ul><li>$380 billion in consensus buybacks through 2027</li><li>21% of shares at current valuations</li></ul><p>Now let&#39;s consider one important profitability metric in particular.</p><p>Return on capital or ROC is Joel Greenblatt&#39;s gold standard proxy for quality and moatiness.</p><p>ROC = pre-tax profit/operating capital (the money it takes to run the business).</p><ul><li>S&amp;P 500&#39;s average in 2021 was 14.6% (average investment pays for itself in 7 years)</li></ul><table><colgroup></colgroup><tbody><tr><td><b>Company</b></td><td><b>ROC (Greenblatt)</b></td><td><b>ROC Industry Percentile</b></td><td><b>13-Year Median ROC</b></td><td><b>5-Year ROC Trend (OTC:CAGR)</b></td></tr><tr><td>Meta Platforms</td><td>74%</td><td>65%</td><td>95%</td><td>-16%</td></tr><tr><td>Alphabet</td><td>87%</td><td>67%</td><td>74%</td><td>-7%</td></tr></tbody></table><p><i>(Source: DK Research Terminal, FactSet)</i></p><p>In the past year, GOOG&#39;s return on capital was higher than FB&#39;s and it&#39;s also above its 13-year median indicating a more stable moat.</p><p>In other words, when it comes to profitability, FB edges out GOOG by a small amount, except in terms of return on capital, where it&#39;s once more the winner.</p><h2>Valuation: Winner, Meta</h2><table><colgroup></colgroup><tbody><tr><td><b>Company</b></td><td><b>Average Fair Value</b></td><td><b>Current Price</b></td><td><b>Discount To Fair Value</b></td><td><b>DK Rating</b></td><td><b>PE 2022</b></td><td><b>PEG 2022</b></td></tr><tr><td>Meta Platforms</td><td>$265.75</td><td>$214.35</td><td>19.6%</td><td>Potentially Reasonable Buy</td><td>17.19</td><td>1.49</td></tr><tr><td>Alphabet</td><td>$3,161.89</td><td>$2,771.92</td><td>12.3%</td><td>Potentially Good Buy</td><td>23.51</td><td>1.67</td></tr></tbody></table><p><i>(Source: DK Research Terminal, FactSet)</i></p><p>FB is trading at a slightly lower valuation and a higher margin of safety, though not quite high enough for me to consider it a good buy.</p><ul><li>20% discount is needed to make FB a potentially good buy given its lower quality and risk profile</li></ul><p>If we back out cash we see that FB is once more the more undervalued company.</p><ul><li>FB EV/EBITDA: 9.5</li><li>GOOG EV/EBITDA: 14.5</li></ul><p>However, both companies are trading at highly attractive valuations.</p><table><colgroup></colgroup><tbody><tr><td><b>Company</b></td><td><b>12-Month Consensus Total Return Potential</b></td><td><b>12-Month Fundamentally Justified Upside Total Return Potential</b></td></tr><tr><td>Meta Platforms</td><td>48.47%</td><td>23.98%</td></tr><tr><td>Alphabet</td><td>25.77%</td><td>14.11%</td></tr></tbody></table><p><i>(Source: DK Research Terminal, FactSet)</i></p><p>This is why analysts expect both to deliver very strong returns, though FB potentially much more than GOOG.</p><p>Of course, what happens in the next year doesn&#39;t matter as much as the kind of returns both companies can deliver over the long-term.</p><h2>Long-Term Total Return Potential: Winner, Alphabet</h2><table><colgroup></colgroup><tbody><tr><td><b>Company</b></td><td><b>Yield</b></td><td><b>FactSet Long-Term Consensus Growth Rate</b></td><td><b>LT Consensus Total Return Potential</b></td><td><b>Risk-Adjusted Expected Return</b></td></tr><tr><td>Meta Platforms</td><td>0.00%</td><td>11.5%</td><td>11.5%</td><td>8.1%</td></tr><tr><td>Alphabet</td><td>0.00%</td><td>14.1%</td><td>14.1%</td><td>9.9%</td></tr></tbody></table><p><i>(Source: DK Research Terminal, FactSet)</i></p><p>GOOG is expected to grow significantly faster than FB over time, resulting in far better long-term returns.</p><table><colgroup></colgroup><tbody><tr><td><b>Investment Strategy</b></td><td><b>Yield</b></td><td><b>LT Consensus Growth</b></td><td><b>LT Consensus Total Return Potential</b></td><td><b>Long-Term Risk-Adjusted Expected Return</b></td><td><b>Long-Term Inflation And Risk-Adjusted Expected Returns</b></td><td><b>Years To Double Your Inflation &amp; Risk-Adjusted Wealth</b></td><td><p><b>10 Year Inflation And Risk-Adjusted Return</b></p></td></tr><tr><td>Europe</td><td>2.6%</td><td>12.8%</td><td>15.4%</td><td>10.7%</td><td>8.6%</td><td>8.4</td><td>2.27</td></tr><tr><td>Value</td><td>2.1%</td><td>12.1%</td><td>14.1%</td><td>9.9%</td><td>7.7%</td><td>9.3</td><td>2.10</td></tr><tr><td><b>Alphabet</b></td><td><b>0.0%</b></td><td><b>14.1%</b></td><td><b>14.1%</b></td><td><b>9.9%</b></td><td><b>7.7%</b></td><td><b>9.4</b></td><td>2.10</td></tr><tr><td>High-Yield</td><td>2.8%</td><td>11.3%</td><td>14.1%</td><td>9.9%</td><td>7.7%</td><td>9.4</td><td>2.10</td></tr><tr><td>High-Yield + Growth</td><td>1.7%</td><td>11.0%</td><td>12.7%</td><td>8.9%</td><td>6.7%</td><td>10.8</td><td>1.91</td></tr><tr><td>Safe Midstream + Growth</td><td>3.3%</td><td>8.5%</td><td>11.8%</td><td>8.3%</td><td>6.1%</td><td>11.8</td><td>1.80</td></tr><tr><td><b>Meta</b></td><td><b>0.0%</b></td><td><b>11.50%</b></td><td><b>11.5%</b></td><td><b>8.1%</b></td><td><b>5.9%</b></td><td><b>12.3</b></td><td>1.77</td></tr><tr><td>Nasdaq (Growth)</td><td>0.8%</td><td>10.7%</td><td>11.5%</td><td>8.1%</td><td>5.9%</td><td>12.3</td><td>1.77</td></tr><tr><td>Safe Midstream</td><td>5.5%</td><td>6.0%</td><td>11.5%</td><td>8.1%</td><td>5.9%</td><td>12.3</td><td>1.77</td></tr><tr><td>Dividend Aristocrats</td><td>2.2%</td><td>8.9%</td><td>11.1%</td><td>7.8%</td><td>5.6%</td><td>12.9</td><td>1.72</td></tr><tr><td>REITs + Growth</td><td>1.8%</td><td>8.9%</td><td>10.6%</td><td>7.4%</td><td>5.2%</td><td>13.7</td><td>1.67</td></tr><tr><td>S&amp;P 500</td><td>1.4%</td><td>8.5%</td><td>9.9%</td><td>7.0%</td><td>4.8%</td><td>15.1</td><td>1.59</td></tr><tr><td>Realty Income</td><td>4.6%</td><td>5.2%</td><td>9.8%</td><td>6.9%</td><td>4.7%</td><td>15.4</td><td>1.58</td></tr><tr><td>Dividend Growth</td><td>1.6%</td><td>8.0%</td><td>9.6%</td><td>6.7%</td><td>4.5%</td><td>15.9</td><td>1.56</td></tr><tr><td>REITs</td><td>2.9%</td><td>6.5%</td><td>9.4%</td><td>6.6%</td><td>4.4%</td><td>16.4</td><td>1.54</td></tr><tr><td>60/40 Retirement Portfolio</td><td>2.1%</td><td>5.1%</td><td>7.2%</td><td>5.1%</td><td>2.9%</td><td>24.9</td><td>1.33</td></tr><tr><td>10-Year US Treasury</td><td>2.3%</td><td>0.0%</td><td>2.3%</td><td>1.6%</td><td>-0.5%</td><td>-131.1</td><td>0.95</td></tr></tbody></table><p><i>(Source: Morningstar, FactSet, Ycharts)</i></p><p>Both companies are expected to beat the S&amp;P 500 over time, though FB merely to match the Nasdaq while GOOG is expected to run circles around big tech.</p><p>What kind of difference does 2.6% per year in potential extra returns actually mean for your life?</p><h4>Inflation-Adjusted Consensus Return Forecast: $1,000 Initial Investment</h4><table><colgroup></colgroup><tbody><tr><td><b>Time Frame (Years)</b></td><td><b>7.7% CAGR Inflation-Adjusted S&amp;P Consensus</b></td><td><b>11.9% Inflation-Adjusted GOOG Consensus</b></td><td><b>9.3% CAGR Inflation-Adjusted FB Consensus</b></td><td><b>Difference Between Inflation Adjusted GOOG and FB Consensus Returns</b></td></tr><tr><td>5</td><td>$1,449.03</td><td>$1,756.06</td><td>$1,561.34</td><td>$194.71</td></tr><tr><td>10</td><td>$2,099.70</td><td>$3,083.73</td><td>$2,437.79</td><td>$645.95</td></tr><tr><td>15</td><td>$3,042.53</td><td>$5,415.21</td><td>$3,806.22</td><td>$1,608.99</td></tr><tr><td>20</td><td>$4,408.74</td><td>$9,509.42</td><td>$5,942.82</td><td>$3,566.60</td></tr><tr><td>25</td><td>$6,388.41</td><td>$16,699.08</td><td>$9,278.77</td><td>$7,420.31</td></tr><tr><td>30</td><td>$9,257.02</td><td>$29,324.53</td><td>$14,487.34</td><td>$14,837.19</td></tr></tbody></table><p><i>(Source: Morningstar, FactSet, Ycharts)</i></p><p>Both FB and GOOG are likely to generate good returns but GOOG could turn a modest investment today into a potentially small fortune in the coming decades.</p><table><colgroup></colgroup><tbody><tr><td><b>Time Frame (Years)</b></td><td><b>Ratio Inflation-Adjusted GOOG and FB Consensus</b></td></tr><tr><td>5</td><td>1.12</td></tr><tr><td>10</td><td>1.26</td></tr><tr><td>15</td><td>1.42</td></tr><tr><td>20</td><td>1.60</td></tr><tr><td>25</td><td>1.80</td></tr><tr><td>30</td><td>2.02</td></tr></tbody></table><p><i>(Source: DK Research Terminal, FactSet)</i></p><p>In fact, GOOG could potentially double FB&#39;s 30-year returns if both companies grow as analysts currently expect.</p><h2>Short &amp; Medium-Term Total Return Potential: Tie</h2><p><b>Meta 2024 Consensus Return Potential </b></p><p></p><p><img src=\"https://static.tigerbbs.com/5f903c32f63dbb4cfa5efa19492b8a0f\" tg-width=\"640\" tg-height=\"322\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>FAST Graphs, FactSet Research</p><p></p><p>FB growing at 11.5% is worth about 20.5X earnings based on the company&#39;s historical PEG ratio.</p><ul><li>analyst 12-month consensus forecast is for 21.9 PE</li></ul><p>This means that if FB grows as expected through 2024 it could deliver about 18% annular returns, far more than the 17% overvalued S&amp;P 500 is likely to generate.</p><p>What about the next five years?</p><h4>S&amp;P 500 2027 Consensus Return Potential</h4><table><colgroup></colgroup><tbody><tr><td><b>Year</b></td><td><b>Upside Potential By End of That Year</b></td><td><b>Consensus CAGR Return Potential By End of That Year</b></td><td><b>Probability-Weighted Return (Annualized)</b></td><td><p><b>Inflation And Risk-Adjusted Expected Returns</b></p></td></tr><tr><td>2027</td><td>34.75%</td><td>6.15%</td><td>4.61%</td><td>1.27%</td></tr></tbody></table><p><i>(Source: DK S&amp;P 500 Valuation And Total Return Tool)</i></p><p>For context, analysts expect 35% returns from the S&amp;P 500, which adjusted for inflation and risk is 1% compared to the market&#39;s historical 6% to 7% real return.</p><h4><b>Meta 2027 Consensus Return Potential</b></h4><p></p><p><img src=\"https://static.tigerbbs.com/66d31fef78452199e2961d8d89d65454\" tg-width=\"275\" tg-height=\"365\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>FAST Graphs, FactSet Research</p><p></p><p>FB could more than double your money if it grows as analysts expect over the next five years.</p><ul><li>3.2X the S&amp;P 500 consensus</li></ul><h2><b>GOOG 2024 Consensus Return Potential </b></h2><p></p><p><img src=\"https://static.tigerbbs.com/bc664bb22e0ba08e06de0e9bbed286c3\" tg-width=\"640\" tg-height=\"271\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>FAST Graphs, FactSet Research</p><p></p><p>GOOG could deliver 13% annual returns through 2024 if it grows as expected.</p><p>In the past GOOG has grown as slowly as 11% and billions of investors still paid 25.7X earnings, meaning that its historical market-fair value multiple of 25 to 26X earnings should still be valid.</p><h4><b>GOOG 2027 Consensus Return Potential</b></h4><p></p><p><img src=\"https://static.tigerbbs.com/e36d07a6169cb075678d6646bca01679\" tg-width=\"399\" tg-height=\"511\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>FAST Graphs, FactSet Research</p><p></p><p>Thanks to GOOG&#39;s faster growth rate analysts expect both companies to potentially deliver identical returns.</p><ul><li>about 14% annually over the next five years</li><li>also 3.2X better than the S&amp;P 500</li></ul><h2>Bottom Line: Both Are Great Companies But In The Battle Of Meta And Alphabet There Is One Clear Winner</h2><p></p><p><img src=\"https://static.tigerbbs.com/5dea4bc19b8951f30e1b2bea40e989b9\" tg-width=\"640\" tg-height=\"314\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Dividend Kings Automated Investment Decision Tool</p><p><img src=\"https://static.tigerbbs.com/507426f09d401e866c66a1f1dd597e4f\" tg-width=\"640\" tg-height=\"309\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Dividend Kings Automated Investment Decision Tool</p><p></p><p>Both Alphabet and Meta are wonderful companies, and as close to perfect growth blue-chip opportunities as you can find on Wall Street right now.</p><ul><li>far superior valuation</li><li>superior quality</li><li>superior long-term return potential to the S&amp;P 500</li></ul><p>However, when we examine both companies in their entirety one fact is clear.</p><ul><li>GOOG is a higher quality company</li><li>GOOG is a faster-growing company (<i>with potentially 2X better long-term return potential than FB</i>)</li><li>GOOG has far better long-term risk management (to deal with the disruption the digital advertising industry is currently facing)</li><li>GOOG has superior return on capital and a more stable moat</li></ul><p>While FB offers superior valuation and potentially double the short-term return potential, it&#39;s a speculative blue-chip currently going through the largest business pivot in the company&#39;s history.</p><p>In contrast, GOOG is a faster-growing Ultra SWAN that is expected to buy back almost $400 billion worth of stock in the next five years, double that of FB.</p><p>Simply put, if you can only buy one of these growth legends today, I recommend Alphabet, and that&#39;s why I have it as a core growth position in my correction plan.</p><p>Not just for the next few weeks, but all of 2022 and beyond.</p><p>Because at the end of the day, when you focus on safety and quality first, and prudent valuation and sound risk-management always, you never have to pray for luck on Wall Street, you make your own.</p><blockquote>Luck is what happens when preparation meets, opportunity.&#34; - Roman philosopher Seneca the younger</blockquote></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>Alphabet Vs. Meta: One Is The Much Better Buy</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\">\nAlphabet Vs. Meta: One Is The Much Better Buy\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-03-27 09:12 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4497464-alphabet-vs-meta-one-is-better-buy><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>FotoMaximum/iStock via Getty ImagesAlphabet (NASDAQ:GOOG) (NASDAQ:GOOGL) and Meta (NASDAQ:FB) are famous for enriching millions of investors over the last eight years. Alphabet And Meta Returns Since ...</p>\n\n<a href=\"https://seekingalpha.com/article/4497464-alphabet-vs-meta-one-is-better-buy\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4581":"高盛持仓","BK4579":"人工智能","BK4533":"AQR资本管理(全球第二大对冲基金)","BK4507":"流媒体概念","BK4550":"红杉资本持仓","BK4566":"资本集团","BK4525":"远程办公概念","BK4554":"元宇宙及AR概念","BK4503":"景林资产持仓","BK4077":"互动媒体与服务","BK4508":"社交媒体","BK4548":"巴美列捷福持仓","BK4553":"喜马拉雅资本持仓","BK4551":"寇图资本持仓","BK4573":"虚拟现实","BK4524":"宅经济概念","BK4534":"瑞士信贷持仓","BK4527":"明星科技股"},"source_url":"https://seekingalpha.com/article/4497464-alphabet-vs-meta-one-is-better-buy","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"2221071429","content_text":"FotoMaximum/iStock via Getty ImagesAlphabet (NASDAQ:GOOG) (NASDAQ:GOOGL) and Meta (NASDAQ:FB) are famous for enriching millions of investors over the last eight years. Alphabet And Meta Returns Since 2013Portfolio Visualizer PremiumIn fact, both have crushed even the red hot Nasdaq during one of the hottest tech bull runs in US history, delivering Buffett-like 25% returns that resulted in an 8X return.YchartsWhile the market is currently in a correction, and growth stocks have been especially hard hit, Meta has been crushed, falling into a 50% bear market.I've bought both growth legends in this correction, but one is a core growth name in my correction plan, and the other is a non-core holding.So let me explain why both Meta and Alphabet are great companies, worth owning, and even buying more of right now.However, a careful examination of both of their fundamentals makes it clear that Alphabet is the global king of digital marketing, and this is likely to remain the case for the foreseeable future.The Challenge Facing Digital Marketers Right NoweMarketerGOOG, FB, and Amazon (AMZN) have a triopoly on US digital marketing, commanding an estimated 65% of the market.Both GOOG and FB are losing market share to AMZN because Amazon's ads are 3X as effective at converting to actual sales.That's because Amazon has spent decades gathering customer sales data and knows what its customers want better than anyone on earth.Apple's (AAPL) recent privacy shift in iOS, makes it much easier to opt out of data tracking, and 62% of iPhone users have indeed opted out.This has proven a hammer blow to FB, which management says could cost it $10 billion in 2022 alone.GOOG is less at risk since it still has the search data it can use to optimize for targeted ads.AMZN is the least at risk since it relies far less on cookie tracking than its rivals.This kind of business model disruption is part of FB and GOOG's risk profile, which brings us to our first point of comparison.Long-Term Risk Management: Winner AlphabetHow do we quantify, monitor, and track such a complex risk profile? By doing what big institutions do.Material Financial ESG Risk Analysis: How Large Institutions Measure Total Risk4 Things You Need To Know To Profit From ESG InvestingWhat Investors Need To Know About Company Long-Term Risk Management (Video)Here is a special report that outlines the most important aspects of understanding long-term ESG financial risks for your investments.ESG is NOT \"political or personal ethics based investing\"it's total long-term risk management analysisESG is just normal risk by another name.\" Simon MacMahon, head of ESG and corporate governance research, Sustainalytics\" - MorningstarESG factors are taken into consideration, alongside all other credit factors, when we consider they are relevant to and have or may have a material influence on creditworthiness.\" - S&PESG is a measure of risk, not of ethics, political correctness, or personal opinion.S&P, Fitch, Moody's, DBRS (Canadian rating agency), AMBest (insurance rating agency), R&I Credit Rating (Japanese rating agency), and the Japan Credit Rating Agency have been using ESG models in their credit ratings for decades.every credit rating for the last 30 years has included these risk models, you just weren't aware of it credit and risk management ratings make up 41% of the DK safety and quality modeldividend/balance sheet/risk ratings make up 82% of the DK safety and quality modelEvery major financial institution also tracks long-term risk management and considers it essential to sound long-term investing including,BlackRockMSCIJPMorganWells FargoBank of AmericaDeutsche Bankvirtually every major financial institution in the worldWe use six rating agencies to get a consensus risk management percentile, comparing how well a company manages its risk relative to its peers.For context:master list average: 62nd percentiledividend kings: 63rd percentiledividend aristocrats: 67th percentileUltra SWANs: 71st percentileThe better a company's risk management consensus the more likely it will be able to adapt to challenges to its business model, as we're seeing now with GOOG and FB.Meta Long-Term Risk-Management ConsensusRating AgencyIndustry PercentileRating Agency ClassificationMSCI 37 Metric Model26.0%B Industry Laggard, Negative TrendMorningstar/Sustainalytics 20 Metric Model0.7%32.4/100 High-RiskReuters'/Refinitiv 500+ Metric Model88.9%GoodS&P 1,000+ Metric Model18.0%Very Poor- Stable TrendJust Capital 19 Metric Model50.0%AverageFactSet30.0%Below-Average Stable TrendMorningstar Global Percentile30.6%Below-AverageJust Capital Global Percentile25.4%PoorConsensus33.7%Below-Average (verging on poor) - medium risk(Sources: MSCI, Morningstar, Reuters', Just Capital, S&P, FactSet Research)The rating agency consensus is that FB is below-average at managing its risk, verging on poor.Now contrast that with GOOG.Alphabet Long-Term Risk-Management ConsensusRating AgencyIndustry PercentileRating Agency ClassificationMSCI 37 Metric Model53.0%BBB Average, Negative TrendMorningstar/Sustainalytics 20 Metric Model39.7%24.3/100 Medium-RiskReuters'/Refinitiv 500+ Metric Model85.88%GoodS&P 1,000+ Metric Model47.0%Average- Positive TrendJust Capital 19 Metric Model100.00%#1 Industry LeaderFactSet30.0%Below-Average Stable TrendMorningstar Global Percentile60.88Above-AverageJust Capital Global Percentile100%#1 Industry Leader, #1 Company In AmericaConsensus64.6%Above-Average - low risk (Sources: MSCI, Morningstar, Reuters', Just Capital, S&P, FactSet Research)GOOG doesn't just manage its long-term risk better than FB, it's beating FB by 31%.far more likely to successfully deal with privacy policy shifts, regulators, and every other major risk to its business modelAnd risk-management isn't the only factor in which GOOG outshines FB by a wide margin.Overall Quality: Winner, AlphabetThe Dividend King's overall quality scores are based on a 241 point model that includes:dividend safetybalance sheet strengthcredit ratingscredit default swap medium-term bankruptcy risk datashort and long-term bankruptcy riskaccounting and corporate fraud riskprofitability and business modelgrowth consensus estimatesmanagement growth guidancehistorical earnings growth rateshistorical cash flow growth rateshistorical dividend growth rateshistorical sales growth ratescost of capitallong-term risk-management scores from MSCI, Morningstar, FactSet, S&P, Reuters'/Refinitiv, and Just Capitalmanagement qualitydividend friendly corporate culture/income dependabilitylong-term total returns (a Ben Graham sign of quality)analyst consensus long-term return potentialIt actually includes over 1,000 metrics if you count everything factored in by 12 rating agencies we use to assess fundamental risk.credit and risk management ratings make up 41% of the DK safety and quality modeldividend/balance sheet/risk ratings make up 82% of the DK safety and quality modelHow do we know that our safety and quality model works well?During the two worst recessions in 75 years, our safety model predicted 87% of blue-chip dividend cuts during the ultimate baptism by fire for any dividend safety model.That's because we don't miss anything important about a company's fundamental safety and quality.So how do GOOG and FB stack up on one of the world's most comprehensive and accurate safety and quality models?Meta: A Speculative 11/19 Quality Blue-ChipMeta Balance Sheet SafetyRatingDividend Kings Safety Score (151 Point Safety Model)Approximate Dividend Cut Risk (Average Recession)Approximate Dividend Cut Risk In Pandemic Level Recession1 - unsafe0% to 20%over 4%16+%2- below average21% to 40%over 2%8% to 16%3 - average41% to 60%2%4% to 8%4 - safe61% to 80%1%2% to 4%5- very safe81% to 100%0.5%1% to 2%FB100%NANARisk RatingMedium Risk (34th industry percentile risk-management consensus)Effective AAA stable outlook credit rating 0.07% 30-year bankruptcy risk2.5% OR LESS Max Risk Cap Recommendation - speculative, turnaround stockLong-Term DependabilityCompanyDK Long-Term Dependability ScoreInterpretationPointsNon-Dependable Companies21% or belowPoor Dependability1Low Dependability Companies22% to 60%Below-Average Dependability2S&P 500/Industry Average61% (58% to 70% range)Average Dependability3Above-Average71% to 80%Very Dependable4Very Good81% or higherExceptional Dependability5FB67%Average Dependability3Overall QualityFBFinal ScoreRatingSafety100%5/5 very safeBusiness Model100%3/3 wide moatDependability67%3/5 average dependabilityTotal84%11/13 Speculative Blue-ChipRisk Rating2/3 Medium Risk2.5% OR LESS Max Risk Cap Rec - speculative, turnaround stock20% Margin of Safety For A Potentially Good BuyAnd here's GOOG.Alphabet: A 13/13 Quality Ultra SWANAlphabet Balance Sheet SafetyRatingDividend Kings Safety Score (151 Point Safety Model)Approximate Dividend Cut Risk (Average Recession)Approximate Dividend Cut Risk In Pandemic Level Recession1 - unsafe0% to 20%over 4%16+%2- below average21% to 40%over 2%8% to 16%3 - average41% to 60%2%4% to 8%4 - safe61% to 80%1%2% to 4%5- very safe81% to 100%0.5%1% to 2%GOOG100%NANARisk RatingLow Risk (65th industry percentile risk-management consensus)AA+ stable outlook credit rating 0.29% 30-year bankruptcy risk20% OR LESS Max Risk Cap RecommendationLong-Term DependabilityCompanyDK Long-Term Dependability ScoreInterpretationPointsNon-Dependable Companies21% or belowPoor Dependability1Low Dependability Companies22% to 60%Below-Average Dependability2S&P 500/Industry Average61% (58% to 70% range)Average Dependability3Above-Average71% to 80%Very Dependable4Very Good81% or higherExceptional Dependability5GOOG89%Exceptional Dependability5Overall QualityGOOGFinal ScoreRatingSafety100%5/5 very safeBusiness Model100%3/3 wide moatDependability89%5/5 exceptionalTotal95%13/13 Ultra SWANRisk Rating3/3 Low Risk20% OR LESS Max Risk Cap Rec5% Margin of Safety For A Potentially Good BuyMeta: 114th highest quality company on the Masterlist: 78th percentileAlphabet: 39th highest quality: 92nd percentileBoth companies are exceptionally high quality given that our company database is one of the best in the world.The DK 500 Master List includes the world's highest quality companies including:All dividend championsAll dividend aristocratsAll dividend kingsAll global aristocrats (such as BTI, ENB, and NVS)All 13/13 Ultra Swans (as close to perfect quality as exists on Wall Street)48 of the world's best growth stocks (on its way to 100)But when it comes to overall quality, factoring in over 1,000 fundamental metrics, the winner is clearly once more Alphabet.Why is GOOG the hands-down winner in this quality fight with FB?CompanyQuality Rating (out Of 13)Quality Score (Out Of 100)Dividend/Balance Sheet Safety Rating (out of 5)Safety Score (Out Of 100)Dependability Rating (Out Of 5)Dependability Score (out Of 100)Meta Platforms11 Speculative Blue-Chip84%5 Very Safe100%3 average67%Alphabet13 Ultra SWAN95%5 Very Safe100%5 exceptional89%(Source: DK Research Terminal)Both FB and Meta have exceptionally strong balance sheets, making the risk of bankruptcy as close to zero as you can find on Wall Street.Alphabet's Balance Sheet: AA+ Rated By S&PGuruFocus PremiumGOOG has $140 billion in cash and just $13 billion in debt.Its advanced accounting metrics (F, Z, and M-score) are exceptional.F-score is a measure of short-term bankruptcy risk4+ is safe, 7+ very safe and GOOG's is 8M-score is 84% to 92% accurate at forecasting long-term bankruptcies1.81+ is safe, 3+ is very safe and GOOG's is 13.04M-score is 76% accurate at catching accounting fraud, and 82.5% accurate at finding companies with honest accounting-1.78 or lower is safe and GOOG's is -2.48Meta's Balance Sheet: Effectively AAAGuruFocus PremiumThe only \"debt\" Meta has is receivables, it actually carries no long-term debt.That is why it's the largest company on earth that doesn't pay the $500K per year for a credit rating.However, given its current and historical advanced credit metrics, as well as its exceptionally strong solvency ratios (current ratio, quick ratio, and cash ratios), I'm highly confident that it would be AAA-rated.because it's literally not possible for FB to default on debt it doesn't haveCredit Rating30-Year Bankruptcy ProbabilityAAA (Meta)0.07%AA+ (Alphabet)0.29%AA0.51%AA-0.55%A+0.60%A0.66%A-2.5%BBB+5%BBB7.5%BBB-11%BB+14%BB17%BB-21%B+25%B37%B-45%CCC+52%CCC59%CCC-65%CC70%C80%D100%(Sources: S&P, University of St. Petersberg)This means the fundamental risk of losing all your money over the next 30 years buying FB or GOOG today is approximately1 in 1,429 for FB1 in 345 for GOOGAnd both companies' balance sheets are expected to keep getting stronger over time.Alphabet: Consensus $441 Billion In Net Cash By 2027 FactSet Research TerminalMeta: Consensus $71 Billion In Net Cash By 2027FactSet Research TerminalNow let's consider profitability, Wall Street's favorite quality proxy.Profitability: Winner, Meta By A Small AmountMeta Profitability Vs PeersGurufocus PremiumAlphabet Profitability Vs PeersGurufocus PremiumBoth companies are profit-minting machines.YchartsThese are two of the most profitable companies on earth, and their industry-leading profitability has been stable or improving for over a decade, confirming a wide and stable moat.FactSet Research TerminalFB's free cash flow is expected to keep growing and reach $77 billion in 2027.This is expected to result in impressive buybacks in the coming years.$219 billion in consensus buybacks through 202738% of shares at current valuationsFactSet Research TerminalGOOG's annual free cash flow is expected to grow to $139 billion in 2027, allowing it to undertake even more impressive buybacks.$380 billion in consensus buybacks through 202721% of shares at current valuationsNow let's consider one important profitability metric in particular.Return on capital or ROC is Joel Greenblatt's gold standard proxy for quality and moatiness.ROC = pre-tax profit/operating capital (the money it takes to run the business).S&P 500's average in 2021 was 14.6% (average investment pays for itself in 7 years)CompanyROC (Greenblatt)ROC Industry Percentile13-Year Median ROC5-Year ROC Trend (OTC:CAGR)Meta Platforms74%65%95%-16%Alphabet87%67%74%-7%(Source: DK Research Terminal, FactSet)In the past year, GOOG's return on capital was higher than FB's and it's also above its 13-year median indicating a more stable moat.In other words, when it comes to profitability, FB edges out GOOG by a small amount, except in terms of return on capital, where it's once more the winner.Valuation: Winner, MetaCompanyAverage Fair ValueCurrent PriceDiscount To Fair ValueDK RatingPE 2022PEG 2022Meta Platforms$265.75$214.3519.6%Potentially Reasonable Buy17.191.49Alphabet$3,161.89$2,771.9212.3%Potentially Good Buy23.511.67(Source: DK Research Terminal, FactSet)FB is trading at a slightly lower valuation and a higher margin of safety, though not quite high enough for me to consider it a good buy.20% discount is needed to make FB a potentially good buy given its lower quality and risk profileIf we back out cash we see that FB is once more the more undervalued company.FB EV/EBITDA: 9.5GOOG EV/EBITDA: 14.5However, both companies are trading at highly attractive valuations.Company12-Month Consensus Total Return Potential12-Month Fundamentally Justified Upside Total Return PotentialMeta Platforms48.47%23.98%Alphabet25.77%14.11%(Source: DK Research Terminal, FactSet)This is why analysts expect both to deliver very strong returns, though FB potentially much more than GOOG.Of course, what happens in the next year doesn't matter as much as the kind of returns both companies can deliver over the long-term.Long-Term Total Return Potential: Winner, AlphabetCompanyYieldFactSet Long-Term Consensus Growth RateLT Consensus Total Return PotentialRisk-Adjusted Expected ReturnMeta Platforms0.00%11.5%11.5%8.1%Alphabet0.00%14.1%14.1%9.9%(Source: DK Research Terminal, FactSet)GOOG is expected to grow significantly faster than FB over time, resulting in far better long-term returns.Investment StrategyYieldLT Consensus GrowthLT Consensus Total Return PotentialLong-Term Risk-Adjusted Expected ReturnLong-Term Inflation And Risk-Adjusted Expected ReturnsYears To Double Your Inflation & Risk-Adjusted Wealth10 Year Inflation And Risk-Adjusted ReturnEurope2.6%12.8%15.4%10.7%8.6%8.42.27Value2.1%12.1%14.1%9.9%7.7%9.32.10Alphabet0.0%14.1%14.1%9.9%7.7%9.42.10High-Yield2.8%11.3%14.1%9.9%7.7%9.42.10High-Yield + Growth1.7%11.0%12.7%8.9%6.7%10.81.91Safe Midstream + Growth3.3%8.5%11.8%8.3%6.1%11.81.80Meta0.0%11.50%11.5%8.1%5.9%12.31.77Nasdaq (Growth)0.8%10.7%11.5%8.1%5.9%12.31.77Safe Midstream5.5%6.0%11.5%8.1%5.9%12.31.77Dividend Aristocrats2.2%8.9%11.1%7.8%5.6%12.91.72REITs + Growth1.8%8.9%10.6%7.4%5.2%13.71.67S&P 5001.4%8.5%9.9%7.0%4.8%15.11.59Realty Income4.6%5.2%9.8%6.9%4.7%15.41.58Dividend Growth1.6%8.0%9.6%6.7%4.5%15.91.56REITs2.9%6.5%9.4%6.6%4.4%16.41.5460/40 Retirement Portfolio2.1%5.1%7.2%5.1%2.9%24.91.3310-Year US Treasury2.3%0.0%2.3%1.6%-0.5%-131.10.95(Source: Morningstar, FactSet, Ycharts)Both companies are expected to beat the S&P 500 over time, though FB merely to match the Nasdaq while GOOG is expected to run circles around big tech.What kind of difference does 2.6% per year in potential extra returns actually mean for your life?Inflation-Adjusted Consensus Return Forecast: $1,000 Initial InvestmentTime Frame (Years)7.7% CAGR Inflation-Adjusted S&P Consensus11.9% Inflation-Adjusted GOOG Consensus9.3% CAGR Inflation-Adjusted FB ConsensusDifference Between Inflation Adjusted GOOG and FB Consensus Returns5$1,449.03$1,756.06$1,561.34$194.7110$2,099.70$3,083.73$2,437.79$645.9515$3,042.53$5,415.21$3,806.22$1,608.9920$4,408.74$9,509.42$5,942.82$3,566.6025$6,388.41$16,699.08$9,278.77$7,420.3130$9,257.02$29,324.53$14,487.34$14,837.19(Source: Morningstar, FactSet, Ycharts)Both FB and GOOG are likely to generate good returns but GOOG could turn a modest investment today into a potentially small fortune in the coming decades.Time Frame (Years)Ratio Inflation-Adjusted GOOG and FB Consensus51.12101.26151.42201.60251.80302.02(Source: DK Research Terminal, FactSet)In fact, GOOG could potentially double FB's 30-year returns if both companies grow as analysts currently expect.Short & Medium-Term Total Return Potential: TieMeta 2024 Consensus Return Potential FAST Graphs, FactSet ResearchFB growing at 11.5% is worth about 20.5X earnings based on the company's historical PEG ratio.analyst 12-month consensus forecast is for 21.9 PEThis means that if FB grows as expected through 2024 it could deliver about 18% annular returns, far more than the 17% overvalued S&P 500 is likely to generate.What about the next five years?S&P 500 2027 Consensus Return PotentialYearUpside Potential By End of That YearConsensus CAGR Return Potential By End of That YearProbability-Weighted Return (Annualized)Inflation And Risk-Adjusted Expected Returns202734.75%6.15%4.61%1.27%(Source: DK S&P 500 Valuation And Total Return Tool)For context, analysts expect 35% returns from the S&P 500, which adjusted for inflation and risk is 1% compared to the market's historical 6% to 7% real return.Meta 2027 Consensus Return PotentialFAST Graphs, FactSet ResearchFB could more than double your money if it grows as analysts expect over the next five years.3.2X the S&P 500 consensusGOOG 2024 Consensus Return Potential FAST Graphs, FactSet ResearchGOOG could deliver 13% annual returns through 2024 if it grows as expected.In the past GOOG has grown as slowly as 11% and billions of investors still paid 25.7X earnings, meaning that its historical market-fair value multiple of 25 to 26X earnings should still be valid.GOOG 2027 Consensus Return PotentialFAST Graphs, FactSet ResearchThanks to GOOG's faster growth rate analysts expect both companies to potentially deliver identical returns.about 14% annually over the next five yearsalso 3.2X better than the S&P 500Bottom Line: Both Are Great Companies But In The Battle Of Meta And Alphabet There Is One Clear WinnerDividend Kings Automated Investment Decision ToolDividend Kings Automated Investment Decision ToolBoth Alphabet and Meta are wonderful companies, and as close to perfect growth blue-chip opportunities as you can find on Wall Street right now.far superior valuationsuperior qualitysuperior long-term return potential to the S&P 500However, when we examine both companies in their entirety one fact is clear.GOOG is a higher quality companyGOOG is a faster-growing company (with potentially 2X better long-term return potential than FB)GOOG has far better long-term risk management (to deal with the disruption the digital advertising industry is currently facing)GOOG has superior return on capital and a more stable moatWhile FB offers superior valuation and potentially double the short-term return potential, it's a speculative blue-chip currently going through the largest business pivot in the company's history.In contrast, GOOG is a faster-growing Ultra SWAN that is expected to buy back almost $400 billion worth of stock in the next five years, double that of FB.Simply put, if you can only buy one of these growth legends today, I recommend Alphabet, and that's why I have it as a core growth position in my correction plan.Not just for the next few weeks, but all of 2022 and beyond.Because at the end of the day, when you focus on safety and quality first, and prudent valuation and sound risk-management always, you never have to pray for luck on Wall Street, you make your own.Luck is what happens when preparation meets, opportunity.\" - Roman philosopher Seneca the younger","news_type":1},"isVote":1,"tweetType":1,"viewCount":62,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9038590618,"gmtCreate":1646866984039,"gmtModify":1676534170341,"author":{"id":"3575105747703011","authorId":"3575105747703011","name":"RogerLam","avatar":"https://static.tigerbbs.com/1005e5ae2cda08a31d27406a5089b7ae","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3575105747703011","authorIdStr":"3575105747703011"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9038590618","repostId":"1157057946","repostType":4,"repost":{"id":"1157057946","kind":"news","pubTimestamp":1646837534,"share":"https://ttm.financial/m/news/1157057946?lang=&edition=fundamental","pubTime":"2022-03-09 22:52","market":"us","language":"en","title":"Tesla May Be Reaching Critical Point","url":"https://stock-news.laohu8.com/highlight/detail?id=1157057946","media":"seekingalpha","summary":"SummaryBerlin, Austin factories likely to start contributing in Q2.Materials inflation will impact the EV demand picture.Elon Musk and Tesla face numerous legal issues.With Russia deciding to invade U","content":"<html><head></head><body><h2>Summary</h2><ul><li>Berlin, Austin factories likely to start contributing in Q2.</li><li>Materials inflation will impact the EV demand picture.</li><li>Elon Musk and Tesla face numerous legal issues.</li></ul><p>With Russia deciding to invade Ukraine recently, electric vehicle maker Tesla (TSLA) has received a lot of attention. With the prices of oil and gasoline soaring, consumers and global governments are looking toward a future of renewable energy and less ICE vehicles. While the overall craziness around Tesla from years back seemed to have settled down, the future of the company could actually be reaching a critical point rather soon.</p><p>Part of the bull case for last year was the opening of two new factories that would help with the company&#39;s next leg of growth. As we&#39;ve seen with a number of past Tesla items, delays ensued, but things are finally progressing. The first deliveries from these factories should start in the coming months, although they aren&#39;t likely to make any meaningful contributions until much later this year. In terms of pure volume growth, the Berlin and Austin facilities are more important items for next year&#39;s delivery surge.</p><p>Now that these factories are starting to produce vehicles, I&#39;m curious to see how street analysts react. As I&#39;ve detailed in previous articles, the street has been extremely conservative with regard to Tesla in recent quarters. As the table below shows, one analyst even sees Q4 revenues this year coming in below last year&#39;s Q4 total sales figure. Most Tesla bulls see at least an extra 125,000 deliveries in this year&#39;s Q4, so how is it possible that the company report lower revenue? These extremely low estimates continue to drag overall averages down, which helps Tesla report delivery, revenue, and earnings beats that don&#39;t truly reflect the reality here.</p><p><img src=\"https://static.tigerbbs.com/6a3c38eb92e463dd471485692153ab34\" tg-width=\"640\" tg-height=\"111\" referrerpolicy=\"no-referrer\"/></p><p>Tesla Revenue Estimates(Seeking Alpha Estimates Page)</p><p>As for the current quarter, total revenues are expected to be down a little sequentially, implying flat to slightly higher deliveries. That implies around 310,000 deliveries for Q1, a bit below my current expectation for 324,000. We got decent numbers out of China for January, and we&#39;re expected to get February numbers rather soon. Perhaps good data on that front will get the street average up a bit to a more realistic expectation.</p><p>With gasoline prices soaring in recent weeks, the spotlight on electric vehicles has certainly increased. However, Tesla also faces a hit from the Russia situation as the country is a key nickel producer, and other commodity prices have also soared. Cobalt, copper, and lithium carbonate prices are on the rise as well, which could dent Tesla&#39;s margins in the coming quarters unless the company raises prices again. The consumers being hurt the most by rising energy prices can&#39;t just go out and buy EVs that start at $60,000, which will impact the ongoing shift to electric vehicles.</p><p>Since Tesla unveiled the Cybertruck, for instance, prices of copper have nearly doubled, while cobalt, nickel, and lithium prices have more than doubled. That&#39;s going to make it hard for Tesla to achieve that sub $40,000 price point, unless it wants to lose a bit of money. For those arguing about massive battery savings coming up, just remember that the Model 3 starts at nearly $45,000 currently, and that&#39;s a much smaller vehicle and one that has been in mass production for years. Tesla is currently estimated to have well over a million reservations for the Cybertruck, so it will be interesting to see how many orders are canceled if prices jump 10%, 25%, or more once the vehicle actually comes to market.</p><p>Perhaps the biggest risk for Tesla currently doesn&#39;t actually involve everyday operations, as there are a number of ongoing high profile lawsuits involving the company and or Elon Musk. As the company&#39;s10-K filing details, a decision on the lawsuit against the SolarCity acquisition is due in the coming months. A trial related to the 2018 CEO award is scheduled for April, while another case involving the $420 going private transaction is scheduled for trial in May. At the same time, the SECis reportedly looking into Elon and Kimbal Musk for alleged insider trading charges. These legal actions could have widespread ramifications for Tesla, its executives, and board members, but to what degree is uncertain at this point.</p><p>As for Tesla shares, they remain in a very interesting place currently. Despite all the positive potential news for EV and solar lately, the stock has been hit with the overall market. Monday&#39;s close below $805 puts the stock well below the average street price target of $958. As the chart below shows, shares have recently lost the 200-day moving average (orange line). Without a rebound in the near term, that sets up the possibility of the dreaded death cross over the next few months, as the 50-day moving average (purple line) could cross below its longer term counterpart.</p><p><img src=\"https://static.tigerbbs.com/b83ea0334f84eaaad7b891873d79b292\" tg-width=\"640\" tg-height=\"267\" referrerpolicy=\"no-referrer\"/></p><p>Tesla Chart With Moving Averages(Yahoo Finance)</p><p>In the end, Tesla may be approaching a key point in its history over the next couple of months. The Berlin and Austin factories are set to start contributing to the growth story, coming at a time where consumers are feeling the pain of higher gas prices thanks to the Russian war in Ukraine. Unfortunately for the company, the shift to EVs may face a stiff headwind if commodity prices continue to soar and make these vehicles much more expensive. While many eyes remain on the business itself, I will really be watching the courtroom as Tesla and Elon Musk face a number of major lawsuits. Investors are hoping the growth story can push this stock to new highs moving forward, but the overall market weakness is limiting upside currently.</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>Tesla May Be Reaching Critical Point</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 May Be Reaching Critical Point\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-03-09 22:52 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4493826-tesla-may-be-reaching-critical-point><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryBerlin, Austin factories likely to start contributing in Q2.Materials inflation will impact the EV demand picture.Elon Musk and Tesla face numerous legal issues.With Russia deciding to invade ...</p>\n\n<a href=\"https://seekingalpha.com/article/4493826-tesla-may-be-reaching-critical-point\">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://seekingalpha.com/article/4493826-tesla-may-be-reaching-critical-point","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1157057946","content_text":"SummaryBerlin, Austin factories likely to start contributing in Q2.Materials inflation will impact the EV demand picture.Elon Musk and Tesla face numerous legal issues.With Russia deciding to invade Ukraine recently, electric vehicle maker Tesla (TSLA) has received a lot of attention. With the prices of oil and gasoline soaring, consumers and global governments are looking toward a future of renewable energy and less ICE vehicles. While the overall craziness around Tesla from years back seemed to have settled down, the future of the company could actually be reaching a critical point rather soon.Part of the bull case for last year was the opening of two new factories that would help with the company's next leg of growth. As we've seen with a number of past Tesla items, delays ensued, but things are finally progressing. The first deliveries from these factories should start in the coming months, although they aren't likely to make any meaningful contributions until much later this year. In terms of pure volume growth, the Berlin and Austin facilities are more important items for next year's delivery surge.Now that these factories are starting to produce vehicles, I'm curious to see how street analysts react. As I've detailed in previous articles, the street has been extremely conservative with regard to Tesla in recent quarters. As the table below shows, one analyst even sees Q4 revenues this year coming in below last year's Q4 total sales figure. Most Tesla bulls see at least an extra 125,000 deliveries in this year's Q4, so how is it possible that the company report lower revenue? These extremely low estimates continue to drag overall averages down, which helps Tesla report delivery, revenue, and earnings beats that don't truly reflect the reality here.Tesla Revenue Estimates(Seeking Alpha Estimates Page)As for the current quarter, total revenues are expected to be down a little sequentially, implying flat to slightly higher deliveries. That implies around 310,000 deliveries for Q1, a bit below my current expectation for 324,000. We got decent numbers out of China for January, and we're expected to get February numbers rather soon. Perhaps good data on that front will get the street average up a bit to a more realistic expectation.With gasoline prices soaring in recent weeks, the spotlight on electric vehicles has certainly increased. However, Tesla also faces a hit from the Russia situation as the country is a key nickel producer, and other commodity prices have also soared. Cobalt, copper, and lithium carbonate prices are on the rise as well, which could dent Tesla's margins in the coming quarters unless the company raises prices again. The consumers being hurt the most by rising energy prices can't just go out and buy EVs that start at $60,000, which will impact the ongoing shift to electric vehicles.Since Tesla unveiled the Cybertruck, for instance, prices of copper have nearly doubled, while cobalt, nickel, and lithium prices have more than doubled. That's going to make it hard for Tesla to achieve that sub $40,000 price point, unless it wants to lose a bit of money. For those arguing about massive battery savings coming up, just remember that the Model 3 starts at nearly $45,000 currently, and that's a much smaller vehicle and one that has been in mass production for years. Tesla is currently estimated to have well over a million reservations for the Cybertruck, so it will be interesting to see how many orders are canceled if prices jump 10%, 25%, or more once the vehicle actually comes to market.Perhaps the biggest risk for Tesla currently doesn't actually involve everyday operations, as there are a number of ongoing high profile lawsuits involving the company and or Elon Musk. As the company's10-K filing details, a decision on the lawsuit against the SolarCity acquisition is due in the coming months. A trial related to the 2018 CEO award is scheduled for April, while another case involving the $420 going private transaction is scheduled for trial in May. At the same time, the SECis reportedly looking into Elon and Kimbal Musk for alleged insider trading charges. These legal actions could have widespread ramifications for Tesla, its executives, and board members, but to what degree is uncertain at this point.As for Tesla shares, they remain in a very interesting place currently. Despite all the positive potential news for EV and solar lately, the stock has been hit with the overall market. Monday's close below $805 puts the stock well below the average street price target of $958. As the chart below shows, shares have recently lost the 200-day moving average (orange line). Without a rebound in the near term, that sets up the possibility of the dreaded death cross over the next few months, as the 50-day moving average (purple line) could cross below its longer term counterpart.Tesla Chart With Moving Averages(Yahoo Finance)In the end, Tesla may be approaching a key point in its history over the next couple of months. The Berlin and Austin factories are set to start contributing to the growth story, coming at a time where consumers are feeling the pain of higher gas prices thanks to the Russian war in Ukraine. Unfortunately for the company, the shift to EVs may face a stiff headwind if commodity prices continue to soar and make these vehicles much more expensive. While many eyes remain on the business itself, I will really be watching the courtroom as Tesla and Elon Musk face a number of major lawsuits. Investors are hoping the growth story can push this stock to new highs moving forward, but the overall market weakness is limiting upside currently.","news_type":1},"isVote":1,"tweetType":1,"viewCount":28,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9030370490,"gmtCreate":1645656891422,"gmtModify":1676534048887,"author":{"id":"3575105747703011","authorId":"3575105747703011","name":"RogerLam","avatar":"https://static.tigerbbs.com/1005e5ae2cda08a31d27406a5089b7ae","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3575105747703011","authorIdStr":"3575105747703011"},"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/9030370490","repostId":"1129667124","repostType":4,"repost":{"id":"1129667124","kind":"news","pubTimestamp":1645629938,"share":"https://ttm.financial/m/news/1129667124?lang=&edition=fundamental","pubTime":"2022-02-23 23:25","market":"us","language":"en","title":"7 Semiconductor Stocks Smart Investors Will Buy Before They Rebound","url":"https://stock-news.laohu8.com/highlight/detail?id=1129667124","media":"InvestorPlace","summary":"When the Covid-19 pandemic hit, semiconductor stocks were on fire. The pandemic caused an economic e","content":"<html><head></head><body><p>When the Covid-19 pandemic hit, semiconductor stocks were on fire. The pandemic caused an economic effect that led to unprecedented demand for electronic devices of all sorts, most of which require semiconductors to function.</p><p>Demand for goods and services was up across many industries, including computers, cars and cell phones. The semiconductor industry has been through a lot, but it’s now entering an even more challenging phase.</p><p>The complex geopolitical landscape is one of the many challenges businesses face in an ever-changing world. The conflict between China and Taiwan, rising tensions over trade agreements with other countries such as America and China (to name just two), can have devastating effects on any business that relies heavily upon those supplies for their success — which includes almost every company out there.</p><p>In addition, demand for semiconductor chips is extremely high. And there is no way the industry can keep up with it at this stage. Estimates vary when the companies in the sector will get ahold of the situation. However, it is certainly weighing down sentiment.</p><p>The tech downturn has been a big hit on the semiconductor sector. But that has also created opportunities in the industry as prices fall, making it more attractive to enter into a stock before it takes off again.</p><ul><li><a href=\"https://laohu8.com/S/INTC\">Intel </a></li><li><a href=\"https://laohu8.com/S/TXN\">Texas Instruments </a></li><li><a href=\"https://laohu8.com/S/UMC\">United Microelectronics </a></li><li><a href=\"https://laohu8.com/S/ADI\">Analog Devices </a></li><li><a href=\"https://laohu8.com/S/AMD\">Advanced Micro Devices </a></li><li><a href=\"https://laohu8.com/S/CAMT\">Camtek </a></li><li><a href=\"https://laohu8.com/S/AMBA\">Ambarella </a></li></ul><p>Semiconductor Stocks: <a href=\"https://laohu8.com/S/INTC\">Intel </a></p><p><img src=\"https://static.tigerbbs.com/2a476824c0b463d6539cda4c42b5fbed\" tg-width=\"300\" tg-height=\"169\" referrerpolicy=\"no-referrer\"/>Source: Sundry Photography / Shutterstock.com</p><p>Intel is a chipmaker that has been around for just over half a century. It has been leading the world in technology since its inception.</p><p>Intel is among the world’s largest semiconductor manufacturers and one of the top five global PC makers. Intel is one of the best semiconductor stocks based on its exposure to the industry. Several other factors make it one of the most compelling investments available.</p><p>The company’s main business is making chips for PCs/servers and selling them. The industry stagnated for several years. However, the pandemic brought it back to life. People have bought machines to work or study, which has provided better business for the company.</p><p>Alongside its efforts in the semiconductor space, Intel has invested in many other businesses over the years, including Mobileye. This operating unit is expected to generate a profit for Intel this year.</p><p>Overall, Intel is one of the biggest computer chip manufacturers globally. It is also one of the cheapest blue-chip stocks out there, trading at just 13.8 times forward price-to-earnings.</p><p>The history of the organization, its strong earnings profile and robust outlook mean INTC stock is a great one for your portfolio. If you add a dividend yield of 3% and a cheap valuation, the stock becomes a must-have among semiconductor stocks.</p><ul><li><a href=\"https://laohu8.com/S/TXN\">Texas Instruments </a></li></ul><p><img src=\"https://static.tigerbbs.com/07fbddee75f70311148ab2158b8ac510\" tg-width=\"300\" tg-height=\"169\" referrerpolicy=\"no-referrer\"/>Source: Katherine Welles / Shutterstock.com</p><p>Texas Instruments is the world’s leading supplier of semiconductors. The company provides cutting-edge technology that helps keep our lives more efficient and connected than ever before, from chipsets for cell phones to televisions. It was founded in 1951 by Cecil H. Green, a professor of electrical engineering at the University of Texas at Austin.</p><p>Texas Instruments recently announced its earnings and ramped up investments in new equipment. This caused a volatile reaction in the market, with traders making corresponding moves.</p><p>In order to maintain its dominance in the analog semiconductor space, TXN will have lower free cash flow and dividend growth for now.</p><p>Texas Instrumentsreported fourth-quarter revenueof $4.83 billion, net income of $2.14 billion, and earnings-per-share of $2.27. Revenue went up substantially, fueled by strong demand in industrial and automotive markets. Analog revenue grew by 20% and Embedded Processing grew by 6% year-over-year.</p><p>The company is continuously showing its strength, with cash flow from operations reaching $8.8 billion for the year and free cash flow at 34% of revenue. This demonstrates the quality of its products in its 300 mm production batches as well its efficient manufacturing strategy, which has been paying off during these tense times.</p><p>The company expects revenue of between $4.5 billion and $4.9 billion and EPS to be between $2.01 and $2.29.</p><p>Apart from its strong financials, Texas Instruments is also a strong income play.In the wordsof Rich Templeton, TXN’s chairman, president, and CEO, “We returned $4.4 billion to owners in 2021 through dividends and stock repurchases. For the year, our dividend represented 62% of free cash flow, underscoring its sustainability.”</p><ul><li><a href=\"https://laohu8.com/S/UMC\">United Microelectronics </a></li></ul><p><img src=\"https://static.tigerbbs.com/61d09420c58361884c58a7c79f3e3464\" tg-width=\"300\" tg-height=\"169\" referrerpolicy=\"no-referrer\"/>Source: Ascannio via shutterstock</p><p>United Microelectronics Corporation is a global leader in the manufacture of advanced microelectronics and also provides related services such as design, contract manufacturing or verification. The company has expanded across Asia and the U.S. with many locations. It’s also a semicodunctor foundry, which means that it provides many chips for small businesses to purchase.</p><p>The semiconductor super-cycle has been occurring since companies are building more chips to meet a sudden and sustained demand. Under these circumstances, the company can profit from its strong standing in the industry. Semiconductor capital expenditures are surging. UMC is positioned to be a winner because it provides basic foundry operations with other related services such as circuit design, assembly and testing.</p><p>United Microelectronics Corporation is a company that made headlines last year during the worst of the semiconductor supply crunch. The company could get advance payments from its customers, mostly composed of auto manufacturers and other high-profile clients, for the service engagement with UMC’s services.</p><p>The rise of UMC has given it a competitive edge as it continues to increase efficiency and leverage its investments. In addition, the company has a dividend yield of 2.9% and is trading at just 9.7 times forward P/E. All of this makes it a great pick among semiconductor stocks.</p><ul><li><a href=\"https://laohu8.com/S/ADI\">Analog Devices </a></li></ul><p><img src=\"https://static.tigerbbs.com/9261505421712e4c69bc6ac86a8a1234\" tg-width=\"300\" tg-height=\"169\" referrerpolicy=\"no-referrer\"/>Source: jejim / Shutterstock.com</p><p>Analog Devices has been around for over 50 years and is leading in data conversion, signal processing technology and power management systems. It provides solutions to customers worldwide for products ranging from commercial television broadcast transmitters to medical equipment monitors.</p><p>Analog can maintain its market leadership because it has a diverse product line against competition and technological obsolescence. It also helps Analog companies reach a wider audience for their products and services. Connected cars and the “internet of things” are often talked about in the ongoing tech-focused discussions. Remote monitoring is also becoming a big part of workplace technology, and it can help you with security. All of these trends will act as tailwinds for Analog Devices.</p><p>ADI recently announced earnings that exceeded Wall Street expectations. The company made $280 million in its first quarter, continuing to meet its expectations. Furthermore, ADI says it had 53 cents per share, while its profit after taxes was $1.94 per share. Finally, ADI announced $2.68 in revenue, which also exceeded analyst estimates.</p><p>Analog Devices is predicting earnings will be betweem $1.97 to $2.27 per-share for this quarter with revenue ranging from $2.7 billion to just under $3 billion.</p><p>ADI has paid a sustainable dividend for 18 years, which keeps its stock price stable. The cash flow mostly funds dividends that hold the stock price high.</p><ul><li><a href=\"https://laohu8.com/S/AMD\">Advanced Micro Devices </a></li></ul><p><img src=\"https://static.tigerbbs.com/db3b302426942bcf7c26fe6084f9f3af\" tg-width=\"300\" tg-height=\"169\" referrerpolicy=\"no-referrer\"/>Source: Ascannio/Shutterstock</p><p>Advanced Micro Devices is a major global semiconductor company that specializes in manufacturing. It also offers a range of software, including x86-64 compatible 64-bit computing and graphics technologies that power AMD’s Ryzen Threadripper processors.</p><p>AMD beat its earnings estimates and guidance in Q4 and has a strong outlook for 2022. In 2021, AMD saw its sales increase by 68% and its gross margin increase by over three percentage points from last year. AMD’s stock has been rising lately, and so has its processor sales.</p><p>AMD recently released new chips with a significant increase in performance, allowing them to challenge Intel as the No. 1 computer chip supplier. It is also buying Xilinx to better compete with Intel.</p><p>Furthermore, the company produces chips specifically for the cloud andvideo gamesectors. AMD’s Lisa Susays that growth in demandfor console upgrades is surpassing “all prior generations.” That makes this is a key segment to watch.</p><p>AMD said that it has been spending $1 billion in the current year on securing long-term supplies. AMD suggests that it will be able to grow without too much of a problem in 2022, which is encouraging news considering the worldwide chip shortage that is happening now.</p><p>The semiconductor company set a revenue goal of $21.5 billion for 2022, ahead of analyst expectations of $19.3 billion. This would be a 31% increase over 2021′s sales, thanks to the launch of Ryzen and Vega products this year.</p><p>AMDexpects to have $5 billion in salesin the first quarter. Most of the sales will come from servers and computers due to AMD’s success with processors. All of these numbers help it feature prominently on this list of semiconductor stocks to buy.</p><ul><li><a href=\"https://laohu8.com/S/CAMT\">Camtek </a></li></ul><p><img src=\"https://static.tigerbbs.com/9c49393d562fe6d525c454b0cf317ae6\" tg-width=\"300\" tg-height=\"169\" referrerpolicy=\"no-referrer\"/>Source: Pavel Kapysh via shutterstock</p><p>Camtek is a world leader in designing and manufacturing metrology equipment for advanced packaging, memory CMOS image sensors and RF technologies. The company offers dedicated solutions that help improve yield rates while driving down production costs across all industries. In other words, Camtek’s products are essential tools used by companies throughout their entire supply chain.</p><p>With the need for more semiconductors continuing, it’s no surprise that there are plans to build many new plants. This part of the value chain isn’t exactly glamorous but it is integral in getting these projects off their feet and ramped up quickly enough before producing anything valuable or selling any products.</p><p>Camtek has traditionally been one of the top companies in the market, and it saw a53% increase in its revenue in its latest quarterly results. GAAP operating income was $19.3 million while non-GAAP operating income was $20.9 million, providing a margin of 26% and 28.2%, respectively. Operating cash flow of $21.5 million is a strong figure to close out the quarter.</p><p>The company reported record annual revenues of $269.7 million, an increase of 73% compared to the previous year. Record GAAP operating income of $70.9 million, non-GAAP operating income of $76.7 million and 28.4% operating margins, respectively. These are high levels in contrast to the average found throughout most companies.</p><ul><li><a href=\"https://laohu8.com/S/AMBA\">Ambarella </a></li></ul><p><img src=\"https://static.tigerbbs.com/1ed3656e39cfd8d1d437bc81892fd96e\" tg-width=\"300\" tg-height=\"169\" referrerpolicy=\"no-referrer\"/>Source: Sundry Photography / Shutterstock.com</p><p>You need to look at the semiconductor industry in general when assessing how well a company has scaled to success. The best thing you can do is to invest in a company with a diversified business model. Some of this appeal comes from niche players.</p><p>Still, some want a more specific focus as Ambarella does — its chips are designed for low power and high definition video compression applications, which it markets under an established brand name.</p><p>Think of the numerous ways that Ambarella’s technology is used in today’s world. Products such as <b>Alphabet’s</b>(NASDAQ:<b><u>GOOG</u></b>, NASDAQ:<b><u>GOOGL</u></b>) Google Nest and <b>GoPro</b>(NASDAQ:<b><u>GPRO</u></b>) cameras have successfully implemented this chip into their respective products, showing us just how quickly things can change if we let them.</p><p>Due to threats of interest rate hikes, growth stocks are not doing so well. But that doesn’t mean the time is right to bail on this one. Ambarella is a company that specializes in creating semiconductor solutions for the automotive industry. They make up the core of the car’s “brain” and provide software to help cars learn and react to their environment.</p><p>Considering the breadth of its services and use cases, this is a stock that you need to have in your portfolio.</p></body></html>","source":"lsy1606302653667","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>7 Semiconductor Stocks Smart Investors Will Buy Before They Rebound</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\">\n7 Semiconductor Stocks Smart Investors Will Buy Before They Rebound\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-02-23 23:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://investorplace.com/2022/02/7-semiconductor-stocks-smart-investors-will-buy-before-they-rebound/><strong>InvestorPlace</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>When the Covid-19 pandemic hit, semiconductor stocks were on fire. The pandemic caused an economic effect that led to unprecedented demand for electronic devices of all sorts, most of which require ...</p>\n\n<a href=\"https://investorplace.com/2022/02/7-semiconductor-stocks-smart-investors-will-buy-before-they-rebound/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"UMC":"联电","AMBA":"安霸","INTC":"英特尔","ADI":"亚德诺","CAMT":"康特科技","AMD":"美国超微公司","TXN":"德州仪器"},"source_url":"https://investorplace.com/2022/02/7-semiconductor-stocks-smart-investors-will-buy-before-they-rebound/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129667124","content_text":"When the Covid-19 pandemic hit, semiconductor stocks were on fire. The pandemic caused an economic effect that led to unprecedented demand for electronic devices of all sorts, most of which require semiconductors to function.Demand for goods and services was up across many industries, including computers, cars and cell phones. The semiconductor industry has been through a lot, but it’s now entering an even more challenging phase.The complex geopolitical landscape is one of the many challenges businesses face in an ever-changing world. The conflict between China and Taiwan, rising tensions over trade agreements with other countries such as America and China (to name just two), can have devastating effects on any business that relies heavily upon those supplies for their success — which includes almost every company out there.In addition, demand for semiconductor chips is extremely high. And there is no way the industry can keep up with it at this stage. Estimates vary when the companies in the sector will get ahold of the situation. However, it is certainly weighing down sentiment.The tech downturn has been a big hit on the semiconductor sector. But that has also created opportunities in the industry as prices fall, making it more attractive to enter into a stock before it takes off again.Intel Texas Instruments United Microelectronics Analog Devices Advanced Micro Devices Camtek Ambarella Semiconductor Stocks: Intel Source: Sundry Photography / Shutterstock.comIntel is a chipmaker that has been around for just over half a century. It has been leading the world in technology since its inception.Intel is among the world’s largest semiconductor manufacturers and one of the top five global PC makers. Intel is one of the best semiconductor stocks based on its exposure to the industry. Several other factors make it one of the most compelling investments available.The company’s main business is making chips for PCs/servers and selling them. The industry stagnated for several years. However, the pandemic brought it back to life. People have bought machines to work or study, which has provided better business for the company.Alongside its efforts in the semiconductor space, Intel has invested in many other businesses over the years, including Mobileye. This operating unit is expected to generate a profit for Intel this year.Overall, Intel is one of the biggest computer chip manufacturers globally. It is also one of the cheapest blue-chip stocks out there, trading at just 13.8 times forward price-to-earnings.The history of the organization, its strong earnings profile and robust outlook mean INTC stock is a great one for your portfolio. If you add a dividend yield of 3% and a cheap valuation, the stock becomes a must-have among semiconductor stocks.Texas Instruments Source: Katherine Welles / Shutterstock.comTexas Instruments is the world’s leading supplier of semiconductors. The company provides cutting-edge technology that helps keep our lives more efficient and connected than ever before, from chipsets for cell phones to televisions. It was founded in 1951 by Cecil H. Green, a professor of electrical engineering at the University of Texas at Austin.Texas Instruments recently announced its earnings and ramped up investments in new equipment. This caused a volatile reaction in the market, with traders making corresponding moves.In order to maintain its dominance in the analog semiconductor space, TXN will have lower free cash flow and dividend growth for now.Texas Instrumentsreported fourth-quarter revenueof $4.83 billion, net income of $2.14 billion, and earnings-per-share of $2.27. Revenue went up substantially, fueled by strong demand in industrial and automotive markets. Analog revenue grew by 20% and Embedded Processing grew by 6% year-over-year.The company is continuously showing its strength, with cash flow from operations reaching $8.8 billion for the year and free cash flow at 34% of revenue. This demonstrates the quality of its products in its 300 mm production batches as well its efficient manufacturing strategy, which has been paying off during these tense times.The company expects revenue of between $4.5 billion and $4.9 billion and EPS to be between $2.01 and $2.29.Apart from its strong financials, Texas Instruments is also a strong income play.In the wordsof Rich Templeton, TXN’s chairman, president, and CEO, “We returned $4.4 billion to owners in 2021 through dividends and stock repurchases. For the year, our dividend represented 62% of free cash flow, underscoring its sustainability.”United Microelectronics Source: Ascannio via shutterstockUnited Microelectronics Corporation is a global leader in the manufacture of advanced microelectronics and also provides related services such as design, contract manufacturing or verification. The company has expanded across Asia and the U.S. with many locations. It’s also a semicodunctor foundry, which means that it provides many chips for small businesses to purchase.The semiconductor super-cycle has been occurring since companies are building more chips to meet a sudden and sustained demand. Under these circumstances, the company can profit from its strong standing in the industry. Semiconductor capital expenditures are surging. UMC is positioned to be a winner because it provides basic foundry operations with other related services such as circuit design, assembly and testing.United Microelectronics Corporation is a company that made headlines last year during the worst of the semiconductor supply crunch. The company could get advance payments from its customers, mostly composed of auto manufacturers and other high-profile clients, for the service engagement with UMC’s services.The rise of UMC has given it a competitive edge as it continues to increase efficiency and leverage its investments. In addition, the company has a dividend yield of 2.9% and is trading at just 9.7 times forward P/E. All of this makes it a great pick among semiconductor stocks.Analog Devices Source: jejim / Shutterstock.comAnalog Devices has been around for over 50 years and is leading in data conversion, signal processing technology and power management systems. It provides solutions to customers worldwide for products ranging from commercial television broadcast transmitters to medical equipment monitors.Analog can maintain its market leadership because it has a diverse product line against competition and technological obsolescence. It also helps Analog companies reach a wider audience for their products and services. Connected cars and the “internet of things” are often talked about in the ongoing tech-focused discussions. Remote monitoring is also becoming a big part of workplace technology, and it can help you with security. All of these trends will act as tailwinds for Analog Devices.ADI recently announced earnings that exceeded Wall Street expectations. The company made $280 million in its first quarter, continuing to meet its expectations. Furthermore, ADI says it had 53 cents per share, while its profit after taxes was $1.94 per share. Finally, ADI announced $2.68 in revenue, which also exceeded analyst estimates.Analog Devices is predicting earnings will be betweem $1.97 to $2.27 per-share for this quarter with revenue ranging from $2.7 billion to just under $3 billion.ADI has paid a sustainable dividend for 18 years, which keeps its stock price stable. The cash flow mostly funds dividends that hold the stock price high.Advanced Micro Devices Source: Ascannio/ShutterstockAdvanced Micro Devices is a major global semiconductor company that specializes in manufacturing. It also offers a range of software, including x86-64 compatible 64-bit computing and graphics technologies that power AMD’s Ryzen Threadripper processors.AMD beat its earnings estimates and guidance in Q4 and has a strong outlook for 2022. In 2021, AMD saw its sales increase by 68% and its gross margin increase by over three percentage points from last year. AMD’s stock has been rising lately, and so has its processor sales.AMD recently released new chips with a significant increase in performance, allowing them to challenge Intel as the No. 1 computer chip supplier. It is also buying Xilinx to better compete with Intel.Furthermore, the company produces chips specifically for the cloud andvideo gamesectors. AMD’s Lisa Susays that growth in demandfor console upgrades is surpassing “all prior generations.” That makes this is a key segment to watch.AMD said that it has been spending $1 billion in the current year on securing long-term supplies. AMD suggests that it will be able to grow without too much of a problem in 2022, which is encouraging news considering the worldwide chip shortage that is happening now.The semiconductor company set a revenue goal of $21.5 billion for 2022, ahead of analyst expectations of $19.3 billion. This would be a 31% increase over 2021′s sales, thanks to the launch of Ryzen and Vega products this year.AMDexpects to have $5 billion in salesin the first quarter. Most of the sales will come from servers and computers due to AMD’s success with processors. All of these numbers help it feature prominently on this list of semiconductor stocks to buy.Camtek Source: Pavel Kapysh via shutterstockCamtek is a world leader in designing and manufacturing metrology equipment for advanced packaging, memory CMOS image sensors and RF technologies. The company offers dedicated solutions that help improve yield rates while driving down production costs across all industries. In other words, Camtek’s products are essential tools used by companies throughout their entire supply chain.With the need for more semiconductors continuing, it’s no surprise that there are plans to build many new plants. This part of the value chain isn’t exactly glamorous but it is integral in getting these projects off their feet and ramped up quickly enough before producing anything valuable or selling any products.Camtek has traditionally been one of the top companies in the market, and it saw a53% increase in its revenue in its latest quarterly results. GAAP operating income was $19.3 million while non-GAAP operating income was $20.9 million, providing a margin of 26% and 28.2%, respectively. Operating cash flow of $21.5 million is a strong figure to close out the quarter.The company reported record annual revenues of $269.7 million, an increase of 73% compared to the previous year. Record GAAP operating income of $70.9 million, non-GAAP operating income of $76.7 million and 28.4% operating margins, respectively. These are high levels in contrast to the average found throughout most companies.Ambarella Source: Sundry Photography / Shutterstock.comYou need to look at the semiconductor industry in general when assessing how well a company has scaled to success. The best thing you can do is to invest in a company with a diversified business model. Some of this appeal comes from niche players.Still, some want a more specific focus as Ambarella does — its chips are designed for low power and high definition video compression applications, which it markets under an established brand name.Think of the numerous ways that Ambarella’s technology is used in today’s world. Products such as Alphabet’s(NASDAQ:GOOG, NASDAQ:GOOGL) Google Nest and GoPro(NASDAQ:GPRO) cameras have successfully implemented this chip into their respective products, showing us just how quickly things can change if we let them.Due to threats of interest rate hikes, growth stocks are not doing so well. But that doesn’t mean the time is right to bail on this one. Ambarella is a company that specializes in creating semiconductor solutions for the automotive industry. They make up the core of the car’s “brain” and provide software to help cars learn and react to their environment.Considering the breadth of its services and use cases, this is a stock that you need to have in your portfolio.","news_type":1},"isVote":1,"tweetType":1,"viewCount":19,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}