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JulianAlson

JulianAlson

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01-16

$TRI Pointe(TPH)$

2023-12-13

Nice passive

2023-12-13

2023-10-26

Market down time to buy

2023-06-10

$Bank of America(BAC)$

2023-02-26

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Buffett’s Annual Letter: Berkshire Will Always Hold a Boatload of Cash and U.S. Treasury Bills

2022-12-31

K

US STOCKS-Wall St Ends 2022 With Biggest Annual Drop Since 2008

2022-12-31

$BIG 20230120 12.5 PUT$ $BIG 20230120 12.5 PUT$

2022-12-28

k

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2022-12-28

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Tesla’s 2022 Collapse Hits 69% After Deepest Selloff Since April

2022-12-14

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Wall Street Rebuffs Soft-Landing Dream as 92% Bet on Stagflation

2022-12-12

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Google: Ignore Fear-Mongering Headlines About ChatGPT's Disruption

2022-12-11

$Alphabet(GOOG)$

2022-12-10

$Tiger Brokers(TIGR)$

2022-12-09

$Bank of America(BAC)$

2022-12-07

$Bank of America(BAC)$

2022-12-06

$UNITED OVERSEAS BANK LIMITED(U11.SI)$

2022-12-05

$Tiger Brokers(TIGR)$

2022-12-04

$Tiger Brokers(TIGR)$

2022-12-02

$Tiger Brokers(TIGR)$

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down time to buy","listText":"Market down time to buy","text":"Market down time to buy","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/234459816112384","isVote":1,"tweetType":1,"viewCount":126,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":185580804419664,"gmtCreate":1686347089407,"gmtModify":1686347092330,"author":{"id":"3575352038769618","authorId":"3575352038769618","name":"JulianAlson","avatar":"https://static.tigerbbs.com/a4f9fadbfd2a54fe54a080c1732d41f9","crmLevel":6,"crmLevelSwitch":1},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/BAC\">$Bank of America(BAC)$&nbsp;</a><v-v data-views=\"1\"></v-v>","listText":"<a href=\"https://ttm.financial/S/BAC\">$Bank of America(BAC)$&nbsp;</a><v-v data-views=\"1\"></v-v>","text":"$Bank of America(BAC)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/185580804419664","isVote":1,"tweetType":1,"viewCount":187,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9957519081,"gmtCreate":1677381335244,"gmtModify":1677381339154,"author":{"id":"3575352038769618","authorId":"3575352038769618","name":"JulianAlson","avatar":"https://static.tigerbbs.com/a4f9fadbfd2a54fe54a080c1732d41f9","crmLevel":6,"crmLevelSwitch":1},"themes":[],"htmlText":"K","listText":"K","text":"K","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":19,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9957519081","repostId":"1117520516","repostType":4,"repost":{"id":"1117520516","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":1677334099,"share":"https://www.laohu8.com/m/news/1117520516?lang=&edition=full","pubTime":"2023-02-25 22:08","market":"us","language":"en","title":"Buffett’s Annual Letter: Berkshire Will Always Hold a Boatload of Cash and U.S. Treasury Bills","url":"https://stock-news.laohu8.com/highlight/detail?id=1117520516","media":"Tiger Newspress","summary":"Warren Buffett is still betting on America.Stocks and bonds slumped in 2022 after central banks rais","content":"<html><head></head><body><p>Warren Buffett is still betting on America.</p><p>Stocks and bonds slumped in 2022 after central banks raised interest rates at a rapid pace to try to rein in inflation. But Mr. Buffett retained his sense of optimism in his annual letter to investors Saturday, saying he attributes much of his success over the years to the resilience of the U.S. economy.</p><p>“I have been investing for 80 years—more than one-third of our country’s lifetime. Despite our citizens’ penchant—almost enthusiasm—for self-criticism and self-doubt, I have yet to see a time when it made sense to make a long-term bet against America,” Mr. Buffett said in the letter.</p><p>Mr. Buffett, widely regarded as one of the world’s top investors, has been publishing the letters for more than half a century. Over that time, he hasn’t just reflected on the past year for his company, Berkshire Hathaway Inc., but also shared his thoughts on everything from esoteric accounting rules to his aversion to excessive risk-taking.</p><p>Saturday’s letter offered readers a glimpse into how Mr. Buffett, 92, viewed what wound up being a shaky stretch for markets.</p><p>The volatility offered Berkshire an opportunity to jump in and buy stocks. While Berkshire largely bought back its own shares in 2021, it focused more in 2022 on investing in other companies—opening up new positions in media company Paramount Global and building-materials manufacturer Louisiana-Pacific Corp., among other businesses, and swiftly becoming Occidental Petroleum Corp.’s single biggest shareholder.</p><p>As of the end of 2022, Berkshire was the largest shareholder of eight companies—American Express Co., Bank of America Corp., Chevron Corp., Coca-Cola Co., HP Inc., Moody’s Corp., Occidental and Paramount Global.</p><p>“America would have done fine without Berkshire. The reverse is not true,” Mr. Buffett said.</p><p>Berkshire also released its results for 2022 on Saturday.</p><p>The Omaha, Neb., company, which owns businesses including insurer Geico, railroad BNSF Railway and chocolate maker See’s Candies, posted a loss of $22.82 billion for the year, stung by $67.9 billion in investment and derivative contract losses. In 2021, Berkshire posted a profit of $90.8 billion.</p><p>Total revenue rose 9.4% to $302.1 billion.</p><p>Berkshire’s operating earnings, which exclude some investment results, rose to a record $30.8 billion.</p><p>Mr. Buffett, Berkshire’s chief executive, has long held that operating earnings are a better reflection of how Berkshire is doing, since accounting rules require the company to include unrealized gains and losses from its massive investment portfolio in its net income. Volatile markets can make Berkshire’s net income change substantially from quarter to quarter, regardless of how its underlying businesses are doing.</p><p>“Capital gains, to be sure, have been hugely important to Berkshire over past decades, and we expect them to be meaningfully positive in future decades,” Mr. Buffett said in his letter. “But their quarter-by-quarter gyrations, regularly and mindlessly headlined by media, totally misinform investors,” he said, adding that he and his right-hand man Charlie Munger urged shareholders to focus instead on Berkshire’s operating earnings, which rose to a record for the full year in 2022.</p><h2>Read the full letter here:</h2><p>To the Shareholders of Berkshire Hathaway Inc.:</p><p>Charlie Munger, my long-time partner, and I have the job of managing the savings of a great number of individuals. We are grateful for their enduring trust, a relationship that often spans much of their adult lifetime. It is those dedicated savers that are forefront in my mind as I write this letter.</p><p>A common belief is that people choose to save when young, expecting thereby to maintain their living standards after retirement. Any assets that remain at death, this theory says, will usually be left to their families or, possibly, to friends and philanthropy.</p><p>Our experience has differed. We believe Berkshire’s individual holders largely to be of the once-a-saver, always-a-saver variety. Though these people live well, they eventually dispense most of their funds to philanthropic organizations. These, in turn, redistribute the funds by expenditures intended to improve the lives of a great many people who are unrelated to the original benefactor. Sometimes, the results have been spectacular.</p><p>The disposition of money unmasks humans. Charlie and I watch with pleasure the vast flow of Berkshire-generated funds to public needs and, alongside, the infrequency with which our shareholders opt for look-at-me assets and dynasty-building.</p><p>Who wouldn’t enjoy working for shareholders like ours?</p><h2>What We Do</h2><p>Charlie and I allocate your savings at Berkshire between two related forms of ownership. First, we invest in businesses that we control, usually buying 100% of each. Berkshire directs capital allocation at these subsidiaries and selects the CEOs who make day-by-day operating decisions. When large enterprises are being managed, both trust and rules are essential. Berkshire emphasizes the former to an unusual – some would say extreme – degree. Disappointments are inevitable. We are understanding about business mistakes; our tolerance for personal misconduct is zero.</p><p>In our second category of ownership, we buy publicly-traded stocks through which we passively own pieces of businesses. Holding these investments, we have no say in management.</p><p>Our goal in both forms of ownership is to make meaningful investments in businesses with both long-lasting favorable economic characteristics and trustworthy managers. Please note particularly that we own publicly-traded stocks based on our expectations about their long-term business performance, not because we view them as vehicles for adroit purchases and sales. That point is crucial: Charlie and I are not stock-pickers; we are business-pickers.</p><p>Over the years, I have made many mistakes. Consequently, our extensive collection of businesses currently consists of a few enterprises that have truly extraordinary economics, many that enjoy very good economic characteristics, and a large group that are marginal. Along the way, other businesses in which I have invested have died, their products unwanted by the public. Capitalism has two sides: The system creates an ever-growing pile of losers while concurrently delivering a gusher of improved goods and services. Schumpeter called this phenomenon “creative destruction.”</p><p>One advantage of our publicly-traded segment is that – episodically – it becomes easy to buy pieces of wonderful businesses at wonderful prices. It’s crucial to understand that stocks often trade at truly foolish prices, both high and low. “Efficient” markets exist only in textbooks. In truth, marketable stocks and bonds are baffling, their behavior usually understandable only in retrospect.</p><p>Controlled businesses are a different breed. They sometimes command ridiculously higher prices than justified but are almost never available at bargain valuations. Unless under duress, the owner of a controlled business gives no thought to selling at a panic-type valuation.</p><p>* * * * * * * * * * * *</p><p>At this point, a report card from me is appropriate: In 58 years of Berkshire management, most of my capital-allocation decisions have been no better than so-so. In some cases, also, bad moves by me have been rescued by very large doses of luck. (Remember our escapes from near-disasters at USAir and Salomon? I certainly do.)</p><p>Our satisfactory results have been the product of about a dozen truly good decisions – that would be about one every five years – and a sometimes-forgotten advantage that favors long-term investors such as Berkshire. Let’s take a peek behind the curtain.</p><h2>The Secret Sauce</h2><p>In August 1994 – yes, 1994 – Berkshire completed its seven-year purchase of the 400 million shares of Coca-Cola we now own. The total cost was $1.3 billion – then a very meaningful sum at Berkshire.</p><p>The cash dividend we received from Coke in 1994 was $75 million. By 2022, the dividend had increased to $704 million. Growth occurred every year, just as certain as birthdays. All Charlie and I were required to do was cash Coke’s quarterly dividend checks. We expect that those checks are highly likely to grow.</p><p>American Express is much the same story. Berkshire’s purchases of Amex were essentially completed in 1995 and, coincidentally, also cost $1.3 billion. Annual dividends received from this investment have grown from $41 million to $302 million. Those checks, too, seem highly likely to increase.</p><p>These dividend gains, though pleasing, are far from spectacular. But they bring with them important gains in stock prices. At yearend, our Coke investment was valued at $25 billion while Amex was recorded at $22 billion. Each holding now accounts for roughly 5% of Berkshire’s net worth, akin to its weighting long ago.</p><p>Assume, for a moment, I had made a similarly-sized investment mistake in the 1990s, one that flat-lined and simply retained its $1.3 billion value in 2022. (An example would be a high-grade 30-year bond.) That disappointing investment would now represent an insignificant 0.3% of Berkshire’s net worth and would be delivering to us an unchanged $80 million or so of annual income.</p><p>The lesson for investors: The weeds wither away in significance as the flowers bloom. Over time, it takes just a few winners to work wonders. And, yes, it helps to start early and live into your 90s as well.</p><h2>The Past Year in Brief</h2><p>Berkshire had a good year in 2022. The company’s operating earnings – our term for income calculated using Generally Accepted Accounting Principles (“GAAP”), exclusive of capital gains or losses from equity holdings – set a record at $30.8 billion. Charlie and I focus on this operational figure and urge you to do so as well. The GAAP figure, absent our adjustment, fluctuates wildly and capriciously at every reporting date. Note its acrobatic behavior in 2022, which is in no way unusual:</p><p><img src=\"https://static.tigerbbs.com/69e74650656620f9fa3f1e55c15a90e5\" tg-width=\"797\" tg-height=\"207\" width=\"100%\" height=\"auto\"/></p><p>The GAAP earnings are 100% misleading when viewed quarterly or even annually. Capital gains, to be sure, have been hugely important to Berkshire over past decades, and we expect them to be meaningfully positive in future decades. But their quarter-by-quarter gyrations, regularly and mindlessly headlined by media, totally misinform investors.</p><p>A second positive development for Berkshire last year was our purchase of Alleghany Corporation, a property-casualty insurer captained by Joe Brandon. I’ve worked with Joe in the past, and he understands both Berkshire  and insurance. Alleghany delivers special value to us because Berkshire’s unmatched financial strength allows its insurance subsidiaries to follow valuable and enduring investment strategies unavailable to virtually all competitors.</p><p>Aided by Alleghany, our insurance float increased during 2022 from $147 billion to $164 billion. With disciplined underwriting, these funds have a decent chance of being cost-free over time. Since purchasing our first property-casualty insurer in 1967, Berkshire’s float has increased 8,000-fold through acquisitions, operations and innovations. Though not recognized in our financial statements, this float has been an extraordinary asset for Berkshire. New shareholders can get an understanding of its value by reading our annually updated explanation of float on page A-2.</p><p>* * * * * * * * * * * *</p><p>A very minor gain in per-share intrinsic value took place in 2022 through Berkshire share repurchases as well as similar moves at Apple and American Express, both significant investees of ours. At Berkshire, we directly increased your interest in our unique collection of businesses by repurchasing 1.2% of the company’s outstanding shares. At Apple and Amex, repurchases increased Berkshire’s ownership a bit without any cost to us.</p><p>The math isn’t complicated: When the share count goes down, your interest in our many businesses goes up. Every small bit helps if repurchases are made at value-accretive prices. Just as surely, when a company overpays for repurchases, the continuing shareholders lose. At such times, gains flow only to the selling shareholders and to the friendly, but expensive, investment banker who recommended the foolish purchases.</p><p>Gains from value-accretive repurchases, it should be emphasized, benefit all owners – in every respect. Imagine, if you will, three fully-informed shareholders of a local auto dealership, one of whom manages the business. Imagine, further, that one of the passive owners wishes to sell his interest back to the company at a price attractive to the two continuing shareholders. When completed, has this transaction harmed anyone? Is the manager somehow favored over the continuing passive owners? Has the public been hurt?</p><p>When you are told that all repurchases are harmful to shareholders or to the country, or particularly beneficial to CEOs, you are listening to either an economic illiterate or a silver-tongued demagogue (characters that are not mutually exclusive).</p><p>Almost endless details of Berkshire’s 2022 operations are laid out on pages K-33 – K-66. Charlie and I, along with many Berkshire shareholders, enjoy poring over the many facts and figures laid out in that section. These pages are not, however, required reading. There are many Berkshire centimillionaires and, yes, billionaires who have never studied our financial figures. They simply know that Charlie and I – along with our families and close friends – continue to have very significant investments in Berkshire, and they trust us to treat their money as we do our own.</p><p>And that is a promise we can make.</p><p>* * * * * * * * * * * *</p><p>Finally, an important warning: Even the operating earnings figure that we favor can easily be manipulated by managers who wish to do so. Such tampering is often thought of as sophisticated by CEOs, directors and their advisors. Reporters and analysts embrace its existence as well. Beating “expectations” is heralded as a managerial triumph.</p><p>That activity is disgusting. It requires no talent to manipulate numbers: Only a deep desire to deceive is required. “Bold imaginative accounting,” as a CEO once described his deception to me, has become one of the shames of capitalism.</p><h2>58 Years – and a Few Figures</h2><p>In 1965, Berkshire was a one-trick pony, the owner of a venerable – but doomed – New England textile operation. With that business on a death march, Berkshire needed an immediate fresh start. Looking back, I was slow to recognize the severity of its problems.</p><p>And then came a stroke of good luck: National Indemnity became available in 1967, and we shifted our resources toward insurance and other non-textile operations.</p><p>Thus began our journey to 2023, a bumpy road involving a combination of continuous savings by our owners (that is, by their retaining earnings), the power of compounding, our avoidance of major mistakes and – most important of all – the American Tailwind. America would have done fine without Berkshire. The reverse is not true.</p><p>Berkshire now enjoys major ownership in an unmatched collection of huge and diversified businesses. Let’s first look at the 5,000 or so publicly-held companies that trade daily on NASDAQ, the NYSE and related venues. Within this group is housed the members of the S&amp;P 500 Index, an elite collection of large and well-known American companies.</p><p>In aggregate, the 500 earned $1.8 trillion in 2021. I don’t yet have the final results for 2022. Using, therefore, the 2021 figures, only 128 of the 500 (including Berkshire itself) earned $3 billion or more. Indeed, 23 lost money.</p><p>At yearend 2022, Berkshire was the largest owner of eight of these giants: American Express, Bank of America, Chevron, Coca-Cola, HP Inc., Moody’s, Occidental Petroleum and Paramount Global.</p><p>In addition to those eight investees, Berkshire owns 100% of BNSF and 92% of BH Energy, each with earnings that exceed the $3 billion mark noted above ($5.9 billion at BNSF and</p><p>$4.3 billion at BHE). Were these companies publicly-owned, they would replace two present members of the 500. All told, our ten controlled and non-controlled behemoths leave Berkshire more broadly aligned with the country’s economic future than is the case at any other U.S. company. (This calculation leaves aside “fiduciary” operations such as pension funds and investment companies.) In addition, Berkshire’s insurance operation, though conducted through many individually-managed subsidiaries, has a value comparable to BNSF or BHE.</p><p>As for the future, Berkshire will always hold a boatload of cash and U.S. Treasury bills along with a wide array of businesses. We will also avoid behavior that could result in any uncomfortable cash needs at inconvenient times, including financial panics and unprecedented insurance losses. Our CEO will always be the Chief Risk Officer – a task it is irresponsible to delegate. Additionally, our future CEOs will have a significant part of their net worth in Berkshire shares, bought with their own money. And yes, our shareholders will continue to save and prosper by retaining earnings.</p><p>At Berkshire, there will be no finish line.</p><h2>Some Surprising Facts About Federal Taxes</h2><p>During the decade ending in 2021, the United States Treasury received about $32.3 trillion in taxes while it spent $43.9 trillion.</p><p>Though economists, politicians and many of the public have opinions about the consequences of that huge imbalance, Charlie and I plead ignorance and firmly believe that near-term economic and market forecasts are worse than useless. Our job is to manage Berkshire’s operations and finances in a manner that will achieve an acceptable result over time and that will preserve the company’s unmatched staying power when financial panics or severe worldwide recessions occur. Berkshire also offers some modest protection from runaway inflation, but this attribute is far from perfect. Huge and entrenched fiscal deficits have consequences.</p><p>The $32 trillion of revenue was garnered by the Treasury through individual income taxes (48%), social security and related receipts (3412%), corporate income tax payments (812%) and a wide variety of lesser levies. Berkshire’s contribution via the corporate income tax was $32 billion during the decade, almost exactly a tenth of 1% of all money that the Treasury collected.</p><p>And that means – brace yourself – had there been roughly 1,000 taxpayers in the U.S. matching Berkshire’s payments, no other businesses nor any of the country’s 131 million households would have needed to pay any taxes to the federal government. Not a dime.</p><p>* * * * * * * * * * * *</p><p>Millions, billions, trillions – we all know the words, but the sums involved are almost impossible to comprehend. Let’s put physical dimensions to the numbers:</p><p>- If you convert $1 million into newly-printed $100 bills, you will have a stack that reaches your chest.</p><p>- Perform the same exercise with $1 billion – this is getting exciting! – and the stack reaches about 34 of a mile into the sky.</p><p>- Finally, imagine piling up $32 billion, the total of Berkshire’s 2012-21 federal income tax payments. Now the stack grows to more than 21 miles in height, about three times the level at which commercial airplanes usually cruise.</p><p>When it comes to federal taxes, individuals who own Berkshire can unequivocally state “I gave at the office.”</p><p>* * * * * * * * * * * *</p><p>At Berkshire we hope and expect to pay much more in taxes during the next decade. We owe the country no less: America’s dynamism has made a huge contribution to whatever success Berkshire has achieved – a contribution Berkshire will always need. We count on the American Tailwind and, though it has been becalmed from time to time, its propelling force has always returned.</p><p>I have been investing for 80 years – more than one-third of our country’s lifetime. Despite our citizens’ penchant – almost enthusiasm – for self-criticism and self-doubt, I have yet to see a time when it made sense to make a long-term bet against America. And I doubt very much that any reader of this letter will have a different experience in the future.</p><h2>Nothing Beats Having a Great Partner</h2><p>Charlie and I think pretty much alike. But what it takes me a page to explain, he sums up in a sentence. His version, moreover, is always more clearly reasoned and also more artfully – some might add bluntly – stated.</p><p>Here are a few of his thoughts, many lifted from a very recent podcast:</p><p>- The world is full of foolish gamblers, and they will not do as well as the patient investor.</p><p>- If you don’t see the world the way it is, it’s like judging something through a distorted lens.</p><p>- All I want to know is where I’m going to die, so I’ll never go there. And a related thought: Early on, write your desired obituary – and then behave accordingly.</p><p>- If you don’t care whether you are rational or not, you won’t work on it. Then you will stay irrational and get lousy results.</p><p>- Patience can be learned. Having a long attention span and the ability to concentrate on one thing for a long time is a huge advantage.</p><p>- You can learn a lot from dead people. Read of the deceased you admire and detest.</p><p>- Don’t bail away in a sinking boat if you can swim to one that is seaworthy.</p><p>- A great company keeps working after you are not; a mediocre company won’t do that.</p><p>- Warren and I don’t focus on the froth of the market. We seek out good long-term investments and stubbornly hold them for a long time.</p><p>- Ben Graham said, “Day to day, the stock market is a voting machine; in the long term it’s a weighing machine.” If you keep making something more valuable, then some wise person is going to notice it and start buying.</p><p>- There is no such thing as a 100% sure thing when investing. Thus, the use of leverage is dangerous. A string of wonderful numbers times zero will always equal zero. Don’t count on getting rich twice.</p><p>- You don’t, however, need to own a lot of things in order to get rich.</p><p>- You have to keep learning if you want to become a great investor. When the world changes, you must change.</p><p>- Warren and I hated railroad stocks for decades, but the world changed and finally the country had four huge railroads of vital importance to the American economy. We were slow to recognize the change, but better late than never.</p><p>- Finally, I will add two short sentences by Charlie that have been his decision-clinchers for decades: “Warren, think more about it. You’re smart and I’m right.”</p><p>And so it goes. I never have a phone call with Charlie without learning something. And, while he makes me think, he also makes me laugh.</p><p>* * * * * * * * * * * *</p><p>I will add to Charlie’s list a rule of my own:   Find   a   very   smart   high-grade partner – preferably slightly older than you – and then listen very carefully to what he says.</p><h2>A Family Gathering in Omaha</h2><p>Charlie and I are shameless. Last year, at our first shareholder get-together in three years, we greeted you with our usual commercial hustle.</p><p>From the opening bell, we went straight for your wallet. In short order, our See’s kiosk sold you eleven tons of nourishing peanut brittle and chocolates. In our P.T. Barnum pitch, we promised you longevity. After all, what else but candy from See’s could account for Charlie and me making it to 99 and 92?</p><p>I know you can’t wait to hear the specifics of last year’s hustle.</p><p>On Friday, the doors were open from noon until 5 p.m., and our candy counters rang up 2,690 individual sales. On Saturday, See’s registered an additional 3,931 transactions between 7 a.m. and 4:30 p.m., despite the fact that 612 of the 912 operating hours occurred while our movie and the question-and-answer session were limiting commercial traffic.</p><p>Do the math: See’s rang up about 10 sales per minute during its prime operating time (racking up $400,309 of volume during the two days), with all the goods purchased at a single location selling products that haven’t been materially altered in 101 years. What worked for See’s in the days of Henry Ford’s model T works now.</p><p>* * * * * * * * * * * *</p><p>Charlie, I, and the entire Berkshire bunch look forward to seeing you in Omaha on May 5-6. We will have a good time and so will you.</p><p>February 25, 2023 Warren E. Buffett </p><p>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’s Annual Letter: Berkshire Will Always Hold a Boatload of Cash and U.S. Treasury Bills</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’s Annual Letter: Berkshire Will Always Hold a Boatload of Cash and U.S. Treasury Bills\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\">2023-02-25 22:08</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Warren Buffett is still betting on America.</p><p>Stocks and bonds slumped in 2022 after central banks raised interest rates at a rapid pace to try to rein in inflation. But Mr. Buffett retained his sense of optimism in his annual letter to investors Saturday, saying he attributes much of his success over the years to the resilience of the U.S. economy.</p><p>“I have been investing for 80 years—more than one-third of our country’s lifetime. Despite our citizens’ penchant—almost enthusiasm—for self-criticism and self-doubt, I have yet to see a time when it made sense to make a long-term bet against America,” Mr. Buffett said in the letter.</p><p>Mr. Buffett, widely regarded as one of the world’s top investors, has been publishing the letters for more than half a century. Over that time, he hasn’t just reflected on the past year for his company, Berkshire Hathaway Inc., but also shared his thoughts on everything from esoteric accounting rules to his aversion to excessive risk-taking.</p><p>Saturday’s letter offered readers a glimpse into how Mr. Buffett, 92, viewed what wound up being a shaky stretch for markets.</p><p>The volatility offered Berkshire an opportunity to jump in and buy stocks. While Berkshire largely bought back its own shares in 2021, it focused more in 2022 on investing in other companies—opening up new positions in media company Paramount Global and building-materials manufacturer Louisiana-Pacific Corp., among other businesses, and swiftly becoming Occidental Petroleum Corp.’s single biggest shareholder.</p><p>As of the end of 2022, Berkshire was the largest shareholder of eight companies—American Express Co., Bank of America Corp., Chevron Corp., Coca-Cola Co., HP Inc., Moody’s Corp., Occidental and Paramount Global.</p><p>“America would have done fine without Berkshire. The reverse is not true,” Mr. Buffett said.</p><p>Berkshire also released its results for 2022 on Saturday.</p><p>The Omaha, Neb., company, which owns businesses including insurer Geico, railroad BNSF Railway and chocolate maker See’s Candies, posted a loss of $22.82 billion for the year, stung by $67.9 billion in investment and derivative contract losses. In 2021, Berkshire posted a profit of $90.8 billion.</p><p>Total revenue rose 9.4% to $302.1 billion.</p><p>Berkshire’s operating earnings, which exclude some investment results, rose to a record $30.8 billion.</p><p>Mr. Buffett, Berkshire’s chief executive, has long held that operating earnings are a better reflection of how Berkshire is doing, since accounting rules require the company to include unrealized gains and losses from its massive investment portfolio in its net income. Volatile markets can make Berkshire’s net income change substantially from quarter to quarter, regardless of how its underlying businesses are doing.</p><p>“Capital gains, to be sure, have been hugely important to Berkshire over past decades, and we expect them to be meaningfully positive in future decades,” Mr. Buffett said in his letter. “But their quarter-by-quarter gyrations, regularly and mindlessly headlined by media, totally misinform investors,” he said, adding that he and his right-hand man Charlie Munger urged shareholders to focus instead on Berkshire’s operating earnings, which rose to a record for the full year in 2022.</p><h2>Read the full letter here:</h2><p>To the Shareholders of Berkshire Hathaway Inc.:</p><p>Charlie Munger, my long-time partner, and I have the job of managing the savings of a great number of individuals. We are grateful for their enduring trust, a relationship that often spans much of their adult lifetime. It is those dedicated savers that are forefront in my mind as I write this letter.</p><p>A common belief is that people choose to save when young, expecting thereby to maintain their living standards after retirement. Any assets that remain at death, this theory says, will usually be left to their families or, possibly, to friends and philanthropy.</p><p>Our experience has differed. We believe Berkshire’s individual holders largely to be of the once-a-saver, always-a-saver variety. Though these people live well, they eventually dispense most of their funds to philanthropic organizations. These, in turn, redistribute the funds by expenditures intended to improve the lives of a great many people who are unrelated to the original benefactor. Sometimes, the results have been spectacular.</p><p>The disposition of money unmasks humans. Charlie and I watch with pleasure the vast flow of Berkshire-generated funds to public needs and, alongside, the infrequency with which our shareholders opt for look-at-me assets and dynasty-building.</p><p>Who wouldn’t enjoy working for shareholders like ours?</p><h2>What We Do</h2><p>Charlie and I allocate your savings at Berkshire between two related forms of ownership. First, we invest in businesses that we control, usually buying 100% of each. Berkshire directs capital allocation at these subsidiaries and selects the CEOs who make day-by-day operating decisions. When large enterprises are being managed, both trust and rules are essential. Berkshire emphasizes the former to an unusual – some would say extreme – degree. Disappointments are inevitable. We are understanding about business mistakes; our tolerance for personal misconduct is zero.</p><p>In our second category of ownership, we buy publicly-traded stocks through which we passively own pieces of businesses. Holding these investments, we have no say in management.</p><p>Our goal in both forms of ownership is to make meaningful investments in businesses with both long-lasting favorable economic characteristics and trustworthy managers. Please note particularly that we own publicly-traded stocks based on our expectations about their long-term business performance, not because we view them as vehicles for adroit purchases and sales. That point is crucial: Charlie and I are not stock-pickers; we are business-pickers.</p><p>Over the years, I have made many mistakes. Consequently, our extensive collection of businesses currently consists of a few enterprises that have truly extraordinary economics, many that enjoy very good economic characteristics, and a large group that are marginal. Along the way, other businesses in which I have invested have died, their products unwanted by the public. Capitalism has two sides: The system creates an ever-growing pile of losers while concurrently delivering a gusher of improved goods and services. Schumpeter called this phenomenon “creative destruction.”</p><p>One advantage of our publicly-traded segment is that – episodically – it becomes easy to buy pieces of wonderful businesses at wonderful prices. It’s crucial to understand that stocks often trade at truly foolish prices, both high and low. “Efficient” markets exist only in textbooks. In truth, marketable stocks and bonds are baffling, their behavior usually understandable only in retrospect.</p><p>Controlled businesses are a different breed. They sometimes command ridiculously higher prices than justified but are almost never available at bargain valuations. Unless under duress, the owner of a controlled business gives no thought to selling at a panic-type valuation.</p><p>* * * * * * * * * * * *</p><p>At this point, a report card from me is appropriate: In 58 years of Berkshire management, most of my capital-allocation decisions have been no better than so-so. In some cases, also, bad moves by me have been rescued by very large doses of luck. (Remember our escapes from near-disasters at USAir and Salomon? I certainly do.)</p><p>Our satisfactory results have been the product of about a dozen truly good decisions – that would be about one every five years – and a sometimes-forgotten advantage that favors long-term investors such as Berkshire. Let’s take a peek behind the curtain.</p><h2>The Secret Sauce</h2><p>In August 1994 – yes, 1994 – Berkshire completed its seven-year purchase of the 400 million shares of Coca-Cola we now own. The total cost was $1.3 billion – then a very meaningful sum at Berkshire.</p><p>The cash dividend we received from Coke in 1994 was $75 million. By 2022, the dividend had increased to $704 million. Growth occurred every year, just as certain as birthdays. All Charlie and I were required to do was cash Coke’s quarterly dividend checks. We expect that those checks are highly likely to grow.</p><p>American Express is much the same story. Berkshire’s purchases of Amex were essentially completed in 1995 and, coincidentally, also cost $1.3 billion. Annual dividends received from this investment have grown from $41 million to $302 million. Those checks, too, seem highly likely to increase.</p><p>These dividend gains, though pleasing, are far from spectacular. But they bring with them important gains in stock prices. At yearend, our Coke investment was valued at $25 billion while Amex was recorded at $22 billion. Each holding now accounts for roughly 5% of Berkshire’s net worth, akin to its weighting long ago.</p><p>Assume, for a moment, I had made a similarly-sized investment mistake in the 1990s, one that flat-lined and simply retained its $1.3 billion value in 2022. (An example would be a high-grade 30-year bond.) That disappointing investment would now represent an insignificant 0.3% of Berkshire’s net worth and would be delivering to us an unchanged $80 million or so of annual income.</p><p>The lesson for investors: The weeds wither away in significance as the flowers bloom. Over time, it takes just a few winners to work wonders. And, yes, it helps to start early and live into your 90s as well.</p><h2>The Past Year in Brief</h2><p>Berkshire had a good year in 2022. The company’s operating earnings – our term for income calculated using Generally Accepted Accounting Principles (“GAAP”), exclusive of capital gains or losses from equity holdings – set a record at $30.8 billion. Charlie and I focus on this operational figure and urge you to do so as well. The GAAP figure, absent our adjustment, fluctuates wildly and capriciously at every reporting date. Note its acrobatic behavior in 2022, which is in no way unusual:</p><p><img src=\"https://static.tigerbbs.com/69e74650656620f9fa3f1e55c15a90e5\" tg-width=\"797\" tg-height=\"207\" width=\"100%\" height=\"auto\"/></p><p>The GAAP earnings are 100% misleading when viewed quarterly or even annually. Capital gains, to be sure, have been hugely important to Berkshire over past decades, and we expect them to be meaningfully positive in future decades. But their quarter-by-quarter gyrations, regularly and mindlessly headlined by media, totally misinform investors.</p><p>A second positive development for Berkshire last year was our purchase of Alleghany Corporation, a property-casualty insurer captained by Joe Brandon. I’ve worked with Joe in the past, and he understands both Berkshire  and insurance. Alleghany delivers special value to us because Berkshire’s unmatched financial strength allows its insurance subsidiaries to follow valuable and enduring investment strategies unavailable to virtually all competitors.</p><p>Aided by Alleghany, our insurance float increased during 2022 from $147 billion to $164 billion. With disciplined underwriting, these funds have a decent chance of being cost-free over time. Since purchasing our first property-casualty insurer in 1967, Berkshire’s float has increased 8,000-fold through acquisitions, operations and innovations. Though not recognized in our financial statements, this float has been an extraordinary asset for Berkshire. New shareholders can get an understanding of its value by reading our annually updated explanation of float on page A-2.</p><p>* * * * * * * * * * * *</p><p>A very minor gain in per-share intrinsic value took place in 2022 through Berkshire share repurchases as well as similar moves at Apple and American Express, both significant investees of ours. At Berkshire, we directly increased your interest in our unique collection of businesses by repurchasing 1.2% of the company’s outstanding shares. At Apple and Amex, repurchases increased Berkshire’s ownership a bit without any cost to us.</p><p>The math isn’t complicated: When the share count goes down, your interest in our many businesses goes up. Every small bit helps if repurchases are made at value-accretive prices. Just as surely, when a company overpays for repurchases, the continuing shareholders lose. At such times, gains flow only to the selling shareholders and to the friendly, but expensive, investment banker who recommended the foolish purchases.</p><p>Gains from value-accretive repurchases, it should be emphasized, benefit all owners – in every respect. Imagine, if you will, three fully-informed shareholders of a local auto dealership, one of whom manages the business. Imagine, further, that one of the passive owners wishes to sell his interest back to the company at a price attractive to the two continuing shareholders. When completed, has this transaction harmed anyone? Is the manager somehow favored over the continuing passive owners? Has the public been hurt?</p><p>When you are told that all repurchases are harmful to shareholders or to the country, or particularly beneficial to CEOs, you are listening to either an economic illiterate or a silver-tongued demagogue (characters that are not mutually exclusive).</p><p>Almost endless details of Berkshire’s 2022 operations are laid out on pages K-33 – K-66. Charlie and I, along with many Berkshire shareholders, enjoy poring over the many facts and figures laid out in that section. These pages are not, however, required reading. There are many Berkshire centimillionaires and, yes, billionaires who have never studied our financial figures. They simply know that Charlie and I – along with our families and close friends – continue to have very significant investments in Berkshire, and they trust us to treat their money as we do our own.</p><p>And that is a promise we can make.</p><p>* * * * * * * * * * * *</p><p>Finally, an important warning: Even the operating earnings figure that we favor can easily be manipulated by managers who wish to do so. Such tampering is often thought of as sophisticated by CEOs, directors and their advisors. Reporters and analysts embrace its existence as well. Beating “expectations” is heralded as a managerial triumph.</p><p>That activity is disgusting. It requires no talent to manipulate numbers: Only a deep desire to deceive is required. “Bold imaginative accounting,” as a CEO once described his deception to me, has become one of the shames of capitalism.</p><h2>58 Years – and a Few Figures</h2><p>In 1965, Berkshire was a one-trick pony, the owner of a venerable – but doomed – New England textile operation. With that business on a death march, Berkshire needed an immediate fresh start. Looking back, I was slow to recognize the severity of its problems.</p><p>And then came a stroke of good luck: National Indemnity became available in 1967, and we shifted our resources toward insurance and other non-textile operations.</p><p>Thus began our journey to 2023, a bumpy road involving a combination of continuous savings by our owners (that is, by their retaining earnings), the power of compounding, our avoidance of major mistakes and – most important of all – the American Tailwind. America would have done fine without Berkshire. The reverse is not true.</p><p>Berkshire now enjoys major ownership in an unmatched collection of huge and diversified businesses. Let’s first look at the 5,000 or so publicly-held companies that trade daily on NASDAQ, the NYSE and related venues. Within this group is housed the members of the S&amp;P 500 Index, an elite collection of large and well-known American companies.</p><p>In aggregate, the 500 earned $1.8 trillion in 2021. I don’t yet have the final results for 2022. Using, therefore, the 2021 figures, only 128 of the 500 (including Berkshire itself) earned $3 billion or more. Indeed, 23 lost money.</p><p>At yearend 2022, Berkshire was the largest owner of eight of these giants: American Express, Bank of America, Chevron, Coca-Cola, HP Inc., Moody’s, Occidental Petroleum and Paramount Global.</p><p>In addition to those eight investees, Berkshire owns 100% of BNSF and 92% of BH Energy, each with earnings that exceed the $3 billion mark noted above ($5.9 billion at BNSF and</p><p>$4.3 billion at BHE). Were these companies publicly-owned, they would replace two present members of the 500. All told, our ten controlled and non-controlled behemoths leave Berkshire more broadly aligned with the country’s economic future than is the case at any other U.S. company. (This calculation leaves aside “fiduciary” operations such as pension funds and investment companies.) In addition, Berkshire’s insurance operation, though conducted through many individually-managed subsidiaries, has a value comparable to BNSF or BHE.</p><p>As for the future, Berkshire will always hold a boatload of cash and U.S. Treasury bills along with a wide array of businesses. We will also avoid behavior that could result in any uncomfortable cash needs at inconvenient times, including financial panics and unprecedented insurance losses. Our CEO will always be the Chief Risk Officer – a task it is irresponsible to delegate. Additionally, our future CEOs will have a significant part of their net worth in Berkshire shares, bought with their own money. And yes, our shareholders will continue to save and prosper by retaining earnings.</p><p>At Berkshire, there will be no finish line.</p><h2>Some Surprising Facts About Federal Taxes</h2><p>During the decade ending in 2021, the United States Treasury received about $32.3 trillion in taxes while it spent $43.9 trillion.</p><p>Though economists, politicians and many of the public have opinions about the consequences of that huge imbalance, Charlie and I plead ignorance and firmly believe that near-term economic and market forecasts are worse than useless. Our job is to manage Berkshire’s operations and finances in a manner that will achieve an acceptable result over time and that will preserve the company’s unmatched staying power when financial panics or severe worldwide recessions occur. Berkshire also offers some modest protection from runaway inflation, but this attribute is far from perfect. Huge and entrenched fiscal deficits have consequences.</p><p>The $32 trillion of revenue was garnered by the Treasury through individual income taxes (48%), social security and related receipts (3412%), corporate income tax payments (812%) and a wide variety of lesser levies. Berkshire’s contribution via the corporate income tax was $32 billion during the decade, almost exactly a tenth of 1% of all money that the Treasury collected.</p><p>And that means – brace yourself – had there been roughly 1,000 taxpayers in the U.S. matching Berkshire’s payments, no other businesses nor any of the country’s 131 million households would have needed to pay any taxes to the federal government. Not a dime.</p><p>* * * * * * * * * * * *</p><p>Millions, billions, trillions – we all know the words, but the sums involved are almost impossible to comprehend. Let’s put physical dimensions to the numbers:</p><p>- If you convert $1 million into newly-printed $100 bills, you will have a stack that reaches your chest.</p><p>- Perform the same exercise with $1 billion – this is getting exciting! – and the stack reaches about 34 of a mile into the sky.</p><p>- Finally, imagine piling up $32 billion, the total of Berkshire’s 2012-21 federal income tax payments. Now the stack grows to more than 21 miles in height, about three times the level at which commercial airplanes usually cruise.</p><p>When it comes to federal taxes, individuals who own Berkshire can unequivocally state “I gave at the office.”</p><p>* * * * * * * * * * * *</p><p>At Berkshire we hope and expect to pay much more in taxes during the next decade. We owe the country no less: America’s dynamism has made a huge contribution to whatever success Berkshire has achieved – a contribution Berkshire will always need. We count on the American Tailwind and, though it has been becalmed from time to time, its propelling force has always returned.</p><p>I have been investing for 80 years – more than one-third of our country’s lifetime. Despite our citizens’ penchant – almost enthusiasm – for self-criticism and self-doubt, I have yet to see a time when it made sense to make a long-term bet against America. And I doubt very much that any reader of this letter will have a different experience in the future.</p><h2>Nothing Beats Having a Great Partner</h2><p>Charlie and I think pretty much alike. But what it takes me a page to explain, he sums up in a sentence. His version, moreover, is always more clearly reasoned and also more artfully – some might add bluntly – stated.</p><p>Here are a few of his thoughts, many lifted from a very recent podcast:</p><p>- The world is full of foolish gamblers, and they will not do as well as the patient investor.</p><p>- If you don’t see the world the way it is, it’s like judging something through a distorted lens.</p><p>- All I want to know is where I’m going to die, so I’ll never go there. And a related thought: Early on, write your desired obituary – and then behave accordingly.</p><p>- If you don’t care whether you are rational or not, you won’t work on it. Then you will stay irrational and get lousy results.</p><p>- Patience can be learned. Having a long attention span and the ability to concentrate on one thing for a long time is a huge advantage.</p><p>- You can learn a lot from dead people. Read of the deceased you admire and detest.</p><p>- Don’t bail away in a sinking boat if you can swim to one that is seaworthy.</p><p>- A great company keeps working after you are not; a mediocre company won’t do that.</p><p>- Warren and I don’t focus on the froth of the market. We seek out good long-term investments and stubbornly hold them for a long time.</p><p>- Ben Graham said, “Day to day, the stock market is a voting machine; in the long term it’s a weighing machine.” If you keep making something more valuable, then some wise person is going to notice it and start buying.</p><p>- There is no such thing as a 100% sure thing when investing. Thus, the use of leverage is dangerous. A string of wonderful numbers times zero will always equal zero. Don’t count on getting rich twice.</p><p>- You don’t, however, need to own a lot of things in order to get rich.</p><p>- You have to keep learning if you want to become a great investor. When the world changes, you must change.</p><p>- Warren and I hated railroad stocks for decades, but the world changed and finally the country had four huge railroads of vital importance to the American economy. We were slow to recognize the change, but better late than never.</p><p>- Finally, I will add two short sentences by Charlie that have been his decision-clinchers for decades: “Warren, think more about it. You’re smart and I’m right.”</p><p>And so it goes. I never have a phone call with Charlie without learning something. And, while he makes me think, he also makes me laugh.</p><p>* * * * * * * * * * * *</p><p>I will add to Charlie’s list a rule of my own:   Find   a   very   smart   high-grade partner – preferably slightly older than you – and then listen very carefully to what he says.</p><h2>A Family Gathering in Omaha</h2><p>Charlie and I are shameless. Last year, at our first shareholder get-together in three years, we greeted you with our usual commercial hustle.</p><p>From the opening bell, we went straight for your wallet. In short order, our See’s kiosk sold you eleven tons of nourishing peanut brittle and chocolates. In our P.T. Barnum pitch, we promised you longevity. After all, what else but candy from See’s could account for Charlie and me making it to 99 and 92?</p><p>I know you can’t wait to hear the specifics of last year’s hustle.</p><p>On Friday, the doors were open from noon until 5 p.m., and our candy counters rang up 2,690 individual sales. On Saturday, See’s registered an additional 3,931 transactions between 7 a.m. and 4:30 p.m., despite the fact that 612 of the 912 operating hours occurred while our movie and the question-and-answer session were limiting commercial traffic.</p><p>Do the math: See’s rang up about 10 sales per minute during its prime operating time (racking up $400,309 of volume during the two days), with all the goods purchased at a single location selling products that haven’t been materially altered in 101 years. What worked for See’s in the days of Henry Ford’s model T works now.</p><p>* * * * * * * * * * * *</p><p>Charlie, I, and the entire Berkshire bunch look forward to seeing you in Omaha on May 5-6. We will have a good time and so will you.</p><p>February 25, 2023 Warren E. Buffett </p><p>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":"1117520516","content_text":"Warren Buffett is still betting on America.Stocks and bonds slumped in 2022 after central banks raised interest rates at a rapid pace to try to rein in inflation. But Mr. Buffett retained his sense of optimism in his annual letter to investors Saturday, saying he attributes much of his success over the years to the resilience of the U.S. economy.“I have been investing for 80 years—more than one-third of our country’s lifetime. Despite our citizens’ penchant—almost enthusiasm—for self-criticism and self-doubt, I have yet to see a time when it made sense to make a long-term bet against America,” Mr. Buffett said in the letter.Mr. Buffett, widely regarded as one of the world’s top investors, has been publishing the letters for more than half a century. Over that time, he hasn’t just reflected on the past year for his company, Berkshire Hathaway Inc., but also shared his thoughts on everything from esoteric accounting rules to his aversion to excessive risk-taking.Saturday’s letter offered readers a glimpse into how Mr. Buffett, 92, viewed what wound up being a shaky stretch for markets.The volatility offered Berkshire an opportunity to jump in and buy stocks. While Berkshire largely bought back its own shares in 2021, it focused more in 2022 on investing in other companies—opening up new positions in media company Paramount Global and building-materials manufacturer Louisiana-Pacific Corp., among other businesses, and swiftly becoming Occidental Petroleum Corp.’s single biggest shareholder.As of the end of 2022, Berkshire was the largest shareholder of eight companies—American Express Co., Bank of America Corp., Chevron Corp., Coca-Cola Co., HP Inc., Moody’s Corp., Occidental and Paramount Global.“America would have done fine without Berkshire. The reverse is not true,” Mr. Buffett said.Berkshire also released its results for 2022 on Saturday.The Omaha, Neb., company, which owns businesses including insurer Geico, railroad BNSF Railway and chocolate maker See’s Candies, posted a loss of $22.82 billion for the year, stung by $67.9 billion in investment and derivative contract losses. In 2021, Berkshire posted a profit of $90.8 billion.Total revenue rose 9.4% to $302.1 billion.Berkshire’s operating earnings, which exclude some investment results, rose to a record $30.8 billion.Mr. Buffett, Berkshire’s chief executive, has long held that operating earnings are a better reflection of how Berkshire is doing, since accounting rules require the company to include unrealized gains and losses from its massive investment portfolio in its net income. Volatile markets can make Berkshire’s net income change substantially from quarter to quarter, regardless of how its underlying businesses are doing.“Capital gains, to be sure, have been hugely important to Berkshire over past decades, and we expect them to be meaningfully positive in future decades,” Mr. Buffett said in his letter. “But their quarter-by-quarter gyrations, regularly and mindlessly headlined by media, totally misinform investors,” he said, adding that he and his right-hand man Charlie Munger urged shareholders to focus instead on Berkshire’s operating earnings, which rose to a record for the full year in 2022.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 the savings of a great number of individuals. We are grateful for their enduring trust, a relationship that often spans much of their adult lifetime. It is those dedicated savers that are forefront in my mind as I write this letter.A common belief is that people choose to save when young, expecting thereby to maintain their living standards after retirement. Any assets that remain at death, this theory says, will usually be left to their families or, possibly, to friends and philanthropy.Our experience has differed. We believe Berkshire’s individual holders largely to be of the once-a-saver, always-a-saver variety. Though these people live well, they eventually dispense most of their funds to philanthropic organizations. These, in turn, redistribute the funds by expenditures intended to improve the lives of a great many people who are unrelated to the original benefactor. Sometimes, the results have been spectacular.The disposition of money unmasks humans. Charlie and I watch with pleasure the vast flow of Berkshire-generated funds to public needs and, alongside, the infrequency with which our shareholders opt for look-at-me assets and dynasty-building.Who wouldn’t enjoy working for shareholders like ours?What We DoCharlie and I allocate your savings at Berkshire between two related forms of ownership. First, we invest in businesses that we control, usually buying 100% of each. Berkshire directs capital allocation at these subsidiaries and selects the CEOs who make day-by-day operating decisions. When large enterprises are being managed, both trust and rules are essential. Berkshire emphasizes the former to an unusual – some would say extreme – degree. Disappointments are inevitable. We are understanding about business mistakes; our tolerance for personal misconduct is zero.In our second category of ownership, we buy publicly-traded stocks through which we passively own pieces of businesses. Holding these investments, we have no say in management.Our goal in both forms of ownership is to make meaningful investments in businesses with both long-lasting favorable economic characteristics and trustworthy managers. Please note particularly that we own publicly-traded stocks based on our expectations about their long-term business performance, not because we view them as vehicles for adroit purchases and sales. That point is crucial: Charlie and I are not stock-pickers; we are business-pickers.Over the years, I have made many mistakes. Consequently, our extensive collection of businesses currently consists of a few enterprises that have truly extraordinary economics, many that enjoy very good economic characteristics, and a large group that are marginal. Along the way, other businesses in which I have invested have died, their products unwanted by the public. Capitalism has two sides: The system creates an ever-growing pile of losers while concurrently delivering a gusher of improved goods and services. Schumpeter called this phenomenon “creative destruction.”One advantage of our publicly-traded segment is that – episodically – it becomes easy to buy pieces of wonderful businesses at wonderful prices. It’s crucial to understand that stocks often trade at truly foolish prices, both high and low. “Efficient” markets exist only in textbooks. In truth, marketable stocks and bonds are baffling, their behavior usually understandable only in retrospect.Controlled businesses are a different breed. They sometimes command ridiculously higher prices than justified but are almost never available at bargain valuations. Unless under duress, the owner of a controlled business gives no thought to selling at a panic-type valuation.* * * * * * * * * * * *At this point, a report card from me is appropriate: In 58 years of Berkshire management, most of my capital-allocation decisions have been no better than so-so. In some cases, also, bad moves by me have been rescued by very large doses of luck. (Remember our escapes from near-disasters at USAir and Salomon? I certainly do.)Our satisfactory results have been the product of about a dozen truly good decisions – that would be about one every five years – and a sometimes-forgotten advantage that favors long-term investors such as Berkshire. Let’s take a peek behind the curtain.The Secret SauceIn August 1994 – yes, 1994 – Berkshire completed its seven-year purchase of the 400 million shares of Coca-Cola we now own. The total cost was $1.3 billion – then a very meaningful sum at Berkshire.The cash dividend we received from Coke in 1994 was $75 million. By 2022, the dividend had increased to $704 million. Growth occurred every year, just as certain as birthdays. All Charlie and I were required to do was cash Coke’s quarterly dividend checks. We expect that those checks are highly likely to grow.American Express is much the same story. Berkshire’s purchases of Amex were essentially completed in 1995 and, coincidentally, also cost $1.3 billion. Annual dividends received from this investment have grown from $41 million to $302 million. Those checks, too, seem highly likely to increase.These dividend gains, though pleasing, are far from spectacular. But they bring with them important gains in stock prices. At yearend, our Coke investment was valued at $25 billion while Amex was recorded at $22 billion. Each holding now accounts for roughly 5% of Berkshire’s net worth, akin to its weighting long ago.Assume, for a moment, I had made a similarly-sized investment mistake in the 1990s, one that flat-lined and simply retained its $1.3 billion value in 2022. (An example would be a high-grade 30-year bond.) That disappointing investment would now represent an insignificant 0.3% of Berkshire’s net worth and would be delivering to us an unchanged $80 million or so of annual income.The lesson for investors: The weeds wither away in significance as the flowers bloom. Over time, it takes just a few winners to work wonders. And, yes, it helps to start early and live into your 90s as well.The Past Year in BriefBerkshire had a good year in 2022. The company’s operating earnings – our term for income calculated using Generally Accepted Accounting Principles (“GAAP”), exclusive of capital gains or losses from equity holdings – set a record at $30.8 billion. Charlie and I focus on this operational figure and urge you to do so as well. The GAAP figure, absent our adjustment, fluctuates wildly and capriciously at every reporting date. Note its acrobatic behavior in 2022, which is in no way unusual:The GAAP earnings are 100% misleading when viewed quarterly or even annually. Capital gains, to be sure, have been hugely important to Berkshire over past decades, and we expect them to be meaningfully positive in future decades. But their quarter-by-quarter gyrations, regularly and mindlessly headlined by media, totally misinform investors.A second positive development for Berkshire last year was our purchase of Alleghany Corporation, a property-casualty insurer captained by Joe Brandon. I’ve worked with Joe in the past, and he understands both Berkshire  and insurance. Alleghany delivers special value to us because Berkshire’s unmatched financial strength allows its insurance subsidiaries to follow valuable and enduring investment strategies unavailable to virtually all competitors.Aided by Alleghany, our insurance float increased during 2022 from $147 billion to $164 billion. With disciplined underwriting, these funds have a decent chance of being cost-free over time. Since purchasing our first property-casualty insurer in 1967, Berkshire’s float has increased 8,000-fold through acquisitions, operations and innovations. Though not recognized in our financial statements, this float has been an extraordinary asset for Berkshire. New shareholders can get an understanding of its value by reading our annually updated explanation of float on page A-2.* * * * * * * * * * * *A very minor gain in per-share intrinsic value took place in 2022 through Berkshire share repurchases as well as similar moves at Apple and American Express, both significant investees of ours. At Berkshire, we directly increased your interest in our unique collection of businesses by repurchasing 1.2% of the company’s outstanding shares. At Apple and Amex, repurchases increased Berkshire’s ownership a bit without any cost to us.The math isn’t complicated: When the share count goes down, your interest in our many businesses goes up. Every small bit helps if repurchases are made at value-accretive prices. Just as surely, when a company overpays for repurchases, the continuing shareholders lose. At such times, gains flow only to the selling shareholders and to the friendly, but expensive, investment banker who recommended the foolish purchases.Gains from value-accretive repurchases, it should be emphasized, benefit all owners – in every respect. Imagine, if you will, three fully-informed shareholders of a local auto dealership, one of whom manages the business. Imagine, further, that one of the passive owners wishes to sell his interest back to the company at a price attractive to the two continuing shareholders. When completed, has this transaction harmed anyone? Is the manager somehow favored over the continuing passive owners? Has the public been hurt?When you are told that all repurchases are harmful to shareholders or to the country, or particularly beneficial to CEOs, you are listening to either an economic illiterate or a silver-tongued demagogue (characters that are not mutually exclusive).Almost endless details of Berkshire’s 2022 operations are laid out on pages K-33 – K-66. Charlie and I, along with many Berkshire shareholders, enjoy poring over the many facts and figures laid out in that section. These pages are not, however, required reading. There are many Berkshire centimillionaires and, yes, billionaires who have never studied our financial figures. They simply know that Charlie and I – along with our families and close friends – continue to have very significant investments in Berkshire, and they trust us to treat their money as we do our own.And that is a promise we can make.* * * * * * * * * * * *Finally, an important warning: Even the operating earnings figure that we favor can easily be manipulated by managers who wish to do so. Such tampering is often thought of as sophisticated by CEOs, directors and their advisors. Reporters and analysts embrace its existence as well. Beating “expectations” is heralded as a managerial triumph.That activity is disgusting. It requires no talent to manipulate numbers: Only a deep desire to deceive is required. “Bold imaginative accounting,” as a CEO once described his deception to me, has become one of the shames of capitalism.58 Years – and a Few FiguresIn 1965, Berkshire was a one-trick pony, the owner of a venerable – but doomed – New England textile operation. With that business on a death march, Berkshire needed an immediate fresh start. Looking back, I was slow to recognize the severity of its problems.And then came a stroke of good luck: National Indemnity became available in 1967, and we shifted our resources toward insurance and other non-textile operations.Thus began our journey to 2023, a bumpy road involving a combination of continuous savings by our owners (that is, by their retaining earnings), the power of compounding, our avoidance of major mistakes and – most important of all – the American Tailwind. America would have done fine without Berkshire. The reverse is not true.Berkshire now enjoys major ownership in an unmatched collection of huge and diversified businesses. Let’s first look at the 5,000 or so publicly-held companies that trade daily on NASDAQ, the NYSE and related venues. Within this group is housed the members of the S&P 500 Index, an elite collection of large and well-known American companies.In aggregate, the 500 earned $1.8 trillion in 2021. I don’t yet have the final results for 2022. Using, therefore, the 2021 figures, only 128 of the 500 (including Berkshire itself) earned $3 billion or more. Indeed, 23 lost money.At yearend 2022, Berkshire was the largest owner of eight of these giants: American Express, Bank of America, Chevron, Coca-Cola, HP Inc., Moody’s, Occidental Petroleum and Paramount Global.In addition to those eight investees, Berkshire owns 100% of BNSF and 92% of BH Energy, each with earnings that exceed the $3 billion mark noted above ($5.9 billion at BNSF and$4.3 billion at BHE). Were these companies publicly-owned, they would replace two present members of the 500. All told, our ten controlled and non-controlled behemoths leave Berkshire more broadly aligned with the country’s economic future than is the case at any other U.S. company. (This calculation leaves aside “fiduciary” operations such as pension funds and investment companies.) In addition, Berkshire’s insurance operation, though conducted through many individually-managed subsidiaries, has a value comparable to BNSF or BHE.As for the future, Berkshire will always hold a boatload of cash and U.S. Treasury bills along with a wide array of businesses. We will also avoid behavior that could result in any uncomfortable cash needs at inconvenient times, including financial panics and unprecedented insurance losses. Our CEO will always be the Chief Risk Officer – a task it is irresponsible to delegate. Additionally, our future CEOs will have a significant part of their net worth in Berkshire shares, bought with their own money. And yes, our shareholders will continue to save and prosper by retaining earnings.At Berkshire, there will be no finish line.Some Surprising Facts About Federal TaxesDuring the decade ending in 2021, the United States Treasury received about $32.3 trillion in taxes while it spent $43.9 trillion.Though economists, politicians and many of the public have opinions about the consequences of that huge imbalance, Charlie and I plead ignorance and firmly believe that near-term economic and market forecasts are worse than useless. Our job is to manage Berkshire’s operations and finances in a manner that will achieve an acceptable result over time and that will preserve the company’s unmatched staying power when financial panics or severe worldwide recessions occur. Berkshire also offers some modest protection from runaway inflation, but this attribute is far from perfect. Huge and entrenched fiscal deficits have consequences.The $32 trillion of revenue was garnered by the Treasury through individual income taxes (48%), social security and related receipts (3412%), corporate income tax payments (812%) and a wide variety of lesser levies. Berkshire’s contribution via the corporate income tax was $32 billion during the decade, almost exactly a tenth of 1% of all money that the Treasury collected.And that means – brace yourself – had there been roughly 1,000 taxpayers in the U.S. matching Berkshire’s payments, no other businesses nor any of the country’s 131 million households would have needed to pay any taxes to the federal government. Not a dime.* * * * * * * * * * * *Millions, billions, trillions – we all know the words, but the sums involved are almost impossible to comprehend. Let’s put physical dimensions to the numbers:- If you convert $1 million into newly-printed $100 bills, you will have a stack that reaches your chest.- Perform the same exercise with $1 billion – this is getting exciting! – and the stack reaches about 34 of a mile into the sky.- Finally, imagine piling up $32 billion, the total of Berkshire’s 2012-21 federal income tax payments. Now the stack grows to more than 21 miles in height, about three times the level at which commercial airplanes usually cruise.When it comes to federal taxes, individuals who own Berkshire can unequivocally state “I gave at the office.”* * * * * * * * * * * *At Berkshire we hope and expect to pay much more in taxes during the next decade. We owe the country no less: America’s dynamism has made a huge contribution to whatever success Berkshire has achieved – a contribution Berkshire will always need. We count on the American Tailwind and, though it has been becalmed from time to time, its propelling force has always returned.I have been investing for 80 years – more than one-third of our country’s lifetime. Despite our citizens’ penchant – almost enthusiasm – for self-criticism and self-doubt, I have yet to see a time when it made sense to make a long-term bet against America. And I doubt very much that any reader of this letter will have a different experience in the future.Nothing Beats Having a Great PartnerCharlie and I think pretty much alike. But what it takes me a page to explain, he sums up in a sentence. His version, moreover, is always more clearly reasoned and also more artfully – some might add bluntly – stated.Here are a few of his thoughts, many lifted from a very recent podcast:- The world is full of foolish gamblers, and they will not do as well as the patient investor.- If you don’t see the world the way it is, it’s like judging something through a distorted lens.- All I want to know is where I’m going to die, so I’ll never go there. And a related thought: Early on, write your desired obituary – and then behave accordingly.- If you don’t care whether you are rational or not, you won’t work on it. Then you will stay irrational and get lousy results.- Patience can be learned. Having a long attention span and the ability to concentrate on one thing for a long time is a huge advantage.- You can learn a lot from dead people. Read of the deceased you admire and detest.- Don’t bail away in a sinking boat if you can swim to one that is seaworthy.- A great company keeps working after you are not; a mediocre company won’t do that.- Warren and I don’t focus on the froth of the market. We seek out good long-term investments and stubbornly hold them for a long time.- Ben Graham said, “Day to day, the stock market is a voting machine; in the long term it’s a weighing machine.” If you keep making something more valuable, then some wise person is going to notice it and start buying.- There is no such thing as a 100% sure thing when investing. Thus, the use of leverage is dangerous. A string of wonderful numbers times zero will always equal zero. Don’t count on getting rich twice.- You don’t, however, need to own a lot of things in order to get rich.- You have to keep learning if you want to become a great investor. When the world changes, you must change.- Warren and I hated railroad stocks for decades, but the world changed and finally the country had four huge railroads of vital importance to the American economy. We were slow to recognize the change, but better late than never.- Finally, I will add two short sentences by Charlie that have been his decision-clinchers for decades: “Warren, think more about it. You’re smart and I’m right.”And so it goes. I never have a phone call with Charlie without learning something. And, while he makes me think, he also makes me laugh.* * * * * * * * * * * *I will add to Charlie’s list a rule of my own:   Find   a   very   smart   high-grade partner – preferably slightly older than you – and then listen very carefully to what he says.A Family Gathering in OmahaCharlie and I are shameless. Last year, at our first shareholder get-together in three years, we greeted you with our usual commercial hustle.From the opening bell, we went straight for your wallet. In short order, our See’s kiosk sold you eleven tons of nourishing peanut brittle and chocolates. In our P.T. Barnum pitch, we promised you longevity. After all, what else but candy from See’s could account for Charlie and me making it to 99 and 92?I know you can’t wait to hear the specifics of last year’s hustle.On Friday, the doors were open from noon until 5 p.m., and our candy counters rang up 2,690 individual sales. On Saturday, See’s registered an additional 3,931 transactions between 7 a.m. and 4:30 p.m., despite the fact that 612 of the 912 operating hours occurred while our movie and the question-and-answer session were limiting commercial traffic.Do the math: See’s rang up about 10 sales per minute during its prime operating time (racking up $400,309 of volume during the two days), with all the goods purchased at a single location selling products that haven’t been materially altered in 101 years. What worked for See’s in the days of Henry Ford’s model T works now.* * * * * * * * * * * *Charlie, I, and the entire Berkshire bunch look forward to seeing you in Omaha on May 5-6. We will have a good time and so will you.February 25, 2023 Warren E. Buffett Chairman of the Board","news_type":1},"isVote":1,"tweetType":1,"viewCount":132,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9927681486,"gmtCreate":1672469409746,"gmtModify":1676538695526,"author":{"id":"3575352038769618","authorId":"3575352038769618","name":"JulianAlson","avatar":"https://static.tigerbbs.com/a4f9fadbfd2a54fe54a080c1732d41f9","crmLevel":6,"crmLevelSwitch":1},"themes":[],"htmlText":"K","listText":"K","text":"K","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9927681486","repostId":"2295181713","repostType":4,"repost":{"id":"2295181713","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":1672441484,"share":"https://www.laohu8.com/m/news/2295181713?lang=&edition=full","pubTime":"2022-12-31 07:04","market":"us","language":"en","title":"US STOCKS-Wall St Ends 2022 With Biggest Annual Drop Since 2008","url":"https://stock-news.laohu8.com/highlight/detail?id=2295181713","media":"Reuters","summary":"Wall St booked biggest annual percentage drop since 2008S&P market cap declined by about $8 billion ","content":"<html><head></head><body><ul><li>Wall St booked biggest annual percentage drop since 2008</li><li>S&amp;P market cap declined by about $8 billion in 2022</li><li>Indexes down: Dow 0.22%, S&amp;P 500 0.25%, Nasdaq 0.11%</li></ul><p>U.S. stocks closed out 2022 lower on Friday, capping a year of sharp losses driven by aggressive interest rate hikes to curb inflation, recession fears, the Russia-Ukraine war and rising concerns over COVID cases in China.</p><p>Wall Street&#39;s three main indexes booked their first yearly drop since 2018 as an era of loose monetary policy ended with the Federal Reserve&#39;s fastest pace of rate hikes since the 1980s.</p><p>The benchmark S&amp;P 500    has shed 19.4% this year, marking a roughly $8 trillion decline in market cap. The tech-heavy Nasdaq    is down 33.1%, while the Dow Jones Industrial Average    has fallen 8.9%.</p><p>The annual percentage declines for all three indexes were the biggest since the 2008 financial crisis, largely driven by a rout in growth shares as concerns over Fed&#39;s rapid interest rate hikes boost U.S. Treasury yields.</p><p>&#34;The primary macro reasons ... came from a combination of events: the ongoing supply chain disruption that started in 2020, the spike in inflation, the tardiness of the Fed beginning its rate tightening program in the attempt to corral the inflation,&#34; said Sam Stovall, chief investment strategist at CFRA Research.</p><p>He also cited economic indicators pointing to recession, geopolitical tensions including the Ukraine war, and China&#39;s surging COVID cases and uncertainties over Taiwan.</p><p>Growth stocks have been under pressure from rising yields for much of 2022 and have underperformed their economically linked value peers, reversing a trend that had lasted for much of the past decade.</p><p>Apple Inc, Alphabet Inc, Microsoft Corp, Nvidia Corp, Amazon.com Inc, Tesla Inc are among the worst drags on the S&amp;P 500 growth index   , down between 28% and 66% in 2022.</p><p>The S&amp;P 500 growth index has fallen about 30.1% this year, while the value index    is down 7.4%, with investors preferring high dividend-yielding sectors with steady earnings such as energy.</p><p>Energy has recorded stellar annual gains of 59% as oil prices surged.</p><p>Ten of the 11 S&amp;P sector indexes dropped on Friday, led by real estate and utilities.</p><p>&#34;The housing market has really slowed down and the values of people&#39;s homes have declined off of the highs earlier this year,&#34; said J. Bryant Evans, investment advisor and portfolio manager at Cozad Asset Management in Champaign, Illinois.</p><p>&#34;That affects people&#39;s mind frame and actually affects their spending a little bit.&#34;</p><p>The focus has shifted to the 2023 corporate earnings outlook, with growing concerns about the likelihood of a recession.</p><p>Still, signs of U.S. economic resilience have fueled worries that rates could remain higher, though easing inflationary pressures have raised hopes of dialed-down rate hikes.</p><p>Money market participants see 65% odds of a 25-basis-point hike in the Fed&#39;s February meeting, with rates expected to peak at 4.97% by mid-2023.</p><p>The Dow Jones Industrial Average fell 73.55 points, or 0.22%, to 33,147.25; the S&amp;P 500    lost 9.78 points, or 0.25%, at 3,839.50; and the Nasdaq Composite dropped 11.61 points, or 0.11%, to 10,466.48.</p><p>Volume on U.S. exchanges was 8.50 billion shares, compared with the 10.79 billion average for the full session over the last 20 trading days.</p><p>Declining issues outnumbered advancers on the NYSE by a 1.50-to-1 ratio; on Nasdaq, a 1.03-to-1 ratio favored decliners.</p><p>The S&amp;P 500 posted no new 52-week highs and no new lows; the Nasdaq Composite recorded 85 new highs and 134 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-Wall St Ends 2022 With Biggest Annual Drop Since 2008</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-Wall St Ends 2022 With Biggest Annual Drop Since 2008\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\">2022-12-31 07:04</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><ul><li>Wall St booked biggest annual percentage drop since 2008</li><li>S&amp;P market cap declined by about $8 billion in 2022</li><li>Indexes down: Dow 0.22%, S&amp;P 500 0.25%, Nasdaq 0.11%</li></ul><p>U.S. stocks closed out 2022 lower on Friday, capping a year of sharp losses driven by aggressive interest rate hikes to curb inflation, recession fears, the Russia-Ukraine war and rising concerns over COVID cases in China.</p><p>Wall Street&#39;s three main indexes booked their first yearly drop since 2018 as an era of loose monetary policy ended with the Federal Reserve&#39;s fastest pace of rate hikes since the 1980s.</p><p>The benchmark S&amp;P 500    has shed 19.4% this year, marking a roughly $8 trillion decline in market cap. The tech-heavy Nasdaq    is down 33.1%, while the Dow Jones Industrial Average    has fallen 8.9%.</p><p>The annual percentage declines for all three indexes were the biggest since the 2008 financial crisis, largely driven by a rout in growth shares as concerns over Fed&#39;s rapid interest rate hikes boost U.S. Treasury yields.</p><p>&#34;The primary macro reasons ... came from a combination of events: the ongoing supply chain disruption that started in 2020, the spike in inflation, the tardiness of the Fed beginning its rate tightening program in the attempt to corral the inflation,&#34; said Sam Stovall, chief investment strategist at CFRA Research.</p><p>He also cited economic indicators pointing to recession, geopolitical tensions including the Ukraine war, and China&#39;s surging COVID cases and uncertainties over Taiwan.</p><p>Growth stocks have been under pressure from rising yields for much of 2022 and have underperformed their economically linked value peers, reversing a trend that had lasted for much of the past decade.</p><p>Apple Inc, Alphabet Inc, Microsoft Corp, Nvidia Corp, Amazon.com Inc, Tesla Inc are among the worst drags on the S&amp;P 500 growth index   , down between 28% and 66% in 2022.</p><p>The S&amp;P 500 growth index has fallen about 30.1% this year, while the value index    is down 7.4%, with investors preferring high dividend-yielding sectors with steady earnings such as energy.</p><p>Energy has recorded stellar annual gains of 59% as oil prices surged.</p><p>Ten of the 11 S&amp;P sector indexes dropped on Friday, led by real estate and utilities.</p><p>&#34;The housing market has really slowed down and the values of people&#39;s homes have declined off of the highs earlier this year,&#34; said J. Bryant Evans, investment advisor and portfolio manager at Cozad Asset Management in Champaign, Illinois.</p><p>&#34;That affects people&#39;s mind frame and actually affects their spending a little bit.&#34;</p><p>The focus has shifted to the 2023 corporate earnings outlook, with growing concerns about the likelihood of a recession.</p><p>Still, signs of U.S. economic resilience have fueled worries that rates could remain higher, though easing inflationary pressures have raised hopes of dialed-down rate hikes.</p><p>Money market participants see 65% odds of a 25-basis-point hike in the Fed&#39;s February meeting, with rates expected to peak at 4.97% by mid-2023.</p><p>The Dow Jones Industrial Average fell 73.55 points, or 0.22%, to 33,147.25; the S&amp;P 500    lost 9.78 points, or 0.25%, at 3,839.50; and the Nasdaq Composite dropped 11.61 points, or 0.11%, to 10,466.48.</p><p>Volume on U.S. exchanges was 8.50 billion shares, compared with the 10.79 billion average for the full session over the last 20 trading days.</p><p>Declining issues outnumbered advancers on the NYSE by a 1.50-to-1 ratio; on Nasdaq, a 1.03-to-1 ratio favored decliners.</p><p>The S&amp;P 500 posted no new 52-week highs and no new lows; the Nasdaq Composite recorded 85 new highs and 134 new lows.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2295181713","content_text":"Wall St booked biggest annual percentage drop since 2008S&P market cap declined by about $8 billion in 2022Indexes down: Dow 0.22%, S&P 500 0.25%, Nasdaq 0.11%U.S. stocks closed out 2022 lower on Friday, capping a year of sharp losses driven by aggressive interest rate hikes to curb inflation, recession fears, the Russia-Ukraine war and rising concerns over COVID cases in China.Wall Street's three main indexes booked their first yearly drop since 2018 as an era of loose monetary policy ended with the Federal Reserve's fastest pace of rate hikes since the 1980s.The benchmark S&P 500    has shed 19.4% this year, marking a roughly $8 trillion decline in market cap. The tech-heavy Nasdaq    is down 33.1%, while the Dow Jones Industrial Average    has fallen 8.9%.The annual percentage declines for all three indexes were the biggest since the 2008 financial crisis, largely driven by a rout in growth shares as concerns over Fed's rapid interest rate hikes boost U.S. Treasury yields.\"The primary macro reasons ... came from a combination of events: the ongoing supply chain disruption that started in 2020, the spike in inflation, the tardiness of the Fed beginning its rate tightening program in the attempt to corral the inflation,\" said Sam Stovall, chief investment strategist at CFRA Research.He also cited economic indicators pointing to recession, geopolitical tensions including the Ukraine war, and China's surging COVID cases and uncertainties over Taiwan.Growth stocks have been under pressure from rising yields for much of 2022 and have underperformed their economically linked value peers, reversing a trend that had lasted for much of the past decade.Apple Inc, Alphabet Inc, Microsoft Corp, Nvidia Corp, Amazon.com Inc, Tesla Inc are among the worst drags on the S&P 500 growth index   , down between 28% and 66% in 2022.The S&P 500 growth index has fallen about 30.1% this year, while the value index    is down 7.4%, with investors preferring high dividend-yielding sectors with steady earnings such as energy.Energy has recorded stellar annual gains of 59% as oil prices surged.Ten of the 11 S&P sector indexes dropped on Friday, led by real estate and utilities.\"The housing market has really slowed down and the values of people's homes have declined off of the highs earlier this year,\" said J. Bryant Evans, investment advisor and portfolio manager at Cozad Asset Management in Champaign, Illinois.\"That affects people's mind frame and actually affects their spending a little bit.\"The focus has shifted to the 2023 corporate earnings outlook, with growing concerns about the likelihood of a recession.Still, signs of U.S. economic resilience have fueled worries that rates could remain higher, though easing inflationary pressures have raised hopes of dialed-down rate hikes.Money market participants see 65% odds of a 25-basis-point hike in the Fed's February meeting, with rates expected to peak at 4.97% by mid-2023.The Dow Jones Industrial Average fell 73.55 points, or 0.22%, to 33,147.25; the S&P 500    lost 9.78 points, or 0.25%, at 3,839.50; and the Nasdaq Composite dropped 11.61 points, or 0.11%, to 10,466.48.Volume on U.S. exchanges was 8.50 billion shares, compared with the 10.79 billion average for the full session over the last 20 trading days.Declining issues outnumbered advancers on the NYSE by a 1.50-to-1 ratio; on Nasdaq, a 1.03-to-1 ratio favored decliners.The S&P 500 posted no new 52-week highs and no new lows; the Nasdaq Composite recorded 85 new highs and 134 new lows.","news_type":1},"isVote":1,"tweetType":1,"viewCount":237,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9927163658,"gmtCreate":1672418334975,"gmtModify":1676538689363,"author":{"id":"3575352038769618","authorId":"3575352038769618","name":"JulianAlson","avatar":"https://static.tigerbbs.com/a4f9fadbfd2a54fe54a080c1732d41f9","crmLevel":6,"crmLevelSwitch":1},"themes":[],"htmlText":"<a href=\"https://ttm.financial/OPT/BIG 20230120 12.5 PUT\">$BIG 20230120 12.5 PUT$ </a><a href=\"https://ttm.financial/OPT/BIG 20230120 12.5 PUT\">$BIG 20230120 12.5 PUT$&nbsp;</a>&nbsp;","listText":"<a href=\"https://ttm.financial/OPT/BIG 20230120 12.5 PUT\">$BIG 20230120 12.5 PUT$ </a><a href=\"https://ttm.financial/OPT/BIG 20230120 12.5 PUT\">$BIG 20230120 12.5 PUT$&nbsp;</a>&nbsp;","text":"$BIG 20230120 12.5 PUT$ $BIG 20230120 12.5 PUT$","images":[{"img":"https://community-static.tradeup.com/news/bf7b7a595270b94c01d231bc5a0d53c0","width":"1125","height":"2196"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9927163658","isVote":1,"tweetType":1,"viewCount":141,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9924891795,"gmtCreate":1672212962418,"gmtModify":1676538653591,"author":{"id":"3575352038769618","authorId":"3575352038769618","name":"JulianAlson","avatar":"https://static.tigerbbs.com/a4f9fadbfd2a54fe54a080c1732d41f9","crmLevel":6,"crmLevelSwitch":1},"themes":[],"htmlText":"k","listText":"k","text":"k","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9924891795","repostId":"1108272739","repostType":4,"isVote":1,"tweetType":1,"viewCount":240,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9924891446,"gmtCreate":1672212952785,"gmtModify":1676538653584,"author":{"id":"3575352038769618","authorId":"3575352038769618","name":"JulianAlson","avatar":"https://static.tigerbbs.com/a4f9fadbfd2a54fe54a080c1732d41f9","crmLevel":6,"crmLevelSwitch":1},"themes":[],"htmlText":"k","listText":"k","text":"k","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9924891446","repostId":"1108272739","repostType":4,"repost":{"id":"1108272739","pubTimestamp":1672182854,"share":"https://www.laohu8.com/m/news/1108272739?lang=&edition=full","pubTime":"2022-12-28 07:14","market":"us","language":"en","title":"Tesla’s 2022 Collapse Hits 69% After Deepest Selloff Since April","url":"https://stock-news.laohu8.com/highlight/detail?id=1108272739","media":"Bloomberg","summary":"Stock has lost around $720 billion in valuation this yearLatest decline comes amid growing concern a","content":"<html><head></head><body><ul><li>Stock has lost around $720 billion in valuation this year</li><li>Latest decline comes amid growing concern about demand risks</li></ul><p>The tailspin inTesla Inc.shares accelerated Tuesday, marking their longest losing streak since 2018, as a report of a plan to temporarily halt production at its China factory rekindled fears about demand risks.</p><p>Shares of the Elon Musk-led company closed down 11% at $109.10, for the seventh straight decline and its steepest one-day drop since April. The electric-vehicle maker’s market valuation has shrunk to roughly $345 billion, below that of Walmart Inc., JPMorgan Chase &amp; Co. and Nvidia Corp. This latest selloff also cost Tesla its position among the 10-highest valued companies in the S&amp;P 500 Index, a distinction it had held since joining the benchmark in December 2020.</p><p>News ofreduced outputin Shanghai comes on the heels of last week’s report that Tesla wasoffering US consumersa $7,500 discount to take delivery of its two highest-volume models before year-end, combining to intensify concerns that demand is ebbing. For Tesla, whose valuation is pinned on its future growth prospects, these worries reflect a significant risk.</p><p><img src=\"https://static.tigerbbs.com/20b0ea682477692e55b83205ed99dd95\" tg-width=\"620\" tg-height=\"348\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>“Most of the stock’s weakness this year is due to indicators showing flagging demand globally,” said Craig Irwin, an analyst at Roth Capital Partners. Tesla’s estimatedrevenue growth“is still amazing, but not $385 billion market valuation-type amazing,” he said, referring to the value at the end of last week.</p><p>Analysts on average expect revenue to grow 54% in 2022 and 37% in 2023, data compiled by Bloomberg show.</p><p>The hope that Tesla will be the leading EV company in a future dominated by electric cars drove a spectacular eight-fold rally in the shares in 2020, earning its place in the S&amp;P 500 and at one point making it the fifth-most valuable stock in the gauge.</p><h2>Breakneck Unwind</h2><p>But this year the unwinding has come equally fast. It has lost 69% its value amid Musk’s Twitter takeover and related distractions, investor jitters about growth assets and most recently, worries that high inflation and rising interest rates will dampen consumers’ enthusiasm for EVs.</p><p>“Our sense is the company’s market share has peaked and concerns about its over-reliance on China for profits and the factory shutdown are weighing on the stock,” said Jeffrey Osborne, an analyst at Cowen. Tesla “appears to have burned through its backlog as they are resorting to promotions to move cars and delivery lead times are 1-2 weeks in the majority of the world.”</p><p>Sponsored ContentWhat Makes a Home Sustainable?SamsungMore fromBloombergHyperdriveToyota Hits Record November Output, But Shortages LoomNio CEO Warns of Sales Challenges in First Half on China DemandChinese EV Maker Nio Launches New Models, Upgraded Battery SwapsTesla’s Ugly December and Other Omens for the Auto Industry</p><p>Wall Street analysts started flagging warnings about EV demand earlier this month, with the average 12-month price target for Tesla falling 10% since the end of November. Meanwhile, the average adjusted earnings estimate for 2022 has declined over 4% from just three months ago.</p><p>Tesla has now seen around $720 billion of shareholder value evaporate this year. The collapse is among the biggest contributors to the S&amp;P 500’s decline in 2022, after Amazon.com Inc., Microsoft Corp. and Apple Inc.</p><p>Still, analysts’ overall stance on Tesla remains bullish, with the highest share of buy or equivalent ratings since early 2015.</p><p>“Despite the stock’s performance, Tesla’s innovation curve appears to be accelerating, a stark contrast to other large tech companies whose incremental product updates appear stagnant at best,” Canaccord Genuity analyst George Gianarikas wrote in a note last week. He added that “green shoots” of recovery may appear in 2023.</p></body></html>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla’s 2022 Collapse Hits 69% After Deepest Selloff Since April</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla’s 2022 Collapse Hits 69% After Deepest Selloff Since April\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-12-28 07:14 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2022-12-27/tesla-s-deepening-rout-obliterates-half-of-meteoric-2020-rally?srnd=premium-asia><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Stock has lost around $720 billion in valuation this yearLatest decline comes amid growing concern about demand risksThe tailspin inTesla Inc.shares accelerated Tuesday, marking their longest losing ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2022-12-27/tesla-s-deepening-rout-obliterates-half-of-meteoric-2020-rally?srnd=premium-asia\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.bloomberg.com/news/articles/2022-12-27/tesla-s-deepening-rout-obliterates-half-of-meteoric-2020-rally?srnd=premium-asia","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1108272739","content_text":"Stock has lost around $720 billion in valuation this yearLatest decline comes amid growing concern about demand risksThe tailspin inTesla Inc.shares accelerated Tuesday, marking their longest losing streak since 2018, as a report of a plan to temporarily halt production at its China factory rekindled fears about demand risks.Shares of the Elon Musk-led company closed down 11% at $109.10, for the seventh straight decline and its steepest one-day drop since April. The electric-vehicle maker’s market valuation has shrunk to roughly $345 billion, below that of Walmart Inc., JPMorgan Chase & Co. and Nvidia Corp. This latest selloff also cost Tesla its position among the 10-highest valued companies in the S&P 500 Index, a distinction it had held since joining the benchmark in December 2020.News ofreduced outputin Shanghai comes on the heels of last week’s report that Tesla wasoffering US consumersa $7,500 discount to take delivery of its two highest-volume models before year-end, combining to intensify concerns that demand is ebbing. For Tesla, whose valuation is pinned on its future growth prospects, these worries reflect a significant risk.“Most of the stock’s weakness this year is due to indicators showing flagging demand globally,” said Craig Irwin, an analyst at Roth Capital Partners. Tesla’s estimatedrevenue growth“is still amazing, but not $385 billion market valuation-type amazing,” he said, referring to the value at the end of last week.Analysts on average expect revenue to grow 54% in 2022 and 37% in 2023, data compiled by Bloomberg show.The hope that Tesla will be the leading EV company in a future dominated by electric cars drove a spectacular eight-fold rally in the shares in 2020, earning its place in the S&P 500 and at one point making it the fifth-most valuable stock in the gauge.Breakneck UnwindBut this year the unwinding has come equally fast. It has lost 69% its value amid Musk’s Twitter takeover and related distractions, investor jitters about growth assets and most recently, worries that high inflation and rising interest rates will dampen consumers’ enthusiasm for EVs.“Our sense is the company’s market share has peaked and concerns about its over-reliance on China for profits and the factory shutdown are weighing on the stock,” said Jeffrey Osborne, an analyst at Cowen. Tesla “appears to have burned through its backlog as they are resorting to promotions to move cars and delivery lead times are 1-2 weeks in the majority of the world.”Sponsored ContentWhat Makes a Home Sustainable?SamsungMore fromBloombergHyperdriveToyota Hits Record November Output, But Shortages LoomNio CEO Warns of Sales Challenges in First Half on China DemandChinese EV Maker Nio Launches New Models, Upgraded Battery SwapsTesla’s Ugly December and Other Omens for the Auto IndustryWall Street analysts started flagging warnings about EV demand earlier this month, with the average 12-month price target for Tesla falling 10% since the end of November. Meanwhile, the average adjusted earnings estimate for 2022 has declined over 4% from just three months ago.Tesla has now seen around $720 billion of shareholder value evaporate this year. The collapse is among the biggest contributors to the S&P 500’s decline in 2022, after Amazon.com Inc., Microsoft Corp. and Apple Inc.Still, analysts’ overall stance on Tesla remains bullish, with the highest share of buy or equivalent ratings since early 2015.“Despite the stock’s performance, Tesla’s innovation curve appears to be accelerating, a stark contrast to other large tech companies whose incremental product updates appear stagnant at best,” Canaccord Genuity analyst George Gianarikas wrote in a note last week. He added that “green shoots” of recovery may appear in 2023.","news_type":1},"isVote":1,"tweetType":1,"viewCount":262,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9921187064,"gmtCreate":1670997147659,"gmtModify":1676538473662,"author":{"id":"3575352038769618","authorId":"3575352038769618","name":"JulianAlson","avatar":"https://static.tigerbbs.com/a4f9fadbfd2a54fe54a080c1732d41f9","crmLevel":6,"crmLevelSwitch":1},"themes":[],"htmlText":"K","listText":"K","text":"K","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9921187064","repostId":"2284033039","repostType":4,"repost":{"id":"2284033039","pubTimestamp":1668934033,"share":"https://www.laohu8.com/m/news/2284033039?lang=&edition=full","pubTime":"2022-11-20 16:47","market":"us","language":"en","title":"Wall Street Rebuffs Soft-Landing Dream as 92% Bet on Stagflation","url":"https://stock-news.laohu8.com/highlight/detail?id=2284033039","media":"Bloomberg","summary":"BofA investor survey shows a pervasive belief in stagflationRecent inflation data is promising as in","content":"<html><head></head><body><ul><li>BofA investor survey shows a pervasive belief in stagflation</li><li>Recent inflation data is promising as investors stay defensive</li></ul><p>(Bloomberg) -- On the most optimistic corners of Wall Street, promising inflation data over the past week or so suggest the Federal Reserve may accomplish a soft landing after all.</p><p>Yet no such belief prevails among the big money managers, who are betting that an economic downturn riddled with still-hot price pressures will define trading next year.</p><p>With a closely watched section of the Treasury yield curve sending fresh recession signals, stagflation is the consensus viewpoint among a whopping 92% of respondents in Bank of America Corp.’s latest fund-manager survey.</p><p>At the same time, Citigroup Inc. is painting a scenario of the “Powell Push” in which the Fed will be compelled to hike even if growth plunges, while BlackRock Inc. sees no prospect of a soft landing either in the US or Europe.</p><p>The bearish stance comes even as recent data on employment as well as consumer and producer prices -- combined with decent corporate earnings -- suggest the US central bank may actually succeed in its high-wire mission to ramp up borrowing costs without crashing the business cycle.</p><p>Yet for now, the professional investing class will need to see more conclusive evidence of a benign shift in the economic trajectory before materially changing their defensive positioning across the beaten-up world of stocks and bonds.</p><p>“Central banks will overtighten and push economies into moderate recession, but will stop hiking – before they have done enough to get inflation all the way down to target – as the damage from rate hikes becomes clearer,” said Wei Li, global chief investment strategist at BlackRock.</p><p><img src=\"https://static.tigerbbs.com/0ef24c09069f86b3bb032bd4713e42f4\" tg-width=\"800\" tg-height=\"497\" width=\"100%\" height=\"auto\"/></p><p>Li sees a US growth slowdown, earnings downgrades and elevated price pressures, justifying the firm’s underweights in developed-market equities and bonds, though it’s ready to put some cash back into corporate credit. Her stance is backed by investors at Bank of America, who overwhelmingly see stagflation on the horizon. The firm’s latest survey shows they’re historically underweight equities -- with tech-share positioning the lowest since 2006 -- and overweight cash.</p><p>The pessimism contrasts with a bout of ebullience sparked by last week’s US inflation report suggesting prices pressures may be peaking. That’s intensifying the debate about whether the Fed has room to moderate the pace of interest-rate hikes.</p><p>The latter was summarily dismissed by a parade of monetary officials this week. Among the most hawkish, St. Louis Fed President James Bullard said policy makers should increase interest rates to at least to 5%-5.25% to curb inflation. That came after San Francisco Fed President Mary Daly said a pause in hiking cycle was “off the table,” while Kansas City Fed President Esther George warned the Fed could find it increasingly difficult to tame inflation without causing a recession.</p><p><img src=\"https://static.tigerbbs.com/3f6d6256d1c4799743f4357a5d675147\" tg-width=\"698\" tg-height=\"392\" width=\"100%\" height=\"auto\"/></p><p>As rate hikes spark bear markets in stocks and bonds, the Fed has gone from a friend in the bull times to a newfound foe. And no dovish policy pivot looks likely anytime soon. Citi, for one, is touting the idea of the “Powell Push,” with the Jerome Powell-led central bank forced into growth-sapping rate hikes on still-raging inflation ahead.</p><p>“We classify the environment as stagflationary,” according to Citi strategist Alex Saunders. He recommends selling US equities and credit, and buying commodities and bonds in a Powell Push scenario.</p><p>Invesco is also treading carefully, tilting exposure to defensive equities with overweight bets in Treasuries and US investment-grade credit.</p><p>“A signal to become more ‘risk on’ would be signs the Fed is getting close to ‘pausing’ rate hikes,” said Kristina Hooper, chief global market strategist at Invesco.</p><p>Even <a href=\"https://laohu8.com/S/MSTLW\">Morgan Stanley</a>’s Andrew Sheets -- who holds a minority view that core inflation will fall to 2.9% by the end of 2023 -- isn’t ready to go all risk-on yet given the prospect of an economic slowdown. Still, he cites the mid-90s as a reason for optimism. Back then, an era marked by elevated inflation with interest rates soaring, equities and Treasuries eventually managed to pull off big gains.</p><p>“Bears say soft landings are rare. But they happen,” Sheets wrote in his outlook for the next year.</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>Wall Street Rebuffs Soft-Landing Dream as 92% Bet on Stagflation</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWall Street Rebuffs Soft-Landing Dream as 92% Bet on Stagflation\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-11-20 16:47 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2022-11-19/wall-street-rebuffs-soft-landing-dream-as-92-bet-on-stagflation><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>BofA investor survey shows a pervasive belief in stagflationRecent inflation data is promising as investors stay defensive(Bloomberg) -- On the most optimistic corners of Wall Street, promising ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2022-11-19/wall-street-rebuffs-soft-landing-dream-as-92-bet-on-stagflation\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://www.bloomberg.com/news/articles/2022-11-19/wall-street-rebuffs-soft-landing-dream-as-92-bet-on-stagflation","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2284033039","content_text":"BofA investor survey shows a pervasive belief in stagflationRecent inflation data is promising as investors stay defensive(Bloomberg) -- On the most optimistic corners of Wall Street, promising inflation data over the past week or so suggest the Federal Reserve may accomplish a soft landing after all.Yet no such belief prevails among the big money managers, who are betting that an economic downturn riddled with still-hot price pressures will define trading next year.With a closely watched section of the Treasury yield curve sending fresh recession signals, stagflation is the consensus viewpoint among a whopping 92% of respondents in Bank of America Corp.’s latest fund-manager survey.At the same time, Citigroup Inc. is painting a scenario of the “Powell Push” in which the Fed will be compelled to hike even if growth plunges, while BlackRock Inc. sees no prospect of a soft landing either in the US or Europe.The bearish stance comes even as recent data on employment as well as consumer and producer prices -- combined with decent corporate earnings -- suggest the US central bank may actually succeed in its high-wire mission to ramp up borrowing costs without crashing the business cycle.Yet for now, the professional investing class will need to see more conclusive evidence of a benign shift in the economic trajectory before materially changing their defensive positioning across the beaten-up world of stocks and bonds.“Central banks will overtighten and push economies into moderate recession, but will stop hiking – before they have done enough to get inflation all the way down to target – as the damage from rate hikes becomes clearer,” said Wei Li, global chief investment strategist at BlackRock.Li sees a US growth slowdown, earnings downgrades and elevated price pressures, justifying the firm’s underweights in developed-market equities and bonds, though it’s ready to put some cash back into corporate credit. Her stance is backed by investors at Bank of America, who overwhelmingly see stagflation on the horizon. The firm’s latest survey shows they’re historically underweight equities -- with tech-share positioning the lowest since 2006 -- and overweight cash.The pessimism contrasts with a bout of ebullience sparked by last week’s US inflation report suggesting prices pressures may be peaking. That’s intensifying the debate about whether the Fed has room to moderate the pace of interest-rate hikes.The latter was summarily dismissed by a parade of monetary officials this week. Among the most hawkish, St. Louis Fed President James Bullard said policy makers should increase interest rates to at least to 5%-5.25% to curb inflation. That came after San Francisco Fed President Mary Daly said a pause in hiking cycle was “off the table,” while Kansas City Fed President Esther George warned the Fed could find it increasingly difficult to tame inflation without causing a recession.As rate hikes spark bear markets in stocks and bonds, the Fed has gone from a friend in the bull times to a newfound foe. And no dovish policy pivot looks likely anytime soon. Citi, for one, is touting the idea of the “Powell Push,” with the Jerome Powell-led central bank forced into growth-sapping rate hikes on still-raging inflation ahead.“We classify the environment as stagflationary,” according to Citi strategist Alex Saunders. He recommends selling US equities and credit, and buying commodities and bonds in a Powell Push scenario.Invesco is also treading carefully, tilting exposure to defensive equities with overweight bets in Treasuries and US investment-grade credit.“A signal to become more ‘risk on’ would be signs the Fed is getting close to ‘pausing’ rate hikes,” said Kristina Hooper, chief global market strategist at Invesco.Even Morgan Stanley’s Andrew Sheets -- who holds a minority view that core inflation will fall to 2.9% by the end of 2023 -- isn’t ready to go all risk-on yet given the prospect of an economic slowdown. Still, he cites the mid-90s as a reason for optimism. Back then, an era marked by elevated inflation with interest rates soaring, equities and Treasuries eventually managed to pull off big gains.“Bears say soft landings are rare. But they happen,” Sheets wrote in his outlook for the next year.","news_type":1},"isVote":1,"tweetType":1,"viewCount":222,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9923869594,"gmtCreate":1670826183619,"gmtModify":1676538441491,"author":{"id":"3575352038769618","authorId":"3575352038769618","name":"JulianAlson","avatar":"https://static.tigerbbs.com/a4f9fadbfd2a54fe54a080c1732d41f9","crmLevel":6,"crmLevelSwitch":1},"themes":[],"htmlText":"K","listText":"K","text":"K","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9923869594","repostId":"2290471862","repostType":4,"repost":{"id":"2290471862","pubTimestamp":1670825204,"share":"https://www.laohu8.com/m/news/2290471862?lang=&edition=full","pubTime":"2022-12-12 14:06","market":"us","language":"en","title":"Google: Ignore Fear-Mongering Headlines About ChatGPT's Disruption","url":"https://stock-news.laohu8.com/highlight/detail?id=2290471862","media":"Seeking Alpha","summary":"SummaryThe introduction of ChatGPT has led to unnecessary \"fear-mongering\" in the media, as writers ","content":"<html><head></head><body><h2>Summary</h2><ul><li>The introduction of ChatGPT has led to unnecessary &#34;fear-mongering&#34; in the media, as writers fanned the flame of disruption on Google Search&#39;s business model.</li><li>We discuss why investors should be cautious about falling for these headlines, as Google AI has a strong foundation.</li><li>Also, we discuss why ChatGPT is far from supplanting Google AI. Why? Because AI output is probabilistic, not deterministic. AGI is likely not even close to reality.</li><li>But our children&#39;s homework could be ripe for disruption by having ChatGPT churn out the &#34;incorrect&#34; answers to test their knowledge and editing skills.</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e73fc6b7a961de53c1bf9a0e18801108\" tg-width=\"1080\" tg-height=\"608\" referrerpolicy=\"no-referrer\"/><span>JHVEPhoto</span></p><h2>Don&#39;t Fall For The ChatGPT &#34;Fear Mongering&#34;</h2><p>In October last year, one of the largest companies headquartered in Menlo Park dazzled us with its interpretation of the metaverse. It even changed its name from Facebook to <a href=\"https://laohu8.com/S/META\">Meta Platforms</a> (META) subsequently, seeing its future firmly established in the VR world.</p><p>This December, a company called OpenAI, backed by notable luminaries such as Tesla (TSLA) CEO Elon Musk, <a href=\"https://laohu8.com/S/PYPL\">PayPal</a> (PYPL) Co-Founder Peter Thiel, LinkedIn (MSFT) Co-Founder Reid Hoffman, and led by ex-President of Y Combinator Sam Altman, unveiled its Generative Pre-trained Transformer (GPT) language model called ChatGPT to the public for free (for now).</p><p>Based on the two-year old GPT-3 model, OpenAI&#39;s ChatGPT has created massive hype, as it amassed 1M users in record fashion.</p><p>We have seen analyses and unnecessary &#34;fear-mongering&#34; in the media, suggesting that Google&#39;s (NASDAQ:GOOGL) (NASDAQ:GOOG) most-prized and critical revenue driver: Google Search is ripe for disruption.</p><p>However, before anyone arrives at any conclusion, we urge investors to consider what Google has been doing all this while with AI. In addition, Google investors should be keenly aware that AI is critical to Google CEO Sundar Pichai&#39;s focus.</p><p>Among Pichai&#39;s 17 direct reports includes Google SVP Jeff Dean of Google Research and AI. Core to Google AI&#39;s mission is &#34;to use AI to augment the abilities of people, to enable us to accomplish more and to allow us to spend more time on our creative endeavors.&#34;</p><p>Let me take a pause. Dean&#39;s choice of words is essential. He uses &#34;augment,&#34; seeing AI as a complementary tool to strengthen Google&#39;s value proposition to its merchants, consumers, and users. It&#39;s not meant to replace or supplant. Why? Remember, AI output, including ChatGPT&#39;s underlying model, is based on probabilistic assumptions instead of deterministic ones. Stratechery articulated in a recent piece:</p><blockquote>AI output, on the other hand, is probabilistic: ChatGPT doesn&#39;t have any internal record of right and wrong, but rather a statistical model about what bits of language go together under different contexts. The base of that context is the overall corpus of data that GPT-3 is trained on, along with additional context from ChatGPT&#39;s RLHF training, as well as the prompt and previous conversations, and, soon enough, feedback from this week&#39;s release. - <i>Stratechery</i></blockquote><p>As a result, it is amiss for users to assume that ChatGPT is the &#34;arbiter of truth.&#34; On the contrary, it has proved to deliver incorrect/inaccurate information in a highly confident manner. So confident that <a href=\"https://laohu8.com/S/HUBS\">HubSpot</a> (HUBS) Co-Founder and CTO Dharmesh Shah articulated:</p><blockquote>The biggest issue with GPT-3 (ChatGPT) is not that it sometimes gets things wrong. It&#39;s that its answers don&#39;t indicate the confidence level it has in the response. It says everything with 100% confidence. Still impressive, though. - <i>Dharmesh Shah&#39;s LinkedIn</i></blockquote><p>We believe Shah&#39;s message is pretty nuanced here. Think about it. If some probabilistic device/software delivers incorrect/inaccurate information with 100% confidence, doesn&#39;t it sound like &#34;misinformation?&#34;</p><p>Google has never intended AI to replace its business model or processes because the underlying model does not yet have the capability.</p><p>Artificial General Intelligence (AGI) is the core mission of OpenAI. Yet, even Elon Musk highlighted that ChatGPT is not even close as he responded to a tweet about how &#34;scaling ChatGPT&#34; would not lead us to AGI. Musk accentuated:</p><blockquote>To be called AGI, it needs to invent amazing things or discover deeper physics - many humans have done so. I&#39;m not seeing that potential yet. - Elon Musk Twitter</blockquote><p>Enough said.</p><h2>Google Has Always Been About Using AI Effectively</h2><p>Pichai has often laced his prepared remarks in earnings commentary or keynote speeches that he participated in with AI as a focus. As such, it has helped embed the application of Google AI into its respective business models, from Cloud to Search, YouTube, Other Bets, and Hardware.</p><p>Therefore, Google has always been about AI and has taken significant steps to further enhance the experience, effectiveness, and monetization. Pichai articulated the application of AI for its Search business:</p><blockquote>Over a decade ago, focusing the company&#39;s efforts on mobile helped us to build and grow our business for the shift to mobile computing. We are at a similar point now with AI, another transformational technology. Our investments in AI and deep computer science mean that we can deliver a wide range of breakthroughs across our products and services to help people, businesses and communities. At our Search On event, we shared how we are using AI advances to deliver a more natural and intuitive search experience. (<i>Google FQ3&#39;22 earnings call</i>)</blockquote><p>At Google Cloud Next &#39;22, Pichai also gave the keynote by highlighting how Google Cloud has embraced AI in its offerings. He accentuated:</p><blockquote>AI is another really important area for Google Cloud. Google has long been an AI-first company. We&#39;ve made progress in some of the most challenging areas of research, including translation, computer vision and natural language processing. These advances are powering helpful product innovations, from enabling people to search using video and tech simultaneously, to summarizing long documents and highlighting what matters. - <i>Google Cloud Next &#39;22 Keynote</i></blockquote><p>More importantly, Google uses AI &#34;responsibly,&#34; recognizing its limitations and leveraging its effectiveness. Therefore, Google Cloud deploys its Generative AI to enhance its customers&#39; workflow, not replace/supplant the human endeavor. GM of Google Workspace Aparna Pappu highlighted:</p><blockquote>Generative AI unleashes people&#39;s creativity and unlocks new workflows. Let&#39;s look at an example of how we might see this come to life here in Workspace. Amanda is a marketer at a running shoe company, a footwear company. And she&#39;s been tasked with creating a video to introduce their brand-new, zero-carbon, high-performance running shoe. To get started, she collects relevant data and assets. Then she might type something like this, create a 90-second video for a campaign, but using our brand guidelines of people running, make it outdoorsy, and maybe add some upbeat music. With the power of Google AI, Workspace takes all of this in and suggest several different creative directions for her to choose from. She likes the look of the mountain concept, and that&#39;s the one she picks. She begins to refine the idea. With the help of intelligent suggestions and iterations, she makes a few changes until she finally lands on something she loves. - <i>Google Cloud Next &#39;22</i></blockquote><h2>Takeaway</h2><p>No surprise that at its recent all-hands meeting, Pichai was peppered with questions about the recent changes to its performance grading. Of course, employees were more concerned about whether their jobs could be cut, given the recent tech layoffs.</p><p>However, we also believe that Google and its employees know that the company has a strong lead and foundation in AI and can monetize its product and services with AI that its customers, users, and merchants can rely on.</p><p>Ultimately, OpenAI needs to find a way on how it intends to monetize ChatGPT (given the &#34;eye-watering&#34; compute costs) before Google investors should start to ponder about &#34;disruption.&#34;</p><p>Stratechery&#39;s Ben Thompson aptly highlighted that he thinks our children&#39;s homework seems ripe for disruption. Not that it would churn out the output of the &#34;correct&#34; answers for our children. But, for it to churn out the &#34;incorrect&#34; responses that can only be corrected if our children &#34;have done their homework.&#34; He articulated:</p><blockquote>Here&#39;s an example of what homework might look like under this new paradigm. Imagine that a school acquires an AI software suite that students are expected to use for their answers about Hobbes or anything else; every answer that is generated is recorded so that teachers can instantly ascertain that students didn&#39;t use a different system. Moreover, instead of futilely demanding that students write essays themselves, teachers insist on AI. Here&#39;s the thing, though: the system will frequently give the wrong answers (and not just on accident - wrong answers will be often pushed out on purpose); the real skill in the homework assignment will be in verifying the answers the system churns out: learning how to be a verifier and an editor, instead of a regurgitator. - <i>Stratechery</i></blockquote><p>With GOOGL likely bottoming out, as we highlighted in our previous article, we maintain a Buy rating, and ignore the fear-mongering.</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>Google: Ignore Fear-Mongering Headlines About ChatGPT's Disruption</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGoogle: Ignore Fear-Mongering Headlines About ChatGPT's Disruption\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-12-12 14:06 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4563785-google-ignore-fear-mongering-headlines-chatgpt-disruption><strong>Seeking Alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryThe introduction of ChatGPT has led to unnecessary \"fear-mongering\" in the media, as writers fanned the flame of disruption on Google Search's business model.We discuss why investors should be ...</p>\n\n<a href=\"https://seekingalpha.com/article/4563785-google-ignore-fear-mongering-headlines-chatgpt-disruption\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GOOGL":"谷歌A","GOOG":"谷歌"},"source_url":"https://seekingalpha.com/article/4563785-google-ignore-fear-mongering-headlines-chatgpt-disruption","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2290471862","content_text":"SummaryThe introduction of ChatGPT has led to unnecessary \"fear-mongering\" in the media, as writers fanned the flame of disruption on Google Search's business model.We discuss why investors should be cautious about falling for these headlines, as Google AI has a strong foundation.Also, we discuss why ChatGPT is far from supplanting Google AI. Why? Because AI output is probabilistic, not deterministic. AGI is likely not even close to reality.But our children's homework could be ripe for disruption by having ChatGPT churn out the \"incorrect\" answers to test their knowledge and editing skills.JHVEPhotoDon't Fall For The ChatGPT \"Fear Mongering\"In October last year, one of the largest companies headquartered in Menlo Park dazzled us with its interpretation of the metaverse. It even changed its name from Facebook to Meta Platforms (META) subsequently, seeing its future firmly established in the VR world.This December, a company called OpenAI, backed by notable luminaries such as Tesla (TSLA) CEO Elon Musk, PayPal (PYPL) Co-Founder Peter Thiel, LinkedIn (MSFT) Co-Founder Reid Hoffman, and led by ex-President of Y Combinator Sam Altman, unveiled its Generative Pre-trained Transformer (GPT) language model called ChatGPT to the public for free (for now).Based on the two-year old GPT-3 model, OpenAI's ChatGPT has created massive hype, as it amassed 1M users in record fashion.We have seen analyses and unnecessary \"fear-mongering\" in the media, suggesting that Google's (NASDAQ:GOOGL) (NASDAQ:GOOG) most-prized and critical revenue driver: Google Search is ripe for disruption.However, before anyone arrives at any conclusion, we urge investors to consider what Google has been doing all this while with AI. In addition, Google investors should be keenly aware that AI is critical to Google CEO Sundar Pichai's focus.Among Pichai's 17 direct reports includes Google SVP Jeff Dean of Google Research and AI. Core to Google AI's mission is \"to use AI to augment the abilities of people, to enable us to accomplish more and to allow us to spend more time on our creative endeavors.\"Let me take a pause. Dean's choice of words is essential. He uses \"augment,\" seeing AI as a complementary tool to strengthen Google's value proposition to its merchants, consumers, and users. It's not meant to replace or supplant. Why? Remember, AI output, including ChatGPT's underlying model, is based on probabilistic assumptions instead of deterministic ones. Stratechery articulated in a recent piece:AI output, on the other hand, is probabilistic: ChatGPT doesn't have any internal record of right and wrong, but rather a statistical model about what bits of language go together under different contexts. The base of that context is the overall corpus of data that GPT-3 is trained on, along with additional context from ChatGPT's RLHF training, as well as the prompt and previous conversations, and, soon enough, feedback from this week's release. - StratecheryAs a result, it is amiss for users to assume that ChatGPT is the \"arbiter of truth.\" On the contrary, it has proved to deliver incorrect/inaccurate information in a highly confident manner. So confident that HubSpot (HUBS) Co-Founder and CTO Dharmesh Shah articulated:The biggest issue with GPT-3 (ChatGPT) is not that it sometimes gets things wrong. It's that its answers don't indicate the confidence level it has in the response. It says everything with 100% confidence. Still impressive, though. - Dharmesh Shah's LinkedInWe believe Shah's message is pretty nuanced here. Think about it. If some probabilistic device/software delivers incorrect/inaccurate information with 100% confidence, doesn't it sound like \"misinformation?\"Google has never intended AI to replace its business model or processes because the underlying model does not yet have the capability.Artificial General Intelligence (AGI) is the core mission of OpenAI. Yet, even Elon Musk highlighted that ChatGPT is not even close as he responded to a tweet about how \"scaling ChatGPT\" would not lead us to AGI. Musk accentuated:To be called AGI, it needs to invent amazing things or discover deeper physics - many humans have done so. I'm not seeing that potential yet. - Elon Musk TwitterEnough said.Google Has Always Been About Using AI EffectivelyPichai has often laced his prepared remarks in earnings commentary or keynote speeches that he participated in with AI as a focus. As such, it has helped embed the application of Google AI into its respective business models, from Cloud to Search, YouTube, Other Bets, and Hardware.Therefore, Google has always been about AI and has taken significant steps to further enhance the experience, effectiveness, and monetization. Pichai articulated the application of AI for its Search business:Over a decade ago, focusing the company's efforts on mobile helped us to build and grow our business for the shift to mobile computing. We are at a similar point now with AI, another transformational technology. Our investments in AI and deep computer science mean that we can deliver a wide range of breakthroughs across our products and services to help people, businesses and communities. At our Search On event, we shared how we are using AI advances to deliver a more natural and intuitive search experience. (Google FQ3'22 earnings call)At Google Cloud Next '22, Pichai also gave the keynote by highlighting how Google Cloud has embraced AI in its offerings. He accentuated:AI is another really important area for Google Cloud. Google has long been an AI-first company. We've made progress in some of the most challenging areas of research, including translation, computer vision and natural language processing. These advances are powering helpful product innovations, from enabling people to search using video and tech simultaneously, to summarizing long documents and highlighting what matters. - Google Cloud Next '22 KeynoteMore importantly, Google uses AI \"responsibly,\" recognizing its limitations and leveraging its effectiveness. Therefore, Google Cloud deploys its Generative AI to enhance its customers' workflow, not replace/supplant the human endeavor. GM of Google Workspace Aparna Pappu highlighted:Generative AI unleashes people's creativity and unlocks new workflows. Let's look at an example of how we might see this come to life here in Workspace. Amanda is a marketer at a running shoe company, a footwear company. And she's been tasked with creating a video to introduce their brand-new, zero-carbon, high-performance running shoe. To get started, she collects relevant data and assets. Then she might type something like this, create a 90-second video for a campaign, but using our brand guidelines of people running, make it outdoorsy, and maybe add some upbeat music. With the power of Google AI, Workspace takes all of this in and suggest several different creative directions for her to choose from. She likes the look of the mountain concept, and that's the one she picks. She begins to refine the idea. With the help of intelligent suggestions and iterations, she makes a few changes until she finally lands on something she loves. - Google Cloud Next '22TakeawayNo surprise that at its recent all-hands meeting, Pichai was peppered with questions about the recent changes to its performance grading. Of course, employees were more concerned about whether their jobs could be cut, given the recent tech layoffs.However, we also believe that Google and its employees know that the company has a strong lead and foundation in AI and can monetize its product and services with AI that its customers, users, and merchants can rely on.Ultimately, OpenAI needs to find a way on how it intends to monetize ChatGPT (given the \"eye-watering\" compute costs) before Google investors should start to ponder about \"disruption.\"Stratechery's Ben Thompson aptly highlighted that he thinks our children's homework seems ripe for disruption. Not that it would churn out the output of the \"correct\" answers for our children. But, for it to churn out the \"incorrect\" responses that can only be corrected if our children \"have done their homework.\" He articulated:Here's an example of what homework might look like under this new paradigm. Imagine that a school acquires an AI software suite that students are expected to use for their answers about Hobbes or anything else; every answer that is generated is recorded so that teachers can instantly ascertain that students didn't use a different system. Moreover, instead of futilely demanding that students write essays themselves, teachers insist on AI. Here's the thing, though: the system will frequently give the wrong answers (and not just on accident - wrong answers will be often pushed out on purpose); the real skill in the homework assignment will be in verifying the answers the system churns out: learning how to be a verifier and an editor, instead of a regurgitator. - StratecheryWith GOOGL likely bottoming out, as we highlighted in our previous article, we maintain a Buy rating, and ignore the fear-mongering.","news_type":1},"isVote":1,"tweetType":1,"viewCount":234,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9929773047,"gmtCreate":1670740483290,"gmtModify":1676538426703,"author":{"id":"3575352038769618","authorId":"3575352038769618","name":"JulianAlson","avatar":"https://static.tigerbbs.com/a4f9fadbfd2a54fe54a080c1732d41f9","crmLevel":6,"crmLevelSwitch":1},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/GOOG\">$Alphabet(GOOG)$&nbsp;</a><v-v 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Brokers(TIGR)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9965892809","isVote":1,"tweetType":1,"viewCount":81,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":9957519081,"gmtCreate":1677381335244,"gmtModify":1677381339154,"author":{"id":"3575352038769618","authorId":"3575352038769618","name":"JulianAlson","avatar":"https://static.tigerbbs.com/a4f9fadbfd2a54fe54a080c1732d41f9","crmLevel":6,"crmLevelSwitch":1},"themes":[],"htmlText":"K","listText":"K","text":"K","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":19,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9957519081","repostId":"1117520516","repostType":4,"repost":{"id":"1117520516","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":1677334099,"share":"https://www.laohu8.com/m/news/1117520516?lang=&edition=full","pubTime":"2023-02-25 22:08","market":"us","language":"en","title":"Buffett’s Annual Letter: Berkshire Will Always Hold a Boatload of Cash and U.S. Treasury Bills","url":"https://stock-news.laohu8.com/highlight/detail?id=1117520516","media":"Tiger Newspress","summary":"Warren Buffett is still betting on America.Stocks and bonds slumped in 2022 after central banks rais","content":"<html><head></head><body><p>Warren Buffett is still betting on America.</p><p>Stocks and bonds slumped in 2022 after central banks raised interest rates at a rapid pace to try to rein in inflation. But Mr. Buffett retained his sense of optimism in his annual letter to investors Saturday, saying he attributes much of his success over the years to the resilience of the U.S. economy.</p><p>“I have been investing for 80 years—more than one-third of our country’s lifetime. Despite our citizens’ penchant—almost enthusiasm—for self-criticism and self-doubt, I have yet to see a time when it made sense to make a long-term bet against America,” Mr. Buffett said in the letter.</p><p>Mr. Buffett, widely regarded as one of the world’s top investors, has been publishing the letters for more than half a century. Over that time, he hasn’t just reflected on the past year for his company, Berkshire Hathaway Inc., but also shared his thoughts on everything from esoteric accounting rules to his aversion to excessive risk-taking.</p><p>Saturday’s letter offered readers a glimpse into how Mr. Buffett, 92, viewed what wound up being a shaky stretch for markets.</p><p>The volatility offered Berkshire an opportunity to jump in and buy stocks. While Berkshire largely bought back its own shares in 2021, it focused more in 2022 on investing in other companies—opening up new positions in media company Paramount Global and building-materials manufacturer Louisiana-Pacific Corp., among other businesses, and swiftly becoming Occidental Petroleum Corp.’s single biggest shareholder.</p><p>As of the end of 2022, Berkshire was the largest shareholder of eight companies—American Express Co., Bank of America Corp., Chevron Corp., Coca-Cola Co., HP Inc., Moody’s Corp., Occidental and Paramount Global.</p><p>“America would have done fine without Berkshire. The reverse is not true,” Mr. Buffett said.</p><p>Berkshire also released its results for 2022 on Saturday.</p><p>The Omaha, Neb., company, which owns businesses including insurer Geico, railroad BNSF Railway and chocolate maker See’s Candies, posted a loss of $22.82 billion for the year, stung by $67.9 billion in investment and derivative contract losses. In 2021, Berkshire posted a profit of $90.8 billion.</p><p>Total revenue rose 9.4% to $302.1 billion.</p><p>Berkshire’s operating earnings, which exclude some investment results, rose to a record $30.8 billion.</p><p>Mr. Buffett, Berkshire’s chief executive, has long held that operating earnings are a better reflection of how Berkshire is doing, since accounting rules require the company to include unrealized gains and losses from its massive investment portfolio in its net income. Volatile markets can make Berkshire’s net income change substantially from quarter to quarter, regardless of how its underlying businesses are doing.</p><p>“Capital gains, to be sure, have been hugely important to Berkshire over past decades, and we expect them to be meaningfully positive in future decades,” Mr. Buffett said in his letter. “But their quarter-by-quarter gyrations, regularly and mindlessly headlined by media, totally misinform investors,” he said, adding that he and his right-hand man Charlie Munger urged shareholders to focus instead on Berkshire’s operating earnings, which rose to a record for the full year in 2022.</p><h2>Read the full letter here:</h2><p>To the Shareholders of Berkshire Hathaway Inc.:</p><p>Charlie Munger, my long-time partner, and I have the job of managing the savings of a great number of individuals. We are grateful for their enduring trust, a relationship that often spans much of their adult lifetime. It is those dedicated savers that are forefront in my mind as I write this letter.</p><p>A common belief is that people choose to save when young, expecting thereby to maintain their living standards after retirement. Any assets that remain at death, this theory says, will usually be left to their families or, possibly, to friends and philanthropy.</p><p>Our experience has differed. We believe Berkshire’s individual holders largely to be of the once-a-saver, always-a-saver variety. Though these people live well, they eventually dispense most of their funds to philanthropic organizations. These, in turn, redistribute the funds by expenditures intended to improve the lives of a great many people who are unrelated to the original benefactor. Sometimes, the results have been spectacular.</p><p>The disposition of money unmasks humans. Charlie and I watch with pleasure the vast flow of Berkshire-generated funds to public needs and, alongside, the infrequency with which our shareholders opt for look-at-me assets and dynasty-building.</p><p>Who wouldn’t enjoy working for shareholders like ours?</p><h2>What We Do</h2><p>Charlie and I allocate your savings at Berkshire between two related forms of ownership. First, we invest in businesses that we control, usually buying 100% of each. Berkshire directs capital allocation at these subsidiaries and selects the CEOs who make day-by-day operating decisions. When large enterprises are being managed, both trust and rules are essential. Berkshire emphasizes the former to an unusual – some would say extreme – degree. Disappointments are inevitable. We are understanding about business mistakes; our tolerance for personal misconduct is zero.</p><p>In our second category of ownership, we buy publicly-traded stocks through which we passively own pieces of businesses. Holding these investments, we have no say in management.</p><p>Our goal in both forms of ownership is to make meaningful investments in businesses with both long-lasting favorable economic characteristics and trustworthy managers. Please note particularly that we own publicly-traded stocks based on our expectations about their long-term business performance, not because we view them as vehicles for adroit purchases and sales. That point is crucial: Charlie and I are not stock-pickers; we are business-pickers.</p><p>Over the years, I have made many mistakes. Consequently, our extensive collection of businesses currently consists of a few enterprises that have truly extraordinary economics, many that enjoy very good economic characteristics, and a large group that are marginal. Along the way, other businesses in which I have invested have died, their products unwanted by the public. Capitalism has two sides: The system creates an ever-growing pile of losers while concurrently delivering a gusher of improved goods and services. Schumpeter called this phenomenon “creative destruction.”</p><p>One advantage of our publicly-traded segment is that – episodically – it becomes easy to buy pieces of wonderful businesses at wonderful prices. It’s crucial to understand that stocks often trade at truly foolish prices, both high and low. “Efficient” markets exist only in textbooks. In truth, marketable stocks and bonds are baffling, their behavior usually understandable only in retrospect.</p><p>Controlled businesses are a different breed. They sometimes command ridiculously higher prices than justified but are almost never available at bargain valuations. Unless under duress, the owner of a controlled business gives no thought to selling at a panic-type valuation.</p><p>* * * * * * * * * * * *</p><p>At this point, a report card from me is appropriate: In 58 years of Berkshire management, most of my capital-allocation decisions have been no better than so-so. In some cases, also, bad moves by me have been rescued by very large doses of luck. (Remember our escapes from near-disasters at USAir and Salomon? I certainly do.)</p><p>Our satisfactory results have been the product of about a dozen truly good decisions – that would be about one every five years – and a sometimes-forgotten advantage that favors long-term investors such as Berkshire. Let’s take a peek behind the curtain.</p><h2>The Secret Sauce</h2><p>In August 1994 – yes, 1994 – Berkshire completed its seven-year purchase of the 400 million shares of Coca-Cola we now own. The total cost was $1.3 billion – then a very meaningful sum at Berkshire.</p><p>The cash dividend we received from Coke in 1994 was $75 million. By 2022, the dividend had increased to $704 million. Growth occurred every year, just as certain as birthdays. All Charlie and I were required to do was cash Coke’s quarterly dividend checks. We expect that those checks are highly likely to grow.</p><p>American Express is much the same story. Berkshire’s purchases of Amex were essentially completed in 1995 and, coincidentally, also cost $1.3 billion. Annual dividends received from this investment have grown from $41 million to $302 million. Those checks, too, seem highly likely to increase.</p><p>These dividend gains, though pleasing, are far from spectacular. But they bring with them important gains in stock prices. At yearend, our Coke investment was valued at $25 billion while Amex was recorded at $22 billion. Each holding now accounts for roughly 5% of Berkshire’s net worth, akin to its weighting long ago.</p><p>Assume, for a moment, I had made a similarly-sized investment mistake in the 1990s, one that flat-lined and simply retained its $1.3 billion value in 2022. (An example would be a high-grade 30-year bond.) That disappointing investment would now represent an insignificant 0.3% of Berkshire’s net worth and would be delivering to us an unchanged $80 million or so of annual income.</p><p>The lesson for investors: The weeds wither away in significance as the flowers bloom. Over time, it takes just a few winners to work wonders. And, yes, it helps to start early and live into your 90s as well.</p><h2>The Past Year in Brief</h2><p>Berkshire had a good year in 2022. The company’s operating earnings – our term for income calculated using Generally Accepted Accounting Principles (“GAAP”), exclusive of capital gains or losses from equity holdings – set a record at $30.8 billion. Charlie and I focus on this operational figure and urge you to do so as well. The GAAP figure, absent our adjustment, fluctuates wildly and capriciously at every reporting date. Note its acrobatic behavior in 2022, which is in no way unusual:</p><p><img src=\"https://static.tigerbbs.com/69e74650656620f9fa3f1e55c15a90e5\" tg-width=\"797\" tg-height=\"207\" width=\"100%\" height=\"auto\"/></p><p>The GAAP earnings are 100% misleading when viewed quarterly or even annually. Capital gains, to be sure, have been hugely important to Berkshire over past decades, and we expect them to be meaningfully positive in future decades. But their quarter-by-quarter gyrations, regularly and mindlessly headlined by media, totally misinform investors.</p><p>A second positive development for Berkshire last year was our purchase of Alleghany Corporation, a property-casualty insurer captained by Joe Brandon. I’ve worked with Joe in the past, and he understands both Berkshire  and insurance. Alleghany delivers special value to us because Berkshire’s unmatched financial strength allows its insurance subsidiaries to follow valuable and enduring investment strategies unavailable to virtually all competitors.</p><p>Aided by Alleghany, our insurance float increased during 2022 from $147 billion to $164 billion. With disciplined underwriting, these funds have a decent chance of being cost-free over time. Since purchasing our first property-casualty insurer in 1967, Berkshire’s float has increased 8,000-fold through acquisitions, operations and innovations. Though not recognized in our financial statements, this float has been an extraordinary asset for Berkshire. New shareholders can get an understanding of its value by reading our annually updated explanation of float on page A-2.</p><p>* * * * * * * * * * * *</p><p>A very minor gain in per-share intrinsic value took place in 2022 through Berkshire share repurchases as well as similar moves at Apple and American Express, both significant investees of ours. At Berkshire, we directly increased your interest in our unique collection of businesses by repurchasing 1.2% of the company’s outstanding shares. At Apple and Amex, repurchases increased Berkshire’s ownership a bit without any cost to us.</p><p>The math isn’t complicated: When the share count goes down, your interest in our many businesses goes up. Every small bit helps if repurchases are made at value-accretive prices. Just as surely, when a company overpays for repurchases, the continuing shareholders lose. At such times, gains flow only to the selling shareholders and to the friendly, but expensive, investment banker who recommended the foolish purchases.</p><p>Gains from value-accretive repurchases, it should be emphasized, benefit all owners – in every respect. Imagine, if you will, three fully-informed shareholders of a local auto dealership, one of whom manages the business. Imagine, further, that one of the passive owners wishes to sell his interest back to the company at a price attractive to the two continuing shareholders. When completed, has this transaction harmed anyone? Is the manager somehow favored over the continuing passive owners? Has the public been hurt?</p><p>When you are told that all repurchases are harmful to shareholders or to the country, or particularly beneficial to CEOs, you are listening to either an economic illiterate or a silver-tongued demagogue (characters that are not mutually exclusive).</p><p>Almost endless details of Berkshire’s 2022 operations are laid out on pages K-33 – K-66. Charlie and I, along with many Berkshire shareholders, enjoy poring over the many facts and figures laid out in that section. These pages are not, however, required reading. There are many Berkshire centimillionaires and, yes, billionaires who have never studied our financial figures. They simply know that Charlie and I – along with our families and close friends – continue to have very significant investments in Berkshire, and they trust us to treat their money as we do our own.</p><p>And that is a promise we can make.</p><p>* * * * * * * * * * * *</p><p>Finally, an important warning: Even the operating earnings figure that we favor can easily be manipulated by managers who wish to do so. Such tampering is often thought of as sophisticated by CEOs, directors and their advisors. Reporters and analysts embrace its existence as well. Beating “expectations” is heralded as a managerial triumph.</p><p>That activity is disgusting. It requires no talent to manipulate numbers: Only a deep desire to deceive is required. “Bold imaginative accounting,” as a CEO once described his deception to me, has become one of the shames of capitalism.</p><h2>58 Years – and a Few Figures</h2><p>In 1965, Berkshire was a one-trick pony, the owner of a venerable – but doomed – New England textile operation. With that business on a death march, Berkshire needed an immediate fresh start. Looking back, I was slow to recognize the severity of its problems.</p><p>And then came a stroke of good luck: National Indemnity became available in 1967, and we shifted our resources toward insurance and other non-textile operations.</p><p>Thus began our journey to 2023, a bumpy road involving a combination of continuous savings by our owners (that is, by their retaining earnings), the power of compounding, our avoidance of major mistakes and – most important of all – the American Tailwind. America would have done fine without Berkshire. The reverse is not true.</p><p>Berkshire now enjoys major ownership in an unmatched collection of huge and diversified businesses. Let’s first look at the 5,000 or so publicly-held companies that trade daily on NASDAQ, the NYSE and related venues. Within this group is housed the members of the S&amp;P 500 Index, an elite collection of large and well-known American companies.</p><p>In aggregate, the 500 earned $1.8 trillion in 2021. I don’t yet have the final results for 2022. Using, therefore, the 2021 figures, only 128 of the 500 (including Berkshire itself) earned $3 billion or more. Indeed, 23 lost money.</p><p>At yearend 2022, Berkshire was the largest owner of eight of these giants: American Express, Bank of America, Chevron, Coca-Cola, HP Inc., Moody’s, Occidental Petroleum and Paramount Global.</p><p>In addition to those eight investees, Berkshire owns 100% of BNSF and 92% of BH Energy, each with earnings that exceed the $3 billion mark noted above ($5.9 billion at BNSF and</p><p>$4.3 billion at BHE). Were these companies publicly-owned, they would replace two present members of the 500. All told, our ten controlled and non-controlled behemoths leave Berkshire more broadly aligned with the country’s economic future than is the case at any other U.S. company. (This calculation leaves aside “fiduciary” operations such as pension funds and investment companies.) In addition, Berkshire’s insurance operation, though conducted through many individually-managed subsidiaries, has a value comparable to BNSF or BHE.</p><p>As for the future, Berkshire will always hold a boatload of cash and U.S. Treasury bills along with a wide array of businesses. We will also avoid behavior that could result in any uncomfortable cash needs at inconvenient times, including financial panics and unprecedented insurance losses. Our CEO will always be the Chief Risk Officer – a task it is irresponsible to delegate. Additionally, our future CEOs will have a significant part of their net worth in Berkshire shares, bought with their own money. And yes, our shareholders will continue to save and prosper by retaining earnings.</p><p>At Berkshire, there will be no finish line.</p><h2>Some Surprising Facts About Federal Taxes</h2><p>During the decade ending in 2021, the United States Treasury received about $32.3 trillion in taxes while it spent $43.9 trillion.</p><p>Though economists, politicians and many of the public have opinions about the consequences of that huge imbalance, Charlie and I plead ignorance and firmly believe that near-term economic and market forecasts are worse than useless. Our job is to manage Berkshire’s operations and finances in a manner that will achieve an acceptable result over time and that will preserve the company’s unmatched staying power when financial panics or severe worldwide recessions occur. Berkshire also offers some modest protection from runaway inflation, but this attribute is far from perfect. Huge and entrenched fiscal deficits have consequences.</p><p>The $32 trillion of revenue was garnered by the Treasury through individual income taxes (48%), social security and related receipts (3412%), corporate income tax payments (812%) and a wide variety of lesser levies. Berkshire’s contribution via the corporate income tax was $32 billion during the decade, almost exactly a tenth of 1% of all money that the Treasury collected.</p><p>And that means – brace yourself – had there been roughly 1,000 taxpayers in the U.S. matching Berkshire’s payments, no other businesses nor any of the country’s 131 million households would have needed to pay any taxes to the federal government. Not a dime.</p><p>* * * * * * * * * * * *</p><p>Millions, billions, trillions – we all know the words, but the sums involved are almost impossible to comprehend. Let’s put physical dimensions to the numbers:</p><p>- If you convert $1 million into newly-printed $100 bills, you will have a stack that reaches your chest.</p><p>- Perform the same exercise with $1 billion – this is getting exciting! – and the stack reaches about 34 of a mile into the sky.</p><p>- Finally, imagine piling up $32 billion, the total of Berkshire’s 2012-21 federal income tax payments. Now the stack grows to more than 21 miles in height, about three times the level at which commercial airplanes usually cruise.</p><p>When it comes to federal taxes, individuals who own Berkshire can unequivocally state “I gave at the office.”</p><p>* * * * * * * * * * * *</p><p>At Berkshire we hope and expect to pay much more in taxes during the next decade. We owe the country no less: America’s dynamism has made a huge contribution to whatever success Berkshire has achieved – a contribution Berkshire will always need. We count on the American Tailwind and, though it has been becalmed from time to time, its propelling force has always returned.</p><p>I have been investing for 80 years – more than one-third of our country’s lifetime. Despite our citizens’ penchant – almost enthusiasm – for self-criticism and self-doubt, I have yet to see a time when it made sense to make a long-term bet against America. And I doubt very much that any reader of this letter will have a different experience in the future.</p><h2>Nothing Beats Having a Great Partner</h2><p>Charlie and I think pretty much alike. But what it takes me a page to explain, he sums up in a sentence. His version, moreover, is always more clearly reasoned and also more artfully – some might add bluntly – stated.</p><p>Here are a few of his thoughts, many lifted from a very recent podcast:</p><p>- The world is full of foolish gamblers, and they will not do as well as the patient investor.</p><p>- If you don’t see the world the way it is, it’s like judging something through a distorted lens.</p><p>- All I want to know is where I’m going to die, so I’ll never go there. And a related thought: Early on, write your desired obituary – and then behave accordingly.</p><p>- If you don’t care whether you are rational or not, you won’t work on it. Then you will stay irrational and get lousy results.</p><p>- Patience can be learned. Having a long attention span and the ability to concentrate on one thing for a long time is a huge advantage.</p><p>- You can learn a lot from dead people. Read of the deceased you admire and detest.</p><p>- Don’t bail away in a sinking boat if you can swim to one that is seaworthy.</p><p>- A great company keeps working after you are not; a mediocre company won’t do that.</p><p>- Warren and I don’t focus on the froth of the market. We seek out good long-term investments and stubbornly hold them for a long time.</p><p>- Ben Graham said, “Day to day, the stock market is a voting machine; in the long term it’s a weighing machine.” If you keep making something more valuable, then some wise person is going to notice it and start buying.</p><p>- There is no such thing as a 100% sure thing when investing. Thus, the use of leverage is dangerous. A string of wonderful numbers times zero will always equal zero. Don’t count on getting rich twice.</p><p>- You don’t, however, need to own a lot of things in order to get rich.</p><p>- You have to keep learning if you want to become a great investor. When the world changes, you must change.</p><p>- Warren and I hated railroad stocks for decades, but the world changed and finally the country had four huge railroads of vital importance to the American economy. We were slow to recognize the change, but better late than never.</p><p>- Finally, I will add two short sentences by Charlie that have been his decision-clinchers for decades: “Warren, think more about it. You’re smart and I’m right.”</p><p>And so it goes. I never have a phone call with Charlie without learning something. And, while he makes me think, he also makes me laugh.</p><p>* * * * * * * * * * * *</p><p>I will add to Charlie’s list a rule of my own:   Find   a   very   smart   high-grade partner – preferably slightly older than you – and then listen very carefully to what he says.</p><h2>A Family Gathering in Omaha</h2><p>Charlie and I are shameless. Last year, at our first shareholder get-together in three years, we greeted you with our usual commercial hustle.</p><p>From the opening bell, we went straight for your wallet. In short order, our See’s kiosk sold you eleven tons of nourishing peanut brittle and chocolates. In our P.T. Barnum pitch, we promised you longevity. After all, what else but candy from See’s could account for Charlie and me making it to 99 and 92?</p><p>I know you can’t wait to hear the specifics of last year’s hustle.</p><p>On Friday, the doors were open from noon until 5 p.m., and our candy counters rang up 2,690 individual sales. On Saturday, See’s registered an additional 3,931 transactions between 7 a.m. and 4:30 p.m., despite the fact that 612 of the 912 operating hours occurred while our movie and the question-and-answer session were limiting commercial traffic.</p><p>Do the math: See’s rang up about 10 sales per minute during its prime operating time (racking up $400,309 of volume during the two days), with all the goods purchased at a single location selling products that haven’t been materially altered in 101 years. What worked for See’s in the days of Henry Ford’s model T works now.</p><p>* * * * * * * * * * * *</p><p>Charlie, I, and the entire Berkshire bunch look forward to seeing you in Omaha on May 5-6. We will have a good time and so will you.</p><p>February 25, 2023 Warren E. Buffett </p><p>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’s Annual Letter: Berkshire Will Always Hold a Boatload of Cash and U.S. Treasury Bills</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’s Annual Letter: Berkshire Will Always Hold a Boatload of Cash and U.S. Treasury Bills\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\">2023-02-25 22:08</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Warren Buffett is still betting on America.</p><p>Stocks and bonds slumped in 2022 after central banks raised interest rates at a rapid pace to try to rein in inflation. But Mr. Buffett retained his sense of optimism in his annual letter to investors Saturday, saying he attributes much of his success over the years to the resilience of the U.S. economy.</p><p>“I have been investing for 80 years—more than one-third of our country’s lifetime. Despite our citizens’ penchant—almost enthusiasm—for self-criticism and self-doubt, I have yet to see a time when it made sense to make a long-term bet against America,” Mr. Buffett said in the letter.</p><p>Mr. Buffett, widely regarded as one of the world’s top investors, has been publishing the letters for more than half a century. Over that time, he hasn’t just reflected on the past year for his company, Berkshire Hathaway Inc., but also shared his thoughts on everything from esoteric accounting rules to his aversion to excessive risk-taking.</p><p>Saturday’s letter offered readers a glimpse into how Mr. Buffett, 92, viewed what wound up being a shaky stretch for markets.</p><p>The volatility offered Berkshire an opportunity to jump in and buy stocks. While Berkshire largely bought back its own shares in 2021, it focused more in 2022 on investing in other companies—opening up new positions in media company Paramount Global and building-materials manufacturer Louisiana-Pacific Corp., among other businesses, and swiftly becoming Occidental Petroleum Corp.’s single biggest shareholder.</p><p>As of the end of 2022, Berkshire was the largest shareholder of eight companies—American Express Co., Bank of America Corp., Chevron Corp., Coca-Cola Co., HP Inc., Moody’s Corp., Occidental and Paramount Global.</p><p>“America would have done fine without Berkshire. The reverse is not true,” Mr. Buffett said.</p><p>Berkshire also released its results for 2022 on Saturday.</p><p>The Omaha, Neb., company, which owns businesses including insurer Geico, railroad BNSF Railway and chocolate maker See’s Candies, posted a loss of $22.82 billion for the year, stung by $67.9 billion in investment and derivative contract losses. In 2021, Berkshire posted a profit of $90.8 billion.</p><p>Total revenue rose 9.4% to $302.1 billion.</p><p>Berkshire’s operating earnings, which exclude some investment results, rose to a record $30.8 billion.</p><p>Mr. Buffett, Berkshire’s chief executive, has long held that operating earnings are a better reflection of how Berkshire is doing, since accounting rules require the company to include unrealized gains and losses from its massive investment portfolio in its net income. Volatile markets can make Berkshire’s net income change substantially from quarter to quarter, regardless of how its underlying businesses are doing.</p><p>“Capital gains, to be sure, have been hugely important to Berkshire over past decades, and we expect them to be meaningfully positive in future decades,” Mr. Buffett said in his letter. “But their quarter-by-quarter gyrations, regularly and mindlessly headlined by media, totally misinform investors,” he said, adding that he and his right-hand man Charlie Munger urged shareholders to focus instead on Berkshire’s operating earnings, which rose to a record for the full year in 2022.</p><h2>Read the full letter here:</h2><p>To the Shareholders of Berkshire Hathaway Inc.:</p><p>Charlie Munger, my long-time partner, and I have the job of managing the savings of a great number of individuals. We are grateful for their enduring trust, a relationship that often spans much of their adult lifetime. It is those dedicated savers that are forefront in my mind as I write this letter.</p><p>A common belief is that people choose to save when young, expecting thereby to maintain their living standards after retirement. Any assets that remain at death, this theory says, will usually be left to their families or, possibly, to friends and philanthropy.</p><p>Our experience has differed. We believe Berkshire’s individual holders largely to be of the once-a-saver, always-a-saver variety. Though these people live well, they eventually dispense most of their funds to philanthropic organizations. These, in turn, redistribute the funds by expenditures intended to improve the lives of a great many people who are unrelated to the original benefactor. Sometimes, the results have been spectacular.</p><p>The disposition of money unmasks humans. Charlie and I watch with pleasure the vast flow of Berkshire-generated funds to public needs and, alongside, the infrequency with which our shareholders opt for look-at-me assets and dynasty-building.</p><p>Who wouldn’t enjoy working for shareholders like ours?</p><h2>What We Do</h2><p>Charlie and I allocate your savings at Berkshire between two related forms of ownership. First, we invest in businesses that we control, usually buying 100% of each. Berkshire directs capital allocation at these subsidiaries and selects the CEOs who make day-by-day operating decisions. When large enterprises are being managed, both trust and rules are essential. Berkshire emphasizes the former to an unusual – some would say extreme – degree. Disappointments are inevitable. We are understanding about business mistakes; our tolerance for personal misconduct is zero.</p><p>In our second category of ownership, we buy publicly-traded stocks through which we passively own pieces of businesses. Holding these investments, we have no say in management.</p><p>Our goal in both forms of ownership is to make meaningful investments in businesses with both long-lasting favorable economic characteristics and trustworthy managers. Please note particularly that we own publicly-traded stocks based on our expectations about their long-term business performance, not because we view them as vehicles for adroit purchases and sales. That point is crucial: Charlie and I are not stock-pickers; we are business-pickers.</p><p>Over the years, I have made many mistakes. Consequently, our extensive collection of businesses currently consists of a few enterprises that have truly extraordinary economics, many that enjoy very good economic characteristics, and a large group that are marginal. Along the way, other businesses in which I have invested have died, their products unwanted by the public. Capitalism has two sides: The system creates an ever-growing pile of losers while concurrently delivering a gusher of improved goods and services. Schumpeter called this phenomenon “creative destruction.”</p><p>One advantage of our publicly-traded segment is that – episodically – it becomes easy to buy pieces of wonderful businesses at wonderful prices. It’s crucial to understand that stocks often trade at truly foolish prices, both high and low. “Efficient” markets exist only in textbooks. In truth, marketable stocks and bonds are baffling, their behavior usually understandable only in retrospect.</p><p>Controlled businesses are a different breed. They sometimes command ridiculously higher prices than justified but are almost never available at bargain valuations. Unless under duress, the owner of a controlled business gives no thought to selling at a panic-type valuation.</p><p>* * * * * * * * * * * *</p><p>At this point, a report card from me is appropriate: In 58 years of Berkshire management, most of my capital-allocation decisions have been no better than so-so. In some cases, also, bad moves by me have been rescued by very large doses of luck. (Remember our escapes from near-disasters at USAir and Salomon? I certainly do.)</p><p>Our satisfactory results have been the product of about a dozen truly good decisions – that would be about one every five years – and a sometimes-forgotten advantage that favors long-term investors such as Berkshire. Let’s take a peek behind the curtain.</p><h2>The Secret Sauce</h2><p>In August 1994 – yes, 1994 – Berkshire completed its seven-year purchase of the 400 million shares of Coca-Cola we now own. The total cost was $1.3 billion – then a very meaningful sum at Berkshire.</p><p>The cash dividend we received from Coke in 1994 was $75 million. By 2022, the dividend had increased to $704 million. Growth occurred every year, just as certain as birthdays. All Charlie and I were required to do was cash Coke’s quarterly dividend checks. We expect that those checks are highly likely to grow.</p><p>American Express is much the same story. Berkshire’s purchases of Amex were essentially completed in 1995 and, coincidentally, also cost $1.3 billion. Annual dividends received from this investment have grown from $41 million to $302 million. Those checks, too, seem highly likely to increase.</p><p>These dividend gains, though pleasing, are far from spectacular. But they bring with them important gains in stock prices. At yearend, our Coke investment was valued at $25 billion while Amex was recorded at $22 billion. Each holding now accounts for roughly 5% of Berkshire’s net worth, akin to its weighting long ago.</p><p>Assume, for a moment, I had made a similarly-sized investment mistake in the 1990s, one that flat-lined and simply retained its $1.3 billion value in 2022. (An example would be a high-grade 30-year bond.) That disappointing investment would now represent an insignificant 0.3% of Berkshire’s net worth and would be delivering to us an unchanged $80 million or so of annual income.</p><p>The lesson for investors: The weeds wither away in significance as the flowers bloom. Over time, it takes just a few winners to work wonders. And, yes, it helps to start early and live into your 90s as well.</p><h2>The Past Year in Brief</h2><p>Berkshire had a good year in 2022. The company’s operating earnings – our term for income calculated using Generally Accepted Accounting Principles (“GAAP”), exclusive of capital gains or losses from equity holdings – set a record at $30.8 billion. Charlie and I focus on this operational figure and urge you to do so as well. The GAAP figure, absent our adjustment, fluctuates wildly and capriciously at every reporting date. Note its acrobatic behavior in 2022, which is in no way unusual:</p><p><img src=\"https://static.tigerbbs.com/69e74650656620f9fa3f1e55c15a90e5\" tg-width=\"797\" tg-height=\"207\" width=\"100%\" height=\"auto\"/></p><p>The GAAP earnings are 100% misleading when viewed quarterly or even annually. Capital gains, to be sure, have been hugely important to Berkshire over past decades, and we expect them to be meaningfully positive in future decades. But their quarter-by-quarter gyrations, regularly and mindlessly headlined by media, totally misinform investors.</p><p>A second positive development for Berkshire last year was our purchase of Alleghany Corporation, a property-casualty insurer captained by Joe Brandon. I’ve worked with Joe in the past, and he understands both Berkshire  and insurance. Alleghany delivers special value to us because Berkshire’s unmatched financial strength allows its insurance subsidiaries to follow valuable and enduring investment strategies unavailable to virtually all competitors.</p><p>Aided by Alleghany, our insurance float increased during 2022 from $147 billion to $164 billion. With disciplined underwriting, these funds have a decent chance of being cost-free over time. Since purchasing our first property-casualty insurer in 1967, Berkshire’s float has increased 8,000-fold through acquisitions, operations and innovations. Though not recognized in our financial statements, this float has been an extraordinary asset for Berkshire. New shareholders can get an understanding of its value by reading our annually updated explanation of float on page A-2.</p><p>* * * * * * * * * * * *</p><p>A very minor gain in per-share intrinsic value took place in 2022 through Berkshire share repurchases as well as similar moves at Apple and American Express, both significant investees of ours. At Berkshire, we directly increased your interest in our unique collection of businesses by repurchasing 1.2% of the company’s outstanding shares. At Apple and Amex, repurchases increased Berkshire’s ownership a bit without any cost to us.</p><p>The math isn’t complicated: When the share count goes down, your interest in our many businesses goes up. Every small bit helps if repurchases are made at value-accretive prices. Just as surely, when a company overpays for repurchases, the continuing shareholders lose. At such times, gains flow only to the selling shareholders and to the friendly, but expensive, investment banker who recommended the foolish purchases.</p><p>Gains from value-accretive repurchases, it should be emphasized, benefit all owners – in every respect. Imagine, if you will, three fully-informed shareholders of a local auto dealership, one of whom manages the business. Imagine, further, that one of the passive owners wishes to sell his interest back to the company at a price attractive to the two continuing shareholders. When completed, has this transaction harmed anyone? Is the manager somehow favored over the continuing passive owners? Has the public been hurt?</p><p>When you are told that all repurchases are harmful to shareholders or to the country, or particularly beneficial to CEOs, you are listening to either an economic illiterate or a silver-tongued demagogue (characters that are not mutually exclusive).</p><p>Almost endless details of Berkshire’s 2022 operations are laid out on pages K-33 – K-66. Charlie and I, along with many Berkshire shareholders, enjoy poring over the many facts and figures laid out in that section. These pages are not, however, required reading. There are many Berkshire centimillionaires and, yes, billionaires who have never studied our financial figures. They simply know that Charlie and I – along with our families and close friends – continue to have very significant investments in Berkshire, and they trust us to treat their money as we do our own.</p><p>And that is a promise we can make.</p><p>* * * * * * * * * * * *</p><p>Finally, an important warning: Even the operating earnings figure that we favor can easily be manipulated by managers who wish to do so. Such tampering is often thought of as sophisticated by CEOs, directors and their advisors. Reporters and analysts embrace its existence as well. Beating “expectations” is heralded as a managerial triumph.</p><p>That activity is disgusting. It requires no talent to manipulate numbers: Only a deep desire to deceive is required. “Bold imaginative accounting,” as a CEO once described his deception to me, has become one of the shames of capitalism.</p><h2>58 Years – and a Few Figures</h2><p>In 1965, Berkshire was a one-trick pony, the owner of a venerable – but doomed – New England textile operation. With that business on a death march, Berkshire needed an immediate fresh start. Looking back, I was slow to recognize the severity of its problems.</p><p>And then came a stroke of good luck: National Indemnity became available in 1967, and we shifted our resources toward insurance and other non-textile operations.</p><p>Thus began our journey to 2023, a bumpy road involving a combination of continuous savings by our owners (that is, by their retaining earnings), the power of compounding, our avoidance of major mistakes and – most important of all – the American Tailwind. America would have done fine without Berkshire. The reverse is not true.</p><p>Berkshire now enjoys major ownership in an unmatched collection of huge and diversified businesses. Let’s first look at the 5,000 or so publicly-held companies that trade daily on NASDAQ, the NYSE and related venues. Within this group is housed the members of the S&amp;P 500 Index, an elite collection of large and well-known American companies.</p><p>In aggregate, the 500 earned $1.8 trillion in 2021. I don’t yet have the final results for 2022. Using, therefore, the 2021 figures, only 128 of the 500 (including Berkshire itself) earned $3 billion or more. Indeed, 23 lost money.</p><p>At yearend 2022, Berkshire was the largest owner of eight of these giants: American Express, Bank of America, Chevron, Coca-Cola, HP Inc., Moody’s, Occidental Petroleum and Paramount Global.</p><p>In addition to those eight investees, Berkshire owns 100% of BNSF and 92% of BH Energy, each with earnings that exceed the $3 billion mark noted above ($5.9 billion at BNSF and</p><p>$4.3 billion at BHE). Were these companies publicly-owned, they would replace two present members of the 500. All told, our ten controlled and non-controlled behemoths leave Berkshire more broadly aligned with the country’s economic future than is the case at any other U.S. company. (This calculation leaves aside “fiduciary” operations such as pension funds and investment companies.) In addition, Berkshire’s insurance operation, though conducted through many individually-managed subsidiaries, has a value comparable to BNSF or BHE.</p><p>As for the future, Berkshire will always hold a boatload of cash and U.S. Treasury bills along with a wide array of businesses. We will also avoid behavior that could result in any uncomfortable cash needs at inconvenient times, including financial panics and unprecedented insurance losses. Our CEO will always be the Chief Risk Officer – a task it is irresponsible to delegate. Additionally, our future CEOs will have a significant part of their net worth in Berkshire shares, bought with their own money. And yes, our shareholders will continue to save and prosper by retaining earnings.</p><p>At Berkshire, there will be no finish line.</p><h2>Some Surprising Facts About Federal Taxes</h2><p>During the decade ending in 2021, the United States Treasury received about $32.3 trillion in taxes while it spent $43.9 trillion.</p><p>Though economists, politicians and many of the public have opinions about the consequences of that huge imbalance, Charlie and I plead ignorance and firmly believe that near-term economic and market forecasts are worse than useless. Our job is to manage Berkshire’s operations and finances in a manner that will achieve an acceptable result over time and that will preserve the company’s unmatched staying power when financial panics or severe worldwide recessions occur. Berkshire also offers some modest protection from runaway inflation, but this attribute is far from perfect. Huge and entrenched fiscal deficits have consequences.</p><p>The $32 trillion of revenue was garnered by the Treasury through individual income taxes (48%), social security and related receipts (3412%), corporate income tax payments (812%) and a wide variety of lesser levies. Berkshire’s contribution via the corporate income tax was $32 billion during the decade, almost exactly a tenth of 1% of all money that the Treasury collected.</p><p>And that means – brace yourself – had there been roughly 1,000 taxpayers in the U.S. matching Berkshire’s payments, no other businesses nor any of the country’s 131 million households would have needed to pay any taxes to the federal government. Not a dime.</p><p>* * * * * * * * * * * *</p><p>Millions, billions, trillions – we all know the words, but the sums involved are almost impossible to comprehend. Let’s put physical dimensions to the numbers:</p><p>- If you convert $1 million into newly-printed $100 bills, you will have a stack that reaches your chest.</p><p>- Perform the same exercise with $1 billion – this is getting exciting! – and the stack reaches about 34 of a mile into the sky.</p><p>- Finally, imagine piling up $32 billion, the total of Berkshire’s 2012-21 federal income tax payments. Now the stack grows to more than 21 miles in height, about three times the level at which commercial airplanes usually cruise.</p><p>When it comes to federal taxes, individuals who own Berkshire can unequivocally state “I gave at the office.”</p><p>* * * * * * * * * * * *</p><p>At Berkshire we hope and expect to pay much more in taxes during the next decade. We owe the country no less: America’s dynamism has made a huge contribution to whatever success Berkshire has achieved – a contribution Berkshire will always need. We count on the American Tailwind and, though it has been becalmed from time to time, its propelling force has always returned.</p><p>I have been investing for 80 years – more than one-third of our country’s lifetime. Despite our citizens’ penchant – almost enthusiasm – for self-criticism and self-doubt, I have yet to see a time when it made sense to make a long-term bet against America. And I doubt very much that any reader of this letter will have a different experience in the future.</p><h2>Nothing Beats Having a Great Partner</h2><p>Charlie and I think pretty much alike. But what it takes me a page to explain, he sums up in a sentence. His version, moreover, is always more clearly reasoned and also more artfully – some might add bluntly – stated.</p><p>Here are a few of his thoughts, many lifted from a very recent podcast:</p><p>- The world is full of foolish gamblers, and they will not do as well as the patient investor.</p><p>- If you don’t see the world the way it is, it’s like judging something through a distorted lens.</p><p>- All I want to know is where I’m going to die, so I’ll never go there. And a related thought: Early on, write your desired obituary – and then behave accordingly.</p><p>- If you don’t care whether you are rational or not, you won’t work on it. Then you will stay irrational and get lousy results.</p><p>- Patience can be learned. Having a long attention span and the ability to concentrate on one thing for a long time is a huge advantage.</p><p>- You can learn a lot from dead people. Read of the deceased you admire and detest.</p><p>- Don’t bail away in a sinking boat if you can swim to one that is seaworthy.</p><p>- A great company keeps working after you are not; a mediocre company won’t do that.</p><p>- Warren and I don’t focus on the froth of the market. We seek out good long-term investments and stubbornly hold them for a long time.</p><p>- Ben Graham said, “Day to day, the stock market is a voting machine; in the long term it’s a weighing machine.” If you keep making something more valuable, then some wise person is going to notice it and start buying.</p><p>- There is no such thing as a 100% sure thing when investing. Thus, the use of leverage is dangerous. A string of wonderful numbers times zero will always equal zero. Don’t count on getting rich twice.</p><p>- You don’t, however, need to own a lot of things in order to get rich.</p><p>- You have to keep learning if you want to become a great investor. When the world changes, you must change.</p><p>- Warren and I hated railroad stocks for decades, but the world changed and finally the country had four huge railroads of vital importance to the American economy. We were slow to recognize the change, but better late than never.</p><p>- Finally, I will add two short sentences by Charlie that have been his decision-clinchers for decades: “Warren, think more about it. You’re smart and I’m right.”</p><p>And so it goes. I never have a phone call with Charlie without learning something. And, while he makes me think, he also makes me laugh.</p><p>* * * * * * * * * * * *</p><p>I will add to Charlie’s list a rule of my own:   Find   a   very   smart   high-grade partner – preferably slightly older than you – and then listen very carefully to what he says.</p><h2>A Family Gathering in Omaha</h2><p>Charlie and I are shameless. Last year, at our first shareholder get-together in three years, we greeted you with our usual commercial hustle.</p><p>From the opening bell, we went straight for your wallet. In short order, our See’s kiosk sold you eleven tons of nourishing peanut brittle and chocolates. In our P.T. Barnum pitch, we promised you longevity. After all, what else but candy from See’s could account for Charlie and me making it to 99 and 92?</p><p>I know you can’t wait to hear the specifics of last year’s hustle.</p><p>On Friday, the doors were open from noon until 5 p.m., and our candy counters rang up 2,690 individual sales. On Saturday, See’s registered an additional 3,931 transactions between 7 a.m. and 4:30 p.m., despite the fact that 612 of the 912 operating hours occurred while our movie and the question-and-answer session were limiting commercial traffic.</p><p>Do the math: See’s rang up about 10 sales per minute during its prime operating time (racking up $400,309 of volume during the two days), with all the goods purchased at a single location selling products that haven’t been materially altered in 101 years. What worked for See’s in the days of Henry Ford’s model T works now.</p><p>* * * * * * * * * * * *</p><p>Charlie, I, and the entire Berkshire bunch look forward to seeing you in Omaha on May 5-6. We will have a good time and so will you.</p><p>February 25, 2023 Warren E. Buffett </p><p>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":"1117520516","content_text":"Warren Buffett is still betting on America.Stocks and bonds slumped in 2022 after central banks raised interest rates at a rapid pace to try to rein in inflation. But Mr. Buffett retained his sense of optimism in his annual letter to investors Saturday, saying he attributes much of his success over the years to the resilience of the U.S. economy.“I have been investing for 80 years—more than one-third of our country’s lifetime. Despite our citizens’ penchant—almost enthusiasm—for self-criticism and self-doubt, I have yet to see a time when it made sense to make a long-term bet against America,” Mr. Buffett said in the letter.Mr. Buffett, widely regarded as one of the world’s top investors, has been publishing the letters for more than half a century. Over that time, he hasn’t just reflected on the past year for his company, Berkshire Hathaway Inc., but also shared his thoughts on everything from esoteric accounting rules to his aversion to excessive risk-taking.Saturday’s letter offered readers a glimpse into how Mr. Buffett, 92, viewed what wound up being a shaky stretch for markets.The volatility offered Berkshire an opportunity to jump in and buy stocks. While Berkshire largely bought back its own shares in 2021, it focused more in 2022 on investing in other companies—opening up new positions in media company Paramount Global and building-materials manufacturer Louisiana-Pacific Corp., among other businesses, and swiftly becoming Occidental Petroleum Corp.’s single biggest shareholder.As of the end of 2022, Berkshire was the largest shareholder of eight companies—American Express Co., Bank of America Corp., Chevron Corp., Coca-Cola Co., HP Inc., Moody’s Corp., Occidental and Paramount Global.“America would have done fine without Berkshire. The reverse is not true,” Mr. Buffett said.Berkshire also released its results for 2022 on Saturday.The Omaha, Neb., company, which owns businesses including insurer Geico, railroad BNSF Railway and chocolate maker See’s Candies, posted a loss of $22.82 billion for the year, stung by $67.9 billion in investment and derivative contract losses. In 2021, Berkshire posted a profit of $90.8 billion.Total revenue rose 9.4% to $302.1 billion.Berkshire’s operating earnings, which exclude some investment results, rose to a record $30.8 billion.Mr. Buffett, Berkshire’s chief executive, has long held that operating earnings are a better reflection of how Berkshire is doing, since accounting rules require the company to include unrealized gains and losses from its massive investment portfolio in its net income. Volatile markets can make Berkshire’s net income change substantially from quarter to quarter, regardless of how its underlying businesses are doing.“Capital gains, to be sure, have been hugely important to Berkshire over past decades, and we expect them to be meaningfully positive in future decades,” Mr. Buffett said in his letter. “But their quarter-by-quarter gyrations, regularly and mindlessly headlined by media, totally misinform investors,” he said, adding that he and his right-hand man Charlie Munger urged shareholders to focus instead on Berkshire’s operating earnings, which rose to a record for the full year in 2022.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 the savings of a great number of individuals. We are grateful for their enduring trust, a relationship that often spans much of their adult lifetime. It is those dedicated savers that are forefront in my mind as I write this letter.A common belief is that people choose to save when young, expecting thereby to maintain their living standards after retirement. Any assets that remain at death, this theory says, will usually be left to their families or, possibly, to friends and philanthropy.Our experience has differed. We believe Berkshire’s individual holders largely to be of the once-a-saver, always-a-saver variety. Though these people live well, they eventually dispense most of their funds to philanthropic organizations. These, in turn, redistribute the funds by expenditures intended to improve the lives of a great many people who are unrelated to the original benefactor. Sometimes, the results have been spectacular.The disposition of money unmasks humans. Charlie and I watch with pleasure the vast flow of Berkshire-generated funds to public needs and, alongside, the infrequency with which our shareholders opt for look-at-me assets and dynasty-building.Who wouldn’t enjoy working for shareholders like ours?What We DoCharlie and I allocate your savings at Berkshire between two related forms of ownership. First, we invest in businesses that we control, usually buying 100% of each. Berkshire directs capital allocation at these subsidiaries and selects the CEOs who make day-by-day operating decisions. When large enterprises are being managed, both trust and rules are essential. Berkshire emphasizes the former to an unusual – some would say extreme – degree. Disappointments are inevitable. We are understanding about business mistakes; our tolerance for personal misconduct is zero.In our second category of ownership, we buy publicly-traded stocks through which we passively own pieces of businesses. Holding these investments, we have no say in management.Our goal in both forms of ownership is to make meaningful investments in businesses with both long-lasting favorable economic characteristics and trustworthy managers. Please note particularly that we own publicly-traded stocks based on our expectations about their long-term business performance, not because we view them as vehicles for adroit purchases and sales. That point is crucial: Charlie and I are not stock-pickers; we are business-pickers.Over the years, I have made many mistakes. Consequently, our extensive collection of businesses currently consists of a few enterprises that have truly extraordinary economics, many that enjoy very good economic characteristics, and a large group that are marginal. Along the way, other businesses in which I have invested have died, their products unwanted by the public. Capitalism has two sides: The system creates an ever-growing pile of losers while concurrently delivering a gusher of improved goods and services. Schumpeter called this phenomenon “creative destruction.”One advantage of our publicly-traded segment is that – episodically – it becomes easy to buy pieces of wonderful businesses at wonderful prices. It’s crucial to understand that stocks often trade at truly foolish prices, both high and low. “Efficient” markets exist only in textbooks. In truth, marketable stocks and bonds are baffling, their behavior usually understandable only in retrospect.Controlled businesses are a different breed. They sometimes command ridiculously higher prices than justified but are almost never available at bargain valuations. Unless under duress, the owner of a controlled business gives no thought to selling at a panic-type valuation.* * * * * * * * * * * *At this point, a report card from me is appropriate: In 58 years of Berkshire management, most of my capital-allocation decisions have been no better than so-so. In some cases, also, bad moves by me have been rescued by very large doses of luck. (Remember our escapes from near-disasters at USAir and Salomon? I certainly do.)Our satisfactory results have been the product of about a dozen truly good decisions – that would be about one every five years – and a sometimes-forgotten advantage that favors long-term investors such as Berkshire. Let’s take a peek behind the curtain.The Secret SauceIn August 1994 – yes, 1994 – Berkshire completed its seven-year purchase of the 400 million shares of Coca-Cola we now own. The total cost was $1.3 billion – then a very meaningful sum at Berkshire.The cash dividend we received from Coke in 1994 was $75 million. By 2022, the dividend had increased to $704 million. Growth occurred every year, just as certain as birthdays. All Charlie and I were required to do was cash Coke’s quarterly dividend checks. We expect that those checks are highly likely to grow.American Express is much the same story. Berkshire’s purchases of Amex were essentially completed in 1995 and, coincidentally, also cost $1.3 billion. Annual dividends received from this investment have grown from $41 million to $302 million. Those checks, too, seem highly likely to increase.These dividend gains, though pleasing, are far from spectacular. But they bring with them important gains in stock prices. At yearend, our Coke investment was valued at $25 billion while Amex was recorded at $22 billion. Each holding now accounts for roughly 5% of Berkshire’s net worth, akin to its weighting long ago.Assume, for a moment, I had made a similarly-sized investment mistake in the 1990s, one that flat-lined and simply retained its $1.3 billion value in 2022. (An example would be a high-grade 30-year bond.) That disappointing investment would now represent an insignificant 0.3% of Berkshire’s net worth and would be delivering to us an unchanged $80 million or so of annual income.The lesson for investors: The weeds wither away in significance as the flowers bloom. Over time, it takes just a few winners to work wonders. And, yes, it helps to start early and live into your 90s as well.The Past Year in BriefBerkshire had a good year in 2022. The company’s operating earnings – our term for income calculated using Generally Accepted Accounting Principles (“GAAP”), exclusive of capital gains or losses from equity holdings – set a record at $30.8 billion. Charlie and I focus on this operational figure and urge you to do so as well. The GAAP figure, absent our adjustment, fluctuates wildly and capriciously at every reporting date. Note its acrobatic behavior in 2022, which is in no way unusual:The GAAP earnings are 100% misleading when viewed quarterly or even annually. Capital gains, to be sure, have been hugely important to Berkshire over past decades, and we expect them to be meaningfully positive in future decades. But their quarter-by-quarter gyrations, regularly and mindlessly headlined by media, totally misinform investors.A second positive development for Berkshire last year was our purchase of Alleghany Corporation, a property-casualty insurer captained by Joe Brandon. I’ve worked with Joe in the past, and he understands both Berkshire  and insurance. Alleghany delivers special value to us because Berkshire’s unmatched financial strength allows its insurance subsidiaries to follow valuable and enduring investment strategies unavailable to virtually all competitors.Aided by Alleghany, our insurance float increased during 2022 from $147 billion to $164 billion. With disciplined underwriting, these funds have a decent chance of being cost-free over time. Since purchasing our first property-casualty insurer in 1967, Berkshire’s float has increased 8,000-fold through acquisitions, operations and innovations. Though not recognized in our financial statements, this float has been an extraordinary asset for Berkshire. New shareholders can get an understanding of its value by reading our annually updated explanation of float on page A-2.* * * * * * * * * * * *A very minor gain in per-share intrinsic value took place in 2022 through Berkshire share repurchases as well as similar moves at Apple and American Express, both significant investees of ours. At Berkshire, we directly increased your interest in our unique collection of businesses by repurchasing 1.2% of the company’s outstanding shares. At Apple and Amex, repurchases increased Berkshire’s ownership a bit without any cost to us.The math isn’t complicated: When the share count goes down, your interest in our many businesses goes up. Every small bit helps if repurchases are made at value-accretive prices. Just as surely, when a company overpays for repurchases, the continuing shareholders lose. At such times, gains flow only to the selling shareholders and to the friendly, but expensive, investment banker who recommended the foolish purchases.Gains from value-accretive repurchases, it should be emphasized, benefit all owners – in every respect. Imagine, if you will, three fully-informed shareholders of a local auto dealership, one of whom manages the business. Imagine, further, that one of the passive owners wishes to sell his interest back to the company at a price attractive to the two continuing shareholders. When completed, has this transaction harmed anyone? Is the manager somehow favored over the continuing passive owners? Has the public been hurt?When you are told that all repurchases are harmful to shareholders or to the country, or particularly beneficial to CEOs, you are listening to either an economic illiterate or a silver-tongued demagogue (characters that are not mutually exclusive).Almost endless details of Berkshire’s 2022 operations are laid out on pages K-33 – K-66. Charlie and I, along with many Berkshire shareholders, enjoy poring over the many facts and figures laid out in that section. These pages are not, however, required reading. There are many Berkshire centimillionaires and, yes, billionaires who have never studied our financial figures. They simply know that Charlie and I – along with our families and close friends – continue to have very significant investments in Berkshire, and they trust us to treat their money as we do our own.And that is a promise we can make.* * * * * * * * * * * *Finally, an important warning: Even the operating earnings figure that we favor can easily be manipulated by managers who wish to do so. Such tampering is often thought of as sophisticated by CEOs, directors and their advisors. Reporters and analysts embrace its existence as well. Beating “expectations” is heralded as a managerial triumph.That activity is disgusting. It requires no talent to manipulate numbers: Only a deep desire to deceive is required. “Bold imaginative accounting,” as a CEO once described his deception to me, has become one of the shames of capitalism.58 Years – and a Few FiguresIn 1965, Berkshire was a one-trick pony, the owner of a venerable – but doomed – New England textile operation. With that business on a death march, Berkshire needed an immediate fresh start. Looking back, I was slow to recognize the severity of its problems.And then came a stroke of good luck: National Indemnity became available in 1967, and we shifted our resources toward insurance and other non-textile operations.Thus began our journey to 2023, a bumpy road involving a combination of continuous savings by our owners (that is, by their retaining earnings), the power of compounding, our avoidance of major mistakes and – most important of all – the American Tailwind. America would have done fine without Berkshire. The reverse is not true.Berkshire now enjoys major ownership in an unmatched collection of huge and diversified businesses. Let’s first look at the 5,000 or so publicly-held companies that trade daily on NASDAQ, the NYSE and related venues. Within this group is housed the members of the S&P 500 Index, an elite collection of large and well-known American companies.In aggregate, the 500 earned $1.8 trillion in 2021. I don’t yet have the final results for 2022. Using, therefore, the 2021 figures, only 128 of the 500 (including Berkshire itself) earned $3 billion or more. Indeed, 23 lost money.At yearend 2022, Berkshire was the largest owner of eight of these giants: American Express, Bank of America, Chevron, Coca-Cola, HP Inc., Moody’s, Occidental Petroleum and Paramount Global.In addition to those eight investees, Berkshire owns 100% of BNSF and 92% of BH Energy, each with earnings that exceed the $3 billion mark noted above ($5.9 billion at BNSF and$4.3 billion at BHE). Were these companies publicly-owned, they would replace two present members of the 500. All told, our ten controlled and non-controlled behemoths leave Berkshire more broadly aligned with the country’s economic future than is the case at any other U.S. company. (This calculation leaves aside “fiduciary” operations such as pension funds and investment companies.) In addition, Berkshire’s insurance operation, though conducted through many individually-managed subsidiaries, has a value comparable to BNSF or BHE.As for the future, Berkshire will always hold a boatload of cash and U.S. Treasury bills along with a wide array of businesses. We will also avoid behavior that could result in any uncomfortable cash needs at inconvenient times, including financial panics and unprecedented insurance losses. Our CEO will always be the Chief Risk Officer – a task it is irresponsible to delegate. Additionally, our future CEOs will have a significant part of their net worth in Berkshire shares, bought with their own money. And yes, our shareholders will continue to save and prosper by retaining earnings.At Berkshire, there will be no finish line.Some Surprising Facts About Federal TaxesDuring the decade ending in 2021, the United States Treasury received about $32.3 trillion in taxes while it spent $43.9 trillion.Though economists, politicians and many of the public have opinions about the consequences of that huge imbalance, Charlie and I plead ignorance and firmly believe that near-term economic and market forecasts are worse than useless. Our job is to manage Berkshire’s operations and finances in a manner that will achieve an acceptable result over time and that will preserve the company’s unmatched staying power when financial panics or severe worldwide recessions occur. Berkshire also offers some modest protection from runaway inflation, but this attribute is far from perfect. Huge and entrenched fiscal deficits have consequences.The $32 trillion of revenue was garnered by the Treasury through individual income taxes (48%), social security and related receipts (3412%), corporate income tax payments (812%) and a wide variety of lesser levies. Berkshire’s contribution via the corporate income tax was $32 billion during the decade, almost exactly a tenth of 1% of all money that the Treasury collected.And that means – brace yourself – had there been roughly 1,000 taxpayers in the U.S. matching Berkshire’s payments, no other businesses nor any of the country’s 131 million households would have needed to pay any taxes to the federal government. Not a dime.* * * * * * * * * * * *Millions, billions, trillions – we all know the words, but the sums involved are almost impossible to comprehend. Let’s put physical dimensions to the numbers:- If you convert $1 million into newly-printed $100 bills, you will have a stack that reaches your chest.- Perform the same exercise with $1 billion – this is getting exciting! – and the stack reaches about 34 of a mile into the sky.- Finally, imagine piling up $32 billion, the total of Berkshire’s 2012-21 federal income tax payments. Now the stack grows to more than 21 miles in height, about three times the level at which commercial airplanes usually cruise.When it comes to federal taxes, individuals who own Berkshire can unequivocally state “I gave at the office.”* * * * * * * * * * * *At Berkshire we hope and expect to pay much more in taxes during the next decade. We owe the country no less: America’s dynamism has made a huge contribution to whatever success Berkshire has achieved – a contribution Berkshire will always need. We count on the American Tailwind and, though it has been becalmed from time to time, its propelling force has always returned.I have been investing for 80 years – more than one-third of our country’s lifetime. Despite our citizens’ penchant – almost enthusiasm – for self-criticism and self-doubt, I have yet to see a time when it made sense to make a long-term bet against America. And I doubt very much that any reader of this letter will have a different experience in the future.Nothing Beats Having a Great PartnerCharlie and I think pretty much alike. But what it takes me a page to explain, he sums up in a sentence. His version, moreover, is always more clearly reasoned and also more artfully – some might add bluntly – stated.Here are a few of his thoughts, many lifted from a very recent podcast:- The world is full of foolish gamblers, and they will not do as well as the patient investor.- If you don’t see the world the way it is, it’s like judging something through a distorted lens.- All I want to know is where I’m going to die, so I’ll never go there. And a related thought: Early on, write your desired obituary – and then behave accordingly.- If you don’t care whether you are rational or not, you won’t work on it. Then you will stay irrational and get lousy results.- Patience can be learned. Having a long attention span and the ability to concentrate on one thing for a long time is a huge advantage.- You can learn a lot from dead people. Read of the deceased you admire and detest.- Don’t bail away in a sinking boat if you can swim to one that is seaworthy.- A great company keeps working after you are not; a mediocre company won’t do that.- Warren and I don’t focus on the froth of the market. We seek out good long-term investments and stubbornly hold them for a long time.- Ben Graham said, “Day to day, the stock market is a voting machine; in the long term it’s a weighing machine.” If you keep making something more valuable, then some wise person is going to notice it and start buying.- There is no such thing as a 100% sure thing when investing. Thus, the use of leverage is dangerous. A string of wonderful numbers times zero will always equal zero. Don’t count on getting rich twice.- You don’t, however, need to own a lot of things in order to get rich.- You have to keep learning if you want to become a great investor. When the world changes, you must change.- Warren and I hated railroad stocks for decades, but the world changed and finally the country had four huge railroads of vital importance to the American economy. We were slow to recognize the change, but better late than never.- Finally, I will add two short sentences by Charlie that have been his decision-clinchers for decades: “Warren, think more about it. You’re smart and I’m right.”And so it goes. I never have a phone call with Charlie without learning something. And, while he makes me think, he also makes me laugh.* * * * * * * * * * * *I will add to Charlie’s list a rule of my own:   Find   a   very   smart   high-grade partner – preferably slightly older than you – and then listen very carefully to what he says.A Family Gathering in OmahaCharlie and I are shameless. Last year, at our first shareholder get-together in three years, we greeted you with our usual commercial hustle.From the opening bell, we went straight for your wallet. In short order, our See’s kiosk sold you eleven tons of nourishing peanut brittle and chocolates. In our P.T. Barnum pitch, we promised you longevity. After all, what else but candy from See’s could account for Charlie and me making it to 99 and 92?I know you can’t wait to hear the specifics of last year’s hustle.On Friday, the doors were open from noon until 5 p.m., and our candy counters rang up 2,690 individual sales. On Saturday, See’s registered an additional 3,931 transactions between 7 a.m. and 4:30 p.m., despite the fact that 612 of the 912 operating hours occurred while our movie and the question-and-answer session were limiting commercial traffic.Do the math: See’s rang up about 10 sales per minute during its prime operating time (racking up $400,309 of volume during the two days), with all the goods purchased at a single location selling products that haven’t been materially altered in 101 years. What worked for See’s in the days of Henry Ford’s model T works now.* * * * * * * * * * * *Charlie, I, and the entire Berkshire bunch look forward to seeing you in Omaha on May 5-6. We will have a good time and so will you.February 25, 2023 Warren E. Buffett Chairman of the Board","news_type":1},"isVote":1,"tweetType":1,"viewCount":132,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":115221437,"gmtCreate":1623015537629,"gmtModify":1704194243307,"author":{"id":"3575352038769618","authorId":"3575352038769618","name":"JulianAlson","avatar":"https://static.tigerbbs.com/a4f9fadbfd2a54fe54a080c1732d41f9","crmLevel":6,"crmLevelSwitch":1},"themes":[],"htmlText":"Slowly up","listText":"Slowly up","text":"Slowly up","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":4,"repostSize":0,"link":"https://ttm.financial/post/115221437","repostId":"1120164826","repostType":4,"repost":{"id":"1120164826","pubTimestamp":1622951745,"share":"https://www.laohu8.com/m/news/1120164826?lang=&edition=full","pubTime":"2021-06-06 11:55","market":"us","language":"en","title":"Zillow: Significant Downside Remains","url":"https://stock-news.laohu8.com/highlight/detail?id=1120164826","media":"seekingalpha","summary":"Summary\n\nShares of Zillow Group have come down some 30% since my \"Take Profits\" article was publishe","content":"<p><b>Summary</b></p>\n<ul>\n <li>Shares of Zillow Group have come down some 30% since my \"Take Profits\" article was published on Seeking Alpha.</li>\n <li>However, and despite a definite improvement in the latest Q1 EPS report, the stock looks to have a further downside to come.</li>\n <li>That is because margins are dismal, forward adjusted EBITDA guidance for Q2 was weak (lower than Q1), and the outstanding share count continues to grow.</li>\n <li>Yet, the stock still trades with a forward P/E of nearly 100x.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ba2b4c631e3e6b24aaf024fb49665ea3\" tg-width=\"768\" tg-height=\"512\"><span>Photo by Sundry Photography/iStock Editorial via Getty Images</span></p>\n<p>The&nbsp;<b>Zillow Group</b>&nbsp;(ZG) has, without a doubt, established itself as the #1 online real estate website and as one-stop shop for home-buying consumers. The company's recent pivot to what I'll call the iHome business (purchasing homes directly from consumers and then selling them on the open market) has been a positive catalyst of late in terms of revenue growth, and that business blends well with ZG's Mortgage Segment and Internet, Media, and Technology Segment. However, despite the recent and significant drop in the price of the shares, ZG still seem substantially overvalued in my opinion. That is because margins are - in a word - pathetic. In addition, Q2 guidance was weak and the company plans to hire an additional 2,000 employees this year. In my opinion, that will pressure margins even further through the remainder of the year.</p>\n<p><b>Investment Rationale</b></p>\n<p>Like many Americans, Zillow has become one of my favorite websites. I am surely not alone when it comes to frequently checking Zillow.com to see what the current \"Zestimate\" is for my home as well as for the homes I have owned in the past, and those of my friends and family.</p>\n<p>Indeed, marketing share data from Statista shows that Zillow is #1 in unique monthly visits, and Trulia - which the Zillow Group bought in 2014 - is #2. In aggregate that gives the Zillow group a stranglehold on the real estate website market (at least by the unique visits metric) at more than 3x the share as compared to what was once a highly competitive race with Realtor.com for consumers' eye-balls:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/929acb56fa1d566e5f6c3ac0d250c2c2\" tg-width=\"640\" tg-height=\"553\"><span>Source:Statista</span></p>\n<p>But of course there are other metrics to judge the popularity and use of real estate websites. Here is more recent data (April 1, 2021) from SimilarWeb.com:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/836f372f61ccb570286e9ac3e0f3143b\" tg-width=\"640\" tg-height=\"366\"><span>Source:SimilarWeb.com</span></p>\n<p>When it comes to average visit duration, pages viewed per visit, and bounce rate (the % of consumers that only view one-page then leave the site), Zillow and Trulia again show impressive comps. That said, note there must be other metrics that figure into the SimilarWeb ratings shown above because - from these metrics alone - one could argue rightmove.co.uk has the best stats as shown. Regardless, this graphic is another indicator that the Zillow/Trulia brand is very strong and the market leader.</p>\n<p>However, eye-balls aren't enough ... the views and activity need to be converted into profits, and that is where the Zillow Group is struggling in comparison to its rather lofty valuation.</p>\n<p><b>Q1 Earnings</b></p>\n<p>Zillow released its&nbsp;Q1 EPS report&nbsp;on May 4th. It was a strong report. GAAP net-income of $0.20/share&nbsp;beat estimates by a whopping $0.13. Revenue of $1.22 billion was a $120 million beat and was up 8% yoy. The company reported strong traffic on its website and mobile apps, with 221 million average monthly users (up 15% yoy) driving 2.5 billion visits during Q1 (up 19% yoy).</p>\n<p>The most interesting segment in Q1 was the iHome (or what ZG calls \"Zillow Offers\") because it accounted for ~57% of revenue and is the segment Zillow is counting on to be is profitable growth engine.</p>\n<p>However, as can be seen in the graphic below, the margins are - so far - quite puny:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/82e5264c5427eb9f8b1987c2182cb39a\" tg-width=\"640\" tg-height=\"311\"><span>Source: Zillow'sQ1 EPS report</span></p>\n<p>As can be seen, the all-in return (after operating costs and interest expense) on the home buying/selling (flipping might be a better word) is a scant 4.94% of the average per-home revenue. That is despite what is generally considered to be a very hot-market real estate market across the nation. In addition, note the iHome business is a threat to the company's future growth aspirations because the pivot to iHome has pretty much cratered the company's Premier Agent business. The pivot also likely means more pressure on Zillow's advertising revenue which generally comes from the agents its iHome segment is now stealing away homes from. And all that for only 4.9% margins?</p>\n<p><b>Going Forward</b></p>\n<p>The chart below is the company's guidance for Q2:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d976a71e1e72bb8f0c6ac3306aa4f100\" tg-width=\"628\" tg-height=\"337\"><span>Source: Zillow's Q1 EPS report</span></p>\n<p>At the midpoint of guidance total adjusted EBITDA ($128 million), note that&nbsp;<b>will be down considerably</b>&nbsp;from the $181 million in total adjusted EBITDA delivered in Q1.</p>\n<p>In addition, note the weighted average share-count at the end of Q1 (it was not included in the Q1 EPS report, but can be found in the&nbsp;SEC 10-Q filing) was 259,346,000 shares (up a whopping 23% yoy). And that share-count is expected to continue growing to an estimated 265.5 million shares at the end of Q2 (based on the guidance shown above).</p>\n<p><b>Valuation</b></p>\n<p>So we have weak margins, falling adjusted EBITDA and a significantly rising number of fully diluted shares. Hmmmm.</p>\n<p>Yet, despite the recent correction in the stock (note the stock is down ~30% since my Seeking Alpha article in March&nbsp;<i>Zillow: Take Profits</i>), the stock is still trading at a lofty valuation given the analysis of Q1 and Q2 guidance just presented. The&nbsp;Seeking Alpha forward P/E=97.7x.</p>\n<p>That is obviously a rich comparison in terms of Zillow's growth prospects (or non-growth...) considering the weak Q2 guidance. In addition, it is not clear to me what the catalyst will be to improve the company's awfully small margins going forward. That is especially the case considering&nbsp;<b>Zillow plans to hire an additional 2,000 employees this year</b>, increasing its headcount by some 40%. In my opinion, this headcount growth will be a significant headwind when it comes to increasing margins. That is, Zillow is not able to demonstrate increasing margins as it tries to scale-up its operations.</p>\n<p>Meantime, the pivot to iHome also means that ZG now has significantly more macro-level risks as it will be increasingly dependent on the ups (now..) and downs (coming...) of the housing market.</p>\n<p><b>Risks</b></p>\n<p>The risk of buying Zillow Group today is - in my opinion, a priced-to-near-perfection valuation level. I say \"near perfection\" because it was priced to perfection when I wrote my \"Take Profits\" article on ZG, and since it is down 30% since that piece was published, now I will simply call ZG a \"rich valuation\" proposition.</p>\n<p>The goods news is that Zillow has a relatively strong balance sheet: it ended the quarter with $4.7 billion in cash (up from $3.9 billion at the end of 2020) after completing a $551 million stock offering during the quarter.</p>\n<p>That compares to $2.259 billion in debt, which was down slightly from year-end. As a result, the company has an estimated $9.19/share in net cash based on the 265.5 million diluted shares outstanding at the end of Q1. And Zillow will likely need to keep a fair amount of cash in order to offset its higher risk profile due to direct exposure to the housing market. That is because history shows us the US housing market can change on-a-dime and could catch ZG holding a rather large inventory of homes.</p>\n<p><b>Summary &amp; Conclusion</b></p>\n<p>While Zillow's Q1 report was certainly much improved on a sequential basis, the company's own Q2 guidance seems to be more indicative of the thesis I presented in my last article on the company. That is, the stock's valuation simply appears to be substantially out-of-whack in comparison to its demonstrated growth metrics. More shares, falling sequential adjusted EBITDA in Q2 despite a hot and highly appreciating housing market and ... well, I just cannot understand the current valuation level. As a result, I maintain the opinion from my previous article: I wouldn't be interested in ZG until it reached the ~$50/share level.</p>\n<p>I will end with a five-year price chart of ZG and note that my $50 target is roughly where the stock was prior to the pandemic. Certainly the EPS reports issues since that time do not justify the rapid and substantial increase in the shares to $200 ... or, even the current $110 level.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8f243f9f555525da2dcb1589d18cd30f\" tg-width=\"635\" tg-height=\"403\"><span>Data byYCharts</span></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Zillow: Significant Downside Remains</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\">\nZillow: Significant Downside Remains\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-06 11:55 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4433217-zillow-significant-downside-remains><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nShares of Zillow Group have come down some 30% since my \"Take Profits\" article was published on Seeking Alpha.\nHowever, and despite a definite improvement in the latest Q1 EPS report, the ...</p>\n\n<a href=\"https://seekingalpha.com/article/4433217-zillow-significant-downside-remains\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"Z":"Zillow"},"source_url":"https://seekingalpha.com/article/4433217-zillow-significant-downside-remains","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1120164826","content_text":"Summary\n\nShares of Zillow Group have come down some 30% since my \"Take Profits\" article was published on Seeking Alpha.\nHowever, and despite a definite improvement in the latest Q1 EPS report, the stock looks to have a further downside to come.\nThat is because margins are dismal, forward adjusted EBITDA guidance for Q2 was weak (lower than Q1), and the outstanding share count continues to grow.\nYet, the stock still trades with a forward P/E of nearly 100x.\n\nPhoto by Sundry Photography/iStock Editorial via Getty Images\nThe Zillow Group (ZG) has, without a doubt, established itself as the #1 online real estate website and as one-stop shop for home-buying consumers. The company's recent pivot to what I'll call the iHome business (purchasing homes directly from consumers and then selling them on the open market) has been a positive catalyst of late in terms of revenue growth, and that business blends well with ZG's Mortgage Segment and Internet, Media, and Technology Segment. However, despite the recent and significant drop in the price of the shares, ZG still seem substantially overvalued in my opinion. That is because margins are - in a word - pathetic. In addition, Q2 guidance was weak and the company plans to hire an additional 2,000 employees this year. In my opinion, that will pressure margins even further through the remainder of the year.\nInvestment Rationale\nLike many Americans, Zillow has become one of my favorite websites. I am surely not alone when it comes to frequently checking Zillow.com to see what the current \"Zestimate\" is for my home as well as for the homes I have owned in the past, and those of my friends and family.\nIndeed, marketing share data from Statista shows that Zillow is #1 in unique monthly visits, and Trulia - which the Zillow Group bought in 2014 - is #2. In aggregate that gives the Zillow group a stranglehold on the real estate website market (at least by the unique visits metric) at more than 3x the share as compared to what was once a highly competitive race with Realtor.com for consumers' eye-balls:\nSource:Statista\nBut of course there are other metrics to judge the popularity and use of real estate websites. Here is more recent data (April 1, 2021) from SimilarWeb.com:\nSource:SimilarWeb.com\nWhen it comes to average visit duration, pages viewed per visit, and bounce rate (the % of consumers that only view one-page then leave the site), Zillow and Trulia again show impressive comps. That said, note there must be other metrics that figure into the SimilarWeb ratings shown above because - from these metrics alone - one could argue rightmove.co.uk has the best stats as shown. Regardless, this graphic is another indicator that the Zillow/Trulia brand is very strong and the market leader.\nHowever, eye-balls aren't enough ... the views and activity need to be converted into profits, and that is where the Zillow Group is struggling in comparison to its rather lofty valuation.\nQ1 Earnings\nZillow released its Q1 EPS report on May 4th. It was a strong report. GAAP net-income of $0.20/share beat estimates by a whopping $0.13. Revenue of $1.22 billion was a $120 million beat and was up 8% yoy. The company reported strong traffic on its website and mobile apps, with 221 million average monthly users (up 15% yoy) driving 2.5 billion visits during Q1 (up 19% yoy).\nThe most interesting segment in Q1 was the iHome (or what ZG calls \"Zillow Offers\") because it accounted for ~57% of revenue and is the segment Zillow is counting on to be is profitable growth engine.\nHowever, as can be seen in the graphic below, the margins are - so far - quite puny:\nSource: Zillow'sQ1 EPS report\nAs can be seen, the all-in return (after operating costs and interest expense) on the home buying/selling (flipping might be a better word) is a scant 4.94% of the average per-home revenue. That is despite what is generally considered to be a very hot-market real estate market across the nation. In addition, note the iHome business is a threat to the company's future growth aspirations because the pivot to iHome has pretty much cratered the company's Premier Agent business. The pivot also likely means more pressure on Zillow's advertising revenue which generally comes from the agents its iHome segment is now stealing away homes from. And all that for only 4.9% margins?\nGoing Forward\nThe chart below is the company's guidance for Q2:\nSource: Zillow's Q1 EPS report\nAt the midpoint of guidance total adjusted EBITDA ($128 million), note that will be down considerably from the $181 million in total adjusted EBITDA delivered in Q1.\nIn addition, note the weighted average share-count at the end of Q1 (it was not included in the Q1 EPS report, but can be found in the SEC 10-Q filing) was 259,346,000 shares (up a whopping 23% yoy). And that share-count is expected to continue growing to an estimated 265.5 million shares at the end of Q2 (based on the guidance shown above).\nValuation\nSo we have weak margins, falling adjusted EBITDA and a significantly rising number of fully diluted shares. Hmmmm.\nYet, despite the recent correction in the stock (note the stock is down ~30% since my Seeking Alpha article in March Zillow: Take Profits), the stock is still trading at a lofty valuation given the analysis of Q1 and Q2 guidance just presented. The Seeking Alpha forward P/E=97.7x.\nThat is obviously a rich comparison in terms of Zillow's growth prospects (or non-growth...) considering the weak Q2 guidance. In addition, it is not clear to me what the catalyst will be to improve the company's awfully small margins going forward. That is especially the case considering Zillow plans to hire an additional 2,000 employees this year, increasing its headcount by some 40%. In my opinion, this headcount growth will be a significant headwind when it comes to increasing margins. That is, Zillow is not able to demonstrate increasing margins as it tries to scale-up its operations.\nMeantime, the pivot to iHome also means that ZG now has significantly more macro-level risks as it will be increasingly dependent on the ups (now..) and downs (coming...) of the housing market.\nRisks\nThe risk of buying Zillow Group today is - in my opinion, a priced-to-near-perfection valuation level. I say \"near perfection\" because it was priced to perfection when I wrote my \"Take Profits\" article on ZG, and since it is down 30% since that piece was published, now I will simply call ZG a \"rich valuation\" proposition.\nThe goods news is that Zillow has a relatively strong balance sheet: it ended the quarter with $4.7 billion in cash (up from $3.9 billion at the end of 2020) after completing a $551 million stock offering during the quarter.\nThat compares to $2.259 billion in debt, which was down slightly from year-end. As a result, the company has an estimated $9.19/share in net cash based on the 265.5 million diluted shares outstanding at the end of Q1. And Zillow will likely need to keep a fair amount of cash in order to offset its higher risk profile due to direct exposure to the housing market. That is because history shows us the US housing market can change on-a-dime and could catch ZG holding a rather large inventory of homes.\nSummary & Conclusion\nWhile Zillow's Q1 report was certainly much improved on a sequential basis, the company's own Q2 guidance seems to be more indicative of the thesis I presented in my last article on the company. That is, the stock's valuation simply appears to be substantially out-of-whack in comparison to its demonstrated growth metrics. More shares, falling sequential adjusted EBITDA in Q2 despite a hot and highly appreciating housing market and ... well, I just cannot understand the current valuation level. As a result, I maintain the opinion from my previous article: I wouldn't be interested in ZG until it reached the ~$50/share level.\nI will end with a five-year price chart of ZG and note that my $50 target is roughly where the stock was prior to the pandemic. Certainly the EPS reports issues since that time do not justify the rapid and substantial increase in the shares to $200 ... or, even the current $110 level.\nData byYCharts","news_type":1},"isVote":1,"tweetType":1,"viewCount":132,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":804413952,"gmtCreate":1627971173876,"gmtModify":1703498862374,"author":{"id":"3575352038769618","authorId":"3575352038769618","name":"JulianAlson","avatar":"https://static.tigerbbs.com/a4f9fadbfd2a54fe54a080c1732d41f9","crmLevel":6,"crmLevelSwitch":1},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/804413952","repostId":"2156146935","repostType":4,"repost":{"id":"2156146935","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":1627970981,"share":"https://www.laohu8.com/m/news/2156146935?lang=&edition=full","pubTime":"2021-08-03 14:09","market":"us","language":"en","title":"Sanofi makes $3.2 bln offer for U.S. mRNA partner Translate Bio","url":"https://stock-news.laohu8.com/highlight/detail?id=2156146935","media":"Reuters","summary":"PARIS, Aug 3 (Reuters) - Sanofi said on Tuesday it has made a $3.2 billion offer to buy U.S. biotech","content":"<p>PARIS, Aug 3 (Reuters) - Sanofi said on Tuesday it has made a $3.2 billion offer to buy U.S. biotech company Translate Bio, as it bets on next-generation mRNA technology after setbacks in the COVID-19 vaccine race, confirming a Reuters exclusive report.</p>\n<p>Sanofi said it would acquire all outstanding shares of Translate Bio for $38.00 per share in cash, representing a total equity value of about $3.2 billion for Translate Bio. The boards of both companies have approved the deal, it said.</p>\n<p>\"Translate Bio adds an mRNA technology platform and strong capabilities to our research, further advancing our ability to explore the promise of this technology to develop both best-in-class vaccines and therapeutics,\" Sanofi Chief Executive Paul Hudson said in a statement.</p>\n<p>Translate Bio's shares surged on Monday following the Reuters report. Sanofi's offer of $38 represents a 30.4% premium to Translate Bio's August 2 closing price of $29.15.</p>\n<p><b>GROWING INTEREST IN MRNA TECHNOLOGY</b></p>\n<p>Sanofi's bid for Translate Bio marks the latest interest by a large pharmaceutical company in mRNA technology, following its proven success in COVID-19 vaccines developed by Pfizer/BioNTech and Moderna.</p>\n<p>The messenger RNA (ribonucleic acid) approach, an area of Translate Bio expertise, instructs human cells to make specific proteins that produce an immune response to a given disease.</p>\n<p>Sanofi and Translate Bio have been working together since 2018 and joined forces last year to develop an mRNA-based COVID-19 vaccine. They expect interim results of their Phase I/II clinical trial in the third quarter.</p>\n<p>The two companies are also looking at mRNA vaccines for several infectious diseases and in June started a Phase I trial evaluating a possible mRNA-based vaccine against seasonal influenza, building on Sanofi's expertise as one of the world's top flu vaccine makers.</p>\n<p><b>TOUGH YEAR</b></p>\n<p>Sanofi's interest comes after a tough year for the French drugmaker after falling behind rivals with less experience in the COVID-19 vaccine race, a major blow to CEO Paul Hudson who joined the company almost two years ago.</p>\n<p>Sanofi warned last year its traditional, protein-based COVID-19 jab developed with GlaxoSmithKline showed an insufficient immune response in older people, delaying its launch until toward the end of 2021.</p>\n<p>Hudson has also been under increasing pressure to reduce the company's dependence on its star eczema treatment Dupixent to boost earnings. Earlier this year, it agreed to fill and pack millions of doses of shots made by Pfizer/BioNTech, Johnson &amp; Johnson and Moderna.</p>\n<p>Translate Bio, set up in 2016, has not launched any drugs on the market but its clinical-stage pulmonary product using its mRNA platform is being tested as an inhaled treatment for cystic fibrosis in a Phase I/II clinical trial, its website says.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Sanofi makes $3.2 bln offer for U.S. mRNA partner Translate Bio</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\">\nSanofi makes $3.2 bln offer for U.S. mRNA partner Translate Bio\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\">2021-08-03 14:09</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>PARIS, Aug 3 (Reuters) - Sanofi said on Tuesday it has made a $3.2 billion offer to buy U.S. biotech company Translate Bio, as it bets on next-generation mRNA technology after setbacks in the COVID-19 vaccine race, confirming a Reuters exclusive report.</p>\n<p>Sanofi said it would acquire all outstanding shares of Translate Bio for $38.00 per share in cash, representing a total equity value of about $3.2 billion for Translate Bio. The boards of both companies have approved the deal, it said.</p>\n<p>\"Translate Bio adds an mRNA technology platform and strong capabilities to our research, further advancing our ability to explore the promise of this technology to develop both best-in-class vaccines and therapeutics,\" Sanofi Chief Executive Paul Hudson said in a statement.</p>\n<p>Translate Bio's shares surged on Monday following the Reuters report. Sanofi's offer of $38 represents a 30.4% premium to Translate Bio's August 2 closing price of $29.15.</p>\n<p><b>GROWING INTEREST IN MRNA TECHNOLOGY</b></p>\n<p>Sanofi's bid for Translate Bio marks the latest interest by a large pharmaceutical company in mRNA technology, following its proven success in COVID-19 vaccines developed by Pfizer/BioNTech and Moderna.</p>\n<p>The messenger RNA (ribonucleic acid) approach, an area of Translate Bio expertise, instructs human cells to make specific proteins that produce an immune response to a given disease.</p>\n<p>Sanofi and Translate Bio have been working together since 2018 and joined forces last year to develop an mRNA-based COVID-19 vaccine. They expect interim results of their Phase I/II clinical trial in the third quarter.</p>\n<p>The two companies are also looking at mRNA vaccines for several infectious diseases and in June started a Phase I trial evaluating a possible mRNA-based vaccine against seasonal influenza, building on Sanofi's expertise as one of the world's top flu vaccine makers.</p>\n<p><b>TOUGH YEAR</b></p>\n<p>Sanofi's interest comes after a tough year for the French drugmaker after falling behind rivals with less experience in the COVID-19 vaccine race, a major blow to CEO Paul Hudson who joined the company almost two years ago.</p>\n<p>Sanofi warned last year its traditional, protein-based COVID-19 jab developed with GlaxoSmithKline showed an insufficient immune response in older people, delaying its launch until toward the end of 2021.</p>\n<p>Hudson has also been under increasing pressure to reduce the company's dependence on its star eczema treatment Dupixent to boost earnings. Earlier this year, it agreed to fill and pack millions of doses of shots made by Pfizer/BioNTech, Johnson &amp; Johnson and Moderna.</p>\n<p>Translate Bio, set up in 2016, has not launched any drugs on the market but its clinical-stage pulmonary product using its mRNA platform is being tested as an inhaled treatment for cystic fibrosis in a Phase I/II clinical trial, its website says.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"JNJ":"强生","MRNA":"Moderna, Inc.","0O59.UK":"赛诺菲","SNY":"赛诺菲安万特","PFE":"辉瑞","TBIO":"TELESIS BIO"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2156146935","content_text":"PARIS, Aug 3 (Reuters) - Sanofi said on Tuesday it has made a $3.2 billion offer to buy U.S. biotech company Translate Bio, as it bets on next-generation mRNA technology after setbacks in the COVID-19 vaccine race, confirming a Reuters exclusive report.\nSanofi said it would acquire all outstanding shares of Translate Bio for $38.00 per share in cash, representing a total equity value of about $3.2 billion for Translate Bio. The boards of both companies have approved the deal, it said.\n\"Translate Bio adds an mRNA technology platform and strong capabilities to our research, further advancing our ability to explore the promise of this technology to develop both best-in-class vaccines and therapeutics,\" Sanofi Chief Executive Paul Hudson said in a statement.\nTranslate Bio's shares surged on Monday following the Reuters report. Sanofi's offer of $38 represents a 30.4% premium to Translate Bio's August 2 closing price of $29.15.\nGROWING INTEREST IN MRNA TECHNOLOGY\nSanofi's bid for Translate Bio marks the latest interest by a large pharmaceutical company in mRNA technology, following its proven success in COVID-19 vaccines developed by Pfizer/BioNTech and Moderna.\nThe messenger RNA (ribonucleic acid) approach, an area of Translate Bio expertise, instructs human cells to make specific proteins that produce an immune response to a given disease.\nSanofi and Translate Bio have been working together since 2018 and joined forces last year to develop an mRNA-based COVID-19 vaccine. They expect interim results of their Phase I/II clinical trial in the third quarter.\nThe two companies are also looking at mRNA vaccines for several infectious diseases and in June started a Phase I trial evaluating a possible mRNA-based vaccine against seasonal influenza, building on Sanofi's expertise as one of the world's top flu vaccine makers.\nTOUGH YEAR\nSanofi's interest comes after a tough year for the French drugmaker after falling behind rivals with less experience in the COVID-19 vaccine race, a major blow to CEO Paul Hudson who joined the company almost two years ago.\nSanofi warned last year its traditional, protein-based COVID-19 jab developed with GlaxoSmithKline showed an insufficient immune response in older people, delaying its launch until toward the end of 2021.\nHudson has also been under increasing pressure to reduce the company's dependence on its star eczema treatment Dupixent to boost earnings. Earlier this year, it agreed to fill and pack millions of doses of shots made by Pfizer/BioNTech, Johnson & Johnson and Moderna.\nTranslate Bio, set up in 2016, has not launched any drugs on the market but its clinical-stage pulmonary product using its mRNA platform is being tested as an inhaled treatment for cystic fibrosis in a Phase I/II clinical trial, its website says.","news_type":1},"isVote":1,"tweetType":1,"viewCount":33,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":122872065,"gmtCreate":1624613862157,"gmtModify":1703841743458,"author":{"id":"3575352038769618","authorId":"3575352038769618","name":"JulianAlson","avatar":"https://static.tigerbbs.com/a4f9fadbfd2a54fe54a080c1732d41f9","crmLevel":6,"crmLevelSwitch":1},"themes":[],"htmlText":"Like and comment","listText":"Like and comment","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/122872065","repostId":"1145588989","repostType":4,"repost":{"id":"1145588989","pubTimestamp":1624613712,"share":"https://www.laohu8.com/m/news/1145588989?lang=&edition=full","pubTime":"2021-06-25 17:35","market":"us","language":"en","title":"These stocks are historically cheap and favored by Wall Street analysts into the second half","url":"https://stock-news.laohu8.com/highlight/detail?id=1145588989","media":"cnbc","summary":"If stocks seem richly valued after a strong first half of 2021, investors may want to consider these","content":"<div>\n<p>If stocks seem richly valued after a strong first half of 2021, investors may want to consider these relatively cheap stocks that are beloved by Wall Street analysts.\nCNBC Pro looked at three ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/24/stocks-to-buy-analysts-like-these-cheap-stocks-for-the-rest-of-2021.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","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>These stocks are historically cheap and favored by Wall Street analysts into the second half</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\">\nThese stocks are historically cheap and favored by Wall Street analysts into the second half\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-25 17:35 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/06/24/stocks-to-buy-analysts-like-these-cheap-stocks-for-the-rest-of-2021.html><strong>cnbc</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>If stocks seem richly valued after a strong first half of 2021, investors may want to consider these relatively cheap stocks that are beloved by Wall Street analysts.\nCNBC Pro looked at three ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/24/stocks-to-buy-analysts-like-these-cheap-stocks-for-the-rest-of-2021.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ICE":"洲际交易所","MCK":"麦克森药物批发","HOLX":"豪洛捷","TJX":"The TJX Companies Inc.","PHM":"普得集团","PXD":"先锋自然资源","EIX":"爱迪生国际","VRTX":"福泰制药","NI":"印北瓦电","AEP":"美国电力","HAS":"孩之宝","AMZN":"亚马逊","ROST":"罗斯百货有限公司"},"source_url":"https://www.cnbc.com/2021/06/24/stocks-to-buy-analysts-like-these-cheap-stocks-for-the-rest-of-2021.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1145588989","content_text":"If stocks seem richly valued after a strong first half of 2021, investors may want to consider these relatively cheap stocks that are beloved by Wall Street analysts.\nCNBC Pro looked at three valuation measures widely-watched by investors. We found the S&P 500 stocks that are trading below or near their average valuations of the past three years based on the following three standards:\n\nWithin 5% or below its average forward price-to-earnings ratio of the last three years\nWithin 5% or below its average forward price-to-cash flow ratio of the last three years\nWithin 5% or below its average forward price-to-sales ratio of the last three years\n\nFrom that pool, we filtered for stocks well-liked on Wall Street; we screened for names that at least 60% of analysts say to buy. Out of those shares, we identified stocks that have at least 10% upside to their average 12-month price target.\nTake a look at CNBC Pro’s screen of historically cheap stocks favored by the Street.\n\nCNBC Pro’s list features several utilities stocks.American Electric Power,Edison InternationalandNiSourcemake the screen.\n“As the market potentially enters a new phase with more frequent and bigger corrections, defensive value sectors such as utilities, consumer staples, and real estate could benefit,” Ned Davis Research’s Ed Clissold wrote in a mid-year outlook report released June 14.\nValue stocks trade at prices perceived to be relatively cheap based on future earnings, sales and cash flow. Defensive stocks are shares that tend to be stable regardless of how the overall market performs.\nHealth care stocks and their dependable cash flows also snag a few spots on CNBC Pro’s screen. Women’s health-focused medical technology firmHologic, health care distributorMcKessonand biopharmaceutical companyVertex Pharmaceuticalsare on the list.\n“Health care is an area where we do still think that there’s some good relative value and some good relative growth. And that’s an area where you’re actually not playing the macro factors. It tends to be a little bit more idiosyncratic...so health care seems like a good place to be,” ClearBridge Investments portfolio manager Margaret Vitrano told CNBC.\nTech giantAmazonalso makes an appearance on CNBC Pro’s screen. The retail stock is up more than 7% in 2021. Comparatively, Big Tech peers Facebook and Google-parent Alphabet are up about 25% and 40%, respectively. But Amazon’s relatively lagging performance this year means investors may see its price as attractive.\n“Amazon has clearly disrupted the online and brick and mortar retail space, and shows no signs of slowing their push for dominance across categories,” Wells Fargo’s Ike Boruchow said in a note released Wednesday.","news_type":1},"isVote":1,"tweetType":1,"viewCount":71,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9927681486,"gmtCreate":1672469409746,"gmtModify":1676538695526,"author":{"id":"3575352038769618","authorId":"3575352038769618","name":"JulianAlson","avatar":"https://static.tigerbbs.com/a4f9fadbfd2a54fe54a080c1732d41f9","crmLevel":6,"crmLevelSwitch":1},"themes":[],"htmlText":"K","listText":"K","text":"K","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9927681486","repostId":"2295181713","repostType":4,"isVote":1,"tweetType":1,"viewCount":237,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9010193848,"gmtCreate":1648272099398,"gmtModify":1676534324669,"author":{"id":"3575352038769618","authorId":"3575352038769618","name":"JulianAlson","avatar":"https://static.tigerbbs.com/a4f9fadbfd2a54fe54a080c1732d41f9","crmLevel":6,"crmLevelSwitch":1},"themes":[],"htmlText":"k","listText":"k","text":"k","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9010193848","repostId":"2222052834","repostType":4,"repost":{"id":"2222052834","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":1648249343,"share":"https://www.laohu8.com/m/news/2222052834?lang=&edition=full","pubTime":"2022-03-26 07:02","market":"us","language":"en","title":"US STOCKS-S&P 500 Ends Higher with Financials as Treasury Yields Jump","url":"https://stock-news.laohu8.com/highlight/detail?id=2222052834","media":"Reuters","summary":"* Financials rise with 10-yr yield* Tech shares down, weighing on Nasdaq* Utilities sector hits reco","content":"<html><head></head><body><p>* Financials rise with 10-yr yield</p><p>* Tech shares down, weighing on Nasdaq</p><p>* Utilities sector hits record high</p><p>* Indexes: Dow up 0.4%, S&amp;P 500 up 0.5%, Nasdaq down 0.2%</p><p>* For the week, Dow up 0.3%, S&amp;P 500 up 1.8%, Nasdaq up 2%</p><p>NEW YORK, March 25 (Reuters) - The S&amp;P 500 ended higher on Friday as financial shares rose after the benchmark Treasury yield jumped to its highest level in nearly three years.</p><p>The Nasdaq ended lower, and tech and other big growth names mostly declined, but they finished off session lows following a late-session rally.</p><p>For the week, the Nasdaq and S&amp;P 500 registered solid gains of 2% and 1.8%, respectively, and the Dow was nominally higher with a 0.3% rise.</p><p>The S&amp;P 500 financials sector gave the S&amp;P 500 its biggest boost on Friday, rising 1.3%, while technology and consumer discretionary sectors were the only two major sectors to end lower on the day.</p><p>Investors are assessing how aggressive the Federal Reserve will be as it tightens policy after Fed Chair Jerome Powell this week said that the central bank needed to move &#34;expeditiously&#34; to combat high inflation and raised the possibility of a 50-basis-point hike in rates in May.</p><p>U.S. Treasury yields jumped on Friday, with the benchmark 10-year note surging to nearly three-year highs, as the market grappled with high inflation and a Federal Reserve that could easily spark a downturn as it aggressively tightens policy.</p><p>Ten-year Treasury yields were last at 2.492% after earlier rising above 2.50% for the first time since May 2019.</p><p>The equity market is pricing in a higher rate environment, said Keith Buchanan, portfolio manager at Globalt Investments in Atlanta.</p><p>That is causing bank stocks to outperform, while &#34;adding more pressure to the riskier elements of the market,&#34; such as growth shares, he said.</p><p>Higher borrowing rates benefit banks, while higher rates are a negative for tech and growth stocks, whose valuations rely more heavily on future cash flows.</p><p>The Dow Jones Industrial Average rose 153.3 points, or 0.44%, to 34,861.24, the S&amp;P 500    gained 22.9 points, or 0.51%, to 4,543.06 and the Nasdaq Composite dropped 22.54 points, or 0.16%, to 14,169.30.</p><p>Shares of growth companies like Nvidia Corp eased after leading a Wall Street rebound earlier this week.</p><p>The utilities sector also rose sharply, hitting a record high as investors favored defensive stocks with the Russia-Ukraine war still raging after a month.</p><p>The sector ended up 1.5% on the day and up 3.5% for the week, while the energy sector ended up 2.3% on the day and jumped more than 7% for the week following sharp gains in oil prices.</p><p>Moscow signaled on Friday it was scaling back its ambitions in Ukraine to focus on territory claimed by Russian-backed separatists.</p><p>Economists at Citibank are expecting four 50 basis points interest rate hikes from the Fed this year, joining other Wall Street banks in forecasting an aggressive tightening path against the backdrop of soaring inflation.</p><p>The U.S. central bank last week raised interest rates for the first time since 2018.</p><p>&#34;The market&#39;s really macro driven,&#34; said Steve DeSanctis, small- and mid-capitalization equity strategist at Jefferies in New York. &#34;Company fundamentals haven&#39;t really mattered.&#34;</p><p>Volume on U.S. exchanges was 11.92 billion shares, compared with the 14.28 billion average for the full session over the last 20 trading days.</p><p>Advancing issues outnumbered declining ones on the NYSE by a 1.08-to-1 ratio; on Nasdaq, a 1.40-to-1 ratio favored decliners.</p><p>The S&amp;P 500 posted 57 new 52-week highs and five new lows; the Nasdaq Composite recorded 73 new highs and 79 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-S&P 500 Ends Higher with Financials as Treasury Yields Jump</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nUS STOCKS-S&P 500 Ends Higher with Financials as Treasury Yields Jump\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\">2022-03-26 07:02</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>* Financials rise with 10-yr yield</p><p>* Tech shares down, weighing on Nasdaq</p><p>* Utilities sector hits record high</p><p>* Indexes: Dow up 0.4%, S&amp;P 500 up 0.5%, Nasdaq down 0.2%</p><p>* For the week, Dow up 0.3%, S&amp;P 500 up 1.8%, Nasdaq up 2%</p><p>NEW YORK, March 25 (Reuters) - The S&amp;P 500 ended higher on Friday as financial shares rose after the benchmark Treasury yield jumped to its highest level in nearly three years.</p><p>The Nasdaq ended lower, and tech and other big growth names mostly declined, but they finished off session lows following a late-session rally.</p><p>For the week, the Nasdaq and S&amp;P 500 registered solid gains of 2% and 1.8%, respectively, and the Dow was nominally higher with a 0.3% rise.</p><p>The S&amp;P 500 financials sector gave the S&amp;P 500 its biggest boost on Friday, rising 1.3%, while technology and consumer discretionary sectors were the only two major sectors to end lower on the day.</p><p>Investors are assessing how aggressive the Federal Reserve will be as it tightens policy after Fed Chair Jerome Powell this week said that the central bank needed to move &#34;expeditiously&#34; to combat high inflation and raised the possibility of a 50-basis-point hike in rates in May.</p><p>U.S. Treasury yields jumped on Friday, with the benchmark 10-year note surging to nearly three-year highs, as the market grappled with high inflation and a Federal Reserve that could easily spark a downturn as it aggressively tightens policy.</p><p>Ten-year Treasury yields were last at 2.492% after earlier rising above 2.50% for the first time since May 2019.</p><p>The equity market is pricing in a higher rate environment, said Keith Buchanan, portfolio manager at Globalt Investments in Atlanta.</p><p>That is causing bank stocks to outperform, while &#34;adding more pressure to the riskier elements of the market,&#34; such as growth shares, he said.</p><p>Higher borrowing rates benefit banks, while higher rates are a negative for tech and growth stocks, whose valuations rely more heavily on future cash flows.</p><p>The Dow Jones Industrial Average rose 153.3 points, or 0.44%, to 34,861.24, the S&amp;P 500    gained 22.9 points, or 0.51%, to 4,543.06 and the Nasdaq Composite dropped 22.54 points, or 0.16%, to 14,169.30.</p><p>Shares of growth companies like Nvidia Corp eased after leading a Wall Street rebound earlier this week.</p><p>The utilities sector also rose sharply, hitting a record high as investors favored defensive stocks with the Russia-Ukraine war still raging after a month.</p><p>The sector ended up 1.5% on the day and up 3.5% for the week, while the energy sector ended up 2.3% on the day and jumped more than 7% for the week following sharp gains in oil prices.</p><p>Moscow signaled on Friday it was scaling back its ambitions in Ukraine to focus on territory claimed by Russian-backed separatists.</p><p>Economists at Citibank are expecting four 50 basis points interest rate hikes from the Fed this year, joining other Wall Street banks in forecasting an aggressive tightening path against the backdrop of soaring inflation.</p><p>The U.S. central bank last week raised interest rates for the first time since 2018.</p><p>&#34;The market&#39;s really macro driven,&#34; said Steve DeSanctis, small- and mid-capitalization equity strategist at Jefferies in New York. &#34;Company fundamentals haven&#39;t really mattered.&#34;</p><p>Volume on U.S. exchanges was 11.92 billion shares, compared with the 14.28 billion average for the full session over the last 20 trading days.</p><p>Advancing issues outnumbered declining ones on the NYSE by a 1.08-to-1 ratio; on Nasdaq, a 1.40-to-1 ratio favored decliners.</p><p>The S&amp;P 500 posted 57 new 52-week highs and five new lows; the Nasdaq Composite recorded 73 new highs and 79 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","BK4581":"高盛持仓","SSO":"两倍做多标普500ETF","BK4504":"桥水持仓","SH":"标普500反向ETF","SDS":"两倍做空标普500ETF",".DJI":"道琼斯",".IXIC":"NASDAQ Composite","SPXU":"三倍做空标普500ETF","OEX":"标普100",".SPX":"S&P 500 Index","BK4534":"瑞士信贷持仓","UPRO":"三倍做多标普500ETF","SPY":"标普500ETF","OEF":"标普100指数ETF-iShares","IVV":"标普500指数ETF","BK4559":"巴菲特持仓","BK4550":"红杉资本持仓"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2222052834","content_text":"* Financials rise with 10-yr yield* Tech shares down, weighing on Nasdaq* Utilities sector hits record high* Indexes: Dow up 0.4%, S&P 500 up 0.5%, Nasdaq down 0.2%* For the week, Dow up 0.3%, S&P 500 up 1.8%, Nasdaq up 2%NEW YORK, March 25 (Reuters) - The S&P 500 ended higher on Friday as financial shares rose after the benchmark Treasury yield jumped to its highest level in nearly three years.The Nasdaq ended lower, and tech and other big growth names mostly declined, but they finished off session lows following a late-session rally.For the week, the Nasdaq and S&P 500 registered solid gains of 2% and 1.8%, respectively, and the Dow was nominally higher with a 0.3% rise.The S&P 500 financials sector gave the S&P 500 its biggest boost on Friday, rising 1.3%, while technology and consumer discretionary sectors were the only two major sectors to end lower on the day.Investors are assessing how aggressive the Federal Reserve will be as it tightens policy after Fed Chair Jerome Powell this week said that the central bank needed to move \"expeditiously\" to combat high inflation and raised the possibility of a 50-basis-point hike in rates in May.U.S. Treasury yields jumped on Friday, with the benchmark 10-year note surging to nearly three-year highs, as the market grappled with high inflation and a Federal Reserve that could easily spark a downturn as it aggressively tightens policy.Ten-year Treasury yields were last at 2.492% after earlier rising above 2.50% for the first time since May 2019.The equity market is pricing in a higher rate environment, said Keith Buchanan, portfolio manager at Globalt Investments in Atlanta.That is causing bank stocks to outperform, while \"adding more pressure to the riskier elements of the market,\" such as growth shares, he said.Higher borrowing rates benefit banks, while higher rates are a negative for tech and growth stocks, whose valuations rely more heavily on future cash flows.The Dow Jones Industrial Average rose 153.3 points, or 0.44%, to 34,861.24, the S&P 500    gained 22.9 points, or 0.51%, to 4,543.06 and the Nasdaq Composite dropped 22.54 points, or 0.16%, to 14,169.30.Shares of growth companies like Nvidia Corp eased after leading a Wall Street rebound earlier this week.The utilities sector also rose sharply, hitting a record high as investors favored defensive stocks with the Russia-Ukraine war still raging after a month.The sector ended up 1.5% on the day and up 3.5% for the week, while the energy sector ended up 2.3% on the day and jumped more than 7% for the week following sharp gains in oil prices.Moscow signaled on Friday it was scaling back its ambitions in Ukraine to focus on territory claimed by Russian-backed separatists.Economists at Citibank are expecting four 50 basis points interest rate hikes from the Fed this year, joining other Wall Street banks in forecasting an aggressive tightening path against the backdrop of soaring inflation.The U.S. central bank last week raised interest rates for the first time since 2018.\"The market's really macro driven,\" said Steve DeSanctis, small- and mid-capitalization equity strategist at Jefferies in New York. \"Company fundamentals haven't really mattered.\"Volume on U.S. exchanges was 11.92 billion shares, compared with the 14.28 billion average for the full session over the last 20 trading days.Advancing issues outnumbered declining ones on the NYSE by a 1.08-to-1 ratio; on Nasdaq, a 1.40-to-1 ratio favored decliners.The S&P 500 posted 57 new 52-week highs and five new lows; the Nasdaq Composite recorded 73 new highs and 79 new lows.","news_type":1},"isVote":1,"tweetType":1,"viewCount":86,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":884396070,"gmtCreate":1631853740790,"gmtModify":1676530653155,"author":{"id":"3575352038769618","authorId":"3575352038769618","name":"JulianAlson","avatar":"https://static.tigerbbs.com/a4f9fadbfd2a54fe54a080c1732d41f9","crmLevel":6,"crmLevelSwitch":1},"themes":[],"htmlText":"K","listText":"K","text":"K","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/884396070","repostId":"1105376345","repostType":4,"repost":{"id":"1105376345","pubTimestamp":1631833833,"share":"https://www.laohu8.com/m/news/1105376345?lang=&edition=full","pubTime":"2021-09-17 07:10","market":"us","language":"en","title":"S&P ends modestly lower as rising Treasury yields offset robust retail data","url":"https://stock-news.laohu8.com/highlight/detail?id=1105376345","media":"Reuters","summary":"NEW YORK (Reuters) - The S&P 500 ended slightly down on Thursday, paring losses in late trading afte","content":"<p>NEW YORK (Reuters) - The S&amp;P 500 ended slightly down on Thursday, paring losses in late trading after unexpectedly strong retail sales data underscored the strength of the U.S. economic recovery.</p>\n<p>The three major indexes spent much of the day in negative territory as rising U.S. Treasury yields pressured market-leading tech stocks, and the rising dollar weighed on exporters.</p>\n<p>Amazon.com Inc, buoyed by solid online sales in the Commerce Department’s report, helped push the Nasdaq into positive territory.</p>\n<p>“Looking at today, clearly we had positive news from retail sales and it looks as if the massive slowdown in the economy is not materializing as a lot of people expected,” said Ryan Detrick, senior market strategist at LPL Financial in Charlotte, North Carolina.</p>\n<p>“It’s a nice reminder that the economy is still taking two steps forward for each step back even amid the COVID concerns,” Detrick added.</p>\n<p>Economically sensitive transports and microchips were among the outperformers.</p>\n<p>Data released before the opening bell showed an unexpected bump in retail sales as shoppers weathered Hurricane Ida and the COVID Delta variant, evidence of resilience in the consumer, who contributes about 70% to U.S. economic growth.</p>\n<p>“Once again, it shows the U.S. consumer continues to spend and continues to help this economy grow,” Detrick said.</p>\n<p>The Dow Jones Industrial Average fell 63.07 points, or 0.18%, to 34,751.32; the S&amp;P 500 lost 6.95 points, or 0.16%, at 4,473.75; and the Nasdaq Composite added 20.40 points, or 0.13%, at 15,181.92.</p>\n<p>Eight of the 11 major sectors in the S&amp;P 500 ended lower, with materials suffering the largest percentage drop.</p>\n<p>The consumer discretionary spending sector posted the biggest gain, with Amazon.com doing the heavy lifting.</p>\n<p>Apparel company Gap Inc gained 1.6%. Online marketplace Etsy Inc and luxury accessory company Tapestry Inc rose 3.1% and 1.9%, respectively.</p>\n<p>Ford Motor Co rose 1.4% after it announced plans to boost production of its F-150 electric pickup model.</p>\n<p>Declining issues outnumbered advancing ones on the NYSE by a 1.27-to-1 ratio; on Nasdaq, a 1.06-to-1 ratio favored advancers.</p>\n<p>The S&amp;P 500 posted nine new 52-week highs and one new low; the Nasdaq Composite recorded 82 new highs and 94 new lows.</p>\n<p>Volume on U.S. exchanges was 9.37 billion shares, compared with the 9.44 billion average over the last 20 trading days.</p>","source":"lsy1601381805984","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>S&P ends modestly lower as rising Treasury yields offset robust retail data</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\">\nS&P ends modestly lower as rising Treasury yields offset robust retail data\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-09-17 07:10 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.reuters.com/article/usa-stocks/us-stocks-sp-ends-modestly-lower-as-rising-treasury-yields-offset-robust-retail-data-idUSL1N2QI2MB><strong>Reuters</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>NEW YORK (Reuters) - The S&P 500 ended slightly down on Thursday, paring losses in late trading after unexpectedly strong retail sales data underscored the strength of the U.S. economic recovery.\nThe ...</p>\n\n<a href=\"https://www.reuters.com/article/usa-stocks/us-stocks-sp-ends-modestly-lower-as-rising-treasury-yields-offset-robust-retail-data-idUSL1N2QI2MB\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://www.reuters.com/article/usa-stocks/us-stocks-sp-ends-modestly-lower-as-rising-treasury-yields-offset-robust-retail-data-idUSL1N2QI2MB","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1105376345","content_text":"NEW YORK (Reuters) - The S&P 500 ended slightly down on Thursday, paring losses in late trading after unexpectedly strong retail sales data underscored the strength of the U.S. economic recovery.\nThe three major indexes spent much of the day in negative territory as rising U.S. Treasury yields pressured market-leading tech stocks, and the rising dollar weighed on exporters.\nAmazon.com Inc, buoyed by solid online sales in the Commerce Department’s report, helped push the Nasdaq into positive territory.\n“Looking at today, clearly we had positive news from retail sales and it looks as if the massive slowdown in the economy is not materializing as a lot of people expected,” said Ryan Detrick, senior market strategist at LPL Financial in Charlotte, North Carolina.\n“It’s a nice reminder that the economy is still taking two steps forward for each step back even amid the COVID concerns,” Detrick added.\nEconomically sensitive transports and microchips were among the outperformers.\nData released before the opening bell showed an unexpected bump in retail sales as shoppers weathered Hurricane Ida and the COVID Delta variant, evidence of resilience in the consumer, who contributes about 70% to U.S. economic growth.\n“Once again, it shows the U.S. consumer continues to spend and continues to help this economy grow,” Detrick said.\nThe Dow Jones Industrial Average fell 63.07 points, or 0.18%, to 34,751.32; the S&P 500 lost 6.95 points, or 0.16%, at 4,473.75; and the Nasdaq Composite added 20.40 points, or 0.13%, at 15,181.92.\nEight of the 11 major sectors in the S&P 500 ended lower, with materials suffering the largest percentage drop.\nThe consumer discretionary spending sector posted the biggest gain, with Amazon.com doing the heavy lifting.\nApparel company Gap Inc gained 1.6%. Online marketplace Etsy Inc and luxury accessory company Tapestry Inc rose 3.1% and 1.9%, respectively.\nFord Motor Co rose 1.4% after it announced plans to boost production of its F-150 electric pickup model.\nDeclining issues outnumbered advancing ones on the NYSE by a 1.27-to-1 ratio; on Nasdaq, a 1.06-to-1 ratio favored advancers.\nThe S&P 500 posted nine new 52-week highs and one new low; the Nasdaq Composite recorded 82 new highs and 94 new lows.\nVolume on U.S. exchanges was 9.37 billion shares, compared with the 9.44 billion average over the last 20 trading days.","news_type":1},"isVote":1,"tweetType":1,"viewCount":56,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":170168604,"gmtCreate":1626413203308,"gmtModify":1703759685609,"author":{"id":"3575352038769618","authorId":"3575352038769618","name":"JulianAlson","avatar":"https://static.tigerbbs.com/a4f9fadbfd2a54fe54a080c1732d41f9","crmLevel":6,"crmLevelSwitch":1},"themes":[],"htmlText":"Like please&nbsp;","listText":"Like please&nbsp;","text":"Like please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/170168604","repostId":"2151573133","repostType":4,"repost":{"id":"2151573133","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":1626379249,"share":"https://www.laohu8.com/m/news/2151573133?lang=&edition=full","pubTime":"2021-07-16 04:00","market":"us","language":"en","title":"Nasdaq ends lower as investors sell Big Tech","url":"https://stock-news.laohu8.com/highlight/detail?id=2151573133","media":"Reuters","summary":"July 15  - The Nasdaq ended lower on Thursday, pulled down by Apple, Amazon and other Big Tech companies as a fall in weekly jobless claims data fed investor concerns about a recent inflation spike.Amazon, Apple, Tesla and $Facebook$all fell. Nvidia tumbled around 4%.The S&P 500 technology sector index ended a four-day winning streak. Earlier this week, investors' favor for heavyweight growth stocks pushed the S&P 500 and the Nasdaq to record highs.The S&P 500 energy sector index fell more than ","content":"<ul>\n <li>U.S. weekly jobless claims fall to 16-month low</li>\n <li>Tech sector ends four-day winning streak</li>\n</ul>\n<p>July 15 (Reuters) - The Nasdaq ended lower on Thursday, pulled down by Apple, Amazon and other Big Tech companies as a fall in weekly jobless claims data fed investor concerns about a recent inflation spike.</p>\n<p>Amazon, Apple,&nbsp;Tesla and <a href=\"https://laohu8.com/S/FB\">Facebook</a>all fell. Nvidia&nbsp;tumbled around 4%.</p>\n<p>The S&amp;P 500 technology sector index ended a four-day winning streak. Earlier this week, investors' favor for heavyweight growth stocks pushed the S&amp;P 500 and the Nasdaq to record highs.</p>\n<p>The S&amp;P 500 energy sector index fell more than 1% and tracked a drop in crude prices on expectations of more supply after a compromise agreement between leading OPEC producers.</p>\n<p>Fresh data showed the number of Americans filing new claims for unemployment benefits fell last week to a 16-month low, while worker shortages and bottlenecks in the supply chain have frustrated efforts by businesses to ramp up production to meet strong demand for goods and services.</p>\n<p>Federal Reserve Chair Jerome Powell told lawmakers he anticipated the shortages and high inflation would abate. Yet many investors still worry that more sustained inflation could lead to a sooner-than-expected tightening of monetary policy.</p>\n<p>\"People are very nervous and concerned about inflation, tax rates and the (2022 midterm) election. Those three things are very much on people's minds,\" said 6 Meridian Chief Investment Officer Andrew Mies, describing recent phone calls with his firm's clients.</p>\n<p>Unofficially, the Dow Jones Industrial Average rose 54.52 points, or 0.16%, to 34,987.75, the S&amp;P 500 lost 14.29 points, or 0.33%, to 4,360.01 and the Nasdaq Composite&nbsp;dropped 101.82 points, or 0.7%, to 14,543.13.</p>\n<p><a href=\"https://laohu8.com/S/MSTLW\">Morgan Stanley</a> dipped as much as 1.2% after it beat expectations for quarterly profit, getting a boost from record investment banking activity even as the trading bonanza that supported results in recent quarters slowed down.</p>\n<p>Second-quarter reporting season kicked off this week, with the four largest U.S. lenders - Wells Fargo &amp; Co , $Bank of America Corp(BAC-N)$ , $Citigroup Inc(C-N)$ and JPMorgan Chase &amp; Co - posting a combined $33 billion in profits, but also highlighting the industry's sensitivity to low interest rates.</p>\n<p>Blackstone said late on Wednesday it would pay $2.2 billion for 9.9% stake in American International Group's life and retirement business. AIG and Blackstone both rallied.</p>\n<p>Johnson &amp; Johnson dipped after it voluntarily recalled five aerosol sunscreen products in the United States after detecting a cancer-causing chemical in some samples.</p>\n<p>(Reporting by Noel Randewich; Additional reporting by Devik Jain and Shreyashi Sanyal in Bengaluru; Editing by Maju Samuel)</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Nasdaq ends lower as investors sell Big Tech</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\">\nNasdaq ends lower as investors sell Big Tech\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\">2021-07-16 04:00</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<ul>\n <li>U.S. weekly jobless claims fall to 16-month low</li>\n <li>Tech sector ends four-day winning streak</li>\n</ul>\n<p>July 15 (Reuters) - The Nasdaq ended lower on Thursday, pulled down by Apple, Amazon and other Big Tech companies as a fall in weekly jobless claims data fed investor concerns about a recent inflation spike.</p>\n<p>Amazon, Apple,&nbsp;Tesla and <a href=\"https://laohu8.com/S/FB\">Facebook</a>all fell. Nvidia&nbsp;tumbled around 4%.</p>\n<p>The S&amp;P 500 technology sector index ended a four-day winning streak. Earlier this week, investors' favor for heavyweight growth stocks pushed the S&amp;P 500 and the Nasdaq to record highs.</p>\n<p>The S&amp;P 500 energy sector index fell more than 1% and tracked a drop in crude prices on expectations of more supply after a compromise agreement between leading OPEC producers.</p>\n<p>Fresh data showed the number of Americans filing new claims for unemployment benefits fell last week to a 16-month low, while worker shortages and bottlenecks in the supply chain have frustrated efforts by businesses to ramp up production to meet strong demand for goods and services.</p>\n<p>Federal Reserve Chair Jerome Powell told lawmakers he anticipated the shortages and high inflation would abate. Yet many investors still worry that more sustained inflation could lead to a sooner-than-expected tightening of monetary policy.</p>\n<p>\"People are very nervous and concerned about inflation, tax rates and the (2022 midterm) election. Those three things are very much on people's minds,\" said 6 Meridian Chief Investment Officer Andrew Mies, describing recent phone calls with his firm's clients.</p>\n<p>Unofficially, the Dow Jones Industrial Average rose 54.52 points, or 0.16%, to 34,987.75, the S&amp;P 500 lost 14.29 points, or 0.33%, to 4,360.01 and the Nasdaq Composite&nbsp;dropped 101.82 points, or 0.7%, to 14,543.13.</p>\n<p><a href=\"https://laohu8.com/S/MSTLW\">Morgan Stanley</a> dipped as much as 1.2% after it beat expectations for quarterly profit, getting a boost from record investment banking activity even as the trading bonanza that supported results in recent quarters slowed down.</p>\n<p>Second-quarter reporting season kicked off this week, with the four largest U.S. lenders - Wells Fargo &amp; Co , $Bank of America Corp(BAC-N)$ , $Citigroup Inc(C-N)$ and JPMorgan Chase &amp; Co - posting a combined $33 billion in profits, but also highlighting the industry's sensitivity to low interest rates.</p>\n<p>Blackstone said late on Wednesday it would pay $2.2 billion for 9.9% stake in American International Group's life and retirement business. AIG and Blackstone both rallied.</p>\n<p>Johnson &amp; Johnson dipped after it voluntarily recalled five aerosol sunscreen products in the United States after detecting a cancer-causing chemical in some samples.</p>\n<p>(Reporting by Noel Randewich; Additional reporting by Devik Jain and Shreyashi Sanyal in Bengaluru; Editing by Maju Samuel)</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"161125":"标普500","513500":"标普500ETF","DJX":"1/100道琼斯","DXD":"道指两倍做空ETF","QID":"纳指两倍做空ETF","WFC":"富国银行","NVDA":"英伟达","UDOW":"道指三倍做多ETF-ProShares","UPRO":"三倍做多标普500ETF","OEF":"标普100指数ETF-iShares","BX":"黑石","JPM":"摩根大通","TSLA":"特斯拉","IVV":"标普500指数ETF","JNJ":"强生","03086":"华夏纳指","PSQ":"纳指反向ETF","QLD":"纳指两倍做多ETF","QQQ":"纳指100ETF","BAC":"美国银行","TQQQ":"纳指三倍做多ETF","MS":"摩根士丹利","C":"花旗","09086":"华夏纳指-U","AMZN":"亚马逊",".DJI":"道琼斯","SDOW":"道指三倍做空ETF-ProShares","SSO":"两倍做多标普500ETF",".IXIC":"NASDAQ Composite","AIG":"美国国际集团","OEX":"标普100",".SPX":"S&P 500 Index","DDM":"道指两倍做多ETF","SQQQ":"纳指三倍做空ETF","SDS":"两倍做空标普500ETF","SH":"标普500反向ETF","QNETCN":"纳斯达克中美互联网老虎指数","DOG":"道指反向ETF","AAPL":"苹果","SPXU":"三倍做空标普500ETF"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2151573133","content_text":"U.S. weekly jobless claims fall to 16-month low\nTech sector ends four-day winning streak\n\nJuly 15 (Reuters) - The Nasdaq ended lower on Thursday, pulled down by Apple, Amazon and other Big Tech companies as a fall in weekly jobless claims data fed investor concerns about a recent inflation spike.\nAmazon, Apple, Tesla and Facebookall fell. Nvidia tumbled around 4%.\nThe S&P 500 technology sector index ended a four-day winning streak. Earlier this week, investors' favor for heavyweight growth stocks pushed the S&P 500 and the Nasdaq to record highs.\nThe S&P 500 energy sector index fell more than 1% and tracked a drop in crude prices on expectations of more supply after a compromise agreement between leading OPEC producers.\nFresh data showed the number of Americans filing new claims for unemployment benefits fell last week to a 16-month low, while worker shortages and bottlenecks in the supply chain have frustrated efforts by businesses to ramp up production to meet strong demand for goods and services.\nFederal Reserve Chair Jerome Powell told lawmakers he anticipated the shortages and high inflation would abate. Yet many investors still worry that more sustained inflation could lead to a sooner-than-expected tightening of monetary policy.\n\"People are very nervous and concerned about inflation, tax rates and the (2022 midterm) election. Those three things are very much on people's minds,\" said 6 Meridian Chief Investment Officer Andrew Mies, describing recent phone calls with his firm's clients.\nUnofficially, the Dow Jones Industrial Average rose 54.52 points, or 0.16%, to 34,987.75, the S&P 500 lost 14.29 points, or 0.33%, to 4,360.01 and the Nasdaq Composite dropped 101.82 points, or 0.7%, to 14,543.13.\nMorgan Stanley dipped as much as 1.2% after it beat expectations for quarterly profit, getting a boost from record investment banking activity even as the trading bonanza that supported results in recent quarters slowed down.\nSecond-quarter reporting season kicked off this week, with the four largest U.S. lenders - Wells Fargo & Co , $Bank of America Corp(BAC-N)$ , $Citigroup Inc(C-N)$ and JPMorgan Chase & Co - posting a combined $33 billion in profits, but also highlighting the industry's sensitivity to low interest rates.\nBlackstone said late on Wednesday it would pay $2.2 billion for 9.9% stake in American International Group's life and retirement business. AIG and Blackstone both rallied.\nJohnson & Johnson dipped after it voluntarily recalled five aerosol sunscreen products in the United States after detecting a cancer-causing chemical in some samples.\n(Reporting by Noel Randewich; Additional reporting by Devik Jain and Shreyashi Sanyal in Bengaluru; Editing by Maju Samuel)","news_type":1},"isVote":1,"tweetType":1,"viewCount":20,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":145726277,"gmtCreate":1626247919099,"gmtModify":1703756290935,"author":{"id":"3575352038769618","authorId":"3575352038769618","name":"JulianAlson","avatar":"https://static.tigerbbs.com/a4f9fadbfd2a54fe54a080c1732d41f9","crmLevel":6,"crmLevelSwitch":1},"themes":[],"htmlText":"Like please","listText":"Like please","text":"Like please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/145726277","repostId":"2151560584","repostType":4,"repost":{"id":"2151560584","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":1626207238,"share":"https://www.laohu8.com/m/news/2151560584?lang=&edition=full","pubTime":"2021-07-14 04:13","market":"us","language":"en","title":"S&P 500 and Nasdaq end down after hitting record highs","url":"https://stock-news.laohu8.com/highlight/detail?id=2151560584","media":"Reuters","summary":"JPMorgan drops amid low interest rates\nU.S. consumer prices surge in June\nBoeing slips on new produc","content":"<ul>\n <li>JPMorgan drops amid low interest rates</li>\n <li>U.S. consumer prices surge in June</li>\n <li>Boeing slips on new production problems for 787 Dreamliners</li>\n <li>Indexes: Dow -0.31%, S&amp;P 500 -0.35%, Nasdaq -0.38%</li>\n</ul>\n<p>(Updates following end of session)</p>\n<p>July 13 (Reuters) - The S&amp;P 500 and Nasdaq ended lower on Tuesday after hitting record highs earlier in the session, with investors digesting a jump in consumer prices in June and earnings from JPMorgan and Goldman Sachs that kicked off the quarterly reporting season.</p>\n<p>The S&amp;P 500 and Nasdaq reached fresh record highs but quickly fell into negative territory after an auction of 30-year Treasuries showed less demand than some investors expected and pushed yields higher.</p>\n<p>Data indicated U.S. consumer prices rose by the most in 13 years last month, while so-called core consumer prices surged 4.5% year over year, the largest rise since November 1991.</p>\n<p>Economists viewed the price surge, driven by travel-rated services and used automobiles, as mostly temporary, aligning with Federal Reserve Chair Jerome Powell's long-standing views.</p>\n<p>\"Any time you get an uptick in interest rates the stock market is going to get nervous, especially on a day like today,\" said Joe Saluzzi, co-manager of trading at Themis Trading in Chatham, New Jersey.</p>\n<p>The S&amp;P 500 growth index dipped 0.05%, while the value index fell 0.70%.</p>\n<p>\"With growth outperforming value, the takeaway is clearly that inflation from a market perspective is not a real threat in the long term,\" said Keith Buchanan, a portfolio manager at GLOBALT Investments in Atlanta, Georgia.</p>\n<p>Ten of the 11 major S&amp;P 500 sector indexes ended lower, with real estate , consumer discretionary and financials each down more than 1%.</p>\n<p>JPMorgan Chase &amp; Co stock fell 1.5% after the company reported blockbuster quarterly profit growth but warned that the sunny outlook would not make for blockbuster revenues in the short term due to low interest rates.</p>\n<p>Goldman Sachs Group Inc dipped 1.2% after its quarterly earnings exceeded forecasts.</p>\n<p>Citigroup , Wells Fargo &amp; Co and Bank of America were due to report their quarterly results early on Wednesday.</p>\n<p>PepsiCo Inc gained 2.3% after raising its full-year earnings forecast, betting on accelerating demand as COVID-19 restrictions continue to ease.</p>\n<p>June-quarter earnings per share for S&amp;P 500 companies are expected to rise 66%, according to Refinitiv data, with investors questioning how long Wall Street's rally would last after a 16% rise in the benchmark index so far this year.</p>\n<p>All eyes now turn to Fed Chair Jerome Powell's congressional testimony on Wednesday and Thursday for his comments about rising price pressures and monetary support going forward.</p>\n<p>The Dow Jones Industrial Average fell 0.31% to end at 34,888.79 points, while the S&amp;P 500 lost 0.35% to 4,369.21.</p>\n<p>The Nasdaq Composite dropped 0.38% to 14,677.65.</p>\n<p>Conagra Brands Inc dropped 5.4% after the packaged foods company warned that higher raw material and ingredient costs would take a bigger bite out of its profit this year than previously estimated.</p>\n<p>Boeing Co fell 4.2% after the Federal Aviation Administration said late on Monday some undelivered 787 Dreamliners have a new manufacturing quality issue.</p>\n<p>Declining issues outnumbered advancing ones on the NYSE by a 2.85-to-1 ratio; on Nasdaq, a 3.06-to-1 ratio favored decliners.</p>\n<p>The S&amp;P 500 posted 39 new 52-week highs and no new lows; the Nasdaq Composite recorded 61 new highs and 73 new lows.</p>\n<p>Volume on U.S. exchanges was 9.5 billion shares, compared with the 10.5 billion average for the full session over the last 20 trading days.</p>\n<p>(Additional reporting by Devik Jain and Shreyashi Sanyal in Bengaluru; Editing by Cynthia Osterman)</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>S&P 500 and Nasdaq end down after hitting record highs</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nS&P 500 and Nasdaq end down after hitting record highs\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\">2021-07-14 04:13</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<ul>\n <li>JPMorgan drops amid low interest rates</li>\n <li>U.S. consumer prices surge in June</li>\n <li>Boeing slips on new production problems for 787 Dreamliners</li>\n <li>Indexes: Dow -0.31%, S&amp;P 500 -0.35%, Nasdaq -0.38%</li>\n</ul>\n<p>(Updates following end of session)</p>\n<p>July 13 (Reuters) - The S&amp;P 500 and Nasdaq ended lower on Tuesday after hitting record highs earlier in the session, with investors digesting a jump in consumer prices in June and earnings from JPMorgan and Goldman Sachs that kicked off the quarterly reporting season.</p>\n<p>The S&amp;P 500 and Nasdaq reached fresh record highs but quickly fell into negative territory after an auction of 30-year Treasuries showed less demand than some investors expected and pushed yields higher.</p>\n<p>Data indicated U.S. consumer prices rose by the most in 13 years last month, while so-called core consumer prices surged 4.5% year over year, the largest rise since November 1991.</p>\n<p>Economists viewed the price surge, driven by travel-rated services and used automobiles, as mostly temporary, aligning with Federal Reserve Chair Jerome Powell's long-standing views.</p>\n<p>\"Any time you get an uptick in interest rates the stock market is going to get nervous, especially on a day like today,\" said Joe Saluzzi, co-manager of trading at Themis Trading in Chatham, New Jersey.</p>\n<p>The S&amp;P 500 growth index dipped 0.05%, while the value index fell 0.70%.</p>\n<p>\"With growth outperforming value, the takeaway is clearly that inflation from a market perspective is not a real threat in the long term,\" said Keith Buchanan, a portfolio manager at GLOBALT Investments in Atlanta, Georgia.</p>\n<p>Ten of the 11 major S&amp;P 500 sector indexes ended lower, with real estate , consumer discretionary and financials each down more than 1%.</p>\n<p>JPMorgan Chase &amp; Co stock fell 1.5% after the company reported blockbuster quarterly profit growth but warned that the sunny outlook would not make for blockbuster revenues in the short term due to low interest rates.</p>\n<p>Goldman Sachs Group Inc dipped 1.2% after its quarterly earnings exceeded forecasts.</p>\n<p>Citigroup , Wells Fargo &amp; Co and Bank of America were due to report their quarterly results early on Wednesday.</p>\n<p>PepsiCo Inc gained 2.3% after raising its full-year earnings forecast, betting on accelerating demand as COVID-19 restrictions continue to ease.</p>\n<p>June-quarter earnings per share for S&amp;P 500 companies are expected to rise 66%, according to Refinitiv data, with investors questioning how long Wall Street's rally would last after a 16% rise in the benchmark index so far this year.</p>\n<p>All eyes now turn to Fed Chair Jerome Powell's congressional testimony on Wednesday and Thursday for his comments about rising price pressures and monetary support going forward.</p>\n<p>The Dow Jones Industrial Average fell 0.31% to end at 34,888.79 points, while the S&amp;P 500 lost 0.35% to 4,369.21.</p>\n<p>The Nasdaq Composite dropped 0.38% to 14,677.65.</p>\n<p>Conagra Brands Inc dropped 5.4% after the packaged foods company warned that higher raw material and ingredient costs would take a bigger bite out of its profit this year than previously estimated.</p>\n<p>Boeing Co fell 4.2% after the Federal Aviation Administration said late on Monday some undelivered 787 Dreamliners have a new manufacturing quality issue.</p>\n<p>Declining issues outnumbered advancing ones on the NYSE by a 2.85-to-1 ratio; on Nasdaq, a 3.06-to-1 ratio favored decliners.</p>\n<p>The S&amp;P 500 posted 39 new 52-week highs and no new lows; the Nasdaq Composite recorded 61 new highs and 73 new lows.</p>\n<p>Volume on U.S. exchanges was 9.5 billion shares, compared with the 10.5 billion average for the full session over the last 20 trading days.</p>\n<p>(Additional reporting by Devik Jain and Shreyashi Sanyal in Bengaluru; Editing by Cynthia Osterman)</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"161125":"标普500","513500":"标普500ETF","SPXU":"三倍做空标普500ETF","QID":"纳指两倍做空ETF","SPY":"标普500ETF","UPRO":"三倍做多标普500ETF","OEF":"标普100指数ETF-iShares","IVV":"标普500指数ETF","QLD":"纳指两倍做多ETF","PSQ":"纳指反向ETF","QQQ":"纳指100ETF","TQQQ":"纳指三倍做多ETF","NDAQ":"纳斯达克OMX交易所","SSO":"两倍做多标普500ETF",".DJI":"道琼斯",".IXIC":"NASDAQ Composite","SDS":"两倍做空标普500ETF","SH":"标普500反向ETF","SQQQ":"纳指三倍做空ETF",".SPX":"S&P 500 Index","OEX":"标普100"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2151560584","content_text":"JPMorgan drops amid low interest rates\nU.S. consumer prices surge in June\nBoeing slips on new production problems for 787 Dreamliners\nIndexes: Dow -0.31%, S&P 500 -0.35%, Nasdaq -0.38%\n\n(Updates following end of session)\nJuly 13 (Reuters) - The S&P 500 and Nasdaq ended lower on Tuesday after hitting record highs earlier in the session, with investors digesting a jump in consumer prices in June and earnings from JPMorgan and Goldman Sachs that kicked off the quarterly reporting season.\nThe S&P 500 and Nasdaq reached fresh record highs but quickly fell into negative territory after an auction of 30-year Treasuries showed less demand than some investors expected and pushed yields higher.\nData indicated U.S. consumer prices rose by the most in 13 years last month, while so-called core consumer prices surged 4.5% year over year, the largest rise since November 1991.\nEconomists viewed the price surge, driven by travel-rated services and used automobiles, as mostly temporary, aligning with Federal Reserve Chair Jerome Powell's long-standing views.\n\"Any time you get an uptick in interest rates the stock market is going to get nervous, especially on a day like today,\" said Joe Saluzzi, co-manager of trading at Themis Trading in Chatham, New Jersey.\nThe S&P 500 growth index dipped 0.05%, while the value index fell 0.70%.\n\"With growth outperforming value, the takeaway is clearly that inflation from a market perspective is not a real threat in the long term,\" said Keith Buchanan, a portfolio manager at GLOBALT Investments in Atlanta, Georgia.\nTen of the 11 major S&P 500 sector indexes ended lower, with real estate , consumer discretionary and financials each down more than 1%.\nJPMorgan Chase & Co stock fell 1.5% after the company reported blockbuster quarterly profit growth but warned that the sunny outlook would not make for blockbuster revenues in the short term due to low interest rates.\nGoldman Sachs Group Inc dipped 1.2% after its quarterly earnings exceeded forecasts.\nCitigroup , Wells Fargo & Co and Bank of America were due to report their quarterly results early on Wednesday.\nPepsiCo Inc gained 2.3% after raising its full-year earnings forecast, betting on accelerating demand as COVID-19 restrictions continue to ease.\nJune-quarter earnings per share for S&P 500 companies are expected to rise 66%, according to Refinitiv data, with investors questioning how long Wall Street's rally would last after a 16% rise in the benchmark index so far this year.\nAll eyes now turn to Fed Chair Jerome Powell's congressional testimony on Wednesday and Thursday for his comments about rising price pressures and monetary support going forward.\nThe Dow Jones Industrial Average fell 0.31% to end at 34,888.79 points, while the S&P 500 lost 0.35% to 4,369.21.\nThe Nasdaq Composite dropped 0.38% to 14,677.65.\nConagra Brands Inc dropped 5.4% after the packaged foods company warned that higher raw material and ingredient costs would take a bigger bite out of its profit this year than previously estimated.\nBoeing Co fell 4.2% after the Federal Aviation Administration said late on Monday some undelivered 787 Dreamliners have a new manufacturing quality issue.\nDeclining issues outnumbered advancing ones on the NYSE by a 2.85-to-1 ratio; on Nasdaq, a 3.06-to-1 ratio favored decliners.\nThe S&P 500 posted 39 new 52-week highs and no new lows; the Nasdaq Composite recorded 61 new highs and 73 new lows.\nVolume on U.S. exchanges was 9.5 billion shares, compared with the 10.5 billion average for the full session over the last 20 trading days.\n(Additional reporting by Devik Jain and Shreyashi Sanyal in Bengaluru; Editing by Cynthia Osterman)","news_type":1},"isVote":1,"tweetType":1,"viewCount":2,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":153798846,"gmtCreate":1625048239885,"gmtModify":1703734823530,"author":{"id":"3575352038769618","authorId":"3575352038769618","name":"JulianAlson","avatar":"https://static.tigerbbs.com/a4f9fadbfd2a54fe54a080c1732d41f9","crmLevel":6,"crmLevelSwitch":1},"themes":[],"htmlText":"Like and comment","listText":"Like and comment","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/153798846","repostId":"1150186389","repostType":4,"repost":{"id":"1150186389","pubTimestamp":1625044819,"share":"https://www.laohu8.com/m/news/1150186389?lang=&edition=full","pubTime":"2021-06-30 17:20","market":"us","language":"en","title":"Which of the 10 Most Talked About Reddit Stocks Is Worth a Buy?","url":"https://stock-news.laohu8.com/highlight/detail?id=1150186389","media":"InvestorPlace","summary":"Like all investments, there are good Reddit stocks, and bad ones\nSource: Marcus Krauss / Shutterstoc","content":"<p>Like all investments, there are good Reddit stocks, and bad ones</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/753e957cac964de085fbdea1b1aa30a1\" tg-width=\"1024\" tg-height=\"576\"><span>Source: Marcus Krauss / Shutterstock.com</span></p>\n<p>I must admit, when I was given this assignment my first thought was I’m the last guy to be talking about Reddit stocks. I think the attention being paid to Reddit and meme stocks is a bunch of hokum.</p>\n<p>The arguments abound whether the meme stock frenzy is&nbsp;a permanent part of the investing landscape.</p>\n<p>“This is not going to end well,” Former E*Trade CEO Karl Roessner told<i>CNBC</i>in early June while discussing the AMC rally. “I think historically we’ve seen this in the past, but I do believethis grouphas staying power.”</p>\n<p>However, if you’re a value investor, the mere presence of this kind of retail investor is music to your ears. While the sheep are out buying&nbsp;<b>GameStop</b>(NYSE:<b><u>GME</u></b>), you can pick up shares in some of America’s better companies that trade at a discount.</p>\n<p>That’s not easy when the&nbsp;Cyclically Adjusted PE Ratio&nbsp;(CAPE) of 38.11 is at the second-highest level on record — the highest was in December 1999 — with no end in sight to the multiple’s upward trajectory.</p>\n<p>With that in mind, I’ve rated the&nbsp;top 10 Reddit stocks— based on the number of comments made on r/WallStreetBets — from best to worst as a long-term buy:</p>\n<ul>\n <li><b>Tesla</b>(NASDAQ:<b><u>TSLA</u></b>)</li>\n <li><b>KB Home</b>(NYSE:<b><u>KBH</u></b>)</li>\n <li><b>Palantir Technologies</b>(NYSE:<b><u>PLTR</u></b>)</li>\n <li><b>Clean Energy Fuels</b>(NASDAQ:<b><u>CLNE</u></b>)</li>\n <li><b>BlackBerry</b>(NYSE:<b><u>BB</u></b>)</li>\n <li><b>Workhorse Group</b>(NASDAQ:<b><u>WKHS</u></b>)</li>\n <li><b>AMC Entertainment</b>(NYSE:<b><u>AMC</u></b>)</li>\n <li><b>ContextLogic</b>(NASDAQ:<b><u>WISH</u></b>)</li>\n <li><b>Globalstar</b>(NYSEAMERICAN:<b><u>GSAT</u></b>)</li>\n <li><b>Clover Health</b>(NASDAQ:<b><u>CLOV</u></b>)</li>\n</ul>\n<p><b>Tesla (TSLA)</b></p>\n<p>Say what you will about Elon Musk, but there’s no question he’s built one heck of a company. Soon, Tesla will have a fourth factory open in Berlin. Even though the original opening date of July 1 is no longer on the table due to myriad reasons, it will ultimately produce millions of electric vehicles (EVs) for willing European buyers.</p>\n<p>The company has added a&nbsp;battery cell production&nbsp;component to the plant outside Berlin. It will produce 500 million cells annually representing 50 gigawatt hours (GWh) of energy, 25% higher than&nbsp;<b>Volkswagen’s</b>(OTCMKTS:<b><u>VWAGY</u></b>) planned facility a couple hundred miles away.</p>\n<p>Across the pond in Texas, the company’s fifth so-called Gigafactory is getting closer to being ready for production. This plant will produce an updated version of the Model Y using “mega casting” technology to speed up the production process while delivering a lighter vehicle at the same time. It currently&nbsp;uses this technology&nbsp;at its plant in Shanghai.</p>\n<p>Tesla has afree cash flow (FCF) marginof 22.3% based on $35.94 billion in trailing-12-month revenue.</p>\n<p><b>KB Home (KBH)</b></p>\n<p>The largest homebuilders in America are having&nbsp;trouble keeping up with demand&nbsp;at the moment. At least for now, KB Home is meeting the demand from customers, 64% of which were first-time buyers in the latest quarter.</p>\n<p>“Operationally, our divisions are doing an&nbsp;excellent job&nbsp;of navigating this environment of demand strength and well-publicized supply chain constraints as we effectively balanced pace, price and starts to optimize our assets and manage our production,” said KB Home CEO Jeff Mezger in the Q2 2021 conference call.</p>\n<p>KB Home is so busy that the number of homes started in Q1 2021 and Q2 2021 was equivalent to 75% of the number of homes started for 2020. As a result, it expects to deliver $6 billion in housing revenue in 2021 at the midpoint of guidance, with operating margins between 11.5% and 12.0%.</p>\n<p>KB Home has anFCF margin of 6.5%based on $4.78 billion in trailing 12-month revenue.</p>\n<p><b>Palantir Technologies (PLTR)</b></p>\n<p>Palantir has been a public company for less than a year. The provider of data analytics software platforms for government agencies, corporations, and other large institutions, sold no shares last September when directly listedon the NYSE.</p>\n<p>The reference price was $7.25. PLTR stock is up 277.7% through the start of June 29.</p>\n<p>Not only is it growing its business — in the latest quarter, itsU.S. commercial revenuegrew 72% year-over-year while its U.S. government revenue jumped 83% YOY — it is also busy investing in other tech companies looking to go public.</p>\n<p>For example, it has invested in six private investments in public equity (PIPE) in the past three months. These PIPEs are part of the ongoing interest in special purpose acquisition companies (SPACs). Palantir invests&nbsp;in the PIPEs&nbsp;to gain financial returns and collaborate with these companies, which use its data analytic tools for their businesses.</p>\n<p>I’m not 100% sold on Palantir&nbsp;just yet, but it’s a good long-term buy compared to some of the Reddit stocks on this list.</p>\n<p>Palantir has anFCF margin of 9%based on $1.2 billion in trailing 12-month revenue.</p>\n<p><b>Clean Energy Fuels</b><b>(</b><b>CLNE)</b></p>\n<p>Back in February,I recommended CLNE. At the time, it was trading around $12.97. It was one of seven stocks to buy under $20. As I write this, it’s just under $11, so it’s lost ground over the past four months.</p>\n<p>I liked Clean Energy for several reasons.</p>\n<p>First, it provides three kinds of natural gas fuel for commercial trucks: compressed (CNG), liquified (LNG), and renewable (RNG). It’s the only fuel provider to do so. Secondly, RNG fuel enables trucking companies to deliver their services while getting close to or achieving carbon negative status. Third, it’s got fueling stations in 43 states and Canada. Lastly, it’s got deep pockets.<b>Total</b>(OTCMKTS:<b><u>TTFNF</u></b>) owns 25% of its stock.</p>\n<p>Oh, and as I said in February, from an adjusted EBITDA basis (earnings before interest, taxes, depreciation and amortization), it makes money while also growing revenues at a steady pace.</p>\n<p>In the meantime, Clean Energy has anFCF margin of 24.2%based on $283 million in trailing 12-month revenue.</p>\n<p><b>BlackBerry (BB)</b></p>\n<p>I can remember when&nbsp;President Barack Obama&nbsp;first entered the White House in January 2009. The BlackBerry was considered the cat’s meow when it came to mobile phones. By the time he left office in January 2017, it was in the dustbin of history.</p>\n<p>Now supplying security software to automobile manufacturers and other enterprises and governments worldwide — a research firm recently said its QNX software is installed in195 million vehicles&nbsp;worldwide — the Reddit crowd have taken to the Waterloo, Ontario-based tech company.</p>\n<p>Things have turned around for BlackBerry.</p>\n<p>At least, enough so to provide CEO John Chen with a handsome compensation package. Proxy advisory firm Glass Lewis recently blasted the company, suggesting its&nbsp;compensation plan&nbsp;had no relation to its overall corporate performance.</p>\n<p>As a result of the January Reddit rally, which saw BB stock move from $6.70 at the beginning of the month to a 52-week high of $28.77 by the end, Chen could receive as much as $206 million in cash and stock compensation from the long-term incentives issued in 2019.</p>\n<p>On a GAAP basis,BlackBerry still loses money. That said, the pivot it’s made to software has given it another shot at tech stardom. We’ll see if it gain regain its former glory from the Obama years.</p>\n<p>In the meantime, BlackBerry has anFCF margin of 9.3%based on $861 million in trailing 12-month revenue.</p>\n<p><b>Workhorse Group (WKHS)</b></p>\n<p>The last time I wrote about Workhorse Group was in late April. At the time, it was trading around $12.50. I argued that if it got the&nbsp;backlog of 8,000&nbsp;commercial electric vehicle delivery trucks out the door over the next 12 to 24 months, it would have an ultra-low price-to-sales ratio of 4.2.</p>\n<p>Long story short, if it did, its stock would be worth more than $12.50.</p>\n<p>Well, on June 16, Workhorse&nbsp;officially protested&nbsp;the United States Postal Service awarding the estimated $6 billion contract to manufacture its next-generation delivery vehicle to&nbsp;<b>Oshkosh</b>(NYSE:<b><u>OSK</u></b>). The news pushed WKHS to $17.54 at the start of June 29.</p>\n<p><i>InvestorPlace’s</i>&nbsp;Dana Blankenhorn recently discussed Workhorse. He believes that the company was in the commercial EV game to&nbsp;ride on the coattails&nbsp;of big guns like&nbsp;<b>Ford</b>(NYSE:<b><u>F</u></b>) and&nbsp;<b>General Motors</b>(NYSE:<b><u>GM</u></b>). That’s not the craziest theory in the world.</p>\n<p>In the latest quarter, Workhorse delivered six trucks to customers and generated $521,000 in revenue. It plans to produce&nbsp;1,000 trucks&nbsp;in 2021. It will have to pick up the pace if it wants to reach that goal. In the meantime, investors can expect its quarterly losses to accelerate as we make our way through the year.</p>\n<p>Workhorse has an&nbsp;FCF margin of -5,320.2%&nbsp;based on $1.83 million in trailing 12-month revenue. It is for speculative investors only.</p>\n<p><b>AMC Entertainment (AMC)</b></p>\n<p>AMC is a stock that I’m conflicted about.</p>\n<p>On the one hand, I believe that Americans will return to movie theaters in large numbers come fall. That will likely return the chain to pre-Covid revenue numbers. On the other hand, it has a burdensome debt load.</p>\n<p>Despite using the Reddit surge to raise much-needed cash to repay some of this debt — on June 3, it announced it would sell 11.55 million shares at the market to bring in another&nbsp;$600 million— it still has&nbsp;$11.05 billion&nbsp;owed, or 37.6% of its vastly overvalued market capitalization of $29.4 billion.</p>\n<p>Former E*Trade CEO Karl Roessner appeared on&nbsp;<i>CNBC</i>&nbsp;in early June. While he&nbsp;commended AMC management&nbsp;for selling shares when prices were high, the company is not worth $28 billion.</p>\n<p>“Absent some serious strategic undertakings by that company, it’s still just not worth what it’s trading for right now,” Roessner stated.</p>\n<p>I couldn’t agree more.</p>\n<p>AMC has anFCF margin of -280%based on $449 million in trailing 12-month revenue.</p>\n<p><b>ContextLogic (WISH)</b></p>\n<p>In February, I wrote an article about the e-commerce site with the headline“ContextLogic Has Nothing to Do With Retail”<i>.</i>I didn’t understand the composition of its board. It had no retail experience on its board to oversee the CEO.</p>\n<p>“If ContextLogic’s goal is to beat&nbsp;<b>Amazon</b>(NASDAQ:<b>AMZN</b>) at discount e-commerce apparel, its board of directors is a sure sign that’s not what it’s after,” I said.</p>\n<p>I finished the article by stating I didn’t get an inspirational vibe from Context Logic’s board of directors. In the four months since, WISH has lost 49% of its value and trades well below its&nbsp;IPO price&nbsp;of $24.</p>\n<p>ContextLogic has anFCF margin of -8%based on $2.87 billion in trailing 12-month revenue. I’m really not sure what Redditors see in this one.</p>\n<p><b>Globalstar (GSAT)</b></p>\n<p>Not everyone thinks the provider of mobile satellite services is a bad bet.</p>\n<p>B. Riley analyst Mike Crawford initiated coverage of Globalstar on June 21. The analyst gives it a “buy” rating and a&nbsp;$3.25 target price, double where it’s currently trading. He estimates that the company’s C-Band spectrum could be worth as much as $15 billion. Based on 1.79 billion shares outstanding, that’s $8.38 a share, considerably higher than the analyst’s target price.</p>\n<p>From where I sit, the fact that it’s currently trading at&nbsp;a price-to-sales ratio of 25.39&nbsp;and&nbsp;not making money&nbsp;on a GAAP basis makes it very hard for me to get behind the company.</p>\n<p>However, Globalstar does have one big ace up its sleeve.</p>\n<p>On page 87 of its&nbsp;2020 10-K, you will see that it had $1.8 billion in U.S. net operating loss (NOL) carryforwards with less than 1% expiring before 2025. It has an additional $200 million in foreign NOL carryforwards. So, should it start generating significant profits — that’s still very much up in the air — the loss carryforwards will shield the company’s earnings from taxes for the foreseeable future.</p>\n<p>Globalstar has anFCF margin of 18%based on $123 million in trailing 12-month revenue.</p>\n<p><b>Clover Health (CLOV)</b></p>\n<p>They say timing is everything.</p>\n<p>In early June, I wrote an article about the healthcare technology company, which uses data to provide healthcare plans for more than 130,000 Americans. At the time, I felt like there was a fair bit of&nbsp;upside resistance at $10.</p>\n<p>While I wouldn’t buy the money-losing stock, a patient investor with a higher than average risk tolerance would be wise to buy around $9, or hopefully less. And then came the June 8 Reddit-induced short squeeze, doubling CLOV’s share price within hours.</p>\n<p>“By afternoon trading [June 8], Clover had already traded over&nbsp;650 million shares, 30 times more than its 30-day average volume of 22 million shares, according to FactSet,”<i>CNBC</i>‘s Yun Lireported. “By the closing bell on Wall Street, more than 720 million shares had changed hands.”</p>\n<p>CLOV stock closed June 7 trading at $11.92. By 4 p.m. the next day, it was over $22.</p>\n<p>In my article, I mentioned the investing lesson a 17-year-old learned about managing your expectations when playing with real money. I really hope he was able to sell his call options in the June surge. If not, the shares have still doubled from a month ago.</p>\n<p>Overall, it’s down slightly from its&nbsp;first day of trading&nbsp;on Jan. 8.</p>\n<p>Clover has anFCF margin of -24.2%based on $721 million in trailing 12-month revenue.</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>Which of the 10 Most Talked About Reddit Stocks Is Worth a 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\">\nWhich of the 10 Most Talked About Reddit Stocks Is Worth a Buy?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-30 17:20 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://investorplace.com/2021/06/which-of-the-10-most-talked-about-reddit-stocks-is-worth-a-buy/><strong>InvestorPlace</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Like all investments, there are good Reddit stocks, and bad ones\nSource: Marcus Krauss / Shutterstock.com\nI must admit, when I was given this assignment my first thought was I’m the last guy to be ...</p>\n\n<a href=\"https://investorplace.com/2021/06/which-of-the-10-most-talked-about-reddit-stocks-is-worth-a-buy/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BB":"黑莓","AMC":"AMC院线","WKHS":"Workhorse Group, Inc.","WISH":"ContextLogic Inc.","GSAT":"全球星","KBH":"KB Home","PLTR":"Palantir Technologies Inc.","CLOV":"Clover Health Corp","TSLA":"特斯拉","CLNE":"Clean Energy Fuels Corp"},"source_url":"https://investorplace.com/2021/06/which-of-the-10-most-talked-about-reddit-stocks-is-worth-a-buy/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1150186389","content_text":"Like all investments, there are good Reddit stocks, and bad ones\nSource: Marcus Krauss / Shutterstock.com\nI must admit, when I was given this assignment my first thought was I’m the last guy to be talking about Reddit stocks. I think the attention being paid to Reddit and meme stocks is a bunch of hokum.\nThe arguments abound whether the meme stock frenzy is a permanent part of the investing landscape.\n“This is not going to end well,” Former E*Trade CEO Karl Roessner toldCNBCin early June while discussing the AMC rally. “I think historically we’ve seen this in the past, but I do believethis grouphas staying power.”\nHowever, if you’re a value investor, the mere presence of this kind of retail investor is music to your ears. While the sheep are out buying GameStop(NYSE:GME), you can pick up shares in some of America’s better companies that trade at a discount.\nThat’s not easy when the Cyclically Adjusted PE Ratio (CAPE) of 38.11 is at the second-highest level on record — the highest was in December 1999 — with no end in sight to the multiple’s upward trajectory.\nWith that in mind, I’ve rated the top 10 Reddit stocks— based on the number of comments made on r/WallStreetBets — from best to worst as a long-term buy:\n\nTesla(NASDAQ:TSLA)\nKB Home(NYSE:KBH)\nPalantir Technologies(NYSE:PLTR)\nClean Energy Fuels(NASDAQ:CLNE)\nBlackBerry(NYSE:BB)\nWorkhorse Group(NASDAQ:WKHS)\nAMC Entertainment(NYSE:AMC)\nContextLogic(NASDAQ:WISH)\nGlobalstar(NYSEAMERICAN:GSAT)\nClover Health(NASDAQ:CLOV)\n\nTesla (TSLA)\nSay what you will about Elon Musk, but there’s no question he’s built one heck of a company. Soon, Tesla will have a fourth factory open in Berlin. Even though the original opening date of July 1 is no longer on the table due to myriad reasons, it will ultimately produce millions of electric vehicles (EVs) for willing European buyers.\nThe company has added a battery cell production component to the plant outside Berlin. It will produce 500 million cells annually representing 50 gigawatt hours (GWh) of energy, 25% higher than Volkswagen’s(OTCMKTS:VWAGY) planned facility a couple hundred miles away.\nAcross the pond in Texas, the company’s fifth so-called Gigafactory is getting closer to being ready for production. This plant will produce an updated version of the Model Y using “mega casting” technology to speed up the production process while delivering a lighter vehicle at the same time. It currently uses this technology at its plant in Shanghai.\nTesla has afree cash flow (FCF) marginof 22.3% based on $35.94 billion in trailing-12-month revenue.\nKB Home (KBH)\nThe largest homebuilders in America are having trouble keeping up with demand at the moment. At least for now, KB Home is meeting the demand from customers, 64% of which were first-time buyers in the latest quarter.\n“Operationally, our divisions are doing an excellent job of navigating this environment of demand strength and well-publicized supply chain constraints as we effectively balanced pace, price and starts to optimize our assets and manage our production,” said KB Home CEO Jeff Mezger in the Q2 2021 conference call.\nKB Home is so busy that the number of homes started in Q1 2021 and Q2 2021 was equivalent to 75% of the number of homes started for 2020. As a result, it expects to deliver $6 billion in housing revenue in 2021 at the midpoint of guidance, with operating margins between 11.5% and 12.0%.\nKB Home has anFCF margin of 6.5%based on $4.78 billion in trailing 12-month revenue.\nPalantir Technologies (PLTR)\nPalantir has been a public company for less than a year. The provider of data analytics software platforms for government agencies, corporations, and other large institutions, sold no shares last September when directly listedon the NYSE.\nThe reference price was $7.25. PLTR stock is up 277.7% through the start of June 29.\nNot only is it growing its business — in the latest quarter, itsU.S. commercial revenuegrew 72% year-over-year while its U.S. government revenue jumped 83% YOY — it is also busy investing in other tech companies looking to go public.\nFor example, it has invested in six private investments in public equity (PIPE) in the past three months. These PIPEs are part of the ongoing interest in special purpose acquisition companies (SPACs). Palantir invests in the PIPEs to gain financial returns and collaborate with these companies, which use its data analytic tools for their businesses.\nI’m not 100% sold on Palantir just yet, but it’s a good long-term buy compared to some of the Reddit stocks on this list.\nPalantir has anFCF margin of 9%based on $1.2 billion in trailing 12-month revenue.\nClean Energy Fuels(CLNE)\nBack in February,I recommended CLNE. At the time, it was trading around $12.97. It was one of seven stocks to buy under $20. As I write this, it’s just under $11, so it’s lost ground over the past four months.\nI liked Clean Energy for several reasons.\nFirst, it provides three kinds of natural gas fuel for commercial trucks: compressed (CNG), liquified (LNG), and renewable (RNG). It’s the only fuel provider to do so. Secondly, RNG fuel enables trucking companies to deliver their services while getting close to or achieving carbon negative status. Third, it’s got fueling stations in 43 states and Canada. Lastly, it’s got deep pockets.Total(OTCMKTS:TTFNF) owns 25% of its stock.\nOh, and as I said in February, from an adjusted EBITDA basis (earnings before interest, taxes, depreciation and amortization), it makes money while also growing revenues at a steady pace.\nIn the meantime, Clean Energy has anFCF margin of 24.2%based on $283 million in trailing 12-month revenue.\nBlackBerry (BB)\nI can remember when President Barack Obama first entered the White House in January 2009. The BlackBerry was considered the cat’s meow when it came to mobile phones. By the time he left office in January 2017, it was in the dustbin of history.\nNow supplying security software to automobile manufacturers and other enterprises and governments worldwide — a research firm recently said its QNX software is installed in195 million vehicles worldwide — the Reddit crowd have taken to the Waterloo, Ontario-based tech company.\nThings have turned around for BlackBerry.\nAt least, enough so to provide CEO John Chen with a handsome compensation package. Proxy advisory firm Glass Lewis recently blasted the company, suggesting its compensation plan had no relation to its overall corporate performance.\nAs a result of the January Reddit rally, which saw BB stock move from $6.70 at the beginning of the month to a 52-week high of $28.77 by the end, Chen could receive as much as $206 million in cash and stock compensation from the long-term incentives issued in 2019.\nOn a GAAP basis,BlackBerry still loses money. That said, the pivot it’s made to software has given it another shot at tech stardom. We’ll see if it gain regain its former glory from the Obama years.\nIn the meantime, BlackBerry has anFCF margin of 9.3%based on $861 million in trailing 12-month revenue.\nWorkhorse Group (WKHS)\nThe last time I wrote about Workhorse Group was in late April. At the time, it was trading around $12.50. I argued that if it got the backlog of 8,000 commercial electric vehicle delivery trucks out the door over the next 12 to 24 months, it would have an ultra-low price-to-sales ratio of 4.2.\nLong story short, if it did, its stock would be worth more than $12.50.\nWell, on June 16, Workhorse officially protested the United States Postal Service awarding the estimated $6 billion contract to manufacture its next-generation delivery vehicle to Oshkosh(NYSE:OSK). The news pushed WKHS to $17.54 at the start of June 29.\nInvestorPlace’s Dana Blankenhorn recently discussed Workhorse. He believes that the company was in the commercial EV game to ride on the coattails of big guns like Ford(NYSE:F) and General Motors(NYSE:GM). That’s not the craziest theory in the world.\nIn the latest quarter, Workhorse delivered six trucks to customers and generated $521,000 in revenue. It plans to produce 1,000 trucks in 2021. It will have to pick up the pace if it wants to reach that goal. In the meantime, investors can expect its quarterly losses to accelerate as we make our way through the year.\nWorkhorse has an FCF margin of -5,320.2% based on $1.83 million in trailing 12-month revenue. It is for speculative investors only.\nAMC Entertainment (AMC)\nAMC is a stock that I’m conflicted about.\nOn the one hand, I believe that Americans will return to movie theaters in large numbers come fall. That will likely return the chain to pre-Covid revenue numbers. On the other hand, it has a burdensome debt load.\nDespite using the Reddit surge to raise much-needed cash to repay some of this debt — on June 3, it announced it would sell 11.55 million shares at the market to bring in another $600 million— it still has $11.05 billion owed, or 37.6% of its vastly overvalued market capitalization of $29.4 billion.\nFormer E*Trade CEO Karl Roessner appeared on CNBC in early June. While he commended AMC management for selling shares when prices were high, the company is not worth $28 billion.\n“Absent some serious strategic undertakings by that company, it’s still just not worth what it’s trading for right now,” Roessner stated.\nI couldn’t agree more.\nAMC has anFCF margin of -280%based on $449 million in trailing 12-month revenue.\nContextLogic (WISH)\nIn February, I wrote an article about the e-commerce site with the headline“ContextLogic Has Nothing to Do With Retail”.I didn’t understand the composition of its board. It had no retail experience on its board to oversee the CEO.\n“If ContextLogic’s goal is to beat Amazon(NASDAQ:AMZN) at discount e-commerce apparel, its board of directors is a sure sign that’s not what it’s after,” I said.\nI finished the article by stating I didn’t get an inspirational vibe from Context Logic’s board of directors. In the four months since, WISH has lost 49% of its value and trades well below its IPO price of $24.\nContextLogic has anFCF margin of -8%based on $2.87 billion in trailing 12-month revenue. I’m really not sure what Redditors see in this one.\nGlobalstar (GSAT)\nNot everyone thinks the provider of mobile satellite services is a bad bet.\nB. Riley analyst Mike Crawford initiated coverage of Globalstar on June 21. The analyst gives it a “buy” rating and a $3.25 target price, double where it’s currently trading. He estimates that the company’s C-Band spectrum could be worth as much as $15 billion. Based on 1.79 billion shares outstanding, that’s $8.38 a share, considerably higher than the analyst’s target price.\nFrom where I sit, the fact that it’s currently trading at a price-to-sales ratio of 25.39 and not making money on a GAAP basis makes it very hard for me to get behind the company.\nHowever, Globalstar does have one big ace up its sleeve.\nOn page 87 of its 2020 10-K, you will see that it had $1.8 billion in U.S. net operating loss (NOL) carryforwards with less than 1% expiring before 2025. It has an additional $200 million in foreign NOL carryforwards. So, should it start generating significant profits — that’s still very much up in the air — the loss carryforwards will shield the company’s earnings from taxes for the foreseeable future.\nGlobalstar has anFCF margin of 18%based on $123 million in trailing 12-month revenue.\nClover Health (CLOV)\nThey say timing is everything.\nIn early June, I wrote an article about the healthcare technology company, which uses data to provide healthcare plans for more than 130,000 Americans. At the time, I felt like there was a fair bit of upside resistance at $10.\nWhile I wouldn’t buy the money-losing stock, a patient investor with a higher than average risk tolerance would be wise to buy around $9, or hopefully less. And then came the June 8 Reddit-induced short squeeze, doubling CLOV’s share price within hours.\n“By afternoon trading [June 8], Clover had already traded over 650 million shares, 30 times more than its 30-day average volume of 22 million shares, according to FactSet,”CNBC‘s Yun Lireported. “By the closing bell on Wall Street, more than 720 million shares had changed hands.”\nCLOV stock closed June 7 trading at $11.92. By 4 p.m. the next day, it was over $22.\nIn my article, I mentioned the investing lesson a 17-year-old learned about managing your expectations when playing with real money. I really hope he was able to sell his call options in the June surge. If not, the shares have still doubled from a month ago.\nOverall, it’s down slightly from its first day of trading on Jan. 8.\nClover has anFCF margin of -24.2%based on $721 million in trailing 12-month revenue.","news_type":1},"isVote":1,"tweetType":1,"viewCount":9,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":167237768,"gmtCreate":1624269697854,"gmtModify":1703832035069,"author":{"id":"3575352038769618","authorId":"3575352038769618","name":"JulianAlson","avatar":"https://static.tigerbbs.com/a4f9fadbfd2a54fe54a080c1732d41f9","crmLevel":6,"crmLevelSwitch":1},"themes":[],"htmlText":"Like and comment","listText":"Like and comment","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/167237768","repostId":"1154249454","repostType":4,"isVote":1,"tweetType":1,"viewCount":49,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":346273289,"gmtCreate":1618058171041,"gmtModify":1704706385500,"author":{"id":"3575352038769618","authorId":"3575352038769618","name":"JulianAlson","avatar":"https://static.tigerbbs.com/a4f9fadbfd2a54fe54a080c1732d41f9","crmLevel":6,"crmLevelSwitch":1},"themes":[],"htmlText":"Need a like lols any one kind enough?","listText":"Need a like lols any one kind enough?","text":"Need a like lols any one kind enough?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/346273289","repostId":"1142324412","repostType":4,"repost":{"id":"1142324412","pubTimestamp":1617982207,"share":"https://www.laohu8.com/m/news/1142324412?lang=&edition=full","pubTime":"2021-04-09 23:30","market":"us","language":"en","title":"XPeng Inc.: A Reawakening","url":"https://stock-news.laohu8.com/highlight/detail?id=1142324412","media":"seekingalpha","summary":"Valuation is middling but not overvalued like in the past.Recent announcement of capacity expansion in Wuhan lends better operational and sales visibility.Company could breakeven and finally reach positive profits soon; major improvements seen in operating margins.Feared chip shortage  was not a disaster, deliveries are still strong.Government support, China's creation of an EV ecosystem.XPEV's strong deliveries describe not only excellent support from the private sector, but also the Chinese go","content":"<p><b>Summary</b></p>\n<ul>\n <li>Valuation is middling but not overvalued like in the past.</li>\n <li>Recent announcement of capacity expansion in Wuhan lends better operational and sales visibility.</li>\n <li>Company could breakeven and finally reach positive profits soon; major improvements seen in operating margins.</li>\n <li>Feared chip shortage (i.e. supply disruption) was not a disaster, deliveries are still strong.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4e0f3343d69719839f9b8f1d337c3984\" tg-width=\"1536\" tg-height=\"1024\"><span>Photo by Robert Way/iStock Editorial via Getty Images</span></p>\n<p><b>Introduction</b></p>\n<p>The stock price of&nbsp;XPEV&nbsp;has been converging with the performance of the S&amp;P 500 since March 2021, as compared to its massive outperformance in 4Q2020. This could be view positively or negatively. On the bright side, this suggests that price performance would become more predictable with lower volatility, indicative of a broadening consensus on the fundamental prospects of the company. On the other hand, traders may be disappointed its lack of momentum. Therefore, this is probably a good time to stop viewing XPEV as purely a trade, but re-analyze its merits as a fundamentally-driven investment.</p>\n<p><i>The frenetic performance of XPEV has calmed down in recent weeks, allowing its one year performance to track the S&amp;P 500 more closely</i></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9f04001d604ecc7892ef3a76c498578b\" tg-width=\"640\" tg-height=\"236\"><span>Source: SeekingAlpha</span></p>\n<p><i>XPEV's G3 Super Long Range Smart SUV</i></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/68446a741f9f97afc10f2149c4e13e13\" tg-width=\"640\" tg-height=\"388\"><span>Source: XPeng Motors (G3、P7) Intelligent electric car with Internet DNA</span></p>\n<p><b>Industry and commercial positives</b></p>\n<p>Optimism on EVs and&nbsp;strong industry growth&nbsp;rates are common knowledge by now. The following points suggest specific positives for XPEV that remain intact despite relatively ebbing momentum on the stock's price (as compared to 4Q2020):</p>\n<ol>\n <li><b>Deliveries met despite fears on chip shortage.</b>While the stock's price momentum appears to have ebbed, recent news continues to remain positive. At an industry level, Chinese vehicle manufacturers XPEV andNIOmanaged to manufacture the expected numbers of vehicle deliveries, despite much feared chip shortages.XPEV chalked&nbsp;in record quarterly deliveries of 13,340 EVs in Q1 2021, +487% over the year and +130% over the month in March.NIO delivered&nbsp;20,060 +423% over the year while Q1 deliveries rose 15.6% to 20,060. The challenge these EV manufacturers face now is not so much the ability to deliver on its numbers, but on being able to meet high expectations for the stock price to gain further traction.</li>\n <li><b>Government support, China's creation of an EV ecosystem.</b>XPEV's strong deliveries describe not only excellent support from the private sector, but also the Chinese government's push to develop this part of its industry. XPEV has entered into an agreement with the city of Wuhan to build a factory with a capacity of 100,000 EV units. This is a very significant piece of news, considering its deliveries of just 5,102 in March 2021. Annualizing this number, the new capacity will be more than the whole of XPEV's total historical annual production. This news is interesting and significant since it was just released this week, suggesting it may have yet to be factored into analysts' forecast numbers. This is made more important as XPEV has always been considered a laggard in production capabilities to its larger cousin NIO. General Chinese government support for the EV ecosystem is strong, and the new facility in Wuhan echoes earlier provincial government financial support ($77m) in Guangdong. The reality is, for EVs to gain traction, government willingness to support infrastructure initiatives are highly important (e.g. permits for charging stations, creating incentives to convert from old polluting vehicles to green vehicles, etc.). With China's tradition of central planning, the EV ecosystem is placed on the right footing.</li>\n <li><b>Listing in Hong Kong adds to investor base and liquidity.</b>Going forward,XPEV,NIO, and&nbsp;LI&nbsp;intend tolistin Hong Kong this year. This is a strategic move, and makes the valuation of these companies less susceptible by US political bashing (e.g. the threat of being de-listed) should it occur, since it reflects a wider geographical base. The valuations of these companies may even get a boost given greater global liquidity due to added trading in the Asian time zone.</li>\n</ol>\n<p>Of note, in late March, XPEV held an&nbsp;autonomous driving expedition&nbsp;covering eight cities in China and 3,675 kilometers. The exercise was successful, as minimal human intervention was needed during the expedition and adds another brownie point to XPEV's research and development efforts, placing XPEV on the&nbsp;competitive landscape&nbsp;against rivals such as TSLA and NIO on autonomous driving. Apparently, XPEV's autonomous driving results&nbsp;performed better&nbsp;than TSLA's with fewer human interventions per 100km and better navigation in complex situations.</p>\n<p><b>XPEV's improving financials</b></p>\n<p>Now that we have several quarters of financial data on XPEV, it is worth reviewing how its metrics have been performing. Firstly, market expectations aside, deliveries have been very good as abovementioned, and this is flowing through to revenue numbers. As shown in the below table, growth has been very strong, and revenues are expected to more than double in 2021 and continue to double in 2022. Such growth rates place XPEV at the top end of manufacturing firms, as expected of the fast-growing EV market.</p>\n<p>Another point to note is the improvement in operating margins. As with any \"new tech\" company, initial investments would cause hugely negative operating margins in the beginning. What's important is the company's ability to improve margins and reduce costs over time. In this respect, XPEV has done a good job, with operating margins improving sequentially each quarter. Of note, operating margins started to see major improvements between the Jun-2020 (-142%) and Dec-2020 (-39%) quarters as shown in the table below. Given this trend, the company is likely to breakeven and register positive profits soon, which could be a catalytic re-rating for XPEV. When we pair this analysis with the stock price, it appears that XPEV's recently soft stock price performance is not justified.</p>\n<p>Meanwhile, the balance sheet is expected to remain strong. Equity to total liabilities &amp; equity is 23% as at Dec-2020. As abovementioned, further capital raises with a forthcoming Hong Kong listing will add to XPEV's cash buffer.</p>\n<p><i>XPEV's performance improvement in both revenue and operating margin trends appear to have been ignored by the market due to recent the broad market capitulation</i></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f8258dce0cc10e8118a23afce7655bed\" tg-width=\"726\" tg-height=\"737\"><span>*EST = estimate by analysts' consensus from SeekingAlpha</span></p>\n<p><b>XPEV's valuation: somewhere in the middle</b></p>\n<p>XPEV's stock price has done well over the last 6 months versus peers. On a TTM P/S, XPEV is near the middle although its FWD P/S is trading at a premium. However, there could be a general re-rating of the P/S of the sector if the Chinese EV manufacturers reach breakeven in 2021 and record positive profits (our base case belief, given the prevailing trend in XPEV's improving operating margins). This will then allow better price discovery when the companies can then be valued on their P/E ratios.</p>\n<img src=\"https://static.tigerbbs.com/fa975ce545e950a20f809bcc7f698ef6\" tg-width=\"911\" tg-height=\"594\">\n<table>\n <tbody>\n  <tr></tr>\n </tbody>\n</table>\n<p><b>Conclusion and Risks</b></p>\n<p>XPEV's stock price may benefit from two key catalysts: (1) expansion of manufacturing facility in Wuhan, which will concretely raise visibility of revenue growth which is expected to double; (2) a valuation regime change as it progresses from a loss making company to a profitable one, expected by this year. Furthermore, it is worth noting that the valuation is not lofty as compared to price levels in 4Q2020, having fallen over the last couple of months.</p>\n<p>Competition may exist and remain intense, but given the large size of China's market and that there are only a couple of notable players (i.e. NIO, LI), the market remains largely an oligopoly which allows XPEV to retain pricing power.</p>\n<p>Much feared risks of execution in the past appear to have materialized but not in a big way, i.e. the previously expected chip shortage. Given the progression to a post-COVID economy, supply chain links should improve and reduce similar risks in the future.</p>\n<p>On a standalone basis, XPEV's prospects appear bright, and now the key hurdle is whether the NASDAQ will find momentum and exceed previous highs. The base case for this should lean towards the positive as the market is merely in the first year of the economic recovery after the pandemic. Recent price consolidation appears to have created a technical setup for a reawakening of price momentum as consumer activity revives post-pandemic.</p>","source":"seekingalpha","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>XPeng Inc.: A Reawakening</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\">\nXPeng Inc.: A Reawakening\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-09 23:30 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4418326-xpeng-inc-reawakening><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nValuation is middling but not overvalued like in the past.\nRecent announcement of capacity expansion in Wuhan lends better operational and sales visibility.\nCompany could breakeven and ...</p>\n\n<a href=\"https://seekingalpha.com/article/4418326-xpeng-inc-reawakening\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"XPEV":"小鹏汽车"},"source_url":"https://seekingalpha.com/article/4418326-xpeng-inc-reawakening","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1142324412","content_text":"Summary\n\nValuation is middling but not overvalued like in the past.\nRecent announcement of capacity expansion in Wuhan lends better operational and sales visibility.\nCompany could breakeven and finally reach positive profits soon; major improvements seen in operating margins.\nFeared chip shortage (i.e. supply disruption) was not a disaster, deliveries are still strong.\n\nPhoto by Robert Way/iStock Editorial via Getty Images\nIntroduction\nThe stock price of XPEV has been converging with the performance of the S&P 500 since March 2021, as compared to its massive outperformance in 4Q2020. This could be view positively or negatively. On the bright side, this suggests that price performance would become more predictable with lower volatility, indicative of a broadening consensus on the fundamental prospects of the company. On the other hand, traders may be disappointed its lack of momentum. Therefore, this is probably a good time to stop viewing XPEV as purely a trade, but re-analyze its merits as a fundamentally-driven investment.\nThe frenetic performance of XPEV has calmed down in recent weeks, allowing its one year performance to track the S&P 500 more closely\nSource: SeekingAlpha\nXPEV's G3 Super Long Range Smart SUV\nSource: XPeng Motors (G3、P7) Intelligent electric car with Internet DNA\nIndustry and commercial positives\nOptimism on EVs and strong industry growth rates are common knowledge by now. The following points suggest specific positives for XPEV that remain intact despite relatively ebbing momentum on the stock's price (as compared to 4Q2020):\n\nDeliveries met despite fears on chip shortage.While the stock's price momentum appears to have ebbed, recent news continues to remain positive. At an industry level, Chinese vehicle manufacturers XPEV andNIOmanaged to manufacture the expected numbers of vehicle deliveries, despite much feared chip shortages.XPEV chalked in record quarterly deliveries of 13,340 EVs in Q1 2021, +487% over the year and +130% over the month in March.NIO delivered 20,060 +423% over the year while Q1 deliveries rose 15.6% to 20,060. The challenge these EV manufacturers face now is not so much the ability to deliver on its numbers, but on being able to meet high expectations for the stock price to gain further traction.\nGovernment support, China's creation of an EV ecosystem.XPEV's strong deliveries describe not only excellent support from the private sector, but also the Chinese government's push to develop this part of its industry. XPEV has entered into an agreement with the city of Wuhan to build a factory with a capacity of 100,000 EV units. This is a very significant piece of news, considering its deliveries of just 5,102 in March 2021. Annualizing this number, the new capacity will be more than the whole of XPEV's total historical annual production. This news is interesting and significant since it was just released this week, suggesting it may have yet to be factored into analysts' forecast numbers. This is made more important as XPEV has always been considered a laggard in production capabilities to its larger cousin NIO. General Chinese government support for the EV ecosystem is strong, and the new facility in Wuhan echoes earlier provincial government financial support ($77m) in Guangdong. The reality is, for EVs to gain traction, government willingness to support infrastructure initiatives are highly important (e.g. permits for charging stations, creating incentives to convert from old polluting vehicles to green vehicles, etc.). With China's tradition of central planning, the EV ecosystem is placed on the right footing.\nListing in Hong Kong adds to investor base and liquidity.Going forward,XPEV,NIO, and LI intend tolistin Hong Kong this year. This is a strategic move, and makes the valuation of these companies less susceptible by US political bashing (e.g. the threat of being de-listed) should it occur, since it reflects a wider geographical base. The valuations of these companies may even get a boost given greater global liquidity due to added trading in the Asian time zone.\n\nOf note, in late March, XPEV held an autonomous driving expedition covering eight cities in China and 3,675 kilometers. The exercise was successful, as minimal human intervention was needed during the expedition and adds another brownie point to XPEV's research and development efforts, placing XPEV on the competitive landscape against rivals such as TSLA and NIO on autonomous driving. Apparently, XPEV's autonomous driving results performed better than TSLA's with fewer human interventions per 100km and better navigation in complex situations.\nXPEV's improving financials\nNow that we have several quarters of financial data on XPEV, it is worth reviewing how its metrics have been performing. Firstly, market expectations aside, deliveries have been very good as abovementioned, and this is flowing through to revenue numbers. As shown in the below table, growth has been very strong, and revenues are expected to more than double in 2021 and continue to double in 2022. Such growth rates place XPEV at the top end of manufacturing firms, as expected of the fast-growing EV market.\nAnother point to note is the improvement in operating margins. As with any \"new tech\" company, initial investments would cause hugely negative operating margins in the beginning. What's important is the company's ability to improve margins and reduce costs over time. In this respect, XPEV has done a good job, with operating margins improving sequentially each quarter. Of note, operating margins started to see major improvements between the Jun-2020 (-142%) and Dec-2020 (-39%) quarters as shown in the table below. Given this trend, the company is likely to breakeven and register positive profits soon, which could be a catalytic re-rating for XPEV. When we pair this analysis with the stock price, it appears that XPEV's recently soft stock price performance is not justified.\nMeanwhile, the balance sheet is expected to remain strong. Equity to total liabilities & equity is 23% as at Dec-2020. As abovementioned, further capital raises with a forthcoming Hong Kong listing will add to XPEV's cash buffer.\nXPEV's performance improvement in both revenue and operating margin trends appear to have been ignored by the market due to recent the broad market capitulation\n*EST = estimate by analysts' consensus from SeekingAlpha\nXPEV's valuation: somewhere in the middle\nXPEV's stock price has done well over the last 6 months versus peers. On a TTM P/S, XPEV is near the middle although its FWD P/S is trading at a premium. However, there could be a general re-rating of the P/S of the sector if the Chinese EV manufacturers reach breakeven in 2021 and record positive profits (our base case belief, given the prevailing trend in XPEV's improving operating margins). This will then allow better price discovery when the companies can then be valued on their P/E ratios.\n\n\n\n\n\n\nConclusion and Risks\nXPEV's stock price may benefit from two key catalysts: (1) expansion of manufacturing facility in Wuhan, which will concretely raise visibility of revenue growth which is expected to double; (2) a valuation regime change as it progresses from a loss making company to a profitable one, expected by this year. Furthermore, it is worth noting that the valuation is not lofty as compared to price levels in 4Q2020, having fallen over the last couple of months.\nCompetition may exist and remain intense, but given the large size of China's market and that there are only a couple of notable players (i.e. NIO, LI), the market remains largely an oligopoly which allows XPEV to retain pricing power.\nMuch feared risks of execution in the past appear to have materialized but not in a big way, i.e. the previously expected chip shortage. Given the progression to a post-COVID economy, supply chain links should improve and reduce similar risks in the future.\nOn a standalone basis, XPEV's prospects appear bright, and now the key hurdle is whether the NASDAQ will find momentum and exceed previous highs. The base case for this should lean towards the positive as the market is merely in the first year of the economic recovery after the pandemic. Recent price consolidation appears to have created a technical setup for a reawakening of price momentum as consumer activity revives post-pandemic.","news_type":1},"isVote":1,"tweetType":1,"viewCount":52,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3577217753530730","authorId":"3577217753530730","name":"JasperSiew","avatar":"https://static.tigerbbs.com/83f722cf0862155d9c02263c3985c2ee","crmLevel":2,"crmLevelSwitch":0},"content":"can comment and like mine too? thanks!","text":"can comment and like mine too? thanks!","html":"can comment and like mine too? thanks!"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9983753109,"gmtCreate":1666325080101,"gmtModify":1676537741698,"author":{"id":"3575352038769618","authorId":"3575352038769618","name":"JulianAlson","avatar":"https://static.tigerbbs.com/a4f9fadbfd2a54fe54a080c1732d41f9","crmLevel":6,"crmLevelSwitch":1},"themes":[],"htmlText":"K","listText":"K","text":"K","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9983753109","repostId":"1127402451","repostType":4,"repost":{"id":"1127402451","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":1666311905,"share":"https://www.laohu8.com/m/news/1127402451?lang=&edition=full","pubTime":"2022-10-21 08:25","market":"us","language":"en","title":"Fed May Have to Slow Or Stop Balance Sheet Trimming in 2023, Barclays Says","url":"https://stock-news.laohu8.com/highlight/detail?id=1127402451","media":"Reuters","summary":"(Reuters) - The Federal Reserve may have to slow or stop shrinking its nearly $9 trillion balance sh","content":"<html><head></head><body><p>(Reuters) - The Federal Reserve may have to slow or stop shrinking its nearly $9 trillion balance sheet sooner than many now expect, according to a report from Barclays.</p><p>The investment bank&#39;s analysts wrote this week that the current pace of the drawdown likely needs to change in the first half of next year. That&#39;s because if the Fed were to press forward with allowing its balance sheet to shrink, bank reserves would, by the end of 2023, fall to levels that would complicate maintaining firm control of the federal funds rate, the U.S. central bank&#39;s primary tool for influencing the direction of the economy.</p><p>So far, Fed officials have given little guidance as to how long and how far they plan to go with cutting the holdings, noting only that they see it as an extended process heading to an uncertain end. &#34;I don&#39;t know what the final end point is of our balance sheet,&#34; Minneapolis Fed President Neel Kashkari said on Wednesday, but &#34;we have a ways to go.&#34;</p><p>That end state of the process is tricky due to a number of factors. But the biggest uncertainty is that it is unclear when the financial system moves from ample levels of bank reserves to one where they are scarce.</p><p>Scarce reserves mean the federal funds target rate can become volatile, which central bankers do not like. When reserves ran low in September 2019, the Fed was forced to intervene to bolster them through asset-buying and temporary liquidity injections.</p><p>The Barclays analysis arrives as the Fed is tightening its monetary policy stance on two fronts. Its bid to lower inflation, which has been running at 40-year highs, is driving officials to push up their federal funds target rate range aggressively, with increases likely to spill over into next year.</p><p>Withdrawing stimulus has also meant shrinking the size of the Fed&#39;s balance sheet. From a size of $4.2 trillion in March 2020, the holdings peaked at around $9 trillion as of last spring due to bond-buying stimulus efforts tied to the coronavirus pandemic. The Fed started drawing down its holdings by $95 billion per month as of September, with holdings now at $8.8 trillion. Amid that decline, bank reserves have been falling.</p><p>The Barclays report said that due to changes in the financial system, total reserve levels are likely to come under pressure at higher levels, which means &#34;the current level of bank reserves is probably closer to reserve scarcity than might have been the case before 2015.&#34;</p><p>The path the Fed is on right now will likely shave off just over $1 trillion from its balance sheet next year, which means reserves will become an issue for monetary policy before the end of the year, the report said.</p><p>&#34;Our sense is that these changes to the shape and location of the demand curve for bank reserves will mean that the Fed reaches &#39;ample&#39; much sooner than it expects,&#34; hitting that mark in the first half of 2023, the report said.</p><p>The Barclays report acknowledges the Fed could tweak the settings of its rate control toolkit or resort to other measures that could buy it some space on the reserves issue. But those sorts of things only offer a temporary respite, which makes altering the pace of the balance sheet drawdown the more valuable tool.</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 May Have to Slow Or Stop Balance Sheet Trimming in 2023, Barclays Says</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nFed May Have to Slow Or Stop Balance Sheet Trimming in 2023, Barclays Says\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2022-10-21 08:25</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>(Reuters) - The Federal Reserve may have to slow or stop shrinking its nearly $9 trillion balance sheet sooner than many now expect, according to a report from Barclays.</p><p>The investment bank&#39;s analysts wrote this week that the current pace of the drawdown likely needs to change in the first half of next year. That&#39;s because if the Fed were to press forward with allowing its balance sheet to shrink, bank reserves would, by the end of 2023, fall to levels that would complicate maintaining firm control of the federal funds rate, the U.S. central bank&#39;s primary tool for influencing the direction of the economy.</p><p>So far, Fed officials have given little guidance as to how long and how far they plan to go with cutting the holdings, noting only that they see it as an extended process heading to an uncertain end. &#34;I don&#39;t know what the final end point is of our balance sheet,&#34; Minneapolis Fed President Neel Kashkari said on Wednesday, but &#34;we have a ways to go.&#34;</p><p>That end state of the process is tricky due to a number of factors. But the biggest uncertainty is that it is unclear when the financial system moves from ample levels of bank reserves to one where they are scarce.</p><p>Scarce reserves mean the federal funds target rate can become volatile, which central bankers do not like. When reserves ran low in September 2019, the Fed was forced to intervene to bolster them through asset-buying and temporary liquidity injections.</p><p>The Barclays analysis arrives as the Fed is tightening its monetary policy stance on two fronts. Its bid to lower inflation, which has been running at 40-year highs, is driving officials to push up their federal funds target rate range aggressively, with increases likely to spill over into next year.</p><p>Withdrawing stimulus has also meant shrinking the size of the Fed&#39;s balance sheet. From a size of $4.2 trillion in March 2020, the holdings peaked at around $9 trillion as of last spring due to bond-buying stimulus efforts tied to the coronavirus pandemic. The Fed started drawing down its holdings by $95 billion per month as of September, with holdings now at $8.8 trillion. Amid that decline, bank reserves have been falling.</p><p>The Barclays report said that due to changes in the financial system, total reserve levels are likely to come under pressure at higher levels, which means &#34;the current level of bank reserves is probably closer to reserve scarcity than might have been the case before 2015.&#34;</p><p>The path the Fed is on right now will likely shave off just over $1 trillion from its balance sheet next year, which means reserves will become an issue for monetary policy before the end of the year, the report said.</p><p>&#34;Our sense is that these changes to the shape and location of the demand curve for bank reserves will mean that the Fed reaches &#39;ample&#39; much sooner than it expects,&#34; hitting that mark in the first half of 2023, the report said.</p><p>The Barclays report acknowledges the Fed could tweak the settings of its rate control toolkit or resort to other measures that could buy it some space on the reserves issue. But those sorts of things only offer a temporary respite, which makes altering the pace of the balance sheet drawdown the more valuable tool.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1127402451","content_text":"(Reuters) - The Federal Reserve may have to slow or stop shrinking its nearly $9 trillion balance sheet sooner than many now expect, according to a report from Barclays.The investment bank's analysts wrote this week that the current pace of the drawdown likely needs to change in the first half of next year. That's because if the Fed were to press forward with allowing its balance sheet to shrink, bank reserves would, by the end of 2023, fall to levels that would complicate maintaining firm control of the federal funds rate, the U.S. central bank's primary tool for influencing the direction of the economy.So far, Fed officials have given little guidance as to how long and how far they plan to go with cutting the holdings, noting only that they see it as an extended process heading to an uncertain end. \"I don't know what the final end point is of our balance sheet,\" Minneapolis Fed President Neel Kashkari said on Wednesday, but \"we have a ways to go.\"That end state of the process is tricky due to a number of factors. But the biggest uncertainty is that it is unclear when the financial system moves from ample levels of bank reserves to one where they are scarce.Scarce reserves mean the federal funds target rate can become volatile, which central bankers do not like. When reserves ran low in September 2019, the Fed was forced to intervene to bolster them through asset-buying and temporary liquidity injections.The Barclays analysis arrives as the Fed is tightening its monetary policy stance on two fronts. Its bid to lower inflation, which has been running at 40-year highs, is driving officials to push up their federal funds target rate range aggressively, with increases likely to spill over into next year.Withdrawing stimulus has also meant shrinking the size of the Fed's balance sheet. From a size of $4.2 trillion in March 2020, the holdings peaked at around $9 trillion as of last spring due to bond-buying stimulus efforts tied to the coronavirus pandemic. The Fed started drawing down its holdings by $95 billion per month as of September, with holdings now at $8.8 trillion. Amid that decline, bank reserves have been falling.The Barclays report said that due to changes in the financial system, total reserve levels are likely to come under pressure at higher levels, which means \"the current level of bank reserves is probably closer to reserve scarcity than might have been the case before 2015.\"The path the Fed is on right now will likely shave off just over $1 trillion from its balance sheet next year, which means reserves will become an issue for monetary policy before the end of the year, the report said.\"Our sense is that these changes to the shape and location of the demand curve for bank reserves will mean that the Fed reaches 'ample' much sooner than it expects,\" hitting that mark in the first half of 2023, the report said.The Barclays report acknowledges the Fed could tweak the settings of its rate control toolkit or resort to other measures that could buy it some space on the reserves issue. But those sorts of things only offer a temporary respite, which makes altering the pace of the balance sheet drawdown the more valuable tool.","news_type":1},"isVote":1,"tweetType":1,"viewCount":27,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9916227753,"gmtCreate":1664605479672,"gmtModify":1676537484507,"author":{"id":"3575352038769618","authorId":"3575352038769618","name":"JulianAlson","avatar":"https://static.tigerbbs.com/a4f9fadbfd2a54fe54a080c1732d41f9","crmLevel":6,"crmLevelSwitch":1},"themes":[],"htmlText":"K","listText":"K","text":"K","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9916227753","repostId":"1133444550","repostType":4,"repost":{"id":"1133444550","pubTimestamp":1664595772,"share":"https://www.laohu8.com/m/news/1133444550?lang=&edition=full","pubTime":"2022-10-01 11:42","market":"us","language":"en","title":"4 Blue-Chip Stocks to Sell in October","url":"https://stock-news.laohu8.com/highlight/detail?id=1133444550","media":"InvestorPlace","summary":"These blue-chip stocks to sell face macroeconomic and/or company-specific headwinds.PepsiCo(PEP): Valuations look stretched, especially with growth likely to slow.Costco Wholesale(COST): A correction ","content":"<html><head></head><body><ul><li>These blue-chip stocks to sell face macroeconomic and/or company-specific headwinds.</li><li><b>PepsiCo</b>(<b><u>PEP</u></b>): Valuations look stretched, especially with growth likely to slow.</li><li><b>Costco Wholesale</b>(<b><u>COST</u></b>): A correction would provide a much better entry point.</li><li><b>Freeport-McMoRan</b>(<b><u>FCX</u></b>): Now doesn&#39;t look like the ideal time to bet on copper.</li><li><b>Occidental Petroleum</b>(<b><u>OXY</u></b>): You may not be as comfortable as Warren Buffett riding out a correction.</li></ul><p>In general, when markets trend lower, it makes sense to invest in blue-chip stocks. They tend to have a low beta and also provide regular cash flows through dividends. Yet, not all blue chips are created equal. Based on macroeconomic or company-specific factors, there are some you want to buy and some blue-chip stocks to sell.</p><p>For example, blue-chip retailer <b>Target</b> (NYSE:<b><u>TGT</u></b>) sits 45% below its 52-week high, weighed down by inflationary pressures and margin compression. And pharmaceutical giant <b>Pfizer</b>(NYSE:<b><u>PFE</u></b>) is 30% below its high on concerns of a slowdown in growth predominately due to lower Covid-19 vaccine sales.</p><p>So, investors need to carry out due diligence even with blue chips. Today’s list of blue-chip stocks to sell in October contains popular names that are likely to correct or correct even further.</p><p><b>PepsiCo (PEP)</b></p><p><b>PepsiCo</b>(NASDAQ:<b><u>PEP</u></b>) stock is up 11% over the past year, bucking the broader bear market, and it throws off a healthy 2.7% dividend yield. However, shares look expensive with a forward price-earnings ratio of 22.8.</p><p>PepsiCo is likely to see decelerating growth or margin pressure in the coming quarters. The company is reportedly considering cost-cutting measures, including layoffs and buyouts for some employees over 55. Shares have fallen around 3% since the story broke. A confirmation from the company could trigger panic selling.</p><p>It’s also worth noting that Pepsi has finally stopped production in Russia. The country happens to be the company’s second-largest international market after Mexico. The implication of the production halt on growth remains to be seen.</p><p>Amid these uncertainties, PEP stock’s valuation looks stretched and shares are likely to correct in the near term. Having said that, a 15% to 20% correction from current levels to the $130s would be a good time to consider some bullish exposure.</p><p><b>Costco Wholesale (COST)</b></p><p>In the long term, <b>Costco Wholesale</b>(NASDAQ:<b><u>COST</u></b>) is possibly the best bet among retail stocks. The company has built a strong omnichannel sales presence. Rising member fees are likely to support cash flow, and comparable-store sales have been rising. However, I remain cautious in the near term.</p><p>COST stock has been resilient in the face of the bear market, up 6% over the past year. Yet, with a forward price-earnings ratio of 33.9, shares look relatively expensive amid mounting economic uncertainties including the possibility of a recession in the U.S. in 2023. The impact of aggressive interest rate hikes on consumer spending remains to be seen. I also expect Costco to face margin pressure in a slowdown or recession scenario.</p><p>Those who wish to go long COST stock are likely to get a much better entry point after shares correct.</p><p><b>Freeport-McMoRan (FCX)</b></p><p>Doctor copper has continued to weaken due to two factors. First and foremost, the U.S. dollar has been gaining strength. Second, global economic uncertainty is likely to translate into lower copper demand. In this scenario, I would avoid miner <b>Freeport-McMoRan</b>(NYSE:<b><u>FCX</u></b>).</p><p>FCX stock is 15.6% lower over the past year, slightly better than the <b>S&amp;P 500’s</b>17.7% decline. However, in the event of a global recession, FCX stock is likely to correct further. While its forward price-earnings ratio of 13.1 is well below the broader market index’s forward P/E of 17.9, keep in mind that, in general, cyclical stocks tend to have a lower price-earnings ratio.</p><p>In terms of business fundamentals, Freeport-McMoRan has utilized the copper bull market to strengthen its balance sheet. At the end of the second quarter, the company had just$1.6 billion in net debt. While management expects copper sales to increase in 2023, this may be offset by lower prices.</p><p>In short, this doesn’t look like the ideal time to jump into a copper play. Those who wait for a further correction will likely be rewarded for their patience.</p><p><b>Occidental Petroleum (OXY)</b></p><p><b>Occidental Petroleum</b>(NYSE:<b><u>OXY</u></b>) is on my list of blue-chip stocks to sell because it has gotten much too far ahead of itself, with shares nearly doubling in the past year. Much of this investor enthusiasm has been due to the fact that Warren Buffett continues tobuy up shares despite falling oil prices. Lower oil prices will translate into EBITDA margin compression on a relative basis in the coming quarters.</p><p>Now, I don’t expect a big plunge in oil prices in the coming quarters even if we enter a recession. However, based on how far OXY stock has run over the past 12 months, there appears to be much more downside risk than upside potential at the current level, especially if oil prices continue to trend lower.</p><p>I’m not the only one who thinks this. Analysts from <b>Citigroup</b> and <b>JPMorgan</b> both have“neutral” ratings on the stock due to what they see ascapped upside over the next few months.</p><p>That said, I like the fact that Occidental is focused on deleveraging. In the next few years, the company is likely to have an investment-grade balance sheet. This will provide greater headroom for dividend growth and share repurchases.</p><p>Yet, while Buffett may have pockets deep enough to ride out a big correction in the stock, individual investors may not feel the same way.</p><p></p></body></html>","source":"investorplace","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>4 Blue-Chip Stocks to Sell in October</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\">\n4 Blue-Chip Stocks to Sell in October\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-10-01 11:42 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://investorplace.com/2022/09/4-blue-chip-stocks-to-sell-in-october/><strong>InvestorPlace</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>These blue-chip stocks to sell face macroeconomic and/or company-specific headwinds.PepsiCo(PEP): Valuations look stretched, especially with growth likely to slow.Costco Wholesale(COST): A correction ...</p>\n\n<a href=\"https://investorplace.com/2022/09/4-blue-chip-stocks-to-sell-in-october/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"OXY":"西方石油","PEP":"百事可乐","FCX":"麦克莫兰铜金","COST":"好市多"},"source_url":"https://investorplace.com/2022/09/4-blue-chip-stocks-to-sell-in-october/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1133444550","content_text":"These blue-chip stocks to sell face macroeconomic and/or company-specific headwinds.PepsiCo(PEP): Valuations look stretched, especially with growth likely to slow.Costco Wholesale(COST): A correction would provide a much better entry point.Freeport-McMoRan(FCX): Now doesn't look like the ideal time to bet on copper.Occidental Petroleum(OXY): You may not be as comfortable as Warren Buffett riding out a correction.In general, when markets trend lower, it makes sense to invest in blue-chip stocks. They tend to have a low beta and also provide regular cash flows through dividends. Yet, not all blue chips are created equal. Based on macroeconomic or company-specific factors, there are some you want to buy and some blue-chip stocks to sell.For example, blue-chip retailer Target (NYSE:TGT) sits 45% below its 52-week high, weighed down by inflationary pressures and margin compression. And pharmaceutical giant Pfizer(NYSE:PFE) is 30% below its high on concerns of a slowdown in growth predominately due to lower Covid-19 vaccine sales.So, investors need to carry out due diligence even with blue chips. Today’s list of blue-chip stocks to sell in October contains popular names that are likely to correct or correct even further.PepsiCo (PEP)PepsiCo(NASDAQ:PEP) stock is up 11% over the past year, bucking the broader bear market, and it throws off a healthy 2.7% dividend yield. However, shares look expensive with a forward price-earnings ratio of 22.8.PepsiCo is likely to see decelerating growth or margin pressure in the coming quarters. The company is reportedly considering cost-cutting measures, including layoffs and buyouts for some employees over 55. Shares have fallen around 3% since the story broke. A confirmation from the company could trigger panic selling.It’s also worth noting that Pepsi has finally stopped production in Russia. The country happens to be the company’s second-largest international market after Mexico. The implication of the production halt on growth remains to be seen.Amid these uncertainties, PEP stock’s valuation looks stretched and shares are likely to correct in the near term. Having said that, a 15% to 20% correction from current levels to the $130s would be a good time to consider some bullish exposure.Costco Wholesale (COST)In the long term, Costco Wholesale(NASDAQ:COST) is possibly the best bet among retail stocks. The company has built a strong omnichannel sales presence. Rising member fees are likely to support cash flow, and comparable-store sales have been rising. However, I remain cautious in the near term.COST stock has been resilient in the face of the bear market, up 6% over the past year. Yet, with a forward price-earnings ratio of 33.9, shares look relatively expensive amid mounting economic uncertainties including the possibility of a recession in the U.S. in 2023. The impact of aggressive interest rate hikes on consumer spending remains to be seen. I also expect Costco to face margin pressure in a slowdown or recession scenario.Those who wish to go long COST stock are likely to get a much better entry point after shares correct.Freeport-McMoRan (FCX)Doctor copper has continued to weaken due to two factors. First and foremost, the U.S. dollar has been gaining strength. Second, global economic uncertainty is likely to translate into lower copper demand. In this scenario, I would avoid miner Freeport-McMoRan(NYSE:FCX).FCX stock is 15.6% lower over the past year, slightly better than the S&P 500’s17.7% decline. However, in the event of a global recession, FCX stock is likely to correct further. While its forward price-earnings ratio of 13.1 is well below the broader market index’s forward P/E of 17.9, keep in mind that, in general, cyclical stocks tend to have a lower price-earnings ratio.In terms of business fundamentals, Freeport-McMoRan has utilized the copper bull market to strengthen its balance sheet. At the end of the second quarter, the company had just$1.6 billion in net debt. While management expects copper sales to increase in 2023, this may be offset by lower prices.In short, this doesn’t look like the ideal time to jump into a copper play. Those who wait for a further correction will likely be rewarded for their patience.Occidental Petroleum (OXY)Occidental Petroleum(NYSE:OXY) is on my list of blue-chip stocks to sell because it has gotten much too far ahead of itself, with shares nearly doubling in the past year. Much of this investor enthusiasm has been due to the fact that Warren Buffett continues tobuy up shares despite falling oil prices. Lower oil prices will translate into EBITDA margin compression on a relative basis in the coming quarters.Now, I don’t expect a big plunge in oil prices in the coming quarters even if we enter a recession. However, based on how far OXY stock has run over the past 12 months, there appears to be much more downside risk than upside potential at the current level, especially if oil prices continue to trend lower.I’m not the only one who thinks this. Analysts from Citigroup and JPMorgan both have“neutral” ratings on the stock due to what they see ascapped upside over the next few months.That said, I like the fact that Occidental is focused on deleveraging. In the next few years, the company is likely to have an investment-grade balance sheet. This will provide greater headroom for dividend growth and share repurchases.Yet, while Buffett may have pockets deep enough to ride out a big correction in the stock, individual investors may not feel the same way.","news_type":1},"isVote":1,"tweetType":1,"viewCount":60,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9040356949,"gmtCreate":1655612340681,"gmtModify":1676535671801,"author":{"id":"3575352038769618","authorId":"3575352038769618","name":"JulianAlson","avatar":"https://static.tigerbbs.com/a4f9fadbfd2a54fe54a080c1732d41f9","crmLevel":6,"crmLevelSwitch":1},"themes":[],"htmlText":"K","listText":"K","text":"K","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9040356949","repostId":"1145347873","repostType":4,"repost":{"id":"1145347873","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":1655263188,"share":"https://www.laohu8.com/m/news/1145347873?lang=&edition=full","pubTime":"2022-06-15 11:19","market":"us","language":"en","title":"Reminder: U.S. Market Will Be Closed on June 20 for Juneteenth","url":"https://stock-news.laohu8.com/highlight/detail?id=1145347873","media":"Tiger Newspress","summary":"Juneteenth National Independence Day is around the corner. The U.S. market will be closed on Monday,","content":"<html><head></head><body><p>Juneteenth National Independence Day is around the corner. The U.S. market will be closed on Monday, 20 June 2022. Please take note of the trading arrangements during the holiday period and make the necessary preparations in advance.</p><h2><img src=\"https://static.tigerbbs.com/4989a261ddb67ec705ca36de413a2f98\" tg-width=\"1080\" tg-height=\"1080\" referrerpolicy=\"no-referrer\"/>What is Juneteenth and why is it a holiday?</h2><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d7bf04d06d6904956a7564f3d1ccafe6\" tg-width=\"700\" tg-height=\"467\" width=\"100%\" height=\"auto\"/><span>People gather at a Juneteenth rally in 2020 in Brooklyn, N.Y.</span></p><p>Juneteenth, a portmanteau of June 19, is a holiday that honors the last enslaved Black people in Texas learning they were free.</p><p>On June 19, 1865, federal troops marched on Galveston, Texas, to take control of the state. Even though the Civil War had been over for two months, slavery remained in Texas.</p><p>Union General Gordon Granger arrived in Texas and famously read General Orders No. 3, which stated, “The people of Texas are informed that, in accordance with a proclamation from the Executive of the United States, all slaves are free.”</p><p>That day came two and a half years after President Abraham Lincoln signed the Emancipation Proclamation on Jan. 1, 1863. Not all states immediately ended slavery when Lincoln signed the order during the Civil War.</p><p>While other dates — such as the Confederate Army’s surrender in the Civil War, the ratification of the 13th Amendment abolishing slavery, or the day Lincoln signed the Emancipation Proclamation — could similarly be viewed as the “end” of slavery in the U.S., Juneteenth is the day most people associate with its conclusion.</p><p>Congress moved to establish Juneteenth as a federal holiday in June 2021, and the holiday went into effect immediately. The bill, signed into law by President Biden, designated the date as Juneteenth National Independence Day.</p><p>June 19 this year falls on a Sunday, so most federal employees will get Monday, June 20 off. Some private companies last year also made Juneteenth a paid holiday for employees.</p><p>Congress had not added a federal holiday since Martin Luther King Day in 1983.</p><p>Juneteenth celebrations may include religious services, educational events, family gatherings and festivals. Some areas of the country, including Kansas and Texas, have had parades on Juneteenth.</p><p>Despite the U.S. recognizing Juneteenth as a federal holiday last year, many Americans still didn’t know the meaning of the observance. In a 2021 Gallup survey, 28% of U.S. adults said they knew “nothing at all” about Juneteenth.</p><p>Awareness of the date’s significance also broke along party lines. The survey found that 16% of Democrats knew “nothing at all” about Juneteenth, compared with 45% of Republicans.</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>Reminder: U.S. Market Will Be Closed on June 20 for Juneteenth</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\">\nReminder: U.S. Market Will Be Closed on June 20 for Juneteenth\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\">2022-06-15 11:19</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Juneteenth National Independence Day is around the corner. The U.S. market will be closed on Monday, 20 June 2022. Please take note of the trading arrangements during the holiday period and make the necessary preparations in advance.</p><h2><img src=\"https://static.tigerbbs.com/4989a261ddb67ec705ca36de413a2f98\" tg-width=\"1080\" tg-height=\"1080\" referrerpolicy=\"no-referrer\"/>What is Juneteenth and why is it a holiday?</h2><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d7bf04d06d6904956a7564f3d1ccafe6\" tg-width=\"700\" tg-height=\"467\" width=\"100%\" height=\"auto\"/><span>People gather at a Juneteenth rally in 2020 in Brooklyn, N.Y.</span></p><p>Juneteenth, a portmanteau of June 19, is a holiday that honors the last enslaved Black people in Texas learning they were free.</p><p>On June 19, 1865, federal troops marched on Galveston, Texas, to take control of the state. Even though the Civil War had been over for two months, slavery remained in Texas.</p><p>Union General Gordon Granger arrived in Texas and famously read General Orders No. 3, which stated, “The people of Texas are informed that, in accordance with a proclamation from the Executive of the United States, all slaves are free.”</p><p>That day came two and a half years after President Abraham Lincoln signed the Emancipation Proclamation on Jan. 1, 1863. Not all states immediately ended slavery when Lincoln signed the order during the Civil War.</p><p>While other dates — such as the Confederate Army’s surrender in the Civil War, the ratification of the 13th Amendment abolishing slavery, or the day Lincoln signed the Emancipation Proclamation — could similarly be viewed as the “end” of slavery in the U.S., Juneteenth is the day most people associate with its conclusion.</p><p>Congress moved to establish Juneteenth as a federal holiday in June 2021, and the holiday went into effect immediately. The bill, signed into law by President Biden, designated the date as Juneteenth National Independence Day.</p><p>June 19 this year falls on a Sunday, so most federal employees will get Monday, June 20 off. Some private companies last year also made Juneteenth a paid holiday for employees.</p><p>Congress had not added a federal holiday since Martin Luther King Day in 1983.</p><p>Juneteenth celebrations may include religious services, educational events, family gatherings and festivals. Some areas of the country, including Kansas and Texas, have had parades on Juneteenth.</p><p>Despite the U.S. recognizing Juneteenth as a federal holiday last year, many Americans still didn’t know the meaning of the observance. In a 2021 Gallup survey, 28% of U.S. adults said they knew “nothing at all” about Juneteenth.</p><p>Awareness of the date’s significance also broke along party lines. The survey found that 16% of Democrats knew “nothing at all” about Juneteenth, compared with 45% of Republicans.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1145347873","content_text":"Juneteenth National Independence Day is around the corner. The U.S. market will be closed on Monday, 20 June 2022. Please take note of the trading arrangements during the holiday period and make the necessary preparations in advance.What is Juneteenth and why is it a holiday?People gather at a Juneteenth rally in 2020 in Brooklyn, N.Y.Juneteenth, a portmanteau of June 19, is a holiday that honors the last enslaved Black people in Texas learning they were free.On June 19, 1865, federal troops marched on Galveston, Texas, to take control of the state. Even though the Civil War had been over for two months, slavery remained in Texas.Union General Gordon Granger arrived in Texas and famously read General Orders No. 3, which stated, “The people of Texas are informed that, in accordance with a proclamation from the Executive of the United States, all slaves are free.”That day came two and a half years after President Abraham Lincoln signed the Emancipation Proclamation on Jan. 1, 1863. Not all states immediately ended slavery when Lincoln signed the order during the Civil War.While other dates — such as the Confederate Army’s surrender in the Civil War, the ratification of the 13th Amendment abolishing slavery, or the day Lincoln signed the Emancipation Proclamation — could similarly be viewed as the “end” of slavery in the U.S., Juneteenth is the day most people associate with its conclusion.Congress moved to establish Juneteenth as a federal holiday in June 2021, and the holiday went into effect immediately. The bill, signed into law by President Biden, designated the date as Juneteenth National Independence Day.June 19 this year falls on a Sunday, so most federal employees will get Monday, June 20 off. Some private companies last year also made Juneteenth a paid holiday for employees.Congress had not added a federal holiday since Martin Luther King Day in 1983.Juneteenth celebrations may include religious services, educational events, family gatherings and festivals. Some areas of the country, including Kansas and Texas, have had parades on Juneteenth.Despite the U.S. recognizing Juneteenth as a federal holiday last year, many Americans still didn’t know the meaning of the observance. In a 2021 Gallup survey, 28% of U.S. adults said they knew “nothing at all” about Juneteenth.Awareness of the date’s significance also broke along party lines. The survey found that 16% of Democrats knew “nothing at all” about Juneteenth, compared with 45% of Republicans.","news_type":1},"isVote":1,"tweetType":1,"viewCount":26,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9053475699,"gmtCreate":1654579697911,"gmtModify":1676535472818,"author":{"id":"3575352038769618","authorId":"3575352038769618","name":"JulianAlson","avatar":"https://static.tigerbbs.com/a4f9fadbfd2a54fe54a080c1732d41f9","crmLevel":6,"crmLevelSwitch":1},"themes":[],"htmlText":"k","listText":"k","text":"k","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9053475699","repostId":"1156277271","repostType":4,"repost":{"id":"1156277271","pubTimestamp":1654561042,"share":"https://www.laohu8.com/m/news/1156277271?lang=&edition=full","pubTime":"2022-06-07 08:17","market":"us","language":"en","title":"Amazon Stock Price Prediction After the Split: Where Will AMZN Go From Here?","url":"https://stock-news.laohu8.com/highlight/detail?id=1156277271","media":"investorplace","summary":"Amazon(AMZN) has enacted its highly anticipated 20-for-1 stock split.AMZN stock is cheap at under $1","content":"<html><head></head><body><ul><li><b>Amazon</b>(<b><u>AMZN</u></b>) has enacted its highly anticipated 20-for-1 stock split.</li><li>AMZN stock is cheap at under $125 currently, but experts aren&#39;t worried.</li><li>Investors now have an opportunity to own shares before Amazon rises again.</li></ul><p><img src=\"https://static.tigerbbs.com/63172eb7ac4af60360c26572dd0f690c\" tg-width=\"1600\" tg-height=\"900\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>Source: Jonathan Weiss / Shutterstock.com</p><p>The summer of stock splits is off to a good start. Last Friday, <b>Amazon</b>(NASDAQ:<b><u>AMZN</u></b>) enacted its 20-for-1 stock split.</p><p>Currently, AMZN stock trades at just under $125 per share. That’s a much lower price from where it closed before the split. In fact, this is Amazon’slowest level in 25 years, although experts remain unworried. Each time shares of Amazon have split, they have come back stronger. Typically, stock splits are enacted to make shares of a given company more accessible for investors.</p><p><i>InvestorPlace</i>contributor Chris Tyler says buying Amazon stock is “anything but a split decision” now. But Tyler isn’t the only voice calling this a buying opportunity. One expert in particular is<i>quite bullish</i>on shares.</p><h2>AMZN Stock After the Split</h2><p>David Wagner is a portfolio manager atinvestment advisor firm Aptus Capital Advisors. Wagner is also an AMZN shareholder in Aptus exchange-traded funds (ETFs). Following the split, Wagner shared his insights in an email to<i>InvestorPlace</i>:</p><blockquote>“For arguably the first time in 20 years, Amazon has significant excess capacity, and we expect Retail margins to improve from recent lows as utilization scales. An uncertain consumer outlook adds risk, but with [e-commerce] at 15-20% penetration of Retail, y/y [e-commerce] growth trends likely bottoming, and the company seemingly cost focused from here, we see Amazon as well positioned for resumption of [e-commerce] penetration growth.”</blockquote><p>That isn’t the only positive mark Wagner sees for AMZN stock, either. “[T]his stock tends to outperform well when its harvesting instead of investing,” the analyst adds. “And right now, it’s finally harvesting.”</p><p>Wagner does note that stock splits aren’t a guaranteed magic pill to maximize returns for investors. However, he says that “splits lately have been a source of relative alpha.” The analyst and his firm continue to regard AMZN stock with favor, although Aptus would be willing to “pare back” if the share price grew to exceed $150.</p><h2>The Road Ahead for Amazon</h2><p>Stock splits don’t instantly create value for a company. However, they can certainly prove beneficial to investors.</p><p>Back in 2020, <b>Tesla</b>(NASDAQ:<b><u>TSLA</u></b>) announced a stock split,sending shares up 80%between the announcement and actual split date. That type of success has compelled Amazon and otherhigh-growth tech companies to split sharesas well.</p><p>AMZN stock may indeed reach $150 down the line. For now, though, shares are at a great price for small-scale investors looking to buy into the tech behemoth.</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>Amazon Stock Price Prediction After the Split: Where Will AMZN Go From Here?</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 Stock Price Prediction After the Split: Where Will AMZN Go From Here?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-06-07 08:17 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://investorplace.com/2022/06/amazon-stock-price-prediction-after-the-split-where-will-amzn-go-from-here/><strong>investorplace</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Amazon(AMZN) has enacted its highly anticipated 20-for-1 stock split.AMZN stock is cheap at under $125 currently, but experts aren't worried.Investors now have an opportunity to own shares before ...</p>\n\n<a href=\"https://investorplace.com/2022/06/amazon-stock-price-prediction-after-the-split-where-will-amzn-go-from-here/\">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://investorplace.com/2022/06/amazon-stock-price-prediction-after-the-split-where-will-amzn-go-from-here/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1156277271","content_text":"Amazon(AMZN) has enacted its highly anticipated 20-for-1 stock split.AMZN stock is cheap at under $125 currently, but experts aren't worried.Investors now have an opportunity to own shares before Amazon rises again.Source: Jonathan Weiss / Shutterstock.comThe summer of stock splits is off to a good start. Last Friday, Amazon(NASDAQ:AMZN) enacted its 20-for-1 stock split.Currently, AMZN stock trades at just under $125 per share. That’s a much lower price from where it closed before the split. In fact, this is Amazon’slowest level in 25 years, although experts remain unworried. Each time shares of Amazon have split, they have come back stronger. Typically, stock splits are enacted to make shares of a given company more accessible for investors.InvestorPlacecontributor Chris Tyler says buying Amazon stock is “anything but a split decision” now. But Tyler isn’t the only voice calling this a buying opportunity. One expert in particular isquite bullishon shares.AMZN Stock After the SplitDavid Wagner is a portfolio manager atinvestment advisor firm Aptus Capital Advisors. Wagner is also an AMZN shareholder in Aptus exchange-traded funds (ETFs). Following the split, Wagner shared his insights in an email toInvestorPlace:“For arguably the first time in 20 years, Amazon has significant excess capacity, and we expect Retail margins to improve from recent lows as utilization scales. An uncertain consumer outlook adds risk, but with [e-commerce] at 15-20% penetration of Retail, y/y [e-commerce] growth trends likely bottoming, and the company seemingly cost focused from here, we see Amazon as well positioned for resumption of [e-commerce] penetration growth.”That isn’t the only positive mark Wagner sees for AMZN stock, either. “[T]his stock tends to outperform well when its harvesting instead of investing,” the analyst adds. “And right now, it’s finally harvesting.”Wagner does note that stock splits aren’t a guaranteed magic pill to maximize returns for investors. However, he says that “splits lately have been a source of relative alpha.” The analyst and his firm continue to regard AMZN stock with favor, although Aptus would be willing to “pare back” if the share price grew to exceed $150.The Road Ahead for AmazonStock splits don’t instantly create value for a company. However, they can certainly prove beneficial to investors.Back in 2020, Tesla(NASDAQ:TSLA) announced a stock split,sending shares up 80%between the announcement and actual split date. That type of success has compelled Amazon and otherhigh-growth tech companies to split sharesas well.AMZN stock may indeed reach $150 down the line. For now, though, shares are at a great price for small-scale investors looking to buy into the tech behemoth.","news_type":1},"isVote":1,"tweetType":1,"viewCount":25,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9031132226,"gmtCreate":1646459242574,"gmtModify":1676534132501,"author":{"id":"3575352038769618","authorId":"3575352038769618","name":"JulianAlson","avatar":"https://static.tigerbbs.com/a4f9fadbfd2a54fe54a080c1732d41f9","crmLevel":6,"crmLevelSwitch":1},"themes":[],"htmlText":"K","listText":"K","text":"K","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9031132226","repostId":"2217746440","repostType":4,"repost":{"id":"2217746440","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":1646435363,"share":"https://www.laohu8.com/m/news/2217746440?lang=&edition=full","pubTime":"2022-03-05 07:09","market":"us","language":"en","title":"US STOCKS-Wall Street Ends down as Ukraine Fears Eclipse Solid Jobs Data","url":"https://stock-news.laohu8.com/highlight/detail?id=2217746440","media":"Reuters","summary":"Wall Street ended lower on Friday as the war in Ukraine overshadowed an acceleration in U.S. jobs growth last month that pointed to strength in the economy.Most of the 11 major S&P sector indexes decl","content":"<html><head></head><body><p>Wall Street ended lower on Friday as the war in Ukraine overshadowed an acceleration in U.S. jobs growth last month that pointed to strength in the economy.</p><p>Most of the 11 major S&amp;P sector indexes declined, with financials leading the way with a 2% drop as investors worried about how the West&#39;s sanctions against Moscow may affect the international financial system.</p><p>The S&amp;P 500 banks index fell 3.35%, bringing its loss for the week to nearly 9%, its worst weekly decline since June 2020.</p><p>Equities globally were weaker, with safe-haven assets in demand after Russian forces seized Europe&#39;s biggest nuclear power plant in what Washington called a reckless assault that risked catastrophe.</p><p>The Labor Department&#39;s closely watched employment report showed jobs grew by a more than expected 678,000 last month and that the unemployment rate fell to 3.8%, the lowest since February 2020.</p><p>&#34;Three or four weeks ago, we would have thought that this is an incredibly important number. But given the backdrop and the overall events that are happening in Europe, it&#39;s just not,&#34; said Zachary Hill, head of portfolio management at Horizon Investments in Charlotte.</p><p>&#34;The potential for escalation in the hot war, the potential for a growth impact in Europe and more broadly, and knock-on effects on the commodity channel and inflation are taking up all of investors&#39; time and energy,&#34; Hill said.</p><p>Amazon.com Inc , Apple Inc, Google owner-Alphabet Inc and Microsoft Corp all lost more than 1%.</p><p>The crisis in Ukraine boosted energy stocks as crude prices and other commodities rallied on the back of sanctions against Russia, a major oil producer. The S&amp;P 500 energy sector jumped 2.85% and gained about 9% for the week.</p><p>Richly valued growth stocks have faced the brunt of the recent selloff, with the S&amp;P 500 growth index    down 1.3% on Friday. The value index    declined 0.3%.</p><p>The Dow Jones Industrial Average fell 0.53% to end at 33,614.8 points, while the S&amp;P 500    lost 0.79% to 4,328.87.</p><p>The Nasdaq Composite dropped 1.66% to 13,313.44.</p><p>For the week, the S&amp;P 500 and Dow both fell 1.3%, while the Nasdaq gave up 2.8%.</p><p>Federal Reserve Chair Jerome Powell said this week he would support a 25-basis-point interest rate increase at the central bank&#39;s March 15-16 policy meeting and would be &#34;prepared to move more aggressively&#34; later if inflation does not abate as fast as expected.</p><p>Soaring commodity prices have raised fears of even greater inflation, which could prompt the Fed to hike interest rates more aggressively.</p><p>Shares of WW International, formerly Weight Watchers, dropped over 8% after the Federal Trade Commission said the company &#34;illegally&#34; collected personal information from children without parental permission.</p><p>Declining issues outnumbered advancing ones on the NYSE by a 2.12-to-1 ratio; on Nasdaq, a 2.70-to-1 ratio favored decliners.</p><p>The S&amp;P 500 posted 38 new 52-week highs and 27 new lows; the Nasdaq Composite recorded 44 new highs and 406 new lows.</p><p>Volume on U.S. exchanges was 13.9 billion shares, compared to a 20-day average of 12.6 billion, according to Refinitiv data.</p><p></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-Wall Street Ends down as Ukraine Fears Eclipse Solid Jobs Data</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-Wall Street Ends down as Ukraine Fears Eclipse Solid Jobs Data\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\">2022-03-05 07:09</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Wall Street ended lower on Friday as the war in Ukraine overshadowed an acceleration in U.S. jobs growth last month that pointed to strength in the economy.</p><p>Most of the 11 major S&amp;P sector indexes declined, with financials leading the way with a 2% drop as investors worried about how the West&#39;s sanctions against Moscow may affect the international financial system.</p><p>The S&amp;P 500 banks index fell 3.35%, bringing its loss for the week to nearly 9%, its worst weekly decline since June 2020.</p><p>Equities globally were weaker, with safe-haven assets in demand after Russian forces seized Europe&#39;s biggest nuclear power plant in what Washington called a reckless assault that risked catastrophe.</p><p>The Labor Department&#39;s closely watched employment report showed jobs grew by a more than expected 678,000 last month and that the unemployment rate fell to 3.8%, the lowest since February 2020.</p><p>&#34;Three or four weeks ago, we would have thought that this is an incredibly important number. But given the backdrop and the overall events that are happening in Europe, it&#39;s just not,&#34; said Zachary Hill, head of portfolio management at Horizon Investments in Charlotte.</p><p>&#34;The potential for escalation in the hot war, the potential for a growth impact in Europe and more broadly, and knock-on effects on the commodity channel and inflation are taking up all of investors&#39; time and energy,&#34; Hill said.</p><p>Amazon.com Inc , Apple Inc, Google owner-Alphabet Inc and Microsoft Corp all lost more than 1%.</p><p>The crisis in Ukraine boosted energy stocks as crude prices and other commodities rallied on the back of sanctions against Russia, a major oil producer. The S&amp;P 500 energy sector jumped 2.85% and gained about 9% for the week.</p><p>Richly valued growth stocks have faced the brunt of the recent selloff, with the S&amp;P 500 growth index    down 1.3% on Friday. The value index    declined 0.3%.</p><p>The Dow Jones Industrial Average fell 0.53% to end at 33,614.8 points, while the S&amp;P 500    lost 0.79% to 4,328.87.</p><p>The Nasdaq Composite dropped 1.66% to 13,313.44.</p><p>For the week, the S&amp;P 500 and Dow both fell 1.3%, while the Nasdaq gave up 2.8%.</p><p>Federal Reserve Chair Jerome Powell said this week he would support a 25-basis-point interest rate increase at the central bank&#39;s March 15-16 policy meeting and would be &#34;prepared to move more aggressively&#34; later if inflation does not abate as fast as expected.</p><p>Soaring commodity prices have raised fears of even greater inflation, which could prompt the Fed to hike interest rates more aggressively.</p><p>Shares of WW International, formerly Weight Watchers, dropped over 8% after the Federal Trade Commission said the company &#34;illegally&#34; collected personal information from children without parental permission.</p><p>Declining issues outnumbered advancing ones on the NYSE by a 2.12-to-1 ratio; on Nasdaq, a 2.70-to-1 ratio favored decliners.</p><p>The S&amp;P 500 posted 38 new 52-week highs and 27 new lows; the Nasdaq Composite recorded 44 new highs and 406 new lows.</p><p>Volume on U.S. exchanges was 13.9 billion shares, compared to a 20-day average of 12.6 billion, according to Refinitiv data.</p><p></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","BK4082":"医疗保健设备","DJX":"1/100道琼斯","DXD":"道指两倍做空ETF","BK4527":"明星科技股","BK4077":"互动媒体与服务","BK4538":"云计算","QID":"纳指两倍做空ETF","BK4579":"人工智能","BK4559":"巴菲特持仓","SPY":"标普500ETF","UPRO":"三倍做多标普500ETF","OEF":"标普100指数ETF-iShares","BK4503":"景林资产持仓","SANA":"Sana Biotechnology, Inc.","BK4574":"无人驾驶","IVV":"标普500指数ETF","BK4573":"虚拟现实","BK4561":"索罗斯持仓","BK4581":"高盛持仓","QLD":"纳指两倍做多ETF","BK4504":"桥水持仓","QQQ":"纳指100ETF","TQQQ":"纳指三倍做多ETF","GOOGL":"谷歌A","BK4514":"搜索引擎","SDOW":"道指三倍做空ETF-ProShares","BK4196":"保健护理服务","SSO":"两倍做多标普500ETF",".IXIC":"NASDAQ Composite","BK4554":"元宇宙及AR概念","BK4532":"文艺复兴科技持仓","OEX":"标普100",".SPX":"S&P 500 Index","BK4553":"喜马拉雅资本持仓","DDM":"道指两倍做多ETF","SQQQ":"纳指三倍做空ETF","BK4534":"瑞士信贷持仓","SH":"标普500反向ETF","BK4139":"生物科技","BK4576":"AR","DOG":"道指反向ETF","CGEM":"Cullinan Therapeutics","BK4566":"资本集团","LABP":"Landos Biopharma, Inc.","BK4007":"制药","BK4525":"远程办公概念","SPXU":"三倍做空标普500ETF"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2217746440","content_text":"Wall Street ended lower on Friday as the war in Ukraine overshadowed an acceleration in U.S. jobs growth last month that pointed to strength in the economy.Most of the 11 major S&P sector indexes declined, with financials leading the way with a 2% drop as investors worried about how the West's sanctions against Moscow may affect the international financial system.The S&P 500 banks index fell 3.35%, bringing its loss for the week to nearly 9%, its worst weekly decline since June 2020.Equities globally were weaker, with safe-haven assets in demand after Russian forces seized Europe's biggest nuclear power plant in what Washington called a reckless assault that risked catastrophe.The Labor Department's closely watched employment report showed jobs grew by a more than expected 678,000 last month and that the unemployment rate fell to 3.8%, the lowest since February 2020.\"Three or four weeks ago, we would have thought that this is an incredibly important number. But given the backdrop and the overall events that are happening in Europe, it's just not,\" said Zachary Hill, head of portfolio management at Horizon Investments in Charlotte.\"The potential for escalation in the hot war, the potential for a growth impact in Europe and more broadly, and knock-on effects on the commodity channel and inflation are taking up all of investors' time and energy,\" Hill said.Amazon.com Inc , Apple Inc, Google owner-Alphabet Inc and Microsoft Corp all lost more than 1%.The crisis in Ukraine boosted energy stocks as crude prices and other commodities rallied on the back of sanctions against Russia, a major oil producer. The S&P 500 energy sector jumped 2.85% and gained about 9% for the week.Richly valued growth stocks have faced the brunt of the recent selloff, with the S&P 500 growth index    down 1.3% on Friday. The value index    declined 0.3%.The Dow Jones Industrial Average fell 0.53% to end at 33,614.8 points, while the S&P 500    lost 0.79% to 4,328.87.The Nasdaq Composite dropped 1.66% to 13,313.44.For the week, the S&P 500 and Dow both fell 1.3%, while the Nasdaq gave up 2.8%.Federal Reserve Chair Jerome Powell said this week he would support a 25-basis-point interest rate increase at the central bank's March 15-16 policy meeting and would be \"prepared to move more aggressively\" later if inflation does not abate as fast as expected.Soaring commodity prices have raised fears of even greater inflation, which could prompt the Fed to hike interest rates more aggressively.Shares of WW International, formerly Weight Watchers, dropped over 8% after the Federal Trade Commission said the company \"illegally\" collected personal information from children without parental permission.Declining issues outnumbered advancing ones on the NYSE by a 2.12-to-1 ratio; on Nasdaq, a 2.70-to-1 ratio favored decliners.The S&P 500 posted 38 new 52-week highs and 27 new lows; the Nasdaq Composite recorded 44 new highs and 406 new lows.Volume on U.S. exchanges was 13.9 billion shares, compared to a 20-day average of 12.6 billion, according to Refinitiv data.","news_type":1},"isVote":1,"tweetType":1,"viewCount":122,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":836775769,"gmtCreate":1629532042551,"gmtModify":1676530067089,"author":{"id":"3575352038769618","authorId":"3575352038769618","name":"JulianAlson","avatar":"https://static.tigerbbs.com/a4f9fadbfd2a54fe54a080c1732d41f9","crmLevel":6,"crmLevelSwitch":1},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/836775769","repostId":"1151608193","repostType":4,"repost":{"id":"1151608193","pubTimestamp":1629728324,"share":"https://www.laohu8.com/m/news/1151608193?lang=&edition=full","pubTime":"2021-08-23 22:18","market":"us","language":"en","title":"Buy the pullback in chip stocks — and focus on these 6 companies for the long haul","url":"https://stock-news.laohu8.com/highlight/detail?id=1151608193","media":"MarketWatch","summary":"The iShares Semiconductor ETF is down over 6% from recent highs.\nISTOCKPHOTO\nIn the rolling correcti","content":"<p><b>The iShares Semiconductor ETF is down over 6% from recent highs.</b></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7b24e4a76a5d1cd0ff030cf1b0eeac0f\" tg-width=\"700\" tg-height=\"466\" width=\"100%\" height=\"auto\"><span>ISTOCKPHOTO</span></p>\n<p>In the rolling correction that’s running through the stock market, chip makers have been hit harder than most.</p>\n<p>The iShares Semiconductor ETF&nbsp;is down over 6% from recent highs, compared to declines of 2% or less for the S&amp;P 500,Nasdaq&nbsp;Composite&nbsp;and the Dow Jones Industrial Average.</p>\n<p>Does that make chip stocks a buy? Or is this historically cyclical sector up to its old tricks and headed into a sustained downtrend that will rip your face off.</p>\n<p>A lot depends on your timeline but if you like to own stocks for years rather than rent them for days, the group is a buy. The chief reason: “It’s different this time.”</p>\n<p>Those are admittedly among the scariest words in investing. But the chip sector has changed so much it really is different now – in ways that suggest it is less likely to crush you.</p>\n<p>You’d be a fool to think there are no risks. I’ll go over those. But first, here are the three main reasons why the group is “safer” now – and six names favored by the half-dozen sector experts I’ve talked with over the past several days.</p>\n<p><b>1. The wicked witch of cyclicality is dead</b></p>\n<p>“Demand in the chip sector was always boom and bust, driven by product cycles,” says David Winborne, a portfolio manager at Impax Asset Management. “<a href=\"https://laohu8.com/S/FBNC\">First</a> PCs, then servers, then phones.” But now demand for chips has broadened across the economy so the secular growth story is more predictable, he says.</p>\n<p><a href=\"https://laohu8.com/S/JE\">Just</a> look around you. Because of the increased “digitalization” of our lives and work, there’s greater diversity of end market demand from all angles. Think remote office services like <a href=\"https://laohu8.com/S/ZM\">Zoom</a>, online shopping, cloud services, electric vehicles, 5G phones, smart factories, big data computing and even washing machines, points out Hendi Susanto, a portfolio manager and tech analyst at Gabelli Funds who is bullish on the group.</p>\n<p>“There is no aspect of the modern digital economy that can function without semiconductors,” says Motley Fool chip sector analyst John Rotonti. “That means more chips going into everything. The long-term demand is there.”</p>\n<p>He’s not kidding. Chip sector revenue will double by 2030 to $1 trillion from $465 billion in 2020, predicts William&nbsp;Blair&nbsp;analyst Greg Scolaro.</p>\n<p>All of this means the widespread supply shortages you’ve been hearing about “likely won’t be cured until sometime late next year,” says <a href=\"https://laohu8.com/S/BAC\">Bank of America</a> chip sector analyst Vivek Arya. “That’s not just our view, but <a href=\"https://laohu8.com/S/AONE.U\">one</a> confirmed by a majority of large customers.”</p>\n<p><b>2. The players have consolidated</b></p>\n<p>All up and down the production chain, from design through the various types of equipment producers to manufacturing, industry players have consolidated down into what Rotonti calls “earned” duopolies or monopolies.</p>\n<p>In chip design software, you have Cadence Design Systems&nbsp;and Synopsys.In production equipment, companies dominate specialized niches like ASML&nbsp;in extreme ultraviolet lithography&nbsp;(EUV). Manufacturing is dominated by Taiwan Semiconductor&nbsp;and Samsung Electronics.</p>\n<p>These companies earned their niche or duopoly status by being the best at what they do. This makes them interesting for investors. The consolidation also means players behave more rationally in terms of pricing and production capacity, says Rotonti.</p>\n<p><b>3. Profitability has improved</b></p>\n<p>This more rational behavior, combined with cost cutting, means profitability is now much higher than it was historically. “The economics of chip making has improved massively over past few years,” says Winbourne. Cash flow or EBITDA margins are often now over 30% whereas a decade ago they were in the 20% range.</p>\n<p>This has implications for valuation. Though chip stocks trade at about a market multiple, they appear cheap because they are better companies, points out Lamar Villere, portfolio manager with Villere &amp; Co. “They are not trading at a frothy multiple.”</p>\n<p><b>The stocks to buy</b></p>\n<p>Here are six names favored by chip experts I recently checked in with.</p>\n<p><b>New management plays</b></p>\n<p>Though Peter Karazeris, a senior equity research analyst at Thrivent, has reasons to be cautious on the group (see below), he singles out two companies whose performance may get a boost because they are under new management: Qualcomm&nbsp;and ON Semiconductor.</p>\n<p>Both have solid profitability. Qualcomm was recently hit by one-off issues like bad weather in Texas that disrupted production, but the company has good exposure to the 5G phone trend. <a href=\"https://laohu8.com/S/ON\">ON Semiconductor</a> is expanding beyond phones into new areas like autos, industrial and the Internet of Things connected-device space.</p>\n<p><b>A data center and gaming play</b></p>\n<p>Karazeris also singles out Nvidia,which gets a continuing boost from its exposure to data center and gaming device chip demand — because of its superior design prowess.</p>\n<p><b>Design tool companies</b></p>\n<p>Speaking of design, when companies like Qualcomm and NVIDIA want to design chips, they turn to the design tools supplied by Cadence Design Systems and <a href=\"https://laohu8.com/S/SNPS\">Synopsys</a>.</p>\n<p>Their software-based design tools help chip innovators create the blueprint for their chips, explains Rotonti at Motley Fool, who singles out these names. “They are not the fastest growers in the world, but they have good profit margins.” They also dominate the space.</p>\n<p><b>An EUV&nbsp;play</b></p>\n<p>To put those blueprints onto silicon in the early stages of chip production, companies like Taiwan Semiconductor and Samsung turn to ASML. Its machines use tiny bursts of light to stencil chip designs onto silicon wafers, in a process called extreme ultraviolet lithography. “No one else has figured out how to do it,” says Rotonti.</p>\n<p>In other words, it has a monopoly position in supplying machines that do this – which are necessary for any company that wants to make leading edge chips.</p>\n<p><b>Risks</b></p>\n<p>Here are some of the chief risks for chip sector investors to watch.</p>\n<p><b>Oversupply</b></p>\n<p>Chip production has become politicized. The U.S. wants more production at home so it is not vulnerable to disruptions in Chinese supply chains. <a href=\"https://laohu8.com/S/CAAS\">China</a> wants to make 70% of the chips it uses by 2025, up from 5% now, says Winborne.</p>\n<p>The upshot here is that there’s lots of government support to boost manufacturing – so there will be much more of it. The risk is oversupply at some point in the future. This might also create a pull forward in chip equipment purchases — leading to a lull down the road which could hurt sales and margin trends at equipment makers.</p>\n<p>Next, big tech companies like Alphabet,Apple&nbsp;and Ammazon.com&nbsp;are all doing their own chip design, which threatens specialized chip companies that do the same thing.</p>\n<p><b><a href=\"https://laohu8.com/S/QTM\">Quantum</a> computing</b></p>\n<p>Computers using chip designs based on quantum physics instead of traditional semiconductor architectures have superior performance, points out Scolaro at William Blair. “While it probably won’t become mainstream for at least another five years, quantum computing has the potential to transform everything from technology to healthcare.”</p>\n<p><b>A disturbing signal</b></p>\n<p>A blend of global purchasing managers (PMI) indexes peaked in April and then decelerated for three months. Meanwhile chip sales growth continued. Normally the two follow the same trend, points out Karazeris, who tracks this indicator at Thrivent. He chalks the divergence up to inventory building which is less sustainable than true end-market demand. So, he takes the divergence as a bearish signal for the chip sector.</p>\n<p>Another cautionary sign comes from the forecasted weakness in pricing for dynamic random-access memory&nbsp;(DRAM) chips. “These are typically things you see at tops of cycles not the bottoms,” says Karazeris.</p>\n<p>But it’s also possible the slowdown in the global PMI is more a reflection of chip shortages than a sign that the shortages aren’t real (and are just inventory building). “The divergence doesn’t necessarily mean that chip orders are going to roll over and die. It means chip manufacturing has to catch up,” says Leuthold economist and strategist Jim Paulsen.</p>\n<p>Ford,for example, just announced it had to curtail production because of chip shortages, not a shortfall in underlying demand.</p>\n<p>Paulsen predicts decent economic growth is sustainable because of factors like high savings rates, the rebound in employment and incomes as well as pent-up demand for big ticket items. If he’s right, the continued economic strength would support demand for all the products that use chips – including <a href=\"https://laohu8.com/S/F\">Ford</a> cars.</p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Buy the pullback in chip stocks — and focus on these 6 companies for the long haul</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\">\nBuy the pullback in chip stocks — and focus on these 6 companies for the long haul\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-23 22:18 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.marketwatch.com/story/buy-the-pullback-in-chip-stocks-and-focus-on-these-6-companies-for-the-long-haul-11629468380?mod=home-page><strong>MarketWatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The iShares Semiconductor ETF is down over 6% from recent highs.\nISTOCKPHOTO\nIn the rolling correction that’s running through the stock market, chip makers have been hit harder than most.\nThe iShares ...</p>\n\n<a href=\"https://www.marketwatch.com/story/buy-the-pullback-in-chip-stocks-and-focus-on-these-6-companies-for-the-long-haul-11629468380?mod=home-page\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ON":"安森美半导体","GOOG":"谷歌","ASML":"阿斯麦","AAPL":"苹果","SNPS":"新思科技","GOOGL":"谷歌A","SOXX":"iShares费城交易所半导体ETF","CDNS":"铿腾电子","AMZN":"亚马逊","QCOM":"高通","TSM":"台积电","NVDA":"英伟达","SSNLF":"三星电子"},"source_url":"https://www.marketwatch.com/story/buy-the-pullback-in-chip-stocks-and-focus-on-these-6-companies-for-the-long-haul-11629468380?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1151608193","content_text":"The iShares Semiconductor ETF is down over 6% from recent highs.\nISTOCKPHOTO\nIn the rolling correction that’s running through the stock market, chip makers have been hit harder than most.\nThe iShares Semiconductor ETF is down over 6% from recent highs, compared to declines of 2% or less for the S&P 500,Nasdaq Composite and the Dow Jones Industrial Average.\nDoes that make chip stocks a buy? Or is this historically cyclical sector up to its old tricks and headed into a sustained downtrend that will rip your face off.\nA lot depends on your timeline but if you like to own stocks for years rather than rent them for days, the group is a buy. The chief reason: “It’s different this time.”\nThose are admittedly among the scariest words in investing. But the chip sector has changed so much it really is different now – in ways that suggest it is less likely to crush you.\nYou’d be a fool to think there are no risks. I’ll go over those. But first, here are the three main reasons why the group is “safer” now – and six names favored by the half-dozen sector experts I’ve talked with over the past several days.\n1. The wicked witch of cyclicality is dead\n“Demand in the chip sector was always boom and bust, driven by product cycles,” says David Winborne, a portfolio manager at Impax Asset Management. “First PCs, then servers, then phones.” But now demand for chips has broadened across the economy so the secular growth story is more predictable, he says.\nJust look around you. Because of the increased “digitalization” of our lives and work, there’s greater diversity of end market demand from all angles. Think remote office services like Zoom, online shopping, cloud services, electric vehicles, 5G phones, smart factories, big data computing and even washing machines, points out Hendi Susanto, a portfolio manager and tech analyst at Gabelli Funds who is bullish on the group.\n“There is no aspect of the modern digital economy that can function without semiconductors,” says Motley Fool chip sector analyst John Rotonti. “That means more chips going into everything. The long-term demand is there.”\nHe’s not kidding. Chip sector revenue will double by 2030 to $1 trillion from $465 billion in 2020, predicts William Blair analyst Greg Scolaro.\nAll of this means the widespread supply shortages you’ve been hearing about “likely won’t be cured until sometime late next year,” says Bank of America chip sector analyst Vivek Arya. “That’s not just our view, but one confirmed by a majority of large customers.”\n2. The players have consolidated\nAll up and down the production chain, from design through the various types of equipment producers to manufacturing, industry players have consolidated down into what Rotonti calls “earned” duopolies or monopolies.\nIn chip design software, you have Cadence Design Systems and Synopsys.In production equipment, companies dominate specialized niches like ASML in extreme ultraviolet lithography (EUV). Manufacturing is dominated by Taiwan Semiconductor and Samsung Electronics.\nThese companies earned their niche or duopoly status by being the best at what they do. This makes them interesting for investors. The consolidation also means players behave more rationally in terms of pricing and production capacity, says Rotonti.\n3. Profitability has improved\nThis more rational behavior, combined with cost cutting, means profitability is now much higher than it was historically. “The economics of chip making has improved massively over past few years,” says Winbourne. Cash flow or EBITDA margins are often now over 30% whereas a decade ago they were in the 20% range.\nThis has implications for valuation. Though chip stocks trade at about a market multiple, they appear cheap because they are better companies, points out Lamar Villere, portfolio manager with Villere & Co. “They are not trading at a frothy multiple.”\nThe stocks to buy\nHere are six names favored by chip experts I recently checked in with.\nNew management plays\nThough Peter Karazeris, a senior equity research analyst at Thrivent, has reasons to be cautious on the group (see below), he singles out two companies whose performance may get a boost because they are under new management: Qualcomm and ON Semiconductor.\nBoth have solid profitability. Qualcomm was recently hit by one-off issues like bad weather in Texas that disrupted production, but the company has good exposure to the 5G phone trend. ON Semiconductor is expanding beyond phones into new areas like autos, industrial and the Internet of Things connected-device space.\nA data center and gaming play\nKarazeris also singles out Nvidia,which gets a continuing boost from its exposure to data center and gaming device chip demand — because of its superior design prowess.\nDesign tool companies\nSpeaking of design, when companies like Qualcomm and NVIDIA want to design chips, they turn to the design tools supplied by Cadence Design Systems and Synopsys.\nTheir software-based design tools help chip innovators create the blueprint for their chips, explains Rotonti at Motley Fool, who singles out these names. “They are not the fastest growers in the world, but they have good profit margins.” They also dominate the space.\nAn EUV play\nTo put those blueprints onto silicon in the early stages of chip production, companies like Taiwan Semiconductor and Samsung turn to ASML. Its machines use tiny bursts of light to stencil chip designs onto silicon wafers, in a process called extreme ultraviolet lithography. “No one else has figured out how to do it,” says Rotonti.\nIn other words, it has a monopoly position in supplying machines that do this – which are necessary for any company that wants to make leading edge chips.\nRisks\nHere are some of the chief risks for chip sector investors to watch.\nOversupply\nChip production has become politicized. The U.S. wants more production at home so it is not vulnerable to disruptions in Chinese supply chains. China wants to make 70% of the chips it uses by 2025, up from 5% now, says Winborne.\nThe upshot here is that there’s lots of government support to boost manufacturing – so there will be much more of it. The risk is oversupply at some point in the future. This might also create a pull forward in chip equipment purchases — leading to a lull down the road which could hurt sales and margin trends at equipment makers.\nNext, big tech companies like Alphabet,Apple and Ammazon.com are all doing their own chip design, which threatens specialized chip companies that do the same thing.\nQuantum computing\nComputers using chip designs based on quantum physics instead of traditional semiconductor architectures have superior performance, points out Scolaro at William Blair. “While it probably won’t become mainstream for at least another five years, quantum computing has the potential to transform everything from technology to healthcare.”\nA disturbing signal\nA blend of global purchasing managers (PMI) indexes peaked in April and then decelerated for three months. Meanwhile chip sales growth continued. Normally the two follow the same trend, points out Karazeris, who tracks this indicator at Thrivent. He chalks the divergence up to inventory building which is less sustainable than true end-market demand. So, he takes the divergence as a bearish signal for the chip sector.\nAnother cautionary sign comes from the forecasted weakness in pricing for dynamic random-access memory (DRAM) chips. “These are typically things you see at tops of cycles not the bottoms,” says Karazeris.\nBut it’s also possible the slowdown in the global PMI is more a reflection of chip shortages than a sign that the shortages aren’t real (and are just inventory building). “The divergence doesn’t necessarily mean that chip orders are going to roll over and die. It means chip manufacturing has to catch up,” says Leuthold economist and strategist Jim Paulsen.\nFord,for example, just announced it had to curtail production because of chip shortages, not a shortfall in underlying demand.\nPaulsen predicts decent economic growth is sustainable because of factors like high savings rates, the rebound in employment and incomes as well as pent-up demand for big ticket items. If he’s right, the continued economic strength would support demand for all the products that use chips – including Ford cars.","news_type":1},"isVote":1,"tweetType":1,"viewCount":2,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}