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2021-12-23

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2021-06-16

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Buy Boeing Stock Because ‘a Change Is Gonna Come’

2021-06-16

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BRIEF-Cruise Says GM Financial Is Working With Cruise & Providing A $5 Bln Line Of Credit To Finance Expansion Of Fleet

2021-06-16

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2021-06-14

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2021-06-14

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Amazon: The Virtuous Cycle At A Fair Price

2021-06-14

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2021-06-13

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2021-06-13

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S&P ekes out gains to close languid week

2021-06-13

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2 Crucial Lessons From Cathie Wood About Apple Stock

2021-06-13

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Don’t be fooled — inflation is a big risk for stock market investors. Here’s how to prepare

2021-06-13

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14:48","market":"us","language":"en","title":"Buy Boeing Stock Because ‘a Change Is Gonna Come’","url":"https://stock-news.laohu8.com/highlight/detail?id=1180386317","media":"Barrons","summary":"Stock in Boeing caught an upgrade Tuesday as a Wall Street analyst noted that things are looking up for the commercial aerospace giant and the industry as a whole.Cowen analyst Cai von Rumohr upgraded the shares to Buy from Hold and raised his target for the price to $290 from $240 a share. 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Over the holiday weekend, U.S. commercial air traffic was down less than 30% compared with 2019, a smaller drop than on recent weekends.</p>\n<p>More people on planes is good news for all aerospace-related stocks.</p>\n<p>Von Rumohr also sees a change coming in demand for commercial aircraft. Governments and airlines are increasingly focused on reducing emissions of carbon dioxide, and new planes emit less of the greenhouse gas, so replacement demand could rise faster than investors expect. Lower operating costs, of course, are an additional reason to replace planes.</p>\n<p>He also pointed out that the global fleet of wide-body, or twin-aisle aircraft, is older than the narrow-body aircraft in use. That makes them more likely to be replaced. A snapback in wide-body order rates has the potential to help Boeing a little more than&nbsp;Airbus&nbsp;(AIR.France) because Boeing has a bigger market share in wide-bodies. Still, any order pickup will benefit both.</p>\n<p>As air traffic returns to normal, potentially emboldening airlines to buy, von Rumohr projects Boeing will generate $21 of free cash flow per share by 2024. That cash flow supports his $290&nbsp;target price.</p>\n<p>Right now, Boeing is burning through cash because deliveries dropped dramatically amid Covid-19 lockdowns. In 2017 and 2018, before the pandemic, and before the 737 MAX jet was grounded in 2019, Boeing generated more than $20 in free cash flow per share.</p>\n<p>While the S&amp;P 500 trades for a free cash yield—essentially free cash flow divided by the stock price—of about 3%, Boeing has historically traded for a yield closer to 6%. With $21 in free cash flow and a yield of 6%, a share price of $350 is possible by 2024, offering attractive returns in coming years with shares trading at about $250.</p>\n<p>With the upgrade, 53% of analysts covering the stock rate shares at Buy. The&nbsp;average&nbsp;Buy-rating ratio for stocks in the S&amp;P 500 is about 55%.</p>\n<p>Boeing was a much more popular stock before the pandemic and the grounding of the 737 MAX jet between March 2019 and December 2020. In February 2019, more than 76% of analysts covering the company rated shares Buy. The share price was almost $400.</p>\n<p>Boeing stock rose 1% in 2019 and dropped 34% in 2020. Shares are up about 19% year to date, better than comparable gains of the overall market.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Buy Boeing Stock Because ‘a Change Is Gonna Come’</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 Boeing Stock Because ‘a Change Is Gonna Come’\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-02 14:48 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/buy-boeing-stock-cowen-rating-upgrade-51622566557?mod=hp_LEADSUPP_1><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Stock in Boeing caught an upgrade Tuesday as a Wall Street analyst noted that things are looking up for the commercial aerospace giant and the industry as a whole.\nBoeing stock (ticker: BA) was up 3% ...</p>\n\n<a href=\"https://www.barrons.com/articles/buy-boeing-stock-cowen-rating-upgrade-51622566557?mod=hp_LEADSUPP_1\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BA":"波音"},"source_url":"https://www.barrons.com/articles/buy-boeing-stock-cowen-rating-upgrade-51622566557?mod=hp_LEADSUPP_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1180386317","content_text":"Stock in Boeing caught an upgrade Tuesday as a Wall Street analyst noted that things are looking up for the commercial aerospace giant and the industry as a whole.\nBoeing stock (ticker: BA) was up 3% on Tuesday. \nCowen analyst Cai von Rumohr upgraded the shares to Buy from Hold and raised his target for the price to $290 from $240 a share. His belief that “a change is gonna come” underpins his more bullish view.\nThe first change is air traffic. Air travel is picking up after a moribund, pandemic-affected 2020. More than1.9 million people boarded planes in the U.S. on Monday, the highest level since March 2020. Over the holiday weekend, U.S. commercial air traffic was down less than 30% compared with 2019, a smaller drop than on recent weekends.\nMore people on planes is good news for all aerospace-related stocks.\nVon Rumohr also sees a change coming in demand for commercial aircraft. Governments and airlines are increasingly focused on reducing emissions of carbon dioxide, and new planes emit less of the greenhouse gas, so replacement demand could rise faster than investors expect. Lower operating costs, of course, are an additional reason to replace planes.\nHe also pointed out that the global fleet of wide-body, or twin-aisle aircraft, is older than the narrow-body aircraft in use. That makes them more likely to be replaced. A snapback in wide-body order rates has the potential to help Boeing a little more than Airbus (AIR.France) because Boeing has a bigger market share in wide-bodies. Still, any order pickup will benefit both.\nAs air traffic returns to normal, potentially emboldening airlines to buy, von Rumohr projects Boeing will generate $21 of free cash flow per share by 2024. That cash flow supports his $290 target price.\nRight now, Boeing is burning through cash because deliveries dropped dramatically amid Covid-19 lockdowns. In 2017 and 2018, before the pandemic, and before the 737 MAX jet was grounded in 2019, Boeing generated more than $20 in free cash flow per share.\nWhile the S&P 500 trades for a free cash yield—essentially free cash flow divided by the stock price—of about 3%, Boeing has historically traded for a yield closer to 6%. With $21 in free cash flow and a yield of 6%, a share price of $350 is possible by 2024, offering attractive returns in coming years with shares trading at about $250.\nWith the upgrade, 53% of analysts covering the stock rate shares at Buy. The average Buy-rating ratio for stocks in the S&P 500 is about 55%.\nBoeing was a much more popular stock before the pandemic and the grounding of the 737 MAX jet between March 2019 and December 2020. In February 2019, more than 76% of analysts covering the company rated shares Buy. The share price was almost $400.\nBoeing stock rose 1% in 2019 and dropped 34% in 2020. Shares are up about 19% year to date, better than comparable gains of the overall market.","news_type":1},"isVote":1,"tweetType":1,"viewCount":196,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":160350441,"gmtCreate":1623773226783,"gmtModify":1703819077263,"author":{"id":"3576156131829756","authorId":"3576156131829756","name":"Thiogui","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/160350441","repostId":"2143578147","repostType":2,"repost":{"id":"2143578147","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":1623767401,"share":"https://www.laohu8.com/m/news/2143578147?lang=&edition=full","pubTime":"2021-06-15 22:30","market":"us","language":"en","title":"BRIEF-Cruise Says GM Financial Is Working With Cruise & Providing A $5 Bln Line Of Credit To Finance Expansion Of Fleet","url":"https://stock-news.laohu8.com/highlight/detail?id=2143578147","media":"Reuters","summary":"June 15 (Reuters) - CRUISE:   * CRUISE - GM FINANCIAL IS WORKING WITH CRUISE AND PROVIDING A $5 BILL","content":"<html><body><p>June 15 (Reuters) - CRUISE:</p><p>   * CRUISE - GM FINANCIAL IS WORKING WITH CRUISE AND PROVIDING A $5 BILLION LINE OF CREDIT TO FINANCE EXPANSION OF FLEET</p><p>   * CRUISE - IN PAST MONTH, GM BEGAN ASSEMBLY OF FIRST OF AROUND 100 PRE-PRODUCTION CRUISE ORIGIN VEHICLES TO BE BUILT THIS SUMMER FOR VALIDATION TESTING</p><p>Further company coverage:   </p><p> ((Reuters.Briefs@thomsonreuters.com;))</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>BRIEF-Cruise Says GM Financial Is Working With Cruise & Providing A $5 Bln Line Of Credit To Finance Expansion Of Fleet</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{ 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}\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\">\nBRIEF-Cruise Says GM Financial Is Working With Cruise & Providing A $5 Bln Line Of Credit To Finance Expansion Of Fleet\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\">2021-06-15 22:30</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><body><p>June 15 (Reuters) - CRUISE:</p><p>   * CRUISE - GM FINANCIAL IS WORKING WITH CRUISE AND PROVIDING A $5 BILLION LINE OF CREDIT TO FINANCE EXPANSION OF FLEET</p><p>   * CRUISE - IN PAST MONTH, GM BEGAN ASSEMBLY OF FIRST OF AROUND 100 PRE-PRODUCTION CRUISE ORIGIN VEHICLES TO BE BUILT THIS SUMMER FOR VALIDATION TESTING</p><p>Further company coverage:   </p><p> ((Reuters.Briefs@thomsonreuters.com;))</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GM":"通用汽车"},"source_url":"http://api.rkd.refinitiv.com/api/News/News.svc/REST/News_1/RetrieveStoryML_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2143578147","content_text":"June 15 (Reuters) - CRUISE:   * CRUISE - GM FINANCIAL IS WORKING WITH CRUISE AND PROVIDING A $5 BILLION LINE OF CREDIT TO FINANCE EXPANSION OF FLEET   * CRUISE - IN PAST MONTH, GM BEGAN ASSEMBLY OF FIRST OF AROUND 100 PRE-PRODUCTION CRUISE ORIGIN VEHICLES TO BE BUILT THIS SUMMER FOR VALIDATION TESTINGFurther company coverage:    ((Reuters.Briefs@thomsonreuters.com;))","news_type":1},"isVote":1,"tweetType":1,"viewCount":345,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":160326562,"gmtCreate":1623773140856,"gmtModify":1703819069502,"author":{"id":"3576156131829756","authorId":"3576156131829756","name":"Thiogui","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/160326562","repostId":"2143752015","repostType":2,"isVote":1,"tweetType":1,"viewCount":242,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":184192614,"gmtCreate":1623687447338,"gmtModify":1704208812522,"author":{"id":"3576156131829756","authorId":"3576156131829756","name":"Thiogui","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/184192614","repostId":"2143738880","repostType":2,"isVote":1,"tweetType":1,"viewCount":325,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":184192069,"gmtCreate":1623687435051,"gmtModify":1704208812034,"author":{"id":"3576156131829756","authorId":"3576156131829756","name":"Thiogui","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/184192069","repostId":"2143738600","repostType":2,"isVote":1,"tweetType":1,"viewCount":417,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":185626028,"gmtCreate":1623647036264,"gmtModify":1704207777665,"author":{"id":"3576156131829756","authorId":"3576156131829756","name":"Thiogui","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/185626028","repostId":"2143783813","repostType":2,"isVote":1,"tweetType":1,"viewCount":197,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":185628011,"gmtCreate":1623646992933,"gmtModify":1704207775705,"author":{"id":"3576156131829756","authorId":"3576156131829756","name":"Thiogui","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/185628011","repostId":"2143786565","repostType":2,"isVote":1,"tweetType":1,"viewCount":99,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":185629577,"gmtCreate":1623646887899,"gmtModify":1704207772900,"author":{"id":"3576156131829756","authorId":"3576156131829756","name":"Thiogui","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/185629577","repostId":"1146011836","repostType":2,"repost":{"id":"1146011836","pubTimestamp":1623639735,"share":"https://www.laohu8.com/m/news/1146011836?lang=&edition=full","pubTime":"2021-06-14 11:02","market":"us","language":"en","title":"Amazon: The Virtuous Cycle At A Fair Price","url":"https://stock-news.laohu8.com/highlight/detail?id=1146011836","media":"seekingalpha","summary":"Summary\n\nAmazon's business is firing on all cylinders, giving its investors many reasons to smile.\nT","content":"<p><b>Summary</b></p>\n<ul>\n <li>Amazon's&nbsp;business is firing on all cylinders, giving its investors many reasons to smile.</li>\n <li>The company is reinforcing its moat in e-commerce, cloud services and grabbing aggressively its share in ads from Google and Facebook duopoly.</li>\n <li>A growing share of high-margin activities improves cash flow at rapid pace.</li>\n <li>At the current level, the share price represents at least 6-8% return p.a.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dfbef43d925558552ced924df58f081f\" tg-width=\"768\" tg-height=\"512\"><span>Photo by coldsnowstorm/iStock Unreleased via Getty Images</span></p>\n<p>Amazon (AMZN) is a very diversified business with many sources of revenue. Its size, strong brand, and leadership position in e-commerce and cloud services give it an immense moat. The advertisement branch makes Google and Facebook's duopoly sweat. The growth in all sectors is simply remarkable for a company of its size. It all does not leave any doubt that Amazon's future is bright.</p>\n<p>Also, the price for this outstanding business is pretty attractive. Simple and conservative estimates show a safe 6-8% return per annum. In the world of a zero interest rate, Amazon shares are a bargain.</p>\n<p><b>The Virtuous Cycle, aka Scale Economies Shared</b></p>\n<p>Almost twenty-five years ago, Jeff Bezos laid a foundation for his company. At its core lies customer-centricity. The idea is pretty simple: exceptional customer experience brings more traffic and sellers with their products. A growing platform scale lowers the prices, which improves customer experience even further. By broadening product offerings, reducing prices, improving delivery time, and selling the highest-quality services, Amazon wins customer loyalty and expands its customer base.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/33d2da72dce938108f652612d9f4b320\" tg-width=\"640\" tg-height=\"341\"><span>Source:Amazon - The Virtuous Cycle</span></p>\n<p>Putting customer experience at the center of every action combined with innovation spirit and readiness for failure has created a company that is redefining the way we shop, work, and spend our free time. Chapeau bas for management for sticking to those rules till these days, successful execution and constantly raising the bar to create more value for society.</p>\n<p><b>What do you get buying Amazon?</b></p>\n<p>All invested in Amazon know exactly why they own the shares. Leadership in life-changing trends, enormous growth, innovation, dominance, and of course huge profits. All checked. Let's put some numbers behind those buzzwords to prove it.</p>\n<p><b>E-commerce</b></p>\n<p>We start with e-commerce. This year the company is expected toincrease its US retail e-commerce market share to 40.4%. Walmart, second on the list, is going to enjoy only 7.1%. A clear sign of dominance. The sales growth is going to continue. After a Covid turbocharged 44.1% rise last year, analysts predict 15.3% in 2021. That means slowing down tothe average e-commerce growth in the US over the last decade.</p>\n<p>The international footprint is also growing nicely. In 2020, 27% of revenue came from abroad. And they are still expanding to new markets (in March 2021 they entered Poland startingamazon.pl).</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ad6f72d60e6af0ab7802b63bb60e04c5\" tg-width=\"640\" tg-height=\"107\"><span>Source: Amazon Annual Report 2020</span></p>\n<p>There are two trends in retail sales that are going to benefit Amazon in the coming years. First, overall consumption and spending are growing together with the economy. But most importantly, a share of e-commerce retail vs. total retail sales is going to increase.In 2020, it was already 21.3% for the USA, up from 6.4% in 2010. Still less than e.g. in China, where the National Bureau of Statistics of China estimated online retail penetration to be at 24.9% in 2020.</p>\n<p>As Jeff Bezos predicted, the virtuous cycle is self-reinforcing and attracting more and more customers and merchants to the platform every year. Last Amazon's report shows that the number of sold products increases pretty fast, so do SMBs' profits. Amazon is fueling its success by intensive investments in logistics, analysis tools, and services, which lead to growing Amazon success and so on.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b70ae811d800c6e2fcaeb619b5a50964\" tg-width=\"640\" tg-height=\"608\"><span>Source:Amazon SMB Impact Report 2020</span></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dfe8106bb3f81d21e177ef59cefc5888\" tg-width=\"640\" tg-height=\"709\"><span>Source: Amazon SMB Impact Report 2020</span></p>\n<p><b>AWS</b></p>\n<p>Whether it’s technology giants, television networks, banks, food manufacturers, or governments, many organizations are using AWS to develop, deploy and host applications. The biggest customers are well-known brands such asNetflix, Adobe, Apple, LinkedIn, Twitter, BBC, and many more.</p>\n<p>It is another area that has sped upbecause of the COVID-19 pandemic. Implementation of stay-at-home policies for consumers, work-from-home policies for employees generated enormous demand and caused much higher than initially expected cloud usage.</p>\n<p>Amazon invests heavily in the data centers and expands its geographical footprint. The company offers a broad and rapidly growing portfolio of cloud services. All these efforts to satisfy customers' needs have given Amazon aworldwide leadership position.</p>\n<p>Strong double-digit demand for cloud services is going to continue in the next few years. Forecasts say that in 2021 the whole segment value will reach$330bn, up 23% from 2020. AWS as a dominant force with almosta third of market sharein IaaS and PaaS will surely enjoy growing revenues and profits.</p>\n<p><b>Advertising</b></p>\n<p>Google or Facebook make money by advertising different products and services. Their algorithms are very efficient in targeting selected audience groups. They are great at defining what may be of interest for me, for you, and every single web user. But they do not have the same insights as Amazon has. Amazon knows exactly what people buy, how they buy it, and how much of it they buy. The knowledge of what movies Amazon Prime customers are watching, what music and books they consume, gives Amazon an even more complete picture of the consumer journey.</p>\n<p>Here, the trend is once again Amazon's friend. Totalad spending continues to riseyear after year at a double-digit rate. Digital ads are already a dominant form of marketing and as people have more electronic devices connected to the Internet, they continue to be the most important channel to reach customers.</p>\n<p>Amazon has been very successful in this field. The company is alreadythe third power in advertising in the USAwith 10% of the market share. They are expanding especially at Google's cost as more people search for specific products directly on Amazon's website circumventing Google's search engine. Analysts predict that both Google and Facebook are going to lose their market share in the coming years,whereas Amazon continues to grab a bigger part of the growing pie.</p>\n<p>Looking at advertising revenue (classified as \"Other\" in the annual report), we can assume that it grew at a whopping rate of 50% last year. As cloud services, it is a very profitable, high-margin activity that will nicely continue to increase Amazon's bottom line in the future.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8a8ab12e5788fda9765fbd60bf394f23\" tg-width=\"640\" tg-height=\"261\"><span>Source: Amazon Annual Report 2020</span></p>\n<p><b>Amazon Prime</b></p>\n<p>Other powerful revenue engines are subscription services i.e. Amazon Prime membership fees, video-on-demand, etc. What Amazon offers its customers is pretty unique - by subscribing they get a combination of cheaper and faster orders' delivery and access to a rich library of movies, series, and songs. And it is very affordable! Thanks to that the retention rate is very high and the user base is constantly growing, exceeding already 200 million people. And almost130 million are using the Video Prime service at least once a month. That gives Amazon Prime Video servicesecond position worldwide just behind Netflix.</p>\n<p>Again, also from this trend, Amazon is trying to make use of. The expectations are that OTT and VoD services will growbetween 14%and18% for the next 4-5 years.The acquisition of MGMand gaining such IPs like James Bond, The Silence of the Lambs, Fargo, and a few thousand others, shows that the company takes it pretty seriously and will fight for its share of the pie.</p>\n<p>Looking once more into the annual report, we may see that subscription services brought ~$25bn in FY 2020. It seems not much compared to $386bn of total revenue, but $25bn was also the total revenue of Netflix last year! And it is growing faster than Netflix revenue.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9535c8b9791a767f3e8b52754d5db4c1\" tg-width=\"640\" tg-height=\"264\"><span>Source: Amazon Annual Report 2020</span></p>\n<p><b>Others</b></p>\n<p>If it was not enough, Amazon constantly tries to revolutionize some aspects of our lives and create new expansion opportunities. It isa leader in the smart speaker market(50% of the US market). Kindle dominates the e-reader market in the USA. FireTV streams videos to millions of homes. Etc., etc.</p>\n<p>Many experimental initiatives can easily become another mega-trend and contribute even more to customer satisfaction and the company's success, e.g.:</p>\n<ul>\n <li><p>Amazon Go - cashier-free stores</p></li>\n <li><p>AI-powered home robots</p></li>\n <li><p>game streaming services</p></li>\n <li><p>investing in self-driving technology</p></li>\n <li><p>building a fleet of delivery drones, etc.</p></li>\n</ul>\n<p><b>How did the business perform?</b></p>\n<p>Amazon does not provide as detailed information about its user base asAlibaba(BABA). Investors have only vague data announced from time to time during Earnings Calls or from Letters to Shareholders. For example,in the last letter, Jeff Bezos writes that Amazon Prime has already over 200 million members.Over 75% are Americans. However, the number of active users is much higher. Already inQ2 2016, there were over 300 million active customers globally.</p>\n<p>Let's move to the financial information to see the revenue generation power of Amazon's customers. The revenue is growing consistently at a high rate. The pre-pandemic slowdown was quickly corrected last year.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/00ea9010cdf36960ced3316748d5b396\" tg-width=\"640\" tg-height=\"395\"><span>Source: Chart created by the author with data from annual reports</span></p>\n<p>The significance of the AWS, the golden goose of Amazon, and its contribution to the revenue was also growing from 7% in 2015 to almost 12% in 2020. Disappointing is the fact that the international sales represent currently only 27% of total revenue (a drop from 33% in 2015). It reduces the diversification of revenue streams and shows that the competition abroad is strong.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d8e5447ded18a889ea1ff7cdf37b342a\" tg-width=\"640\" tg-height=\"396\"><span>Source: Chart created by the author with data from annual reports</span></p>\n<p>On a plus side, we can see below that all segments are growing, but international revenue is simply growing slower than sales in North America or AWS. Another small positive is the fact that international sales saw last year almost 40% jump, slightly better than the other two segments.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d5550abe99358bb2a60e8552476cb096\" tg-width=\"640\" tg-height=\"396\"><span>Source: Chart created by the author with data from annual reports</span></p>\n<p>Similar to revenue, the operating income made a huge jump last year as COVID hit.</p>\n<p><img src=\"https://static.tigerbbs.com/7cf5a471f3cc5f3e15ad0436cc7f9a7b\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p>\n<p>The biggest contribution to the operating income is AWS. In 2020, cloud services generated over $13bn, which represented ~60% of total profits.</p>\n<p>Source: Chart created by the author with data from annual reports</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/366bd2ee01f2a7f0fa78c25001150c99\" tg-width=\"640\" tg-height=\"397\"><span>Source: Chart created by the author with data from annual reports</span></p>\n<p>North America brought around $9bn or 37% of the total operating income last year.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d49e53238ae749ae5f39ca6d421dca51\" tg-width=\"640\" tg-height=\"396\"><span>Source: Chart created by the author with data from annual reports</span></p>\n<p>Profits from AWS and North America used to subsidize international retail sales which only last year turned profitable. We may attribute this positive result to two factors - improving the efficiency of operation and favorable currency exchange rate last year.</p>\n<p>Let's have a look at Amazon's margins below. They are nicely trending higher almost every year. There are at least a few good reasons for that e.g. the scale of Amazon's operation, growing AWS, cash flow from Amazon Prime, and other subscription services. Margin expansion underlines the quality of the business and the good investment decisions of the management.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8e935c9bf800475aa0017d40f8fb1920\" tg-width=\"640\" tg-height=\"296\"><span>Source: Chart created by the author with data from annual reports</span></p>\n<p>In annual reports, Amazon presents also an alternative way of categorizing revenue streams. The chart \"Net sales by groups of similar products and services\" summarizes this method for the last few years. In 2020, slightly over 50% was attributed to online stores. We can see that AWS, advertising, subscriptions, and 3rd party seller services are growing faster than online stores. It shows the strength and diversity of Amazon's platform. It is nicely reflected in growing margins and recurring revenue streams.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c9394fd8d8fb6183d2e32bdb24c02b6f\" tg-width=\"640\" tg-height=\"396\"><span>Source: Chart created by the author with data from annual reports</span></p>\n<p>The growth for all segments is very strong. I would like to underscore here one component - advertising (\"Other\" in the chart below). It is still pretty small with \"only\" ~$21bn in revenue but is growing at a staggering pace, adding another very lucrative business area to Amazon's portfolio.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a5cf6ce184acc5b763aeb00f34b69b54\" tg-width=\"640\" tg-height=\"396\"><span>Source: Chart created by the author with data from annual reports</span></p>\n<p>Last but not least, the amount of free cash flow (\"FCF\") generated may show the quality of the business. It is one of the most important metrics for shareholders. FCF is used to pay dividends, repurchase shares, or for acquisitions. Amazon provides investors with three different metrics of FCF trying to adjust standard definition (FCF = Cash from Operations - Capex) to include heavy usage of finance leases used for faster expansion of AWS infrastructure and other equipment.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/66290fc24e1df8192026a2305de99933\" tg-width=\"640\" tg-height=\"396\"><span>Source: Chart created by the author with data from annual reports</span></p>\n<p>The most important is the fact that all three metrics are rising. The Internet explains all of them for those interested in the nitty-gritty details of accounting.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/aa13303f053af872d639e94fcfae68ca\" tg-width=\"640\" tg-height=\"396\"><span>Source: Chart created by the author with data from annual reports</span></p>\n<p><b>Valuation</b></p>\n<p>Note: I suggest subtracting 1,3% from CAGRs calculated below. 1,3% is an average shareholder dilution over the last 5 years. As long as there is no meaningful repurchase program, the dilution will continue.</p>\n<p><b>Simulation of P/EPS</b></p>\n<p>Analyst estimate is that Amazon's EPS will grow at 38% on average for the next five years. Assuming massive ratio reduction (from the current P/E=61 to P/E=18-26), we arrive at a potential return between 47% and 113% in 2026 (or 8% to 16% CAGR).</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1a6f6320356bfd13c8cd1423f5c4997c\" tg-width=\"640\" tg-height=\"424\"><span>Source: Own calculation</span></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f7d373e66cfae1c02a39f11f735644db\" tg-width=\"640\" tg-height=\"396\"><span>Source: Own calculation</span></p>\n<p><b>DCF</b></p>\n<p>For DCF analysis I use Free Cash Flow less equipment finance leases and principal repayments of all other finance leases and financing obligations. With Amazon, this metric better presents the ability of the business to generate cash than standard FCF.</p>\n<p>I simulated much lower growth than presented in the last five years (and lower than analysts suggest). The reason is to be conservative and show likely outcomes of investing in Amazon at the current share price.</p>\n<p><b>DCF Worst-Case Scenario</b></p>\n<p>FCF growth drops gradually from 20% in 2021 to 11% in 2030. The first implication of this assumption is that the FCF in 2030 will be 4,5x higher than it is today. That would also imply that the current share price of ~$3200 will probably return around 6% annually.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/776195c42bbdbd69b1bfe5f22651ca12\" tg-width=\"640\" tg-height=\"245\"><span>Source: Own calculation</span></p>\n<p><b>DCF Best-Case Scenario</b></p>\n<p>FCF growth drops gradually from 26% in 2021 to 17% in 2030. The FCF in 2030 would be almost 8x higher. That would also mean that the current share price of ~$3200 will probably deliver a return of 8% per annum.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/93471937eb050c18cabebb3ea4d3270c\" tg-width=\"640\" tg-height=\"245\"><span>Source: Own calculation</span></p>\n<p><b>Price to Sales</b></p>\n<p>In the last few years, it was a good deal to buy AMZN when the PS ratio was at 3,3 or lower (with average PS=3,6).</p>\n<p>PS TTM is currently at 3.9. That suggests a slight overvaluation between 10-15%. PS=3,3 would represent the price of $2750 per share. Buying at an average PS=3,6 would mean waiting for the price to fall to $3000.</p>\n<p>There is also a second option: the price will move sideways for the next 1-2 quarters and let the business catch up. Looking at forecasted sales growth, it will happen sooner rather than later.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/02b247d1eaf407d6569dd5465ebf0a3b\" tg-width=\"640\" tg-height=\"581\"><span>Source:Seeking Alpha</span></p>\n<p><b>Conclusion</b></p>\n<p>2020 was for Amazon a great year. For Amazon shareholders too. Coronavirus caused a rapid acceleration in shifting the way we work, spend our free time, and buy things. It led to an explosion in revenues and profits. As a result, the share price doubled in a matter of a few months. But this is not over. Every single part of Amazon keeps growing at a high double-digit rate. And it will not stop soon.</p>\n<p>A lot of this growth is already in the share price. However, even quite conservative analysis shows that buying AMZN today may still generate at least 6-8% return p.a. in a long run. If the company continues improving efficiency, keeps innovating, and expands its portfolio of great products, the return may be even higher.</p>\n<p>To sum it up, I rate Amazon shares to be fairly valued and expect better-than-average performance.</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>Amazon: The Virtuous Cycle At A Fair Price</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAmazon: The Virtuous Cycle At A Fair Price\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-14 11:02 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4434620-amazon-the-virtuous-cycle-at-a-fair-price><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nAmazon's business is firing on all cylinders, giving its investors many reasons to smile.\nThe company is reinforcing its moat in e-commerce, cloud services and grabbing aggressively its share...</p>\n\n<a href=\"https://seekingalpha.com/article/4434620-amazon-the-virtuous-cycle-at-a-fair-price\">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://seekingalpha.com/article/4434620-amazon-the-virtuous-cycle-at-a-fair-price","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1146011836","content_text":"Summary\n\nAmazon's business is firing on all cylinders, giving its investors many reasons to smile.\nThe company is reinforcing its moat in e-commerce, cloud services and grabbing aggressively its share in ads from Google and Facebook duopoly.\nA growing share of high-margin activities improves cash flow at rapid pace.\nAt the current level, the share price represents at least 6-8% return p.a.\n\nPhoto by coldsnowstorm/iStock Unreleased via Getty Images\nAmazon (AMZN) is a very diversified business with many sources of revenue. Its size, strong brand, and leadership position in e-commerce and cloud services give it an immense moat. The advertisement branch makes Google and Facebook's duopoly sweat. The growth in all sectors is simply remarkable for a company of its size. It all does not leave any doubt that Amazon's future is bright.\nAlso, the price for this outstanding business is pretty attractive. Simple and conservative estimates show a safe 6-8% return per annum. In the world of a zero interest rate, Amazon shares are a bargain.\nThe Virtuous Cycle, aka Scale Economies Shared\nAlmost twenty-five years ago, Jeff Bezos laid a foundation for his company. At its core lies customer-centricity. The idea is pretty simple: exceptional customer experience brings more traffic and sellers with their products. A growing platform scale lowers the prices, which improves customer experience even further. By broadening product offerings, reducing prices, improving delivery time, and selling the highest-quality services, Amazon wins customer loyalty and expands its customer base.\nSource:Amazon - The Virtuous Cycle\nPutting customer experience at the center of every action combined with innovation spirit and readiness for failure has created a company that is redefining the way we shop, work, and spend our free time. Chapeau bas for management for sticking to those rules till these days, successful execution and constantly raising the bar to create more value for society.\nWhat do you get buying Amazon?\nAll invested in Amazon know exactly why they own the shares. Leadership in life-changing trends, enormous growth, innovation, dominance, and of course huge profits. All checked. Let's put some numbers behind those buzzwords to prove it.\nE-commerce\nWe start with e-commerce. This year the company is expected toincrease its US retail e-commerce market share to 40.4%. Walmart, second on the list, is going to enjoy only 7.1%. A clear sign of dominance. The sales growth is going to continue. After a Covid turbocharged 44.1% rise last year, analysts predict 15.3% in 2021. That means slowing down tothe average e-commerce growth in the US over the last decade.\nThe international footprint is also growing nicely. In 2020, 27% of revenue came from abroad. And they are still expanding to new markets (in March 2021 they entered Poland startingamazon.pl).\nSource: Amazon Annual Report 2020\nThere are two trends in retail sales that are going to benefit Amazon in the coming years. First, overall consumption and spending are growing together with the economy. But most importantly, a share of e-commerce retail vs. total retail sales is going to increase.In 2020, it was already 21.3% for the USA, up from 6.4% in 2010. Still less than e.g. in China, where the National Bureau of Statistics of China estimated online retail penetration to be at 24.9% in 2020.\nAs Jeff Bezos predicted, the virtuous cycle is self-reinforcing and attracting more and more customers and merchants to the platform every year. Last Amazon's report shows that the number of sold products increases pretty fast, so do SMBs' profits. Amazon is fueling its success by intensive investments in logistics, analysis tools, and services, which lead to growing Amazon success and so on.\nSource:Amazon SMB Impact Report 2020\nSource: Amazon SMB Impact Report 2020\nAWS\nWhether it’s technology giants, television networks, banks, food manufacturers, or governments, many organizations are using AWS to develop, deploy and host applications. The biggest customers are well-known brands such asNetflix, Adobe, Apple, LinkedIn, Twitter, BBC, and many more.\nIt is another area that has sped upbecause of the COVID-19 pandemic. Implementation of stay-at-home policies for consumers, work-from-home policies for employees generated enormous demand and caused much higher than initially expected cloud usage.\nAmazon invests heavily in the data centers and expands its geographical footprint. The company offers a broad and rapidly growing portfolio of cloud services. All these efforts to satisfy customers' needs have given Amazon aworldwide leadership position.\nStrong double-digit demand for cloud services is going to continue in the next few years. Forecasts say that in 2021 the whole segment value will reach$330bn, up 23% from 2020. AWS as a dominant force with almosta third of market sharein IaaS and PaaS will surely enjoy growing revenues and profits.\nAdvertising\nGoogle or Facebook make money by advertising different products and services. Their algorithms are very efficient in targeting selected audience groups. They are great at defining what may be of interest for me, for you, and every single web user. But they do not have the same insights as Amazon has. Amazon knows exactly what people buy, how they buy it, and how much of it they buy. The knowledge of what movies Amazon Prime customers are watching, what music and books they consume, gives Amazon an even more complete picture of the consumer journey.\nHere, the trend is once again Amazon's friend. Totalad spending continues to riseyear after year at a double-digit rate. Digital ads are already a dominant form of marketing and as people have more electronic devices connected to the Internet, they continue to be the most important channel to reach customers.\nAmazon has been very successful in this field. The company is alreadythe third power in advertising in the USAwith 10% of the market share. They are expanding especially at Google's cost as more people search for specific products directly on Amazon's website circumventing Google's search engine. Analysts predict that both Google and Facebook are going to lose their market share in the coming years,whereas Amazon continues to grab a bigger part of the growing pie.\nLooking at advertising revenue (classified as \"Other\" in the annual report), we can assume that it grew at a whopping rate of 50% last year. As cloud services, it is a very profitable, high-margin activity that will nicely continue to increase Amazon's bottom line in the future.\nSource: Amazon Annual Report 2020\nAmazon Prime\nOther powerful revenue engines are subscription services i.e. Amazon Prime membership fees, video-on-demand, etc. What Amazon offers its customers is pretty unique - by subscribing they get a combination of cheaper and faster orders' delivery and access to a rich library of movies, series, and songs. And it is very affordable! Thanks to that the retention rate is very high and the user base is constantly growing, exceeding already 200 million people. And almost130 million are using the Video Prime service at least once a month. That gives Amazon Prime Video servicesecond position worldwide just behind Netflix.\nAgain, also from this trend, Amazon is trying to make use of. The expectations are that OTT and VoD services will growbetween 14%and18% for the next 4-5 years.The acquisition of MGMand gaining such IPs like James Bond, The Silence of the Lambs, Fargo, and a few thousand others, shows that the company takes it pretty seriously and will fight for its share of the pie.\nLooking once more into the annual report, we may see that subscription services brought ~$25bn in FY 2020. It seems not much compared to $386bn of total revenue, but $25bn was also the total revenue of Netflix last year! And it is growing faster than Netflix revenue.\nSource: Amazon Annual Report 2020\nOthers\nIf it was not enough, Amazon constantly tries to revolutionize some aspects of our lives and create new expansion opportunities. It isa leader in the smart speaker market(50% of the US market). Kindle dominates the e-reader market in the USA. FireTV streams videos to millions of homes. Etc., etc.\nMany experimental initiatives can easily become another mega-trend and contribute even more to customer satisfaction and the company's success, e.g.:\n\nAmazon Go - cashier-free stores\nAI-powered home robots\ngame streaming services\ninvesting in self-driving technology\nbuilding a fleet of delivery drones, etc.\n\nHow did the business perform?\nAmazon does not provide as detailed information about its user base asAlibaba(BABA). Investors have only vague data announced from time to time during Earnings Calls or from Letters to Shareholders. For example,in the last letter, Jeff Bezos writes that Amazon Prime has already over 200 million members.Over 75% are Americans. However, the number of active users is much higher. Already inQ2 2016, there were over 300 million active customers globally.\nLet's move to the financial information to see the revenue generation power of Amazon's customers. The revenue is growing consistently at a high rate. The pre-pandemic slowdown was quickly corrected last year.\nSource: Chart created by the author with data from annual reports\nThe significance of the AWS, the golden goose of Amazon, and its contribution to the revenue was also growing from 7% in 2015 to almost 12% in 2020. Disappointing is the fact that the international sales represent currently only 27% of total revenue (a drop from 33% in 2015). It reduces the diversification of revenue streams and shows that the competition abroad is strong.\nSource: Chart created by the author with data from annual reports\nOn a plus side, we can see below that all segments are growing, but international revenue is simply growing slower than sales in North America or AWS. Another small positive is the fact that international sales saw last year almost 40% jump, slightly better than the other two segments.\nSource: Chart created by the author with data from annual reports\nSimilar to revenue, the operating income made a huge jump last year as COVID hit.\n\nThe biggest contribution to the operating income is AWS. In 2020, cloud services generated over $13bn, which represented ~60% of total profits.\nSource: Chart created by the author with data from annual reports\nSource: Chart created by the author with data from annual reports\nNorth America brought around $9bn or 37% of the total operating income last year.\nSource: Chart created by the author with data from annual reports\nProfits from AWS and North America used to subsidize international retail sales which only last year turned profitable. We may attribute this positive result to two factors - improving the efficiency of operation and favorable currency exchange rate last year.\nLet's have a look at Amazon's margins below. They are nicely trending higher almost every year. There are at least a few good reasons for that e.g. the scale of Amazon's operation, growing AWS, cash flow from Amazon Prime, and other subscription services. Margin expansion underlines the quality of the business and the good investment decisions of the management.\nSource: Chart created by the author with data from annual reports\nIn annual reports, Amazon presents also an alternative way of categorizing revenue streams. The chart \"Net sales by groups of similar products and services\" summarizes this method for the last few years. In 2020, slightly over 50% was attributed to online stores. We can see that AWS, advertising, subscriptions, and 3rd party seller services are growing faster than online stores. It shows the strength and diversity of Amazon's platform. It is nicely reflected in growing margins and recurring revenue streams.\nSource: Chart created by the author with data from annual reports\nThe growth for all segments is very strong. I would like to underscore here one component - advertising (\"Other\" in the chart below). It is still pretty small with \"only\" ~$21bn in revenue but is growing at a staggering pace, adding another very lucrative business area to Amazon's portfolio.\nSource: Chart created by the author with data from annual reports\nLast but not least, the amount of free cash flow (\"FCF\") generated may show the quality of the business. It is one of the most important metrics for shareholders. FCF is used to pay dividends, repurchase shares, or for acquisitions. Amazon provides investors with three different metrics of FCF trying to adjust standard definition (FCF = Cash from Operations - Capex) to include heavy usage of finance leases used for faster expansion of AWS infrastructure and other equipment.\nSource: Chart created by the author with data from annual reports\nThe most important is the fact that all three metrics are rising. The Internet explains all of them for those interested in the nitty-gritty details of accounting.\nSource: Chart created by the author with data from annual reports\nValuation\nNote: I suggest subtracting 1,3% from CAGRs calculated below. 1,3% is an average shareholder dilution over the last 5 years. As long as there is no meaningful repurchase program, the dilution will continue.\nSimulation of P/EPS\nAnalyst estimate is that Amazon's EPS will grow at 38% on average for the next five years. Assuming massive ratio reduction (from the current P/E=61 to P/E=18-26), we arrive at a potential return between 47% and 113% in 2026 (or 8% to 16% CAGR).\nSource: Own calculation\nSource: Own calculation\nDCF\nFor DCF analysis I use Free Cash Flow less equipment finance leases and principal repayments of all other finance leases and financing obligations. With Amazon, this metric better presents the ability of the business to generate cash than standard FCF.\nI simulated much lower growth than presented in the last five years (and lower than analysts suggest). The reason is to be conservative and show likely outcomes of investing in Amazon at the current share price.\nDCF Worst-Case Scenario\nFCF growth drops gradually from 20% in 2021 to 11% in 2030. The first implication of this assumption is that the FCF in 2030 will be 4,5x higher than it is today. That would also imply that the current share price of ~$3200 will probably return around 6% annually.\nSource: Own calculation\nDCF Best-Case Scenario\nFCF growth drops gradually from 26% in 2021 to 17% in 2030. The FCF in 2030 would be almost 8x higher. That would also mean that the current share price of ~$3200 will probably deliver a return of 8% per annum.\nSource: Own calculation\nPrice to Sales\nIn the last few years, it was a good deal to buy AMZN when the PS ratio was at 3,3 or lower (with average PS=3,6).\nPS TTM is currently at 3.9. That suggests a slight overvaluation between 10-15%. PS=3,3 would represent the price of $2750 per share. Buying at an average PS=3,6 would mean waiting for the price to fall to $3000.\nThere is also a second option: the price will move sideways for the next 1-2 quarters and let the business catch up. Looking at forecasted sales growth, it will happen sooner rather than later.\nSource:Seeking Alpha\nConclusion\n2020 was for Amazon a great year. For Amazon shareholders too. Coronavirus caused a rapid acceleration in shifting the way we work, spend our free time, and buy things. It led to an explosion in revenues and profits. As a result, the share price doubled in a matter of a few months. But this is not over. Every single part of Amazon keeps growing at a high double-digit rate. And it will not stop soon.\nA lot of this growth is already in the share price. However, even quite conservative analysis shows that buying AMZN today may still generate at least 6-8% return p.a. in a long run. If the company continues improving efficiency, keeps innovating, and expands its portfolio of great products, the return may be even higher.\nTo sum it up, I rate Amazon shares to be fairly valued and expect better-than-average 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"htmlText":"??????","listText":"??????","text":"??????","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/182874403","repostId":"2142204074","repostType":4,"repost":{"id":"2142204074","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":1623441637,"share":"https://www.laohu8.com/m/news/2142204074?lang=&edition=full","pubTime":"2021-06-12 04:00","market":"us","language":"en","title":"S&P ekes out gains to close languid week","url":"https://stock-news.laohu8.com/highlight/detail?id=2142204074","media":"Reuters","summary":"NEW YORK, June 11  - The S&P 500 closed nominally higher at the end of a torpid week marked with few market-moving catalysts and persistent concerns over whether current inflation spikes could linger and cause the U.S. Federal Reserve to tighten its dovish policy sooner than expected.Economically sensitive smallcaps and transports notched solid gains, outperforming the broader market.For the week, the S&P and the Nasdaq advanced from last Friday's close, while the Dow posted a weekly loss.But th","content":"<p>NEW YORK, June 11 (Reuters) - The S&amp;P 500 closed nominally higher at the end of a torpid week marked with few market-moving catalysts and persistent concerns over whether current inflation spikes could linger and cause the U.S. Federal Reserve to tighten its dovish policy sooner than expected.</p>\n<p>Economically sensitive smallcaps and transports&nbsp;notched solid gains, outperforming the broader market.</p>\n<p>For the week, the S&amp;P and the Nasdaq advanced from last Friday's close, while the Dow posted a weekly loss.</p>\n<p>But the indexes have been range-bound, with few catalysts to move investor sentiment. Much of the focus centered on Thursday's consumer price data, which eased jitters over the duration of the current inflation wave.</p>\n<p>\"It’s a muted day today,\" Oliver Pursche, senior vice president at Wealthspire Advisors, in New York. \"The summer is settling in, people are slipping out of work early and there’s nothing in the news that’s going to materially drive the market in either direction.\"</p>\n<p>\"So, investors are going to wait until earnings season.\"</p>\n<p>The Federal Reserve has repeatedly said that near-term price surges will not metastasize into lasting inflation, an assertion reflected in the University of Michigan's Consumer Sentiment report released on Friday, which showed inflation expectations easing from last month's spike.</p>\n<p>Investors now turn their attention to the Fed's statement at the conclusion of next week's two-day monetary policy meeting, which will be parsed for clues regarding the central bank's timetable for raising key interest rates.</p>\n<p>\"Our view continues to be that inflationary data is transient and we will be around the 2% mark for the year,\" Pursche added.</p>\n<p>Benchmark U.S. Treasury yields posted their biggest weekly drop in nearly a year, weighing on the interest-sensitive financial sector in recent sessions.</p>\n<p>The Food and Drug Administration is facing mounting criticism over its \"accelerated approval\" of Biogen Inc's</p>\n<p>Alzheimer's drug Aduhelm without strong evidence of its ability to combat the disease.</p>\n<p>Biogen shares, along with the broader healthcare sector&nbsp;ended the session lower.</p>\n<p>Unofficially, the Dow Jones Industrial Average rose 14.41 points, or 0.04%, to 34,480.65, the S&amp;P 500 gained 8.29 points, or 0.20%, to 4,247.47 and the Nasdaq Composite&nbsp;added 49.09 points, or 0.35%, to 14,069.42.</p>\n<p>Among the 11 major sectors in the S&amp;P 500, healthcare suffered the biggest percentage drop.</p>\n<p>Much of the trading volume this week was attributable to the ongoing social media-driven \"meme stock\" phenomenon, in which retail investors swarm around heavily shorted stocks.</p>\n<p>But meme stock moves were more muted on Friday, with AMC Entertainment outperforming.</p>\n<p>(Reporting by Stephen Culp in New York Additional reporting by Ambar Warrick and Devik Jain in Bengaluru Editing by Matthew Lewis and 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 ekes out gains to close languid week</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 ekes out gains to close languid week\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\">2021-06-12 04:00</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>NEW YORK, June 11 (Reuters) - The S&amp;P 500 closed nominally higher at the end of a torpid week marked with few market-moving catalysts and persistent concerns over whether current inflation spikes could linger and cause the U.S. Federal Reserve to tighten its dovish policy sooner than expected.</p>\n<p>Economically sensitive smallcaps and transports&nbsp;notched solid gains, outperforming the broader market.</p>\n<p>For the week, the S&amp;P and the Nasdaq advanced from last Friday's close, while the Dow posted a weekly loss.</p>\n<p>But the indexes have been range-bound, with few catalysts to move investor sentiment. Much of the focus centered on Thursday's consumer price data, which eased jitters over the duration of the current inflation wave.</p>\n<p>\"It’s a muted day today,\" Oliver Pursche, senior vice president at Wealthspire Advisors, in New York. \"The summer is settling in, people are slipping out of work early and there’s nothing in the news that’s going to materially drive the market in either direction.\"</p>\n<p>\"So, investors are going to wait until earnings season.\"</p>\n<p>The Federal Reserve has repeatedly said that near-term price surges will not metastasize into lasting inflation, an assertion reflected in the University of Michigan's Consumer Sentiment report released on Friday, which showed inflation expectations easing from last month's spike.</p>\n<p>Investors now turn their attention to the Fed's statement at the conclusion of next week's two-day monetary policy meeting, which will be parsed for clues regarding the central bank's timetable for raising key interest rates.</p>\n<p>\"Our view continues to be that inflationary data is transient and we will be around the 2% mark for the year,\" Pursche added.</p>\n<p>Benchmark U.S. Treasury yields posted their biggest weekly drop in nearly a year, weighing on the interest-sensitive financial sector in recent sessions.</p>\n<p>The Food and Drug Administration is facing mounting criticism over its \"accelerated approval\" of Biogen Inc's</p>\n<p>Alzheimer's drug Aduhelm without strong evidence of its ability to combat the disease.</p>\n<p>Biogen shares, along with the broader healthcare sector&nbsp;ended the session lower.</p>\n<p>Unofficially, the Dow Jones Industrial Average rose 14.41 points, or 0.04%, to 34,480.65, the S&amp;P 500 gained 8.29 points, or 0.20%, to 4,247.47 and the Nasdaq Composite&nbsp;added 49.09 points, or 0.35%, to 14,069.42.</p>\n<p>Among the 11 major sectors in the S&amp;P 500, healthcare suffered the biggest percentage drop.</p>\n<p>Much of the trading volume this week was attributable to the ongoing social media-driven \"meme stock\" phenomenon, in which retail investors swarm around heavily shorted stocks.</p>\n<p>But meme stock moves were more muted on Friday, with AMC Entertainment outperforming.</p>\n<p>(Reporting by Stephen Culp in New York Additional reporting by Ambar Warrick and Devik Jain in Bengaluru Editing by Matthew Lewis and 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","UDOW":"道指三倍做多ETF-ProShares","UPRO":"三倍做多标普500ETF","OEX":"标普100","SDOW":"道指三倍做空ETF-ProShares","QID":"纳指两倍做空ETF","IVV":"标普500指数ETF","SDS":"两倍做空标普500ETF","PSQ":"纳指反向ETF","TQQQ":"纳指三倍做多ETF","SH":"标普500反向ETF","SSO":"两倍做多标普500ETF","QLD":"纳指两倍做多ETF","QQQ":"纳指100ETF","DDM":"道指两倍做多ETF","OEF":"标普100指数ETF-iShares","SQQQ":"纳指三倍做空ETF","DOG":"道指反向ETF",".SPX":"S&P 500 Index","SPXU":"三倍做空标普500ETF","DXD":"道指两倍做空ETF","DJX":"1/100道琼斯",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2142204074","content_text":"NEW YORK, June 11 (Reuters) - The S&P 500 closed nominally higher at the end of a torpid week marked with few market-moving catalysts and persistent concerns over whether current inflation spikes could linger and cause the U.S. Federal Reserve to tighten its dovish policy sooner than expected.\nEconomically sensitive smallcaps and transports notched solid gains, outperforming the broader market.\nFor the week, the S&P and the Nasdaq advanced from last Friday's close, while the Dow posted a weekly loss.\nBut the indexes have been range-bound, with few catalysts to move investor sentiment. Much of the focus centered on Thursday's consumer price data, which eased jitters over the duration of the current inflation wave.\n\"It’s a muted day today,\" Oliver Pursche, senior vice president at Wealthspire Advisors, in New York. \"The summer is settling in, people are slipping out of work early and there’s nothing in the news that’s going to materially drive the market in either direction.\"\n\"So, investors are going to wait until earnings season.\"\nThe Federal Reserve has repeatedly said that near-term price surges will not metastasize into lasting inflation, an assertion reflected in the University of Michigan's Consumer Sentiment report released on Friday, which showed inflation expectations easing from last month's spike.\nInvestors now turn their attention to the Fed's statement at the conclusion of next week's two-day monetary policy meeting, which will be parsed for clues regarding the central bank's timetable for raising key interest rates.\n\"Our view continues to be that inflationary data is transient and we will be around the 2% mark for the year,\" Pursche added.\nBenchmark U.S. Treasury yields posted their biggest weekly drop in nearly a year, weighing on the interest-sensitive financial sector in recent sessions.\nThe Food and Drug Administration is facing mounting criticism over its \"accelerated approval\" of Biogen Inc's\nAlzheimer's drug Aduhelm without strong evidence of its ability to combat the disease.\nBiogen shares, along with the broader healthcare sector ended the session lower.\nUnofficially, the Dow Jones Industrial Average rose 14.41 points, or 0.04%, to 34,480.65, the S&P 500 gained 8.29 points, or 0.20%, to 4,247.47 and the Nasdaq Composite added 49.09 points, or 0.35%, to 14,069.42.\nAmong the 11 major sectors in the S&P 500, healthcare suffered the biggest percentage drop.\nMuch of the trading volume this week was attributable to the ongoing social media-driven \"meme stock\" phenomenon, in which retail investors swarm around heavily shorted stocks.\nBut meme stock moves were more muted on Friday, with AMC Entertainment outperforming.\n(Reporting by Stephen Culp in New York Additional reporting by Ambar Warrick and Devik Jain in Bengaluru Editing by Matthew Lewis and Cynthia Osterman)","news_type":1},"isVote":1,"tweetType":1,"viewCount":35,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":182874668,"gmtCreate":1623565650054,"gmtModify":1704206339983,"author":{"id":"3576156131829756","authorId":"3576156131829756","name":"Thiogui","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"??????","listText":"??????","text":"??????","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/182874668","repostId":"1190309980","repostType":4,"repost":{"id":"1190309980","pubTimestamp":1623411452,"share":"https://www.laohu8.com/m/news/1190309980?lang=&edition=full","pubTime":"2021-06-11 19:37","market":"us","language":"en","title":"2 Crucial Lessons From Cathie Wood About Apple Stock","url":"https://stock-news.laohu8.com/highlight/detail?id=1190309980","media":"The Street","summary":"Cathie Wood’s ARK Invest is not much of an investor in Apple stock. But the famed fund manager has offered valuable advice about the Cupertino company’s shares that is worth revisiting.In doing my daily research of Apple stock  -Get Report, I stumbled upon a gem from Ark Invest’s CEO, CIO and rockstar money manager Cathie Wood. In January 2016, during aninterviewwith CNBC, she was asked which stock seemed like a better buy at the time: AAPL or AMZN.Considering Apple stock’s loss of 5% in 2015, h","content":"<blockquote>\n <b>Cathie Wood’s ARK Invest is not much of an investor in Apple stock. But the famed fund manager has offered valuable advice about the Cupertino company’s shares that is worth revisiting.</b>\n</blockquote>\n<p>In doing my daily research of Apple stock&nbsp;(<b>AAPL</b>) -Get Report, I stumbled upon a gem from Ark Invest’s CEO, CIO and rockstar money manager Cathie Wood. In January 2016, during aninterviewwith CNBC, she was asked which stock seemed like a better buy at the time: AAPL or AMZN.</p>\n<p>Considering Apple stock’s loss of 5% in 2015, her response was the following:</p>\n<blockquote>\n “At this moment, […] Apple might be, because […] the thinking there is so short term. […] Apple is going to become a big company, and [the stock] has been depressed recently by channel checks: how iPhone sales will do in the first quarter, or in the second quarter.”\n</blockquote>\n<p>Since this interview, Apple share price climbed a whopping 400%-plus in just over five years.</p>\n<p><b>#1. Buying quality on weakness</b></p>\n<p>The first important lesson from Ms. Wood’s 2016 insight above is that high-quality companies, whose stocks are likely to climb over time, should be bought on weakness. The logic is simple: if the long-term trend is up, buy shares when the market is selling them at a discount.</p>\n<p>I put some numbers around this ideaa couple of months ago. Historically, it has made much more sense to buy AAPL when shares declined from a previous peak.</p>\n<p>The chart below shows the historical average one-year return in Apple stock under different scenarios. Notice that, the more shares dip, the higher the future returns have been.</p>\n<p><img src=\"https://static.tigerbbs.com/d8f3b347dced7ad7d67e5c7ef756c550\" tg-width=\"578\" tg-height=\"348\">Following the same logic, current Apple investors might be encouraged that the stock remains under water: 12% below the January 2021 top of $143. Should AAPL make fresh all-time highs soon, asI recently speculated that it could, returns for the remainder of the year may start to look appealing.</p>\n<p><b>#2. Filtering out short-term noise</b></p>\n<p>The second point made by Cathie Wood is at least as important. In her view, Apple stock was under pressure in 2015 and early 2016 due to short-term concerns over smartphone sales in the following couple of quarters, especially after the blockbuster release of the iPhone 6.</p>\n<p>In analyzing market movements, I believe it helps to think about the real drivers of share price: buyers and sellers of the stock. Sometimes, people on both sides of the transaction are more concerned about how a stock might perform in the near term, possibly hoping to make a quick buck – and this is just fine.</p>\n<p>In these cases, long-term buyers are probably better off ignoring “short term noise” about what sales or earnings might look like right around the corner. Better yet, they might want to take advantage of selling pressures created by short-term traders to enter a position at better prices.</p>\n<p>Apple might be faced with a similar setup in 2021. The chatter on Wall Street seems torevolve around the company’s follow throughto a successful pandemic year and launch of the first 5G-capable iPhone.</p>\n<p>But look beyond the next 12 months, and one might find it easier to make a bullish case on Apple stock. The company continues to grow revenues, expand margins, pile on cash, while it has yet to tap intoopportunities in mixed realityandautonomous vehicles.</p>\n<p><b>Twitter speaks</b></p>\n<p>Big Tech stocks like Amazon and Apple are a tiny piece of famed investor Cathie Wood’s ARK portfolios. In your view, which of the following FAAMG names would deserve higher allocation in a tech disrupter and innovator ETF? Leave your vote below on our partner's Twitter, @AmazonMaven.</p>\n<p><img src=\"https://static.tigerbbs.com/565580495c2d16818604c9b6d814b1db\" tg-width=\"582\" tg-height=\"480\"></p>\n<p><b>Is the price right?</b></p>\n<p>Looking at a company’s business fundamentals is only half the work needed to find a good stock. How much one pays to own the shares is a key factor in the success of any investment. This is why valuation analysis is so important.</p>\n<p>Alpha Spread’suser-friendly platform allows you to estimate a stock’s fair value –through valuation multiples, discounted cash flow, and more. I believe that the service is a must for anyone looking to own the right stock at the right price.Check out alphaspread.comand get started with a 7-day free trial.</p>","source":"lsy1610613172068","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>2 Crucial Lessons From Cathie Wood About Apple Stock</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n2 Crucial Lessons From Cathie Wood About Apple Stock\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-11 19:37 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.thestreet.com/apple/news/2-crucial-lessons-from-cathie-wood-about-apple-stock><strong>The Street</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Cathie Wood’s ARK Invest is not much of an investor in Apple stock. But the famed fund manager has offered valuable advice about the Cupertino company’s shares that is worth revisiting.\n\nIn doing my ...</p>\n\n<a href=\"https://www.thestreet.com/apple/news/2-crucial-lessons-from-cathie-wood-about-apple-stock\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.thestreet.com/apple/news/2-crucial-lessons-from-cathie-wood-about-apple-stock","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1190309980","content_text":"Cathie Wood’s ARK Invest is not much of an investor in Apple stock. But the famed fund manager has offered valuable advice about the Cupertino company’s shares that is worth revisiting.\n\nIn doing my daily research of Apple stock (AAPL) -Get Report, I stumbled upon a gem from Ark Invest’s CEO, CIO and rockstar money manager Cathie Wood. In January 2016, during aninterviewwith CNBC, she was asked which stock seemed like a better buy at the time: AAPL or AMZN.\nConsidering Apple stock’s loss of 5% in 2015, her response was the following:\n\n “At this moment, […] Apple might be, because […] the thinking there is so short term. […] Apple is going to become a big company, and [the stock] has been depressed recently by channel checks: how iPhone sales will do in the first quarter, or in the second quarter.”\n\nSince this interview, Apple share price climbed a whopping 400%-plus in just over five years.\n#1. Buying quality on weakness\nThe first important lesson from Ms. Wood’s 2016 insight above is that high-quality companies, whose stocks are likely to climb over time, should be bought on weakness. The logic is simple: if the long-term trend is up, buy shares when the market is selling them at a discount.\nI put some numbers around this ideaa couple of months ago. Historically, it has made much more sense to buy AAPL when shares declined from a previous peak.\nThe chart below shows the historical average one-year return in Apple stock under different scenarios. Notice that, the more shares dip, the higher the future returns have been.\nFollowing the same logic, current Apple investors might be encouraged that the stock remains under water: 12% below the January 2021 top of $143. Should AAPL make fresh all-time highs soon, asI recently speculated that it could, returns for the remainder of the year may start to look appealing.\n#2. Filtering out short-term noise\nThe second point made by Cathie Wood is at least as important. In her view, Apple stock was under pressure in 2015 and early 2016 due to short-term concerns over smartphone sales in the following couple of quarters, especially after the blockbuster release of the iPhone 6.\nIn analyzing market movements, I believe it helps to think about the real drivers of share price: buyers and sellers of the stock. Sometimes, people on both sides of the transaction are more concerned about how a stock might perform in the near term, possibly hoping to make a quick buck – and this is just fine.\nIn these cases, long-term buyers are probably better off ignoring “short term noise” about what sales or earnings might look like right around the corner. Better yet, they might want to take advantage of selling pressures created by short-term traders to enter a position at better prices.\nApple might be faced with a similar setup in 2021. The chatter on Wall Street seems torevolve around the company’s follow throughto a successful pandemic year and launch of the first 5G-capable iPhone.\nBut look beyond the next 12 months, and one might find it easier to make a bullish case on Apple stock. The company continues to grow revenues, expand margins, pile on cash, while it has yet to tap intoopportunities in mixed realityandautonomous vehicles.\nTwitter speaks\nBig Tech stocks like Amazon and Apple are a tiny piece of famed investor Cathie Wood’s ARK portfolios. In your view, which of the following FAAMG names would deserve higher allocation in a tech disrupter and innovator ETF? Leave your vote below on our partner's Twitter, @AmazonMaven.\n\nIs the price right?\nLooking at a company’s business fundamentals is only half the work needed to find a good stock. How much one pays to own the shares is a key factor in the success of any investment. This is why valuation analysis is so important.\nAlpha Spread’suser-friendly platform allows you to estimate a stock’s fair value –through valuation multiples, discounted cash flow, and more. I believe that the service is a must for anyone looking to own the right stock at the right price.Check out alphaspread.comand get started with a 7-day free trial.","news_type":1},"isVote":1,"tweetType":1,"viewCount":206,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":182875703,"gmtCreate":1623565638102,"gmtModify":1704206339164,"author":{"id":"3576156131829756","authorId":"3576156131829756","name":"Thiogui","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"????","listText":"????","text":"????","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/182875703","repostId":"1118102755","repostType":4,"repost":{"id":"1118102755","pubTimestamp":1623469189,"share":"https://www.laohu8.com/m/news/1118102755?lang=&edition=full","pubTime":"2021-06-12 11:39","market":"us","language":"en","title":"Don’t be fooled — inflation is a big risk for stock market investors. Here’s how to prepare ","url":"https://stock-news.laohu8.com/highlight/detail?id=1118102755","media":"MarketWatch","summary":"Michael Brush advises on how you can avoid making mistakes as bond yields rise and the central bank ","content":"<blockquote>\n <b>Michael Brush advises on how you can avoid making mistakes as bond yields rise and the central bank reduces its stimulus.</b>\n</blockquote>\n<p>Don’t be fooled by the placid response to the highest inflation rate in over a decade. Inflation will remain elevated enough to shake up the stock market, possibly causing a selloff as much as 15%. You need to prepare now.</p>\n<p>The reason: Persistently high inflation will move the 10-year Treasury yield to 2% and get the Federal Reserve to start tapering its stimulus by the end of the year. Both will rattle the stock market.</p>\n<p>The government said June 10 that the cost of living surged in May and drove the pace of inflation to a 13-year high of 5%.</p>\n<p>What should you do? Probably the opposite of what you are thinking. Before we get to that, here is a look at the two key events for stocks — in the bond market and at the Fed — between today and the end of the year.</p>\n<p><b>Rising yields</b></p>\n<p>Remember how the stock market freaked out earlier this year when the 10-year Treasury yield TMUBMUSD10Y,1.452%&nbsp;moved up to around 1.7%? Well, expect a repeat. Only worse.</p>\n<p>“We suspect that inflation in the U.S. will prove more persistent than investors currently appear to anticipate,” says Capital Economics economist Franziska Palmas, citing the tight labor market and wage growth. Her research group puts the 10-year yield at 2.25% by the end of this year, and 2.5% by the end of 2022.</p>\n<p>That’ll be a big move from the current level of 1.5%. Stock investors tend to panic when interest rates rise a lot.</p>\n<p><b>Fed tapering</b></p>\n<p>Fed Chairman Jerome Powell has downplayed the need for tapering the central bank’s bond purchases to keep yields low. But half of the 12 members of the Federal Open Market Committee&nbsp;(FOMC) have recently said they’re ready to start talking about tapering. The FOMC is the Fed branch that sets monetary policy.</p>\n<p>“It will be increasingly hard for Powell to claim the economy needs to make ‘substantial further progress’ toward achieving maximum employment before the Fed starts talking about talking about tapering,” says Ed Yardeni, author of Predicting the Markets and head of Yardeni Research. Powell has repeatedly said the Fed is awaiting “substantial further progress” in the economy before terminating its stimulus.</p>\n<p>“Given the performance of the economy, it is reasonable to expect they will start to taper before end of year, and a few months later they will start to raise the federal funds rate,” predicts Yardeni.</p>\n<p>He thinks the Fed will announce a decision to start tapering in its July meeting. Tapering refers to a reduction in bond purchases by the Fed. This tightens the money supply to put the brakes on growth. Once purchases go to zero, the Fed moves on to cutting rates.</p>\n<p>As we know, tapering causes a “taper tantrum” in the stock market, meaning a sharp selloff in indices like the S&amp;P 500 SPX,+0.19%,&nbsp;the Dow Jones Industrial Average DJIA,+0.04%&nbsp;and Nasdaq COMP,+0.35%.</p>\n<p><b>How to prepare</b></p>\n<p>When considering how to position for the probable selloff caused by rising bond yields and Fed tightening, the key things to remember is why these things are happening in the first place, and what history tells us about how stocks behave.</p>\n<p>The consensus view is that tapering and rising bond yields kill off economic growth and the bull market in stocks. But this isn’t actually true.</p>\n<p>Yes, initially, tightening can make stocks fall — or churn sideways, at best. But then stocks shake it off and move higher as the bull market continues. This makes sense, because the tightening is happening for good reasons that help companies — strong economic growth. This pushes earnings a lot higher, which resets valuations lower — back down to levels investors feel comfortable with.</p>\n<p>“Tapering is part and parcel of a recovery,” says Leuthold market strategist Jim Paulsen. “It is a response to successful policy and a rebound in the economy. It is a natural part of the bull market that allows the market to go higher. It’s a healthy development.”</p>\n<p>Looking through all the market fireworks that may lie ahead, Paulsen thinks underlying economic growth will push S&amp;P 500 earnings up to $220 by the end of the year. Assuming the S&amp;P 500 is at current levels or a little bit lower, that would bring the index’s price-to-earnings (P/E) ratio down to 18-19 — which is near or below the average since 1990. “That sets up the next leg of the bull market,” he says.</p>\n<p><b>Your five-point game plan</b></p>\n<p><b>1. Do not go to “defensives”</b></p>\n<p>When people see stock market turbulence, the knee-jerk reaction is to go for the “stability” of defensive names like utilities and consumer staples. But that would be a mistake. You want to go to defensives when the economy is slowing or contracting, not when it is strong. Another problem is that defensive names pay yield. So, like bonds, they get hit by rising interest rates, which devalue dividends — and dividend-paying stocks and bonds.</p>\n<p>“The best way to protect yourself is to tie your portfolio to the overheated economy. That is where the best profit growth and profit leverage is,” says Paulsen. “You do not get that with defensives.”</p>\n<p><b>2. Go with companies that benefit from growth</b></p>\n<p>Since rapid economic growth is causing the tapering — and the growth is usually not killed off by tightening — stocks linked to growth typically are the best place to be. This means cyclicals like industrials, basic materials consumer names, small-caps and international stocks. “Slower growth consumer staples and utilities won’t keep up with growth areas of the market,” says Paulsen.</p>\n<p>I first suggested Lindblad Expeditions LIND,+0.17%&nbsp;and Cardlytics CDLX,+4.54%&nbsp;and in my stock letter, Brush Up on Stocks (the link to my site is in the bio, below) in September 2020 and November 2019. I still like and own both even though they are up 48% and 157% — or two to four times the S&amp;P 500. Recent insider buying confirms they are buys and holds around current levels. Plus, both are cyclical names. Cardlytics helps credit card companies understand customer buying patterns for marketing purposes. Lindblad offers specialized cruise adventures to exotic locales. Both benefit from economic growth that powers more consumer spending.</p>\n<p><b>3. Do not get out of stocks</b></p>\n<p>If you think a selloff is coming, it might be tempting to try to get out of stocks right before that, to buy back after the weakness happens. But this is a lot harder than you think. In fact, it is almost impossible to get the timing right, say market veterans.</p>\n<p>“You have to make two smart decisions,” says Yardeni. “You have to get out just before the correction and then you have to decide when to get back in. I don’t know of too many people that can do that consistently.”</p>\n<p>Market timers often get out and don’t get back in, and they miss the next leg up. “You can get yourself into trouble trying to avoid the correction,” says Paulsen.</p>\n<p><b>4. Do not own bonds</b></p>\n<p>Bond yields will be 2% or higher by the end of year. So don’t own bonds, whose prices fall when yields rise — unless you simply plan to hold to maturity to collect the income.</p>\n<p><b>5. Go with financials</b></p>\n<p>Strong economies typically make the yield curve more upward sloping, meaning that long-term interest rates on 10-year Treasuries rise a lot faster than short-term interest rates. Since banks borrow at the short end and lend at the long end, steepening yield curves help them.</p>\n<p>The strong economy will also help banks release reserves and lower provisions for loan losses, both of which can boost earnings, points out Yardeni. Both JPMorgan Chase JPM,-0.07%&nbsp;and Bank of America BAC,+0.41%&nbsp;are up over twice as much as the S&amp;P 500 since I suggested them in my stock letter last August. But they still look attractive. Recent pattern buying by smart insiders among smaller banks confirms the sector is still one to own, despite the strength over the past few quarters.</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>Don’t be fooled — inflation is a big risk for stock market investors. Here’s how to prepare </title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDon’t be fooled — inflation is a big risk for stock market investors. Here’s how to prepare \n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-12 11:39 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.marketwatch.com/story/dont-be-fooled-inflation-is-a-big-risk-for-stock-market-investors-heres-how-to-prepare-11623421036?siteid=yhoof2><strong>MarketWatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Michael Brush advises on how you can avoid making mistakes as bond yields rise and the central bank reduces its stimulus.\n\nDon’t be fooled by the placid response to the highest inflation rate in over ...</p>\n\n<a href=\"https://www.marketwatch.com/story/dont-be-fooled-inflation-is-a-big-risk-for-stock-market-investors-heres-how-to-prepare-11623421036?siteid=yhoof2\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.marketwatch.com/story/dont-be-fooled-inflation-is-a-big-risk-for-stock-market-investors-heres-how-to-prepare-11623421036?siteid=yhoof2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1118102755","content_text":"Michael Brush advises on how you can avoid making mistakes as bond yields rise and the central bank reduces its stimulus.\n\nDon’t be fooled by the placid response to the highest inflation rate in over a decade. Inflation will remain elevated enough to shake up the stock market, possibly causing a selloff as much as 15%. You need to prepare now.\nThe reason: Persistently high inflation will move the 10-year Treasury yield to 2% and get the Federal Reserve to start tapering its stimulus by the end of the year. Both will rattle the stock market.\nThe government said June 10 that the cost of living surged in May and drove the pace of inflation to a 13-year high of 5%.\nWhat should you do? Probably the opposite of what you are thinking. Before we get to that, here is a look at the two key events for stocks — in the bond market and at the Fed — between today and the end of the year.\nRising yields\nRemember how the stock market freaked out earlier this year when the 10-year Treasury yield TMUBMUSD10Y,1.452% moved up to around 1.7%? Well, expect a repeat. Only worse.\n“We suspect that inflation in the U.S. will prove more persistent than investors currently appear to anticipate,” says Capital Economics economist Franziska Palmas, citing the tight labor market and wage growth. Her research group puts the 10-year yield at 2.25% by the end of this year, and 2.5% by the end of 2022.\nThat’ll be a big move from the current level of 1.5%. Stock investors tend to panic when interest rates rise a lot.\nFed tapering\nFed Chairman Jerome Powell has downplayed the need for tapering the central bank’s bond purchases to keep yields low. But half of the 12 members of the Federal Open Market Committee (FOMC) have recently said they’re ready to start talking about tapering. The FOMC is the Fed branch that sets monetary policy.\n“It will be increasingly hard for Powell to claim the economy needs to make ‘substantial further progress’ toward achieving maximum employment before the Fed starts talking about talking about tapering,” says Ed Yardeni, author of Predicting the Markets and head of Yardeni Research. Powell has repeatedly said the Fed is awaiting “substantial further progress” in the economy before terminating its stimulus.\n“Given the performance of the economy, it is reasonable to expect they will start to taper before end of year, and a few months later they will start to raise the federal funds rate,” predicts Yardeni.\nHe thinks the Fed will announce a decision to start tapering in its July meeting. Tapering refers to a reduction in bond purchases by the Fed. This tightens the money supply to put the brakes on growth. Once purchases go to zero, the Fed moves on to cutting rates.\nAs we know, tapering causes a “taper tantrum” in the stock market, meaning a sharp selloff in indices like the S&P 500 SPX,+0.19%, the Dow Jones Industrial Average DJIA,+0.04% and Nasdaq COMP,+0.35%.\nHow to prepare\nWhen considering how to position for the probable selloff caused by rising bond yields and Fed tightening, the key things to remember is why these things are happening in the first place, and what history tells us about how stocks behave.\nThe consensus view is that tapering and rising bond yields kill off economic growth and the bull market in stocks. But this isn’t actually true.\nYes, initially, tightening can make stocks fall — or churn sideways, at best. But then stocks shake it off and move higher as the bull market continues. This makes sense, because the tightening is happening for good reasons that help companies — strong economic growth. This pushes earnings a lot higher, which resets valuations lower — back down to levels investors feel comfortable with.\n“Tapering is part and parcel of a recovery,” says Leuthold market strategist Jim Paulsen. “It is a response to successful policy and a rebound in the economy. It is a natural part of the bull market that allows the market to go higher. It’s a healthy development.”\nLooking through all the market fireworks that may lie ahead, Paulsen thinks underlying economic growth will push S&P 500 earnings up to $220 by the end of the year. Assuming the S&P 500 is at current levels or a little bit lower, that would bring the index’s price-to-earnings (P/E) ratio down to 18-19 — which is near or below the average since 1990. “That sets up the next leg of the bull market,” he says.\nYour five-point game plan\n1. Do not go to “defensives”\nWhen people see stock market turbulence, the knee-jerk reaction is to go for the “stability” of defensive names like utilities and consumer staples. But that would be a mistake. You want to go to defensives when the economy is slowing or contracting, not when it is strong. Another problem is that defensive names pay yield. So, like bonds, they get hit by rising interest rates, which devalue dividends — and dividend-paying stocks and bonds.\n“The best way to protect yourself is to tie your portfolio to the overheated economy. That is where the best profit growth and profit leverage is,” says Paulsen. “You do not get that with defensives.”\n2. Go with companies that benefit from growth\nSince rapid economic growth is causing the tapering — and the growth is usually not killed off by tightening — stocks linked to growth typically are the best place to be. This means cyclicals like industrials, basic materials consumer names, small-caps and international stocks. “Slower growth consumer staples and utilities won’t keep up with growth areas of the market,” says Paulsen.\nI first suggested Lindblad Expeditions LIND,+0.17% and Cardlytics CDLX,+4.54% and in my stock letter, Brush Up on Stocks (the link to my site is in the bio, below) in September 2020 and November 2019. I still like and own both even though they are up 48% and 157% — or two to four times the S&P 500. Recent insider buying confirms they are buys and holds around current levels. Plus, both are cyclical names. Cardlytics helps credit card companies understand customer buying patterns for marketing purposes. Lindblad offers specialized cruise adventures to exotic locales. Both benefit from economic growth that powers more consumer spending.\n3. Do not get out of stocks\nIf you think a selloff is coming, it might be tempting to try to get out of stocks right before that, to buy back after the weakness happens. But this is a lot harder than you think. In fact, it is almost impossible to get the timing right, say market veterans.\n“You have to make two smart decisions,” says Yardeni. “You have to get out just before the correction and then you have to decide when to get back in. I don’t know of too many people that can do that consistently.”\nMarket timers often get out and don’t get back in, and they miss the next leg up. “You can get yourself into trouble trying to avoid the correction,” says Paulsen.\n4. Do not own bonds\nBond yields will be 2% or higher by the end of year. So don’t own bonds, whose prices fall when yields rise — unless you simply plan to hold to maturity to collect the income.\n5. Go with financials\nStrong economies typically make the yield curve more upward sloping, meaning that long-term interest rates on 10-year Treasuries rise a lot faster than short-term interest rates. Since banks borrow at the short end and lend at the long end, steepening yield curves help them.\nThe strong economy will also help banks release reserves and lower provisions for loan losses, both of which can boost earnings, points out Yardeni. Both JPMorgan Chase JPM,-0.07% and Bank of America BAC,+0.41% are up over twice as much as the S&P 500 since I suggested them in my stock letter last August. But they still look attractive. Recent pattern buying by smart insiders among smaller banks confirms the sector is still one to own, despite the strength over the past few quarters.","news_type":1},"isVote":1,"tweetType":1,"viewCount":115,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":182875672,"gmtCreate":1623565627096,"gmtModify":1704206338678,"author":{"id":"3576156131829756","authorId":"3576156131829756","name":"Thiogui","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"????","listText":"????","text":"????","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/182875672","repostId":"1148565686","repostType":4,"isVote":1,"tweetType":1,"viewCount":180,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":182696952,"gmtCreate":1623566714676,"gmtModify":1704206362737,"author":{"id":"3576156131829756","authorId":"3576156131829756","name":"Thiogui","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/182696952","repostId":"2142112788","repostType":2,"isVote":1,"tweetType":1,"viewCount":327,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":182875672,"gmtCreate":1623565627096,"gmtModify":1704206338678,"author":{"id":"3576156131829756","authorId":"3576156131829756","name":"Thiogui","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"????","listText":"????","text":"????","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/182875672","repostId":"1148565686","repostType":4,"isVote":1,"tweetType":1,"viewCount":180,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":185629577,"gmtCreate":1623646887899,"gmtModify":1704207772900,"author":{"id":"3576156131829756","authorId":"3576156131829756","name":"Thiogui","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/185629577","repostId":"1146011836","repostType":2,"repost":{"id":"1146011836","pubTimestamp":1623639735,"share":"https://www.laohu8.com/m/news/1146011836?lang=&edition=full","pubTime":"2021-06-14 11:02","market":"us","language":"en","title":"Amazon: The Virtuous Cycle At A Fair Price","url":"https://stock-news.laohu8.com/highlight/detail?id=1146011836","media":"seekingalpha","summary":"Summary\n\nAmazon's business is firing on all cylinders, giving its investors many reasons to smile.\nT","content":"<p><b>Summary</b></p>\n<ul>\n <li>Amazon's&nbsp;business is firing on all cylinders, giving its investors many reasons to smile.</li>\n <li>The company is reinforcing its moat in e-commerce, cloud services and grabbing aggressively its share in ads from Google and Facebook duopoly.</li>\n <li>A growing share of high-margin activities improves cash flow at rapid pace.</li>\n <li>At the current level, the share price represents at least 6-8% return p.a.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dfbef43d925558552ced924df58f081f\" tg-width=\"768\" tg-height=\"512\"><span>Photo by coldsnowstorm/iStock Unreleased via Getty Images</span></p>\n<p>Amazon (AMZN) is a very diversified business with many sources of revenue. Its size, strong brand, and leadership position in e-commerce and cloud services give it an immense moat. The advertisement branch makes Google and Facebook's duopoly sweat. The growth in all sectors is simply remarkable for a company of its size. It all does not leave any doubt that Amazon's future is bright.</p>\n<p>Also, the price for this outstanding business is pretty attractive. Simple and conservative estimates show a safe 6-8% return per annum. In the world of a zero interest rate, Amazon shares are a bargain.</p>\n<p><b>The Virtuous Cycle, aka Scale Economies Shared</b></p>\n<p>Almost twenty-five years ago, Jeff Bezos laid a foundation for his company. At its core lies customer-centricity. The idea is pretty simple: exceptional customer experience brings more traffic and sellers with their products. A growing platform scale lowers the prices, which improves customer experience even further. By broadening product offerings, reducing prices, improving delivery time, and selling the highest-quality services, Amazon wins customer loyalty and expands its customer base.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/33d2da72dce938108f652612d9f4b320\" tg-width=\"640\" tg-height=\"341\"><span>Source:Amazon - The Virtuous Cycle</span></p>\n<p>Putting customer experience at the center of every action combined with innovation spirit and readiness for failure has created a company that is redefining the way we shop, work, and spend our free time. Chapeau bas for management for sticking to those rules till these days, successful execution and constantly raising the bar to create more value for society.</p>\n<p><b>What do you get buying Amazon?</b></p>\n<p>All invested in Amazon know exactly why they own the shares. Leadership in life-changing trends, enormous growth, innovation, dominance, and of course huge profits. All checked. Let's put some numbers behind those buzzwords to prove it.</p>\n<p><b>E-commerce</b></p>\n<p>We start with e-commerce. This year the company is expected toincrease its US retail e-commerce market share to 40.4%. Walmart, second on the list, is going to enjoy only 7.1%. A clear sign of dominance. The sales growth is going to continue. After a Covid turbocharged 44.1% rise last year, analysts predict 15.3% in 2021. That means slowing down tothe average e-commerce growth in the US over the last decade.</p>\n<p>The international footprint is also growing nicely. In 2020, 27% of revenue came from abroad. And they are still expanding to new markets (in March 2021 they entered Poland startingamazon.pl).</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ad6f72d60e6af0ab7802b63bb60e04c5\" tg-width=\"640\" tg-height=\"107\"><span>Source: Amazon Annual Report 2020</span></p>\n<p>There are two trends in retail sales that are going to benefit Amazon in the coming years. First, overall consumption and spending are growing together with the economy. But most importantly, a share of e-commerce retail vs. total retail sales is going to increase.In 2020, it was already 21.3% for the USA, up from 6.4% in 2010. Still less than e.g. in China, where the National Bureau of Statistics of China estimated online retail penetration to be at 24.9% in 2020.</p>\n<p>As Jeff Bezos predicted, the virtuous cycle is self-reinforcing and attracting more and more customers and merchants to the platform every year. Last Amazon's report shows that the number of sold products increases pretty fast, so do SMBs' profits. Amazon is fueling its success by intensive investments in logistics, analysis tools, and services, which lead to growing Amazon success and so on.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b70ae811d800c6e2fcaeb619b5a50964\" tg-width=\"640\" tg-height=\"608\"><span>Source:Amazon SMB Impact Report 2020</span></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dfe8106bb3f81d21e177ef59cefc5888\" tg-width=\"640\" tg-height=\"709\"><span>Source: Amazon SMB Impact Report 2020</span></p>\n<p><b>AWS</b></p>\n<p>Whether it’s technology giants, television networks, banks, food manufacturers, or governments, many organizations are using AWS to develop, deploy and host applications. The biggest customers are well-known brands such asNetflix, Adobe, Apple, LinkedIn, Twitter, BBC, and many more.</p>\n<p>It is another area that has sped upbecause of the COVID-19 pandemic. Implementation of stay-at-home policies for consumers, work-from-home policies for employees generated enormous demand and caused much higher than initially expected cloud usage.</p>\n<p>Amazon invests heavily in the data centers and expands its geographical footprint. The company offers a broad and rapidly growing portfolio of cloud services. All these efforts to satisfy customers' needs have given Amazon aworldwide leadership position.</p>\n<p>Strong double-digit demand for cloud services is going to continue in the next few years. Forecasts say that in 2021 the whole segment value will reach$330bn, up 23% from 2020. AWS as a dominant force with almosta third of market sharein IaaS and PaaS will surely enjoy growing revenues and profits.</p>\n<p><b>Advertising</b></p>\n<p>Google or Facebook make money by advertising different products and services. Their algorithms are very efficient in targeting selected audience groups. They are great at defining what may be of interest for me, for you, and every single web user. But they do not have the same insights as Amazon has. Amazon knows exactly what people buy, how they buy it, and how much of it they buy. The knowledge of what movies Amazon Prime customers are watching, what music and books they consume, gives Amazon an even more complete picture of the consumer journey.</p>\n<p>Here, the trend is once again Amazon's friend. Totalad spending continues to riseyear after year at a double-digit rate. Digital ads are already a dominant form of marketing and as people have more electronic devices connected to the Internet, they continue to be the most important channel to reach customers.</p>\n<p>Amazon has been very successful in this field. The company is alreadythe third power in advertising in the USAwith 10% of the market share. They are expanding especially at Google's cost as more people search for specific products directly on Amazon's website circumventing Google's search engine. Analysts predict that both Google and Facebook are going to lose their market share in the coming years,whereas Amazon continues to grab a bigger part of the growing pie.</p>\n<p>Looking at advertising revenue (classified as \"Other\" in the annual report), we can assume that it grew at a whopping rate of 50% last year. As cloud services, it is a very profitable, high-margin activity that will nicely continue to increase Amazon's bottom line in the future.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8a8ab12e5788fda9765fbd60bf394f23\" tg-width=\"640\" tg-height=\"261\"><span>Source: Amazon Annual Report 2020</span></p>\n<p><b>Amazon Prime</b></p>\n<p>Other powerful revenue engines are subscription services i.e. Amazon Prime membership fees, video-on-demand, etc. What Amazon offers its customers is pretty unique - by subscribing they get a combination of cheaper and faster orders' delivery and access to a rich library of movies, series, and songs. And it is very affordable! Thanks to that the retention rate is very high and the user base is constantly growing, exceeding already 200 million people. And almost130 million are using the Video Prime service at least once a month. That gives Amazon Prime Video servicesecond position worldwide just behind Netflix.</p>\n<p>Again, also from this trend, Amazon is trying to make use of. The expectations are that OTT and VoD services will growbetween 14%and18% for the next 4-5 years.The acquisition of MGMand gaining such IPs like James Bond, The Silence of the Lambs, Fargo, and a few thousand others, shows that the company takes it pretty seriously and will fight for its share of the pie.</p>\n<p>Looking once more into the annual report, we may see that subscription services brought ~$25bn in FY 2020. It seems not much compared to $386bn of total revenue, but $25bn was also the total revenue of Netflix last year! And it is growing faster than Netflix revenue.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9535c8b9791a767f3e8b52754d5db4c1\" tg-width=\"640\" tg-height=\"264\"><span>Source: Amazon Annual Report 2020</span></p>\n<p><b>Others</b></p>\n<p>If it was not enough, Amazon constantly tries to revolutionize some aspects of our lives and create new expansion opportunities. It isa leader in the smart speaker market(50% of the US market). Kindle dominates the e-reader market in the USA. FireTV streams videos to millions of homes. Etc., etc.</p>\n<p>Many experimental initiatives can easily become another mega-trend and contribute even more to customer satisfaction and the company's success, e.g.:</p>\n<ul>\n <li><p>Amazon Go - cashier-free stores</p></li>\n <li><p>AI-powered home robots</p></li>\n <li><p>game streaming services</p></li>\n <li><p>investing in self-driving technology</p></li>\n <li><p>building a fleet of delivery drones, etc.</p></li>\n</ul>\n<p><b>How did the business perform?</b></p>\n<p>Amazon does not provide as detailed information about its user base asAlibaba(BABA). Investors have only vague data announced from time to time during Earnings Calls or from Letters to Shareholders. For example,in the last letter, Jeff Bezos writes that Amazon Prime has already over 200 million members.Over 75% are Americans. However, the number of active users is much higher. Already inQ2 2016, there were over 300 million active customers globally.</p>\n<p>Let's move to the financial information to see the revenue generation power of Amazon's customers. The revenue is growing consistently at a high rate. The pre-pandemic slowdown was quickly corrected last year.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/00ea9010cdf36960ced3316748d5b396\" tg-width=\"640\" tg-height=\"395\"><span>Source: Chart created by the author with data from annual reports</span></p>\n<p>The significance of the AWS, the golden goose of Amazon, and its contribution to the revenue was also growing from 7% in 2015 to almost 12% in 2020. Disappointing is the fact that the international sales represent currently only 27% of total revenue (a drop from 33% in 2015). It reduces the diversification of revenue streams and shows that the competition abroad is strong.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d8e5447ded18a889ea1ff7cdf37b342a\" tg-width=\"640\" tg-height=\"396\"><span>Source: Chart created by the author with data from annual reports</span></p>\n<p>On a plus side, we can see below that all segments are growing, but international revenue is simply growing slower than sales in North America or AWS. Another small positive is the fact that international sales saw last year almost 40% jump, slightly better than the other two segments.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d5550abe99358bb2a60e8552476cb096\" tg-width=\"640\" tg-height=\"396\"><span>Source: Chart created by the author with data from annual reports</span></p>\n<p>Similar to revenue, the operating income made a huge jump last year as COVID hit.</p>\n<p><img src=\"https://static.tigerbbs.com/7cf5a471f3cc5f3e15ad0436cc7f9a7b\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p>\n<p>The biggest contribution to the operating income is AWS. In 2020, cloud services generated over $13bn, which represented ~60% of total profits.</p>\n<p>Source: Chart created by the author with data from annual reports</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/366bd2ee01f2a7f0fa78c25001150c99\" tg-width=\"640\" tg-height=\"397\"><span>Source: Chart created by the author with data from annual reports</span></p>\n<p>North America brought around $9bn or 37% of the total operating income last year.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d49e53238ae749ae5f39ca6d421dca51\" tg-width=\"640\" tg-height=\"396\"><span>Source: Chart created by the author with data from annual reports</span></p>\n<p>Profits from AWS and North America used to subsidize international retail sales which only last year turned profitable. We may attribute this positive result to two factors - improving the efficiency of operation and favorable currency exchange rate last year.</p>\n<p>Let's have a look at Amazon's margins below. They are nicely trending higher almost every year. There are at least a few good reasons for that e.g. the scale of Amazon's operation, growing AWS, cash flow from Amazon Prime, and other subscription services. Margin expansion underlines the quality of the business and the good investment decisions of the management.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8e935c9bf800475aa0017d40f8fb1920\" tg-width=\"640\" tg-height=\"296\"><span>Source: Chart created by the author with data from annual reports</span></p>\n<p>In annual reports, Amazon presents also an alternative way of categorizing revenue streams. The chart \"Net sales by groups of similar products and services\" summarizes this method for the last few years. In 2020, slightly over 50% was attributed to online stores. We can see that AWS, advertising, subscriptions, and 3rd party seller services are growing faster than online stores. It shows the strength and diversity of Amazon's platform. It is nicely reflected in growing margins and recurring revenue streams.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c9394fd8d8fb6183d2e32bdb24c02b6f\" tg-width=\"640\" tg-height=\"396\"><span>Source: Chart created by the author with data from annual reports</span></p>\n<p>The growth for all segments is very strong. I would like to underscore here one component - advertising (\"Other\" in the chart below). It is still pretty small with \"only\" ~$21bn in revenue but is growing at a staggering pace, adding another very lucrative business area to Amazon's portfolio.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a5cf6ce184acc5b763aeb00f34b69b54\" tg-width=\"640\" tg-height=\"396\"><span>Source: Chart created by the author with data from annual reports</span></p>\n<p>Last but not least, the amount of free cash flow (\"FCF\") generated may show the quality of the business. It is one of the most important metrics for shareholders. FCF is used to pay dividends, repurchase shares, or for acquisitions. Amazon provides investors with three different metrics of FCF trying to adjust standard definition (FCF = Cash from Operations - Capex) to include heavy usage of finance leases used for faster expansion of AWS infrastructure and other equipment.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/66290fc24e1df8192026a2305de99933\" tg-width=\"640\" tg-height=\"396\"><span>Source: Chart created by the author with data from annual reports</span></p>\n<p>The most important is the fact that all three metrics are rising. The Internet explains all of them for those interested in the nitty-gritty details of accounting.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/aa13303f053af872d639e94fcfae68ca\" tg-width=\"640\" tg-height=\"396\"><span>Source: Chart created by the author with data from annual reports</span></p>\n<p><b>Valuation</b></p>\n<p>Note: I suggest subtracting 1,3% from CAGRs calculated below. 1,3% is an average shareholder dilution over the last 5 years. As long as there is no meaningful repurchase program, the dilution will continue.</p>\n<p><b>Simulation of P/EPS</b></p>\n<p>Analyst estimate is that Amazon's EPS will grow at 38% on average for the next five years. Assuming massive ratio reduction (from the current P/E=61 to P/E=18-26), we arrive at a potential return between 47% and 113% in 2026 (or 8% to 16% CAGR).</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1a6f6320356bfd13c8cd1423f5c4997c\" tg-width=\"640\" tg-height=\"424\"><span>Source: Own calculation</span></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f7d373e66cfae1c02a39f11f735644db\" tg-width=\"640\" tg-height=\"396\"><span>Source: Own calculation</span></p>\n<p><b>DCF</b></p>\n<p>For DCF analysis I use Free Cash Flow less equipment finance leases and principal repayments of all other finance leases and financing obligations. With Amazon, this metric better presents the ability of the business to generate cash than standard FCF.</p>\n<p>I simulated much lower growth than presented in the last five years (and lower than analysts suggest). The reason is to be conservative and show likely outcomes of investing in Amazon at the current share price.</p>\n<p><b>DCF Worst-Case Scenario</b></p>\n<p>FCF growth drops gradually from 20% in 2021 to 11% in 2030. The first implication of this assumption is that the FCF in 2030 will be 4,5x higher than it is today. That would also imply that the current share price of ~$3200 will probably return around 6% annually.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/776195c42bbdbd69b1bfe5f22651ca12\" tg-width=\"640\" tg-height=\"245\"><span>Source: Own calculation</span></p>\n<p><b>DCF Best-Case Scenario</b></p>\n<p>FCF growth drops gradually from 26% in 2021 to 17% in 2030. The FCF in 2030 would be almost 8x higher. That would also mean that the current share price of ~$3200 will probably deliver a return of 8% per annum.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/93471937eb050c18cabebb3ea4d3270c\" tg-width=\"640\" tg-height=\"245\"><span>Source: Own calculation</span></p>\n<p><b>Price to Sales</b></p>\n<p>In the last few years, it was a good deal to buy AMZN when the PS ratio was at 3,3 or lower (with average PS=3,6).</p>\n<p>PS TTM is currently at 3.9. That suggests a slight overvaluation between 10-15%. PS=3,3 would represent the price of $2750 per share. Buying at an average PS=3,6 would mean waiting for the price to fall to $3000.</p>\n<p>There is also a second option: the price will move sideways for the next 1-2 quarters and let the business catch up. Looking at forecasted sales growth, it will happen sooner rather than later.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/02b247d1eaf407d6569dd5465ebf0a3b\" tg-width=\"640\" tg-height=\"581\"><span>Source:Seeking Alpha</span></p>\n<p><b>Conclusion</b></p>\n<p>2020 was for Amazon a great year. For Amazon shareholders too. Coronavirus caused a rapid acceleration in shifting the way we work, spend our free time, and buy things. It led to an explosion in revenues and profits. As a result, the share price doubled in a matter of a few months. But this is not over. Every single part of Amazon keeps growing at a high double-digit rate. And it will not stop soon.</p>\n<p>A lot of this growth is already in the share price. However, even quite conservative analysis shows that buying AMZN today may still generate at least 6-8% return p.a. in a long run. If the company continues improving efficiency, keeps innovating, and expands its portfolio of great products, the return may be even higher.</p>\n<p>To sum it up, I rate Amazon shares to be fairly valued and expect better-than-average performance.</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>Amazon: The Virtuous Cycle At A Fair Price</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAmazon: The Virtuous Cycle At A Fair Price\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-14 11:02 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4434620-amazon-the-virtuous-cycle-at-a-fair-price><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nAmazon's business is firing on all cylinders, giving its investors many reasons to smile.\nThe company is reinforcing its moat in e-commerce, cloud services and grabbing aggressively its share...</p>\n\n<a href=\"https://seekingalpha.com/article/4434620-amazon-the-virtuous-cycle-at-a-fair-price\">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://seekingalpha.com/article/4434620-amazon-the-virtuous-cycle-at-a-fair-price","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1146011836","content_text":"Summary\n\nAmazon's business is firing on all cylinders, giving its investors many reasons to smile.\nThe company is reinforcing its moat in e-commerce, cloud services and grabbing aggressively its share in ads from Google and Facebook duopoly.\nA growing share of high-margin activities improves cash flow at rapid pace.\nAt the current level, the share price represents at least 6-8% return p.a.\n\nPhoto by coldsnowstorm/iStock Unreleased via Getty Images\nAmazon (AMZN) is a very diversified business with many sources of revenue. Its size, strong brand, and leadership position in e-commerce and cloud services give it an immense moat. The advertisement branch makes Google and Facebook's duopoly sweat. The growth in all sectors is simply remarkable for a company of its size. It all does not leave any doubt that Amazon's future is bright.\nAlso, the price for this outstanding business is pretty attractive. Simple and conservative estimates show a safe 6-8% return per annum. In the world of a zero interest rate, Amazon shares are a bargain.\nThe Virtuous Cycle, aka Scale Economies Shared\nAlmost twenty-five years ago, Jeff Bezos laid a foundation for his company. At its core lies customer-centricity. The idea is pretty simple: exceptional customer experience brings more traffic and sellers with their products. A growing platform scale lowers the prices, which improves customer experience even further. By broadening product offerings, reducing prices, improving delivery time, and selling the highest-quality services, Amazon wins customer loyalty and expands its customer base.\nSource:Amazon - The Virtuous Cycle\nPutting customer experience at the center of every action combined with innovation spirit and readiness for failure has created a company that is redefining the way we shop, work, and spend our free time. Chapeau bas for management for sticking to those rules till these days, successful execution and constantly raising the bar to create more value for society.\nWhat do you get buying Amazon?\nAll invested in Amazon know exactly why they own the shares. Leadership in life-changing trends, enormous growth, innovation, dominance, and of course huge profits. All checked. Let's put some numbers behind those buzzwords to prove it.\nE-commerce\nWe start with e-commerce. This year the company is expected toincrease its US retail e-commerce market share to 40.4%. Walmart, second on the list, is going to enjoy only 7.1%. A clear sign of dominance. The sales growth is going to continue. After a Covid turbocharged 44.1% rise last year, analysts predict 15.3% in 2021. That means slowing down tothe average e-commerce growth in the US over the last decade.\nThe international footprint is also growing nicely. In 2020, 27% of revenue came from abroad. And they are still expanding to new markets (in March 2021 they entered Poland startingamazon.pl).\nSource: Amazon Annual Report 2020\nThere are two trends in retail sales that are going to benefit Amazon in the coming years. First, overall consumption and spending are growing together with the economy. But most importantly, a share of e-commerce retail vs. total retail sales is going to increase.In 2020, it was already 21.3% for the USA, up from 6.4% in 2010. Still less than e.g. in China, where the National Bureau of Statistics of China estimated online retail penetration to be at 24.9% in 2020.\nAs Jeff Bezos predicted, the virtuous cycle is self-reinforcing and attracting more and more customers and merchants to the platform every year. Last Amazon's report shows that the number of sold products increases pretty fast, so do SMBs' profits. Amazon is fueling its success by intensive investments in logistics, analysis tools, and services, which lead to growing Amazon success and so on.\nSource:Amazon SMB Impact Report 2020\nSource: Amazon SMB Impact Report 2020\nAWS\nWhether it’s technology giants, television networks, banks, food manufacturers, or governments, many organizations are using AWS to develop, deploy and host applications. The biggest customers are well-known brands such asNetflix, Adobe, Apple, LinkedIn, Twitter, BBC, and many more.\nIt is another area that has sped upbecause of the COVID-19 pandemic. Implementation of stay-at-home policies for consumers, work-from-home policies for employees generated enormous demand and caused much higher than initially expected cloud usage.\nAmazon invests heavily in the data centers and expands its geographical footprint. The company offers a broad and rapidly growing portfolio of cloud services. All these efforts to satisfy customers' needs have given Amazon aworldwide leadership position.\nStrong double-digit demand for cloud services is going to continue in the next few years. Forecasts say that in 2021 the whole segment value will reach$330bn, up 23% from 2020. AWS as a dominant force with almosta third of market sharein IaaS and PaaS will surely enjoy growing revenues and profits.\nAdvertising\nGoogle or Facebook make money by advertising different products and services. Their algorithms are very efficient in targeting selected audience groups. They are great at defining what may be of interest for me, for you, and every single web user. But they do not have the same insights as Amazon has. Amazon knows exactly what people buy, how they buy it, and how much of it they buy. The knowledge of what movies Amazon Prime customers are watching, what music and books they consume, gives Amazon an even more complete picture of the consumer journey.\nHere, the trend is once again Amazon's friend. Totalad spending continues to riseyear after year at a double-digit rate. Digital ads are already a dominant form of marketing and as people have more electronic devices connected to the Internet, they continue to be the most important channel to reach customers.\nAmazon has been very successful in this field. The company is alreadythe third power in advertising in the USAwith 10% of the market share. They are expanding especially at Google's cost as more people search for specific products directly on Amazon's website circumventing Google's search engine. Analysts predict that both Google and Facebook are going to lose their market share in the coming years,whereas Amazon continues to grab a bigger part of the growing pie.\nLooking at advertising revenue (classified as \"Other\" in the annual report), we can assume that it grew at a whopping rate of 50% last year. As cloud services, it is a very profitable, high-margin activity that will nicely continue to increase Amazon's bottom line in the future.\nSource: Amazon Annual Report 2020\nAmazon Prime\nOther powerful revenue engines are subscription services i.e. Amazon Prime membership fees, video-on-demand, etc. What Amazon offers its customers is pretty unique - by subscribing they get a combination of cheaper and faster orders' delivery and access to a rich library of movies, series, and songs. And it is very affordable! Thanks to that the retention rate is very high and the user base is constantly growing, exceeding already 200 million people. And almost130 million are using the Video Prime service at least once a month. That gives Amazon Prime Video servicesecond position worldwide just behind Netflix.\nAgain, also from this trend, Amazon is trying to make use of. The expectations are that OTT and VoD services will growbetween 14%and18% for the next 4-5 years.The acquisition of MGMand gaining such IPs like James Bond, The Silence of the Lambs, Fargo, and a few thousand others, shows that the company takes it pretty seriously and will fight for its share of the pie.\nLooking once more into the annual report, we may see that subscription services brought ~$25bn in FY 2020. It seems not much compared to $386bn of total revenue, but $25bn was also the total revenue of Netflix last year! And it is growing faster than Netflix revenue.\nSource: Amazon Annual Report 2020\nOthers\nIf it was not enough, Amazon constantly tries to revolutionize some aspects of our lives and create new expansion opportunities. It isa leader in the smart speaker market(50% of the US market). Kindle dominates the e-reader market in the USA. FireTV streams videos to millions of homes. Etc., etc.\nMany experimental initiatives can easily become another mega-trend and contribute even more to customer satisfaction and the company's success, e.g.:\n\nAmazon Go - cashier-free stores\nAI-powered home robots\ngame streaming services\ninvesting in self-driving technology\nbuilding a fleet of delivery drones, etc.\n\nHow did the business perform?\nAmazon does not provide as detailed information about its user base asAlibaba(BABA). Investors have only vague data announced from time to time during Earnings Calls or from Letters to Shareholders. For example,in the last letter, Jeff Bezos writes that Amazon Prime has already over 200 million members.Over 75% are Americans. However, the number of active users is much higher. Already inQ2 2016, there were over 300 million active customers globally.\nLet's move to the financial information to see the revenue generation power of Amazon's customers. The revenue is growing consistently at a high rate. The pre-pandemic slowdown was quickly corrected last year.\nSource: Chart created by the author with data from annual reports\nThe significance of the AWS, the golden goose of Amazon, and its contribution to the revenue was also growing from 7% in 2015 to almost 12% in 2020. Disappointing is the fact that the international sales represent currently only 27% of total revenue (a drop from 33% in 2015). It reduces the diversification of revenue streams and shows that the competition abroad is strong.\nSource: Chart created by the author with data from annual reports\nOn a plus side, we can see below that all segments are growing, but international revenue is simply growing slower than sales in North America or AWS. Another small positive is the fact that international sales saw last year almost 40% jump, slightly better than the other two segments.\nSource: Chart created by the author with data from annual reports\nSimilar to revenue, the operating income made a huge jump last year as COVID hit.\n\nThe biggest contribution to the operating income is AWS. In 2020, cloud services generated over $13bn, which represented ~60% of total profits.\nSource: Chart created by the author with data from annual reports\nSource: Chart created by the author with data from annual reports\nNorth America brought around $9bn or 37% of the total operating income last year.\nSource: Chart created by the author with data from annual reports\nProfits from AWS and North America used to subsidize international retail sales which only last year turned profitable. We may attribute this positive result to two factors - improving the efficiency of operation and favorable currency exchange rate last year.\nLet's have a look at Amazon's margins below. They are nicely trending higher almost every year. There are at least a few good reasons for that e.g. the scale of Amazon's operation, growing AWS, cash flow from Amazon Prime, and other subscription services. Margin expansion underlines the quality of the business and the good investment decisions of the management.\nSource: Chart created by the author with data from annual reports\nIn annual reports, Amazon presents also an alternative way of categorizing revenue streams. The chart \"Net sales by groups of similar products and services\" summarizes this method for the last few years. In 2020, slightly over 50% was attributed to online stores. We can see that AWS, advertising, subscriptions, and 3rd party seller services are growing faster than online stores. It shows the strength and diversity of Amazon's platform. It is nicely reflected in growing margins and recurring revenue streams.\nSource: Chart created by the author with data from annual reports\nThe growth for all segments is very strong. I would like to underscore here one component - advertising (\"Other\" in the chart below). It is still pretty small with \"only\" ~$21bn in revenue but is growing at a staggering pace, adding another very lucrative business area to Amazon's portfolio.\nSource: Chart created by the author with data from annual reports\nLast but not least, the amount of free cash flow (\"FCF\") generated may show the quality of the business. It is one of the most important metrics for shareholders. FCF is used to pay dividends, repurchase shares, or for acquisitions. Amazon provides investors with three different metrics of FCF trying to adjust standard definition (FCF = Cash from Operations - Capex) to include heavy usage of finance leases used for faster expansion of AWS infrastructure and other equipment.\nSource: Chart created by the author with data from annual reports\nThe most important is the fact that all three metrics are rising. The Internet explains all of them for those interested in the nitty-gritty details of accounting.\nSource: Chart created by the author with data from annual reports\nValuation\nNote: I suggest subtracting 1,3% from CAGRs calculated below. 1,3% is an average shareholder dilution over the last 5 years. As long as there is no meaningful repurchase program, the dilution will continue.\nSimulation of P/EPS\nAnalyst estimate is that Amazon's EPS will grow at 38% on average for the next five years. Assuming massive ratio reduction (from the current P/E=61 to P/E=18-26), we arrive at a potential return between 47% and 113% in 2026 (or 8% to 16% CAGR).\nSource: Own calculation\nSource: Own calculation\nDCF\nFor DCF analysis I use Free Cash Flow less equipment finance leases and principal repayments of all other finance leases and financing obligations. With Amazon, this metric better presents the ability of the business to generate cash than standard FCF.\nI simulated much lower growth than presented in the last five years (and lower than analysts suggest). The reason is to be conservative and show likely outcomes of investing in Amazon at the current share price.\nDCF Worst-Case Scenario\nFCF growth drops gradually from 20% in 2021 to 11% in 2030. The first implication of this assumption is that the FCF in 2030 will be 4,5x higher than it is today. That would also imply that the current share price of ~$3200 will probably return around 6% annually.\nSource: Own calculation\nDCF Best-Case Scenario\nFCF growth drops gradually from 26% in 2021 to 17% in 2030. The FCF in 2030 would be almost 8x higher. That would also mean that the current share price of ~$3200 will probably deliver a return of 8% per annum.\nSource: Own calculation\nPrice to Sales\nIn the last few years, it was a good deal to buy AMZN when the PS ratio was at 3,3 or lower (with average PS=3,6).\nPS TTM is currently at 3.9. That suggests a slight overvaluation between 10-15%. PS=3,3 would represent the price of $2750 per share. Buying at an average PS=3,6 would mean waiting for the price to fall to $3000.\nThere is also a second option: the price will move sideways for the next 1-2 quarters and let the business catch up. Looking at forecasted sales growth, it will happen sooner rather than later.\nSource:Seeking Alpha\nConclusion\n2020 was for Amazon a great year. For Amazon shareholders too. Coronavirus caused a rapid acceleration in shifting the way we work, spend our free time, and buy things. It led to an explosion in revenues and profits. As a result, the share price doubled in a matter of a few months. But this is not over. Every single part of Amazon keeps growing at a high double-digit rate. And it will not stop soon.\nA lot of this growth is already in the share price. However, even quite conservative analysis shows that buying AMZN today may still generate at least 6-8% return p.a. in a long run. If the company continues improving efficiency, keeps innovating, and expands its portfolio of great products, the return may be even higher.\nTo sum it up, I rate Amazon shares to be fairly valued and expect better-than-average performance.","news_type":1},"isVote":1,"tweetType":1,"viewCount":289,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":185661866,"gmtCreate":1623646572355,"gmtModify":1704207761662,"author":{"id":"3576156131829756","authorId":"3576156131829756","name":"Thiogui","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"Good!","listText":"Good!","text":"Good!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/185661866","repostId":"1127823989","repostType":2,"isVote":1,"tweetType":1,"viewCount":383,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":182874403,"gmtCreate":1623565662802,"gmtModify":1704206340496,"author":{"id":"3576156131829756","authorId":"3576156131829756","name":"Thiogui","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"??????","listText":"??????","text":"??????","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/182874403","repostId":"2142204074","repostType":4,"repost":{"id":"2142204074","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":1623441637,"share":"https://www.laohu8.com/m/news/2142204074?lang=&edition=full","pubTime":"2021-06-12 04:00","market":"us","language":"en","title":"S&P ekes out gains to close languid week","url":"https://stock-news.laohu8.com/highlight/detail?id=2142204074","media":"Reuters","summary":"NEW YORK, June 11  - The S&P 500 closed nominally higher at the end of a torpid week marked with few market-moving catalysts and persistent concerns over whether current inflation spikes could linger and cause the U.S. Federal Reserve to tighten its dovish policy sooner than expected.Economically sensitive smallcaps and transports notched solid gains, outperforming the broader market.For the week, the S&P and the Nasdaq advanced from last Friday's close, while the Dow posted a weekly loss.But th","content":"<p>NEW YORK, June 11 (Reuters) - The S&amp;P 500 closed nominally higher at the end of a torpid week marked with few market-moving catalysts and persistent concerns over whether current inflation spikes could linger and cause the U.S. Federal Reserve to tighten its dovish policy sooner than expected.</p>\n<p>Economically sensitive smallcaps and transports&nbsp;notched solid gains, outperforming the broader market.</p>\n<p>For the week, the S&amp;P and the Nasdaq advanced from last Friday's close, while the Dow posted a weekly loss.</p>\n<p>But the indexes have been range-bound, with few catalysts to move investor sentiment. Much of the focus centered on Thursday's consumer price data, which eased jitters over the duration of the current inflation wave.</p>\n<p>\"It’s a muted day today,\" Oliver Pursche, senior vice president at Wealthspire Advisors, in New York. \"The summer is settling in, people are slipping out of work early and there’s nothing in the news that’s going to materially drive the market in either direction.\"</p>\n<p>\"So, investors are going to wait until earnings season.\"</p>\n<p>The Federal Reserve has repeatedly said that near-term price surges will not metastasize into lasting inflation, an assertion reflected in the University of Michigan's Consumer Sentiment report released on Friday, which showed inflation expectations easing from last month's spike.</p>\n<p>Investors now turn their attention to the Fed's statement at the conclusion of next week's two-day monetary policy meeting, which will be parsed for clues regarding the central bank's timetable for raising key interest rates.</p>\n<p>\"Our view continues to be that inflationary data is transient and we will be around the 2% mark for the year,\" Pursche added.</p>\n<p>Benchmark U.S. Treasury yields posted their biggest weekly drop in nearly a year, weighing on the interest-sensitive financial sector in recent sessions.</p>\n<p>The Food and Drug Administration is facing mounting criticism over its \"accelerated approval\" of Biogen Inc's</p>\n<p>Alzheimer's drug Aduhelm without strong evidence of its ability to combat the disease.</p>\n<p>Biogen shares, along with the broader healthcare sector&nbsp;ended the session lower.</p>\n<p>Unofficially, the Dow Jones Industrial Average rose 14.41 points, or 0.04%, to 34,480.65, the S&amp;P 500 gained 8.29 points, or 0.20%, to 4,247.47 and the Nasdaq Composite&nbsp;added 49.09 points, or 0.35%, to 14,069.42.</p>\n<p>Among the 11 major sectors in the S&amp;P 500, healthcare suffered the biggest percentage drop.</p>\n<p>Much of the trading volume this week was attributable to the ongoing social media-driven \"meme stock\" phenomenon, in which retail investors swarm around heavily shorted stocks.</p>\n<p>But meme stock moves were more muted on Friday, with AMC Entertainment outperforming.</p>\n<p>(Reporting by Stephen Culp in New York Additional reporting by Ambar Warrick and Devik Jain in Bengaluru Editing by Matthew Lewis and 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 ekes out gains to close languid week</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 ekes out gains to close languid week\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\">2021-06-12 04:00</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>NEW YORK, June 11 (Reuters) - The S&amp;P 500 closed nominally higher at the end of a torpid week marked with few market-moving catalysts and persistent concerns over whether current inflation spikes could linger and cause the U.S. Federal Reserve to tighten its dovish policy sooner than expected.</p>\n<p>Economically sensitive smallcaps and transports&nbsp;notched solid gains, outperforming the broader market.</p>\n<p>For the week, the S&amp;P and the Nasdaq advanced from last Friday's close, while the Dow posted a weekly loss.</p>\n<p>But the indexes have been range-bound, with few catalysts to move investor sentiment. Much of the focus centered on Thursday's consumer price data, which eased jitters over the duration of the current inflation wave.</p>\n<p>\"It’s a muted day today,\" Oliver Pursche, senior vice president at Wealthspire Advisors, in New York. \"The summer is settling in, people are slipping out of work early and there’s nothing in the news that’s going to materially drive the market in either direction.\"</p>\n<p>\"So, investors are going to wait until earnings season.\"</p>\n<p>The Federal Reserve has repeatedly said that near-term price surges will not metastasize into lasting inflation, an assertion reflected in the University of Michigan's Consumer Sentiment report released on Friday, which showed inflation expectations easing from last month's spike.</p>\n<p>Investors now turn their attention to the Fed's statement at the conclusion of next week's two-day monetary policy meeting, which will be parsed for clues regarding the central bank's timetable for raising key interest rates.</p>\n<p>\"Our view continues to be that inflationary data is transient and we will be around the 2% mark for the year,\" Pursche added.</p>\n<p>Benchmark U.S. Treasury yields posted their biggest weekly drop in nearly a year, weighing on the interest-sensitive financial sector in recent sessions.</p>\n<p>The Food and Drug Administration is facing mounting criticism over its \"accelerated approval\" of Biogen Inc's</p>\n<p>Alzheimer's drug Aduhelm without strong evidence of its ability to combat the disease.</p>\n<p>Biogen shares, along with the broader healthcare sector&nbsp;ended the session lower.</p>\n<p>Unofficially, the Dow Jones Industrial Average rose 14.41 points, or 0.04%, to 34,480.65, the S&amp;P 500 gained 8.29 points, or 0.20%, to 4,247.47 and the Nasdaq Composite&nbsp;added 49.09 points, or 0.35%, to 14,069.42.</p>\n<p>Among the 11 major sectors in the S&amp;P 500, healthcare suffered the biggest percentage drop.</p>\n<p>Much of the trading volume this week was attributable to the ongoing social media-driven \"meme stock\" phenomenon, in which retail investors swarm around heavily shorted stocks.</p>\n<p>But meme stock moves were more muted on Friday, with AMC Entertainment outperforming.</p>\n<p>(Reporting by Stephen Culp in New York Additional reporting by Ambar Warrick and Devik Jain in Bengaluru Editing by Matthew Lewis and 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","UDOW":"道指三倍做多ETF-ProShares","UPRO":"三倍做多标普500ETF","OEX":"标普100","SDOW":"道指三倍做空ETF-ProShares","QID":"纳指两倍做空ETF","IVV":"标普500指数ETF","SDS":"两倍做空标普500ETF","PSQ":"纳指反向ETF","TQQQ":"纳指三倍做多ETF","SH":"标普500反向ETF","SSO":"两倍做多标普500ETF","QLD":"纳指两倍做多ETF","QQQ":"纳指100ETF","DDM":"道指两倍做多ETF","OEF":"标普100指数ETF-iShares","SQQQ":"纳指三倍做空ETF","DOG":"道指反向ETF",".SPX":"S&P 500 Index","SPXU":"三倍做空标普500ETF","DXD":"道指两倍做空ETF","DJX":"1/100道琼斯",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2142204074","content_text":"NEW YORK, June 11 (Reuters) - The S&P 500 closed nominally higher at the end of a torpid week marked with few market-moving catalysts and persistent concerns over whether current inflation spikes could linger and cause the U.S. Federal Reserve to tighten its dovish policy sooner than expected.\nEconomically sensitive smallcaps and transports notched solid gains, outperforming the broader market.\nFor the week, the S&P and the Nasdaq advanced from last Friday's close, while the Dow posted a weekly loss.\nBut the indexes have been range-bound, with few catalysts to move investor sentiment. Much of the focus centered on Thursday's consumer price data, which eased jitters over the duration of the current inflation wave.\n\"It’s a muted day today,\" Oliver Pursche, senior vice president at Wealthspire Advisors, in New York. \"The summer is settling in, people are slipping out of work early and there’s nothing in the news that’s going to materially drive the market in either direction.\"\n\"So, investors are going to wait until earnings season.\"\nThe Federal Reserve has repeatedly said that near-term price surges will not metastasize into lasting inflation, an assertion reflected in the University of Michigan's Consumer Sentiment report released on Friday, which showed inflation expectations easing from last month's spike.\nInvestors now turn their attention to the Fed's statement at the conclusion of next week's two-day monetary policy meeting, which will be parsed for clues regarding the central bank's timetable for raising key interest rates.\n\"Our view continues to be that inflationary data is transient and we will be around the 2% mark for the year,\" Pursche added.\nBenchmark U.S. Treasury yields posted their biggest weekly drop in nearly a year, weighing on the interest-sensitive financial sector in recent sessions.\nThe Food and Drug Administration is facing mounting criticism over its \"accelerated approval\" of Biogen Inc's\nAlzheimer's drug Aduhelm without strong evidence of its ability to combat the disease.\nBiogen shares, along with the broader healthcare sector ended the session lower.\nUnofficially, the Dow Jones Industrial Average rose 14.41 points, or 0.04%, to 34,480.65, the S&P 500 gained 8.29 points, or 0.20%, to 4,247.47 and the Nasdaq Composite added 49.09 points, or 0.35%, to 14,069.42.\nAmong the 11 major sectors in the S&P 500, healthcare suffered the biggest percentage drop.\nMuch of the trading volume this week was attributable to the ongoing social media-driven \"meme stock\" phenomenon, in which retail investors swarm around heavily shorted stocks.\nBut meme stock moves were more muted on Friday, with AMC Entertainment outperforming.\n(Reporting by Stephen Culp in New York Additional reporting by Ambar Warrick and Devik Jain in Bengaluru Editing by Matthew Lewis and Cynthia Osterman)","news_type":1},"isVote":1,"tweetType":1,"viewCount":35,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":182874668,"gmtCreate":1623565650054,"gmtModify":1704206339983,"author":{"id":"3576156131829756","authorId":"3576156131829756","name":"Thiogui","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"??????","listText":"??????","text":"??????","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/182874668","repostId":"1190309980","repostType":4,"repost":{"id":"1190309980","pubTimestamp":1623411452,"share":"https://www.laohu8.com/m/news/1190309980?lang=&edition=full","pubTime":"2021-06-11 19:37","market":"us","language":"en","title":"2 Crucial Lessons From Cathie Wood About Apple Stock","url":"https://stock-news.laohu8.com/highlight/detail?id=1190309980","media":"The Street","summary":"Cathie Wood’s ARK Invest is not much of an investor in Apple stock. But the famed fund manager has offered valuable advice about the Cupertino company’s shares that is worth revisiting.In doing my daily research of Apple stock  -Get Report, I stumbled upon a gem from Ark Invest’s CEO, CIO and rockstar money manager Cathie Wood. In January 2016, during aninterviewwith CNBC, she was asked which stock seemed like a better buy at the time: AAPL or AMZN.Considering Apple stock’s loss of 5% in 2015, h","content":"<blockquote>\n <b>Cathie Wood’s ARK Invest is not much of an investor in Apple stock. But the famed fund manager has offered valuable advice about the Cupertino company’s shares that is worth revisiting.</b>\n</blockquote>\n<p>In doing my daily research of Apple stock&nbsp;(<b>AAPL</b>) -Get Report, I stumbled upon a gem from Ark Invest’s CEO, CIO and rockstar money manager Cathie Wood. In January 2016, during aninterviewwith CNBC, she was asked which stock seemed like a better buy at the time: AAPL or AMZN.</p>\n<p>Considering Apple stock’s loss of 5% in 2015, her response was the following:</p>\n<blockquote>\n “At this moment, […] Apple might be, because […] the thinking there is so short term. […] Apple is going to become a big company, and [the stock] has been depressed recently by channel checks: how iPhone sales will do in the first quarter, or in the second quarter.”\n</blockquote>\n<p>Since this interview, Apple share price climbed a whopping 400%-plus in just over five years.</p>\n<p><b>#1. Buying quality on weakness</b></p>\n<p>The first important lesson from Ms. Wood’s 2016 insight above is that high-quality companies, whose stocks are likely to climb over time, should be bought on weakness. The logic is simple: if the long-term trend is up, buy shares when the market is selling them at a discount.</p>\n<p>I put some numbers around this ideaa couple of months ago. Historically, it has made much more sense to buy AAPL when shares declined from a previous peak.</p>\n<p>The chart below shows the historical average one-year return in Apple stock under different scenarios. Notice that, the more shares dip, the higher the future returns have been.</p>\n<p><img src=\"https://static.tigerbbs.com/d8f3b347dced7ad7d67e5c7ef756c550\" tg-width=\"578\" tg-height=\"348\">Following the same logic, current Apple investors might be encouraged that the stock remains under water: 12% below the January 2021 top of $143. Should AAPL make fresh all-time highs soon, asI recently speculated that it could, returns for the remainder of the year may start to look appealing.</p>\n<p><b>#2. Filtering out short-term noise</b></p>\n<p>The second point made by Cathie Wood is at least as important. In her view, Apple stock was under pressure in 2015 and early 2016 due to short-term concerns over smartphone sales in the following couple of quarters, especially after the blockbuster release of the iPhone 6.</p>\n<p>In analyzing market movements, I believe it helps to think about the real drivers of share price: buyers and sellers of the stock. Sometimes, people on both sides of the transaction are more concerned about how a stock might perform in the near term, possibly hoping to make a quick buck – and this is just fine.</p>\n<p>In these cases, long-term buyers are probably better off ignoring “short term noise” about what sales or earnings might look like right around the corner. Better yet, they might want to take advantage of selling pressures created by short-term traders to enter a position at better prices.</p>\n<p>Apple might be faced with a similar setup in 2021. The chatter on Wall Street seems torevolve around the company’s follow throughto a successful pandemic year and launch of the first 5G-capable iPhone.</p>\n<p>But look beyond the next 12 months, and one might find it easier to make a bullish case on Apple stock. The company continues to grow revenues, expand margins, pile on cash, while it has yet to tap intoopportunities in mixed realityandautonomous vehicles.</p>\n<p><b>Twitter speaks</b></p>\n<p>Big Tech stocks like Amazon and Apple are a tiny piece of famed investor Cathie Wood’s ARK portfolios. In your view, which of the following FAAMG names would deserve higher allocation in a tech disrupter and innovator ETF? Leave your vote below on our partner's Twitter, @AmazonMaven.</p>\n<p><img src=\"https://static.tigerbbs.com/565580495c2d16818604c9b6d814b1db\" tg-width=\"582\" tg-height=\"480\"></p>\n<p><b>Is the price right?</b></p>\n<p>Looking at a company’s business fundamentals is only half the work needed to find a good stock. How much one pays to own the shares is a key factor in the success of any investment. This is why valuation analysis is so important.</p>\n<p>Alpha Spread’suser-friendly platform allows you to estimate a stock’s fair value –through valuation multiples, discounted cash flow, and more. I believe that the service is a must for anyone looking to own the right stock at the right price.Check out alphaspread.comand get started with a 7-day free trial.</p>","source":"lsy1610613172068","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>2 Crucial Lessons From Cathie Wood About Apple Stock</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n2 Crucial Lessons From Cathie Wood About Apple Stock\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-11 19:37 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.thestreet.com/apple/news/2-crucial-lessons-from-cathie-wood-about-apple-stock><strong>The Street</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Cathie Wood’s ARK Invest is not much of an investor in Apple stock. But the famed fund manager has offered valuable advice about the Cupertino company’s shares that is worth revisiting.\n\nIn doing my ...</p>\n\n<a href=\"https://www.thestreet.com/apple/news/2-crucial-lessons-from-cathie-wood-about-apple-stock\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.thestreet.com/apple/news/2-crucial-lessons-from-cathie-wood-about-apple-stock","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1190309980","content_text":"Cathie Wood’s ARK Invest is not much of an investor in Apple stock. But the famed fund manager has offered valuable advice about the Cupertino company’s shares that is worth revisiting.\n\nIn doing my daily research of Apple stock (AAPL) -Get Report, I stumbled upon a gem from Ark Invest’s CEO, CIO and rockstar money manager Cathie Wood. In January 2016, during aninterviewwith CNBC, she was asked which stock seemed like a better buy at the time: AAPL or AMZN.\nConsidering Apple stock’s loss of 5% in 2015, her response was the following:\n\n “At this moment, […] Apple might be, because […] the thinking there is so short term. […] Apple is going to become a big company, and [the stock] has been depressed recently by channel checks: how iPhone sales will do in the first quarter, or in the second quarter.”\n\nSince this interview, Apple share price climbed a whopping 400%-plus in just over five years.\n#1. Buying quality on weakness\nThe first important lesson from Ms. Wood’s 2016 insight above is that high-quality companies, whose stocks are likely to climb over time, should be bought on weakness. The logic is simple: if the long-term trend is up, buy shares when the market is selling them at a discount.\nI put some numbers around this ideaa couple of months ago. Historically, it has made much more sense to buy AAPL when shares declined from a previous peak.\nThe chart below shows the historical average one-year return in Apple stock under different scenarios. Notice that, the more shares dip, the higher the future returns have been.\nFollowing the same logic, current Apple investors might be encouraged that the stock remains under water: 12% below the January 2021 top of $143. Should AAPL make fresh all-time highs soon, asI recently speculated that it could, returns for the remainder of the year may start to look appealing.\n#2. Filtering out short-term noise\nThe second point made by Cathie Wood is at least as important. In her view, Apple stock was under pressure in 2015 and early 2016 due to short-term concerns over smartphone sales in the following couple of quarters, especially after the blockbuster release of the iPhone 6.\nIn analyzing market movements, I believe it helps to think about the real drivers of share price: buyers and sellers of the stock. Sometimes, people on both sides of the transaction are more concerned about how a stock might perform in the near term, possibly hoping to make a quick buck – and this is just fine.\nIn these cases, long-term buyers are probably better off ignoring “short term noise” about what sales or earnings might look like right around the corner. Better yet, they might want to take advantage of selling pressures created by short-term traders to enter a position at better prices.\nApple might be faced with a similar setup in 2021. The chatter on Wall Street seems torevolve around the company’s follow throughto a successful pandemic year and launch of the first 5G-capable iPhone.\nBut look beyond the next 12 months, and one might find it easier to make a bullish case on Apple stock. The company continues to grow revenues, expand margins, pile on cash, while it has yet to tap intoopportunities in mixed realityandautonomous vehicles.\nTwitter speaks\nBig Tech stocks like Amazon and Apple are a tiny piece of famed investor Cathie Wood’s ARK portfolios. In your view, which of the following FAAMG names would deserve higher allocation in a tech disrupter and innovator ETF? Leave your vote below on our partner's Twitter, @AmazonMaven.\n\nIs the price right?\nLooking at a company’s business fundamentals is only half the work needed to find a good stock. How much one pays to own the shares is a key factor in the success of any investment. This is why valuation analysis is so important.\nAlpha Spread’suser-friendly platform allows you to estimate a stock’s fair value –through valuation multiples, discounted cash flow, and more. I believe that the service is a must for anyone looking to own the right stock at the right price.Check out alphaspread.comand get started with a 7-day free trial.","news_type":1},"isVote":1,"tweetType":1,"viewCount":206,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9000231996,"gmtCreate":1640191867616,"gmtModify":1676533506201,"author":{"id":"3576156131829756","authorId":"3576156131829756","name":"Thiogui","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"Yes!!!!!","listText":"Yes!!!!!","text":"Yes!!!!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9000231996","isVote":1,"tweetType":1,"viewCount":308,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":160355947,"gmtCreate":1623773341589,"gmtModify":1703819084061,"author":{"id":"3576156131829756","authorId":"3576156131829756","name":"Thiogui","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/160355947","repostId":"1180386317","repostType":2,"isVote":1,"tweetType":1,"viewCount":196,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":160350441,"gmtCreate":1623773226783,"gmtModify":1703819077263,"author":{"id":"3576156131829756","authorId":"3576156131829756","name":"Thiogui","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/160350441","repostId":"2143578147","repostType":2,"isVote":1,"tweetType":1,"viewCount":345,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":160326562,"gmtCreate":1623773140856,"gmtModify":1703819069502,"author":{"id":"3576156131829756","authorId":"3576156131829756","name":"Thiogui","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/160326562","repostId":"2143752015","repostType":2,"repost":{"id":"2143752015","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":1623768326,"share":"https://www.laohu8.com/m/news/2143752015?lang=&edition=full","pubTime":"2021-06-15 22:45","market":"us","language":"en","title":"LIVE MARKETS-New York apartment rents pop as banks dis remote work","url":"https://stock-news.laohu8.com/highlight/detail?id=2143752015","media":"Reuters","summary":"* Major U.S. stock indexes modestly red; small caps underperform   * Materials weakest major S&P sec","content":"<html><body><p>* Major U.S. stock indexes modestly red; small caps underperform</p><p>   * Materials weakest major S&amp;P sector; energy leads gainers</p><p>   * Euro STOXX 600 index up ~0.2%</p><p>   * Dollar ~flat; gold off, crude up; bitcoin down slightly</p><p>   * U.S. 10-Year Treasury yield ~1.50%</p><p>    June 15 - Welcome to the home for real-time coverage of markets brought to you by Reuters reporters. You can share your thoughts with us at markets.research@thomsonreuters.com</p><p>   NEW YORK APARTMENT RENTS POP AS BANKS DIS REMOTE WORK (1045 EDT/1445 GMT</p><p>   Perhaps bankers in the Big Apple didn't get the memo on remote work, or are hearing a different tune than big tech on the West Coast.</p><p>   While all gateway markets are showing signs of recovery in apartment rentals, some are recovering faster than others, with a notable difference between New York and Seattle and San Francisco, according to Yardi Matrix.</p><p>   Apartment rents increased 3.4% on a month-over-month basis in New York in May, well above the other top 30 U.S. metro areas that Yardi tracks in its National Multifamily Report.</p><p>   Seattle and San Francisco rebounded, but only at 0.2% and 0.3% growth month over month, respectively, said Yardi, which researches U.S. commercial real estate.</p><p>   The difference could be due to the type of industries in the three cities and their return-to-work plans, Yardi said.</p><p>   New York banks are requiring employees to return to the office this summer, while tech workers in Seattle and San Francisco are more likely to be able to work on a hybrid or fully remote schedule, Yardi said.</p><p>   James Gorman, chief executive at <a href=\"https://laohu8.com/S/MSTLW\">Morgan Stanley</a>   , said Monday that if most employees are not back at the bank's <a href=\"https://laohu8.com/S/MHC.AU\">Manhattan</a> headquarters in September, he will be \"very disappointed.\"  </p><p>   <a href=\"https://laohu8.com/S/FB\">Facebook</a> Inc    said last week it was opening up remote work as an option to all levels of employees across the company, starting on Tuesday, and expects to reopen all its U.S. offices by October.  </p><p>   Alphabet Inc's Google    and Microsoft Corp   , have given employees options to choose their work location and remote work preferences. </p><p>   Multifamily rents rose 2.5% year-over-year in May to almost exactly where rent growth was in March 2020 when the coronavirus pandemic hit, Yardi said.</p><p>   Rents grew $12 in May to $1,428, the largest <a href=\"https://laohu8.com/S/AONE\">one</a>-month increase in Yardi's data set history, it said.</p><p>    (Herbert Lash)    </p><p>   *****</p><p>   DATA ROUND ONE: RETAIL SALES, PPI, EMPIRE STATE (1000 EDT/1400 GMT)</p><p>   An onslaught of reports unleashed on Tuesday suggests an economy entering a new phase of recovery from the pandemic recession, with freshly-jabbed consumers leaving their houses to find inflation running hotter than the weather.     </p><p>   Sales at U.S. retailers    fell 1.3% last month according to the Commerce Department, steeper than the anticipated 0.8% drop, reversing April's upwardly-revised 0.9% gain.  </p><p>   In part, the decline reflects consumer demand pivoting back from goods to customer-facing services as more Americans are inoculated and taking advantage of lifting social distancing restrictions. </p><p>   Receipts at bars/restaurants and department stores, for example, jumped by 1.8% and 1.6%, respectively, and gasoline sales rose by 0.7%.</p><p>   On the other hand, sales of home improvement goods plunged by 5.9% and home electronics slid 3.4%.</p><p>   The overall pullback suggests a \"satiated demand for goods\" as \"higher prices weighed on consumers’ buying attitudes,\" writes Gregory Daco, chief U.S. economist at Oxford Economics.  </p><p>   \"While some will interpret this as a sign of wary households,\" Daco adds, the report signals \"ongoing demand rotation as vaccinated consumers splurge on services.</p><p>   Core retail sales, which excludes autos, gasoline, building materials and food services - and corresponds closely with the personal consumption component of GDP - dropped by 0.7%.</p><p>   A report from the Labor Department showed the producer price index (PPI)    - or the prices U.S. goods makers get for their wares at the factory loading dock - rose at a faster pace in May than analysts expected.</p><p>   Monthly headline PPI rose by 0.8%, running hotter than the 0.6% growth projected by economists.</p><p>   On an annual basis, core PPI - which strips out food, energy and trade services - accelerated to 5.3% from April's 4.6% pace.</p><p>   \"Headline, core and core ex-trade services prices are well above the 2% target,\" notes Rubeela Farooqi, chief U.S. economist at High Frequency Economics. \"However, the Fed is expected to continue to view building pressures as transient.\"</p><p>   The graphic below shows how year-over-year core PPI stacks up among other major indicators relative to the Fed's average annual 2% target:</p><p>   The demand U-turn away from goods back to services appears to be showing itself in data from the New York Fed, which showed manufacturing activity in New York State stepped on the brakes in May.</p><p>   The New York Federal Reserve's Empire State index</p><p>  plunged nearly seven points to a reading of 17.4, well below the 23 consensus.</p><p>   An Empire State number above zero signifies increased activity over the previous month.</p><p>   \"Manufacturing is doing well, but activity is no longer accelerating,\" says Ian Shepherdson, chief economist at Pantheon Macroeconomics. </p><p>   But Shepherdson outpoints unfilled orders and prices paid components \"suggests a marginal easing of supply constraints,\" a welcome development amid the ongoing demand/supply imbalance.</p><p>   But Tuesday isn't done with us. Industrial production, inventories and homebuilder sentiment remain on tap. </p><p>   Investors were taking a breather out of the starting gate, with the S&amp;P 500 and the Nasdaq slipping back from Monday's record closing highs.    </p><p>   (Stephen Culp)</p><p>   *****</p><p>   S&amp;P 500: SLEEPWALKING (0900 EDT/1300 GMT)</p><p>   The S&amp;P 500    posted another record close on Monday. While only about halfway into June, that marked its 29th record-high finish so far this year vs 33 for all of 2020.</p><p>   Despite the levitation, SPX action in many ways has grown zombie-like. Monday's range as a percentage of the prior session's close was just 0.51%. With this, nearly half of the 18 smallest daily ranges so far this year, have occurred in the past 13 trading days. For the week, the SPX is on track for its tightest range since September 22, 2017.</p><p>   Meanwhile, volatility close-to-close, on a weekly basis, has contracted to its lowest level since mid-January 2020, or roughly <a href=\"https://laohu8.com/S/AONE.U\">one</a> month ahead of the February 2020 market top:</p><p>   Implied volatility has also recently collapsed. The CBOE Volatility Index    ended last Friday at its lowest level since February 20, 2020, or one day after the SPX's February 19, 2020 peak.</p><p>   Thus, with significant event risks this week in the form of the FOMC Meeting results on Wednesday  , and a quadruple-witching Friday  , the benchmark index appears especially ripe for much more spirited action.</p><p>   It now remains to be seen whether the SPX will soon begin a well-rested sprint, or if it will be shaken from its slumber by something that goes bump in the night.</p><p>   (Terence Gabriel)</p><p>   ***** </p><p>   FOR TUESDAY'S LIVE MARKETS' POSTS PRIOR TO 0900 EDT/1300 GMT - CLICK HERE:  </p><p>    &lt;^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ SPX06152021     Retail sales     Inflation     Empire State    </p><p>   ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^&gt;</p><p>(Terence Gabriel is a Reuters market analyst. The views expressed are his own)</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>LIVE MARKETS-New York apartment rents pop as banks dis remote work</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\">\nLIVE MARKETS-New York apartment rents pop as banks dis remote work\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\">2021-06-15 22:45</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><body><p>* Major U.S. stock indexes modestly red; small caps underperform</p><p>   * Materials weakest major S&amp;P sector; energy leads gainers</p><p>   * Euro STOXX 600 index up ~0.2%</p><p>   * Dollar ~flat; gold off, crude up; bitcoin down slightly</p><p>   * U.S. 10-Year Treasury yield ~1.50%</p><p>    June 15 - Welcome to the home for real-time coverage of markets brought to you by Reuters reporters. You can share your thoughts with us at markets.research@thomsonreuters.com</p><p>   NEW YORK APARTMENT RENTS POP AS BANKS DIS REMOTE WORK (1045 EDT/1445 GMT</p><p>   Perhaps bankers in the Big Apple didn't get the memo on remote work, or are hearing a different tune than big tech on the West Coast.</p><p>   While all gateway markets are showing signs of recovery in apartment rentals, some are recovering faster than others, with a notable difference between New York and Seattle and San Francisco, according to Yardi Matrix.</p><p>   Apartment rents increased 3.4% on a month-over-month basis in New York in May, well above the other top 30 U.S. metro areas that Yardi tracks in its National Multifamily Report.</p><p>   Seattle and San Francisco rebounded, but only at 0.2% and 0.3% growth month over month, respectively, said Yardi, which researches U.S. commercial real estate.</p><p>   The difference could be due to the type of industries in the three cities and their return-to-work plans, Yardi said.</p><p>   New York banks are requiring employees to return to the office this summer, while tech workers in Seattle and San Francisco are more likely to be able to work on a hybrid or fully remote schedule, Yardi said.</p><p>   James Gorman, chief executive at <a href=\"https://laohu8.com/S/MSTLW\">Morgan Stanley</a>   , said Monday that if most employees are not back at the bank's <a href=\"https://laohu8.com/S/MHC.AU\">Manhattan</a> headquarters in September, he will be \"very disappointed.\"  </p><p>   <a href=\"https://laohu8.com/S/FB\">Facebook</a> Inc    said last week it was opening up remote work as an option to all levels of employees across the company, starting on Tuesday, and expects to reopen all its U.S. offices by October.  </p><p>   Alphabet Inc's Google    and Microsoft Corp   , have given employees options to choose their work location and remote work preferences. </p><p>   Multifamily rents rose 2.5% year-over-year in May to almost exactly where rent growth was in March 2020 when the coronavirus pandemic hit, Yardi said.</p><p>   Rents grew $12 in May to $1,428, the largest <a href=\"https://laohu8.com/S/AONE\">one</a>-month increase in Yardi's data set history, it said.</p><p>    (Herbert Lash)    </p><p>   *****</p><p>   DATA ROUND ONE: RETAIL SALES, PPI, EMPIRE STATE (1000 EDT/1400 GMT)</p><p>   An onslaught of reports unleashed on Tuesday suggests an economy entering a new phase of recovery from the pandemic recession, with freshly-jabbed consumers leaving their houses to find inflation running hotter than the weather.     </p><p>   Sales at U.S. retailers    fell 1.3% last month according to the Commerce Department, steeper than the anticipated 0.8% drop, reversing April's upwardly-revised 0.9% gain.  </p><p>   In part, the decline reflects consumer demand pivoting back from goods to customer-facing services as more Americans are inoculated and taking advantage of lifting social distancing restrictions. </p><p>   Receipts at bars/restaurants and department stores, for example, jumped by 1.8% and 1.6%, respectively, and gasoline sales rose by 0.7%.</p><p>   On the other hand, sales of home improvement goods plunged by 5.9% and home electronics slid 3.4%.</p><p>   The overall pullback suggests a \"satiated demand for goods\" as \"higher prices weighed on consumers’ buying attitudes,\" writes Gregory Daco, chief U.S. economist at Oxford Economics.  </p><p>   \"While some will interpret this as a sign of wary households,\" Daco adds, the report signals \"ongoing demand rotation as vaccinated consumers splurge on services.</p><p>   Core retail sales, which excludes autos, gasoline, building materials and food services - and corresponds closely with the personal consumption component of GDP - dropped by 0.7%.</p><p>   A report from the Labor Department showed the producer price index (PPI)    - or the prices U.S. goods makers get for their wares at the factory loading dock - rose at a faster pace in May than analysts expected.</p><p>   Monthly headline PPI rose by 0.8%, running hotter than the 0.6% growth projected by economists.</p><p>   On an annual basis, core PPI - which strips out food, energy and trade services - accelerated to 5.3% from April's 4.6% pace.</p><p>   \"Headline, core and core ex-trade services prices are well above the 2% target,\" notes Rubeela Farooqi, chief U.S. economist at High Frequency Economics. \"However, the Fed is expected to continue to view building pressures as transient.\"</p><p>   The graphic below shows how year-over-year core PPI stacks up among other major indicators relative to the Fed's average annual 2% target:</p><p>   The demand U-turn away from goods back to services appears to be showing itself in data from the New York Fed, which showed manufacturing activity in New York State stepped on the brakes in May.</p><p>   The New York Federal Reserve's Empire State index</p><p>  plunged nearly seven points to a reading of 17.4, well below the 23 consensus.</p><p>   An Empire State number above zero signifies increased activity over the previous month.</p><p>   \"Manufacturing is doing well, but activity is no longer accelerating,\" says Ian Shepherdson, chief economist at Pantheon Macroeconomics. </p><p>   But Shepherdson outpoints unfilled orders and prices paid components \"suggests a marginal easing of supply constraints,\" a welcome development amid the ongoing demand/supply imbalance.</p><p>   But Tuesday isn't done with us. Industrial production, inventories and homebuilder sentiment remain on tap. </p><p>   Investors were taking a breather out of the starting gate, with the S&amp;P 500 and the Nasdaq slipping back from Monday's record closing highs.    </p><p>   (Stephen Culp)</p><p>   *****</p><p>   S&amp;P 500: SLEEPWALKING (0900 EDT/1300 GMT)</p><p>   The S&amp;P 500    posted another record close on Monday. While only about halfway into June, that marked its 29th record-high finish so far this year vs 33 for all of 2020.</p><p>   Despite the levitation, SPX action in many ways has grown zombie-like. Monday's range as a percentage of the prior session's close was just 0.51%. With this, nearly half of the 18 smallest daily ranges so far this year, have occurred in the past 13 trading days. For the week, the SPX is on track for its tightest range since September 22, 2017.</p><p>   Meanwhile, volatility close-to-close, on a weekly basis, has contracted to its lowest level since mid-January 2020, or roughly <a href=\"https://laohu8.com/S/AONE.U\">one</a> month ahead of the February 2020 market top:</p><p>   Implied volatility has also recently collapsed. The CBOE Volatility Index    ended last Friday at its lowest level since February 20, 2020, or one day after the SPX's February 19, 2020 peak.</p><p>   Thus, with significant event risks this week in the form of the FOMC Meeting results on Wednesday  , and a quadruple-witching Friday  , the benchmark index appears especially ripe for much more spirited action.</p><p>   It now remains to be seen whether the SPX will soon begin a well-rested sprint, or if it will be shaken from its slumber by something that goes bump in the night.</p><p>   (Terence Gabriel)</p><p>   ***** </p><p>   FOR TUESDAY'S LIVE MARKETS' POSTS PRIOR TO 0900 EDT/1300 GMT - CLICK HERE:  </p><p>    &lt;^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ SPX06152021     Retail sales     Inflation     Empire State    </p><p>   ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^&gt;</p><p>(Terence Gabriel is a Reuters market analyst. The views expressed are his own)</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index","MS":"摩根士丹利","GOOGL":"谷歌A","MSFT":"微软",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"http://api.rkd.refinitiv.com/api/News/News.svc/REST/News_1/RetrieveStoryML_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2143752015","content_text":"* Major U.S. stock indexes modestly red; small caps underperform   * Materials weakest major S&P sector; energy leads gainers   * Euro STOXX 600 index up ~0.2%   * Dollar ~flat; gold off, crude up; bitcoin down slightly   * U.S. 10-Year Treasury yield ~1.50%    June 15 - Welcome to the home for real-time coverage of markets brought to you by Reuters reporters. You can share your thoughts with us at markets.research@thomsonreuters.com   NEW YORK APARTMENT RENTS POP AS BANKS DIS REMOTE WORK (1045 EDT/1445 GMT   Perhaps bankers in the Big Apple didn't get the memo on remote work, or are hearing a different tune than big tech on the West Coast.   While all gateway markets are showing signs of recovery in apartment rentals, some are recovering faster than others, with a notable difference between New York and Seattle and San Francisco, according to Yardi Matrix.   Apartment rents increased 3.4% on a month-over-month basis in New York in May, well above the other top 30 U.S. metro areas that Yardi tracks in its National Multifamily Report.   Seattle and San Francisco rebounded, but only at 0.2% and 0.3% growth month over month, respectively, said Yardi, which researches U.S. commercial real estate.   The difference could be due to the type of industries in the three cities and their return-to-work plans, Yardi said.   New York banks are requiring employees to return to the office this summer, while tech workers in Seattle and San Francisco are more likely to be able to work on a hybrid or fully remote schedule, Yardi said.   James Gorman, chief executive at Morgan Stanley   , said Monday that if most employees are not back at the bank's Manhattan headquarters in September, he will be \"very disappointed.\"   Facebook Inc    said last week it was opening up remote work as an option to all levels of employees across the company, starting on Tuesday, and expects to reopen all its U.S. offices by October.     Alphabet Inc's Google    and Microsoft Corp   , have given employees options to choose their work location and remote work preferences.    Multifamily rents rose 2.5% year-over-year in May to almost exactly where rent growth was in March 2020 when the coronavirus pandemic hit, Yardi said.   Rents grew $12 in May to $1,428, the largest one-month increase in Yardi's data set history, it said.    (Herbert Lash)       *****   DATA ROUND ONE: RETAIL SALES, PPI, EMPIRE STATE (1000 EDT/1400 GMT)   An onslaught of reports unleashed on Tuesday suggests an economy entering a new phase of recovery from the pandemic recession, with freshly-jabbed consumers leaving their houses to find inflation running hotter than the weather.        Sales at U.S. retailers    fell 1.3% last month according to the Commerce Department, steeper than the anticipated 0.8% drop, reversing April's upwardly-revised 0.9% gain.     In part, the decline reflects consumer demand pivoting back from goods to customer-facing services as more Americans are inoculated and taking advantage of lifting social distancing restrictions.    Receipts at bars/restaurants and department stores, for example, jumped by 1.8% and 1.6%, respectively, and gasoline sales rose by 0.7%.   On the other hand, sales of home improvement goods plunged by 5.9% and home electronics slid 3.4%.   The overall pullback suggests a \"satiated demand for goods\" as \"higher prices weighed on consumers’ buying attitudes,\" writes Gregory Daco, chief U.S. economist at Oxford Economics.     \"While some will interpret this as a sign of wary households,\" Daco adds, the report signals \"ongoing demand rotation as vaccinated consumers splurge on services.   Core retail sales, which excludes autos, gasoline, building materials and food services - and corresponds closely with the personal consumption component of GDP - dropped by 0.7%.   A report from the Labor Department showed the producer price index (PPI)    - or the prices U.S. goods makers get for their wares at the factory loading dock - rose at a faster pace in May than analysts expected.   Monthly headline PPI rose by 0.8%, running hotter than the 0.6% growth projected by economists.   On an annual basis, core PPI - which strips out food, energy and trade services - accelerated to 5.3% from April's 4.6% pace.   \"Headline, core and core ex-trade services prices are well above the 2% target,\" notes Rubeela Farooqi, chief U.S. economist at High Frequency Economics. \"However, the Fed is expected to continue to view building pressures as transient.\"   The graphic below shows how year-over-year core PPI stacks up among other major indicators relative to the Fed's average annual 2% target:   The demand U-turn away from goods back to services appears to be showing itself in data from the New York Fed, which showed manufacturing activity in New York State stepped on the brakes in May.   The New York Federal Reserve's Empire State index  plunged nearly seven points to a reading of 17.4, well below the 23 consensus.   An Empire State number above zero signifies increased activity over the previous month.   \"Manufacturing is doing well, but activity is no longer accelerating,\" says Ian Shepherdson, chief economist at Pantheon Macroeconomics.    But Shepherdson outpoints unfilled orders and prices paid components \"suggests a marginal easing of supply constraints,\" a welcome development amid the ongoing demand/supply imbalance.   But Tuesday isn't done with us. Industrial production, inventories and homebuilder sentiment remain on tap.    Investors were taking a breather out of the starting gate, with the S&P 500 and the Nasdaq slipping back from Monday's record closing highs.       (Stephen Culp)   *****   S&P 500: SLEEPWALKING (0900 EDT/1300 GMT)   The S&P 500    posted another record close on Monday. While only about halfway into June, that marked its 29th record-high finish so far this year vs 33 for all of 2020.   Despite the levitation, SPX action in many ways has grown zombie-like. Monday's range as a percentage of the prior session's close was just 0.51%. With this, nearly half of the 18 smallest daily ranges so far this year, have occurred in the past 13 trading days. For the week, the SPX is on track for its tightest range since September 22, 2017.   Meanwhile, volatility close-to-close, on a weekly basis, has contracted to its lowest level since mid-January 2020, or roughly one month ahead of the February 2020 market top:   Implied volatility has also recently collapsed. The CBOE Volatility Index    ended last Friday at its lowest level since February 20, 2020, or one day after the SPX's February 19, 2020 peak.   Thus, with significant event risks this week in the form of the FOMC Meeting results on Wednesday  , and a quadruple-witching Friday  , the benchmark index appears especially ripe for much more spirited action.   It now remains to be seen whether the SPX will soon begin a well-rested sprint, or if it will be shaken from its slumber by something that goes bump in the night.   (Terence Gabriel)   *****    FOR TUESDAY'S LIVE MARKETS' POSTS PRIOR TO 0900 EDT/1300 GMT - CLICK HERE:      <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ SPX06152021     Retail sales     Inflation     Empire State       ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>(Terence Gabriel is a Reuters market analyst. The views expressed are his own)","news_type":1},"isVote":1,"tweetType":1,"viewCount":242,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":184192614,"gmtCreate":1623687447338,"gmtModify":1704208812522,"author":{"id":"3576156131829756","authorId":"3576156131829756","name":"Thiogui","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/184192614","repostId":"2143738880","repostType":2,"repost":{"id":"2143738880","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":1623683884,"share":"https://www.laohu8.com/m/news/2143738880?lang=&edition=full","pubTime":"2021-06-14 23:18","market":"us","language":"en","title":"BRIEF-Microsoft Submits Comments To SEC On Climate Change Disclosure","url":"https://stock-news.laohu8.com/highlight/detail?id=2143738880","media":"Reuters","summary":"June 14 (Reuters) - Microsoft Corp   :   * MICROSOFT SUBMITS COMMENTS TO SEC ON CLIMATE CHANGE DISCL","content":"<html><body><p>June 14 (Reuters) - Microsoft Corp   :</p><p>   * MICROSOFT SUBMITS COMMENTS TO SEC ON CLIMATE CHANGE DISCLOSURE</p><p>   * MICROSOFT PRESIDENT SAYS \"BELIEVE IT WILL BE CRITICAL FOR THE SEC TO HAVE A COMMON AND WELL-DEFINED FRAMEWORK FOR CLIMATE CHANGE-RELATED METRICS AND METHODOLOGIES\"</p><p>Source text: () Further company coverage:   </p><p> ((Reuters.Briefs@thomsonreuters.com;))</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>BRIEF-Microsoft Submits Comments To SEC On Climate Change Disclosure</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBRIEF-Microsoft Submits Comments To SEC On Climate Change Disclosure\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\">2021-06-14 23:18</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><body><p>June 14 (Reuters) - Microsoft Corp   :</p><p>   * MICROSOFT SUBMITS COMMENTS TO SEC ON CLIMATE CHANGE DISCLOSURE</p><p>   * MICROSOFT PRESIDENT SAYS \"BELIEVE IT WILL BE CRITICAL FOR THE SEC TO HAVE A COMMON AND WELL-DEFINED FRAMEWORK FOR CLIMATE CHANGE-RELATED METRICS AND METHODOLOGIES\"</p><p>Source text: () Further company coverage:   </p><p> ((Reuters.Briefs@thomsonreuters.com;))</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"03086":"华夏纳指","09086":"华夏纳指-U","MSFT":"微软"},"source_url":"http://api.rkd.refinitiv.com/api/News/News.svc/REST/News_1/RetrieveStoryML_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2143738880","content_text":"June 14 (Reuters) - Microsoft Corp   :   * MICROSOFT SUBMITS COMMENTS TO SEC ON CLIMATE CHANGE DISCLOSURE   * MICROSOFT PRESIDENT SAYS \"BELIEVE IT WILL BE CRITICAL FOR THE SEC TO HAVE A COMMON AND WELL-DEFINED FRAMEWORK FOR CLIMATE CHANGE-RELATED METRICS AND METHODOLOGIES\"Source text: () Further company coverage:    ((Reuters.Briefs@thomsonreuters.com;))","news_type":1},"isVote":1,"tweetType":1,"viewCount":325,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":184192069,"gmtCreate":1623687435051,"gmtModify":1704208812034,"author":{"id":"3576156131829756","authorId":"3576156131829756","name":"Thiogui","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/184192069","repostId":"2143738600","repostType":2,"repost":{"id":"2143738600","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":1623686955,"share":"https://www.laohu8.com/m/news/2143738600?lang=&edition=full","pubTime":"2021-06-15 00:09","market":"sh","language":"en","title":"LIVE MARKETS-Real estate's big start looks to get even better -MS","url":"https://stock-news.laohu8.com/highlight/detail?id=2143738600","media":"Reuters","summary":"* S&P 500 off ~0.2%, Dow down ~0.7%, Nasdaq rises ~0.4%   * Materials weakest major S&P sector; tech","content":"<html><body><p>* S&amp;P 500 off ~0.2%, Dow down ~0.7%, Nasdaq rises ~0.4%</p><p>   * Materials weakest major S&amp;P sector; tech leads gainers</p><p>   * Dollar ~flat; gold down, crude up; bitcoin up ~4%</p><p>   * U.S. 10-Year Treasury yield ~1.49%</p><p>    June 14 - Welcome to the home for real-time coverage of markets brought to you by Reuters reporters. You can share your thoughts with us at markets.research@thomsonreuters.com </p><p>   REAL ESTATE'S BIG START LOOKS TO GET EVEN BETTER -MS (1208 EDT/1608 GMT)</p><p>   Real estate investment trusts are easily off to their best year ever, up about 26% so far in 2021, a sign there's more upside to come as strong starts to REITs historically beget even stronger full-year performance, <a href=\"https://laohu8.com/S/MSTLW\">Morgan Stanley</a> <a href=\"https://laohu8.com/S/MS\">$(MS)$</a> said on Monday.</p><p>   Past years with a good jump through mid-June that ended even better, ranked according to gains, were 2019, with an 18.7% start that ended up 25.8%; 2014 with 15.9% ending at 30.4%; 2010 with 12.9% ending at 28.5% and 2003, with 16.1% ending at 36.7%.</p><p>   Morgan Stanley said it's important not to forget that last year was <a href=\"https://laohu8.com/S/AONE\">one</a> of the worst ever for REITs, and that while absolute valuations look rich, the real estate sector    still screens as attractive to the broader market.</p><p>   REITs rose for the fourth week in a row last week with a total return of more than 3%, outperforming the S&amp;P 500    by 259 basis points for the fifth week in a row and the 14th time this year, Morgan Stanley said.</p><p>   Real estate was the best of the 11 sub-sectors week over week, up 2% versus a 0.4% gain for the S&amp;P 500 and is now the third-best performing subsector year-to-date, behind a 47.8% gain in energy   , and 28.0% rise in financials   .</p><p>   The Green Street Commercial Property Price Index increased 4.4% in May, with prices for every property type in the index rising. The index is now only 1% below pre-COVID levels. </p><p>   (Herbert Lash) </p><p>   *****</p><p>   STOXX 600: WHAT LURKS BENEATH RECORD HIGHS (1146 EDT/1546 GMT)</p><p>   Looking at the main European benchmarks at the close, <a href=\"https://laohu8.com/S/AONE.U\">one</a> would be tempted to paint a very positive picture of Europe Inc on this fine day of June 14 2021. </p><p>   The STOXX 600 and Frankfurt's DAX reached another record high, Paris CAC 40 is partying like it's 2000. </p><p>   In London, the FTSE 100 is getting very close to reclaiming its pre-pandemic highs but there's a lot of grim price action taking place nonetheless due to COVID-19 again. </p><p>   The Travel and leisure in the UK and by extension in Europe didn't have a pleasant session. </p><p>   Britain's Boris Johnson is now widely expected to delay by a few weeks the planned easing of COVID-19 restrictions due to the exponential rise of Delta variant infections.</p><p>   And while the big macro picture isn't expected to change much, some sectors will be severely hit.</p><p>   \"It's just four weeks, but for some businesses it will be four weeks too many especially as there are no guarantees 19 July will really bring an end to restrictions\", wrote Danni Hewson, an analyst at AJ Bell.  </p><p>   \"There are many reasons to delay, but delay will bring hardship for some, ruined plans for others and the end of the line for a few\".</p><p>   On the FTSE 250 mid cap index, Restaurant Group, which owns Wagamama restaurants, fell close to 5% while pub operator Wetherspoon fell over 3%. </p><p>   Take a look here at the European Travel and Leisure sector. As you see UK airlines and entertaining groups are the hardest hit: </p><p>   While the delay in reopening could be seen as a simple setback, there are growing fears that continental Europe could face a similar wave of Delta variant infections at the autumn, with another potential hit to the sector.</p><p>   (Julien Ponthus) </p><p>   *****</p><p>   THE SPREE IS ON: CONSUMERS ARE JABBED, FLUSH AND READY TO MINGLE (1102 EDT/1502 GMT)</p><p>   Having spent over a year walking through the valley of the shadow of COVID, the U.S. economy is fast approaching its pre-pandemic 'normal.' </p><p>   In fact, it's precisely 94.6% of normal, according to Oxford Economics' most recent Recovery Tracker, in which the demand component jumped above levels seen on January 2020, when the coronavirus was still a distant threat. </p><p>   \"With two-thirds of adults having received one vaccine dose, restaurant bookings neared pre-pandemic levels, the number of flights rose firmly, and credit card spending heated up,\" writes Gregory Daco, chief U.S. economist at Oxford Economics. </p><p>   For a Reuters interactive graphic on worldwide vaccine progress and availability, click here </p><p>   By all appearances, that \"pent-up\" demand analysts have been promising is well afoot as consumers economically re-engage, their wallets fattened with stimulus and savings.</p><p>   Just how fat are those wallets? </p><p>   Many economists view the saving rate - the difference between disposable income and personal outlays - as a barometer of consumer expectations. While the saving rate has come down since its April 2020 peak of 33.7%, at 14.9% it remains elevated. And UMich's consumer expectations index is on an upward trend.</p><p>   At the same time, consumers have been paying down their credit cards. Total outstanding revolving credit is down 12.2% to dollar amount not seen in over four years.</p><p>   The rise in restaurant bookings to which Daco refers is evident in the 0.6% growth in the \"food away from home\" segment of May's CPI report, which increased at double the rate of \"food at home,\" and suggests that demand for a table for two is steadily growing.</p><p>   Retail sales data shows that in April, retail receipts at dining and drinking establishments were just 2.2% below pre-pandemic levels, and if the trend has continued through May and into June, that gap has since been closed.</p><p>   The Transportation Safety Administration (TSA) provides perhaps the clearest picture of economic re-engagement. Its data is fresh (the most recent data point is yesterday), and it shows the number of passengers to remove their shoes and empty their pockets at airport security is back to where it was before COVID grounded the commercial airline industry.</p><p>   Airline stocks   , however, still have some altitude to recover.</p><p>   (Stephen Culp)</p><p>   *****</p><p>   MAJOR U.S. INDEXES MIXED; FOCUS TURNS TO FED (1013 EDT/1413 GMT)</p><p>   Major U.S. indexes are mixed with just modest changes in early trade Monday. This as the focus turns to this week's Federal Reserve meeting, where the central bank is expected to maintain its accommodative stance on monetary policy.    This week also brings a quadruple-witching on Friday, when stock index futures, stock index options, stock options, and single stock futures expire simultaneously.</p><p>   Ahead of these events, volatility measures have either been contracting, or remain moribund. In fact, the CBOE Volatility index    ended Friday at its lowest level since February 20, 2020, which was one day after the S&amp;P 500's February 19, 2020 top, and ahead of the market's swoon into its March 2020 lows.  </p><p>   With Monday's mixed action so far, the VIX is rising slightly and most major S&amp;P 500 sectors are red. That said, growth    is outperforming value   . The IGX/IVX ratio is now hitting a more than 1-month high.</p><p>   Here is where markets stand in early trade:</p><p>   (Terence Gabriel)</p><p>   *****</p><p>   TAPERING PLAYBOOK (0934 EDT/1334 GMT) </p><p>   With less than 24 hours left before the Fed kicks off its June policy meeting, markets look to be fairly relaxed about the impact of any move by the U.S. central bank to start normalizing policy.</p><p>   Reflecting the easy mood is JPMorgan who says the upcoming start to the tapering process \"is unlikely to hurt our bullish view on DM equities for 2H\".</p><p>   Part of this optimism is derived after looking at market moves during the latest bond tapering episode back in 2013.</p><p>   Here's a summary of what happened then, courtesy of Mislav Matejka, strategist at the U.S. investment bank:</p><p>   1. Developed Market equities weathered the process very well, post the small initial wobble. In contrast, EM equities fared relatively poorly</p><p>   2. Bond yields were subdued ahead of the tapering announcement, and moved significantly higher in its aftermath, but, interestingly, peaked out once the actual tapering was implemented</p><p>   3. Ahead of the tapering announcement, internals had a marginal tilt towards Cyclicals vs Defensives. From the tapering announcement to actual implementation, Cyclicals performed very strongly vs Defensives. Post the start of tapering, over the ensuing 6-12 months, the leadership turned decisively more defensive.    </p><p>    (Danilo Masoni)</p><p>   ****    </p><p>   BREXIT: THE SAUSAGE AND THE POUND (0923 EDT/1323 GMT) </p><p>   Among the key takeaways of the G7 summit in Cornwall over the weekend, one had little to do with COVID-19, the fight against climate change or the tensions brewing with Russia and China.</p><p>   \"The meeting reminded us that Brexit never goes away\", writes Paul Donovan, chief economist at UBS GWM, who's been  referring to the UK's exit from the European Union as a \"interminably tedious\" issue for some years now. </p><p>   The current \"sausage war\" about checks on chilled meats moving from the island of Great Britain to Northern Ireland is another example of how Brexit is so full of surprises and provides endless news cycles. </p><p>   \"Everything has an end but Brexit\" was the headline of the daily currency briefing of the FX team at Commerzbank which looked at how the sausage war could impact the pound. </p><p>   \"If the EU was to become more concrete on its threats in the next few days Sterling would record further losses\", they argued. </p><p>   Another harsh headline came from George Lagarias, chief economist at Mazars, who issued a note on the \"The forever-war that is Brexit\". </p><p>   Lagarias, just as the Commerzbank analysts, also focused on how the risk of a trade war could weigh on the pound. </p><p>   \"We wouldn’t be too surprised if investors question whether the pound, which is still near post-Brexit highs, is fairly valued, especially as other countries have caught up on vaccinations\". </p><p>   There is a sense across pundits that finding an acceptable modus operandi for Northern Ireland is unlikely at the moment and that EU-UK tensions is just part of the new Brexit normal.</p><p>   \"Johnson is stuck in his ultimately unresolvable, yet consciously self-inflicted, dilemma of wanting to have his cake and eat it too vis-à-vis the EU\", wrote  Erik F. Nielsen, Group Chief Economist at UniCredit. </p><p>   In the meantime, it's fair to say that even with the prospect of a further delay to the reopening of the British economy, investors are not frantically selling sterling to buy continental sausages.</p><p>   Cable is up 0.02% at the moment and the euro is up a mere 0.08% against the pound which has been doing quite all right lately thank you very much: </p><p>   Here's some reading on the issue: </p><p>   EU and UK's 'sausage war' sizzles at G7 as Macron and Johnson spar   </p><p>   Ex-EU Brexit negotiator Barnier: UK reputation at stake in Brexit row  </p><p>   Brexit tensions are a test for Europe, says French minister  </p><p>   (Julien Ponthus) </p><p>   *****</p><p>   NASDAQ COMPOSITE: RENEWED VIGOR (0900 EDT/1300 GMT)</p><p>   The Nasdaq Composite    ended Friday within 0.5% of its April 26 record close and 1% from its April 29 record intraday high.  </p><p>   Meanwhile, one measure of the Nasdaq's internal strength has already been hitting fresh record highs:</p><p>   Nasdaq's cumulative net new highs (NNH)    (running sum of new highs - new lows), on a weekly basis, bottomed in early April 2020, and has been trending up, above its 12-week moving average <a href=\"https://laohu8.com/S/WMA.AU\">$(WMA.AU)$</a>, for 55 straight weeks. The measure ended Friday at an all-time high of just over 178.5k vs its 12-WMA at 175.6k.</p><p>   Looking back over the past 6 years or so, periods when cumulative weekly NNHs were above its 12-WMA have coincided with Nasdaq strength. Conversely, periods when cumulative NNHs were below the 12-WMA have occurred amid Nasdaq instability.</p><p>   More recently, since its February 12 peak, which also coincided with the Composite's weekly closing high, the spread between the measure and its 12-WMA had been sharply deteriorating, underscoring waning upside momentum.</p><p>   However, in the wake of a near 5%-IXIC sell off from February 12 to May 21, the spread bottomed ahead of its zero line, and has now widened for 3 straight weeks.  </p><p>   As long as this new widening trend remains in force, the Composite's renewed vigor may have legs.   </p><p>    (Terence Gabriel)</p><p>   *****</p><p>   FOR MONDAY'S LIVE MARKETS' POSTS PRIOR TO 0900 EDT/1300 GMT - CLICK HERE:  </p><p>    &lt;^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ IXIC06142021     sausage     Stocks in 2013     Earlytrade06142021     Consumer expectations, saving rate, outstanding credit     Dining out and eating in     Airlines and TSA throughput     leisure    </p><p>   ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^&gt;</p><p>(Terence Gabriel is a Reuters market analyst. The views expressed are his own)</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>LIVE MARKETS-Real estate's big start looks to get even better -MS</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\">\nLIVE MARKETS-Real estate's big start looks to get even better -MS\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\">2021-06-15 00:09</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><body><p>* S&amp;P 500 off ~0.2%, Dow down ~0.7%, Nasdaq rises ~0.4%</p><p>   * Materials weakest major S&amp;P sector; tech leads gainers</p><p>   * Dollar ~flat; gold down, crude up; bitcoin up ~4%</p><p>   * U.S. 10-Year Treasury yield ~1.49%</p><p>    June 14 - Welcome to the home for real-time coverage of markets brought to you by Reuters reporters. You can share your thoughts with us at markets.research@thomsonreuters.com </p><p>   REAL ESTATE'S BIG START LOOKS TO GET EVEN BETTER -MS (1208 EDT/1608 GMT)</p><p>   Real estate investment trusts are easily off to their best year ever, up about 26% so far in 2021, a sign there's more upside to come as strong starts to REITs historically beget even stronger full-year performance, <a href=\"https://laohu8.com/S/MSTLW\">Morgan Stanley</a> <a href=\"https://laohu8.com/S/MS\">$(MS)$</a> said on Monday.</p><p>   Past years with a good jump through mid-June that ended even better, ranked according to gains, were 2019, with an 18.7% start that ended up 25.8%; 2014 with 15.9% ending at 30.4%; 2010 with 12.9% ending at 28.5% and 2003, with 16.1% ending at 36.7%.</p><p>   Morgan Stanley said it's important not to forget that last year was <a href=\"https://laohu8.com/S/AONE\">one</a> of the worst ever for REITs, and that while absolute valuations look rich, the real estate sector    still screens as attractive to the broader market.</p><p>   REITs rose for the fourth week in a row last week with a total return of more than 3%, outperforming the S&amp;P 500    by 259 basis points for the fifth week in a row and the 14th time this year, Morgan Stanley said.</p><p>   Real estate was the best of the 11 sub-sectors week over week, up 2% versus a 0.4% gain for the S&amp;P 500 and is now the third-best performing subsector year-to-date, behind a 47.8% gain in energy   , and 28.0% rise in financials   .</p><p>   The Green Street Commercial Property Price Index increased 4.4% in May, with prices for every property type in the index rising. The index is now only 1% below pre-COVID levels. </p><p>   (Herbert Lash) </p><p>   *****</p><p>   STOXX 600: WHAT LURKS BENEATH RECORD HIGHS (1146 EDT/1546 GMT)</p><p>   Looking at the main European benchmarks at the close, <a href=\"https://laohu8.com/S/AONE.U\">one</a> would be tempted to paint a very positive picture of Europe Inc on this fine day of June 14 2021. </p><p>   The STOXX 600 and Frankfurt's DAX reached another record high, Paris CAC 40 is partying like it's 2000. </p><p>   In London, the FTSE 100 is getting very close to reclaiming its pre-pandemic highs but there's a lot of grim price action taking place nonetheless due to COVID-19 again. </p><p>   The Travel and leisure in the UK and by extension in Europe didn't have a pleasant session. </p><p>   Britain's Boris Johnson is now widely expected to delay by a few weeks the planned easing of COVID-19 restrictions due to the exponential rise of Delta variant infections.</p><p>   And while the big macro picture isn't expected to change much, some sectors will be severely hit.</p><p>   \"It's just four weeks, but for some businesses it will be four weeks too many especially as there are no guarantees 19 July will really bring an end to restrictions\", wrote Danni Hewson, an analyst at AJ Bell.  </p><p>   \"There are many reasons to delay, but delay will bring hardship for some, ruined plans for others and the end of the line for a few\".</p><p>   On the FTSE 250 mid cap index, Restaurant Group, which owns Wagamama restaurants, fell close to 5% while pub operator Wetherspoon fell over 3%. </p><p>   Take a look here at the European Travel and Leisure sector. As you see UK airlines and entertaining groups are the hardest hit: </p><p>   While the delay in reopening could be seen as a simple setback, there are growing fears that continental Europe could face a similar wave of Delta variant infections at the autumn, with another potential hit to the sector.</p><p>   (Julien Ponthus) </p><p>   *****</p><p>   THE SPREE IS ON: CONSUMERS ARE JABBED, FLUSH AND READY TO MINGLE (1102 EDT/1502 GMT)</p><p>   Having spent over a year walking through the valley of the shadow of COVID, the U.S. economy is fast approaching its pre-pandemic 'normal.' </p><p>   In fact, it's precisely 94.6% of normal, according to Oxford Economics' most recent Recovery Tracker, in which the demand component jumped above levels seen on January 2020, when the coronavirus was still a distant threat. </p><p>   \"With two-thirds of adults having received one vaccine dose, restaurant bookings neared pre-pandemic levels, the number of flights rose firmly, and credit card spending heated up,\" writes Gregory Daco, chief U.S. economist at Oxford Economics. </p><p>   For a Reuters interactive graphic on worldwide vaccine progress and availability, click here </p><p>   By all appearances, that \"pent-up\" demand analysts have been promising is well afoot as consumers economically re-engage, their wallets fattened with stimulus and savings.</p><p>   Just how fat are those wallets? </p><p>   Many economists view the saving rate - the difference between disposable income and personal outlays - as a barometer of consumer expectations. While the saving rate has come down since its April 2020 peak of 33.7%, at 14.9% it remains elevated. And UMich's consumer expectations index is on an upward trend.</p><p>   At the same time, consumers have been paying down their credit cards. Total outstanding revolving credit is down 12.2% to dollar amount not seen in over four years.</p><p>   The rise in restaurant bookings to which Daco refers is evident in the 0.6% growth in the \"food away from home\" segment of May's CPI report, which increased at double the rate of \"food at home,\" and suggests that demand for a table for two is steadily growing.</p><p>   Retail sales data shows that in April, retail receipts at dining and drinking establishments were just 2.2% below pre-pandemic levels, and if the trend has continued through May and into June, that gap has since been closed.</p><p>   The Transportation Safety Administration (TSA) provides perhaps the clearest picture of economic re-engagement. Its data is fresh (the most recent data point is yesterday), and it shows the number of passengers to remove their shoes and empty their pockets at airport security is back to where it was before COVID grounded the commercial airline industry.</p><p>   Airline stocks   , however, still have some altitude to recover.</p><p>   (Stephen Culp)</p><p>   *****</p><p>   MAJOR U.S. INDEXES MIXED; FOCUS TURNS TO FED (1013 EDT/1413 GMT)</p><p>   Major U.S. indexes are mixed with just modest changes in early trade Monday. This as the focus turns to this week's Federal Reserve meeting, where the central bank is expected to maintain its accommodative stance on monetary policy.    This week also brings a quadruple-witching on Friday, when stock index futures, stock index options, stock options, and single stock futures expire simultaneously.</p><p>   Ahead of these events, volatility measures have either been contracting, or remain moribund. In fact, the CBOE Volatility index    ended Friday at its lowest level since February 20, 2020, which was one day after the S&amp;P 500's February 19, 2020 top, and ahead of the market's swoon into its March 2020 lows.  </p><p>   With Monday's mixed action so far, the VIX is rising slightly and most major S&amp;P 500 sectors are red. That said, growth    is outperforming value   . The IGX/IVX ratio is now hitting a more than 1-month high.</p><p>   Here is where markets stand in early trade:</p><p>   (Terence Gabriel)</p><p>   *****</p><p>   TAPERING PLAYBOOK (0934 EDT/1334 GMT) </p><p>   With less than 24 hours left before the Fed kicks off its June policy meeting, markets look to be fairly relaxed about the impact of any move by the U.S. central bank to start normalizing policy.</p><p>   Reflecting the easy mood is JPMorgan who says the upcoming start to the tapering process \"is unlikely to hurt our bullish view on DM equities for 2H\".</p><p>   Part of this optimism is derived after looking at market moves during the latest bond tapering episode back in 2013.</p><p>   Here's a summary of what happened then, courtesy of Mislav Matejka, strategist at the U.S. investment bank:</p><p>   1. Developed Market equities weathered the process very well, post the small initial wobble. In contrast, EM equities fared relatively poorly</p><p>   2. Bond yields were subdued ahead of the tapering announcement, and moved significantly higher in its aftermath, but, interestingly, peaked out once the actual tapering was implemented</p><p>   3. Ahead of the tapering announcement, internals had a marginal tilt towards Cyclicals vs Defensives. From the tapering announcement to actual implementation, Cyclicals performed very strongly vs Defensives. Post the start of tapering, over the ensuing 6-12 months, the leadership turned decisively more defensive.    </p><p>    (Danilo Masoni)</p><p>   ****    </p><p>   BREXIT: THE SAUSAGE AND THE POUND (0923 EDT/1323 GMT) </p><p>   Among the key takeaways of the G7 summit in Cornwall over the weekend, one had little to do with COVID-19, the fight against climate change or the tensions brewing with Russia and China.</p><p>   \"The meeting reminded us that Brexit never goes away\", writes Paul Donovan, chief economist at UBS GWM, who's been  referring to the UK's exit from the European Union as a \"interminably tedious\" issue for some years now. </p><p>   The current \"sausage war\" about checks on chilled meats moving from the island of Great Britain to Northern Ireland is another example of how Brexit is so full of surprises and provides endless news cycles. </p><p>   \"Everything has an end but Brexit\" was the headline of the daily currency briefing of the FX team at Commerzbank which looked at how the sausage war could impact the pound. </p><p>   \"If the EU was to become more concrete on its threats in the next few days Sterling would record further losses\", they argued. </p><p>   Another harsh headline came from George Lagarias, chief economist at Mazars, who issued a note on the \"The forever-war that is Brexit\". </p><p>   Lagarias, just as the Commerzbank analysts, also focused on how the risk of a trade war could weigh on the pound. </p><p>   \"We wouldn’t be too surprised if investors question whether the pound, which is still near post-Brexit highs, is fairly valued, especially as other countries have caught up on vaccinations\". </p><p>   There is a sense across pundits that finding an acceptable modus operandi for Northern Ireland is unlikely at the moment and that EU-UK tensions is just part of the new Brexit normal.</p><p>   \"Johnson is stuck in his ultimately unresolvable, yet consciously self-inflicted, dilemma of wanting to have his cake and eat it too vis-à-vis the EU\", wrote  Erik F. Nielsen, Group Chief Economist at UniCredit. </p><p>   In the meantime, it's fair to say that even with the prospect of a further delay to the reopening of the British economy, investors are not frantically selling sterling to buy continental sausages.</p><p>   Cable is up 0.02% at the moment and the euro is up a mere 0.08% against the pound which has been doing quite all right lately thank you very much: </p><p>   Here's some reading on the issue: </p><p>   EU and UK's 'sausage war' sizzles at G7 as Macron and Johnson spar   </p><p>   Ex-EU Brexit negotiator Barnier: UK reputation at stake in Brexit row  </p><p>   Brexit tensions are a test for Europe, says French minister  </p><p>   (Julien Ponthus) </p><p>   *****</p><p>   NASDAQ COMPOSITE: RENEWED VIGOR (0900 EDT/1300 GMT)</p><p>   The Nasdaq Composite    ended Friday within 0.5% of its April 26 record close and 1% from its April 29 record intraday high.  </p><p>   Meanwhile, one measure of the Nasdaq's internal strength has already been hitting fresh record highs:</p><p>   Nasdaq's cumulative net new highs (NNH)    (running sum of new highs - new lows), on a weekly basis, bottomed in early April 2020, and has been trending up, above its 12-week moving average <a href=\"https://laohu8.com/S/WMA.AU\">$(WMA.AU)$</a>, for 55 straight weeks. The measure ended Friday at an all-time high of just over 178.5k vs its 12-WMA at 175.6k.</p><p>   Looking back over the past 6 years or so, periods when cumulative weekly NNHs were above its 12-WMA have coincided with Nasdaq strength. Conversely, periods when cumulative NNHs were below the 12-WMA have occurred amid Nasdaq instability.</p><p>   More recently, since its February 12 peak, which also coincided with the Composite's weekly closing high, the spread between the measure and its 12-WMA had been sharply deteriorating, underscoring waning upside momentum.</p><p>   However, in the wake of a near 5%-IXIC sell off from February 12 to May 21, the spread bottomed ahead of its zero line, and has now widened for 3 straight weeks.  </p><p>   As long as this new widening trend remains in force, the Composite's renewed vigor may have legs.   </p><p>    (Terence Gabriel)</p><p>   *****</p><p>   FOR MONDAY'S LIVE MARKETS' POSTS PRIOR TO 0900 EDT/1300 GMT - CLICK HERE:  </p><p>    &lt;^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ IXIC06142021     sausage     Stocks in 2013     Earlytrade06142021     Consumer expectations, saving rate, outstanding credit     Dining out and eating in     Airlines and TSA throughput     leisure    </p><p>   ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^&gt;</p><p>(Terence Gabriel is a Reuters market analyst. The views expressed are his own)</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite","QLD":"纳指两倍做多ETF","SDOW":"道指三倍做空ETF-ProShares","DOG":"道指反向ETF","DXD":"道指两倍做空ETF",".SPX":"S&P 500 Index","QQQ":"纳指100ETF","DDM":"道指两倍做多ETF","UDOW":"道指三倍做多ETF-ProShares","SQQQ":"纳指三倍做空ETF","DJX":"1/100道琼斯","MS":"摩根士丹利","PSQ":"纳指反向ETF","TQQQ":"纳指三倍做多ETF",".DJI":"道琼斯","QID":"纳指两倍做空ETF"},"source_url":"http://api.rkd.refinitiv.com/api/News/News.svc/REST/News_1/RetrieveStoryML_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2143738600","content_text":"* S&P 500 off ~0.2%, Dow down ~0.7%, Nasdaq rises ~0.4%   * Materials weakest major S&P sector; tech leads gainers   * Dollar ~flat; gold down, crude up; bitcoin up ~4%   * U.S. 10-Year Treasury yield ~1.49%    June 14 - Welcome to the home for real-time coverage of markets brought to you by Reuters reporters. You can share your thoughts with us at markets.research@thomsonreuters.com    REAL ESTATE'S BIG START LOOKS TO GET EVEN BETTER -MS (1208 EDT/1608 GMT)   Real estate investment trusts are easily off to their best year ever, up about 26% so far in 2021, a sign there's more upside to come as strong starts to REITs historically beget even stronger full-year performance, Morgan Stanley $(MS)$ said on Monday.   Past years with a good jump through mid-June that ended even better, ranked according to gains, were 2019, with an 18.7% start that ended up 25.8%; 2014 with 15.9% ending at 30.4%; 2010 with 12.9% ending at 28.5% and 2003, with 16.1% ending at 36.7%.   Morgan Stanley said it's important not to forget that last year was one of the worst ever for REITs, and that while absolute valuations look rich, the real estate sector    still screens as attractive to the broader market.   REITs rose for the fourth week in a row last week with a total return of more than 3%, outperforming the S&P 500    by 259 basis points for the fifth week in a row and the 14th time this year, Morgan Stanley said.   Real estate was the best of the 11 sub-sectors week over week, up 2% versus a 0.4% gain for the S&P 500 and is now the third-best performing subsector year-to-date, behind a 47.8% gain in energy   , and 28.0% rise in financials   .   The Green Street Commercial Property Price Index increased 4.4% in May, with prices for every property type in the index rising. The index is now only 1% below pre-COVID levels.    (Herbert Lash)    *****   STOXX 600: WHAT LURKS BENEATH RECORD HIGHS (1146 EDT/1546 GMT)   Looking at the main European benchmarks at the close, one would be tempted to paint a very positive picture of Europe Inc on this fine day of June 14 2021.    The STOXX 600 and Frankfurt's DAX reached another record high, Paris CAC 40 is partying like it's 2000.    In London, the FTSE 100 is getting very close to reclaiming its pre-pandemic highs but there's a lot of grim price action taking place nonetheless due to COVID-19 again.    The Travel and leisure in the UK and by extension in Europe didn't have a pleasant session.    Britain's Boris Johnson is now widely expected to delay by a few weeks the planned easing of COVID-19 restrictions due to the exponential rise of Delta variant infections.   And while the big macro picture isn't expected to change much, some sectors will be severely hit.   \"It's just four weeks, but for some businesses it will be four weeks too many especially as there are no guarantees 19 July will really bring an end to restrictions\", wrote Danni Hewson, an analyst at AJ Bell.     \"There are many reasons to delay, but delay will bring hardship for some, ruined plans for others and the end of the line for a few\".   On the FTSE 250 mid cap index, Restaurant Group, which owns Wagamama restaurants, fell close to 5% while pub operator Wetherspoon fell over 3%.    Take a look here at the European Travel and Leisure sector. As you see UK airlines and entertaining groups are the hardest hit:    While the delay in reopening could be seen as a simple setback, there are growing fears that continental Europe could face a similar wave of Delta variant infections at the autumn, with another potential hit to the sector.   (Julien Ponthus)    *****   THE SPREE IS ON: CONSUMERS ARE JABBED, FLUSH AND READY TO MINGLE (1102 EDT/1502 GMT)   Having spent over a year walking through the valley of the shadow of COVID, the U.S. economy is fast approaching its pre-pandemic 'normal.'    In fact, it's precisely 94.6% of normal, according to Oxford Economics' most recent Recovery Tracker, in which the demand component jumped above levels seen on January 2020, when the coronavirus was still a distant threat.    \"With two-thirds of adults having received one vaccine dose, restaurant bookings neared pre-pandemic levels, the number of flights rose firmly, and credit card spending heated up,\" writes Gregory Daco, chief U.S. economist at Oxford Economics.    For a Reuters interactive graphic on worldwide vaccine progress and availability, click here    By all appearances, that \"pent-up\" demand analysts have been promising is well afoot as consumers economically re-engage, their wallets fattened with stimulus and savings.   Just how fat are those wallets?    Many economists view the saving rate - the difference between disposable income and personal outlays - as a barometer of consumer expectations. While the saving rate has come down since its April 2020 peak of 33.7%, at 14.9% it remains elevated. And UMich's consumer expectations index is on an upward trend.   At the same time, consumers have been paying down their credit cards. Total outstanding revolving credit is down 12.2% to dollar amount not seen in over four years.   The rise in restaurant bookings to which Daco refers is evident in the 0.6% growth in the \"food away from home\" segment of May's CPI report, which increased at double the rate of \"food at home,\" and suggests that demand for a table for two is steadily growing.   Retail sales data shows that in April, retail receipts at dining and drinking establishments were just 2.2% below pre-pandemic levels, and if the trend has continued through May and into June, that gap has since been closed.   The Transportation Safety Administration (TSA) provides perhaps the clearest picture of economic re-engagement. Its data is fresh (the most recent data point is yesterday), and it shows the number of passengers to remove their shoes and empty their pockets at airport security is back to where it was before COVID grounded the commercial airline industry.   Airline stocks   , however, still have some altitude to recover.   (Stephen Culp)   *****   MAJOR U.S. INDEXES MIXED; FOCUS TURNS TO FED (1013 EDT/1413 GMT)   Major U.S. indexes are mixed with just modest changes in early trade Monday. This as the focus turns to this week's Federal Reserve meeting, where the central bank is expected to maintain its accommodative stance on monetary policy.    This week also brings a quadruple-witching on Friday, when stock index futures, stock index options, stock options, and single stock futures expire simultaneously.   Ahead of these events, volatility measures have either been contracting, or remain moribund. In fact, the CBOE Volatility index    ended Friday at its lowest level since February 20, 2020, which was one day after the S&P 500's February 19, 2020 top, and ahead of the market's swoon into its March 2020 lows.     With Monday's mixed action so far, the VIX is rising slightly and most major S&P 500 sectors are red. That said, growth    is outperforming value   . The IGX/IVX ratio is now hitting a more than 1-month high.   Here is where markets stand in early trade:   (Terence Gabriel)   *****   TAPERING PLAYBOOK (0934 EDT/1334 GMT)    With less than 24 hours left before the Fed kicks off its June policy meeting, markets look to be fairly relaxed about the impact of any move by the U.S. central bank to start normalizing policy.   Reflecting the easy mood is JPMorgan who says the upcoming start to the tapering process \"is unlikely to hurt our bullish view on DM equities for 2H\".   Part of this optimism is derived after looking at market moves during the latest bond tapering episode back in 2013.   Here's a summary of what happened then, courtesy of Mislav Matejka, strategist at the U.S. investment bank:   1. Developed Market equities weathered the process very well, post the small initial wobble. In contrast, EM equities fared relatively poorly   2. Bond yields were subdued ahead of the tapering announcement, and moved significantly higher in its aftermath, but, interestingly, peaked out once the actual tapering was implemented   3. Ahead of the tapering announcement, internals had a marginal tilt towards Cyclicals vs Defensives. From the tapering announcement to actual implementation, Cyclicals performed very strongly vs Defensives. Post the start of tapering, over the ensuing 6-12 months, the leadership turned decisively more defensive.        (Danilo Masoni)   ****       BREXIT: THE SAUSAGE AND THE POUND (0923 EDT/1323 GMT)    Among the key takeaways of the G7 summit in Cornwall over the weekend, one had little to do with COVID-19, the fight against climate change or the tensions brewing with Russia and China.   \"The meeting reminded us that Brexit never goes away\", writes Paul Donovan, chief economist at UBS GWM, who's been  referring to the UK's exit from the European Union as a \"interminably tedious\" issue for some years now.    The current \"sausage war\" about checks on chilled meats moving from the island of Great Britain to Northern Ireland is another example of how Brexit is so full of surprises and provides endless news cycles.    \"Everything has an end but Brexit\" was the headline of the daily currency briefing of the FX team at Commerzbank which looked at how the sausage war could impact the pound.    \"If the EU was to become more concrete on its threats in the next few days Sterling would record further losses\", they argued.    Another harsh headline came from George Lagarias, chief economist at Mazars, who issued a note on the \"The forever-war that is Brexit\".    Lagarias, just as the Commerzbank analysts, also focused on how the risk of a trade war could weigh on the pound.    \"We wouldn’t be too surprised if investors question whether the pound, which is still near post-Brexit highs, is fairly valued, especially as other countries have caught up on vaccinations\".    There is a sense across pundits that finding an acceptable modus operandi for Northern Ireland is unlikely at the moment and that EU-UK tensions is just part of the new Brexit normal.   \"Johnson is stuck in his ultimately unresolvable, yet consciously self-inflicted, dilemma of wanting to have his cake and eat it too vis-à-vis the EU\", wrote  Erik F. Nielsen, Group Chief Economist at UniCredit.    In the meantime, it's fair to say that even with the prospect of a further delay to the reopening of the British economy, investors are not frantically selling sterling to buy continental sausages.   Cable is up 0.02% at the moment and the euro is up a mere 0.08% against the pound which has been doing quite all right lately thank you very much:    Here's some reading on the issue:    EU and UK's 'sausage war' sizzles at G7 as Macron and Johnson spar      Ex-EU Brexit negotiator Barnier: UK reputation at stake in Brexit row     Brexit tensions are a test for Europe, says French minister     (Julien Ponthus)    *****   NASDAQ COMPOSITE: RENEWED VIGOR (0900 EDT/1300 GMT)   The Nasdaq Composite    ended Friday within 0.5% of its April 26 record close and 1% from its April 29 record intraday high.     Meanwhile, one measure of the Nasdaq's internal strength has already been hitting fresh record highs:   Nasdaq's cumulative net new highs (NNH)    (running sum of new highs - new lows), on a weekly basis, bottomed in early April 2020, and has been trending up, above its 12-week moving average $(WMA.AU)$, for 55 straight weeks. The measure ended Friday at an all-time high of just over 178.5k vs its 12-WMA at 175.6k.   Looking back over the past 6 years or so, periods when cumulative weekly NNHs were above its 12-WMA have coincided with Nasdaq strength. Conversely, periods when cumulative NNHs were below the 12-WMA have occurred amid Nasdaq instability.   More recently, since its February 12 peak, which also coincided with the Composite's weekly closing high, the spread between the measure and its 12-WMA had been sharply deteriorating, underscoring waning upside momentum.   However, in the wake of a near 5%-IXIC sell off from February 12 to May 21, the spread bottomed ahead of its zero line, and has now widened for 3 straight weeks.     As long as this new widening trend remains in force, the Composite's renewed vigor may have legs.       (Terence Gabriel)   *****   FOR MONDAY'S LIVE MARKETS' POSTS PRIOR TO 0900 EDT/1300 GMT - CLICK HERE:      <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ IXIC06142021     sausage     Stocks in 2013     Earlytrade06142021     Consumer expectations, saving rate, outstanding credit     Dining out and eating in     Airlines and TSA throughput     leisure       ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>(Terence Gabriel is a Reuters market analyst. The views expressed are his own)","news_type":1},"isVote":1,"tweetType":1,"viewCount":417,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":185626028,"gmtCreate":1623647036264,"gmtModify":1704207777665,"author":{"id":"3576156131829756","authorId":"3576156131829756","name":"Thiogui","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/185626028","repostId":"2143783813","repostType":2,"repost":{"id":"2143783813","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":1623537805,"share":"https://www.laohu8.com/m/news/2143783813?lang=&edition=full","pubTime":"2021-06-13 06:43","market":"us","language":"en","title":"BRIEF-U.S. CDC Says Delivered 374,397,205 Doses Of COVID-19 Vaccine As Of June 12 Versus 373,413,945 Doses Delivered As Of June 11","url":"https://stock-news.laohu8.com/highlight/detail?id=2143783813","media":"Reuters","summary":"June 12 (Reuters) -    * U.S. CDC SAYS DELIVERED 374,397,205 DOSES OF COVID-19 VACCINE AS OF JUNE 12","content":"<html><body><p>June 12 (Reuters) - </p><p>   * U.S. CDC SAYS DELIVERED 374,397,205 DOSES OF COVID-19 VACCINE AS OF JUNE 12 VERSUS 373,413,945 DOSES DELIVERED AS OF JUNE 11</p><p>   * U.S. CDC SAYS ADMINISTERED 308,112,728 DOSES OF COVID-19 VACCINE AS OF JUNE 12 VERSUS 306,509,795 DOSES ADMINISTERED AS OF JUNE 11</p><p>   * U.S. CDC SAYS 173,391,711 INDIVIDUALS HAVE RECEIVED AT LEAST ONE DOSE OF COVID-19 VACCINE AS OF JUNE 12 VERSUS 172,758,350 INDIVIDUALS AS OF JUNE 11</p><p>   * U.S. CDC SAYS 143,119,077 INDIVIDUALS HAVE BEEN FULLY VACCINATED AGAINST COVID-19 AS OF JUNE 12 VERSUS 142,095,530 INDIVIDUALS AS OF JUNE 11</p><p> Further company coverage:   </p><p> ((Reuters.Briefs@thomsonreuters.com;))</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>BRIEF-U.S. CDC Says Delivered 374,397,205 Doses Of COVID-19 Vaccine As Of June 12 Versus 373,413,945 Doses Delivered As Of June 11</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\">\nBRIEF-U.S. CDC Says Delivered 374,397,205 Doses Of COVID-19 Vaccine As Of June 12 Versus 373,413,945 Doses Delivered As Of June 11\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\">2021-06-13 06:43</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><body><p>June 12 (Reuters) - </p><p>   * U.S. CDC SAYS DELIVERED 374,397,205 DOSES OF COVID-19 VACCINE AS OF JUNE 12 VERSUS 373,413,945 DOSES DELIVERED AS OF JUNE 11</p><p>   * U.S. CDC SAYS ADMINISTERED 308,112,728 DOSES OF COVID-19 VACCINE AS OF JUNE 12 VERSUS 306,509,795 DOSES ADMINISTERED AS OF JUNE 11</p><p>   * U.S. CDC SAYS 173,391,711 INDIVIDUALS HAVE RECEIVED AT LEAST ONE DOSE OF COVID-19 VACCINE AS OF JUNE 12 VERSUS 172,758,350 INDIVIDUALS AS OF JUNE 11</p><p>   * U.S. CDC SAYS 143,119,077 INDIVIDUALS HAVE BEEN FULLY VACCINATED AGAINST COVID-19 AS OF JUNE 12 VERSUS 142,095,530 INDIVIDUALS AS OF JUNE 11</p><p> Further company coverage:   </p><p> ((Reuters.Briefs@thomsonreuters.com;))</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"JNJ":"强生","PFE":"辉瑞","MRNA":"Moderna, Inc."},"source_url":"http://api.rkd.refinitiv.com/api/News/News.svc/REST/News_1/RetrieveStoryML_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2143783813","content_text":"June 12 (Reuters) -    * U.S. CDC SAYS DELIVERED 374,397,205 DOSES OF COVID-19 VACCINE AS OF JUNE 12 VERSUS 373,413,945 DOSES DELIVERED AS OF JUNE 11   * U.S. CDC SAYS ADMINISTERED 308,112,728 DOSES OF COVID-19 VACCINE AS OF JUNE 12 VERSUS 306,509,795 DOSES ADMINISTERED AS OF JUNE 11   * U.S. CDC SAYS 173,391,711 INDIVIDUALS HAVE RECEIVED AT LEAST ONE DOSE OF COVID-19 VACCINE AS OF JUNE 12 VERSUS 172,758,350 INDIVIDUALS AS OF JUNE 11   * U.S. CDC SAYS 143,119,077 INDIVIDUALS HAVE BEEN FULLY VACCINATED AGAINST COVID-19 AS OF JUNE 12 VERSUS 142,095,530 INDIVIDUALS AS OF JUNE 11 Further company coverage:    ((Reuters.Briefs@thomsonreuters.com;))","news_type":1},"isVote":1,"tweetType":1,"viewCount":197,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":185628011,"gmtCreate":1623646992933,"gmtModify":1704207775705,"author":{"id":"3576156131829756","authorId":"3576156131829756","name":"Thiogui","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/185628011","repostId":"2143786565","repostType":2,"repost":{"id":"2143786565","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":1623626268,"share":"https://www.laohu8.com/m/news/2143786565?lang=&edition=full","pubTime":"2021-06-14 07:17","market":"us","language":"en","title":"Spotlight on Xbox Game Pass as Microsoft showcases upcoming games","url":"https://stock-news.laohu8.com/highlight/detail?id=2143786565","media":"Reuters","summary":"STOCKHOLM, June 13  - Microsoft on Sunday showcased 30 upcoming games and said most of those titles will be available on its monthly subscription service, Xbox Game Pass.The company said it would launch new games on Game Pass every month through the end of the year, including titles such as PC strategy series \"Age of Empires IV\" and racing game \"Forza Horizon 5.\". One of Microsoft's big-ticket games, \"Halo Infinite,\" is now set for a holiday launch this year after being delayed due to the challe","content":"<p>STOCKHOLM, June 13 (Reuters) - Microsoft on Sunday showcased 30 upcoming games and said most of those titles will be available on its monthly subscription service, Xbox Game Pass.</p>\n<p>The company said it would launch&nbsp;new games on Game Pass every month through the end of the year, including titles such as PC strategy series \"Age of Empires IV\" and racing game \"Forza Horizon 5.\"</p>\n<p>One of Microsoft's big-ticket games, \"Halo Infinite,\" is now set for a holiday launch this year after being delayed due to the challenge of developers being stuck at home during coronavirus restrictions.</p>\n<p>Several of the game launches announced by Microsoft at the E3 conference came from video game publisher Bethesda, behind hits such as Fallout and Doom. Microsoft last year bought ZeniMax Media, parent company of Bethesda, for $7.5 billion.</p>\n<p>Microsoft also announced launch dates of two big-budget games, exclusive to Xbox and PC - role playing game \"Starfield\" and vampire-themed shooting game \"Redfall.\" \"Starfield\" will launch on Nov. 11, 2022 and \"Redfall\" next Summer.</p>\n<p>Both Microsoft and Sony launched their next-generation gaming devices in November last year and have seen heightened demand for the consoles as gamers stuck at home due to the pandemic snapped up the devices.</p>\n<p>Gaming analytics firm Newzoo forecasts that the global games market will generate revenue of $175.8 billion in 2021, with 2.9 billion players, and surpass $200 billion in 2023.</p>\n<p>Microsoft has also been developing its cloud gaming service to attract casual gamers and its own streaming devices.</p>\n<p>Game Pass has hundreds of games playable on Xbox consoles, Android devices and PCs with a $9.99 monthly fee.</p>\n<p>\"What makes us different from a service like Netflix is that we give players both options, a subscription package and also a full retail store,\" said Phil Spencer, head of Xbox.</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>Spotlight on Xbox Game Pass as Microsoft showcases upcoming games</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSpotlight on Xbox Game Pass as Microsoft showcases upcoming games\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\">2021-06-14 07:17</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>STOCKHOLM, June 13 (Reuters) - Microsoft on Sunday showcased 30 upcoming games and said most of those titles will be available on its monthly subscription service, Xbox Game Pass.</p>\n<p>The company said it would launch&nbsp;new games on Game Pass every month through the end of the year, including titles such as PC strategy series \"Age of Empires IV\" and racing game \"Forza Horizon 5.\"</p>\n<p>One of Microsoft's big-ticket games, \"Halo Infinite,\" is now set for a holiday launch this year after being delayed due to the challenge of developers being stuck at home during coronavirus restrictions.</p>\n<p>Several of the game launches announced by Microsoft at the E3 conference came from video game publisher Bethesda, behind hits such as Fallout and Doom. Microsoft last year bought ZeniMax Media, parent company of Bethesda, for $7.5 billion.</p>\n<p>Microsoft also announced launch dates of two big-budget games, exclusive to Xbox and PC - role playing game \"Starfield\" and vampire-themed shooting game \"Redfall.\" \"Starfield\" will launch on Nov. 11, 2022 and \"Redfall\" next Summer.</p>\n<p>Both Microsoft and Sony launched their next-generation gaming devices in November last year and have seen heightened demand for the consoles as gamers stuck at home due to the pandemic snapped up the devices.</p>\n<p>Gaming analytics firm Newzoo forecasts that the global games market will generate revenue of $175.8 billion in 2021, with 2.9 billion players, and surpass $200 billion in 2023.</p>\n<p>Microsoft has also been developing its cloud gaming service to attract casual gamers and its own streaming devices.</p>\n<p>Game Pass has hundreds of games playable on Xbox consoles, Android devices and PCs with a $9.99 monthly fee.</p>\n<p>\"What makes us different from a service like Netflix is that we give players both options, a subscription package and also a full retail store,\" said Phil Spencer, head of Xbox.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MSFT":"微软"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2143786565","content_text":"STOCKHOLM, June 13 (Reuters) - Microsoft on Sunday showcased 30 upcoming games and said most of those titles will be available on its monthly subscription service, Xbox Game Pass.\nThe company said it would launch new games on Game Pass every month through the end of the year, including titles such as PC strategy series \"Age of Empires IV\" and racing game \"Forza Horizon 5.\"\nOne of Microsoft's big-ticket games, \"Halo Infinite,\" is now set for a holiday launch this year after being delayed due to the challenge of developers being stuck at home during coronavirus restrictions.\nSeveral of the game launches announced by Microsoft at the E3 conference came from video game publisher Bethesda, behind hits such as Fallout and Doom. Microsoft last year bought ZeniMax Media, parent company of Bethesda, for $7.5 billion.\nMicrosoft also announced launch dates of two big-budget games, exclusive to Xbox and PC - role playing game \"Starfield\" and vampire-themed shooting game \"Redfall.\" \"Starfield\" will launch on Nov. 11, 2022 and \"Redfall\" next Summer.\nBoth Microsoft and Sony launched their next-generation gaming devices in November last year and have seen heightened demand for the consoles as gamers stuck at home due to the pandemic snapped up the devices.\nGaming analytics firm Newzoo forecasts that the global games market will generate revenue of $175.8 billion in 2021, with 2.9 billion players, and surpass $200 billion in 2023.\nMicrosoft has also been developing its cloud gaming service to attract casual gamers and its own streaming devices.\nGame Pass has hundreds of games playable on Xbox consoles, Android devices and PCs with a $9.99 monthly fee.\n\"What makes us different from a service like Netflix is that we give players both options, a subscription package and also a full retail store,\" said Phil Spencer, head of Xbox.","news_type":1},"isVote":1,"tweetType":1,"viewCount":99,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":182606658,"gmtCreate":1623566055174,"gmtModify":1704206350079,"author":{"id":"3576156131829756","authorId":"3576156131829756","name":"Thiogui","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/182606658","repostId":"2141235375","repostType":4,"repost":{"id":"2141235375","pubTimestamp":1623057000,"share":"https://www.laohu8.com/m/news/2141235375?lang=&edition=full","pubTime":"2021-06-07 17:10","market":"us","language":"en","title":"Google Fined $268 Million as France Tackles Big Tech Ad Power","url":"https://stock-news.laohu8.com/highlight/detail?id=2141235375","media":"Bloomberg","summary":"(Bloomberg) -- Google agreed to pay 220 million euros ($268 million) to settle a French antitrust pr","content":"<p>(Bloomberg) -- Google agreed to pay 220 million euros ($268 million) to settle a French antitrust probe over its abuse of power in online advertising.</p><p>The French Competition Authority said Google has been unfairly sending business to its advertising server and its online-ad auction house, to the detriment of rivals.</p><p>In addition to the fine, Google promised to remedy the situation by improving the interoperability of its Google Ad Manager services for third parties.</p><p>“The decision fining Google is particularly significant as it is the first throughout the world to tackle complex algorithmic auction processes used for online display-advertising,” Isabelle de Silva, who heads France’s Autorité de la concurrence, said in a statement on Monday.</p><p>With separate cases into Google, Apple Inc. and <a href=\"https://laohu8.com/S/FB\">Facebook</a> Inc., French antitrust regulators are starting to rein in anti-competitive behavior in online advertising. While Google’s case ended with a fine, Facebook last week tried to avoid that by making commitments to placate regulators.</p><p>The Google case stems from a complaint lodged in 2019 by Rupert Murdoch’s News Corp., French newspaper Le Figaro and Belgian media group Rossel La Voix.</p><p>It’s not the first time Google has attracted French antitrust scrutiny over online advertising after a 150 million-euro fine in 2019. The search engine also risks a penalty in the coming weeks over suspicions it failed to comply with an order relating to its news service.</p><p>Google&nbsp;fell&nbsp;in&nbsp;premarket trading&nbsp;Monday.</p><p><img src=\"https://static.tigerbbs.com/e02e79abe7eb8304a690e5dfb572f078\" tg-width=\"662\" tg-height=\"439\"><img src=\"https://static.tigerbbs.com/ca4d60cdd9f0be185c3471aae13904a5\" tg-width=\"662\" tg-height=\"439\"></p>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Google Fined $268 Million as France Tackles Big Tech Ad Power</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 Fined $268 Million as France Tackles Big Tech Ad Power\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-07 17:10 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2021-06-07/google-fined-268-million-as-france-tackles-big-tech-ad-power?srnd=markets-vp><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(Bloomberg) -- Google agreed to pay 220 million euros ($268 million) to settle a French antitrust probe over its abuse of power in online advertising.The French Competition Authority said Google has ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2021-06-07/google-fined-268-million-as-france-tackles-big-tech-ad-power?srnd=markets-vp\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"09086":"华夏纳指-U","GOOG":"谷歌","GOOGL":"谷歌A","03086":"华夏纳指","PW":"Power REIT","QNETCN":"纳斯达克中美互联网老虎指数"},"source_url":"https://www.bloomberg.com/news/articles/2021-06-07/google-fined-268-million-as-france-tackles-big-tech-ad-power?srnd=markets-vp","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2141235375","content_text":"(Bloomberg) -- Google agreed to pay 220 million euros ($268 million) to settle a French antitrust probe over its abuse of power in online advertising.The French Competition Authority said Google has been unfairly sending business to its advertising server and its online-ad auction house, to the detriment of rivals.In addition to the fine, Google promised to remedy the situation by improving the interoperability of its Google Ad Manager services for third parties.“The decision fining Google is particularly significant as it is the first throughout the world to tackle complex algorithmic auction processes used for online display-advertising,” Isabelle de Silva, who heads France’s Autorité de la concurrence, said in a statement on Monday.With separate cases into Google, Apple Inc. and Facebook Inc., French antitrust regulators are starting to rein in anti-competitive behavior in online advertising. While Google’s case ended with a fine, Facebook last week tried to avoid that by making commitments to placate regulators.The Google case stems from a complaint lodged in 2019 by Rupert Murdoch’s News Corp., French newspaper Le Figaro and Belgian media group Rossel La Voix.It’s not the first time Google has attracted French antitrust scrutiny over online advertising after a 150 million-euro fine in 2019. The search engine also risks a penalty in the coming weeks over suspicions it failed to comply with an order relating to its news service.Google fell in premarket trading Monday.","news_type":1},"isVote":1,"tweetType":1,"viewCount":136,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":182601689,"gmtCreate":1623565945741,"gmtModify":1704206346664,"author":{"id":"3576156131829756","authorId":"3576156131829756","name":"Thiogui","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"????","listText":"????","text":"????","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/182601689","repostId":"2140542610","repostType":4,"isVote":1,"tweetType":1,"viewCount":105,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":182877959,"gmtCreate":1623565673071,"gmtModify":1704206340983,"author":{"id":"3576156131829756","authorId":"3576156131829756","name":"Thiogui","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"??????","listText":"??????","text":"??????","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/182877959","repostId":"1198311684","repostType":4,"repost":{"id":"1198311684","pubTimestamp":1623415805,"share":"https://www.laohu8.com/m/news/1198311684?lang=&edition=full","pubTime":"2021-06-11 20:50","market":"us","language":"en","title":"Opinion: Stock investors now have come to a cliff in the road — and options are limited ","url":"https://stock-news.laohu8.com/highlight/detail?id=1198311684","media":"MarketWatch","summary":"Fundamental things haven’t applied to the U.S. market but that seems about to change.\n\nThe coronavir","content":"<blockquote>\n <b>Fundamental things haven’t applied to the U.S. market but that seems about to change.</b>\n</blockquote>\n<p>The coronavirus pandemic has been excellent for investors, but most now realize that the stock market’s extraordinary performance is not based on fundamentals, which ceased to matter some time ago.</p>\n<p>Central banks have been driving asset prices with massive liquidity infusions and zero interest rates. Consumption and corporate earnings are underpinned by large government transfer payments, fiscal stimulus and industry support.</p>\n<p>Will it last? The consensus is that most assets are overpriced. Prices ultimately are the present value of future cash flows. Authorities have manipulated the discount rate but altering underlying long-term cash flows, which are driven by the real economy, is more difficult. Low volatility, engineered by central banks, also encourages exuberant prices. At some stage, profligate government deficits may be reigned by either winding back spending or increasing taxes. These policies may also drive inflation, requiring tighter monetary policy and higher rates.&nbsp;</p>\n<p>Currently high stock prices expose investors to the risk of a sudden correction, when the game of musical chairs stops unexpectedly. Given that almost all of the gains have been in price rather than income (dividends, interest, etc.), the vulnerability is exacerbated. The unstable structure of the financial system — high leverage, shadow banks, illiquidity, unresolved linkages, the rise in trend following investors — means that any problem may trigger a major adjustment.</p>\n<p>Investors’ options are limited. You could believe in the permanency of a “new normal.” Risky asset investments are then justified on the basis that authorities must ensure high- and rising asset prices, primarily as the alternative is too awful to contemplate. This assumes that policy options remain unconstrained indefinitely.</p>\n<p>Or investors can rely on momentum, essentially Keynes’ so-called beauty contest theory of investing, which anticipated today’s “meme stocks.” Successful investment requires investors to select the most popular faces among all judges, rather than those they may personally find the most attractive. The difficulty is knowing the judge’s mind and recognizing when to sell before the music stops.</p>\n<p>Third, investors can park their money in cash. This means accepting exceptionally low returns perhaps for a prolonged period and, worst of all, missing out on further gains.</p>\n<p>An alternative is to reposition defensively into assets or businesses with reliable income streams operating in essential industries or selling staples. These traditional “widows and orphans” investments are more difficult to find today. “Safe” government bonds now offer little income but high risk. Stock and property prices are highly correlated, reflecting investor behavior as well as the common reliance on leverage. More liquid and better-quality assets frequently come under selling pressure when leveraged investors need to raise cash. Today, just as a rising tide lifts all boats, a receding surge leaves everyone stranded.</p>\n<p>Fourth, investors can seek to benefit from higher inflation, switching to stocks that benefit from increasing prices. But the impact on equity prices will depend on whether it is profit inflation (that is, end-product prices rise) or cost inflation, including increases in wages. If it is the latter, then the squeeze on earnings may adversely affect equity valuations. Combined with higher rates, this may adversely affect stocks. Another alternative is inflation-linked securities, such as Treasury inflation-protected securities (TIPS) &nbsp;TIP,+0.52%&nbsp;or commodities.&nbsp;</p>\n<p>Fifth, investors could go “off-piste,” believing that existing policies are unsustainable and the economic system is irredeemable broken. This favors crypto-currencies, precious metals or collectibles — non-traditional assets whose supply is naturally constrained. The ability of the state to confiscate, tax and regulate, as well as reliance on courts to enforce rights, complicates this quest for freedom.</p>\n<p>The ultra-rich and some high-net worth individuals have gone off-grid already by moving into private markets. Concerned about manipulated and gamified markets, they focus now on non-listed real businesses and assets as well as private debt, sacrificing liquidity and transparency for better economics, privacy and control. Unfortunately, these options are limited for ordinary individuals — a different form of inequality.</p>\n<p>Investors therefore face Hobson’s illusory choice, where only one thing is actually offered. They can lose by betting against price rises or that prices keep rising.&nbsp;</p>\n<p>Policymakers, meanwhile, continue to compound decades of mistakes. They must now keep increasing debt and maintaining low rates in order to keep asset prices high. Government deficits are essential to maintaining economic activity. Kicking the can down the road is the only way to ensure that the day of reckoning is deferred — NIMTO (not in my term of office). This forces investors to go out further on the risk curve to generate returns.&nbsp;</p>\n<p>Perhaps investors nowadays should stick to comedian Will Rogers’s famous investment advice: “Don’t gamble; take all your savings and buy some good stock and hold it till it goes up, then sell it. If it don’t go up, don’t buy it.”</p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Opinion: Stock investors now have come to a cliff in the road — and options are limited </title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nOpinion: Stock investors now have come to a cliff in the road — and options are limited \n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-11 20:50 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.marketwatch.com/story/stock-investors-now-have-come-to-a-cliff-in-the-road-and-options-are-limited-11623375733?mod=home-page><strong>MarketWatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Fundamental things haven’t applied to the U.S. market but that seems about to change.\n\nThe coronavirus pandemic has been excellent for investors, but most now realize that the stock market’s ...</p>\n\n<a href=\"https://www.marketwatch.com/story/stock-investors-now-have-come-to-a-cliff-in-the-road-and-options-are-limited-11623375733?mod=home-page\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index","SPY":"标普500ETF",".DJI":"道琼斯"},"source_url":"https://www.marketwatch.com/story/stock-investors-now-have-come-to-a-cliff-in-the-road-and-options-are-limited-11623375733?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1198311684","content_text":"Fundamental things haven’t applied to the U.S. market but that seems about to change.\n\nThe coronavirus pandemic has been excellent for investors, but most now realize that the stock market’s extraordinary performance is not based on fundamentals, which ceased to matter some time ago.\nCentral banks have been driving asset prices with massive liquidity infusions and zero interest rates. Consumption and corporate earnings are underpinned by large government transfer payments, fiscal stimulus and industry support.\nWill it last? The consensus is that most assets are overpriced. Prices ultimately are the present value of future cash flows. Authorities have manipulated the discount rate but altering underlying long-term cash flows, which are driven by the real economy, is more difficult. Low volatility, engineered by central banks, also encourages exuberant prices. At some stage, profligate government deficits may be reigned by either winding back spending or increasing taxes. These policies may also drive inflation, requiring tighter monetary policy and higher rates. \nCurrently high stock prices expose investors to the risk of a sudden correction, when the game of musical chairs stops unexpectedly. Given that almost all of the gains have been in price rather than income (dividends, interest, etc.), the vulnerability is exacerbated. The unstable structure of the financial system — high leverage, shadow banks, illiquidity, unresolved linkages, the rise in trend following investors — means that any problem may trigger a major adjustment.\nInvestors’ options are limited. You could believe in the permanency of a “new normal.” Risky asset investments are then justified on the basis that authorities must ensure high- and rising asset prices, primarily as the alternative is too awful to contemplate. This assumes that policy options remain unconstrained indefinitely.\nOr investors can rely on momentum, essentially Keynes’ so-called beauty contest theory of investing, which anticipated today’s “meme stocks.” Successful investment requires investors to select the most popular faces among all judges, rather than those they may personally find the most attractive. The difficulty is knowing the judge’s mind and recognizing when to sell before the music stops.\nThird, investors can park their money in cash. This means accepting exceptionally low returns perhaps for a prolonged period and, worst of all, missing out on further gains.\nAn alternative is to reposition defensively into assets or businesses with reliable income streams operating in essential industries or selling staples. These traditional “widows and orphans” investments are more difficult to find today. “Safe” government bonds now offer little income but high risk. Stock and property prices are highly correlated, reflecting investor behavior as well as the common reliance on leverage. More liquid and better-quality assets frequently come under selling pressure when leveraged investors need to raise cash. Today, just as a rising tide lifts all boats, a receding surge leaves everyone stranded.\nFourth, investors can seek to benefit from higher inflation, switching to stocks that benefit from increasing prices. But the impact on equity prices will depend on whether it is profit inflation (that is, end-product prices rise) or cost inflation, including increases in wages. If it is the latter, then the squeeze on earnings may adversely affect equity valuations. Combined with higher rates, this may adversely affect stocks. Another alternative is inflation-linked securities, such as Treasury inflation-protected securities (TIPS)  TIP,+0.52% or commodities. \nFifth, investors could go “off-piste,” believing that existing policies are unsustainable and the economic system is irredeemable broken. This favors crypto-currencies, precious metals or collectibles — non-traditional assets whose supply is naturally constrained. The ability of the state to confiscate, tax and regulate, as well as reliance on courts to enforce rights, complicates this quest for freedom.\nThe ultra-rich and some high-net worth individuals have gone off-grid already by moving into private markets. Concerned about manipulated and gamified markets, they focus now on non-listed real businesses and assets as well as private debt, sacrificing liquidity and transparency for better economics, privacy and control. Unfortunately, these options are limited for ordinary individuals — a different form of inequality.\nInvestors therefore face Hobson’s illusory choice, where only one thing is actually offered. They can lose by betting against price rises or that prices keep rising. \nPolicymakers, meanwhile, continue to compound decades of mistakes. They must now keep increasing debt and maintaining low rates in order to keep asset prices high. Government deficits are essential to maintaining economic activity. Kicking the can down the road is the only way to ensure that the day of reckoning is deferred — NIMTO (not in my term of office). This forces investors to go out further on the risk curve to generate returns. \nPerhaps investors nowadays should stick to comedian Will Rogers’s famous investment advice: “Don’t gamble; take all your savings and buy some good stock and hold it till it goes up, then sell it. If it don’t go up, don’t buy it.”","news_type":1},"isVote":1,"tweetType":1,"viewCount":69,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":182875703,"gmtCreate":1623565638102,"gmtModify":1704206339164,"author":{"id":"3576156131829756","authorId":"3576156131829756","name":"Thiogui","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"????","listText":"????","text":"????","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/182875703","repostId":"1118102755","repostType":4,"repost":{"id":"1118102755","pubTimestamp":1623469189,"share":"https://www.laohu8.com/m/news/1118102755?lang=&edition=full","pubTime":"2021-06-12 11:39","market":"us","language":"en","title":"Don’t be fooled — inflation is a big risk for stock market investors. Here’s how to prepare ","url":"https://stock-news.laohu8.com/highlight/detail?id=1118102755","media":"MarketWatch","summary":"Michael Brush advises on how you can avoid making mistakes as bond yields rise and the central bank ","content":"<blockquote>\n <b>Michael Brush advises on how you can avoid making mistakes as bond yields rise and the central bank reduces its stimulus.</b>\n</blockquote>\n<p>Don’t be fooled by the placid response to the highest inflation rate in over a decade. Inflation will remain elevated enough to shake up the stock market, possibly causing a selloff as much as 15%. You need to prepare now.</p>\n<p>The reason: Persistently high inflation will move the 10-year Treasury yield to 2% and get the Federal Reserve to start tapering its stimulus by the end of the year. Both will rattle the stock market.</p>\n<p>The government said June 10 that the cost of living surged in May and drove the pace of inflation to a 13-year high of 5%.</p>\n<p>What should you do? Probably the opposite of what you are thinking. Before we get to that, here is a look at the two key events for stocks — in the bond market and at the Fed — between today and the end of the year.</p>\n<p><b>Rising yields</b></p>\n<p>Remember how the stock market freaked out earlier this year when the 10-year Treasury yield TMUBMUSD10Y,1.452%&nbsp;moved up to around 1.7%? Well, expect a repeat. Only worse.</p>\n<p>“We suspect that inflation in the U.S. will prove more persistent than investors currently appear to anticipate,” says Capital Economics economist Franziska Palmas, citing the tight labor market and wage growth. Her research group puts the 10-year yield at 2.25% by the end of this year, and 2.5% by the end of 2022.</p>\n<p>That’ll be a big move from the current level of 1.5%. Stock investors tend to panic when interest rates rise a lot.</p>\n<p><b>Fed tapering</b></p>\n<p>Fed Chairman Jerome Powell has downplayed the need for tapering the central bank’s bond purchases to keep yields low. But half of the 12 members of the Federal Open Market Committee&nbsp;(FOMC) have recently said they’re ready to start talking about tapering. The FOMC is the Fed branch that sets monetary policy.</p>\n<p>“It will be increasingly hard for Powell to claim the economy needs to make ‘substantial further progress’ toward achieving maximum employment before the Fed starts talking about talking about tapering,” says Ed Yardeni, author of Predicting the Markets and head of Yardeni Research. Powell has repeatedly said the Fed is awaiting “substantial further progress” in the economy before terminating its stimulus.</p>\n<p>“Given the performance of the economy, it is reasonable to expect they will start to taper before end of year, and a few months later they will start to raise the federal funds rate,” predicts Yardeni.</p>\n<p>He thinks the Fed will announce a decision to start tapering in its July meeting. Tapering refers to a reduction in bond purchases by the Fed. This tightens the money supply to put the brakes on growth. Once purchases go to zero, the Fed moves on to cutting rates.</p>\n<p>As we know, tapering causes a “taper tantrum” in the stock market, meaning a sharp selloff in indices like the S&amp;P 500 SPX,+0.19%,&nbsp;the Dow Jones Industrial Average DJIA,+0.04%&nbsp;and Nasdaq COMP,+0.35%.</p>\n<p><b>How to prepare</b></p>\n<p>When considering how to position for the probable selloff caused by rising bond yields and Fed tightening, the key things to remember is why these things are happening in the first place, and what history tells us about how stocks behave.</p>\n<p>The consensus view is that tapering and rising bond yields kill off economic growth and the bull market in stocks. But this isn’t actually true.</p>\n<p>Yes, initially, tightening can make stocks fall — or churn sideways, at best. But then stocks shake it off and move higher as the bull market continues. This makes sense, because the tightening is happening for good reasons that help companies — strong economic growth. This pushes earnings a lot higher, which resets valuations lower — back down to levels investors feel comfortable with.</p>\n<p>“Tapering is part and parcel of a recovery,” says Leuthold market strategist Jim Paulsen. “It is a response to successful policy and a rebound in the economy. It is a natural part of the bull market that allows the market to go higher. It’s a healthy development.”</p>\n<p>Looking through all the market fireworks that may lie ahead, Paulsen thinks underlying economic growth will push S&amp;P 500 earnings up to $220 by the end of the year. Assuming the S&amp;P 500 is at current levels or a little bit lower, that would bring the index’s price-to-earnings (P/E) ratio down to 18-19 — which is near or below the average since 1990. “That sets up the next leg of the bull market,” he says.</p>\n<p><b>Your five-point game plan</b></p>\n<p><b>1. Do not go to “defensives”</b></p>\n<p>When people see stock market turbulence, the knee-jerk reaction is to go for the “stability” of defensive names like utilities and consumer staples. But that would be a mistake. You want to go to defensives when the economy is slowing or contracting, not when it is strong. Another problem is that defensive names pay yield. So, like bonds, they get hit by rising interest rates, which devalue dividends — and dividend-paying stocks and bonds.</p>\n<p>“The best way to protect yourself is to tie your portfolio to the overheated economy. That is where the best profit growth and profit leverage is,” says Paulsen. “You do not get that with defensives.”</p>\n<p><b>2. Go with companies that benefit from growth</b></p>\n<p>Since rapid economic growth is causing the tapering — and the growth is usually not killed off by tightening — stocks linked to growth typically are the best place to be. This means cyclicals like industrials, basic materials consumer names, small-caps and international stocks. “Slower growth consumer staples and utilities won’t keep up with growth areas of the market,” says Paulsen.</p>\n<p>I first suggested Lindblad Expeditions LIND,+0.17%&nbsp;and Cardlytics CDLX,+4.54%&nbsp;and in my stock letter, Brush Up on Stocks (the link to my site is in the bio, below) in September 2020 and November 2019. I still like and own both even though they are up 48% and 157% — or two to four times the S&amp;P 500. Recent insider buying confirms they are buys and holds around current levels. Plus, both are cyclical names. Cardlytics helps credit card companies understand customer buying patterns for marketing purposes. Lindblad offers specialized cruise adventures to exotic locales. Both benefit from economic growth that powers more consumer spending.</p>\n<p><b>3. Do not get out of stocks</b></p>\n<p>If you think a selloff is coming, it might be tempting to try to get out of stocks right before that, to buy back after the weakness happens. But this is a lot harder than you think. In fact, it is almost impossible to get the timing right, say market veterans.</p>\n<p>“You have to make two smart decisions,” says Yardeni. “You have to get out just before the correction and then you have to decide when to get back in. I don’t know of too many people that can do that consistently.”</p>\n<p>Market timers often get out and don’t get back in, and they miss the next leg up. “You can get yourself into trouble trying to avoid the correction,” says Paulsen.</p>\n<p><b>4. Do not own bonds</b></p>\n<p>Bond yields will be 2% or higher by the end of year. So don’t own bonds, whose prices fall when yields rise — unless you simply plan to hold to maturity to collect the income.</p>\n<p><b>5. Go with financials</b></p>\n<p>Strong economies typically make the yield curve more upward sloping, meaning that long-term interest rates on 10-year Treasuries rise a lot faster than short-term interest rates. Since banks borrow at the short end and lend at the long end, steepening yield curves help them.</p>\n<p>The strong economy will also help banks release reserves and lower provisions for loan losses, both of which can boost earnings, points out Yardeni. Both JPMorgan Chase JPM,-0.07%&nbsp;and Bank of America BAC,+0.41%&nbsp;are up over twice as much as the S&amp;P 500 since I suggested them in my stock letter last August. But they still look attractive. Recent pattern buying by smart insiders among smaller banks confirms the sector is still one to own, despite the strength over the past few quarters.</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>Don’t be fooled — inflation is a big risk for stock market investors. Here’s how to prepare </title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDon’t be fooled — inflation is a big risk for stock market investors. Here’s how to prepare \n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-12 11:39 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.marketwatch.com/story/dont-be-fooled-inflation-is-a-big-risk-for-stock-market-investors-heres-how-to-prepare-11623421036?siteid=yhoof2><strong>MarketWatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Michael Brush advises on how you can avoid making mistakes as bond yields rise and the central bank reduces its stimulus.\n\nDon’t be fooled by the placid response to the highest inflation rate in over ...</p>\n\n<a href=\"https://www.marketwatch.com/story/dont-be-fooled-inflation-is-a-big-risk-for-stock-market-investors-heres-how-to-prepare-11623421036?siteid=yhoof2\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.marketwatch.com/story/dont-be-fooled-inflation-is-a-big-risk-for-stock-market-investors-heres-how-to-prepare-11623421036?siteid=yhoof2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1118102755","content_text":"Michael Brush advises on how you can avoid making mistakes as bond yields rise and the central bank reduces its stimulus.\n\nDon’t be fooled by the placid response to the highest inflation rate in over a decade. Inflation will remain elevated enough to shake up the stock market, possibly causing a selloff as much as 15%. You need to prepare now.\nThe reason: Persistently high inflation will move the 10-year Treasury yield to 2% and get the Federal Reserve to start tapering its stimulus by the end of the year. Both will rattle the stock market.\nThe government said June 10 that the cost of living surged in May and drove the pace of inflation to a 13-year high of 5%.\nWhat should you do? Probably the opposite of what you are thinking. Before we get to that, here is a look at the two key events for stocks — in the bond market and at the Fed — between today and the end of the year.\nRising yields\nRemember how the stock market freaked out earlier this year when the 10-year Treasury yield TMUBMUSD10Y,1.452% moved up to around 1.7%? Well, expect a repeat. Only worse.\n“We suspect that inflation in the U.S. will prove more persistent than investors currently appear to anticipate,” says Capital Economics economist Franziska Palmas, citing the tight labor market and wage growth. Her research group puts the 10-year yield at 2.25% by the end of this year, and 2.5% by the end of 2022.\nThat’ll be a big move from the current level of 1.5%. Stock investors tend to panic when interest rates rise a lot.\nFed tapering\nFed Chairman Jerome Powell has downplayed the need for tapering the central bank’s bond purchases to keep yields low. But half of the 12 members of the Federal Open Market Committee (FOMC) have recently said they’re ready to start talking about tapering. The FOMC is the Fed branch that sets monetary policy.\n“It will be increasingly hard for Powell to claim the economy needs to make ‘substantial further progress’ toward achieving maximum employment before the Fed starts talking about talking about tapering,” says Ed Yardeni, author of Predicting the Markets and head of Yardeni Research. Powell has repeatedly said the Fed is awaiting “substantial further progress” in the economy before terminating its stimulus.\n“Given the performance of the economy, it is reasonable to expect they will start to taper before end of year, and a few months later they will start to raise the federal funds rate,” predicts Yardeni.\nHe thinks the Fed will announce a decision to start tapering in its July meeting. Tapering refers to a reduction in bond purchases by the Fed. This tightens the money supply to put the brakes on growth. Once purchases go to zero, the Fed moves on to cutting rates.\nAs we know, tapering causes a “taper tantrum” in the stock market, meaning a sharp selloff in indices like the S&P 500 SPX,+0.19%, the Dow Jones Industrial Average DJIA,+0.04% and Nasdaq COMP,+0.35%.\nHow to prepare\nWhen considering how to position for the probable selloff caused by rising bond yields and Fed tightening, the key things to remember is why these things are happening in the first place, and what history tells us about how stocks behave.\nThe consensus view is that tapering and rising bond yields kill off economic growth and the bull market in stocks. But this isn’t actually true.\nYes, initially, tightening can make stocks fall — or churn sideways, at best. But then stocks shake it off and move higher as the bull market continues. This makes sense, because the tightening is happening for good reasons that help companies — strong economic growth. This pushes earnings a lot higher, which resets valuations lower — back down to levels investors feel comfortable with.\n“Tapering is part and parcel of a recovery,” says Leuthold market strategist Jim Paulsen. “It is a response to successful policy and a rebound in the economy. It is a natural part of the bull market that allows the market to go higher. It’s a healthy development.”\nLooking through all the market fireworks that may lie ahead, Paulsen thinks underlying economic growth will push S&P 500 earnings up to $220 by the end of the year. Assuming the S&P 500 is at current levels or a little bit lower, that would bring the index’s price-to-earnings (P/E) ratio down to 18-19 — which is near or below the average since 1990. “That sets up the next leg of the bull market,” he says.\nYour five-point game plan\n1. Do not go to “defensives”\nWhen people see stock market turbulence, the knee-jerk reaction is to go for the “stability” of defensive names like utilities and consumer staples. But that would be a mistake. You want to go to defensives when the economy is slowing or contracting, not when it is strong. Another problem is that defensive names pay yield. So, like bonds, they get hit by rising interest rates, which devalue dividends — and dividend-paying stocks and bonds.\n“The best way to protect yourself is to tie your portfolio to the overheated economy. That is where the best profit growth and profit leverage is,” says Paulsen. “You do not get that with defensives.”\n2. Go with companies that benefit from growth\nSince rapid economic growth is causing the tapering — and the growth is usually not killed off by tightening — stocks linked to growth typically are the best place to be. This means cyclicals like industrials, basic materials consumer names, small-caps and international stocks. “Slower growth consumer staples and utilities won’t keep up with growth areas of the market,” says Paulsen.\nI first suggested Lindblad Expeditions LIND,+0.17% and Cardlytics CDLX,+4.54% and in my stock letter, Brush Up on Stocks (the link to my site is in the bio, below) in September 2020 and November 2019. I still like and own both even though they are up 48% and 157% — or two to four times the S&P 500. Recent insider buying confirms they are buys and holds around current levels. Plus, both are cyclical names. Cardlytics helps credit card companies understand customer buying patterns for marketing purposes. Lindblad offers specialized cruise adventures to exotic locales. Both benefit from economic growth that powers more consumer spending.\n3. Do not get out of stocks\nIf you think a selloff is coming, it might be tempting to try to get out of stocks right before that, to buy back after the weakness happens. But this is a lot harder than you think. In fact, it is almost impossible to get the timing right, say market veterans.\n“You have to make two smart decisions,” says Yardeni. “You have to get out just before the correction and then you have to decide when to get back in. I don’t know of too many people that can do that consistently.”\nMarket timers often get out and don’t get back in, and they miss the next leg up. “You can get yourself into trouble trying to avoid the correction,” says Paulsen.\n4. Do not own bonds\nBond yields will be 2% or higher by the end of year. So don’t own bonds, whose prices fall when yields rise — unless you simply plan to hold to maturity to collect the income.\n5. Go with financials\nStrong economies typically make the yield curve more upward sloping, meaning that long-term interest rates on 10-year Treasuries rise a lot faster than short-term interest rates. Since banks borrow at the short end and lend at the long end, steepening yield curves help them.\nThe strong economy will also help banks release reserves and lower provisions for loan losses, both of which can boost earnings, points out Yardeni. Both JPMorgan Chase JPM,-0.07% and Bank of America BAC,+0.41% are up over twice as much as the S&P 500 since I suggested them in my stock letter last August. But they still look attractive. Recent pattern buying by smart insiders among smaller banks confirms the sector is still one to own, despite the strength over the past few quarters.","news_type":1},"isVote":1,"tweetType":1,"viewCount":115,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}