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2022-04-17

Good

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2022-04-12

Play tgt.

@TigerEvents:🏆【GAME】Hunting Eggs for Extra Saving!

2022-02-12

Great game.

@TigerEvents:Join Tiger Ski Championship, Win a Bonus of Up to USD 2022

2021-08-10

Great stocks.

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2021-07-20

Please like and comment.

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2021-07-10

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

2021-07-05

Like and comment! :)

When Big Tech Stumbles, the Market Can Fall Hard. These 5 Funds Can Help.

2021-07-02

Pls like and comment thank you

S&P 500 winning streak extends to sixth straight record close

2021-06-24

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2021-06-22

To the moon. Comments?

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2021-06-22

Up up. !

Wall Street ends sharply higher, led by surging Dow

2021-06-17

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2021-06-16

Pls like and comment

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2021-06-15

Like and comment! Thank you [Shy]

Nasdaq rises to an all-time closing high, S&P 500 ekes out another record

2021-06-12

Like & comment! Thank you!!

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2021-06-11

Like and comment thx :)

Global Semiconductor annual sales projected to increase 19.7% in 2021, 8.8% in 2022

2021-06-10

Covid boost its sales! Pls like and comment! [Smile]

Amazon: A No-Brainer For The Next 10 Years

2021-06-09

Education field is always neglected too. Pls like and comment! Thank you!

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2021-06-07

$GameStop(GME)$scary up and down? Any views?

GameStop earnings, consumer inflation data: What to know this week

2021-06-06

Wow!!! This trend is getting real! Like and comment

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Go to Tiger App to see more news

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To celebrate the special year, we want to invite you to join the ski game presented by Tiger Brokers specially, and it’s very easy and interesting game for users to play. Join the game and win a bonus of up to USD 2022 and limited-edition Tiger Toys Spring Festival and Winter Olympic are both on the way, open your Tiger Trade App and play the ski game with us, win golden medals as many as you can! You could have chance to try Lucky Draw when you win medals.The more medal you win, the bigger bonus you may win! Big Rewards are as follow: <a href=\"https://www.tigerbrokers.com.sg/activity/market/2022/happy-new-year/#/\" target=\"_blank\">Click to Join the Game</a>","listText":"2022 is the Year of Tiger in Chinese lunar calendar, it’s also a special year for Tiger Brokers. To celebrate the special year, we want to invite you to join the ski game presented by Tiger Brokers specially, and it’s very easy and interesting game for users to play. Join the game and win a bonus of up to USD 2022 and limited-edition Tiger Toys Spring Festival and Winter Olympic are both on the way, open your Tiger Trade App and play the ski game with us, win golden medals as many as you can! You could have chance to try Lucky Draw when you win medals.The more medal you win, the bigger bonus you may win! Big Rewards are as follow: <a href=\"https://www.tigerbrokers.com.sg/activity/market/2022/happy-new-year/#/\" target=\"_blank\">Click to Join the Game</a>","text":"2022 is the Year of Tiger in Chinese lunar calendar, it’s also a special year for Tiger Brokers. To celebrate the special year, we want to invite you to join the ski game presented by Tiger Brokers specially, and it’s very easy and interesting game for users to play. Join the game and win a bonus of up to USD 2022 and limited-edition Tiger Toys Spring Festival and Winter Olympic are both on the way, open your Tiger Trade App and play the ski game with us, win golden medals as many as you can! You could have chance to try Lucky Draw when you win medals.The more medal you win, the bigger bonus you may win! Big Rewards are as follow: Click to Join the Game","images":[{"img":"https://static.tigerbbs.com/a7b44fa056439fb4010fa55e163d27c3","width":"750","height":"1726"}],"top":1,"highlighted":1,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9004448317","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":2,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":376,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":896549026,"gmtCreate":1628596701265,"gmtModify":1676529790939,"author":{"id":"3576445214043888","authorId":"3576445214043888","name":"Lingclass","avatar":"https://static.tigerbbs.com/950af8fc59792b26f3c6dc5e2b211022","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576445214043888","authorIdStr":"3576445214043888"},"themes":[],"htmlText":"Great stocks.&nbsp;","listText":"Great stocks.&nbsp;","text":"Great stocks.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/896549026","repostId":"2158792304","repostType":4,"isVote":1,"tweetType":1,"viewCount":644,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":171659944,"gmtCreate":1626743268288,"gmtModify":1703764236254,"author":{"id":"3576445214043888","authorId":"3576445214043888","name":"Lingclass","avatar":"https://static.tigerbbs.com/950af8fc59792b26f3c6dc5e2b211022","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576445214043888","authorIdStr":"3576445214043888"},"themes":[],"htmlText":"Please like and comment.&nbsp;","listText":"Please like and comment.&nbsp;","text":"Please like and comment.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/171659944","repostId":"1195011644","repostType":4,"isVote":1,"tweetType":1,"viewCount":607,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":141753407,"gmtCreate":1625893691009,"gmtModify":1703750628695,"author":{"id":"3576445214043888","authorId":"3576445214043888","name":"Lingclass","avatar":"https://static.tigerbbs.com/950af8fc59792b26f3c6dc5e2b211022","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576445214043888","authorIdStr":"3576445214043888"},"themes":[],"htmlText":"Like and comment","listText":"Like and comment","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/141753407","repostId":"1185154176","repostType":4,"repost":{"id":"1185154176","pubTimestamp":1625886925,"share":"https://ttm.financial/m/news/1185154176?lang=&edition=fundamental","pubTime":"2021-07-10 11:15","market":"us","language":"en","title":"The bull market in stocks may last up to five years — here are six reasons why","url":"https://stock-news.laohu8.com/highlight/detail?id=1185154176","media":"marketwatch","summary":"The economy is booming, earnings are rising, and the Federal Reserve is giving unprecedented support. When the stock market sells off, as it did Thursday, the right move was to buy your favorite stocks. Friday’s market action proved that.We are still only in the early stages of what is going to be a three- to five-year bull market in stocks, for these six reasons.Behind the scenes, consumers have massive unspent savings because they hunkered down for the pandemic. The personal savings rate hit n","content":"<p>The economy is booming, earnings are rising, and the Federal Reserve is giving unprecedented support</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/16f57eb7b0f75afb2f46b6d61281db87\" tg-width=\"1260\" tg-height=\"839\"><span>(Photo by Jorge Guerrero/AFP via Getty Images)</span></p>\n<p>When the stock market sells off, as it did Thursday, the right move was to buy your favorite stocks. Friday’s market action proved that.</p>\n<p>It’s true that there could be a correction, given the already sizable 17% gain in the S&amp;P 500 Index&nbsp;this year. But you should buy then, too.</p>\n<p>Here’s why.</p>\n<p>We are still only in the early stages of what is going to be a three- to five-year bull market in stocks, for these six reasons.</p>\n<p><b>1. There’s tremendous pent-up demand</b></p>\n<p>Everyone is looking to the Federal Reserve for cues about stimulus. They are overlooking private-sector forces that will push stocks higher. To sum up, there’s huge pent-up private-sector demand that will help propel U.S. GDP growth to 8% this year and 3.5%-4.5% for years after that. The pent-up demand comes from the following sources, points out Jim Paulsen, chief strategist and economist at the Leuthold Group.</p>\n<p>First, there’s been a surge in household formation, as millennials hit the family years. This helps explain the big uptick in home demand. Once you buy a house, you have to fill it up with stuff. More consumer demand on the way.</p>\n<p>Behind the scenes, consumers have massive unspent savings because they hunkered down for the pandemic. The personal savings rate hit nearly 16% of GDP, compared to a post war average of 6.5%. The prior high was 10% in 1970s.</p>\n<p>Relatedly, household balance sheets improved remarkably. Debt-to-income ratios are the lowest since the 1990s. Consumers will continue to tap more bank loans and credit card capacity, as their confidence increases because employment and the economy remain strong.</p>\n<p>Next, there will be plenty more newly employed people once the extra unemployment benefits expire in September. This means consumer confidence will improve, which invariably boosts economic growth. The labor participation rate has room to improve, leaving spare employment capacity before we hit the full employment that can cap economic growth.</p>\n<p>Now let’s look at the pent-up demand in businesses.</p>\n<p>You know all the shortages of stuff you keep running into or hearing about? Here’s why this is happening. To prepare for a prolonged epidemic, businesses cut inventories to the bone. It was the biggest inventory liquidation ever. But now, companies have to build back inventories. The ongoing inventory rebuild will be huge.</p>\n<p>Companies also cut capacity, which they are building out again. Capital goods spending surged to record highs in the past year, advancing almost 23%, after being essentially flat for most of the prior two decades. This creates sustained growth, and it tells us a lot about business confidence.</p>\n<p><b>The bottom line</b>: We will see 7%-8% GDP growth this year, followed by 4%-4.5% next year and above average growth after that, supporting a sustained bull market in stocks. Expect the normal corrections along the way.</p>\n<p><b>2. An under-appreciated earnings boom lies ahead</b></p>\n<p>The economic rebound has happened so quickly, analysts can’t keep up. Wall Street analysts project $190 a share in S&amp;P 500 earnings this year. But that is woefully low given the expected 7%-8% GDP growth and massive stimulus that has yet to kick in. Stimulus normally takes six to eight months to take effect, and a lot of the recent dollops happened inside that window.</p>\n<p>Paulsen expects 2021 S&amp;P 500 earnings will be more like $220 instead of the consensus estimate of $190.</p>\n<p>“Analysts are still under-appreciating how much profits have improved and how much they will improve,” says Paulsen. “We had dramatic overreaction from policy officials. They addressed the collapse, but created a massive improvement in fundamentals. This is still playing out in terms of the recovery in profits.”</p>\n<p>Plus, more fiscal stimulus is probably on the way, in the form of infrastructure spending.</p>\n<p><b>3. There’s a new Fed in town</b></p>\n<p>For much of the past three decades, the Fed has been quick to tighten its policy to ward off inflation. The central bank killed off growth in the process. That’s one reason why the past 20 years posted the slowest growth in the post-war era. Now, though, the Fed is much more accommodative and this may likely persist because inflation will remain sluggish (more on this, below).</p>\n<p>Here’s a simple gauge to measure this. Take GDP growth and subtract the yield on 10-year TreasuriesTMUBMUSD10Y,1.359%.This gauge was negative for much of 1980-2010, when the Fed kept growth cool to contain inflation. Now, though, Fed policy is helping to keep 10-year yields well below GDP growth, which allows the economy to run hot. This was the state of affairs during 1950-1965, which some analysts call “the golden age of capitalism” because of the glide path in growth.</p>\n<p><b>4. Inflation won’t kill the bull</b></p>\n<p>Inflation may rise near term because the economy is so hot. But medium term, the inflation slayers will win out. Here’s a roundup. The population is aging, and older people spend less. The boom in business capital spending will continue to boost productivity at companies. This allows them to avoid passing along rising costs to customers. Global trade and competition have not gone away. This puts downward pressure on prices since goods can be made more cheaply in many foreign countries. Ongoing technological advances continually put downward pressure on tech products.</p>\n<p><b>5. Valuations will improve</b></p>\n<p>We’re now at the phase in the economic rebound where the following dynamic typically plays out. Stocks trade sideways for months, mostly because of worries about inflation and rising bond yields. All the while, the economy and earnings continue to grow, bringing down stock valuations. This dynamic played out at about this point in prior economic rebounds during 1983-84, 1993-94, 2004-05 and 2009-10. In short, we will see a big surge in earnings while the stock market marks time, or even corrects.</p>\n<p>This will reset stock valuations lower, removing one of the chief concerns among investors — high valuations. If S&amp;P 500 earnings hit $220 by the end of the year and the index is at 4,000 to 4,100 points because of a correction, stocks will be at an 18-19 price earnings ratio — below the average since 1990.</p>\n<p>True to form, the Dow Jones Industrial AverageDJIA,+1.30%and the Russell 2000&nbsp;small-cap index have traded sideways for two to four months. The S&amp;P 500 and Nasdaq&nbsp;recently broke out of trading ranges, but a bigger pullback would send them back into sideways action mode.</p>\n<p><b>6. Sentiment isn’t extreme</b></p>\n<p>As a contrarian, I look for excessive sentiment as a sign that it’s time to raise some cash. We don’t see that yet. A simple gauge to follow is the Investors Intelligence Bull/Bear ratio. It recently came in at 3.92. That’s near the warning path, which for me starts at 4. On the other hand, mutual fund cash was recently at $4.6 trillion, near historical highs. This represents caution among investors.</p>\n<p><b>Three themes to follow</b></p>\n<p>If we are in store for a sustained economic recovery and a multi-year bull market in stocks, it will pay to follow these three themes.</p>\n<p><b>Favor cyclicals.</b>Stay with economically sensitive businesses and add to your holdings in them on pullbacks. This means cyclical companies in areas like financials, materials, industrials and consumer discretionary businesses.</p>\n<p><b>Avoid defensives.</b>If you want yield, go with stocks that pay a dividend but also have capital appreciation potential — not steady growth companies selling stuff like consumer staples. On this theme, in my stock letter Brush Up on Stocks (the link is in bio, below) I’ve recently suggested or reiterated Home Depot&nbsp;in retail, B. Riley Financial,a markets and investment banking name, and Regional Management&nbsp;in consumer finance.</p>\n<p><b>Favor emerging markets.</b>Their growth tends to be higher during expansions. Just be careful with China. It has an aging population. Limited workforce growth may constrain economic growth. Another challenge is that ongoing U.S.-China tensions and the related threat of persistent tariffs and trade barriers have global companies relocating supply chains elsewhere.</p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The bull market in stocks may last up to five years — here are six reasons why</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe bull market in stocks may last up to five years — here are six reasons why\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-10 11:15 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.marketwatch.com/story/the-bull-market-in-stocks-may-last-up-to-five-years-here-are-six-reasons-why-11625842781?mod=home-page><strong>marketwatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The economy is booming, earnings are rising, and the Federal Reserve is giving unprecedented support\n(Photo by Jorge Guerrero/AFP via Getty Images)\nWhen the stock market sells off, as it did Thursday,...</p>\n\n<a href=\"https://www.marketwatch.com/story/the-bull-market-in-stocks-may-last-up-to-five-years-here-are-six-reasons-why-11625842781?mod=home-page\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://www.marketwatch.com/story/the-bull-market-in-stocks-may-last-up-to-five-years-here-are-six-reasons-why-11625842781?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1185154176","content_text":"The economy is booming, earnings are rising, and the Federal Reserve is giving unprecedented support\n(Photo by Jorge Guerrero/AFP via Getty Images)\nWhen the stock market sells off, as it did Thursday, the right move was to buy your favorite stocks. Friday’s market action proved that.\nIt’s true that there could be a correction, given the already sizable 17% gain in the S&P 500 Index this year. But you should buy then, too.\nHere’s why.\nWe are still only in the early stages of what is going to be a three- to five-year bull market in stocks, for these six reasons.\n1. There’s tremendous pent-up demand\nEveryone is looking to the Federal Reserve for cues about stimulus. They are overlooking private-sector forces that will push stocks higher. To sum up, there’s huge pent-up private-sector demand that will help propel U.S. GDP growth to 8% this year and 3.5%-4.5% for years after that. The pent-up demand comes from the following sources, points out Jim Paulsen, chief strategist and economist at the Leuthold Group.\nFirst, there’s been a surge in household formation, as millennials hit the family years. This helps explain the big uptick in home demand. Once you buy a house, you have to fill it up with stuff. More consumer demand on the way.\nBehind the scenes, consumers have massive unspent savings because they hunkered down for the pandemic. The personal savings rate hit nearly 16% of GDP, compared to a post war average of 6.5%. The prior high was 10% in 1970s.\nRelatedly, household balance sheets improved remarkably. Debt-to-income ratios are the lowest since the 1990s. Consumers will continue to tap more bank loans and credit card capacity, as their confidence increases because employment and the economy remain strong.\nNext, there will be plenty more newly employed people once the extra unemployment benefits expire in September. This means consumer confidence will improve, which invariably boosts economic growth. The labor participation rate has room to improve, leaving spare employment capacity before we hit the full employment that can cap economic growth.\nNow let’s look at the pent-up demand in businesses.\nYou know all the shortages of stuff you keep running into or hearing about? Here’s why this is happening. To prepare for a prolonged epidemic, businesses cut inventories to the bone. It was the biggest inventory liquidation ever. But now, companies have to build back inventories. The ongoing inventory rebuild will be huge.\nCompanies also cut capacity, which they are building out again. Capital goods spending surged to record highs in the past year, advancing almost 23%, after being essentially flat for most of the prior two decades. This creates sustained growth, and it tells us a lot about business confidence.\nThe bottom line: We will see 7%-8% GDP growth this year, followed by 4%-4.5% next year and above average growth after that, supporting a sustained bull market in stocks. Expect the normal corrections along the way.\n2. An under-appreciated earnings boom lies ahead\nThe economic rebound has happened so quickly, analysts can’t keep up. Wall Street analysts project $190 a share in S&P 500 earnings this year. But that is woefully low given the expected 7%-8% GDP growth and massive stimulus that has yet to kick in. Stimulus normally takes six to eight months to take effect, and a lot of the recent dollops happened inside that window.\nPaulsen expects 2021 S&P 500 earnings will be more like $220 instead of the consensus estimate of $190.\n“Analysts are still under-appreciating how much profits have improved and how much they will improve,” says Paulsen. “We had dramatic overreaction from policy officials. They addressed the collapse, but created a massive improvement in fundamentals. This is still playing out in terms of the recovery in profits.”\nPlus, more fiscal stimulus is probably on the way, in the form of infrastructure spending.\n3. There’s a new Fed in town\nFor much of the past three decades, the Fed has been quick to tighten its policy to ward off inflation. The central bank killed off growth in the process. That’s one reason why the past 20 years posted the slowest growth in the post-war era. Now, though, the Fed is much more accommodative and this may likely persist because inflation will remain sluggish (more on this, below).\nHere’s a simple gauge to measure this. Take GDP growth and subtract the yield on 10-year TreasuriesTMUBMUSD10Y,1.359%.This gauge was negative for much of 1980-2010, when the Fed kept growth cool to contain inflation. Now, though, Fed policy is helping to keep 10-year yields well below GDP growth, which allows the economy to run hot. This was the state of affairs during 1950-1965, which some analysts call “the golden age of capitalism” because of the glide path in growth.\n4. Inflation won’t kill the bull\nInflation may rise near term because the economy is so hot. But medium term, the inflation slayers will win out. Here’s a roundup. The population is aging, and older people spend less. The boom in business capital spending will continue to boost productivity at companies. This allows them to avoid passing along rising costs to customers. Global trade and competition have not gone away. This puts downward pressure on prices since goods can be made more cheaply in many foreign countries. Ongoing technological advances continually put downward pressure on tech products.\n5. Valuations will improve\nWe’re now at the phase in the economic rebound where the following dynamic typically plays out. Stocks trade sideways for months, mostly because of worries about inflation and rising bond yields. All the while, the economy and earnings continue to grow, bringing down stock valuations. This dynamic played out at about this point in prior economic rebounds during 1983-84, 1993-94, 2004-05 and 2009-10. In short, we will see a big surge in earnings while the stock market marks time, or even corrects.\nThis will reset stock valuations lower, removing one of the chief concerns among investors — high valuations. If S&P 500 earnings hit $220 by the end of the year and the index is at 4,000 to 4,100 points because of a correction, stocks will be at an 18-19 price earnings ratio — below the average since 1990.\nTrue to form, the Dow Jones Industrial AverageDJIA,+1.30%and the Russell 2000 small-cap index have traded sideways for two to four months. The S&P 500 and Nasdaq recently broke out of trading ranges, but a bigger pullback would send them back into sideways action mode.\n6. Sentiment isn’t extreme\nAs a contrarian, I look for excessive sentiment as a sign that it’s time to raise some cash. We don’t see that yet. A simple gauge to follow is the Investors Intelligence Bull/Bear ratio. It recently came in at 3.92. That’s near the warning path, which for me starts at 4. On the other hand, mutual fund cash was recently at $4.6 trillion, near historical highs. This represents caution among investors.\nThree themes to follow\nIf we are in store for a sustained economic recovery and a multi-year bull market in stocks, it will pay to follow these three themes.\nFavor cyclicals.Stay with economically sensitive businesses and add to your holdings in them on pullbacks. This means cyclical companies in areas like financials, materials, industrials and consumer discretionary businesses.\nAvoid defensives.If you want yield, go with stocks that pay a dividend but also have capital appreciation potential — not steady growth companies selling stuff like consumer staples. On this theme, in my stock letter Brush Up on Stocks (the link is in bio, below) I’ve recently suggested or reiterated Home Depot in retail, B. Riley Financial,a markets and investment banking name, and Regional Management in consumer finance.\nFavor emerging markets.Their growth tends to be higher during expansions. Just be careful with China. It has an aging population. Limited workforce growth may constrain economic growth. Another challenge is that ongoing U.S.-China tensions and the related threat of persistent tariffs and trade barriers have global companies relocating supply chains elsewhere.","news_type":1},"isVote":1,"tweetType":1,"viewCount":305,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":155238527,"gmtCreate":1625438275169,"gmtModify":1703741556738,"author":{"id":"3576445214043888","authorId":"3576445214043888","name":"Lingclass","avatar":"https://static.tigerbbs.com/950af8fc59792b26f3c6dc5e2b211022","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576445214043888","authorIdStr":"3576445214043888"},"themes":[],"htmlText":"Like and comment! :)","listText":"Like and comment! :)","text":"Like and comment! :)","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/155238527","repostId":"1189605893","repostType":4,"repost":{"id":"1189605893","pubTimestamp":1625363433,"share":"https://ttm.financial/m/news/1189605893?lang=&edition=fundamental","pubTime":"2021-07-04 09:50","market":"us","language":"en","title":"When Big Tech Stumbles, the Market Can Fall Hard. These 5 Funds Can Help.","url":"https://stock-news.laohu8.com/highlight/detail?id=1189605893","media":"Barron's","summary":"It is possible to have too much of a good thing. After riding five megacap technology stocks to new highs after new highs, investors’ portfolios may be uncomfortably concentrated in these winners at a time that some strategists see a potential turn ahead in the markets.Investors’ portfolios are chock-full of these stocks, leaving them less diversified for a possible turn in the market. These companies are already beginning to slow down. Take Amazon, which accounts for roughly 4% of the S&P 500—m","content":"<p>It is possible to have too much of a good thing. After riding five megacap technology stocks to new highs after new highs, investors’ portfolios may be uncomfortably concentrated in these winners at a time that some strategists see a potential turn ahead in the markets.</p>\n<p>Owning the Big Five—Apple(ticker: AAPL),Microsoft(MSFT),Amazon.com(AMZN),Facebook(FB), andAlphabet’sGoogle (GOOGL)—has been lucrative: These companies have logged gains of 125% to 245% since the beginning of 2019. These stocks are widely held, not just by index investors, but also among all kinds of active fund managers—including those who don’t typically own growth companies.</p>\n<p>Together, the five companies account for almost 22% of theS&amp;P 500index. Of course, the Nifty Fifty stocks dominated the 1970s, and blue-chip stalwarts such asIBM(IBM) andAT&amp;T(T) ruled the 1980s. Those companies may have wielded even more influence over the broad economy than today’s biggest companies do, but the level of market concentration is higher now, and the Big Five’s impact on the broad market is much greater because of their size, according to Howard Silverblatt, senior index analyst at S&amp;P Dow Jones Indices. Apple and Microsoft are the first U.S. stocks whose market values have soared past $2 trillion. Though it has slipped a bit this year, Apple hit peak concentration for a single stock in the S&amp;P 500 last year at about 7%, higher than IBM’s in its heyday.</p>\n<p>There are signs that investor appetite for risk is waning, which could hurt the prospects for the growth of Big Tech. There has beena selloff in speculative cornersof the market, such as cryptocurrencies and special purpose acquisition companies, better known as SPACs. And, of course, there is therising consternationabout both inflation andinterest ratesmoving higher. If the Big Fiveslow downor tumble, the entire market—including all index investors—will feel it. If these stocks decline by 10%, for instance, in order for the S&amp;P 500 to keep trading flat, the bottom 100 stocks in the index would have to rise by a collective 75%, according toGoldman Sachs.This dynamic explains why narrow market breadth has often preceded big losses.</p>\n<p><b>When Less May Be More</b></p>\n<p>These funds are more diversified than the S&amp;P 500, and could be more resilient if the tech megacaps stumble.</p>\n<p><img src=\"https://static.tigerbbs.com/d308adf067ef3205da5f7c1bddb75e77\" tg-width=\"697\" tg-height=\"366\" referrerpolicy=\"no-referrer\"></p>\n<p>Investors’ portfolios are chock-full of these stocks, leaving them less diversified for a possible turn in the market. These companies are already beginning to slow down. Take Amazon, which accounts for roughly 4% of the S&amp;P 500—more than the energy, real estate, materials, or utilities sectors. Amazon hasn’t hit an all-time high this year, and has underperformed the S&amp;P 500 by 25 percentage points since September 2020 amid questions about the company’s e-commerce growth. Add in regulatory pressure, which could make the path ahead for these companies rockier, such as a House panel’s approval of sweeping legislation last month that could curb the dominance of companies like Google and Facebook.</p>\n<p>A global recovery could also make the Big Five stocks less special. “The story line with megacap tech stocks has been that economic growth has been hard to find and rates so low that you wanted to own powerful growth stocks,” says Scott Opsal, director of research at Leuthold Group. “But for those who think the economy has room to run, you don’t have to pay up for the growth that investors were willing to pay for in 2018 or 2019.” For Opsal, the changing backdrop is reason for a barbell approach, owning some of the technology winners but also diversifying into a wider array of more value-oriented and smaller stocks.</p>\n<p>With the market so concentrated in a handful of megacap tech stocks, Opsal says that investors may want the type of funds that do what the fund consultants advise against: be willing to drift out of their lane, and be willing to not fit neatly into a growth or value category.</p>\n<p>It isn’t easy finding good fund managers with the acumen to pick the right stocks beyond the other 495, the grit to avoid the crowd, and the track record that demonstrates to investors that they can be different and correct. Performance doesn’t look all that great for managers whose wariness led them to own less of the technology darlings that drove the market to highs over the past several years. And the decision to not own any—or even just less—of these companies sometimes pushed managers out of theirMorningstarcategory into areas like large-cap blend.</p>\n<p>High active share has often been a go-to gauge for finding fund managers who look different than their benchmarks. That’s a good place to start, but different doesn’t always lead to outperformance, so Morningstar strategist Alec Lucas recommends understanding what is in the managers’ portfolios and the thinking behind the picks—as well as when they buy or sell the stocks.</p>\n<p><i>Barron’s</i>looked for large-cap growth-oriented managers that don’t usually stick too close to an index and have long, and strong, track records. We turned up both diversified and concentrated funds; some didn’t own any of the Big Five, while some owned a bit, albeit less than their peers. All may offer investors a way to tweak rather than overhaul their portfolios, giving them some more diversification while still tapping into large, growing companies.</p>\n<p><b>A Concentrated Approach</b></p>\n<p>The Akre Focus fund (AKREX) falls into the concentrated bucket. It owns about 20 well-managed companies that the managers, John Neff and Chris Cerrone, think are superior businesses and adept at reinvesting in the companies. The fund has just a 4% turnover, so it holds on to its investments for years. That has been a winning long-term strategy: Akre Focus has an 18% average annual return over the past decade, beating 84% of its peers.</p>\n<p>The past few years have been tough, though: The fund hasn’t owned the Big Five, and has just 13% of its assets in any kind of technology company, whereas most of its peers have close to a third in tech. It has averaged 22% annually over the past three years; not too shabby on an absolute basis, but landing it midpack among competitors. The managers are resolute in finding growth elsewhere. “They are tremendous businesses, but how many more times can they double in value, given their current size? Maybe many times, but it’s an important question,” says Neff. “We’ve generally focused on smaller businesses with ostensibly longer runways with which to compound.”</p>\n<p>The tech investments that the managers have made are largely in software companies like Constellation Software (CSU.Canada),Adobe(ADBE), andCoStar Group(CSGP) that have long paths to growth ahead of them as more companies rely on their products. The fund also looks for companies with the type of “network effect” that makes Google and Amazon attractive—the business model gets stronger as more people use it, and makes the company that much harder to replace. Top holdings like Mastercard (MA) andVisa(V) fit that description.</p>\n<p>Many of the companies the duo favors are positioned to hold up, stand out, or even benefit from difficult times, like auto-parts retailerO’Reilly Automotive(ORLY), which recently reported its best comparable same-store sales in 25 years. Given the market backdrop, co-manager Cerrone says they aren’t finding that many bargains today—and they are willing to hold cash if that continues. Today, cash sits at just 2%. “We frankly wish we had more cash than we do today,” Cerrone says. “We’re not bearish, but we think we will be presented with better opportunities.”</p>\n<p><b>Underappreciated Growth</b></p>\n<p>The $10.1 billionPrimecap Odyssey Growthfund (POGRX) hunts for companies with above-average earnings growth, but not one of the Big Five tech stocks can be spotted in their top 10 holdings.</p>\n<p>That underweight has been painful; the fund’s 19.6% annual average return over the past five years puts it in the bottom third of large growth funds. But the managers’ willingness to stick with companies with above-average growth for the long haul, often adding to their shares in downturns, wins them fans.</p>\n<p>The fund’s managers are investing in some of the broad trends driving the Big Five—like e-commerce and cloud computing—but doing it differently, says Morningstar’s Lucas. For example, the fund owns Alibaba Group Holding (BABA) instead of Amazon, opting for China’s version of an e-commerce and cloud-computing giant that also trades at a meaningful discount to the U.S. company, Lucas says. Primecap declined to comment.</p>\n<p>About 18% of the fund is invested outside the U.S. and its average price/earnings ratio is 20, cheaper than the 29 for the large growth category, according to Morningstar. Though the fund isn’t concentrated in the Big Five tech stocks, it has double the stake in healthcare, almost 30% of assets, than other large growth funds. Its top 10 positions includeEli Lilly(LLY),Biogen(BIIB),Abiomed(ABMD), andAmgen(AMGN).</p>\n<p><b>Lean Profit Machines</b></p>\n<p>The $10.3 billionJensen Quality Growth(JENSX) focuses on companies that generate 15% return on equity for 10 consecutive years—a metric that co-manager Eric Schoenstein sees as a gauge forfoundational excellenceand fortress-like competitive advantages. Amazon and Facebook don’t make the cut. Alphabet, Microsoft, and Apple rank among the top holdings, but Schoenstein holds roughly a third less than in the Russell 1000 Growth index. Schoenstein says he is trying to be conscious of the risk of concentration if the momentum trade reverts or regulation puts a target on these companies’ backs.</p>\n<p>Schoenstein’s caution and a focus on quality companies have pushed the fund toward the bottom decile of the large blend Morningstar category year to date, with a return of 11.6%. But the fund’s 17.3% average return over the past five years puts it in the top 35% of large-blend funds tracked by Morningstar. Plus, the fund’s risk-adjusted, long-term performance stands out, losing about 77% as much as the S&amp;P 500 and Russell 1000 Growth indexes when stocks have fallen since Schoenstein began co-managing the fund in 2004, according to Morningstar.</p>\n<p>Lately, Schoenstein has been adding to quality stocks that may not be growing as fast but are more attractively priced as investors have left them behind, such asStarbucks(SBUX)—a stock that had been too pricey until the pandemic hit. “What better business is there to be in than branded addiction?” Schoenstein asks.</p>\n<p>While offices in New York City may not get to 100% occupancy, Schoenstein sees hybrid work situations continuing to drive business to Starbucks, potentially with fewer customers but higher sales, as one person buys for multiple people. The company is also closing stores to become more efficient and moving more toward quick-serve and grab-and-go in some locations rather than an all-day café experience.</p>\n<p><img src=\"https://static.tigerbbs.com/81aeb359e30f7394a363f00feb8ce0cf\" tg-width=\"707\" tg-height=\"477\" referrerpolicy=\"no-referrer\"></p>\n<p>Insurance is another area that Schoenstein has been adding to, with companies like Marsh &amp; McLennan (MMC), which is dominant in multiple businesses—insurance brokerage, health benefits, and retirement asset management with Mercer. Switching costs are high in the world of insurance, and the company benefits from new trends in cybersecurity and data privacy, as well.</p>\n<p>Another recent purchase: Data-analytics providerVerisk Analytics(VRSK), which serves property and casualty insurers and gets about 80% of its revenue from subscriptions and long-term agreements. The company helps take raw data and analyze it to help insurers, for example, underwrite policies. Says Schoenstein: “Some recovery is still needed because business has struggled over the past year, with business failures and companies putting [projects] on hold. So, it’s a small position, but I think about companies that are super-entrenched with their customers.”</p>\n<p><b>Multiple Managers</b></p>\n<p>Unlike the Jensen and Akre funds, which typically own 20 to 30 stocks, the $87 billionAmerican Funds Amcapfund (AMCPX) is well diversified, with more than 200 holdings, as managers hunt for the best ideas regardless of size.Abbott Laboratories(ABT),Broadcom(AVGO),EOG Resources(EOG), and Mastercard are top holdings along with four of the megacap tech quintuplets.</p>\n<p>But the fund is valuation-sensitive, and its allocation to the Big Five is lower than other growth managers, hurting its performance over the past five years; its average annual return of 17.3% puts it in the bottom decile of performance. For investors looking for diversification, the fund is a relatively cheap option—charging an expense ratio of 0.68%—that isn’t beholden to a benchmark and is run by multiple managers who can hunt for their highest-conviction ideas.</p>\n<p>Managers favor companies with strong competitive positioning, which can allow companies to boost prices and better weather near-term inflationary periods. While that includes a healthy helping of healthcare and technology stocks, managers have also gravitated toward cyclical growth companies, including semiconductor firms, travel-related companies, auto suppliers, retailers, and financials benefiting from secular growth as well as getting an additional boost from the Covid recovery.</p>\n<p>“It’s very consistent, and a good core fund with a lot of good stockpickers behind it,” says Russel Kinnel, Morningstar’s director of manager research. “You want a fund to have some good technology exposure because it’s a dynamic sector.”</p>\n<p><b>Growth on the Cheap</b></p>\n<p>The $357 million Cambiar Opportunity fund (CAMOX) is a concentrated fund that owns roughly 40 stocks. The fund looks for relative values among industry winners that boast strong long-term demand prospects and pricing power that differentiate it from some of its peers. The fund’s 16% average annual return over the past five years helped it beat 94% of its large-value peers.</p>\n<p>The fund holds Amazon, which it bought for the first time in early 2020 when the market wasn’t giving the e-commerce behemoth much value for its cloud business. It has been harder to own other megacap technology stocks, says Ania Aldrich, an investment principal at Cambiar. That’s in part because of their high valuations, but especially as exchange-traded funds continue to receive record-high inflows—$400 billion in the first half of 2021, versus $507 billion for all of last year, according to ETF.com—which contributes to the market concentration.</p>\n<p>Instead, the fund has focused on areas such as financials, including JPMorgan Chase (JPM) and Charles Schwab (SCHW), that can grow in this economic environment. Both would benefit from higher interest rates, but Aldrich says that wasn’t the reason to buy the stocks. Schwab, for example, is taking market share in wealth management, and its recent acquisition of Ameritrade gives it more heft and the ability to be more cost-efficient.</p>\n<p>Also attractive are companies that haven’t yet seen a full reopening of their businesses, like casino operatorPenn National Gaming(PENN), which Aldrich says is well positioned as states look for more revenue andallow online gambling, and food distributorSysco(SYY), which has yet to benefit from colleges and conferences getting back into full swing. While Sysco’s shares are up 43% in the past year, Aldrich sees more room for gains, noting that the company is a market leader and can take market share as smaller firms consolidate. Plus, it has pricing power to pass on higher commodity costs since it is a distributor.</p>\n<p>Another recent addition:Uber Technologies(UBER), which Aldrich says isn’t just a reopening beneficiary but also has increased the reach of its platform by moving into food delivery and opening the door to other services. “In the past, it was hard to outperform when you weren’t involved in the [concentrated stocks], but we see these trends as transitory. As growth normalizes, the value of other stocks should be recognized.”</p>","source":"lsy1610680873436","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>When Big Tech Stumbles, the Market Can Fall Hard. These 5 Funds Can Help.</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\">\nWhen Big Tech Stumbles, the Market Can Fall Hard. These 5 Funds Can Help.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-04 09:50 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/big-tech-stocks-risk-funds-51625257865?mod=hp_LEAD_1><strong>Barron's</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>It is possible to have too much of a good thing. After riding five megacap technology stocks to new highs after new highs, investors’ portfolios may be uncomfortably concentrated in these winners at a...</p>\n\n<a href=\"https://www.barrons.com/articles/big-tech-stocks-risk-funds-51625257865?mod=hp_LEAD_1\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯","SPY":"标普500ETF"},"source_url":"https://www.barrons.com/articles/big-tech-stocks-risk-funds-51625257865?mod=hp_LEAD_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1189605893","content_text":"It is possible to have too much of a good thing. After riding five megacap technology stocks to new highs after new highs, investors’ portfolios may be uncomfortably concentrated in these winners at a time that some strategists see a potential turn ahead in the markets.\nOwning the Big Five—Apple(ticker: AAPL),Microsoft(MSFT),Amazon.com(AMZN),Facebook(FB), andAlphabet’sGoogle (GOOGL)—has been lucrative: These companies have logged gains of 125% to 245% since the beginning of 2019. These stocks are widely held, not just by index investors, but also among all kinds of active fund managers—including those who don’t typically own growth companies.\nTogether, the five companies account for almost 22% of theS&P 500index. Of course, the Nifty Fifty stocks dominated the 1970s, and blue-chip stalwarts such asIBM(IBM) andAT&T(T) ruled the 1980s. Those companies may have wielded even more influence over the broad economy than today’s biggest companies do, but the level of market concentration is higher now, and the Big Five’s impact on the broad market is much greater because of their size, according to Howard Silverblatt, senior index analyst at S&P Dow Jones Indices. Apple and Microsoft are the first U.S. stocks whose market values have soared past $2 trillion. Though it has slipped a bit this year, Apple hit peak concentration for a single stock in the S&P 500 last year at about 7%, higher than IBM’s in its heyday.\nThere are signs that investor appetite for risk is waning, which could hurt the prospects for the growth of Big Tech. There has beena selloff in speculative cornersof the market, such as cryptocurrencies and special purpose acquisition companies, better known as SPACs. And, of course, there is therising consternationabout both inflation andinterest ratesmoving higher. If the Big Fiveslow downor tumble, the entire market—including all index investors—will feel it. If these stocks decline by 10%, for instance, in order for the S&P 500 to keep trading flat, the bottom 100 stocks in the index would have to rise by a collective 75%, according toGoldman Sachs.This dynamic explains why narrow market breadth has often preceded big losses.\nWhen Less May Be More\nThese funds are more diversified than the S&P 500, and could be more resilient if the tech megacaps stumble.\n\nInvestors’ portfolios are chock-full of these stocks, leaving them less diversified for a possible turn in the market. These companies are already beginning to slow down. Take Amazon, which accounts for roughly 4% of the S&P 500—more than the energy, real estate, materials, or utilities sectors. Amazon hasn’t hit an all-time high this year, and has underperformed the S&P 500 by 25 percentage points since September 2020 amid questions about the company’s e-commerce growth. Add in regulatory pressure, which could make the path ahead for these companies rockier, such as a House panel’s approval of sweeping legislation last month that could curb the dominance of companies like Google and Facebook.\nA global recovery could also make the Big Five stocks less special. “The story line with megacap tech stocks has been that economic growth has been hard to find and rates so low that you wanted to own powerful growth stocks,” says Scott Opsal, director of research at Leuthold Group. “But for those who think the economy has room to run, you don’t have to pay up for the growth that investors were willing to pay for in 2018 or 2019.” For Opsal, the changing backdrop is reason for a barbell approach, owning some of the technology winners but also diversifying into a wider array of more value-oriented and smaller stocks.\nWith the market so concentrated in a handful of megacap tech stocks, Opsal says that investors may want the type of funds that do what the fund consultants advise against: be willing to drift out of their lane, and be willing to not fit neatly into a growth or value category.\nIt isn’t easy finding good fund managers with the acumen to pick the right stocks beyond the other 495, the grit to avoid the crowd, and the track record that demonstrates to investors that they can be different and correct. Performance doesn’t look all that great for managers whose wariness led them to own less of the technology darlings that drove the market to highs over the past several years. And the decision to not own any—or even just less—of these companies sometimes pushed managers out of theirMorningstarcategory into areas like large-cap blend.\nHigh active share has often been a go-to gauge for finding fund managers who look different than their benchmarks. That’s a good place to start, but different doesn’t always lead to outperformance, so Morningstar strategist Alec Lucas recommends understanding what is in the managers’ portfolios and the thinking behind the picks—as well as when they buy or sell the stocks.\nBarron’slooked for large-cap growth-oriented managers that don’t usually stick too close to an index and have long, and strong, track records. We turned up both diversified and concentrated funds; some didn’t own any of the Big Five, while some owned a bit, albeit less than their peers. All may offer investors a way to tweak rather than overhaul their portfolios, giving them some more diversification while still tapping into large, growing companies.\nA Concentrated Approach\nThe Akre Focus fund (AKREX) falls into the concentrated bucket. It owns about 20 well-managed companies that the managers, John Neff and Chris Cerrone, think are superior businesses and adept at reinvesting in the companies. The fund has just a 4% turnover, so it holds on to its investments for years. That has been a winning long-term strategy: Akre Focus has an 18% average annual return over the past decade, beating 84% of its peers.\nThe past few years have been tough, though: The fund hasn’t owned the Big Five, and has just 13% of its assets in any kind of technology company, whereas most of its peers have close to a third in tech. It has averaged 22% annually over the past three years; not too shabby on an absolute basis, but landing it midpack among competitors. The managers are resolute in finding growth elsewhere. “They are tremendous businesses, but how many more times can they double in value, given their current size? Maybe many times, but it’s an important question,” says Neff. “We’ve generally focused on smaller businesses with ostensibly longer runways with which to compound.”\nThe tech investments that the managers have made are largely in software companies like Constellation Software (CSU.Canada),Adobe(ADBE), andCoStar Group(CSGP) that have long paths to growth ahead of them as more companies rely on their products. The fund also looks for companies with the type of “network effect” that makes Google and Amazon attractive—the business model gets stronger as more people use it, and makes the company that much harder to replace. Top holdings like Mastercard (MA) andVisa(V) fit that description.\nMany of the companies the duo favors are positioned to hold up, stand out, or even benefit from difficult times, like auto-parts retailerO’Reilly Automotive(ORLY), which recently reported its best comparable same-store sales in 25 years. Given the market backdrop, co-manager Cerrone says they aren’t finding that many bargains today—and they are willing to hold cash if that continues. Today, cash sits at just 2%. “We frankly wish we had more cash than we do today,” Cerrone says. “We’re not bearish, but we think we will be presented with better opportunities.”\nUnderappreciated Growth\nThe $10.1 billionPrimecap Odyssey Growthfund (POGRX) hunts for companies with above-average earnings growth, but not one of the Big Five tech stocks can be spotted in their top 10 holdings.\nThat underweight has been painful; the fund’s 19.6% annual average return over the past five years puts it in the bottom third of large growth funds. But the managers’ willingness to stick with companies with above-average growth for the long haul, often adding to their shares in downturns, wins them fans.\nThe fund’s managers are investing in some of the broad trends driving the Big Five—like e-commerce and cloud computing—but doing it differently, says Morningstar’s Lucas. For example, the fund owns Alibaba Group Holding (BABA) instead of Amazon, opting for China’s version of an e-commerce and cloud-computing giant that also trades at a meaningful discount to the U.S. company, Lucas says. Primecap declined to comment.\nAbout 18% of the fund is invested outside the U.S. and its average price/earnings ratio is 20, cheaper than the 29 for the large growth category, according to Morningstar. Though the fund isn’t concentrated in the Big Five tech stocks, it has double the stake in healthcare, almost 30% of assets, than other large growth funds. Its top 10 positions includeEli Lilly(LLY),Biogen(BIIB),Abiomed(ABMD), andAmgen(AMGN).\nLean Profit Machines\nThe $10.3 billionJensen Quality Growth(JENSX) focuses on companies that generate 15% return on equity for 10 consecutive years—a metric that co-manager Eric Schoenstein sees as a gauge forfoundational excellenceand fortress-like competitive advantages. Amazon and Facebook don’t make the cut. Alphabet, Microsoft, and Apple rank among the top holdings, but Schoenstein holds roughly a third less than in the Russell 1000 Growth index. Schoenstein says he is trying to be conscious of the risk of concentration if the momentum trade reverts or regulation puts a target on these companies’ backs.\nSchoenstein’s caution and a focus on quality companies have pushed the fund toward the bottom decile of the large blend Morningstar category year to date, with a return of 11.6%. But the fund’s 17.3% average return over the past five years puts it in the top 35% of large-blend funds tracked by Morningstar. Plus, the fund’s risk-adjusted, long-term performance stands out, losing about 77% as much as the S&P 500 and Russell 1000 Growth indexes when stocks have fallen since Schoenstein began co-managing the fund in 2004, according to Morningstar.\nLately, Schoenstein has been adding to quality stocks that may not be growing as fast but are more attractively priced as investors have left them behind, such asStarbucks(SBUX)—a stock that had been too pricey until the pandemic hit. “What better business is there to be in than branded addiction?” Schoenstein asks.\nWhile offices in New York City may not get to 100% occupancy, Schoenstein sees hybrid work situations continuing to drive business to Starbucks, potentially with fewer customers but higher sales, as one person buys for multiple people. The company is also closing stores to become more efficient and moving more toward quick-serve and grab-and-go in some locations rather than an all-day café experience.\n\nInsurance is another area that Schoenstein has been adding to, with companies like Marsh & McLennan (MMC), which is dominant in multiple businesses—insurance brokerage, health benefits, and retirement asset management with Mercer. Switching costs are high in the world of insurance, and the company benefits from new trends in cybersecurity and data privacy, as well.\nAnother recent purchase: Data-analytics providerVerisk Analytics(VRSK), which serves property and casualty insurers and gets about 80% of its revenue from subscriptions and long-term agreements. The company helps take raw data and analyze it to help insurers, for example, underwrite policies. Says Schoenstein: “Some recovery is still needed because business has struggled over the past year, with business failures and companies putting [projects] on hold. So, it’s a small position, but I think about companies that are super-entrenched with their customers.”\nMultiple Managers\nUnlike the Jensen and Akre funds, which typically own 20 to 30 stocks, the $87 billionAmerican Funds Amcapfund (AMCPX) is well diversified, with more than 200 holdings, as managers hunt for the best ideas regardless of size.Abbott Laboratories(ABT),Broadcom(AVGO),EOG Resources(EOG), and Mastercard are top holdings along with four of the megacap tech quintuplets.\nBut the fund is valuation-sensitive, and its allocation to the Big Five is lower than other growth managers, hurting its performance over the past five years; its average annual return of 17.3% puts it in the bottom decile of performance. For investors looking for diversification, the fund is a relatively cheap option—charging an expense ratio of 0.68%—that isn’t beholden to a benchmark and is run by multiple managers who can hunt for their highest-conviction ideas.\nManagers favor companies with strong competitive positioning, which can allow companies to boost prices and better weather near-term inflationary periods. While that includes a healthy helping of healthcare and technology stocks, managers have also gravitated toward cyclical growth companies, including semiconductor firms, travel-related companies, auto suppliers, retailers, and financials benefiting from secular growth as well as getting an additional boost from the Covid recovery.\n“It’s very consistent, and a good core fund with a lot of good stockpickers behind it,” says Russel Kinnel, Morningstar’s director of manager research. “You want a fund to have some good technology exposure because it’s a dynamic sector.”\nGrowth on the Cheap\nThe $357 million Cambiar Opportunity fund (CAMOX) is a concentrated fund that owns roughly 40 stocks. The fund looks for relative values among industry winners that boast strong long-term demand prospects and pricing power that differentiate it from some of its peers. The fund’s 16% average annual return over the past five years helped it beat 94% of its large-value peers.\nThe fund holds Amazon, which it bought for the first time in early 2020 when the market wasn’t giving the e-commerce behemoth much value for its cloud business. It has been harder to own other megacap technology stocks, says Ania Aldrich, an investment principal at Cambiar. That’s in part because of their high valuations, but especially as exchange-traded funds continue to receive record-high inflows—$400 billion in the first half of 2021, versus $507 billion for all of last year, according to ETF.com—which contributes to the market concentration.\nInstead, the fund has focused on areas such as financials, including JPMorgan Chase (JPM) and Charles Schwab (SCHW), that can grow in this economic environment. Both would benefit from higher interest rates, but Aldrich says that wasn’t the reason to buy the stocks. Schwab, for example, is taking market share in wealth management, and its recent acquisition of Ameritrade gives it more heft and the ability to be more cost-efficient.\nAlso attractive are companies that haven’t yet seen a full reopening of their businesses, like casino operatorPenn National Gaming(PENN), which Aldrich says is well positioned as states look for more revenue andallow online gambling, and food distributorSysco(SYY), which has yet to benefit from colleges and conferences getting back into full swing. While Sysco’s shares are up 43% in the past year, Aldrich sees more room for gains, noting that the company is a market leader and can take market share as smaller firms consolidate. Plus, it has pricing power to pass on higher commodity costs since it is a distributor.\nAnother recent addition:Uber Technologies(UBER), which Aldrich says isn’t just a reopening beneficiary but also has increased the reach of its platform by moving into food delivery and opening the door to other services. “In the past, it was hard to outperform when you weren’t involved in the [concentrated stocks], but we see these trends as transitory. As growth normalizes, the value of other stocks should be recognized.”","news_type":1},"isVote":1,"tweetType":1,"viewCount":635,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":156023542,"gmtCreate":1625186999386,"gmtModify":1703737874979,"author":{"id":"3576445214043888","authorId":"3576445214043888","name":"Lingclass","avatar":"https://static.tigerbbs.com/950af8fc59792b26f3c6dc5e2b211022","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576445214043888","authorIdStr":"3576445214043888"},"themes":[],"htmlText":"Pls like and comment thank you","listText":"Pls like and comment thank you","text":"Pls like and comment thank you","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/156023542","repostId":"1175817125","repostType":4,"repost":{"id":"1175817125","pubTimestamp":1625180880,"share":"https://ttm.financial/m/news/1175817125?lang=&edition=fundamental","pubTime":"2021-07-02 07:08","market":"us","language":"en","title":"S&P 500 winning streak extends to sixth straight record close","url":"https://stock-news.laohu8.com/highlight/detail?id=1175817125","media":"Reuters","summary":"NEW YORK  - The S&P 500 reached its sixth consecutive all-time closing high on Thursday, as a new quarter and the second half of the year began with upbeat economic data and a broad-based rally.Investors now eye Friday’s much-anticipated employment report.The bellwether index is enjoying its longest winning streak since early February, and the last time it logged six straight all-time highs was last August.“Historical data shows if you have a strong first half, the second half of the year was ac","content":"<p>NEW YORK (Reuters) - The S&amp;P 500 reached its sixth consecutive all-time closing high on Thursday, as a new quarter and the second half of the year began with upbeat economic data and a broad-based rally.</p>\n<p>Investors now eye Friday’s much-anticipated employment report.</p>\n<p>The bellwether index is enjoying its longest winning streak since early February, and the last time it logged six straight all-time highs was last August.</p>\n<p>“Historical data shows if you have a strong first half, the second half of the year was actually going even stronger,” said Ross Mayfield, investment strategy analyst with Baird Private Wealth.</p>\n<p>All three major U.S. stock indexes ended the session in positive territory, but a decline in tech shares - led by microchips - tempered the Nasdaq’s gain.</p>\n<p>The Philadelphia SE Semiconductor index slid 1.5%</p>\n<p>“For markets so far this year, boring is beautiful,” said David Carter, chief investment officer at Lenox Wealth Advisors in New York. “Economic growth has been strong enough to support prices and many asset classes are trading with historically low volatility.”</p>\n<p>“It feels like investors left for the Fourth of July weekend about three months ago.”</p>\n<p>The ongoing worker shortage, attributed to federal emergency unemployment benefits, a childcare shortage and lingering pandemic fears, was a common theme in the day’s economic data.</p>\n<p>Jobless claims continued their downward trajectory according to the Labor Department, touching their lowest level since the pandemic shutdown, and a report from Challenger, Gray &amp; Christmas showed planned layoffs by U.S. firms were down 88% from last year, hitting a 21-year low.</p>\n<p>Activity at U.S. factories expanded at a slightly decelerated pace in June, according to the Institute for Supply Management’s (ISM) purchasing managers’ index (PMI), with the employment component dipping into contraction for the first time since November. The prices paid index, driven higher by the current demand/supply imbalance, soared to its highest level since 1979, according to ISM.</p>\n<p>“The employment and manufacturing data released today supported the idea of continued growth but at a decelerated rate,” Carter added.</p>\n<p>Friday’s hotly anticipated jobs report is expected to show payrolls growing by 700,000 and unemployment inching down to 5.7%. A robust upside surprise could lead the U.S. Federal Reserve to adjust its timetable for tapering its securities purchases and raising key interest rates.</p>\n<p>“Too-strong economic data could perversely be a bad thing for markets if it caused the Fed to raise rates faster than expected,” Carter said. “Weak employment data may actually be welcomed.”</p>\n<p>The Dow Jones Industrial Average rose 131.02 points, or 0.38%, to 34,633.53, the S&amp;P 500 gained 22.44 points, or 0.52%, to 4,319.94 and the Nasdaq Composite added 18.42 points, or 0.13%, to 14,522.38.</p>\n<p>Of the 11 major sectors in the S&amp;P 500, consumer staples was the sole loser, shedding 0.3%.</p>\n<p>Walgreens Boots Alliance Inc dropped 7.4% after it said it expects to administer fewer COVID-19 vaccine shots in the fourth quarter.</p>\n<p>Didi Global Inc jumped 16.0%, on its second day of trading as a U.S.-listed company.</p>\n<p>Micron Technology Inc slid by 5.7% following a report that Texas Instruments would buy Micron’s Lehi, Utah, factory for $900 million.</p>\n<p>Advancing issues outnumbered declining ones on the NYSE by a 1.78-to-1 ratio; on Nasdaq, a 1.32-to-1 ratio favored advancers.</p>\n<p>The S&amp;P 500 posted 36 new 52-week highs and no new lows; the Nasdaq Composite recorded 78 new highs and 30 new lows.</p>\n<p>Volume on U.S. exchanges was 9.53 billion shares, compared with the 10.9 billion average over the last 20 trading days.</p>","source":"lsy1601381805984","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>S&P 500 winning streak extends to sixth straight record close</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nS&P 500 winning streak extends to sixth straight record close\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-02 07:08 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.reuters.com/article/usa-stocks/us-stocks-sp-500-winning-streak-extends-to-sixth-straight-record-close-idUSL2N2OD332><strong>Reuters</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>NEW YORK (Reuters) - The S&P 500 reached its sixth consecutive all-time closing high on Thursday, as a new quarter and the second half of the year began with upbeat economic data and a broad-based ...</p>\n\n<a href=\"https://www.reuters.com/article/usa-stocks/us-stocks-sp-500-winning-streak-extends-to-sixth-straight-record-close-idUSL2N2OD332\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"https://www.reuters.com/article/usa-stocks/us-stocks-sp-500-winning-streak-extends-to-sixth-straight-record-close-idUSL2N2OD332","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175817125","content_text":"NEW YORK (Reuters) - The S&P 500 reached its sixth consecutive all-time closing high on Thursday, as a new quarter and the second half of the year began with upbeat economic data and a broad-based rally.\nInvestors now eye Friday’s much-anticipated employment report.\nThe bellwether index is enjoying its longest winning streak since early February, and the last time it logged six straight all-time highs was last August.\n“Historical data shows if you have a strong first half, the second half of the year was actually going even stronger,” said Ross Mayfield, investment strategy analyst with Baird Private Wealth.\nAll three major U.S. stock indexes ended the session in positive territory, but a decline in tech shares - led by microchips - tempered the Nasdaq’s gain.\nThe Philadelphia SE Semiconductor index slid 1.5%\n“For markets so far this year, boring is beautiful,” said David Carter, chief investment officer at Lenox Wealth Advisors in New York. “Economic growth has been strong enough to support prices and many asset classes are trading with historically low volatility.”\n“It feels like investors left for the Fourth of July weekend about three months ago.”\nThe ongoing worker shortage, attributed to federal emergency unemployment benefits, a childcare shortage and lingering pandemic fears, was a common theme in the day’s economic data.\nJobless claims continued their downward trajectory according to the Labor Department, touching their lowest level since the pandemic shutdown, and a report from Challenger, Gray & Christmas showed planned layoffs by U.S. firms were down 88% from last year, hitting a 21-year low.\nActivity at U.S. factories expanded at a slightly decelerated pace in June, according to the Institute for Supply Management’s (ISM) purchasing managers’ index (PMI), with the employment component dipping into contraction for the first time since November. The prices paid index, driven higher by the current demand/supply imbalance, soared to its highest level since 1979, according to ISM.\n“The employment and manufacturing data released today supported the idea of continued growth but at a decelerated rate,” Carter added.\nFriday’s hotly anticipated jobs report is expected to show payrolls growing by 700,000 and unemployment inching down to 5.7%. A robust upside surprise could lead the U.S. Federal Reserve to adjust its timetable for tapering its securities purchases and raising key interest rates.\n“Too-strong economic data could perversely be a bad thing for markets if it caused the Fed to raise rates faster than expected,” Carter said. “Weak employment data may actually be welcomed.”\nThe Dow Jones Industrial Average rose 131.02 points, or 0.38%, to 34,633.53, the S&P 500 gained 22.44 points, or 0.52%, to 4,319.94 and the Nasdaq Composite added 18.42 points, or 0.13%, to 14,522.38.\nOf the 11 major sectors in the S&P 500, consumer staples was the sole loser, shedding 0.3%.\nWalgreens Boots Alliance Inc dropped 7.4% after it said it expects to administer fewer COVID-19 vaccine shots in the fourth quarter.\nDidi Global Inc jumped 16.0%, on its second day of trading as a U.S.-listed company.\nMicron Technology Inc slid by 5.7% following a report that Texas Instruments would buy Micron’s Lehi, Utah, factory for $900 million.\nAdvancing issues outnumbered declining ones on the NYSE by a 1.78-to-1 ratio; on Nasdaq, a 1.32-to-1 ratio favored advancers.\nThe S&P 500 posted 36 new 52-week highs and no new lows; the Nasdaq Composite recorded 78 new highs and 30 new lows.\nVolume on U.S. exchanges was 9.53 billion shares, compared with the 10.9 billion average over the last 20 trading days.","news_type":1},"isVote":1,"tweetType":1,"viewCount":662,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":121789687,"gmtCreate":1624492484449,"gmtModify":1703838113973,"author":{"id":"3576445214043888","authorId":"3576445214043888","name":"Lingclass","avatar":"https://static.tigerbbs.com/950af8fc59792b26f3c6dc5e2b211022","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576445214043888","authorIdStr":"3576445214043888"},"themes":[],"htmlText":"Like and comment","listText":"Like and comment","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/121789687","repostId":"1124226438","repostType":4,"isVote":1,"tweetType":1,"viewCount":734,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":120649525,"gmtCreate":1624322813967,"gmtModify":1703833377183,"author":{"id":"3576445214043888","authorId":"3576445214043888","name":"Lingclass","avatar":"https://static.tigerbbs.com/950af8fc59792b26f3c6dc5e2b211022","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576445214043888","authorIdStr":"3576445214043888"},"themes":[],"htmlText":"To the moon. Comments?&nbsp;","listText":"To the moon. Comments?&nbsp;","text":"To the moon. Comments?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/120649525","repostId":"1135948909","repostType":4,"isVote":1,"tweetType":1,"viewCount":462,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":120640370,"gmtCreate":1624322765890,"gmtModify":1703833372783,"author":{"id":"3576445214043888","authorId":"3576445214043888","name":"Lingclass","avatar":"https://static.tigerbbs.com/950af8fc59792b26f3c6dc5e2b211022","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576445214043888","authorIdStr":"3576445214043888"},"themes":[],"htmlText":"Up up. !","listText":"Up up. !","text":"Up up. !","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/120640370","repostId":"1191349655","repostType":4,"repost":{"id":"1191349655","pubTimestamp":1624316842,"share":"https://ttm.financial/m/news/1191349655?lang=&edition=fundamental","pubTime":"2021-06-22 07:07","market":"us","language":"en","title":"Wall Street ends sharply higher, led by surging Dow","url":"https://stock-news.laohu8.com/highlight/detail?id=1191349655","media":"Reuters","summary":"(Reuters) - Wall Street rallied on Monday, with the Dow completing its strongest session in over thr","content":"<p>(Reuters) - Wall Street rallied on Monday, with the Dow completing its strongest session in over three months as investors piled back in to energy and other sectors expected to outperform as the economy rebounds from the pandemic.</p>\n<p>The small-cap Russell 2000 and the Dow Jones Transports Average, considered a barometer of economic health, both jumped about 2%.</p>\n<p>The S&amp;P 500 value index, which includes banks, energy and other economically sensitive sectors and has led gains in U.S. equities so far this year, surged 1.9%, outperforming a 0.9% rise in the growth index.</p>\n<p>That was a stark reversal from last week, when the Fed’s hawkish signals on monetary policy sparked a round of profit taking that wiped out value stocks’ lead over growth this month and triggered the worst weekly performance for the Dow and the S&amp;P 500 in months.</p>\n<p>“The overall theme here is the market still does not know whether it wants easy money or tight money and it’s in a tug of war,” said Randy Frederick, vice president of trading and derivatives at Charles Schwab.</p>\n<p>All 11 S&amp;P 500 sector indexes rose, with energy jumping 4.3% and leading the way, followed by financials, up 2.4%.</p>\n<p>Microsoft Corp rose 1.2% to close at an all-time high.</p>\n<p>The S&amp;P 500 has traded in a tight range this month as investors juggled fears of an overheating economy with optimism about a strong economic rebound.</p>\n<p>(Graphic: Value vs Growth stocks, )</p>\n<p><img src=\"https://static.tigerbbs.com/cef3457ef1409a02e910dfc35591b8dc\" tg-width=\"963\" tg-height=\"726\" referrerpolicy=\"no-referrer\"></p>\n<p>Focus this week will be on U.S. factory activity surveys and home sales data, while Fed Chair Jerome Powell testifies before Congress on Tuesday.</p>\n<p>The Dow Jones Industrial Average rose 1.76% to end at 33,876.97 points, while the S&amp;P 500 gained 1.40% to 4,224.79. The Nasdaq Composite climbed 0.79% to 14,141.48.</p>\n<p>Cryptocurrency stocks, including miners Riot Blockchain, Marathon Patent Group and crypto exchange Coinbase Global, tumbled between 1% and 4% on China’s expanding crackdown on bitcoin mining.</p>\n<p>Moderna Inc rallied 4.5% after a report said the drugmaker is adding two new production lines at a COVID-19 vaccine manufacturing plant, in a bid to prepare for making more booster shots.</p>\n<p>Market participants are girding for a major trading event on Friday, when the FTSE Russell completes the annual rebalancing of its indexes, potentially affecting trillions of dollars in investments.</p>\n<p>Advancing issues outnumbered declining ones on the NYSE by a 2.86-to-1 ratio; on Nasdaq, a 1.44-to-1 ratio favored advancers.</p>\n<p>The S&amp;P 500 posted 20 new 52-week highs and no new lows; the Nasdaq Composite recorded 74 new highs and 55 new lows.</p>\n<p>Volume on U.S. exchanges was 10.1 billion shares, compared with the 11 billion average over the last 20 trading days.</p>","source":"lsy1601381805984","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Wall Street ends sharply higher, led by surging Dow</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWall Street ends sharply higher, led by surging Dow\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-22 07:07 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.reuters.com/article/us-usa-stocks/wall-street-ends-sharply-higher-led-by-surging-dow-idUSKCN2DX12Z><strong>Reuters</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(Reuters) - Wall Street rallied on Monday, with the Dow completing its strongest session in over three months as investors piled back in to energy and other sectors expected to outperform as the ...</p>\n\n<a href=\"https://www.reuters.com/article/us-usa-stocks/wall-street-ends-sharply-higher-led-by-surging-dow-idUSKCN2DX12Z\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MSFT":"微软",".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://www.reuters.com/article/us-usa-stocks/wall-street-ends-sharply-higher-led-by-surging-dow-idUSKCN2DX12Z","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1191349655","content_text":"(Reuters) - Wall Street rallied on Monday, with the Dow completing its strongest session in over three months as investors piled back in to energy and other sectors expected to outperform as the economy rebounds from the pandemic.\nThe small-cap Russell 2000 and the Dow Jones Transports Average, considered a barometer of economic health, both jumped about 2%.\nThe S&P 500 value index, which includes banks, energy and other economically sensitive sectors and has led gains in U.S. equities so far this year, surged 1.9%, outperforming a 0.9% rise in the growth index.\nThat was a stark reversal from last week, when the Fed’s hawkish signals on monetary policy sparked a round of profit taking that wiped out value stocks’ lead over growth this month and triggered the worst weekly performance for the Dow and the S&P 500 in months.\n“The overall theme here is the market still does not know whether it wants easy money or tight money and it’s in a tug of war,” said Randy Frederick, vice president of trading and derivatives at Charles Schwab.\nAll 11 S&P 500 sector indexes rose, with energy jumping 4.3% and leading the way, followed by financials, up 2.4%.\nMicrosoft Corp rose 1.2% to close at an all-time high.\nThe S&P 500 has traded in a tight range this month as investors juggled fears of an overheating economy with optimism about a strong economic rebound.\n(Graphic: Value vs Growth stocks, )\n\nFocus this week will be on U.S. factory activity surveys and home sales data, while Fed Chair Jerome Powell testifies before Congress on Tuesday.\nThe Dow Jones Industrial Average rose 1.76% to end at 33,876.97 points, while the S&P 500 gained 1.40% to 4,224.79. The Nasdaq Composite climbed 0.79% to 14,141.48.\nCryptocurrency stocks, including miners Riot Blockchain, Marathon Patent Group and crypto exchange Coinbase Global, tumbled between 1% and 4% on China’s expanding crackdown on bitcoin mining.\nModerna Inc rallied 4.5% after a report said the drugmaker is adding two new production lines at a COVID-19 vaccine manufacturing plant, in a bid to prepare for making more booster shots.\nMarket participants are girding for a major trading event on Friday, when the FTSE Russell completes the annual rebalancing of its indexes, potentially affecting trillions of dollars in investments.\nAdvancing issues outnumbered declining ones on the NYSE by a 2.86-to-1 ratio; on Nasdaq, a 1.44-to-1 ratio favored advancers.\nThe S&P 500 posted 20 new 52-week highs and no new lows; the Nasdaq Composite recorded 74 new highs and 55 new lows.\nVolume on U.S. exchanges was 10.1 billion shares, compared with the 11 billion average over the last 20 trading days.","news_type":1},"isVote":1,"tweetType":1,"viewCount":413,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":163463669,"gmtCreate":1623891480751,"gmtModify":1703822619650,"author":{"id":"3576445214043888","authorId":"3576445214043888","name":"Lingclass","avatar":"https://static.tigerbbs.com/950af8fc59792b26f3c6dc5e2b211022","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576445214043888","authorIdStr":"3576445214043888"},"themes":[],"htmlText":"Like and comment :)","listText":"Like and comment :)","text":"Like and comment :)","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/163463669","repostId":"2144715089","repostType":4,"isVote":1,"tweetType":1,"viewCount":271,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":160422388,"gmtCreate":1623804855544,"gmtModify":1703819878366,"author":{"id":"3576445214043888","authorId":"3576445214043888","name":"Lingclass","avatar":"https://static.tigerbbs.com/950af8fc59792b26f3c6dc5e2b211022","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576445214043888","authorIdStr":"3576445214043888"},"themes":[],"htmlText":"Pls like and comment","listText":"Pls like and comment","text":"Pls like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/160422388","repostId":"2143765560","repostType":4,"isVote":1,"tweetType":1,"viewCount":392,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":184274869,"gmtCreate":1623717484151,"gmtModify":1704209333542,"author":{"id":"3576445214043888","authorId":"3576445214043888","name":"Lingclass","avatar":"https://static.tigerbbs.com/950af8fc59792b26f3c6dc5e2b211022","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576445214043888","authorIdStr":"3576445214043888"},"themes":[],"htmlText":"Like and comment! Thank you [Shy]&nbsp;","listText":"Like and comment! Thank you [Shy]&nbsp;","text":"Like and comment! Thank you [Shy]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/184274869","repostId":"1126626020","repostType":4,"repost":{"id":"1126626020","pubTimestamp":1623710198,"share":"https://ttm.financial/m/news/1126626020?lang=&edition=fundamental","pubTime":"2021-06-15 06:36","market":"us","language":"en","title":"Nasdaq rises to an all-time closing high, S&P 500 ekes out another record","url":"https://stock-news.laohu8.com/highlight/detail?id=1126626020","media":"CNBC","summary":"The Nasdaq Composite jumped to a record high on Monday as investors rotated back into growth-oriented stocks ahead of a key Federal Reserve meeting.The tech-heavy benchmark rose 0.7% to an all-time closing high of 14,174.14, overtaking the previous record on April 26. The S&P 500 gained about 0.2% to another record close 4,255.15, boosted by the technology sector. The Dow Jones Industrial Average slipped 85.85 points, or nearly 0.3%, to 34,393,75.Investors are giving growth and tech stocks anoth","content":"<div>\n<p>The Nasdaq Composite jumped to a record high on Monday as investors rotated back into growth-oriented stocks ahead of a key Federal Reserve meeting.\nThe tech-heavy benchmark rose 0.7% to an all-time ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/13/us-stock-futures-are-flat-with-the-sp-500-at-a-record-high.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Nasdaq rises to an all-time closing high, S&P 500 ekes out another record</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNasdaq rises to an all-time closing high, S&P 500 ekes out another record\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-15 06:36 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/06/13/us-stock-futures-are-flat-with-the-sp-500-at-a-record-high.html><strong>CNBC</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The Nasdaq Composite jumped to a record high on Monday as investors rotated back into growth-oriented stocks ahead of a key Federal Reserve meeting.\nThe tech-heavy benchmark rose 0.7% to an all-time ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/13/us-stock-futures-are-flat-with-the-sp-500-at-a-record-high.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://www.cnbc.com/2021/06/13/us-stock-futures-are-flat-with-the-sp-500-at-a-record-high.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1126626020","content_text":"The Nasdaq Composite jumped to a record high on Monday as investors rotated back into growth-oriented stocks ahead of a key Federal Reserve meeting.\nThe tech-heavy benchmark rose 0.7% to an all-time closing high of 14,174.14, overtaking the previous record on April 26. The S&P 500 gained about 0.2% to another record close 4,255.15, boosted by the technology sector. The Dow Jones Industrial Average slipped 85.85 points, or nearly 0.3%, to 34,393,75.\nInvestors are giving growth and tech stocks another chance as bond yields come down. The 10-year Treasury fell below 1.43% on Friday, a three-month low. Cathie Wood’s Ark Innovation, an ETF that focuses on disruptive technology,returned about 6% last week. The fund rose 1.9% Monday even as the benchmark Treasury yield rose briefly back to 1.5%. Apple and Netflix both jumped more than 2%, while Amazon, Microsoft and Facebook also registered gains.\nBoosting cryptocurrency sentiment, Tesla CEO Elon Musk on Sunday said the company will resume bitcoin transactions once it confirms there is reasonable clean energy usage by miners. Bitcoin recovered back above $40,000 Monday. Tesla, a big holder of bitcoin, climbed nearly 1.3%.\n“The broad market’s modest performance is pretty much in line with historical patterns— specifically, June’s tendency for generally quiet trading,” said Chris Larkin, managing director of trading at E-Trade Financial. “As the market continues to sort through potential moves made by the Fed and looming inflation, we could continue to see this narrative play out in the short-term.”\nThe Fed’s two-day policy meeting will likely dominate investor behavior this week. Although the central bank is not expected to take any action, its forecasts for interest rates, inflation and the economy could move the markets. The Fed could possibly move up its forecast for a rate hike after saying in its last quarterly update that it would keep its benchmark rate near zero through 2023,the Wall Street Journal reported on Monday.\nFed Chairman Jerome Powell will speak to the press after the central bank issues its statement Wednesday. Traders will be parsing his comments for any clues as to when the Fed could start to end its aggressive monthly asset purchases, especially given recent hotter-than-expected inflation readings.\nBillionaire hedge fund manager Paul Tudor Jones said this week’s Fed meeting could be the most important in Powell’s career, and he warned that the chairman could spark a big sell-off in risk assets if he doesn’t do a good job of signaling a taper.\n“If they course correct, if they say, ‘We’ve got incoming data, we’ve accomplished our mission or we’re on the way very rapidly to accomplishing our mission on employment,’ then you’re going to get a taper tantrum,” Tudor Jones said. “You’re going to get a sell-off in fixed income. You’re going to get a correction in stocks.”\nU.S. stocks ended last week with a record closing high for the S&P 500 and the beginning of a rotation back into growth names.\nLast week, the 30-stock Dow Jones Industrial Average fell 0.8%, but the S&P 500 rose 0.4%, for its third straight positive week. The Nasdaq Composite was the outperformer with a gain of nearly 1.9%, posting its fourth winning week in a row as the tech trade came back into favor.","news_type":1},"isVote":1,"tweetType":1,"viewCount":339,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":186061622,"gmtCreate":1623465634966,"gmtModify":1704204392714,"author":{"id":"3576445214043888","authorId":"3576445214043888","name":"Lingclass","avatar":"https://static.tigerbbs.com/950af8fc59792b26f3c6dc5e2b211022","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576445214043888","authorIdStr":"3576445214043888"},"themes":[],"htmlText":"Like &amp; comment! Thank you!!","listText":"Like &amp; comment! Thank you!!","text":"Like & comment! Thank you!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":4,"repostSize":0,"link":"https://ttm.financial/post/186061622","repostId":"2142744202","repostType":4,"isVote":1,"tweetType":1,"viewCount":105,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":181034144,"gmtCreate":1623366797188,"gmtModify":1704201623547,"author":{"id":"3576445214043888","authorId":"3576445214043888","name":"Lingclass","avatar":"https://static.tigerbbs.com/950af8fc59792b26f3c6dc5e2b211022","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576445214043888","authorIdStr":"3576445214043888"},"themes":[],"htmlText":"Like and comment thx :)","listText":"Like and comment thx :)","text":"Like and comment thx :)","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":4,"repostSize":0,"link":"https://ttm.financial/post/181034144","repostId":"1193863762","repostType":4,"repost":{"id":"1193863762","pubTimestamp":1623334800,"share":"https://ttm.financial/m/news/1193863762?lang=&edition=fundamental","pubTime":"2021-06-10 22:20","market":"us","language":"en","title":"Global Semiconductor annual sales projected to increase 19.7% in 2021, 8.8% in 2022","url":"https://stock-news.laohu8.com/highlight/detail?id=1193863762","media":"seekingalpha","summary":"(June 10) Semiconductor stocks rose in morning trading.\nRelated: Semiconductor Watchlist: Jim Cramer","content":"<p>(June 10)&nbsp;Semiconductor&nbsp;stocks&nbsp;rose&nbsp;in&nbsp;morning&nbsp;trading.</p>\n<p><a href=\"https://laohu8.com/NW/1163875762\" target=\"_blank\"><b>Related:&nbsp;Semiconductor Watchlist: Jim Cramer Says to Own Nvidia, AMD and Broadcom</b></a><b></b></p>\n<p><img src=\"https://static.tigerbbs.com/eb703ee8165d2dc48c5550db47dfebc7\" tg-width=\"303\" tg-height=\"363\" referrerpolicy=\"no-referrer\"></p>\n<p>According to World Semiconductor Trade Statistics estimates, the global semiconductor market will rise from 6.8% in 2020 to 19.7% thisyear to ~$527B.</p>\n<p>The most significant growth contributors are Memory with 31.7%, followed by Sensors with 22.4% and, Analog with 21.7%. All other major product categories are also expected to show double-digit growth rates, except Optoelectronics with 9.8% and MOS Micro with 8.1%.</p>\n<p>In 2021, Asia Pacific (incl. China) is forecasted to show the most robust growth rate with 23.5%, followed by Europe with 21.1%, Japan 12.7%, and the Americas with 11.1%.</p>\n<p>For 2022, the global semiconductor market is projected to grow by 8.8% to $573B, driven by double-digit growth of the Memory category. All regions are expected again to show favorable growth rates.</p>\n<p>Related stocks YTD returns: NXP Semiconductor(NASDAQ:NXPI)&nbsp;+24.7%, On Semiconducter(NASDAQ:ON)&nbsp;+14.85%, Intel(NASDAQ:INTC)&nbsp;+14.4%,&nbsp; and, TSMC(NYSE:TSM)&nbsp;+6.3%.</p>\n<p>ETFs:SMH,SOXL,SOXX,XSD,USD,SOXS,PSI,FTXL,SSG.</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>Global Semiconductor annual sales projected to increase 19.7% in 2021, 8.8% in 2022</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\">\nGlobal Semiconductor annual sales projected to increase 19.7% in 2021, 8.8% in 2022\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-10 22:20 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/news/3704878-global-semiconductor-annual-sales-projected-to-increase-about-20-percentage-in-2021-and-9-percentage-in-2022><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(June 10) Semiconductor stocks rose in morning trading.\nRelated: Semiconductor Watchlist: Jim Cramer Says to Own Nvidia, AMD and Broadcom\n\nAccording to World Semiconductor Trade Statistics estimates, ...</p>\n\n<a href=\"https://seekingalpha.com/news/3704878-global-semiconductor-annual-sales-projected-to-increase-about-20-percentage-in-2021-and-9-percentage-in-2022\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ON":"安森美半导体","INTC":"英特尔","TSM":"台积电","NXPI":"恩智浦"},"source_url":"https://seekingalpha.com/news/3704878-global-semiconductor-annual-sales-projected-to-increase-about-20-percentage-in-2021-and-9-percentage-in-2022","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1193863762","content_text":"(June 10) Semiconductor stocks rose in morning trading.\nRelated: Semiconductor Watchlist: Jim Cramer Says to Own Nvidia, AMD and Broadcom\n\nAccording to World Semiconductor Trade Statistics estimates, the global semiconductor market will rise from 6.8% in 2020 to 19.7% thisyear to ~$527B.\nThe most significant growth contributors are Memory with 31.7%, followed by Sensors with 22.4% and, Analog with 21.7%. All other major product categories are also expected to show double-digit growth rates, except Optoelectronics with 9.8% and MOS Micro with 8.1%.\nIn 2021, Asia Pacific (incl. China) is forecasted to show the most robust growth rate with 23.5%, followed by Europe with 21.1%, Japan 12.7%, and the Americas with 11.1%.\nFor 2022, the global semiconductor market is projected to grow by 8.8% to $573B, driven by double-digit growth of the Memory category. All regions are expected again to show favorable growth rates.\nRelated stocks YTD returns: NXP Semiconductor(NASDAQ:NXPI) +24.7%, On Semiconducter(NASDAQ:ON) +14.85%, Intel(NASDAQ:INTC) +14.4%,  and, TSMC(NYSE:TSM) +6.3%.\nETFs:SMH,SOXL,SOXX,XSD,USD,SOXS,PSI,FTXL,SSG.","news_type":1},"isVote":1,"tweetType":1,"viewCount":275,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3576990637797737","authorId":"3576990637797737","name":"1Man2Stonks","avatar":"https://static.tigerbbs.com/2c93182b4ac6670e37860fa9cbdfd2d4","crmLevel":3,"crmLevelSwitch":0,"idStr":"3576990637797737","authorIdStr":"3576990637797737"},"content":"please reply","text":"please reply","html":"please reply"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":189256603,"gmtCreate":1623278927702,"gmtModify":1704199765003,"author":{"id":"3576445214043888","authorId":"3576445214043888","name":"Lingclass","avatar":"https://static.tigerbbs.com/950af8fc59792b26f3c6dc5e2b211022","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576445214043888","authorIdStr":"3576445214043888"},"themes":[],"htmlText":"Covid boost its sales! Pls like and comment! [Smile]&nbsp;","listText":"Covid boost its sales! Pls like and comment! [Smile]&nbsp;","text":"Covid boost its sales! Pls like and comment! [Smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/189256603","repostId":"1127823989","repostType":4,"repost":{"id":"1127823989","pubTimestamp":1623253090,"share":"https://ttm.financial/m/news/1127823989?lang=&edition=fundamental","pubTime":"2021-06-09 23:38","market":"us","language":"en","title":"Amazon: A No-Brainer For The Next 10 Years","url":"https://stock-news.laohu8.com/highlight/detail?id=1127823989","media":"seekingalpha","summary":"The recent approval of Amazon Pharmacy provides a huge TAM.Amazonis one of the best-known companies in the world, it seems difficult to discover something new in it but the reality is that there is a lot to discover. After performing this in-depth analysis of Amazon, I have realized that most segments are in their early stages. The current valuation is very attractive considering that they are just scratching the surface of the potential of these divisions.Amazon Healthcare has a huge TAM throug","content":"<p><b>Summary</b></p>\n<ul>\n <li>Amazon maintains high advertising potential.</li>\n <li>The recent approval of Amazon Pharmacy provides a huge TAM.</li>\n <li>The company has an interesting future operating leverage due to high capex deployed in logistics.</li>\n</ul>\n<p><b>Investment Thesis</b></p>\n<p>Amazon(NASDAQ:AMZN)is one of the best-known companies in the world, it seems difficult to discover something new in it but the reality is that there is a lot to discover. After performing this in-depth analysis of Amazon, I have realized that most segments are in their early stages. The current valuation is very attractive considering that they are just scratching the surface of the potential of these divisions.</p>\n<p>Amazon Healthcare has a huge TAM through Amazon Pharmacy and Amazon Care (telemedicine). Both divisions are newly approved, so as of today, they contribute virtually nothing to Amazon's bottom line.</p>\n<p>The retail part has a long way to go, with a lot of room for growth with its omnichannel for supermarkets, increases in ARPU, FBA.</p>\n<p>On the other hand, digital advertising is eating the world, and Amazon has recently been getting into it (since 2015). Part of Amazon's advertising five years ago was generating hardly any profit, now it is doubling revenues every two years and this has just begun. Amazon is the most powerful product marketplace globally, so it makes perfect sense that the wild growth in advertising continues to grow at high rates.</p>\n<p>We still have the optionality in gaming, the growth in prime ARPUs, the Audio and Video division, in short, numerous segments that have not yet started to contribute sales and Amazon is currently trading at about 35x normalized FCF, expensive? In our opinion considerably cheaper than the multiples at which the market is trading.</p>\n<p><b>Product</b></p>\n<p>Amazon is a company that has always had a long-term focus. This means that since its inception, it has renounced short-term profitability to become one of the most important companies in the world in the long term. There is no doubt that it has achieved this goal and we are right at the moment where Amazon is beginning to reap what has been sown for so many years.</p>\n<p>In its early days, Amazon focused on the user experience when shopping online. Amazon offered a simple, accessible and universal way to buy products to guarantee the highest number of reviews and arrive in record time. In addition, acquiring a product on Amazon carries the guarantee of delivery of the same; this means that if you have any kind of problem with the reception of the product, Amazon solves it in record time.</p>\n<p>This first phase has been very successful and has been the foundation of Amazon 2.0, which has been integrating more and more services and improving its original product: e-commerce. This image summarizes very well the evolution of Amazon from a Prime 1.0 to a Prime with a much higher added value.</p>\n<p><img src=\"https://static.tigerbbs.com/d99378da746d0c3e0141d21e45729e0d\" tg-width=\"533\" tg-height=\"357\" referrerpolicy=\"no-referrer\">Thanks to this user experience created by Amazon, it has been one of the main contributors (or rather the main contributor) to the explosive evolution of e-commerce, making its penetration increasingly higher and its growth very high.</p>\n<p>According toStatistadata, e-commerce penetration worldwide is 50.8% in 2021 and is expected to reach 63.1% in 2025. Average spending per person exceeds $700 per year. Between 2020 and 2025, e-commerce revenues are expected to grow by 50%, so far from being a mature market, it is still growing strongly.</p>\n<p><b>Amazon Prime</b></p>\n<p>We all know what this service entails, so I am not going to explain it at length. More and more new services are being integrated into Amazon Prime, making it one of the must-have subscriptions for users.</p>\n<p>A chronological summary of Amazon's evolution in the US (its most mature market) is essential to understand the evolution of prices and value-added over time.</p>\n<p>Amazonlaunches Prime subscription in the US in 2005for $79 per year. In 2006, Amazon moved forward and launched Fulfilled by Amazon. This service allows sellers to have a store on Amazon and ship their products for a fee. These products then become eligible for Amazon Prime, increasing the assortment and selection available to customers.</p>\n<p><img src=\"https://static.tigerbbs.com/26ee6071f10355c56905089335e248a9\" tg-width=\"640\" tg-height=\"264\" referrerpolicy=\"no-referrer\">Starting in 2011, Amazon included Prime Video in subscriptions, which meant 5,000 movies and series for every subscriber.</p>\n<p>2014 was a great year for Prime, not only because there were many new services added, but also because there was the first price increase, Amazon raises from $79 to $99 the subscription in the U.S. This same year Amazon Prime Pantry is launched, offering customers the ability to buy essential supermarket products (toilet paper, drinks, creams) for a meager fee and regularly. Also in 2014, Amazon Music was launched with the Prime subscription, giving access to a catalog of 60M songs, on a par with the best streaming services. Amazon photos are also launched, a service that offers high-resolution photo storage with Amazon's own subscription. Finally, Amazon launches; Amazon Now, a supermarket service in which you receive your products in 2 hours (or one in certain areas) with free shipping cost from $ 50.</p>\n<p>In 2015 Amazon Prime Day was created to celebrate the 20th anniversary, in which 24 hours offers to appear to be the day of Amazon's biggest sale since its launch.</p>\n<p>In 2016, same-day delivery to 27 metropolitan areas was introduced. Prime also joins Prime, Prime Reading, which offered more than 1,000 books and magazines free of charge.</p>\n<p>In 2017, an agreement was formed with Chase to create a credit card that offers Prime subscribers at no added cost a 5% cash back at Amazon or Whole Foods for purchases made. Prime Wardrobe is also launched in 2017, a service that allows you to try on clothes, jewelry or similar in a period of 7 days before having to pay. That same year Amazon Key is launched, a smart lock that allows opening the home from the Smartphone to trusted people (seeing through an integrated camera), open the door from your own Smartphone or with a personal code. In addition to this, it allows Prime members to receive Amazon packages in their garage, house, without needing a key, simply through the APP.</p>\n<p>In 2017, the acquisition of Whole Foods was made, which is integrated into Amazon with discounts, free shipping or cashback when paying by card.</p>\n<p>In 2018 comes a second price increase from $99 to the current $119, an increase of $40 since its launch in 2005.</p>\n<p>In 2019, Amazon Fresh launched Prime subscribers, offering free in select cities fresh grocery delivery service.</p>\n<p>Finally, in 2020 Amazon Prime Gaming is launched, a service built into the Prime subscription that provides free games, exclusive gaming content and a free Twitch subscription.</p>\n<p>The evolution of Prime has been impressive, incorporating new services year after year to make Amazon's subscription indispensable in our lives. Seeing the evolution in subscribers, it seems evident that it has achieved its purpose.</p>\n<p>Prime's evolution has taken us to200M subscribers in 2020globally of which 153M are from the US.</p>\n<p><img src=\"https://static.tigerbbs.com/98abbd226ea68e7b6dd19537677a9888\" tg-width=\"588\" tg-height=\"374\" referrerpolicy=\"no-referrer\">Source: Emarketer, Statista</p>\n<p>Given the penetration, Prime's growth has slowed down in recent years, although users are becoming more and more accustomed to the service and it is becoming one of the essential subscriptions. This in our opinion, will lead to pricing power, something we have already seen in the United States, where the price for the subscription is substantially higher than the international subscription.</p>\n<p>Below is a comparison of subscription costs in different countries:</p>\n<p><img src=\"https://static.tigerbbs.com/250693f17a1239d59514520d8656fecb\" tg-width=\"343\" tg-height=\"373\" referrerpolicy=\"no-referrer\">Prices have risen compared to2018(these are as of year-end 2020). It is expected that prices will continue to rise gradually to generate higher earnings per user (ARPU).</p>\n<p>The first thing we notice is that the disparity between countries is high. In my opinion, where there is more room for prices to converge is in Europe, as Prime becomes more mature and incorporates higher quality content (as it has done in the US). This table shows that there is still a long way to go in terms of ARPU. Even in the US the price of an Amazon Prime subscription, taking into account everything included (music, video, access to Pharmacy, free shipping, storage), is well below other comparable subscriptions.</p>\n<p>Penetration in the United States is at its highest, 77% of people who buy on Amazon are Prime users. In 2020 this percentage was 67% so we have substantial growth; in fact it is one of the highest growth rates in the last decade.</p>\n<p>The Prime user is more profitable since he/she tends to spend 2-3 times more per month than a non-Prime user. In e-commerce, Amazon is the clear dominator with amarket sharein the United States of more than 50%. Being the clear dominator in a market thatwill grow at double digitsfor the next 5 years (probably also for the next 10 years) is undoubtedly very interesting. Another important point is that retail is a huge market where Amazon is just scratching the surface but has certainly positioned itself to capture more and more market share as the years go by. Amazon has only9% ofUS retail sales, while Walmart has 9.5%. To give you a sense of Amazon's traction, in 2019 it only had 6.8%. Although it is clear that COVID has helped it gain traction, over the years it has always been gaining more market share. Amazon knows this and is substantially increasing fulfillment CAPEX.</p>\n<p>The maturity of the Prime subscriber is also something important. As the years go by the Prime subscriber tends to consume more, so we could say that even a Prime subscriber has a rump-up period as we can see in this graph:</p>\n<p><img src=\"https://static.tigerbbs.com/5636145e9a1d04a4f1d4f1643c0550a1\" tg-width=\"436\" tg-height=\"252\" referrerpolicy=\"no-referrer\">In certain markets such as India, where Amazon has focused a lot of attention and investment, Prime membership growth has been exceptional. According to the head of Prime in the country, Prime membership has doubled between 4Q17 and 2Q19. While some of that growth may have been driven by Amazon's material investment in local digital content and Prime rate incentives, we believe many of these members will become more engaged retail customers as their financial situation improves over time.</p>\n<p>There are doubts about whether the momentum resulting from COVID in e-commerce will slow down with the reopening of e-commerce. Data from the first quarter of 2021 (with a reasonable reopening) shows that far from slowing down, growth has even accelerated above pre-COVID levels. This makes sense as certain users are reluctant to shop online and have been relatively forced during the quarantine. Having made purchases online has allowed them to lose that fear and become e-commerce users that would have taken longer to become so had it not been for COVID.</p>\n<p>Currently, 66% of GMVs (Gross Merchandise Value or total amount transacted in resales without discounts) come from the United States, the most mature market. In the future, the projection is that the mix of GMVs between US and Non-US will converge to 50% since it is in the rest of the markets where growth is currently highest.</p>\n<p>Market penetration is gradual and to get an idea of how it is evolving; we must look at the most mature market: the United States.</p>\n<p><img src=\"https://static.tigerbbs.com/fa586d6b9e788420999aa48c50811040\" tg-width=\"553\" tg-height=\"351\" referrerpolicy=\"no-referrer\">Currently, 67% of U.S. households with internet have a Prime subscription.</p>\n<p><b>Fulfillment by Amazon (FBA)</b></p>\n<p>More than half of the units purchased on Amazon's global marketplaces are sold by third-party merchants: sellers large and small who benefit from having access to Amazon's millions of customers. Your Seller Care business enables you to offer a wide selection of products by engaging these sellers and helping them manage their business on the platform.</p>\n<p>Fulfillment by Amazon (FBA) is a program that allows sellers to ship their inventory to Amazon's distribution centers, where they create, pack and ship orders for them, as well as handle customer service and returns for them. Their products become part of the Prime program, so they reach an even larger audience, and the seller spends fewer resources on inventory management and shipping.</p>\n<p>FBA started in 2005 with just a handful of vendors. Teams of business and technical professionals build all the systems that enable it, including tools that provide real-time data and reports and allow companies to manage their inventories remotely and from any device.</p>\n<p>The fulfillment part benefits from operational leverage, managing to contain unit costs and generating a higher and higher free cash flow. To understand the service in greater depth, we can look at Amazon's FBA service fees to third parties, which occupy almost 50% of the GMVs.</p>\n<p><img src=\"https://static.tigerbbs.com/1165bbedf3c99919df3b86f97386eb31\" tg-width=\"640\" tg-height=\"316\" referrerpolicy=\"no-referrer\">Amazon has been investing in its fulfillment network for many years, reinforcing its increasingly evident MOAT regarding logistics capacity and customer experience. So high has been the deployment of Capex that today it even rivals companies whose core business is precisely that:</p>\n<p><img src=\"https://static.tigerbbs.com/b2b35107ea150c8462f41cf6ff2f1975\" tg-width=\"431\" tg-height=\"213\" referrerpolicy=\"no-referrer\">Source: Annual report, FactSet estimates</p>\n<p>With the scale that Amazon has acquired, it would not be unreasonable to become a more efficient logistics platform than even pure competitors.</p>\n<p><img src=\"https://static.tigerbbs.com/d093110e0653de7cd4b486dbcf1543f4\" tg-width=\"640\" tg-height=\"253\" referrerpolicy=\"no-referrer\">The graph shows how the simplest route an order can take is directly from the seller to the buyer through a third-party service, where Amazon never actually touches the product, only puts the Marketplace.</p>\n<p>For orders that do go through Amazon's network, the company groups inventory into three different categories:</p>\n<ol>\n <li>Small classifiable: consumer items that make up the majority of the business. These are everyday items such as books, video games, and small-weight items.</li>\n <li>Large sortable: Items with a higher weight may require more manual systems due to their size.</li>\n <li>Large unsortable: Items that due to their size or weight, are handled with less automation, often in different locations and require more specialization for their preparation, such as specific packaging. Most of these shipments are delivered by third parties, mostly XPO.</li>\n</ol>\n<p>Small and large collection and packaging facilities are usually located in the same building but separate divisions.</p>\n<p>A key defining characteristic of small and large sortable items is that they can fit into a box placed on a conveyor belt for automatic sorting.</p>\n<p>Intuitively, small sortable items are also where the company has implemented the most automation, including robotic picking functionality.</p>\n<p>2013 was a turning point for FBA. We are talking about the 1,050 fulfillment network points today; only 58 were open before 2014, or 5%. Before 2014 there were no airports; there was hardly any infrastructure compared to today. 2020 is once again a turning point; 45% of fulfillment centers have been or will be built after 2020.</p>\n<p>This has undoubtedly been reflected in the 2020 CAPEX, which has risen considerably compared to previous years, from 5% to 9%. Excluding the increase in 2020 CAPEX, annualized growth since 2013 is 37%, above sales growth. Not all of this growth is due to fulfillment. Still, reading the letters from management, it is clear that a large part of this growth comes from this division, saying that the costs associated with \"last mile delivery\" had increased substantially.</p>\n<p><img src=\"https://static.tigerbbs.com/ab81f81d8d08e98fa4819e90b6a553e1\" tg-width=\"581\" tg-height=\"420\" referrerpolicy=\"no-referrer\">This Capex is reflected in the evolution of the square meters of fulfillment:</p>\n<p><img src=\"https://static.tigerbbs.com/5eb5e8f0ce6c11a4e1a96e2ab8002586\" tg-width=\"574\" tg-height=\"322\" referrerpolicy=\"no-referrer\">Growth in line with all of the above.</p>\n<p>Amazon is also increasing its aircraft fleet, which started in 2016 following the agreement with ATSG and Atlas Air to lease 40 aircraft (20+20). Currently, the fleet of aircraft under lease is 82 plus 11 owned aircraft, a total of 93, so it has more than doubled the fleet in less than 5 years. These movements make clear Amazon's intentions to boost the air service. If it continues simultaneously, we would have about 200 aircraft in 2016 between leasing and ownership.</p>\n<p>In the following image, we can see Amazon's air gateway network, with its usual spans. The network represents a key piece of the company's proprietary distribution network that has not been replicated by any other retailer and is a key function that allows Amazon to operate without the networks of third-party carriers.</p>\n<p><img src=\"https://static.tigerbbs.com/9eeec3e1927a51a580d7007e6caba3c2\" tg-width=\"640\" tg-height=\"535\" referrerpolicy=\"no-referrer\">Source: Chaddick Institute</p>\n<p>In Europe, it also has a network in the main capitals: Madrid, Barcelona, Paris, Milan, Rome, Cologne and Leipzig.</p>\n<p>The current gap in the fleet is significant concerning UPS and FedEx, but Capex is deploying Amazon would not be surprised to have a similar fleet by 2030.</p>\n<p>And all this for what? Considering how much Amazon is spending on logistics, it's clear it has a purpose. FBA sales went from $1b in 2011 to $40b in 2020, a significant jump. Rumors indicate that Amazon would like to start competing with UPS and FedEx in offering their services not only for its Marketplace but also for third parties. This may be indicative of the program launched in 2017 \"Seller Flex) which is a variant of the FBA program but in-house. This means that you can leverage Amazon's logistics tools without having to deposit inventory in Amazon's fulfillment centers. This is already a very similar service to that provided by pure shipping players.</p>\n<p>Following the launch of FBA Onsite, Amazon began internal testing of Amazon Shipping, a third-party shipping service that complemented FBA onsite. Early on reports suggested that Amazon would be able to undercut third-party carriers by leveraging the capacity it already used for its own deliveries and eliminating added costs. After more than two years, Amazon Shipping remains an internal trial put on hold by the arrival of COVID, as Amazon itself needed all of its logistics capacity for internal use.</p>\n<p>Is there really an opportunity here? Let's look at the sales and operating profit of the main players: UPS and FedEx.</p>\n<p><img src=\"https://static.tigerbbs.com/44a8276c53a9261ed6a84a8607ce87e9\" tg-width=\"356\" tg-height=\"113\" referrerpolicy=\"no-referrer\">Between them they generate 40% of Amazon's sales and 53% of operating profit. Obviously, Amazon will not capture all the business from both, but it gives us an idea that it is a large market that can provide incremental sales for Amazon.</p>\n<p>Considering all the opportunities on the table: Pharmacy, Grocery, Gaming, Advertising) Amazon Shipping will likely be delayed for a while, not one of the most immediate priorities. The deployed Capex itself serves for internal use with much more intense value chain control.</p>\n<p>We can really see the benefits of that CAPEX for fulfillment in the gross margin. The cost of sales is associated with Amazon's shipping costs, both in-house and through third parties. As in-house shipping has been gaining scale through CAPEX deployment, the gross margin has been increasing, and this is entirely normal given that this segment is pure volume. This means that a company that does not move Amazon's volume will not be compensated for the Capex deployed by Amazon. Still, on the other hand, a company like Amazon that increases the number of shipments in double digits year after year shows that the higher the volume, the higher the cost savings per shipment that the CAPEX deployed will compensate. This is a key point, as Amazon has a greater weight in own shipping and less in third parties, it will acquire a higher gross margin because the cost of own shipping is significantly lower than using a third party such as UPS or FedEx.</p>\n<p><b>AWS</b></p>\n<p>We believe that AWS will continue to be the dominant player in IaaS/PaaS as it captures most of the future growth in the industry due to its huge customer base.</p>\n<p>There should be plenty of growth opportunities for all three vendors. Gartner's forecast for IaaS and PaaS implies a 25% revenue CAGR between 2020 and 2023 and a market of nearly $200 billion by 2023.</p>\n<p><img src=\"https://static.tigerbbs.com/c931481c0a035bcced96f4f401235488\" tg-width=\"630\" tg-height=\"423\" referrerpolicy=\"no-referrer\">As for margins, they have danced between 20-30% despite aggressive pricing plans with a total of 20 discounts between 2018 and 2020 and so far 1 in 2021. The drop in margins in 2019 was due to an increase in investments for sales and marketing issues, which was only a short-term issue.</p>\n<p><img src=\"https://static.tigerbbs.com/13a64e7975829481aa0bedba683c33fa\" tg-width=\"586\" tg-height=\"353\" referrerpolicy=\"no-referrer\">Amazon is the clear dominator in the cloud market and although it has lost market share in recent years, this has not prevented it from growing at very high rates. What's interesting? The expectation is that thecloud marketwill grow from 2020 to 2025 at a compound rate of 17.5%. Considering that it is currently the company's division with the best margins, this is great news for Amazon's future.</p>\n<p>Amazon'sbacklogis accelerating its growth; we talk about the last year has grown more than 50% YoY while AWS sales growth is more in line with 30%. The backlog is contracts with an average maturity period of 3 years that end up materializing in sales, so seeing the rate at which it is growing is certainly very interesting.</p>\n<p>Backlog contracts are usually with large companies to whom they make offers with consequent price cuts. AWS is being aggressive but can afford to be given the margins it operates on.</p>\n<p>The backlog currently exceeds $50b, which should materialize over an average period of 3 years. This will be AWS sales but does not mean that these are the only sales that will materialize as there will continue to be growth in shorter-term contracts as at present.</p>\n<p><img src=\"https://static.tigerbbs.com/24e0033a5094a6f45b6cf02363014fcd\" tg-width=\"575\" tg-height=\"347\" referrerpolicy=\"no-referrer\">Source: Annual Report &amp; Morgan Stanley Estimates</p>\n<p>This graph shows exciting data. As I mentioned, the backlog has accelerated its growth while sales per se have been maintained (the last quarters). In the medium term, both curves will tend to converge.</p>\n<p><b>Supermarket</b></p>\n<p>The supermarket sector is gigantic and today, Amazon's US market share in this segment is less than 3% of 2020 sales. Considering that Amazon's penetration in this segment is increasingly higher and that Amazon is learning more and more due to the integration of Whole Foods and the opening of Fresh, Go stores and above all, physical locations.</p>\n<p>The opening of the first Amazon Fresh store in California is very recent; we are talking about September 2020 and from that date until May 2020 the number has risen to 12. Considering the pace of openings, it is clear that Amazon wants to focus on an Omnichannel model where you can buy physically or online, whichever best suits your needs at any given time.</p>\n<p>Amazon stores average 35,000 feet in size, selling about $754 per foot, in line with comparables such as (Wegmans, Kroger, Ahold) so the pace of Amazon's store rollout will mean interesting incremental sales (depending on the number of stores)</p>\n<p>On the other hand Amazon is focusing on the consumer experience.Amazon Dash Cartis turning the shopping experience into something totally different. It will have a small initial learning curve for the consumer, but it substantially improves the supermarket shopping experience once the concept is understood. We are talking about a supermarket cart with intelligence to account for every product you put inside automatically. You can leave with the purchase without having to go through the checkout or similar, and to all this add, it lets you know how much you have spent at each moment, making the experience much more efficient.</p>\n<p>Therefore Amazon offers an omnichannel experience in which you can buy online and receive same-day delivery for free (on orders over $50 for prime users). You can also place the order and pick it up at the store or simply buy it in the store itself; let's say it's a similar approach to Inditex.</p>\n<p>Having the ability to do click &amp; collect or simply order to home delivery allows stores to leverage stores in various ways that will generate operational leverage and increased margins as order volumes increase.</p>\n<p>The current trend is towards healthy food and in Amazon Fresh Stores, there is ample space for fresh and prepared food; we have space for fresh seafood, a sushi bar or even fresh pizza in the supermarket itself.</p>\n<p>Reviews of the Amazon Fresh stores on google are very positive, with an average of 4.3 stars across all 12 locations and over 3,000 votes.</p>\n<p>In a survey conducted by UBS in its 7th annual eCommerce survey, all respondents were asked the main reasons for buying online. With 43% of the answers, the most chosen was the convenience and comfort of doing it. It was a key point for the penetration to continue increasing since it is not because of something temporary such as prices, greater selection, but because of something structural.</p>\n<p>On the opposite side, reasons for not buying online would be in the first position with 45% \"I prefer to see and touch the product.\" Another main reason is that it is easier to buy physically and this can be key, making online shopping more accessible with improvements to the process itself.</p>\n<p>To get an idea of how the Amazon Groceries process works we have the following scheme:</p>\n<p><img src=\"https://static.tigerbbs.com/177141503cc09a782b0fc3ec7df8cd63\" tg-width=\"640\" tg-height=\"309\" referrerpolicy=\"no-referrer\">Looking at the schematic, it is easy to understand how Whole Foods fits into the process. Having incorporated physical stores, they serve as a logistics hub for shipments, allowing Amazon to improve efficiency.</p>\n<p>In addition to being focused on all the aspects mentioned above, Amazon has also been concerned about generating its own brand, where margins are higher. An example of Amazon's own brands can be seen below.</p>\n<p><img src=\"https://static.tigerbbs.com/10f30cc5515047623531828738fa6180\" tg-width=\"640\" tg-height=\"293\" referrerpolicy=\"no-referrer\">Especially in the last few years (since 2017), Amazon's own brand has been significantly boosted. We talked about that in 2017 there were less than 20 Amazon own brands and very few products for sale. Currently, it has more than 120 own brands and 22,617 available. In addition, Amazon's own brand has an average of 4.3 stars reflecting consumer satisfaction levels.</p>\n<p><b>Amazon Ads</b></p>\n<p>This is one of the biggest surprises and most undervalued assets that Amazon currently has. Advertising revenue is a source of income that is growing at an accelerated rate; we are talking about the fact that only 5 years ago, it was non-existent and now it is doubling every two years:</p>\n<p><img src=\"https://static.tigerbbs.com/1174f49304a8d987eeffaabd69393d14\" tg-width=\"548\" tg-height=\"412\" referrerpolicy=\"no-referrer\">This evolution makes sense, considering that Amazon is the most powerful showcase globally to sell products, so being able to appear in the top positions is undoubtedly something very interesting for products. We are talking about a gigantic market where Amazon is just scratching the surface.</p>\n<p>Considering the advertising spending of listed defensive consumer companies, we can get an idea of the size of this market, where Amazon has not yet monetized practically anything. Proof of the potential is simply to look at the growth in sales over the last few years, which gives us an idea of what is behind this market.</p>\n<p>Advertising continues to shift to digital, and according to eMarketer, online advertising will account for approximately 64% of total advertising by 2024. This makes sense considering that it is much more direct advertising and reaches the consumer better than traditional media (TV, radio).</p>\n<p><img src=\"https://static.tigerbbs.com/5af8cc7425a991f2e6d6e94f71d29fbd\" tg-width=\"568\" tg-height=\"354\" referrerpolicy=\"no-referrer\">Amazon within digital advertising is the greenest, in earlier stages while Google and Facebook are already much more mature advertising platforms.</p>\n<p>It is undoubtedly effective advertising, do we have doubts that it is a boost in sales to appear at the top of the most important Marketplace in the world? We certainly do not. We believe that it is a part of income that makes a lot of sense and will grow exponentially. The structure of Amazon searches is usually as follows:</p>\n<p><img src=\"https://static.tigerbbs.com/18aa88ac767b673ccddb587eb8bc7d01\" tg-width=\"623\" tg-height=\"458\" referrerpolicy=\"no-referrer\"></p>\n<p><b>Amazon Healthcare</b></p>\n<p>Although you find little more than a footnote about the Healthcare part of the business in Amazon's accounts, Amazon and TAM's plans for this segment are very strong. In November 2020Amazon Carewas approved in WA and will be present in 50 states by the summer and enable the distribution of prescription drugs, opening up a range for exciting new revenues.</p>\n<p>Amazon Care is Amazon's online clinic, which is expanding staff from the end of 2020. Amazon care launches as an internal trial (many Amazon divisions are born this way) in autumn 2019, offering a virtual medical clinic to employees to facilitate access to high-quality primary care online (although home visits are available in some areas). This initiative makes perfect sense in the United States, where healthcare is not universal and health insurance is expensive.</p>\n<p>With Amazon Care you also have urgent care through its application; the services offered by the application are:</p>\n<ul>\n <li>Make an appointment</li>\n <li>In-person follow-up care (select states only)</li>\n <li>Medical examinations</li>\n <li>24/7 service team, 365 days a year.</li>\n <li>Recipes delivered to your home.</li>\n <li>Vaccines.</li>\n <li>Virtual consultation.</li>\n</ul>\n<p>Within the application itself you have Care Chat, a chat that allows you to connect with registered nurses to get advice on health problems.</p>\n<p>Amazon intends to offer this service to independent companies seeking to provide this service for their employees and families. This segment will take time and where it is necessary to have a long-term vision, although the potential is certainly high.</p>\n<p>Amazon is interested not only in the pharmacy business, a B2C business but also in the B2B segment of medical device distribution, which would save a lot of paperwork for hospitals as it is a more direct distribution agreement that could save administrative procedures such as GPOs.</p>\n<p>Concerning the pharmacy side, it is clear that Amazon fits mostly into the hybrid physical plus online presence, emphasizing the online side.</p>\n<p>The combination of Whole Foods + Amazon and Prime Now is powerful for this approach and Amazon already distributes many pharma products. However, I expect a substantial increase and greater efficiency (in terms of delivery times in Europe) in adding new products to the platform.</p>\n<p>It is clear that Amazon is interested in the points mentioned above and this is reflected in its chronological evolution:</p>\n<ul>\n <li>In 2018 Amazon launches its own brand: Basic Care.</li>\n <li>In 2018 it acquired an online pharmacy: PillPack, which operates with a digital license in 49 states covering 90% of American households.</li>\n <li>Late 2018 reported talks with startup Xealth and the hospital network to allow doctors to purchase medical devices.</li>\n <li>Reported in 2018 negotiations to buy MedPlus a company with 1,400 pharmacy outlets in India.</li>\n <li>September 2019 launches Amazon Care.</li>\n <li>B2B growth has been more than x10 since 2016.</li>\n <li>March 2021 national expansion of Amazon Care to begin in the summer of 2021.</li>\n <li>Launch of Amazon Pharmacy in 2020.</li>\n</ul>\n<p>Selling pharmacy products with the Whole Foods combination allows for 2-hour delivery in the USA, which is very interesting thanks to Amazon's logistical features.</p>\n<p>Amazon has been taking steps in this direction for a few years and the most complicated part, which is to establish the infrastructure, is already more than done. Right now, Amazon can sell in the U.S. both online and via \"mail,\" the two most widely used, so its entry into this segment is already complete:</p>\n<p>The final launch ofAmazon Pharmacycame in November 2020 through which prescription drugs will be available. It is currently approved in 45 states which means covering 90% of the American population. Amazon Pharmacy has a proposal to save 80% on generic and 40% on brand-name drugs when you do not pay with insurance and compare the price you get on Amazon with that of another possible distributor.</p>\n<p>For any user who does not have insurance, currently, the prices offered by Amazon are the lowest. Those Prime users on Prime RX will receive discounts between 40-80% with deliveries of less than 2 days (free delivery).</p>\n<p>The Amazon Pharmacy market is gigantic; we are talking about a market that moves more than $350b a year where two-thirds are distributed in retail and one-third via mail. Amazon is already able to reach the retail market and is working on reaching the mail order part, as this is a different market that usually works for chronic ailment drugs on autopilot.</p>\n<p>An important point provided by Amazon Pharmacy is the collection of user data. As an online registry, you have the data of the profile of medicines that a certain person consumes, so this information is precious for certain players.</p>\n<p>There are currently three Amazon pharmacy services:</p>\n<ol>\n <li><b>Amazon Pharmacy:</b>allows customers to order prescription drugs for home delivery. Orders are delivered in discreet packaging to the customer's preferred address. Medications require a prescription from a licensed health care provider.</li>\n</ol>\n<ol>\n <li><b>PillPack by Amazon Pharmacy:</b>part of Amazon Pharmacy and remains a distinct service for customers taking multiple medications daily for chronic conditions.</li>\n</ol>\n<ol>\n <li><b>Amazon Prime:</b>Offers Prime members access to low prices on many brand names and generic prescription drugs when paying without insurance. It can be used to get discounts of up to 80% on generic drugs and 40% on brand-name drugs at more than 50,000 participating pharmacies nationwide, including Amazon Pharmacy and the PillPack by Amazon Pharmacy service.</li>\n</ol>\n<p>Understanding where Amazon is positioned, the opportunity is enormous:</p>\n<ul>\n <li>Retail sale of medicines</li>\n <li>B2B sales of medical devices</li>\n <li>Online medical care.</li>\n</ul>\n<p><b>Gaming and Twitch</b></p>\n<p>Amazon has made several 2014 acquisitions related to gaming; the chronology would be as follows:</p>\n<ol>\n <li>In 2014 Amazon acquires Doublé Helix Games.</li>\n <li>Also in 2014, Amazon acquired Twitch.</li>\n <li>In 2016 it launched a tool: Lumberyard that enables game development.</li>\n <li>In 2016, it acquired the online gaming portal \"Curse.\"</li>\n <li>2018 acquires GameSparks.</li>\n</ol>\n<p>Of all the acquisitions made, absolute reality is twitch, achieving spectacular user and viewing metrics and wild growth.</p>\n<p>The future lies in the cloud and subscriptions, as well as in in-game purchases. Console and game sales have been flat for a few years or with fragile growth, and it is the subscription, cloud and multiplayer, and in-game purchases that have been growing.</p>\n<p>In the future, it is foreseeable that this trend will accelerate with cloud gaming being the clear dominator and console sales declining at high rates, so positioning in this segment will be key to absorb sales in the form of subscription: PlayStation Now, GeForce Now, Stadia.</p>\n<p>Distribution has already changed a lot but from now on the changes are expected to intensify. In the past, the Publisher published the game on the platform or console and the platform or console delivered it to the consumer.</p>\n<p>The new distribution will start from the cloud so that the relationship will start from Azure, AWS or the corresponding player. The broadband provider will come into play and finally, the corresponding cloud platform (Stadia, PlayStation Now...). In this part, there will clearly be a strong growth and where everything remains to be done and positioned.</p>\n<p><b>Music and Video</b></p>\n<p>The $8.45 billion acquisition of Metro Goldwyn Mayer(NYSE:MGM)is significant for Amazon, the company's second-largest acquisition after the $13.7 billion Whole Foods deal in 2017, but representing just half of 1% of AMZN's market capitalization.</p>\n<p>Through the acquisition, AMZN gains access to MGM's extensive library of more than 4,000 films, including notable franchises such as James Bond, Rocky and Tomb Raider. AMZN also acquires 17,000 television programs, including series (Fargo, The Handmaid's Tale) and shows (Shark Tank, The Voice).</p>\n<p>MGM accumulates more than 180 Academy Awards and 100 Emmys. Overall, the MGM deal should allow Amazon to create a more compelling Video offering to attract new subscribers for the Prime ecosystem. The great advantage of streaming and Prime subscription is that it is a business of scale where MGM's acquisition costs are diluted the broader the user base, which is enhanced by this acquisition.</p>\n<p>With 175M users on Prime video and 200 on Prime, this acquisition will possibly catalyze to create new subscribers.</p>\n<p>MGM's content is important and the intellectual property acquired by Amazon, which will allow it to produce more original and exclusive content, which will allow it to compete in a more relevant way with Netflix and Disney.</p>\n<p>We do not rule out that there may be more acquisitions on the video side. The larger the subscriber base, the higher the acquisition costs are diluted over a higher base, positively feeding back into the Prime ecosystem.</p>\n<p>As for the price, it is clear that it has not been a cheap purchase, although the important thing is what its integration means more than what MGM currently generates. We are talking about 25x EBITDA, which is in the highest range of M&amp;A in the average sector. It is understandable considering the current valuations in the markets; of course these have not helped the price to be \"cheap.\" From a broad point of view the integration makes sense in the ecosystem that Amazon is trying to create with Prime.</p>\n<p>When it comes to integrating MGM into Amazon, an important question arises: Is Amazon going to do without the 60% of MGM's revenue generated from content licensing? Is it not going to do without it?</p>\n<p>In the first case, it would become exclusive content of Amazon, generating more value for Amazon Video; in the second case it would not contribute much value to Amazon Video considering that it would not be exclusive content.</p>\n<p><b>Venture Capital</b></p>\n<p>Amazon allocates a small part of its cash to investments in startups and although it is not transparent about this, we do know the intentions of these investments.</p>\n<p>The Amazon Alexa Fund (200M) has a focus on integrating health issues into the home by investing in startups such as Aiva (a virtual assistant that connects seniors with their healthcare service), Tonal (artificial intelligence for home fitness) and Zwift (a virtual cycling app).</p>\n<p>It has recently launched another fund that will invest in Indian startups, mostly related to Healthcare fabrics.</p>\n<p><b>Risks</b></p>\n<ul>\n <li>Covering too many different products or markets: The bets on Amazon Music, Amazon Video and the like, at the moment do not have too much of a view to succeed. Amazon's purpose indeed is to offer an attractive package, not the product separately.</li>\n <li>Bezos' departure should not affect too much considering the company's size, but it is clear that he has been a key figure in Amazon's evolution.</li>\n <li>Regulation. A company of Amazon's size will always face regulatory risks.</li>\n <li>A slowdown in AWS is currently driving operating profit.</li>\n <li>That all the optionality of new business lines does not end up fitting.</li>\n</ul>\n<p>Waymo, although it may not seem like it, is a threat to Amazon. The number of miles traveled by Waymo is increasing and its development is becoming more mature.</p>\n<p>Google with its powerful search engine could create an interesting combination with the shopping part in which you buy through Google, the retailers have the inventory and the logistics are Waymo itself delivering the product autonomously in a short period of time:</p>\n<p><img src=\"https://static.tigerbbs.com/495a0f59e25265e21fd12b548f93b3f1\" tg-width=\"640\" tg-height=\"167\">Amazon has been working for years on drone delivery and making deliveries increasingly efficient, so it has been protecting itself from this potential latent risk for years.</p>\n<p>In the end Amazon wants the process to be as follows:</p>\n<p><img src=\"https://static.tigerbbs.com/9b304d1db1ca34a56deecd34a2e89a2c\" tg-width=\"613\" tg-height=\"344\"><b>Working Capital</b></p>\n<p>To understand Amazon's FCF, it is important to talk about Amazon's working capital changes, as these are very peculiar. The first quarter is always very negative, penalizing the CFO. The following quarters the Working Capital changes neutralize the effect of the first quarter, bringing cash flow to Amazon. This happens mainly because at the end of the year there are many pending payments to suppliers and expenses to be settled, so that at the beginning of the year when these accounts are settled, the changes in working capital are very negative, hurting Amazon's operating cash flow.</p>\n<p><b>Profitability</b></p>\n<p>Amazon's profitability has varied substantially as they have started investing aggressively in the business and growing their assets and capital employed considerably. We are talking about an 80-fold increase in assets since 2006, which reflects the lines I have previously discussed.</p>\n<p>As margins are expanding, the path of improving return on assets and capital employed has returned, with ROCE currently at 20%, ROE at 23% and ROA at 7%. Undoubtedly, these are levels that indicate that Amazon is a quality company. As a note, Amazon is in a period of intensive investments and with a clear potential for margin expansion in the future, so it would be foreseeable that these metrics will continue to rise.</p>\n<p><img src=\"https://static.tigerbbs.com/9b00f1639fd6bc917998f038f3ff60ec\" tg-width=\"597\" tg-height=\"335\"></p>\n<p><b>Valuation</b></p>\n<p>Amazon is a complicated company to value because of its size and the point at which it finds itself; large investments and very high margin expansion potential.</p>\n<p>It currently trades at around 60x EV/FCF. Still, if we normalize both Working Capital and Capex (it has increased from 5% of sales to 9%), we would be talking about 35x EV/FCF for a company with very high quality and with most of the divisions only scratching the surface of their potential.</p>\n<p>Just by looking at the multiples, we could already say that it is reasonable considering the prospects and position of the business.</p>\n<p>It currently trades at about 36x EV/FCF, below its average EV/FCF multiple considering a normalized WC and normalized CAPEX. This already gives us an idea that it can be a company to consider as Amazon today is a much stronger business than 10 years ago.</p>\n<p><img src=\"https://static.tigerbbs.com/0d462cfa442b191e5e27213180f5ad9b\" tg-width=\"556\" tg-height=\"336\">If we project sales and FCF assuming conservative assumptions and normalizing both Cash Flow and Working Capital we obtain the following estimates:</p>\n<p><img src=\"https://static.tigerbbs.com/8546c6d09613082ad5d6e1fdef607bea\" tg-width=\"640\" tg-height=\"214\">Under these assumptions, we performed a valuation by multiples and DCF:</p>\n<p><img src=\"https://static.tigerbbs.com/2d0e31590998b2af7f9f7209db841f59\" tg-width=\"251\" tg-height=\"410\">We would be buying Amazon at a reasonable price without assuming that any of the above optionalities explode, so the margin of safety is wide even though the upside is tight.</p>\n<p><b>Conclusion</b></p>\n<p>Amazon is a company that is reaping the rewards after decades of sowing. These are the years where surprises start to emerge, margins start to expand, and more optionality starts appearing. Having the opportunity to acquire a company of this quality at a \"reasonable\" price is one of those opportunities, from a profitability-risk point of view, that in the long term make the difference.</p>\n<p>It is important to closely follow the evolution of the different segments and the optionality associated with them and the ARPUS of the international segment since it is the one with the greatest potential.</p>","source":"seekingalpha","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Amazon: A No-Brainer For The Next 10 Years</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: A No-Brainer For The Next 10 Years\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-09 23:38 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4433845-amazon-stock-amzn-no-brainer-for-the-next-10-years><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nAmazon maintains high advertising potential.\nThe recent approval of Amazon Pharmacy provides a huge TAM.\nThe company has an interesting future operating leverage due to high capex deployed in...</p>\n\n<a href=\"https://seekingalpha.com/article/4433845-amazon-stock-amzn-no-brainer-for-the-next-10-years\">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/4433845-amazon-stock-amzn-no-brainer-for-the-next-10-years","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1127823989","content_text":"Summary\n\nAmazon maintains high advertising potential.\nThe recent approval of Amazon Pharmacy provides a huge TAM.\nThe company has an interesting future operating leverage due to high capex deployed in logistics.\n\nInvestment Thesis\nAmazon(NASDAQ:AMZN)is one of the best-known companies in the world, it seems difficult to discover something new in it but the reality is that there is a lot to discover. After performing this in-depth analysis of Amazon, I have realized that most segments are in their early stages. The current valuation is very attractive considering that they are just scratching the surface of the potential of these divisions.\nAmazon Healthcare has a huge TAM through Amazon Pharmacy and Amazon Care (telemedicine). Both divisions are newly approved, so as of today, they contribute virtually nothing to Amazon's bottom line.\nThe retail part has a long way to go, with a lot of room for growth with its omnichannel for supermarkets, increases in ARPU, FBA.\nOn the other hand, digital advertising is eating the world, and Amazon has recently been getting into it (since 2015). Part of Amazon's advertising five years ago was generating hardly any profit, now it is doubling revenues every two years and this has just begun. Amazon is the most powerful product marketplace globally, so it makes perfect sense that the wild growth in advertising continues to grow at high rates.\nWe still have the optionality in gaming, the growth in prime ARPUs, the Audio and Video division, in short, numerous segments that have not yet started to contribute sales and Amazon is currently trading at about 35x normalized FCF, expensive? In our opinion considerably cheaper than the multiples at which the market is trading.\nProduct\nAmazon is a company that has always had a long-term focus. This means that since its inception, it has renounced short-term profitability to become one of the most important companies in the world in the long term. There is no doubt that it has achieved this goal and we are right at the moment where Amazon is beginning to reap what has been sown for so many years.\nIn its early days, Amazon focused on the user experience when shopping online. Amazon offered a simple, accessible and universal way to buy products to guarantee the highest number of reviews and arrive in record time. In addition, acquiring a product on Amazon carries the guarantee of delivery of the same; this means that if you have any kind of problem with the reception of the product, Amazon solves it in record time.\nThis first phase has been very successful and has been the foundation of Amazon 2.0, which has been integrating more and more services and improving its original product: e-commerce. This image summarizes very well the evolution of Amazon from a Prime 1.0 to a Prime with a much higher added value.\nThanks to this user experience created by Amazon, it has been one of the main contributors (or rather the main contributor) to the explosive evolution of e-commerce, making its penetration increasingly higher and its growth very high.\nAccording toStatistadata, e-commerce penetration worldwide is 50.8% in 2021 and is expected to reach 63.1% in 2025. Average spending per person exceeds $700 per year. Between 2020 and 2025, e-commerce revenues are expected to grow by 50%, so far from being a mature market, it is still growing strongly.\nAmazon Prime\nWe all know what this service entails, so I am not going to explain it at length. More and more new services are being integrated into Amazon Prime, making it one of the must-have subscriptions for users.\nA chronological summary of Amazon's evolution in the US (its most mature market) is essential to understand the evolution of prices and value-added over time.\nAmazonlaunches Prime subscription in the US in 2005for $79 per year. In 2006, Amazon moved forward and launched Fulfilled by Amazon. This service allows sellers to have a store on Amazon and ship their products for a fee. These products then become eligible for Amazon Prime, increasing the assortment and selection available to customers.\nStarting in 2011, Amazon included Prime Video in subscriptions, which meant 5,000 movies and series for every subscriber.\n2014 was a great year for Prime, not only because there were many new services added, but also because there was the first price increase, Amazon raises from $79 to $99 the subscription in the U.S. This same year Amazon Prime Pantry is launched, offering customers the ability to buy essential supermarket products (toilet paper, drinks, creams) for a meager fee and regularly. Also in 2014, Amazon Music was launched with the Prime subscription, giving access to a catalog of 60M songs, on a par with the best streaming services. Amazon photos are also launched, a service that offers high-resolution photo storage with Amazon's own subscription. Finally, Amazon launches; Amazon Now, a supermarket service in which you receive your products in 2 hours (or one in certain areas) with free shipping cost from $ 50.\nIn 2015 Amazon Prime Day was created to celebrate the 20th anniversary, in which 24 hours offers to appear to be the day of Amazon's biggest sale since its launch.\nIn 2016, same-day delivery to 27 metropolitan areas was introduced. Prime also joins Prime, Prime Reading, which offered more than 1,000 books and magazines free of charge.\nIn 2017, an agreement was formed with Chase to create a credit card that offers Prime subscribers at no added cost a 5% cash back at Amazon or Whole Foods for purchases made. Prime Wardrobe is also launched in 2017, a service that allows you to try on clothes, jewelry or similar in a period of 7 days before having to pay. That same year Amazon Key is launched, a smart lock that allows opening the home from the Smartphone to trusted people (seeing through an integrated camera), open the door from your own Smartphone or with a personal code. In addition to this, it allows Prime members to receive Amazon packages in their garage, house, without needing a key, simply through the APP.\nIn 2017, the acquisition of Whole Foods was made, which is integrated into Amazon with discounts, free shipping or cashback when paying by card.\nIn 2018 comes a second price increase from $99 to the current $119, an increase of $40 since its launch in 2005.\nIn 2019, Amazon Fresh launched Prime subscribers, offering free in select cities fresh grocery delivery service.\nFinally, in 2020 Amazon Prime Gaming is launched, a service built into the Prime subscription that provides free games, exclusive gaming content and a free Twitch subscription.\nThe evolution of Prime has been impressive, incorporating new services year after year to make Amazon's subscription indispensable in our lives. Seeing the evolution in subscribers, it seems evident that it has achieved its purpose.\nPrime's evolution has taken us to200M subscribers in 2020globally of which 153M are from the US.\nSource: Emarketer, Statista\nGiven the penetration, Prime's growth has slowed down in recent years, although users are becoming more and more accustomed to the service and it is becoming one of the essential subscriptions. This in our opinion, will lead to pricing power, something we have already seen in the United States, where the price for the subscription is substantially higher than the international subscription.\nBelow is a comparison of subscription costs in different countries:\nPrices have risen compared to2018(these are as of year-end 2020). It is expected that prices will continue to rise gradually to generate higher earnings per user (ARPU).\nThe first thing we notice is that the disparity between countries is high. In my opinion, where there is more room for prices to converge is in Europe, as Prime becomes more mature and incorporates higher quality content (as it has done in the US). This table shows that there is still a long way to go in terms of ARPU. Even in the US the price of an Amazon Prime subscription, taking into account everything included (music, video, access to Pharmacy, free shipping, storage), is well below other comparable subscriptions.\nPenetration in the United States is at its highest, 77% of people who buy on Amazon are Prime users. In 2020 this percentage was 67% so we have substantial growth; in fact it is one of the highest growth rates in the last decade.\nThe Prime user is more profitable since he/she tends to spend 2-3 times more per month than a non-Prime user. In e-commerce, Amazon is the clear dominator with amarket sharein the United States of more than 50%. Being the clear dominator in a market thatwill grow at double digitsfor the next 5 years (probably also for the next 10 years) is undoubtedly very interesting. Another important point is that retail is a huge market where Amazon is just scratching the surface but has certainly positioned itself to capture more and more market share as the years go by. Amazon has only9% ofUS retail sales, while Walmart has 9.5%. To give you a sense of Amazon's traction, in 2019 it only had 6.8%. Although it is clear that COVID has helped it gain traction, over the years it has always been gaining more market share. Amazon knows this and is substantially increasing fulfillment CAPEX.\nThe maturity of the Prime subscriber is also something important. As the years go by the Prime subscriber tends to consume more, so we could say that even a Prime subscriber has a rump-up period as we can see in this graph:\nIn certain markets such as India, where Amazon has focused a lot of attention and investment, Prime membership growth has been exceptional. According to the head of Prime in the country, Prime membership has doubled between 4Q17 and 2Q19. While some of that growth may have been driven by Amazon's material investment in local digital content and Prime rate incentives, we believe many of these members will become more engaged retail customers as their financial situation improves over time.\nThere are doubts about whether the momentum resulting from COVID in e-commerce will slow down with the reopening of e-commerce. Data from the first quarter of 2021 (with a reasonable reopening) shows that far from slowing down, growth has even accelerated above pre-COVID levels. This makes sense as certain users are reluctant to shop online and have been relatively forced during the quarantine. Having made purchases online has allowed them to lose that fear and become e-commerce users that would have taken longer to become so had it not been for COVID.\nCurrently, 66% of GMVs (Gross Merchandise Value or total amount transacted in resales without discounts) come from the United States, the most mature market. In the future, the projection is that the mix of GMVs between US and Non-US will converge to 50% since it is in the rest of the markets where growth is currently highest.\nMarket penetration is gradual and to get an idea of how it is evolving; we must look at the most mature market: the United States.\nCurrently, 67% of U.S. households with internet have a Prime subscription.\nFulfillment by Amazon (FBA)\nMore than half of the units purchased on Amazon's global marketplaces are sold by third-party merchants: sellers large and small who benefit from having access to Amazon's millions of customers. Your Seller Care business enables you to offer a wide selection of products by engaging these sellers and helping them manage their business on the platform.\nFulfillment by Amazon (FBA) is a program that allows sellers to ship their inventory to Amazon's distribution centers, where they create, pack and ship orders for them, as well as handle customer service and returns for them. Their products become part of the Prime program, so they reach an even larger audience, and the seller spends fewer resources on inventory management and shipping.\nFBA started in 2005 with just a handful of vendors. Teams of business and technical professionals build all the systems that enable it, including tools that provide real-time data and reports and allow companies to manage their inventories remotely and from any device.\nThe fulfillment part benefits from operational leverage, managing to contain unit costs and generating a higher and higher free cash flow. To understand the service in greater depth, we can look at Amazon's FBA service fees to third parties, which occupy almost 50% of the GMVs.\nAmazon has been investing in its fulfillment network for many years, reinforcing its increasingly evident MOAT regarding logistics capacity and customer experience. So high has been the deployment of Capex that today it even rivals companies whose core business is precisely that:\nSource: Annual report, FactSet estimates\nWith the scale that Amazon has acquired, it would not be unreasonable to become a more efficient logistics platform than even pure competitors.\nThe graph shows how the simplest route an order can take is directly from the seller to the buyer through a third-party service, where Amazon never actually touches the product, only puts the Marketplace.\nFor orders that do go through Amazon's network, the company groups inventory into three different categories:\n\nSmall classifiable: consumer items that make up the majority of the business. These are everyday items such as books, video games, and small-weight items.\nLarge sortable: Items with a higher weight may require more manual systems due to their size.\nLarge unsortable: Items that due to their size or weight, are handled with less automation, often in different locations and require more specialization for their preparation, such as specific packaging. Most of these shipments are delivered by third parties, mostly XPO.\n\nSmall and large collection and packaging facilities are usually located in the same building but separate divisions.\nA key defining characteristic of small and large sortable items is that they can fit into a box placed on a conveyor belt for automatic sorting.\nIntuitively, small sortable items are also where the company has implemented the most automation, including robotic picking functionality.\n2013 was a turning point for FBA. We are talking about the 1,050 fulfillment network points today; only 58 were open before 2014, or 5%. Before 2014 there were no airports; there was hardly any infrastructure compared to today. 2020 is once again a turning point; 45% of fulfillment centers have been or will be built after 2020.\nThis has undoubtedly been reflected in the 2020 CAPEX, which has risen considerably compared to previous years, from 5% to 9%. Excluding the increase in 2020 CAPEX, annualized growth since 2013 is 37%, above sales growth. Not all of this growth is due to fulfillment. Still, reading the letters from management, it is clear that a large part of this growth comes from this division, saying that the costs associated with \"last mile delivery\" had increased substantially.\nThis Capex is reflected in the evolution of the square meters of fulfillment:\nGrowth in line with all of the above.\nAmazon is also increasing its aircraft fleet, which started in 2016 following the agreement with ATSG and Atlas Air to lease 40 aircraft (20+20). Currently, the fleet of aircraft under lease is 82 plus 11 owned aircraft, a total of 93, so it has more than doubled the fleet in less than 5 years. These movements make clear Amazon's intentions to boost the air service. If it continues simultaneously, we would have about 200 aircraft in 2016 between leasing and ownership.\nIn the following image, we can see Amazon's air gateway network, with its usual spans. The network represents a key piece of the company's proprietary distribution network that has not been replicated by any other retailer and is a key function that allows Amazon to operate without the networks of third-party carriers.\nSource: Chaddick Institute\nIn Europe, it also has a network in the main capitals: Madrid, Barcelona, Paris, Milan, Rome, Cologne and Leipzig.\nThe current gap in the fleet is significant concerning UPS and FedEx, but Capex is deploying Amazon would not be surprised to have a similar fleet by 2030.\nAnd all this for what? Considering how much Amazon is spending on logistics, it's clear it has a purpose. FBA sales went from $1b in 2011 to $40b in 2020, a significant jump. Rumors indicate that Amazon would like to start competing with UPS and FedEx in offering their services not only for its Marketplace but also for third parties. This may be indicative of the program launched in 2017 \"Seller Flex) which is a variant of the FBA program but in-house. This means that you can leverage Amazon's logistics tools without having to deposit inventory in Amazon's fulfillment centers. This is already a very similar service to that provided by pure shipping players.\nFollowing the launch of FBA Onsite, Amazon began internal testing of Amazon Shipping, a third-party shipping service that complemented FBA onsite. Early on reports suggested that Amazon would be able to undercut third-party carriers by leveraging the capacity it already used for its own deliveries and eliminating added costs. After more than two years, Amazon Shipping remains an internal trial put on hold by the arrival of COVID, as Amazon itself needed all of its logistics capacity for internal use.\nIs there really an opportunity here? Let's look at the sales and operating profit of the main players: UPS and FedEx.\nBetween them they generate 40% of Amazon's sales and 53% of operating profit. Obviously, Amazon will not capture all the business from both, but it gives us an idea that it is a large market that can provide incremental sales for Amazon.\nConsidering all the opportunities on the table: Pharmacy, Grocery, Gaming, Advertising) Amazon Shipping will likely be delayed for a while, not one of the most immediate priorities. The deployed Capex itself serves for internal use with much more intense value chain control.\nWe can really see the benefits of that CAPEX for fulfillment in the gross margin. The cost of sales is associated with Amazon's shipping costs, both in-house and through third parties. As in-house shipping has been gaining scale through CAPEX deployment, the gross margin has been increasing, and this is entirely normal given that this segment is pure volume. This means that a company that does not move Amazon's volume will not be compensated for the Capex deployed by Amazon. Still, on the other hand, a company like Amazon that increases the number of shipments in double digits year after year shows that the higher the volume, the higher the cost savings per shipment that the CAPEX deployed will compensate. This is a key point, as Amazon has a greater weight in own shipping and less in third parties, it will acquire a higher gross margin because the cost of own shipping is significantly lower than using a third party such as UPS or FedEx.\nAWS\nWe believe that AWS will continue to be the dominant player in IaaS/PaaS as it captures most of the future growth in the industry due to its huge customer base.\nThere should be plenty of growth opportunities for all three vendors. Gartner's forecast for IaaS and PaaS implies a 25% revenue CAGR between 2020 and 2023 and a market of nearly $200 billion by 2023.\nAs for margins, they have danced between 20-30% despite aggressive pricing plans with a total of 20 discounts between 2018 and 2020 and so far 1 in 2021. The drop in margins in 2019 was due to an increase in investments for sales and marketing issues, which was only a short-term issue.\nAmazon is the clear dominator in the cloud market and although it has lost market share in recent years, this has not prevented it from growing at very high rates. What's interesting? The expectation is that thecloud marketwill grow from 2020 to 2025 at a compound rate of 17.5%. Considering that it is currently the company's division with the best margins, this is great news for Amazon's future.\nAmazon'sbacklogis accelerating its growth; we talk about the last year has grown more than 50% YoY while AWS sales growth is more in line with 30%. The backlog is contracts with an average maturity period of 3 years that end up materializing in sales, so seeing the rate at which it is growing is certainly very interesting.\nBacklog contracts are usually with large companies to whom they make offers with consequent price cuts. AWS is being aggressive but can afford to be given the margins it operates on.\nThe backlog currently exceeds $50b, which should materialize over an average period of 3 years. This will be AWS sales but does not mean that these are the only sales that will materialize as there will continue to be growth in shorter-term contracts as at present.\nSource: Annual Report & Morgan Stanley Estimates\nThis graph shows exciting data. As I mentioned, the backlog has accelerated its growth while sales per se have been maintained (the last quarters). In the medium term, both curves will tend to converge.\nSupermarket\nThe supermarket sector is gigantic and today, Amazon's US market share in this segment is less than 3% of 2020 sales. Considering that Amazon's penetration in this segment is increasingly higher and that Amazon is learning more and more due to the integration of Whole Foods and the opening of Fresh, Go stores and above all, physical locations.\nThe opening of the first Amazon Fresh store in California is very recent; we are talking about September 2020 and from that date until May 2020 the number has risen to 12. Considering the pace of openings, it is clear that Amazon wants to focus on an Omnichannel model where you can buy physically or online, whichever best suits your needs at any given time.\nAmazon stores average 35,000 feet in size, selling about $754 per foot, in line with comparables such as (Wegmans, Kroger, Ahold) so the pace of Amazon's store rollout will mean interesting incremental sales (depending on the number of stores)\nOn the other hand Amazon is focusing on the consumer experience.Amazon Dash Cartis turning the shopping experience into something totally different. It will have a small initial learning curve for the consumer, but it substantially improves the supermarket shopping experience once the concept is understood. We are talking about a supermarket cart with intelligence to account for every product you put inside automatically. You can leave with the purchase without having to go through the checkout or similar, and to all this add, it lets you know how much you have spent at each moment, making the experience much more efficient.\nTherefore Amazon offers an omnichannel experience in which you can buy online and receive same-day delivery for free (on orders over $50 for prime users). You can also place the order and pick it up at the store or simply buy it in the store itself; let's say it's a similar approach to Inditex.\nHaving the ability to do click & collect or simply order to home delivery allows stores to leverage stores in various ways that will generate operational leverage and increased margins as order volumes increase.\nThe current trend is towards healthy food and in Amazon Fresh Stores, there is ample space for fresh and prepared food; we have space for fresh seafood, a sushi bar or even fresh pizza in the supermarket itself.\nReviews of the Amazon Fresh stores on google are very positive, with an average of 4.3 stars across all 12 locations and over 3,000 votes.\nIn a survey conducted by UBS in its 7th annual eCommerce survey, all respondents were asked the main reasons for buying online. With 43% of the answers, the most chosen was the convenience and comfort of doing it. It was a key point for the penetration to continue increasing since it is not because of something temporary such as prices, greater selection, but because of something structural.\nOn the opposite side, reasons for not buying online would be in the first position with 45% \"I prefer to see and touch the product.\" Another main reason is that it is easier to buy physically and this can be key, making online shopping more accessible with improvements to the process itself.\nTo get an idea of how the Amazon Groceries process works we have the following scheme:\nLooking at the schematic, it is easy to understand how Whole Foods fits into the process. Having incorporated physical stores, they serve as a logistics hub for shipments, allowing Amazon to improve efficiency.\nIn addition to being focused on all the aspects mentioned above, Amazon has also been concerned about generating its own brand, where margins are higher. An example of Amazon's own brands can be seen below.\nEspecially in the last few years (since 2017), Amazon's own brand has been significantly boosted. We talked about that in 2017 there were less than 20 Amazon own brands and very few products for sale. Currently, it has more than 120 own brands and 22,617 available. In addition, Amazon's own brand has an average of 4.3 stars reflecting consumer satisfaction levels.\nAmazon Ads\nThis is one of the biggest surprises and most undervalued assets that Amazon currently has. Advertising revenue is a source of income that is growing at an accelerated rate; we are talking about the fact that only 5 years ago, it was non-existent and now it is doubling every two years:\nThis evolution makes sense, considering that Amazon is the most powerful showcase globally to sell products, so being able to appear in the top positions is undoubtedly something very interesting for products. We are talking about a gigantic market where Amazon is just scratching the surface.\nConsidering the advertising spending of listed defensive consumer companies, we can get an idea of the size of this market, where Amazon has not yet monetized practically anything. Proof of the potential is simply to look at the growth in sales over the last few years, which gives us an idea of what is behind this market.\nAdvertising continues to shift to digital, and according to eMarketer, online advertising will account for approximately 64% of total advertising by 2024. This makes sense considering that it is much more direct advertising and reaches the consumer better than traditional media (TV, radio).\nAmazon within digital advertising is the greenest, in earlier stages while Google and Facebook are already much more mature advertising platforms.\nIt is undoubtedly effective advertising, do we have doubts that it is a boost in sales to appear at the top of the most important Marketplace in the world? We certainly do not. We believe that it is a part of income that makes a lot of sense and will grow exponentially. The structure of Amazon searches is usually as follows:\n\nAmazon Healthcare\nAlthough you find little more than a footnote about the Healthcare part of the business in Amazon's accounts, Amazon and TAM's plans for this segment are very strong. In November 2020Amazon Carewas approved in WA and will be present in 50 states by the summer and enable the distribution of prescription drugs, opening up a range for exciting new revenues.\nAmazon Care is Amazon's online clinic, which is expanding staff from the end of 2020. Amazon care launches as an internal trial (many Amazon divisions are born this way) in autumn 2019, offering a virtual medical clinic to employees to facilitate access to high-quality primary care online (although home visits are available in some areas). This initiative makes perfect sense in the United States, where healthcare is not universal and health insurance is expensive.\nWith Amazon Care you also have urgent care through its application; the services offered by the application are:\n\nMake an appointment\nIn-person follow-up care (select states only)\nMedical examinations\n24/7 service team, 365 days a year.\nRecipes delivered to your home.\nVaccines.\nVirtual consultation.\n\nWithin the application itself you have Care Chat, a chat that allows you to connect with registered nurses to get advice on health problems.\nAmazon intends to offer this service to independent companies seeking to provide this service for their employees and families. This segment will take time and where it is necessary to have a long-term vision, although the potential is certainly high.\nAmazon is interested not only in the pharmacy business, a B2C business but also in the B2B segment of medical device distribution, which would save a lot of paperwork for hospitals as it is a more direct distribution agreement that could save administrative procedures such as GPOs.\nConcerning the pharmacy side, it is clear that Amazon fits mostly into the hybrid physical plus online presence, emphasizing the online side.\nThe combination of Whole Foods + Amazon and Prime Now is powerful for this approach and Amazon already distributes many pharma products. However, I expect a substantial increase and greater efficiency (in terms of delivery times in Europe) in adding new products to the platform.\nIt is clear that Amazon is interested in the points mentioned above and this is reflected in its chronological evolution:\n\nIn 2018 Amazon launches its own brand: Basic Care.\nIn 2018 it acquired an online pharmacy: PillPack, which operates with a digital license in 49 states covering 90% of American households.\nLate 2018 reported talks with startup Xealth and the hospital network to allow doctors to purchase medical devices.\nReported in 2018 negotiations to buy MedPlus a company with 1,400 pharmacy outlets in India.\nSeptember 2019 launches Amazon Care.\nB2B growth has been more than x10 since 2016.\nMarch 2021 national expansion of Amazon Care to begin in the summer of 2021.\nLaunch of Amazon Pharmacy in 2020.\n\nSelling pharmacy products with the Whole Foods combination allows for 2-hour delivery in the USA, which is very interesting thanks to Amazon's logistical features.\nAmazon has been taking steps in this direction for a few years and the most complicated part, which is to establish the infrastructure, is already more than done. Right now, Amazon can sell in the U.S. both online and via \"mail,\" the two most widely used, so its entry into this segment is already complete:\nThe final launch ofAmazon Pharmacycame in November 2020 through which prescription drugs will be available. It is currently approved in 45 states which means covering 90% of the American population. Amazon Pharmacy has a proposal to save 80% on generic and 40% on brand-name drugs when you do not pay with insurance and compare the price you get on Amazon with that of another possible distributor.\nFor any user who does not have insurance, currently, the prices offered by Amazon are the lowest. Those Prime users on Prime RX will receive discounts between 40-80% with deliveries of less than 2 days (free delivery).\nThe Amazon Pharmacy market is gigantic; we are talking about a market that moves more than $350b a year where two-thirds are distributed in retail and one-third via mail. Amazon is already able to reach the retail market and is working on reaching the mail order part, as this is a different market that usually works for chronic ailment drugs on autopilot.\nAn important point provided by Amazon Pharmacy is the collection of user data. As an online registry, you have the data of the profile of medicines that a certain person consumes, so this information is precious for certain players.\nThere are currently three Amazon pharmacy services:\n\nAmazon Pharmacy:allows customers to order prescription drugs for home delivery. Orders are delivered in discreet packaging to the customer's preferred address. Medications require a prescription from a licensed health care provider.\n\n\nPillPack by Amazon Pharmacy:part of Amazon Pharmacy and remains a distinct service for customers taking multiple medications daily for chronic conditions.\n\n\nAmazon Prime:Offers Prime members access to low prices on many brand names and generic prescription drugs when paying without insurance. It can be used to get discounts of up to 80% on generic drugs and 40% on brand-name drugs at more than 50,000 participating pharmacies nationwide, including Amazon Pharmacy and the PillPack by Amazon Pharmacy service.\n\nUnderstanding where Amazon is positioned, the opportunity is enormous:\n\nRetail sale of medicines\nB2B sales of medical devices\nOnline medical care.\n\nGaming and Twitch\nAmazon has made several 2014 acquisitions related to gaming; the chronology would be as follows:\n\nIn 2014 Amazon acquires Doublé Helix Games.\nAlso in 2014, Amazon acquired Twitch.\nIn 2016 it launched a tool: Lumberyard that enables game development.\nIn 2016, it acquired the online gaming portal \"Curse.\"\n2018 acquires GameSparks.\n\nOf all the acquisitions made, absolute reality is twitch, achieving spectacular user and viewing metrics and wild growth.\nThe future lies in the cloud and subscriptions, as well as in in-game purchases. Console and game sales have been flat for a few years or with fragile growth, and it is the subscription, cloud and multiplayer, and in-game purchases that have been growing.\nIn the future, it is foreseeable that this trend will accelerate with cloud gaming being the clear dominator and console sales declining at high rates, so positioning in this segment will be key to absorb sales in the form of subscription: PlayStation Now, GeForce Now, Stadia.\nDistribution has already changed a lot but from now on the changes are expected to intensify. In the past, the Publisher published the game on the platform or console and the platform or console delivered it to the consumer.\nThe new distribution will start from the cloud so that the relationship will start from Azure, AWS or the corresponding player. The broadband provider will come into play and finally, the corresponding cloud platform (Stadia, PlayStation Now...). In this part, there will clearly be a strong growth and where everything remains to be done and positioned.\nMusic and Video\nThe $8.45 billion acquisition of Metro Goldwyn Mayer(NYSE:MGM)is significant for Amazon, the company's second-largest acquisition after the $13.7 billion Whole Foods deal in 2017, but representing just half of 1% of AMZN's market capitalization.\nThrough the acquisition, AMZN gains access to MGM's extensive library of more than 4,000 films, including notable franchises such as James Bond, Rocky and Tomb Raider. AMZN also acquires 17,000 television programs, including series (Fargo, The Handmaid's Tale) and shows (Shark Tank, The Voice).\nMGM accumulates more than 180 Academy Awards and 100 Emmys. Overall, the MGM deal should allow Amazon to create a more compelling Video offering to attract new subscribers for the Prime ecosystem. The great advantage of streaming and Prime subscription is that it is a business of scale where MGM's acquisition costs are diluted the broader the user base, which is enhanced by this acquisition.\nWith 175M users on Prime video and 200 on Prime, this acquisition will possibly catalyze to create new subscribers.\nMGM's content is important and the intellectual property acquired by Amazon, which will allow it to produce more original and exclusive content, which will allow it to compete in a more relevant way with Netflix and Disney.\nWe do not rule out that there may be more acquisitions on the video side. The larger the subscriber base, the higher the acquisition costs are diluted over a higher base, positively feeding back into the Prime ecosystem.\nAs for the price, it is clear that it has not been a cheap purchase, although the important thing is what its integration means more than what MGM currently generates. We are talking about 25x EBITDA, which is in the highest range of M&A in the average sector. It is understandable considering the current valuations in the markets; of course these have not helped the price to be \"cheap.\" From a broad point of view the integration makes sense in the ecosystem that Amazon is trying to create with Prime.\nWhen it comes to integrating MGM into Amazon, an important question arises: Is Amazon going to do without the 60% of MGM's revenue generated from content licensing? Is it not going to do without it?\nIn the first case, it would become exclusive content of Amazon, generating more value for Amazon Video; in the second case it would not contribute much value to Amazon Video considering that it would not be exclusive content.\nVenture Capital\nAmazon allocates a small part of its cash to investments in startups and although it is not transparent about this, we do know the intentions of these investments.\nThe Amazon Alexa Fund (200M) has a focus on integrating health issues into the home by investing in startups such as Aiva (a virtual assistant that connects seniors with their healthcare service), Tonal (artificial intelligence for home fitness) and Zwift (a virtual cycling app).\nIt has recently launched another fund that will invest in Indian startups, mostly related to Healthcare fabrics.\nRisks\n\nCovering too many different products or markets: The bets on Amazon Music, Amazon Video and the like, at the moment do not have too much of a view to succeed. Amazon's purpose indeed is to offer an attractive package, not the product separately.\nBezos' departure should not affect too much considering the company's size, but it is clear that he has been a key figure in Amazon's evolution.\nRegulation. A company of Amazon's size will always face regulatory risks.\nA slowdown in AWS is currently driving operating profit.\nThat all the optionality of new business lines does not end up fitting.\n\nWaymo, although it may not seem like it, is a threat to Amazon. The number of miles traveled by Waymo is increasing and its development is becoming more mature.\nGoogle with its powerful search engine could create an interesting combination with the shopping part in which you buy through Google, the retailers have the inventory and the logistics are Waymo itself delivering the product autonomously in a short period of time:\nAmazon has been working for years on drone delivery and making deliveries increasingly efficient, so it has been protecting itself from this potential latent risk for years.\nIn the end Amazon wants the process to be as follows:\nWorking Capital\nTo understand Amazon's FCF, it is important to talk about Amazon's working capital changes, as these are very peculiar. The first quarter is always very negative, penalizing the CFO. The following quarters the Working Capital changes neutralize the effect of the first quarter, bringing cash flow to Amazon. This happens mainly because at the end of the year there are many pending payments to suppliers and expenses to be settled, so that at the beginning of the year when these accounts are settled, the changes in working capital are very negative, hurting Amazon's operating cash flow.\nProfitability\nAmazon's profitability has varied substantially as they have started investing aggressively in the business and growing their assets and capital employed considerably. We are talking about an 80-fold increase in assets since 2006, which reflects the lines I have previously discussed.\nAs margins are expanding, the path of improving return on assets and capital employed has returned, with ROCE currently at 20%, ROE at 23% and ROA at 7%. Undoubtedly, these are levels that indicate that Amazon is a quality company. As a note, Amazon is in a period of intensive investments and with a clear potential for margin expansion in the future, so it would be foreseeable that these metrics will continue to rise.\n\nValuation\nAmazon is a complicated company to value because of its size and the point at which it finds itself; large investments and very high margin expansion potential.\nIt currently trades at around 60x EV/FCF. Still, if we normalize both Working Capital and Capex (it has increased from 5% of sales to 9%), we would be talking about 35x EV/FCF for a company with very high quality and with most of the divisions only scratching the surface of their potential.\nJust by looking at the multiples, we could already say that it is reasonable considering the prospects and position of the business.\nIt currently trades at about 36x EV/FCF, below its average EV/FCF multiple considering a normalized WC and normalized CAPEX. This already gives us an idea that it can be a company to consider as Amazon today is a much stronger business than 10 years ago.\nIf we project sales and FCF assuming conservative assumptions and normalizing both Cash Flow and Working Capital we obtain the following estimates:\nUnder these assumptions, we performed a valuation by multiples and DCF:\nWe would be buying Amazon at a reasonable price without assuming that any of the above optionalities explode, so the margin of safety is wide even though the upside is tight.\nConclusion\nAmazon is a company that is reaping the rewards after decades of sowing. These are the years where surprises start to emerge, margins start to expand, and more optionality starts appearing. Having the opportunity to acquire a company of this quality at a \"reasonable\" price is one of those opportunities, from a profitability-risk point of view, that in the long term make the difference.\nIt is important to closely follow the evolution of the different segments and the optionality associated with them and the ARPUS of the international segment since it is the one with the greatest potential.","news_type":1},"isVote":1,"tweetType":1,"viewCount":367,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":180118765,"gmtCreate":1623194523057,"gmtModify":1704197914083,"author":{"id":"3576445214043888","authorId":"3576445214043888","name":"Lingclass","avatar":"https://static.tigerbbs.com/950af8fc59792b26f3c6dc5e2b211022","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576445214043888","authorIdStr":"3576445214043888"},"themes":[],"htmlText":"Education field is always neglected too. Pls like and comment! Thank you!","listText":"Education field is always neglected too. Pls like and comment! Thank you!","text":"Education field is always neglected too. Pls like and comment! Thank you!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/180118765","repostId":"1150047118","repostType":4,"isVote":1,"tweetType":1,"viewCount":306,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":115540261,"gmtCreate":1623024458653,"gmtModify":1704194395693,"author":{"id":"3576445214043888","authorId":"3576445214043888","name":"Lingclass","avatar":"https://static.tigerbbs.com/950af8fc59792b26f3c6dc5e2b211022","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576445214043888","authorIdStr":"3576445214043888"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/GME\">$GameStop(GME)$</a>scary up and down? Any views?","listText":"<a href=\"https://laohu8.com/S/GME\">$GameStop(GME)$</a>scary up and down? Any views?","text":"$GameStop(GME)$scary up and down? Any views?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/115540261","repostId":"2141926289","repostType":4,"repost":{"id":"2141926289","pubTimestamp":1623020400,"share":"https://ttm.financial/m/news/2141926289?lang=&edition=fundamental","pubTime":"2021-06-07 07:00","market":"us","language":"en","title":"GameStop earnings, consumer inflation data: What to know this week","url":"https://stock-news.laohu8.com/highlight/detail?id=2141926289","media":"Yahoo Finance","summary":"This week is set to be a relatively quiet one for investors in terms of economic data releases and e","content":"<p>This week is set to be a relatively quiet&nbsp;one&nbsp;for investors in terms of economic data releases and earnings reports. Officials from the Federal Reserve will also enter their \"blackout period\" ahead of their June policy-setting meeting.</p><p>Still, new data on consumer price inflation will be of interest, since market participants have been looking for signs that the post-pandemic recovery is generating a surge in prices amid supply chain and labor shortages and booming demand.</p><p>The Labor Department's May consumer price index (CPI) on Thursday will show the latest on these price trends for the average American. Consensus economists are looking for the index to register a 0.4% month-on-month increase after a 0.8% surge in April. And over last year, the headline CPI is expected to jump 4.7%, or by the most since 2008.</p><p>The core CPI, or more closely watched measure excluding volatile food and energy prices, is expected to rise 0.4% month-on-month and 3.4% year-on-year. The latter would mark the greatest jump in nearly three decades.</p><p>\"Thursday’s CPI data will be scrutinized after last month’s report sent up a flare on higher inflation,\" David Donabedian, chief investment officer of CIBC Private Wealth, wrote in an email on Friday. \"While the consensus is for a 0.4% monthly increase, the risk is probably to the upside as bottlenecks and other supply constraints push costs higher.\"</p><p>Last month's greater-than-expected surge in the April consumer price index contributed to a 2% selloff in the S&amp;P 500, with concerns over fast-rising and persistent inflation threatening to dampen the growth potential of longer-duration stocks especially. Market participants have also been monitoring inflation data with an eye to its implications for monetary policy, with the Federal Reserve looking for inflation to average above 2% for a period of time before rolling back some of its crisis-era support.</p><p class=\"t-img-caption\"><img src=\"https://s.yimg.com/os/creatr-uploaded-images/2021-06/7b67e850-c568-11eb-8eff-e0f80513b616\" tg-width=\"3928\" tg-height=\"2619\" referrerpolicy=\"no-referrer\"><span>WASHINGTON, DC - SEPTEMBER 24: Federal Reserve Board Chairman Jerome Powell testifies during a Senate Banking Committee hearing on Capitol Hill on September 24, 2020 in Washington, DC. Powell and U.S. Treasury Secretary Steven Mnuchin are testifying about the CARES Act and the economic effects of the coronavirus pandemic. (Photo by Drew Angerer/Getty Images)Drew Angerer via Getty Images</span></p><p>Most Fed officials and outside economists have suggested the jump in inflation reflected in the data for this spring will be transitory, largely reflecting the result of base effects off last year's pandemic-depressed levels. However, consumers have also begun to increasingly expect higher inflation in the future, with this shift in psychology also contributing in part to the Fed's decision-making. In <a href=\"https://laohu8.com/S/AONE.U\">one</a> example, the University of Michigan's final May consumer sentiment index dipped compared to April in part due to concerns that higher inflation would weaken spending power.</p><p>\"Shifting policy language and a small rate increase could douse inflationary psychology; it would be no surprise to consumers, as two-thirds already expect higher interest rates in the year ahead,\" Richard Curtin, chief economist for the University of Michigan's Surveys of Consumers, said in a press statement at the time.</p><p>Still, inflation and price stability represents just one prong of the Federal Reserve's dual mandate, with the other being achieving maximum employment. To that end, Friday's May jobs report suggested the economy remained a ways off from the Fed's goals, with U.S. employers adding back just 559,000 payrolls versus the 675,000 expected and leaving the economy still 7.6 million jobs short of pre-pandemic levels.</p><p>\"The inflation narrative is secondary for the taper discussion, but it is still a consideration. With inflation pressures rising, the risk assessment has likely shifted a bit,\" Michelle Meyer, Bank of America U.S. economist, wrote in a note on Friday. \"The concern for Fed officials is less about strong core CPI prints and more about the drift higher in inflation expectations coupled with signs of a wage-price push. This can make the temporary gains in inflation more persistent.\"</p><h2>GameStop earnings</h2><p>Some fundamental news will be coming out this week for investors in GameStop (GME), one of the original names to be swept up in the \"meme stock\" frenzy at the beginning of this year.</p><p>GameStop is set to report fiscal first-quarter results Wednesday after market close, offering an update on the company's business as retail investor interest in the stock remains heightened.</p><p>Consensus analysts expect GameStop will post adjusted losses of 59 cents per share for the three months ended in April, with this loss narrowing from the $1.61 per share reported in the same three months of last year. Revenue is expected to grow 14% to $1.17 billion.</p><p>Investors on the Reddit forum r/wallstreetbets pushed up shares of GameStop initially in January, flocking en masse to the heavily shorted stock to force short-sellers to cover their positions and push the stock's price even higher. Shares of GameStop have rallied by more than 1,200% for the year-to-date through Friday's close.</p><p>According to data from S3 Partners' Ihor Dusaniwsky, short interest in GameStop totaled $2.99 billion as of Friday's close, with 11.58 million shares shorted for a 20.3% short percent of float. Short sellers in GameStop were down by $294 million last week, he added.</p><p>But in recent weeks, AMC Entertainment (AMC) — another heavily shorted stock — eclipsed GameStop in terms of online interest and in share price appreciation. Shares of AMC have risen by more than 400% over the past one month, compared to a 56% increase in shares of GameStop. And AMC's market capitalization eclipsed that of GameStop last week, with the former's market value jumping above $30 billion.</p><p>The vast majority of the moves in the meme stocks were driven by social media popularity as opposed to traditional measures of stock valuation such as earnings and expected future cash flows. However, some have asserted that there is a fundamental argument to be made for investing in shares of AMC and GameStop, with the consumer-facing, brick-and-mortar businesses benefiting from the same \"reopening trade\" rotation that has lifted airline, cruise line, leisure stocks and retailers.</p><p>Still, most Wall Street analysts remain on the sidelines. Three analysts gave GameStop's shares a sell recommendation and two offered a hold, according to Bloomberg data last week. Likewise, AMC garnered four Sell ratings and five Holds. No analysts rated either stock as a Buy, with the vast majority of analysts suggesting the stocks' prices had outrun the underlying value of the businesses. And last week, major banks including Bank of America, Citigroup and Jefferies tightened rules over which clients could participate in short selling of the meme stocks, in an attempt to limit exposure to the extreme volatility these securities have witnessed recently, Bloomberg reported.</p><p>But given the lasting explosion in meme stocks this year, many have conceded that social media-driven trading represents a paradigm shift in the market.</p><p>“This is no longer our grandparents’, or for that matter, our parents' stock market,” Zephyr Market Strategist Ryan Nauman told Yahoo Finance. “Now, investment professionals need to start focusing more on looking at alternative data sets, rethinking their investment thesis to consider this growing cohort of retail investors.”</p><p>Others suggested the heightened speculative trading among retail investors may begin to dwindle once more investors are pulled back into workplaces in person and time at home for trading becomes scarcer.</p><p>\"Participation of the retail investor in U.S. equities has very, very closely followed inversely the COVID timeline. So one of my favorite charts is looking at an Apple mobility index for the U.S., you invert it, and you overlay whatever your favorite measure of retail participation is ... and there is a very striking correlation,\" Binky Chadha, Deustche Bank chief global strategist, told Yahoo Finance on Thursday. \"So I would argue that the participation is following this ... and the thesis is that as markets reopen, retail participation is going to come down.\"</p><p>\"We tend to think of it as a flash in the pan as opposed to a change in the trend,\" he concluded.</p><h2>Economic Calendar</h2><ul><li><p><b>Monday: </b>Consumer credit ($20.000 billion expected, $25.841 billion in March)</p></li><li><p><b>Tuesday: </b>NFIB Small Business Optimism, May (100.5 expected, 99.8 in April); Trade balance, April (-$69.0 billion expected, -$74.4 billion in March); JOLTS Job Openings, April (8.123 million in March)</p></li><li><p><b>Wednesday: </b>MBA Mortgage Applications, week ended June 4 (-4.0% during prior week); Wholesale inventories, month-over-month, April final (0.8% expected, 0.8% in prior print)</p></li><li><p><b>Thursday: </b>Consumer price index, month-over-month, May (0.4% expected, 0.8% in April); Consumer price index excluding food and energy, month-over-month, May (0.4% expected, 0.9% in April); Consumer price index, year-over-year, May (4.7% expected, 4.2% in April); Consumer price index excluding food and energy, year-over-year, May (3.4% expected, 3.0% in April); Initial jobless claims, week ended June 5 (372,000 expected, 385,000 during prior week); Continuing claims, week ended May 29 (3.771 million during prior week); Household change in net worth, Q1 ($6.93 trillion in Q4); Monthly budget statement, May (-$225.6 billion in April)</p></li><li><p><b>Friday: </b>University of Michigan sentiment, June preliminary (84.0 expected, 82.9 in May)</p></li></ul><h2>Earnings Calendar</h2><ul><li><p><b>Monday: </b>Coupa Software (COUP), StitchFix (SFIX) after market close</p></li><li><p><b>Tuesday: </b>N/A</p></li><li><p><b>Wednesday: </b>RH (RH), GameStop (GME) after market close</p></li><li><p><b>Thursday: </b>FuelCell Energy (FCEL) before market open; Chewy (CHWY), Dave &amp; Buster's Entertainment (PLAY) after market close</p></li><li><p><b>Friday: </b>N/A</p></li></ul>","source":"yahoofinance","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>GameStop earnings, consumer inflation data: What to know this 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; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGameStop earnings, consumer inflation data: What to know this week\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-07 07:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/game-stop-earnings-consumer-inflation-data-what-to-know-this-week-143700353.html><strong>Yahoo Finance</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>This week is set to be a relatively quiet one for investors in terms of economic data releases and earnings reports. Officials from the Federal Reserve will also enter their \"blackout period\" ahead of...</p>\n\n<a href=\"https://finance.yahoo.com/news/game-stop-earnings-consumer-inflation-data-what-to-know-this-week-143700353.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ZM":"Zoom","GME":"游戏驿站","COUP":"Coupa Software Inc"},"source_url":"https://finance.yahoo.com/news/game-stop-earnings-consumer-inflation-data-what-to-know-this-week-143700353.html","is_english":true,"share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","article_id":"2141926289","content_text":"This week is set to be a relatively quiet one for investors in terms of economic data releases and earnings reports. Officials from the Federal Reserve will also enter their \"blackout period\" ahead of their June policy-setting meeting.Still, new data on consumer price inflation will be of interest, since market participants have been looking for signs that the post-pandemic recovery is generating a surge in prices amid supply chain and labor shortages and booming demand.The Labor Department's May consumer price index (CPI) on Thursday will show the latest on these price trends for the average American. Consensus economists are looking for the index to register a 0.4% month-on-month increase after a 0.8% surge in April. And over last year, the headline CPI is expected to jump 4.7%, or by the most since 2008.The core CPI, or more closely watched measure excluding volatile food and energy prices, is expected to rise 0.4% month-on-month and 3.4% year-on-year. The latter would mark the greatest jump in nearly three decades.\"Thursday’s CPI data will be scrutinized after last month’s report sent up a flare on higher inflation,\" David Donabedian, chief investment officer of CIBC Private Wealth, wrote in an email on Friday. \"While the consensus is for a 0.4% monthly increase, the risk is probably to the upside as bottlenecks and other supply constraints push costs higher.\"Last month's greater-than-expected surge in the April consumer price index contributed to a 2% selloff in the S&P 500, with concerns over fast-rising and persistent inflation threatening to dampen the growth potential of longer-duration stocks especially. Market participants have also been monitoring inflation data with an eye to its implications for monetary policy, with the Federal Reserve looking for inflation to average above 2% for a period of time before rolling back some of its crisis-era support.WASHINGTON, DC - SEPTEMBER 24: Federal Reserve Board Chairman Jerome Powell testifies during a Senate Banking Committee hearing on Capitol Hill on September 24, 2020 in Washington, DC. Powell and U.S. Treasury Secretary Steven Mnuchin are testifying about the CARES Act and the economic effects of the coronavirus pandemic. (Photo by Drew Angerer/Getty Images)Drew Angerer via Getty ImagesMost Fed officials and outside economists have suggested the jump in inflation reflected in the data for this spring will be transitory, largely reflecting the result of base effects off last year's pandemic-depressed levels. However, consumers have also begun to increasingly expect higher inflation in the future, with this shift in psychology also contributing in part to the Fed's decision-making. In one example, the University of Michigan's final May consumer sentiment index dipped compared to April in part due to concerns that higher inflation would weaken spending power.\"Shifting policy language and a small rate increase could douse inflationary psychology; it would be no surprise to consumers, as two-thirds already expect higher interest rates in the year ahead,\" Richard Curtin, chief economist for the University of Michigan's Surveys of Consumers, said in a press statement at the time.Still, inflation and price stability represents just one prong of the Federal Reserve's dual mandate, with the other being achieving maximum employment. To that end, Friday's May jobs report suggested the economy remained a ways off from the Fed's goals, with U.S. employers adding back just 559,000 payrolls versus the 675,000 expected and leaving the economy still 7.6 million jobs short of pre-pandemic levels.\"The inflation narrative is secondary for the taper discussion, but it is still a consideration. With inflation pressures rising, the risk assessment has likely shifted a bit,\" Michelle Meyer, Bank of America U.S. economist, wrote in a note on Friday. \"The concern for Fed officials is less about strong core CPI prints and more about the drift higher in inflation expectations coupled with signs of a wage-price push. This can make the temporary gains in inflation more persistent.\"GameStop earningsSome fundamental news will be coming out this week for investors in GameStop (GME), one of the original names to be swept up in the \"meme stock\" frenzy at the beginning of this year.GameStop is set to report fiscal first-quarter results Wednesday after market close, offering an update on the company's business as retail investor interest in the stock remains heightened.Consensus analysts expect GameStop will post adjusted losses of 59 cents per share for the three months ended in April, with this loss narrowing from the $1.61 per share reported in the same three months of last year. Revenue is expected to grow 14% to $1.17 billion.Investors on the Reddit forum r/wallstreetbets pushed up shares of GameStop initially in January, flocking en masse to the heavily shorted stock to force short-sellers to cover their positions and push the stock's price even higher. Shares of GameStop have rallied by more than 1,200% for the year-to-date through Friday's close.According to data from S3 Partners' Ihor Dusaniwsky, short interest in GameStop totaled $2.99 billion as of Friday's close, with 11.58 million shares shorted for a 20.3% short percent of float. Short sellers in GameStop were down by $294 million last week, he added.But in recent weeks, AMC Entertainment (AMC) — another heavily shorted stock — eclipsed GameStop in terms of online interest and in share price appreciation. Shares of AMC have risen by more than 400% over the past one month, compared to a 56% increase in shares of GameStop. And AMC's market capitalization eclipsed that of GameStop last week, with the former's market value jumping above $30 billion.The vast majority of the moves in the meme stocks were driven by social media popularity as opposed to traditional measures of stock valuation such as earnings and expected future cash flows. However, some have asserted that there is a fundamental argument to be made for investing in shares of AMC and GameStop, with the consumer-facing, brick-and-mortar businesses benefiting from the same \"reopening trade\" rotation that has lifted airline, cruise line, leisure stocks and retailers.Still, most Wall Street analysts remain on the sidelines. Three analysts gave GameStop's shares a sell recommendation and two offered a hold, according to Bloomberg data last week. Likewise, AMC garnered four Sell ratings and five Holds. No analysts rated either stock as a Buy, with the vast majority of analysts suggesting the stocks' prices had outrun the underlying value of the businesses. And last week, major banks including Bank of America, Citigroup and Jefferies tightened rules over which clients could participate in short selling of the meme stocks, in an attempt to limit exposure to the extreme volatility these securities have witnessed recently, Bloomberg reported.But given the lasting explosion in meme stocks this year, many have conceded that social media-driven trading represents a paradigm shift in the market.“This is no longer our grandparents’, or for that matter, our parents' stock market,” Zephyr Market Strategist Ryan Nauman told Yahoo Finance. “Now, investment professionals need to start focusing more on looking at alternative data sets, rethinking their investment thesis to consider this growing cohort of retail investors.”Others suggested the heightened speculative trading among retail investors may begin to dwindle once more investors are pulled back into workplaces in person and time at home for trading becomes scarcer.\"Participation of the retail investor in U.S. equities has very, very closely followed inversely the COVID timeline. So one of my favorite charts is looking at an Apple mobility index for the U.S., you invert it, and you overlay whatever your favorite measure of retail participation is ... and there is a very striking correlation,\" Binky Chadha, Deustche Bank chief global strategist, told Yahoo Finance on Thursday. \"So I would argue that the participation is following this ... and the thesis is that as markets reopen, retail participation is going to come down.\"\"We tend to think of it as a flash in the pan as opposed to a change in the trend,\" he concluded.Economic CalendarMonday: Consumer credit ($20.000 billion expected, $25.841 billion in March)Tuesday: NFIB Small Business Optimism, May (100.5 expected, 99.8 in April); Trade balance, April (-$69.0 billion expected, -$74.4 billion in March); JOLTS Job Openings, April (8.123 million in March)Wednesday: MBA Mortgage Applications, week ended June 4 (-4.0% during prior week); Wholesale inventories, month-over-month, April final (0.8% expected, 0.8% in prior print)Thursday: Consumer price index, month-over-month, May (0.4% expected, 0.8% in April); Consumer price index excluding food and energy, month-over-month, May (0.4% expected, 0.9% in April); Consumer price index, year-over-year, May (4.7% expected, 4.2% in April); Consumer price index excluding food and energy, year-over-year, May (3.4% expected, 3.0% in April); Initial jobless claims, week ended June 5 (372,000 expected, 385,000 during prior week); Continuing claims, week ended May 29 (3.771 million during prior week); Household change in net worth, Q1 ($6.93 trillion in Q4); Monthly budget statement, May (-$225.6 billion in April)Friday: University of Michigan sentiment, June preliminary (84.0 expected, 82.9 in May)Earnings CalendarMonday: Coupa Software (COUP), StitchFix (SFIX) after market closeTuesday: N/AWednesday: RH (RH), GameStop (GME) after market closeThursday: FuelCell Energy (FCEL) before market open; Chewy (CHWY), Dave & Buster's Entertainment (PLAY) after market closeFriday: N/A","news_type":1},"isVote":1,"tweetType":1,"viewCount":244,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":115310678,"gmtCreate":1622950737194,"gmtModify":1704193667969,"author":{"id":"3576445214043888","authorId":"3576445214043888","name":"Lingclass","avatar":"https://static.tigerbbs.com/950af8fc59792b26f3c6dc5e2b211022","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576445214043888","authorIdStr":"3576445214043888"},"themes":[],"htmlText":"Wow!!! This trend is getting real! Like and comment","listText":"Wow!!! This trend is getting real! Like and comment","text":"Wow!!! This trend is getting real! Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/115310678","repostId":"1128534499","repostType":4,"isVote":1,"tweetType":1,"viewCount":353,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3575958434174944","authorId":"3575958434174944","name":"Shadotaiger","avatar":"https://static.tigerbbs.com/c26a9d060fabab1c1347edbfc7329574","crmLevel":2,"crmLevelSwitch":0,"idStr":"3575958434174944","authorIdStr":"3575958434174944"},"content":"comments? thz","text":"comments? thz","html":"comments? thz"}],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":111219878,"gmtCreate":1622682020894,"gmtModify":1704188772303,"author":{"id":"3576445214043888","authorId":"3576445214043888","name":"Lingclass","avatar":"https://static.tigerbbs.com/950af8fc59792b26f3c6dc5e2b211022","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576445214043888","authorIdStr":"3576445214043888"},"themes":[],"htmlText":"But i still believe in tesla! :) like and comment thx!&nbsp;","listText":"But i still believe in tesla! :) like and comment thx!&nbsp;","text":"But i still believe in tesla! :) like and comment thx!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":9,"repostSize":0,"link":"https://ttm.financial/post/111219878","repostId":"1171101570","repostType":4,"isVote":1,"tweetType":1,"viewCount":349,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":181034144,"gmtCreate":1623366797188,"gmtModify":1704201623547,"author":{"id":"3576445214043888","authorId":"3576445214043888","name":"Lingclass","avatar":"https://static.tigerbbs.com/950af8fc59792b26f3c6dc5e2b211022","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576445214043888","authorIdStr":"3576445214043888"},"themes":[],"htmlText":"Like and comment thx :)","listText":"Like and comment thx :)","text":"Like and comment thx :)","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":4,"repostSize":0,"link":"https://ttm.financial/post/181034144","repostId":"1193863762","repostType":4,"repost":{"id":"1193863762","pubTimestamp":1623334800,"share":"https://ttm.financial/m/news/1193863762?lang=&edition=fundamental","pubTime":"2021-06-10 22:20","market":"us","language":"en","title":"Global Semiconductor annual sales projected to increase 19.7% in 2021, 8.8% in 2022","url":"https://stock-news.laohu8.com/highlight/detail?id=1193863762","media":"seekingalpha","summary":"(June 10) Semiconductor stocks rose in morning trading.\nRelated: Semiconductor Watchlist: Jim Cramer","content":"<p>(June 10)&nbsp;Semiconductor&nbsp;stocks&nbsp;rose&nbsp;in&nbsp;morning&nbsp;trading.</p>\n<p><a href=\"https://laohu8.com/NW/1163875762\" target=\"_blank\"><b>Related:&nbsp;Semiconductor Watchlist: Jim Cramer Says to Own Nvidia, AMD and Broadcom</b></a><b></b></p>\n<p><img src=\"https://static.tigerbbs.com/eb703ee8165d2dc48c5550db47dfebc7\" tg-width=\"303\" tg-height=\"363\" referrerpolicy=\"no-referrer\"></p>\n<p>According to World Semiconductor Trade Statistics estimates, the global semiconductor market will rise from 6.8% in 2020 to 19.7% thisyear to ~$527B.</p>\n<p>The most significant growth contributors are Memory with 31.7%, followed by Sensors with 22.4% and, Analog with 21.7%. All other major product categories are also expected to show double-digit growth rates, except Optoelectronics with 9.8% and MOS Micro with 8.1%.</p>\n<p>In 2021, Asia Pacific (incl. China) is forecasted to show the most robust growth rate with 23.5%, followed by Europe with 21.1%, Japan 12.7%, and the Americas with 11.1%.</p>\n<p>For 2022, the global semiconductor market is projected to grow by 8.8% to $573B, driven by double-digit growth of the Memory category. All regions are expected again to show favorable growth rates.</p>\n<p>Related stocks YTD returns: NXP Semiconductor(NASDAQ:NXPI)&nbsp;+24.7%, On Semiconducter(NASDAQ:ON)&nbsp;+14.85%, Intel(NASDAQ:INTC)&nbsp;+14.4%,&nbsp; and, TSMC(NYSE:TSM)&nbsp;+6.3%.</p>\n<p>ETFs:SMH,SOXL,SOXX,XSD,USD,SOXS,PSI,FTXL,SSG.</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>Global Semiconductor annual sales projected to increase 19.7% in 2021, 8.8% in 2022</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\">\nGlobal Semiconductor annual sales projected to increase 19.7% in 2021, 8.8% in 2022\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-10 22:20 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/news/3704878-global-semiconductor-annual-sales-projected-to-increase-about-20-percentage-in-2021-and-9-percentage-in-2022><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(June 10) Semiconductor stocks rose in morning trading.\nRelated: Semiconductor Watchlist: Jim Cramer Says to Own Nvidia, AMD and Broadcom\n\nAccording to World Semiconductor Trade Statistics estimates, ...</p>\n\n<a href=\"https://seekingalpha.com/news/3704878-global-semiconductor-annual-sales-projected-to-increase-about-20-percentage-in-2021-and-9-percentage-in-2022\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ON":"安森美半导体","INTC":"英特尔","TSM":"台积电","NXPI":"恩智浦"},"source_url":"https://seekingalpha.com/news/3704878-global-semiconductor-annual-sales-projected-to-increase-about-20-percentage-in-2021-and-9-percentage-in-2022","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1193863762","content_text":"(June 10) Semiconductor stocks rose in morning trading.\nRelated: Semiconductor Watchlist: Jim Cramer Says to Own Nvidia, AMD and Broadcom\n\nAccording to World Semiconductor Trade Statistics estimates, the global semiconductor market will rise from 6.8% in 2020 to 19.7% thisyear to ~$527B.\nThe most significant growth contributors are Memory with 31.7%, followed by Sensors with 22.4% and, Analog with 21.7%. All other major product categories are also expected to show double-digit growth rates, except Optoelectronics with 9.8% and MOS Micro with 8.1%.\nIn 2021, Asia Pacific (incl. China) is forecasted to show the most robust growth rate with 23.5%, followed by Europe with 21.1%, Japan 12.7%, and the Americas with 11.1%.\nFor 2022, the global semiconductor market is projected to grow by 8.8% to $573B, driven by double-digit growth of the Memory category. All regions are expected again to show favorable growth rates.\nRelated stocks YTD returns: NXP Semiconductor(NASDAQ:NXPI) +24.7%, On Semiconducter(NASDAQ:ON) +14.85%, Intel(NASDAQ:INTC) +14.4%,  and, TSMC(NYSE:TSM) +6.3%.\nETFs:SMH,SOXL,SOXX,XSD,USD,SOXS,PSI,FTXL,SSG.","news_type":1},"isVote":1,"tweetType":1,"viewCount":275,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3576990637797737","authorId":"3576990637797737","name":"1Man2Stonks","avatar":"https://static.tigerbbs.com/2c93182b4ac6670e37860fa9cbdfd2d4","crmLevel":3,"crmLevelSwitch":0,"idStr":"3576990637797737","authorIdStr":"3576990637797737"},"content":"please reply","text":"please reply","html":"please reply"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":186061622,"gmtCreate":1623465634966,"gmtModify":1704204392714,"author":{"id":"3576445214043888","authorId":"3576445214043888","name":"Lingclass","avatar":"https://static.tigerbbs.com/950af8fc59792b26f3c6dc5e2b211022","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576445214043888","authorIdStr":"3576445214043888"},"themes":[],"htmlText":"Like &amp; comment! Thank you!!","listText":"Like &amp; comment! Thank you!!","text":"Like & comment! Thank you!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":4,"repostSize":0,"link":"https://ttm.financial/post/186061622","repostId":"2142744202","repostType":4,"isVote":1,"tweetType":1,"viewCount":105,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":896549026,"gmtCreate":1628596701265,"gmtModify":1676529790939,"author":{"id":"3576445214043888","authorId":"3576445214043888","name":"Lingclass","avatar":"https://static.tigerbbs.com/950af8fc59792b26f3c6dc5e2b211022","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576445214043888","authorIdStr":"3576445214043888"},"themes":[],"htmlText":"Great stocks.&nbsp;","listText":"Great stocks.&nbsp;","text":"Great stocks.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/896549026","repostId":"2158792304","repostType":4,"isVote":1,"tweetType":1,"viewCount":644,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":196896144,"gmtCreate":1621040554188,"gmtModify":1704352262798,"author":{"id":"3576445214043888","authorId":"3576445214043888","name":"Lingclass","avatar":"https://static.tigerbbs.com/950af8fc59792b26f3c6dc5e2b211022","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576445214043888","authorIdStr":"3576445214043888"},"themes":[],"htmlText":"I strongly agree! :)","listText":"I strongly agree! :)","text":"I strongly agree! :)","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/196896144","repostId":"1173244066","repostType":4,"isVote":1,"tweetType":1,"viewCount":109,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":107333206,"gmtCreate":1620443448205,"gmtModify":1704343811153,"author":{"id":"3576445214043888","authorId":"3576445214043888","name":"Lingclass","avatar":"https://static.tigerbbs.com/950af8fc59792b26f3c6dc5e2b211022","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576445214043888","authorIdStr":"3576445214043888"},"themes":[],"htmlText":"Doubtful","listText":"Doubtful","text":"Doubtful","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/107333206","repostId":"1160802774","repostType":4,"repost":{"id":"1160802774","pubTimestamp":1620442206,"share":"https://ttm.financial/m/news/1160802774?lang=&edition=fundamental","pubTime":"2021-05-08 10:50","market":"other","language":"en","title":"Dogecoin price’s ‘make-or-break’ moment looms with Elon Musk set to host ‘Saturday Night Live’","url":"https://stock-news.laohu8.com/highlight/detail?id=1160802774","media":"Marketwatch","summary":"Nikki Beesetti started investing in crypto back in 2017 and paid off her final semester at Purdue Un","content":"<p>Nikki Beesetti started investing in crypto back in 2017 and paid off her final semester at Purdue University with proceeds from the sale of a single bitcoin that she bought on a whim, which had surged to nearly $20,000.</p><p>Now, the product manager for a startup in New York is dabbling in dogecoin&nbsp;,and sees this weekend as a possible make-or-break moment for the parody coin that has seen a stratospheric, nearly 13,000% rise in 2021.</p><p>“This Saturday is going to be a total make-or-break for dogecoin,” Beesetti told MarketWatch in a phone interview.</p><p>“If he can really get the messaging right, dogecoin can really take off…or it’s going to crash to wherever it’s going to crash to,” she said.</p><p>The 25-year-old investor is one of a number of relatively young traders who are piling into speculative altcoins like dogecoin as the so-called joke asset mints millionaires and draws some concerns about a bubble forming in the nascent crypto complex.</p><p>Musk will host NBC’s late-night live television comedy sketch show, “Saturday Night Live,” this weekend and his coming appearance has already drawn&nbsp;cheers and jeers.</p><p>Musk has been one of the biggest cheerleaders for dogecoin and crypto broadly. The self-appointed “Technoking” of Tesla&nbsp;has been mostly using his massive social media following to pump up the price of doge,&nbsp;tweeting back on April 1&nbsp;that he would use his SpaceX rockets to put a physical Doge coin on the literal moon, echoing the social media goal of taking the coin’s price “to the moon.”</p><p>Beesetti said that she first got involved in dogecoin — she also invests in technology stocks and exchange-traded funds — at the prompting of Musk’s social-media missives from last summer.</p><p>She bought dogecoin when it was trading at 3/10ths of a penny and she kept dollar-cost averaging her position in the digital asset created in 2013 even as it hit around 1 cent last August.</p><p>Musk has become a rallying point for dogecoin holders on sites like Reddit and his coming appearance on “SNL” is a hotly anticipated moment inside and outside crypto markets, which had largely been centered on bitcoin&nbsp;and Ethereum&nbsp;,the two largest cryptos in the world.</p><p>Dogecoin has long held the reputation as a joke currency in the digital-asset realm but it is hard to deny that its surging value has gripped Main Street and Wall Street’s attention — at least momentarily.</p><p>Former “SNL” cast member and comedian David Spade on Thursday tweeted that he wondered if Musk’s appearance on the sketch show would equate to a 90-minute infomercial for doge, adding, perhaps tongue in cheek that he was buying dogecoin.</p><p>Oddsmakers at betting platformSportsBettingDime.com&nbsp;have established a number of prop bets about Musk’s appearance on “Saturday Night Live,” including which if any crypto he mentions first on the show.</p><p>Which cryptocurrency does Musk mention first:</p><p>1. Bitcoin: -200</p><p>2. Dogecoin: +600</p><p>3. FIELD: +450</p><p>4. Does Not Mention Bitcoin: +400</p><p>Beesetti said that she sold about $8,000 worth of dogecoin recently to buy a pair of Gucci shoes, an iPhone and upped her position in Ether thar runs on the Ethereum protocol but has otherwise been a steady holder of doge.</p><p>The investor wouldn’t offer specific figures but said that her holdings currently range from 50,000 to 100,000 dogecoin.</p><p>Perhaps unlike some investors in doge, she is under no illusion that it has utility but submits to the possibility that momentum could build in a parody asset to such an extent that it forges its own legitimacy.</p><p>“Doge doesn’t have intrinsic value,” Beesetti said. “The value becomes real if you and a collective group of people believe in it. And in this case, there are more groups and people than before who believe.”</p><p>That said, reality could hit meme coin holders hard come Sunday morning, at least one analyst said.</p><p>“Post-SNL, some crypto traders could abandon short-term&nbsp;Dogecoin&nbsp;bets once it becomes clear that it is not skyrocketing to the moon or at the heavily eyed $1 level,” wrote Edward Moya, senior market analyst at Oanda, in a research note.</p><p>The analyst also notes that strong conviction of dogecoin investors,known as hodlers in the crypto world, could defy logic and keep prices buoyant.</p><p>“The retail-army of traders that have been committed to Doge might remain stubbornly hodlers, so we shouldn’t be surprised if a sell the event reaction does not happen,” the Oanda strategist said.</p><p>How it all plays out for dogecoin is anyone’s guess.</p><p>“It’s just a meme currency but sometimes the most entertaining outcome becomes the reality,” Beesetti said.</p><p>That meme currency has enjoyed a spectacular ride compared against most other assets. Gold futures&nbsp;are down 3% so far this year, the Dow Jones Industrial Average&nbsp;and the S&amp;P 500 index&nbsp;are up by nearly 13% in 2021, while the Nasdaq Composite Index&nbsp;has gained about over 6% so far this year.</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>Dogecoin price’s ‘make-or-break’ moment looms with Elon Musk set to host ‘Saturday Night Live’</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDogecoin price’s ‘make-or-break’ moment looms with Elon Musk set to host ‘Saturday Night Live’\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-08 10:50 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.marketwatch.com/story/a-total-make-or-break-for-dogecoin-says-one-crypto-investor-as-elon-musk-prepares-to-host-saturday-night-live-11620413674?mod=associated-press><strong>Marketwatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Nikki Beesetti started investing in crypto back in 2017 and paid off her final semester at Purdue University with proceeds from the sale of a single bitcoin that she bought on a whim, which had surged...</p>\n\n<a href=\"https://www.marketwatch.com/story/a-total-make-or-break-for-dogecoin-says-one-crypto-investor-as-elon-musk-prepares-to-host-saturday-night-live-11620413674?mod=associated-press\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.marketwatch.com/story/a-total-make-or-break-for-dogecoin-says-one-crypto-investor-as-elon-musk-prepares-to-host-saturday-night-live-11620413674?mod=associated-press","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1160802774","content_text":"Nikki Beesetti started investing in crypto back in 2017 and paid off her final semester at Purdue University with proceeds from the sale of a single bitcoin that she bought on a whim, which had surged to nearly $20,000.Now, the product manager for a startup in New York is dabbling in dogecoin ,and sees this weekend as a possible make-or-break moment for the parody coin that has seen a stratospheric, nearly 13,000% rise in 2021.“This Saturday is going to be a total make-or-break for dogecoin,” Beesetti told MarketWatch in a phone interview.“If he can really get the messaging right, dogecoin can really take off…or it’s going to crash to wherever it’s going to crash to,” she said.The 25-year-old investor is one of a number of relatively young traders who are piling into speculative altcoins like dogecoin as the so-called joke asset mints millionaires and draws some concerns about a bubble forming in the nascent crypto complex.Musk will host NBC’s late-night live television comedy sketch show, “Saturday Night Live,” this weekend and his coming appearance has already drawn cheers and jeers.Musk has been one of the biggest cheerleaders for dogecoin and crypto broadly. The self-appointed “Technoking” of Tesla has been mostly using his massive social media following to pump up the price of doge, tweeting back on April 1 that he would use his SpaceX rockets to put a physical Doge coin on the literal moon, echoing the social media goal of taking the coin’s price “to the moon.”Beesetti said that she first got involved in dogecoin — she also invests in technology stocks and exchange-traded funds — at the prompting of Musk’s social-media missives from last summer.She bought dogecoin when it was trading at 3/10ths of a penny and she kept dollar-cost averaging her position in the digital asset created in 2013 even as it hit around 1 cent last August.Musk has become a rallying point for dogecoin holders on sites like Reddit and his coming appearance on “SNL” is a hotly anticipated moment inside and outside crypto markets, which had largely been centered on bitcoin and Ethereum ,the two largest cryptos in the world.Dogecoin has long held the reputation as a joke currency in the digital-asset realm but it is hard to deny that its surging value has gripped Main Street and Wall Street’s attention — at least momentarily.Former “SNL” cast member and comedian David Spade on Thursday tweeted that he wondered if Musk’s appearance on the sketch show would equate to a 90-minute infomercial for doge, adding, perhaps tongue in cheek that he was buying dogecoin.Oddsmakers at betting platformSportsBettingDime.com have established a number of prop bets about Musk’s appearance on “Saturday Night Live,” including which if any crypto he mentions first on the show.Which cryptocurrency does Musk mention first:1. Bitcoin: -2002. Dogecoin: +6003. FIELD: +4504. Does Not Mention Bitcoin: +400Beesetti said that she sold about $8,000 worth of dogecoin recently to buy a pair of Gucci shoes, an iPhone and upped her position in Ether thar runs on the Ethereum protocol but has otherwise been a steady holder of doge.The investor wouldn’t offer specific figures but said that her holdings currently range from 50,000 to 100,000 dogecoin.Perhaps unlike some investors in doge, she is under no illusion that it has utility but submits to the possibility that momentum could build in a parody asset to such an extent that it forges its own legitimacy.“Doge doesn’t have intrinsic value,” Beesetti said. “The value becomes real if you and a collective group of people believe in it. And in this case, there are more groups and people than before who believe.”That said, reality could hit meme coin holders hard come Sunday morning, at least one analyst said.“Post-SNL, some crypto traders could abandon short-term Dogecoin bets once it becomes clear that it is not skyrocketing to the moon or at the heavily eyed $1 level,” wrote Edward Moya, senior market analyst at Oanda, in a research note.The analyst also notes that strong conviction of dogecoin investors,known as hodlers in the crypto world, could defy logic and keep prices buoyant.“The retail-army of traders that have been committed to Doge might remain stubbornly hodlers, so we shouldn’t be surprised if a sell the event reaction does not happen,” the Oanda strategist said.How it all plays out for dogecoin is anyone’s guess.“It’s just a meme currency but sometimes the most entertaining outcome becomes the reality,” Beesetti said.That meme currency has enjoyed a spectacular ride compared against most other assets. Gold futures are down 3% so far this year, the Dow Jones Industrial Average and the S&P 500 index are up by nearly 13% in 2021, while the Nasdaq Composite Index has gained about over 6% so far this year.","news_type":1},"isVote":1,"tweetType":1,"viewCount":105,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3570577365102413","authorId":"3570577365102413","name":"AxThePro","avatar":"https://static.tigerbbs.com/34f34509388e5b73a59321b8fe9c49fc","crmLevel":5,"crmLevelSwitch":1,"idStr":"3570577365102413","authorIdStr":"3570577365102413"},"content":"Ok. Got future?","text":"Ok. Got future?","html":"Ok. Got future?"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":340721713,"gmtCreate":1617496624232,"gmtModify":1704699962538,"author":{"id":"3576445214043888","authorId":"3576445214043888","name":"Lingclass","avatar":"https://static.tigerbbs.com/950af8fc59792b26f3c6dc5e2b211022","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576445214043888","authorIdStr":"3576445214043888"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TSLA\">$Tesla Motors(TSLA)$</a>innovation always win in tyelong run.&nbsp;","listText":"<a href=\"https://laohu8.com/S/TSLA\">$Tesla Motors(TSLA)$</a>innovation always win in tyelong run.&nbsp;","text":"$Tesla Motors(TSLA)$innovation always win in tyelong run.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":1,"link":"https://ttm.financial/post/340721713","isVote":1,"tweetType":1,"viewCount":79,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3570577365102413","authorId":"3570577365102413","name":"AxThePro","avatar":"https://static.tigerbbs.com/34f34509388e5b73a59321b8fe9c49fc","crmLevel":5,"crmLevelSwitch":1,"idStr":"3570577365102413","authorIdStr":"3570577365102413"},"content":"Agreed. $NIO Inc.(NIO)$ is good too.","text":"Agreed. $NIO Inc.(NIO)$ is good too.","html":"Agreed. $NIO Inc.(NIO)$ is good too."}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9083438347,"gmtCreate":1650154554751,"gmtModify":1676534656445,"author":{"id":"3576445214043888","authorId":"3576445214043888","name":"Lingclass","avatar":"https://static.tigerbbs.com/950af8fc59792b26f3c6dc5e2b211022","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576445214043888","authorIdStr":"3576445214043888"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9083438347","repostId":"2227986773","repostType":4,"isVote":1,"tweetType":1,"viewCount":310,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":156023542,"gmtCreate":1625186999386,"gmtModify":1703737874979,"author":{"id":"3576445214043888","authorId":"3576445214043888","name":"Lingclass","avatar":"https://static.tigerbbs.com/950af8fc59792b26f3c6dc5e2b211022","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576445214043888","authorIdStr":"3576445214043888"},"themes":[],"htmlText":"Pls like and comment thank you","listText":"Pls like and comment thank you","text":"Pls like and comment thank you","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/156023542","repostId":"1175817125","repostType":4,"repost":{"id":"1175817125","pubTimestamp":1625180880,"share":"https://ttm.financial/m/news/1175817125?lang=&edition=fundamental","pubTime":"2021-07-02 07:08","market":"us","language":"en","title":"S&P 500 winning streak extends to sixth straight record close","url":"https://stock-news.laohu8.com/highlight/detail?id=1175817125","media":"Reuters","summary":"NEW YORK  - The S&P 500 reached its sixth consecutive all-time closing high on Thursday, as a new quarter and the second half of the year began with upbeat economic data and a broad-based rally.Investors now eye Friday’s much-anticipated employment report.The bellwether index is enjoying its longest winning streak since early February, and the last time it logged six straight all-time highs was last August.“Historical data shows if you have a strong first half, the second half of the year was ac","content":"<p>NEW YORK (Reuters) - The S&amp;P 500 reached its sixth consecutive all-time closing high on Thursday, as a new quarter and the second half of the year began with upbeat economic data and a broad-based rally.</p>\n<p>Investors now eye Friday’s much-anticipated employment report.</p>\n<p>The bellwether index is enjoying its longest winning streak since early February, and the last time it logged six straight all-time highs was last August.</p>\n<p>“Historical data shows if you have a strong first half, the second half of the year was actually going even stronger,” said Ross Mayfield, investment strategy analyst with Baird Private Wealth.</p>\n<p>All three major U.S. stock indexes ended the session in positive territory, but a decline in tech shares - led by microchips - tempered the Nasdaq’s gain.</p>\n<p>The Philadelphia SE Semiconductor index slid 1.5%</p>\n<p>“For markets so far this year, boring is beautiful,” said David Carter, chief investment officer at Lenox Wealth Advisors in New York. “Economic growth has been strong enough to support prices and many asset classes are trading with historically low volatility.”</p>\n<p>“It feels like investors left for the Fourth of July weekend about three months ago.”</p>\n<p>The ongoing worker shortage, attributed to federal emergency unemployment benefits, a childcare shortage and lingering pandemic fears, was a common theme in the day’s economic data.</p>\n<p>Jobless claims continued their downward trajectory according to the Labor Department, touching their lowest level since the pandemic shutdown, and a report from Challenger, Gray &amp; Christmas showed planned layoffs by U.S. firms were down 88% from last year, hitting a 21-year low.</p>\n<p>Activity at U.S. factories expanded at a slightly decelerated pace in June, according to the Institute for Supply Management’s (ISM) purchasing managers’ index (PMI), with the employment component dipping into contraction for the first time since November. The prices paid index, driven higher by the current demand/supply imbalance, soared to its highest level since 1979, according to ISM.</p>\n<p>“The employment and manufacturing data released today supported the idea of continued growth but at a decelerated rate,” Carter added.</p>\n<p>Friday’s hotly anticipated jobs report is expected to show payrolls growing by 700,000 and unemployment inching down to 5.7%. A robust upside surprise could lead the U.S. Federal Reserve to adjust its timetable for tapering its securities purchases and raising key interest rates.</p>\n<p>“Too-strong economic data could perversely be a bad thing for markets if it caused the Fed to raise rates faster than expected,” Carter said. “Weak employment data may actually be welcomed.”</p>\n<p>The Dow Jones Industrial Average rose 131.02 points, or 0.38%, to 34,633.53, the S&amp;P 500 gained 22.44 points, or 0.52%, to 4,319.94 and the Nasdaq Composite added 18.42 points, or 0.13%, to 14,522.38.</p>\n<p>Of the 11 major sectors in the S&amp;P 500, consumer staples was the sole loser, shedding 0.3%.</p>\n<p>Walgreens Boots Alliance Inc dropped 7.4% after it said it expects to administer fewer COVID-19 vaccine shots in the fourth quarter.</p>\n<p>Didi Global Inc jumped 16.0%, on its second day of trading as a U.S.-listed company.</p>\n<p>Micron Technology Inc slid by 5.7% following a report that Texas Instruments would buy Micron’s Lehi, Utah, factory for $900 million.</p>\n<p>Advancing issues outnumbered declining ones on the NYSE by a 1.78-to-1 ratio; on Nasdaq, a 1.32-to-1 ratio favored advancers.</p>\n<p>The S&amp;P 500 posted 36 new 52-week highs and no new lows; the Nasdaq Composite recorded 78 new highs and 30 new lows.</p>\n<p>Volume on U.S. exchanges was 9.53 billion shares, compared with the 10.9 billion average over the last 20 trading days.</p>","source":"lsy1601381805984","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>S&P 500 winning streak extends to sixth straight record close</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nS&P 500 winning streak extends to sixth straight record close\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-02 07:08 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.reuters.com/article/usa-stocks/us-stocks-sp-500-winning-streak-extends-to-sixth-straight-record-close-idUSL2N2OD332><strong>Reuters</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>NEW YORK (Reuters) - The S&P 500 reached its sixth consecutive all-time closing high on Thursday, as a new quarter and the second half of the year began with upbeat economic data and a broad-based ...</p>\n\n<a href=\"https://www.reuters.com/article/usa-stocks/us-stocks-sp-500-winning-streak-extends-to-sixth-straight-record-close-idUSL2N2OD332\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"https://www.reuters.com/article/usa-stocks/us-stocks-sp-500-winning-streak-extends-to-sixth-straight-record-close-idUSL2N2OD332","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175817125","content_text":"NEW YORK (Reuters) - The S&P 500 reached its sixth consecutive all-time closing high on Thursday, as a new quarter and the second half of the year began with upbeat economic data and a broad-based rally.\nInvestors now eye Friday’s much-anticipated employment report.\nThe bellwether index is enjoying its longest winning streak since early February, and the last time it logged six straight all-time highs was last August.\n“Historical data shows if you have a strong first half, the second half of the year was actually going even stronger,” said Ross Mayfield, investment strategy analyst with Baird Private Wealth.\nAll three major U.S. stock indexes ended the session in positive territory, but a decline in tech shares - led by microchips - tempered the Nasdaq’s gain.\nThe Philadelphia SE Semiconductor index slid 1.5%\n“For markets so far this year, boring is beautiful,” said David Carter, chief investment officer at Lenox Wealth Advisors in New York. “Economic growth has been strong enough to support prices and many asset classes are trading with historically low volatility.”\n“It feels like investors left for the Fourth of July weekend about three months ago.”\nThe ongoing worker shortage, attributed to federal emergency unemployment benefits, a childcare shortage and lingering pandemic fears, was a common theme in the day’s economic data.\nJobless claims continued their downward trajectory according to the Labor Department, touching their lowest level since the pandemic shutdown, and a report from Challenger, Gray & Christmas showed planned layoffs by U.S. firms were down 88% from last year, hitting a 21-year low.\nActivity at U.S. factories expanded at a slightly decelerated pace in June, according to the Institute for Supply Management’s (ISM) purchasing managers’ index (PMI), with the employment component dipping into contraction for the first time since November. The prices paid index, driven higher by the current demand/supply imbalance, soared to its highest level since 1979, according to ISM.\n“The employment and manufacturing data released today supported the idea of continued growth but at a decelerated rate,” Carter added.\nFriday’s hotly anticipated jobs report is expected to show payrolls growing by 700,000 and unemployment inching down to 5.7%. A robust upside surprise could lead the U.S. Federal Reserve to adjust its timetable for tapering its securities purchases and raising key interest rates.\n“Too-strong economic data could perversely be a bad thing for markets if it caused the Fed to raise rates faster than expected,” Carter said. “Weak employment data may actually be welcomed.”\nThe Dow Jones Industrial Average rose 131.02 points, or 0.38%, to 34,633.53, the S&P 500 gained 22.44 points, or 0.52%, to 4,319.94 and the Nasdaq Composite added 18.42 points, or 0.13%, to 14,522.38.\nOf the 11 major sectors in the S&P 500, consumer staples was the sole loser, shedding 0.3%.\nWalgreens Boots Alliance Inc dropped 7.4% after it said it expects to administer fewer COVID-19 vaccine shots in the fourth quarter.\nDidi Global Inc jumped 16.0%, on its second day of trading as a U.S.-listed company.\nMicron Technology Inc slid by 5.7% following a report that Texas Instruments would buy Micron’s Lehi, Utah, factory for $900 million.\nAdvancing issues outnumbered declining ones on the NYSE by a 1.78-to-1 ratio; on Nasdaq, a 1.32-to-1 ratio favored advancers.\nThe S&P 500 posted 36 new 52-week highs and no new lows; the Nasdaq Composite recorded 78 new highs and 30 new lows.\nVolume on U.S. exchanges was 9.53 billion shares, compared with the 10.9 billion average over the last 20 trading days.","news_type":1},"isVote":1,"tweetType":1,"viewCount":662,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":160422388,"gmtCreate":1623804855544,"gmtModify":1703819878366,"author":{"id":"3576445214043888","authorId":"3576445214043888","name":"Lingclass","avatar":"https://static.tigerbbs.com/950af8fc59792b26f3c6dc5e2b211022","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576445214043888","authorIdStr":"3576445214043888"},"themes":[],"htmlText":"Pls like and comment","listText":"Pls like and comment","text":"Pls like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/160422388","repostId":"2143765560","repostType":4,"isVote":1,"tweetType":1,"viewCount":392,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":115310678,"gmtCreate":1622950737194,"gmtModify":1704193667969,"author":{"id":"3576445214043888","authorId":"3576445214043888","name":"Lingclass","avatar":"https://static.tigerbbs.com/950af8fc59792b26f3c6dc5e2b211022","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576445214043888","authorIdStr":"3576445214043888"},"themes":[],"htmlText":"Wow!!! This trend is getting real! Like and comment","listText":"Wow!!! This trend is getting real! Like and comment","text":"Wow!!! This trend is getting real! Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/115310678","repostId":"1128534499","repostType":4,"isVote":1,"tweetType":1,"viewCount":353,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3575958434174944","authorId":"3575958434174944","name":"Shadotaiger","avatar":"https://static.tigerbbs.com/c26a9d060fabab1c1347edbfc7329574","crmLevel":2,"crmLevelSwitch":0,"idStr":"3575958434174944","authorIdStr":"3575958434174944"},"content":"comments? thz","text":"comments? thz","html":"comments? thz"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":340010536,"gmtCreate":1617321842525,"gmtModify":1704698698126,"author":{"id":"3576445214043888","authorId":"3576445214043888","name":"Lingclass","avatar":"https://static.tigerbbs.com/950af8fc59792b26f3c6dc5e2b211022","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576445214043888","authorIdStr":"3576445214043888"},"themes":[],"htmlText":"Wow! It is real!?","listText":"Wow! It is real!?","text":"Wow! It is real!?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/340010536","repostId":"1185749564","repostType":4,"isVote":1,"tweetType":1,"viewCount":113,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3570577365102413","authorId":"3570577365102413","name":"AxThePro","avatar":"https://static.tigerbbs.com/34f34509388e5b73a59321b8fe9c49fc","crmLevel":5,"crmLevelSwitch":1,"idStr":"3570577365102413","authorIdStr":"3570577365102413"},"content":"Its true. Love it.","text":"Its true. Love it.","html":"Its true. Love it."}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":112327279,"gmtCreate":1622852536891,"gmtModify":1704192352458,"author":{"id":"3576445214043888","authorId":"3576445214043888","name":"Lingclass","avatar":"https://static.tigerbbs.com/950af8fc59792b26f3c6dc5e2b211022","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576445214043888","authorIdStr":"3576445214043888"},"themes":[],"htmlText":"Go goooooo to the moon! :) like and comment thank youuuuu","listText":"Go goooooo to the moon! :) like and comment thank youuuuu","text":"Go goooooo to the moon! :) like and comment thank youuuuu","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/112327279","repostId":"1198786025","repostType":4,"repost":{"id":"1198786025","pubTimestamp":1622849125,"share":"https://ttm.financial/m/news/1198786025?lang=&edition=fundamental","pubTime":"2021-06-05 07:25","market":"us","language":"en","title":"S&P 500 rises on Friday to close out winning week near a record high","url":"https://stock-news.laohu8.com/highlight/detail?id=1198786025","media":"CNBC","summary":"U.S. stocks climbed on Friday as the key May jobs report showed solid gains, boosting confidence in the economic comeback.The S&P 500 rose about 0.9% to 4,229.89, sitting less than 0.2% from its all-time high reached last month. The Dow Jones Industrial Average gained 179.35 points to 34,756.39. The Nasdaq Composite outperformed with a nearly 1.5% rally to 13,814.49.The major averages all registered modest gains for the week. The blue-chip Dow and the S&P 500 advanced about 0.7% and 0.6%, respec","content":"<div>\n<p>U.S. stocks climbed on Friday as the key May jobs report showed solid gains, boosting confidence in the economic comeback.\nThe S&P 500 rose about 0.9% to 4,229.89, sitting less than 0.2% from its all-...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/03/stock-market-futures-open-to-close-news.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>S&P 500 rises on Friday to close out winning week near a record high</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nS&P 500 rises on Friday to close out winning week near a record high\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-05 07:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/06/03/stock-market-futures-open-to-close-news.html><strong>CNBC</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>U.S. stocks climbed on Friday as the key May jobs report showed solid gains, boosting confidence in the economic comeback.\nThe S&P 500 rose about 0.9% to 4,229.89, sitting less than 0.2% from its all-...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/03/stock-market-futures-open-to-close-news.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"https://www.cnbc.com/2021/06/03/stock-market-futures-open-to-close-news.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1198786025","content_text":"U.S. stocks climbed on Friday as the key May jobs report showed solid gains, boosting confidence in the economic comeback.\nThe S&P 500 rose about 0.9% to 4,229.89, sitting less than 0.2% from its all-time high reached last month. The Dow Jones Industrial Average gained 179.35 points to 34,756.39. The Nasdaq Composite outperformed with a nearly 1.5% rally to 13,814.49.\nThe major averages all registered modest gains for the week. The blue-chip Dow and the S&P 500 advanced about 0.7% and 0.6%, respectively, on the week for their second straight positive week. The tech-heavy Nasdaq gained just shy of 0.5% this week for its third winning week in a row.\nThe U.S. economy added 559,000 jobs in May, the Labor Department said on Friday. The number came in slightly lower than an estimate of 671,000 from economists surveyed by Dow Jones, but still showed a healthy rebound in the labor market. It’s an improvement from the upwardly revised 278,000 payrolls added in April.\nThe unemployment rate fell to 5.8% from 6.1%, which was better than the estimate of 5.9%. Many believe the jobs report, while solid, is not strong enough to trigger the Federal Reserve to dial back its bond buying program.\nThe jobs number is “goldilocks for risk,” said John Briggs, global head of strategy at NatWest Markets. It’s “not too hot to bring in the Fed and not too cold to worry about the economy.”\nThe 10-year Treasury yield dipped slightly following the jobs report. Bond yields had jumped higher in recent months amid rising inflation expectations.\n“While the job gains were somewhat modest relative to expectations, the good news is the figure rebounded from last month’s disappointing miss,” said Charlie Ripley, vice president of portfolio management at Allianz Investment Management. “Overall, today’s report does provide progress in the right direction.”\nMeme stocks continued their wild prices swings on Friday, but this time to the downside. AMC Entertainment ended the session down about 6.7%, but still gained more than 80% this week. BlackBerry fell 12.7% Friday, paring its rally this week to 37%.","news_type":1},"isVote":1,"tweetType":1,"viewCount":196,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":379950543,"gmtCreate":1618659783182,"gmtModify":1704713896151,"author":{"id":"3576445214043888","authorId":"3576445214043888","name":"Lingclass","avatar":"https://static.tigerbbs.com/950af8fc59792b26f3c6dc5e2b211022","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576445214043888","authorIdStr":"3576445214043888"},"themes":[],"htmlText":"Woow, a lot of mobey earned? Please comment.&nbsp;","listText":"Woow, a lot of mobey earned? Please comment.&nbsp;","text":"Woow, a lot of mobey earned? Please comment.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/379950543","repostId":"1175692875","repostType":4,"repost":{"id":"1175692875","pubTimestamp":1618582708,"share":"https://ttm.financial/m/news/1175692875?lang=&edition=fundamental","pubTime":"2021-04-16 22:18","market":"us","language":"en","title":"$544 Billion In Options Expire Today: Here's What Will Move","url":"https://stock-news.laohu8.com/highlight/detail?id=1175692875","media":"zerohedge","summary":"While it's not quad (or even triple) witching day, today's a whole lot of weekly options will expire","content":"<p>While it's not quad (or even triple) witching day, today's a whole lot of weekly options will expire, may of which will be worthless, and others will be providing a supporting \"pin\" to underlying prices. It's why, even though we are enjoying a beautiful spring week, Goldman notes that single stock options trading activity is elevated relative to historical levels. To wit, daily options volumes are up 70% in April, up from YTD lows of $2.4bn on 30-Mar.</p><p><b>In total, across single stocks, $544BN of options are set to expiry today, including $305BN calls.</b>As such, today’s expiry could be important for stocks with large open interest in at-the-money(ATM) options, as market makers delta-hedging their unusually large options portfolios will be active. This flow is likely to dampen volatility in some names while exacerbating stock price moves in others.</p><p>How to trade this?</p><p>As Goldman's Vishal Vivek writes, at major expirations, options traders track situations where<b>a large amount of open interest is set to expire.</b>In situations where there is a significant amount of expiring open interest in at-the-money strikes (strike prices at or very near the current stockprice), delta-hedging activity can impact the underlying stock’s trading that day. If market makers or other options traders who delta-hedge their positions are net long ATM options, expiration-related flow could have the effect of dampening stock price movements, causing the stock price to settle near the strike with large open interest. This situation is often referred to as a “pin” and can be an ideal situation fora large investor trying to enter/exit a stock position. Alternatively, if delta-hedgers are net short ATM options (have a “negative gamma” position), their hedging activity could exacerbate stock price moves.</p><p>What that means it expiration-related trades may cause trading activity to aggressively pick up for stocks with a significant amount of ATM open interest.</p><p>So to help traders looking to hop on for daytrading opportunities, here is a table identifying possible focus stocks with large ATM open interest expiring today, which is compared to the average daily volume of the underlying stocks. As Goldman puts it, \"<i>expiration-related activity is likely to have more of an impact if the open interest represents a significant percentage of the stock’s volume.\"</i></p><p><img src=\"https://static.tigerbbs.com/0dac61cb87c2f2700d8a0e8e64324f81\" tg-width=\"500\" tg-height=\"638\" referrerpolicy=\"no-referrer\">Finally, for what it's worth, this morning our friends at SpotGamma write that this has been a rather strange OPEX cycle, \"with a consistent almost mechanical bid pushing markets higher. We’ve not seen the Call Wall “breached” this many times before, but there are other aberrations that we’ve mentioned in previous notes – like net put sales. We’ve got some theories on this we are posting in a longer form piece.\"</p><p>According to SG, because implied volatility has now compressed (ie VIX at new lows) there is now more potential for “long term” volatility. Recall how as of late any sharp, violent drop in markets was bought so quickly (see chart below).<b>These bursts lower coincided with record VIX spikes, but a reflective snap-back bid would bring a market recovery of equal force as the VIX&nbsp; (i.e. implied volatility) reversed.</b></p><p><img src=\"https://static.tigerbbs.com/ae7a60d873792b825bdda669cafa0ed3\" tg-width=\"500\" tg-height=\"297\" referrerpolicy=\"no-referrer\">And one other curious observation from SpotGamma:</p><blockquote>When implied volatility is very high, its very sensitive to market moves and also signaling that markets are expecting more large moves ahead. As soon as markets would pause or catch a support level, that implied volatility would quickly reverse lower. <b>We often think of this analogy that if a shark stops swimming, it sinks ( partially true!). If the market stops dropping then Implied volatility sinks.</b></blockquote><p>With this, as we often talk about, lower implied volatility (ie lower VIX) signals market makers have to buy back short hedges which fuels rallies. SG's conclusion: this current level of lower implied volatility now gives the market more downside firepower.&nbsp; Starting with a lower implied volatility “slows down” that responsive “snap-back” buying mechanism.&nbsp; Additionally, gamma is higher when IV is lower so gamma flips may have more juice.</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>$544 Billion In Options Expire Today: Here's What Will Move</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n$544 Billion In Options Expire Today: Here's What Will Move\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-16 22:18 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/544-billion-options-expire-today-heres-what-will-move?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>While it's not quad (or even triple) witching day, today's a whole lot of weekly options will expire, may of which will be worthless, and others will be providing a supporting \"pin\" to underlying ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/544-billion-options-expire-today-heres-what-will-move?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29\">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",".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"https://www.zerohedge.com/markets/544-billion-options-expire-today-heres-what-will-move?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175692875","content_text":"While it's not quad (or even triple) witching day, today's a whole lot of weekly options will expire, may of which will be worthless, and others will be providing a supporting \"pin\" to underlying prices. It's why, even though we are enjoying a beautiful spring week, Goldman notes that single stock options trading activity is elevated relative to historical levels. To wit, daily options volumes are up 70% in April, up from YTD lows of $2.4bn on 30-Mar.In total, across single stocks, $544BN of options are set to expiry today, including $305BN calls.As such, today’s expiry could be important for stocks with large open interest in at-the-money(ATM) options, as market makers delta-hedging their unusually large options portfolios will be active. This flow is likely to dampen volatility in some names while exacerbating stock price moves in others.How to trade this?As Goldman's Vishal Vivek writes, at major expirations, options traders track situations wherea large amount of open interest is set to expire.In situations where there is a significant amount of expiring open interest in at-the-money strikes (strike prices at or very near the current stockprice), delta-hedging activity can impact the underlying stock’s trading that day. If market makers or other options traders who delta-hedge their positions are net long ATM options, expiration-related flow could have the effect of dampening stock price movements, causing the stock price to settle near the strike with large open interest. This situation is often referred to as a “pin” and can be an ideal situation fora large investor trying to enter/exit a stock position. Alternatively, if delta-hedgers are net short ATM options (have a “negative gamma” position), their hedging activity could exacerbate stock price moves.What that means it expiration-related trades may cause trading activity to aggressively pick up for stocks with a significant amount of ATM open interest.So to help traders looking to hop on for daytrading opportunities, here is a table identifying possible focus stocks with large ATM open interest expiring today, which is compared to the average daily volume of the underlying stocks. As Goldman puts it, \"expiration-related activity is likely to have more of an impact if the open interest represents a significant percentage of the stock’s volume.\"Finally, for what it's worth, this morning our friends at SpotGamma write that this has been a rather strange OPEX cycle, \"with a consistent almost mechanical bid pushing markets higher. We’ve not seen the Call Wall “breached” this many times before, but there are other aberrations that we’ve mentioned in previous notes – like net put sales. We’ve got some theories on this we are posting in a longer form piece.\"According to SG, because implied volatility has now compressed (ie VIX at new lows) there is now more potential for “long term” volatility. Recall how as of late any sharp, violent drop in markets was bought so quickly (see chart below).These bursts lower coincided with record VIX spikes, but a reflective snap-back bid would bring a market recovery of equal force as the VIX  (i.e. implied volatility) reversed.And one other curious observation from SpotGamma:When implied volatility is very high, its very sensitive to market moves and also signaling that markets are expecting more large moves ahead. As soon as markets would pause or catch a support level, that implied volatility would quickly reverse lower. We often think of this analogy that if a shark stops swimming, it sinks ( partially true!). If the market stops dropping then Implied volatility sinks.With this, as we often talk about, lower implied volatility (ie lower VIX) signals market makers have to buy back short hedges which fuels rallies. SG's conclusion: this current level of lower implied volatility now gives the market more downside firepower.  Starting with a lower implied volatility “slows down” that responsive “snap-back” buying mechanism.  Additionally, gamma is higher when IV is lower so gamma flips may have more juice.","news_type":1},"isVote":1,"tweetType":1,"viewCount":25,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3570577365102413","authorId":"3570577365102413","name":"AxThePro","avatar":"https://static.tigerbbs.com/34f34509388e5b73a59321b8fe9c49fc","crmLevel":5,"crmLevelSwitch":1,"idStr":"3570577365102413","authorIdStr":"3570577365102413"},"content":"Yes. Alao losing money.","text":"Yes. Alao losing money.","html":"Yes. Alao losing money."}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":340651517,"gmtCreate":1617410053139,"gmtModify":1704699445152,"author":{"id":"3576445214043888","authorId":"3576445214043888","name":"Lingclass","avatar":"https://static.tigerbbs.com/950af8fc59792b26f3c6dc5e2b211022","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576445214043888","authorIdStr":"3576445214043888"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/VOO\">$Vanguard S&amp;P 500 ETF(VOO)$</a>is a must buy all the time! #conservativeinvestor","listText":"<a href=\"https://laohu8.com/S/VOO\">$Vanguard S&amp;P 500 ETF(VOO)$</a>is a must buy all the time! #conservativeinvestor","text":"$Vanguard S&P 500 ETF(VOO)$is a must buy all the time! #conservativeinvestor","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/340651517","isVote":1,"tweetType":1,"viewCount":300,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":141753407,"gmtCreate":1625893691009,"gmtModify":1703750628695,"author":{"id":"3576445214043888","authorId":"3576445214043888","name":"Lingclass","avatar":"https://static.tigerbbs.com/950af8fc59792b26f3c6dc5e2b211022","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576445214043888","authorIdStr":"3576445214043888"},"themes":[],"htmlText":"Like and comment","listText":"Like and comment","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/141753407","repostId":"1185154176","repostType":4,"repost":{"id":"1185154176","pubTimestamp":1625886925,"share":"https://ttm.financial/m/news/1185154176?lang=&edition=fundamental","pubTime":"2021-07-10 11:15","market":"us","language":"en","title":"The bull market in stocks may last up to five years — here are six reasons why","url":"https://stock-news.laohu8.com/highlight/detail?id=1185154176","media":"marketwatch","summary":"The economy is booming, earnings are rising, and the Federal Reserve is giving unprecedented support. When the stock market sells off, as it did Thursday, the right move was to buy your favorite stocks. Friday’s market action proved that.We are still only in the early stages of what is going to be a three- to five-year bull market in stocks, for these six reasons.Behind the scenes, consumers have massive unspent savings because they hunkered down for the pandemic. The personal savings rate hit n","content":"<p>The economy is booming, earnings are rising, and the Federal Reserve is giving unprecedented support</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/16f57eb7b0f75afb2f46b6d61281db87\" tg-width=\"1260\" tg-height=\"839\"><span>(Photo by Jorge Guerrero/AFP via Getty Images)</span></p>\n<p>When the stock market sells off, as it did Thursday, the right move was to buy your favorite stocks. Friday’s market action proved that.</p>\n<p>It’s true that there could be a correction, given the already sizable 17% gain in the S&amp;P 500 Index&nbsp;this year. But you should buy then, too.</p>\n<p>Here’s why.</p>\n<p>We are still only in the early stages of what is going to be a three- to five-year bull market in stocks, for these six reasons.</p>\n<p><b>1. There’s tremendous pent-up demand</b></p>\n<p>Everyone is looking to the Federal Reserve for cues about stimulus. They are overlooking private-sector forces that will push stocks higher. To sum up, there’s huge pent-up private-sector demand that will help propel U.S. GDP growth to 8% this year and 3.5%-4.5% for years after that. The pent-up demand comes from the following sources, points out Jim Paulsen, chief strategist and economist at the Leuthold Group.</p>\n<p>First, there’s been a surge in household formation, as millennials hit the family years. This helps explain the big uptick in home demand. Once you buy a house, you have to fill it up with stuff. More consumer demand on the way.</p>\n<p>Behind the scenes, consumers have massive unspent savings because they hunkered down for the pandemic. The personal savings rate hit nearly 16% of GDP, compared to a post war average of 6.5%. The prior high was 10% in 1970s.</p>\n<p>Relatedly, household balance sheets improved remarkably. Debt-to-income ratios are the lowest since the 1990s. Consumers will continue to tap more bank loans and credit card capacity, as their confidence increases because employment and the economy remain strong.</p>\n<p>Next, there will be plenty more newly employed people once the extra unemployment benefits expire in September. This means consumer confidence will improve, which invariably boosts economic growth. The labor participation rate has room to improve, leaving spare employment capacity before we hit the full employment that can cap economic growth.</p>\n<p>Now let’s look at the pent-up demand in businesses.</p>\n<p>You know all the shortages of stuff you keep running into or hearing about? Here’s why this is happening. To prepare for a prolonged epidemic, businesses cut inventories to the bone. It was the biggest inventory liquidation ever. But now, companies have to build back inventories. The ongoing inventory rebuild will be huge.</p>\n<p>Companies also cut capacity, which they are building out again. Capital goods spending surged to record highs in the past year, advancing almost 23%, after being essentially flat for most of the prior two decades. This creates sustained growth, and it tells us a lot about business confidence.</p>\n<p><b>The bottom line</b>: We will see 7%-8% GDP growth this year, followed by 4%-4.5% next year and above average growth after that, supporting a sustained bull market in stocks. Expect the normal corrections along the way.</p>\n<p><b>2. An under-appreciated earnings boom lies ahead</b></p>\n<p>The economic rebound has happened so quickly, analysts can’t keep up. Wall Street analysts project $190 a share in S&amp;P 500 earnings this year. But that is woefully low given the expected 7%-8% GDP growth and massive stimulus that has yet to kick in. Stimulus normally takes six to eight months to take effect, and a lot of the recent dollops happened inside that window.</p>\n<p>Paulsen expects 2021 S&amp;P 500 earnings will be more like $220 instead of the consensus estimate of $190.</p>\n<p>“Analysts are still under-appreciating how much profits have improved and how much they will improve,” says Paulsen. “We had dramatic overreaction from policy officials. They addressed the collapse, but created a massive improvement in fundamentals. This is still playing out in terms of the recovery in profits.”</p>\n<p>Plus, more fiscal stimulus is probably on the way, in the form of infrastructure spending.</p>\n<p><b>3. There’s a new Fed in town</b></p>\n<p>For much of the past three decades, the Fed has been quick to tighten its policy to ward off inflation. The central bank killed off growth in the process. That’s one reason why the past 20 years posted the slowest growth in the post-war era. Now, though, the Fed is much more accommodative and this may likely persist because inflation will remain sluggish (more on this, below).</p>\n<p>Here’s a simple gauge to measure this. Take GDP growth and subtract the yield on 10-year TreasuriesTMUBMUSD10Y,1.359%.This gauge was negative for much of 1980-2010, when the Fed kept growth cool to contain inflation. Now, though, Fed policy is helping to keep 10-year yields well below GDP growth, which allows the economy to run hot. This was the state of affairs during 1950-1965, which some analysts call “the golden age of capitalism” because of the glide path in growth.</p>\n<p><b>4. Inflation won’t kill the bull</b></p>\n<p>Inflation may rise near term because the economy is so hot. But medium term, the inflation slayers will win out. Here’s a roundup. The population is aging, and older people spend less. The boom in business capital spending will continue to boost productivity at companies. This allows them to avoid passing along rising costs to customers. Global trade and competition have not gone away. This puts downward pressure on prices since goods can be made more cheaply in many foreign countries. Ongoing technological advances continually put downward pressure on tech products.</p>\n<p><b>5. Valuations will improve</b></p>\n<p>We’re now at the phase in the economic rebound where the following dynamic typically plays out. Stocks trade sideways for months, mostly because of worries about inflation and rising bond yields. All the while, the economy and earnings continue to grow, bringing down stock valuations. This dynamic played out at about this point in prior economic rebounds during 1983-84, 1993-94, 2004-05 and 2009-10. In short, we will see a big surge in earnings while the stock market marks time, or even corrects.</p>\n<p>This will reset stock valuations lower, removing one of the chief concerns among investors — high valuations. If S&amp;P 500 earnings hit $220 by the end of the year and the index is at 4,000 to 4,100 points because of a correction, stocks will be at an 18-19 price earnings ratio — below the average since 1990.</p>\n<p>True to form, the Dow Jones Industrial AverageDJIA,+1.30%and the Russell 2000&nbsp;small-cap index have traded sideways for two to four months. The S&amp;P 500 and Nasdaq&nbsp;recently broke out of trading ranges, but a bigger pullback would send them back into sideways action mode.</p>\n<p><b>6. Sentiment isn’t extreme</b></p>\n<p>As a contrarian, I look for excessive sentiment as a sign that it’s time to raise some cash. We don’t see that yet. A simple gauge to follow is the Investors Intelligence Bull/Bear ratio. It recently came in at 3.92. That’s near the warning path, which for me starts at 4. On the other hand, mutual fund cash was recently at $4.6 trillion, near historical highs. This represents caution among investors.</p>\n<p><b>Three themes to follow</b></p>\n<p>If we are in store for a sustained economic recovery and a multi-year bull market in stocks, it will pay to follow these three themes.</p>\n<p><b>Favor cyclicals.</b>Stay with economically sensitive businesses and add to your holdings in them on pullbacks. This means cyclical companies in areas like financials, materials, industrials and consumer discretionary businesses.</p>\n<p><b>Avoid defensives.</b>If you want yield, go with stocks that pay a dividend but also have capital appreciation potential — not steady growth companies selling stuff like consumer staples. On this theme, in my stock letter Brush Up on Stocks (the link is in bio, below) I’ve recently suggested or reiterated Home Depot&nbsp;in retail, B. Riley Financial,a markets and investment banking name, and Regional Management&nbsp;in consumer finance.</p>\n<p><b>Favor emerging markets.</b>Their growth tends to be higher during expansions. Just be careful with China. It has an aging population. Limited workforce growth may constrain economic growth. Another challenge is that ongoing U.S.-China tensions and the related threat of persistent tariffs and trade barriers have global companies relocating supply chains elsewhere.</p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The bull market in stocks may last up to five years — here are six reasons why</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe bull market in stocks may last up to five years — here are six reasons why\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-10 11:15 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.marketwatch.com/story/the-bull-market-in-stocks-may-last-up-to-five-years-here-are-six-reasons-why-11625842781?mod=home-page><strong>marketwatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The economy is booming, earnings are rising, and the Federal Reserve is giving unprecedented support\n(Photo by Jorge Guerrero/AFP via Getty Images)\nWhen the stock market sells off, as it did Thursday,...</p>\n\n<a href=\"https://www.marketwatch.com/story/the-bull-market-in-stocks-may-last-up-to-five-years-here-are-six-reasons-why-11625842781?mod=home-page\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://www.marketwatch.com/story/the-bull-market-in-stocks-may-last-up-to-five-years-here-are-six-reasons-why-11625842781?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1185154176","content_text":"The economy is booming, earnings are rising, and the Federal Reserve is giving unprecedented support\n(Photo by Jorge Guerrero/AFP via Getty Images)\nWhen the stock market sells off, as it did Thursday, the right move was to buy your favorite stocks. Friday’s market action proved that.\nIt’s true that there could be a correction, given the already sizable 17% gain in the S&P 500 Index this year. But you should buy then, too.\nHere’s why.\nWe are still only in the early stages of what is going to be a three- to five-year bull market in stocks, for these six reasons.\n1. There’s tremendous pent-up demand\nEveryone is looking to the Federal Reserve for cues about stimulus. They are overlooking private-sector forces that will push stocks higher. To sum up, there’s huge pent-up private-sector demand that will help propel U.S. GDP growth to 8% this year and 3.5%-4.5% for years after that. The pent-up demand comes from the following sources, points out Jim Paulsen, chief strategist and economist at the Leuthold Group.\nFirst, there’s been a surge in household formation, as millennials hit the family years. This helps explain the big uptick in home demand. Once you buy a house, you have to fill it up with stuff. More consumer demand on the way.\nBehind the scenes, consumers have massive unspent savings because they hunkered down for the pandemic. The personal savings rate hit nearly 16% of GDP, compared to a post war average of 6.5%. The prior high was 10% in 1970s.\nRelatedly, household balance sheets improved remarkably. Debt-to-income ratios are the lowest since the 1990s. Consumers will continue to tap more bank loans and credit card capacity, as their confidence increases because employment and the economy remain strong.\nNext, there will be plenty more newly employed people once the extra unemployment benefits expire in September. This means consumer confidence will improve, which invariably boosts economic growth. The labor participation rate has room to improve, leaving spare employment capacity before we hit the full employment that can cap economic growth.\nNow let’s look at the pent-up demand in businesses.\nYou know all the shortages of stuff you keep running into or hearing about? Here’s why this is happening. To prepare for a prolonged epidemic, businesses cut inventories to the bone. It was the biggest inventory liquidation ever. But now, companies have to build back inventories. The ongoing inventory rebuild will be huge.\nCompanies also cut capacity, which they are building out again. Capital goods spending surged to record highs in the past year, advancing almost 23%, after being essentially flat for most of the prior two decades. This creates sustained growth, and it tells us a lot about business confidence.\nThe bottom line: We will see 7%-8% GDP growth this year, followed by 4%-4.5% next year and above average growth after that, supporting a sustained bull market in stocks. Expect the normal corrections along the way.\n2. An under-appreciated earnings boom lies ahead\nThe economic rebound has happened so quickly, analysts can’t keep up. Wall Street analysts project $190 a share in S&P 500 earnings this year. But that is woefully low given the expected 7%-8% GDP growth and massive stimulus that has yet to kick in. Stimulus normally takes six to eight months to take effect, and a lot of the recent dollops happened inside that window.\nPaulsen expects 2021 S&P 500 earnings will be more like $220 instead of the consensus estimate of $190.\n“Analysts are still under-appreciating how much profits have improved and how much they will improve,” says Paulsen. “We had dramatic overreaction from policy officials. They addressed the collapse, but created a massive improvement in fundamentals. This is still playing out in terms of the recovery in profits.”\nPlus, more fiscal stimulus is probably on the way, in the form of infrastructure spending.\n3. There’s a new Fed in town\nFor much of the past three decades, the Fed has been quick to tighten its policy to ward off inflation. The central bank killed off growth in the process. That’s one reason why the past 20 years posted the slowest growth in the post-war era. Now, though, the Fed is much more accommodative and this may likely persist because inflation will remain sluggish (more on this, below).\nHere’s a simple gauge to measure this. Take GDP growth and subtract the yield on 10-year TreasuriesTMUBMUSD10Y,1.359%.This gauge was negative for much of 1980-2010, when the Fed kept growth cool to contain inflation. Now, though, Fed policy is helping to keep 10-year yields well below GDP growth, which allows the economy to run hot. This was the state of affairs during 1950-1965, which some analysts call “the golden age of capitalism” because of the glide path in growth.\n4. Inflation won’t kill the bull\nInflation may rise near term because the economy is so hot. But medium term, the inflation slayers will win out. Here’s a roundup. The population is aging, and older people spend less. The boom in business capital spending will continue to boost productivity at companies. This allows them to avoid passing along rising costs to customers. Global trade and competition have not gone away. This puts downward pressure on prices since goods can be made more cheaply in many foreign countries. Ongoing technological advances continually put downward pressure on tech products.\n5. Valuations will improve\nWe’re now at the phase in the economic rebound where the following dynamic typically plays out. Stocks trade sideways for months, mostly because of worries about inflation and rising bond yields. All the while, the economy and earnings continue to grow, bringing down stock valuations. This dynamic played out at about this point in prior economic rebounds during 1983-84, 1993-94, 2004-05 and 2009-10. In short, we will see a big surge in earnings while the stock market marks time, or even corrects.\nThis will reset stock valuations lower, removing one of the chief concerns among investors — high valuations. If S&P 500 earnings hit $220 by the end of the year and the index is at 4,000 to 4,100 points because of a correction, stocks will be at an 18-19 price earnings ratio — below the average since 1990.\nTrue to form, the Dow Jones Industrial AverageDJIA,+1.30%and the Russell 2000 small-cap index have traded sideways for two to four months. The S&P 500 and Nasdaq recently broke out of trading ranges, but a bigger pullback would send them back into sideways action mode.\n6. Sentiment isn’t extreme\nAs a contrarian, I look for excessive sentiment as a sign that it’s time to raise some cash. We don’t see that yet. A simple gauge to follow is the Investors Intelligence Bull/Bear ratio. It recently came in at 3.92. That’s near the warning path, which for me starts at 4. On the other hand, mutual fund cash was recently at $4.6 trillion, near historical highs. This represents caution among investors.\nThree themes to follow\nIf we are in store for a sustained economic recovery and a multi-year bull market in stocks, it will pay to follow these three themes.\nFavor cyclicals.Stay with economically sensitive businesses and add to your holdings in them on pullbacks. This means cyclical companies in areas like financials, materials, industrials and consumer discretionary businesses.\nAvoid defensives.If you want yield, go with stocks that pay a dividend but also have capital appreciation potential — not steady growth companies selling stuff like consumer staples. On this theme, in my stock letter Brush Up on Stocks (the link is in bio, below) I’ve recently suggested or reiterated Home Depot in retail, B. Riley Financial,a markets and investment banking name, and Regional Management in consumer finance.\nFavor emerging markets.Their growth tends to be higher during expansions. Just be careful with China. It has an aging population. Limited workforce growth may constrain economic growth. Another challenge is that ongoing U.S.-China tensions and the related threat of persistent tariffs and trade barriers have global companies relocating supply chains elsewhere.","news_type":1},"isVote":1,"tweetType":1,"viewCount":305,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":155238527,"gmtCreate":1625438275169,"gmtModify":1703741556738,"author":{"id":"3576445214043888","authorId":"3576445214043888","name":"Lingclass","avatar":"https://static.tigerbbs.com/950af8fc59792b26f3c6dc5e2b211022","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576445214043888","authorIdStr":"3576445214043888"},"themes":[],"htmlText":"Like and comment! :)","listText":"Like and comment! :)","text":"Like and comment! :)","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/155238527","repostId":"1189605893","repostType":4,"repost":{"id":"1189605893","pubTimestamp":1625363433,"share":"https://ttm.financial/m/news/1189605893?lang=&edition=fundamental","pubTime":"2021-07-04 09:50","market":"us","language":"en","title":"When Big Tech Stumbles, the Market Can Fall Hard. These 5 Funds Can Help.","url":"https://stock-news.laohu8.com/highlight/detail?id=1189605893","media":"Barron's","summary":"It is possible to have too much of a good thing. After riding five megacap technology stocks to new highs after new highs, investors’ portfolios may be uncomfortably concentrated in these winners at a time that some strategists see a potential turn ahead in the markets.Investors’ portfolios are chock-full of these stocks, leaving them less diversified for a possible turn in the market. These companies are already beginning to slow down. Take Amazon, which accounts for roughly 4% of the S&P 500—m","content":"<p>It is possible to have too much of a good thing. After riding five megacap technology stocks to new highs after new highs, investors’ portfolios may be uncomfortably concentrated in these winners at a time that some strategists see a potential turn ahead in the markets.</p>\n<p>Owning the Big Five—Apple(ticker: AAPL),Microsoft(MSFT),Amazon.com(AMZN),Facebook(FB), andAlphabet’sGoogle (GOOGL)—has been lucrative: These companies have logged gains of 125% to 245% since the beginning of 2019. These stocks are widely held, not just by index investors, but also among all kinds of active fund managers—including those who don’t typically own growth companies.</p>\n<p>Together, the five companies account for almost 22% of theS&amp;P 500index. Of course, the Nifty Fifty stocks dominated the 1970s, and blue-chip stalwarts such asIBM(IBM) andAT&amp;T(T) ruled the 1980s. Those companies may have wielded even more influence over the broad economy than today’s biggest companies do, but the level of market concentration is higher now, and the Big Five’s impact on the broad market is much greater because of their size, according to Howard Silverblatt, senior index analyst at S&amp;P Dow Jones Indices. Apple and Microsoft are the first U.S. stocks whose market values have soared past $2 trillion. Though it has slipped a bit this year, Apple hit peak concentration for a single stock in the S&amp;P 500 last year at about 7%, higher than IBM’s in its heyday.</p>\n<p>There are signs that investor appetite for risk is waning, which could hurt the prospects for the growth of Big Tech. There has beena selloff in speculative cornersof the market, such as cryptocurrencies and special purpose acquisition companies, better known as SPACs. And, of course, there is therising consternationabout both inflation andinterest ratesmoving higher. If the Big Fiveslow downor tumble, the entire market—including all index investors—will feel it. If these stocks decline by 10%, for instance, in order for the S&amp;P 500 to keep trading flat, the bottom 100 stocks in the index would have to rise by a collective 75%, according toGoldman Sachs.This dynamic explains why narrow market breadth has often preceded big losses.</p>\n<p><b>When Less May Be More</b></p>\n<p>These funds are more diversified than the S&amp;P 500, and could be more resilient if the tech megacaps stumble.</p>\n<p><img src=\"https://static.tigerbbs.com/d308adf067ef3205da5f7c1bddb75e77\" tg-width=\"697\" tg-height=\"366\" referrerpolicy=\"no-referrer\"></p>\n<p>Investors’ portfolios are chock-full of these stocks, leaving them less diversified for a possible turn in the market. These companies are already beginning to slow down. Take Amazon, which accounts for roughly 4% of the S&amp;P 500—more than the energy, real estate, materials, or utilities sectors. Amazon hasn’t hit an all-time high this year, and has underperformed the S&amp;P 500 by 25 percentage points since September 2020 amid questions about the company’s e-commerce growth. Add in regulatory pressure, which could make the path ahead for these companies rockier, such as a House panel’s approval of sweeping legislation last month that could curb the dominance of companies like Google and Facebook.</p>\n<p>A global recovery could also make the Big Five stocks less special. “The story line with megacap tech stocks has been that economic growth has been hard to find and rates so low that you wanted to own powerful growth stocks,” says Scott Opsal, director of research at Leuthold Group. “But for those who think the economy has room to run, you don’t have to pay up for the growth that investors were willing to pay for in 2018 or 2019.” For Opsal, the changing backdrop is reason for a barbell approach, owning some of the technology winners but also diversifying into a wider array of more value-oriented and smaller stocks.</p>\n<p>With the market so concentrated in a handful of megacap tech stocks, Opsal says that investors may want the type of funds that do what the fund consultants advise against: be willing to drift out of their lane, and be willing to not fit neatly into a growth or value category.</p>\n<p>It isn’t easy finding good fund managers with the acumen to pick the right stocks beyond the other 495, the grit to avoid the crowd, and the track record that demonstrates to investors that they can be different and correct. Performance doesn’t look all that great for managers whose wariness led them to own less of the technology darlings that drove the market to highs over the past several years. And the decision to not own any—or even just less—of these companies sometimes pushed managers out of theirMorningstarcategory into areas like large-cap blend.</p>\n<p>High active share has often been a go-to gauge for finding fund managers who look different than their benchmarks. That’s a good place to start, but different doesn’t always lead to outperformance, so Morningstar strategist Alec Lucas recommends understanding what is in the managers’ portfolios and the thinking behind the picks—as well as when they buy or sell the stocks.</p>\n<p><i>Barron’s</i>looked for large-cap growth-oriented managers that don’t usually stick too close to an index and have long, and strong, track records. We turned up both diversified and concentrated funds; some didn’t own any of the Big Five, while some owned a bit, albeit less than their peers. All may offer investors a way to tweak rather than overhaul their portfolios, giving them some more diversification while still tapping into large, growing companies.</p>\n<p><b>A Concentrated Approach</b></p>\n<p>The Akre Focus fund (AKREX) falls into the concentrated bucket. It owns about 20 well-managed companies that the managers, John Neff and Chris Cerrone, think are superior businesses and adept at reinvesting in the companies. The fund has just a 4% turnover, so it holds on to its investments for years. That has been a winning long-term strategy: Akre Focus has an 18% average annual return over the past decade, beating 84% of its peers.</p>\n<p>The past few years have been tough, though: The fund hasn’t owned the Big Five, and has just 13% of its assets in any kind of technology company, whereas most of its peers have close to a third in tech. It has averaged 22% annually over the past three years; not too shabby on an absolute basis, but landing it midpack among competitors. The managers are resolute in finding growth elsewhere. “They are tremendous businesses, but how many more times can they double in value, given their current size? Maybe many times, but it’s an important question,” says Neff. “We’ve generally focused on smaller businesses with ostensibly longer runways with which to compound.”</p>\n<p>The tech investments that the managers have made are largely in software companies like Constellation Software (CSU.Canada),Adobe(ADBE), andCoStar Group(CSGP) that have long paths to growth ahead of them as more companies rely on their products. The fund also looks for companies with the type of “network effect” that makes Google and Amazon attractive—the business model gets stronger as more people use it, and makes the company that much harder to replace. Top holdings like Mastercard (MA) andVisa(V) fit that description.</p>\n<p>Many of the companies the duo favors are positioned to hold up, stand out, or even benefit from difficult times, like auto-parts retailerO’Reilly Automotive(ORLY), which recently reported its best comparable same-store sales in 25 years. Given the market backdrop, co-manager Cerrone says they aren’t finding that many bargains today—and they are willing to hold cash if that continues. Today, cash sits at just 2%. “We frankly wish we had more cash than we do today,” Cerrone says. “We’re not bearish, but we think we will be presented with better opportunities.”</p>\n<p><b>Underappreciated Growth</b></p>\n<p>The $10.1 billionPrimecap Odyssey Growthfund (POGRX) hunts for companies with above-average earnings growth, but not one of the Big Five tech stocks can be spotted in their top 10 holdings.</p>\n<p>That underweight has been painful; the fund’s 19.6% annual average return over the past five years puts it in the bottom third of large growth funds. But the managers’ willingness to stick with companies with above-average growth for the long haul, often adding to their shares in downturns, wins them fans.</p>\n<p>The fund’s managers are investing in some of the broad trends driving the Big Five—like e-commerce and cloud computing—but doing it differently, says Morningstar’s Lucas. For example, the fund owns Alibaba Group Holding (BABA) instead of Amazon, opting for China’s version of an e-commerce and cloud-computing giant that also trades at a meaningful discount to the U.S. company, Lucas says. Primecap declined to comment.</p>\n<p>About 18% of the fund is invested outside the U.S. and its average price/earnings ratio is 20, cheaper than the 29 for the large growth category, according to Morningstar. Though the fund isn’t concentrated in the Big Five tech stocks, it has double the stake in healthcare, almost 30% of assets, than other large growth funds. Its top 10 positions includeEli Lilly(LLY),Biogen(BIIB),Abiomed(ABMD), andAmgen(AMGN).</p>\n<p><b>Lean Profit Machines</b></p>\n<p>The $10.3 billionJensen Quality Growth(JENSX) focuses on companies that generate 15% return on equity for 10 consecutive years—a metric that co-manager Eric Schoenstein sees as a gauge forfoundational excellenceand fortress-like competitive advantages. Amazon and Facebook don’t make the cut. Alphabet, Microsoft, and Apple rank among the top holdings, but Schoenstein holds roughly a third less than in the Russell 1000 Growth index. Schoenstein says he is trying to be conscious of the risk of concentration if the momentum trade reverts or regulation puts a target on these companies’ backs.</p>\n<p>Schoenstein’s caution and a focus on quality companies have pushed the fund toward the bottom decile of the large blend Morningstar category year to date, with a return of 11.6%. But the fund’s 17.3% average return over the past five years puts it in the top 35% of large-blend funds tracked by Morningstar. Plus, the fund’s risk-adjusted, long-term performance stands out, losing about 77% as much as the S&amp;P 500 and Russell 1000 Growth indexes when stocks have fallen since Schoenstein began co-managing the fund in 2004, according to Morningstar.</p>\n<p>Lately, Schoenstein has been adding to quality stocks that may not be growing as fast but are more attractively priced as investors have left them behind, such asStarbucks(SBUX)—a stock that had been too pricey until the pandemic hit. “What better business is there to be in than branded addiction?” Schoenstein asks.</p>\n<p>While offices in New York City may not get to 100% occupancy, Schoenstein sees hybrid work situations continuing to drive business to Starbucks, potentially with fewer customers but higher sales, as one person buys for multiple people. The company is also closing stores to become more efficient and moving more toward quick-serve and grab-and-go in some locations rather than an all-day café experience.</p>\n<p><img src=\"https://static.tigerbbs.com/81aeb359e30f7394a363f00feb8ce0cf\" tg-width=\"707\" tg-height=\"477\" referrerpolicy=\"no-referrer\"></p>\n<p>Insurance is another area that Schoenstein has been adding to, with companies like Marsh &amp; McLennan (MMC), which is dominant in multiple businesses—insurance brokerage, health benefits, and retirement asset management with Mercer. Switching costs are high in the world of insurance, and the company benefits from new trends in cybersecurity and data privacy, as well.</p>\n<p>Another recent purchase: Data-analytics providerVerisk Analytics(VRSK), which serves property and casualty insurers and gets about 80% of its revenue from subscriptions and long-term agreements. The company helps take raw data and analyze it to help insurers, for example, underwrite policies. Says Schoenstein: “Some recovery is still needed because business has struggled over the past year, with business failures and companies putting [projects] on hold. So, it’s a small position, but I think about companies that are super-entrenched with their customers.”</p>\n<p><b>Multiple Managers</b></p>\n<p>Unlike the Jensen and Akre funds, which typically own 20 to 30 stocks, the $87 billionAmerican Funds Amcapfund (AMCPX) is well diversified, with more than 200 holdings, as managers hunt for the best ideas regardless of size.Abbott Laboratories(ABT),Broadcom(AVGO),EOG Resources(EOG), and Mastercard are top holdings along with four of the megacap tech quintuplets.</p>\n<p>But the fund is valuation-sensitive, and its allocation to the Big Five is lower than other growth managers, hurting its performance over the past five years; its average annual return of 17.3% puts it in the bottom decile of performance. For investors looking for diversification, the fund is a relatively cheap option—charging an expense ratio of 0.68%—that isn’t beholden to a benchmark and is run by multiple managers who can hunt for their highest-conviction ideas.</p>\n<p>Managers favor companies with strong competitive positioning, which can allow companies to boost prices and better weather near-term inflationary periods. While that includes a healthy helping of healthcare and technology stocks, managers have also gravitated toward cyclical growth companies, including semiconductor firms, travel-related companies, auto suppliers, retailers, and financials benefiting from secular growth as well as getting an additional boost from the Covid recovery.</p>\n<p>“It’s very consistent, and a good core fund with a lot of good stockpickers behind it,” says Russel Kinnel, Morningstar’s director of manager research. “You want a fund to have some good technology exposure because it’s a dynamic sector.”</p>\n<p><b>Growth on the Cheap</b></p>\n<p>The $357 million Cambiar Opportunity fund (CAMOX) is a concentrated fund that owns roughly 40 stocks. The fund looks for relative values among industry winners that boast strong long-term demand prospects and pricing power that differentiate it from some of its peers. The fund’s 16% average annual return over the past five years helped it beat 94% of its large-value peers.</p>\n<p>The fund holds Amazon, which it bought for the first time in early 2020 when the market wasn’t giving the e-commerce behemoth much value for its cloud business. It has been harder to own other megacap technology stocks, says Ania Aldrich, an investment principal at Cambiar. That’s in part because of their high valuations, but especially as exchange-traded funds continue to receive record-high inflows—$400 billion in the first half of 2021, versus $507 billion for all of last year, according to ETF.com—which contributes to the market concentration.</p>\n<p>Instead, the fund has focused on areas such as financials, including JPMorgan Chase (JPM) and Charles Schwab (SCHW), that can grow in this economic environment. Both would benefit from higher interest rates, but Aldrich says that wasn’t the reason to buy the stocks. Schwab, for example, is taking market share in wealth management, and its recent acquisition of Ameritrade gives it more heft and the ability to be more cost-efficient.</p>\n<p>Also attractive are companies that haven’t yet seen a full reopening of their businesses, like casino operatorPenn National Gaming(PENN), which Aldrich says is well positioned as states look for more revenue andallow online gambling, and food distributorSysco(SYY), which has yet to benefit from colleges and conferences getting back into full swing. While Sysco’s shares are up 43% in the past year, Aldrich sees more room for gains, noting that the company is a market leader and can take market share as smaller firms consolidate. Plus, it has pricing power to pass on higher commodity costs since it is a distributor.</p>\n<p>Another recent addition:Uber Technologies(UBER), which Aldrich says isn’t just a reopening beneficiary but also has increased the reach of its platform by moving into food delivery and opening the door to other services. “In the past, it was hard to outperform when you weren’t involved in the [concentrated stocks], but we see these trends as transitory. As growth normalizes, the value of other stocks should be recognized.”</p>","source":"lsy1610680873436","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>When Big Tech Stumbles, the Market Can Fall Hard. These 5 Funds Can Help.</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\">\nWhen Big Tech Stumbles, the Market Can Fall Hard. These 5 Funds Can Help.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-04 09:50 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/big-tech-stocks-risk-funds-51625257865?mod=hp_LEAD_1><strong>Barron's</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>It is possible to have too much of a good thing. After riding five megacap technology stocks to new highs after new highs, investors’ portfolios may be uncomfortably concentrated in these winners at a...</p>\n\n<a href=\"https://www.barrons.com/articles/big-tech-stocks-risk-funds-51625257865?mod=hp_LEAD_1\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯","SPY":"标普500ETF"},"source_url":"https://www.barrons.com/articles/big-tech-stocks-risk-funds-51625257865?mod=hp_LEAD_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1189605893","content_text":"It is possible to have too much of a good thing. After riding five megacap technology stocks to new highs after new highs, investors’ portfolios may be uncomfortably concentrated in these winners at a time that some strategists see a potential turn ahead in the markets.\nOwning the Big Five—Apple(ticker: AAPL),Microsoft(MSFT),Amazon.com(AMZN),Facebook(FB), andAlphabet’sGoogle (GOOGL)—has been lucrative: These companies have logged gains of 125% to 245% since the beginning of 2019. These stocks are widely held, not just by index investors, but also among all kinds of active fund managers—including those who don’t typically own growth companies.\nTogether, the five companies account for almost 22% of theS&P 500index. Of course, the Nifty Fifty stocks dominated the 1970s, and blue-chip stalwarts such asIBM(IBM) andAT&T(T) ruled the 1980s. Those companies may have wielded even more influence over the broad economy than today’s biggest companies do, but the level of market concentration is higher now, and the Big Five’s impact on the broad market is much greater because of their size, according to Howard Silverblatt, senior index analyst at S&P Dow Jones Indices. Apple and Microsoft are the first U.S. stocks whose market values have soared past $2 trillion. Though it has slipped a bit this year, Apple hit peak concentration for a single stock in the S&P 500 last year at about 7%, higher than IBM’s in its heyday.\nThere are signs that investor appetite for risk is waning, which could hurt the prospects for the growth of Big Tech. There has beena selloff in speculative cornersof the market, such as cryptocurrencies and special purpose acquisition companies, better known as SPACs. And, of course, there is therising consternationabout both inflation andinterest ratesmoving higher. If the Big Fiveslow downor tumble, the entire market—including all index investors—will feel it. If these stocks decline by 10%, for instance, in order for the S&P 500 to keep trading flat, the bottom 100 stocks in the index would have to rise by a collective 75%, according toGoldman Sachs.This dynamic explains why narrow market breadth has often preceded big losses.\nWhen Less May Be More\nThese funds are more diversified than the S&P 500, and could be more resilient if the tech megacaps stumble.\n\nInvestors’ portfolios are chock-full of these stocks, leaving them less diversified for a possible turn in the market. These companies are already beginning to slow down. Take Amazon, which accounts for roughly 4% of the S&P 500—more than the energy, real estate, materials, or utilities sectors. Amazon hasn’t hit an all-time high this year, and has underperformed the S&P 500 by 25 percentage points since September 2020 amid questions about the company’s e-commerce growth. Add in regulatory pressure, which could make the path ahead for these companies rockier, such as a House panel’s approval of sweeping legislation last month that could curb the dominance of companies like Google and Facebook.\nA global recovery could also make the Big Five stocks less special. “The story line with megacap tech stocks has been that economic growth has been hard to find and rates so low that you wanted to own powerful growth stocks,” says Scott Opsal, director of research at Leuthold Group. “But for those who think the economy has room to run, you don’t have to pay up for the growth that investors were willing to pay for in 2018 or 2019.” For Opsal, the changing backdrop is reason for a barbell approach, owning some of the technology winners but also diversifying into a wider array of more value-oriented and smaller stocks.\nWith the market so concentrated in a handful of megacap tech stocks, Opsal says that investors may want the type of funds that do what the fund consultants advise against: be willing to drift out of their lane, and be willing to not fit neatly into a growth or value category.\nIt isn’t easy finding good fund managers with the acumen to pick the right stocks beyond the other 495, the grit to avoid the crowd, and the track record that demonstrates to investors that they can be different and correct. Performance doesn’t look all that great for managers whose wariness led them to own less of the technology darlings that drove the market to highs over the past several years. And the decision to not own any—or even just less—of these companies sometimes pushed managers out of theirMorningstarcategory into areas like large-cap blend.\nHigh active share has often been a go-to gauge for finding fund managers who look different than their benchmarks. That’s a good place to start, but different doesn’t always lead to outperformance, so Morningstar strategist Alec Lucas recommends understanding what is in the managers’ portfolios and the thinking behind the picks—as well as when they buy or sell the stocks.\nBarron’slooked for large-cap growth-oriented managers that don’t usually stick too close to an index and have long, and strong, track records. We turned up both diversified and concentrated funds; some didn’t own any of the Big Five, while some owned a bit, albeit less than their peers. All may offer investors a way to tweak rather than overhaul their portfolios, giving them some more diversification while still tapping into large, growing companies.\nA Concentrated Approach\nThe Akre Focus fund (AKREX) falls into the concentrated bucket. It owns about 20 well-managed companies that the managers, John Neff and Chris Cerrone, think are superior businesses and adept at reinvesting in the companies. The fund has just a 4% turnover, so it holds on to its investments for years. That has been a winning long-term strategy: Akre Focus has an 18% average annual return over the past decade, beating 84% of its peers.\nThe past few years have been tough, though: The fund hasn’t owned the Big Five, and has just 13% of its assets in any kind of technology company, whereas most of its peers have close to a third in tech. It has averaged 22% annually over the past three years; not too shabby on an absolute basis, but landing it midpack among competitors. The managers are resolute in finding growth elsewhere. “They are tremendous businesses, but how many more times can they double in value, given their current size? Maybe many times, but it’s an important question,” says Neff. “We’ve generally focused on smaller businesses with ostensibly longer runways with which to compound.”\nThe tech investments that the managers have made are largely in software companies like Constellation Software (CSU.Canada),Adobe(ADBE), andCoStar Group(CSGP) that have long paths to growth ahead of them as more companies rely on their products. The fund also looks for companies with the type of “network effect” that makes Google and Amazon attractive—the business model gets stronger as more people use it, and makes the company that much harder to replace. Top holdings like Mastercard (MA) andVisa(V) fit that description.\nMany of the companies the duo favors are positioned to hold up, stand out, or even benefit from difficult times, like auto-parts retailerO’Reilly Automotive(ORLY), which recently reported its best comparable same-store sales in 25 years. Given the market backdrop, co-manager Cerrone says they aren’t finding that many bargains today—and they are willing to hold cash if that continues. Today, cash sits at just 2%. “We frankly wish we had more cash than we do today,” Cerrone says. “We’re not bearish, but we think we will be presented with better opportunities.”\nUnderappreciated Growth\nThe $10.1 billionPrimecap Odyssey Growthfund (POGRX) hunts for companies with above-average earnings growth, but not one of the Big Five tech stocks can be spotted in their top 10 holdings.\nThat underweight has been painful; the fund’s 19.6% annual average return over the past five years puts it in the bottom third of large growth funds. But the managers’ willingness to stick with companies with above-average growth for the long haul, often adding to their shares in downturns, wins them fans.\nThe fund’s managers are investing in some of the broad trends driving the Big Five—like e-commerce and cloud computing—but doing it differently, says Morningstar’s Lucas. For example, the fund owns Alibaba Group Holding (BABA) instead of Amazon, opting for China’s version of an e-commerce and cloud-computing giant that also trades at a meaningful discount to the U.S. company, Lucas says. Primecap declined to comment.\nAbout 18% of the fund is invested outside the U.S. and its average price/earnings ratio is 20, cheaper than the 29 for the large growth category, according to Morningstar. Though the fund isn’t concentrated in the Big Five tech stocks, it has double the stake in healthcare, almost 30% of assets, than other large growth funds. Its top 10 positions includeEli Lilly(LLY),Biogen(BIIB),Abiomed(ABMD), andAmgen(AMGN).\nLean Profit Machines\nThe $10.3 billionJensen Quality Growth(JENSX) focuses on companies that generate 15% return on equity for 10 consecutive years—a metric that co-manager Eric Schoenstein sees as a gauge forfoundational excellenceand fortress-like competitive advantages. Amazon and Facebook don’t make the cut. Alphabet, Microsoft, and Apple rank among the top holdings, but Schoenstein holds roughly a third less than in the Russell 1000 Growth index. Schoenstein says he is trying to be conscious of the risk of concentration if the momentum trade reverts or regulation puts a target on these companies’ backs.\nSchoenstein’s caution and a focus on quality companies have pushed the fund toward the bottom decile of the large blend Morningstar category year to date, with a return of 11.6%. But the fund’s 17.3% average return over the past five years puts it in the top 35% of large-blend funds tracked by Morningstar. Plus, the fund’s risk-adjusted, long-term performance stands out, losing about 77% as much as the S&P 500 and Russell 1000 Growth indexes when stocks have fallen since Schoenstein began co-managing the fund in 2004, according to Morningstar.\nLately, Schoenstein has been adding to quality stocks that may not be growing as fast but are more attractively priced as investors have left them behind, such asStarbucks(SBUX)—a stock that had been too pricey until the pandemic hit. “What better business is there to be in than branded addiction?” Schoenstein asks.\nWhile offices in New York City may not get to 100% occupancy, Schoenstein sees hybrid work situations continuing to drive business to Starbucks, potentially with fewer customers but higher sales, as one person buys for multiple people. The company is also closing stores to become more efficient and moving more toward quick-serve and grab-and-go in some locations rather than an all-day café experience.\n\nInsurance is another area that Schoenstein has been adding to, with companies like Marsh & McLennan (MMC), which is dominant in multiple businesses—insurance brokerage, health benefits, and retirement asset management with Mercer. Switching costs are high in the world of insurance, and the company benefits from new trends in cybersecurity and data privacy, as well.\nAnother recent purchase: Data-analytics providerVerisk Analytics(VRSK), which serves property and casualty insurers and gets about 80% of its revenue from subscriptions and long-term agreements. The company helps take raw data and analyze it to help insurers, for example, underwrite policies. Says Schoenstein: “Some recovery is still needed because business has struggled over the past year, with business failures and companies putting [projects] on hold. So, it’s a small position, but I think about companies that are super-entrenched with their customers.”\nMultiple Managers\nUnlike the Jensen and Akre funds, which typically own 20 to 30 stocks, the $87 billionAmerican Funds Amcapfund (AMCPX) is well diversified, with more than 200 holdings, as managers hunt for the best ideas regardless of size.Abbott Laboratories(ABT),Broadcom(AVGO),EOG Resources(EOG), and Mastercard are top holdings along with four of the megacap tech quintuplets.\nBut the fund is valuation-sensitive, and its allocation to the Big Five is lower than other growth managers, hurting its performance over the past five years; its average annual return of 17.3% puts it in the bottom decile of performance. For investors looking for diversification, the fund is a relatively cheap option—charging an expense ratio of 0.68%—that isn’t beholden to a benchmark and is run by multiple managers who can hunt for their highest-conviction ideas.\nManagers favor companies with strong competitive positioning, which can allow companies to boost prices and better weather near-term inflationary periods. While that includes a healthy helping of healthcare and technology stocks, managers have also gravitated toward cyclical growth companies, including semiconductor firms, travel-related companies, auto suppliers, retailers, and financials benefiting from secular growth as well as getting an additional boost from the Covid recovery.\n“It’s very consistent, and a good core fund with a lot of good stockpickers behind it,” says Russel Kinnel, Morningstar’s director of manager research. “You want a fund to have some good technology exposure because it’s a dynamic sector.”\nGrowth on the Cheap\nThe $357 million Cambiar Opportunity fund (CAMOX) is a concentrated fund that owns roughly 40 stocks. The fund looks for relative values among industry winners that boast strong long-term demand prospects and pricing power that differentiate it from some of its peers. The fund’s 16% average annual return over the past five years helped it beat 94% of its large-value peers.\nThe fund holds Amazon, which it bought for the first time in early 2020 when the market wasn’t giving the e-commerce behemoth much value for its cloud business. It has been harder to own other megacap technology stocks, says Ania Aldrich, an investment principal at Cambiar. That’s in part because of their high valuations, but especially as exchange-traded funds continue to receive record-high inflows—$400 billion in the first half of 2021, versus $507 billion for all of last year, according to ETF.com—which contributes to the market concentration.\nInstead, the fund has focused on areas such as financials, including JPMorgan Chase (JPM) and Charles Schwab (SCHW), that can grow in this economic environment. Both would benefit from higher interest rates, but Aldrich says that wasn’t the reason to buy the stocks. Schwab, for example, is taking market share in wealth management, and its recent acquisition of Ameritrade gives it more heft and the ability to be more cost-efficient.\nAlso attractive are companies that haven’t yet seen a full reopening of their businesses, like casino operatorPenn National Gaming(PENN), which Aldrich says is well positioned as states look for more revenue andallow online gambling, and food distributorSysco(SYY), which has yet to benefit from colleges and conferences getting back into full swing. While Sysco’s shares are up 43% in the past year, Aldrich sees more room for gains, noting that the company is a market leader and can take market share as smaller firms consolidate. Plus, it has pricing power to pass on higher commodity costs since it is a distributor.\nAnother recent addition:Uber Technologies(UBER), which Aldrich says isn’t just a reopening beneficiary but also has increased the reach of its platform by moving into food delivery and opening the door to other services. “In the past, it was hard to outperform when you weren’t involved in the [concentrated stocks], but we see these trends as transitory. As growth normalizes, the value of other stocks should be recognized.”","news_type":1},"isVote":1,"tweetType":1,"viewCount":635,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":180118765,"gmtCreate":1623194523057,"gmtModify":1704197914083,"author":{"id":"3576445214043888","authorId":"3576445214043888","name":"Lingclass","avatar":"https://static.tigerbbs.com/950af8fc59792b26f3c6dc5e2b211022","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576445214043888","authorIdStr":"3576445214043888"},"themes":[],"htmlText":"Education field is always neglected too. Pls like and comment! Thank you!","listText":"Education field is always neglected too. Pls like and comment! Thank you!","text":"Education field is always neglected too. Pls like and comment! Thank you!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/180118765","repostId":"1150047118","repostType":4,"isVote":1,"tweetType":1,"viewCount":306,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}